人形机器人赛道现阶段在全球范围内受到前所未有的关注，资本宠儿，尤其是国内，更是受到政策及政府基金扶 持，人形机器人赛道广大前景毋庸置疑。 温馨提示 ： 点击下方图片，查看运营团队最新（12月）原创报告（共260页） 说明： 欢迎约稿、刊例合作、行业交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ）微 信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 如今2025年即将结束，回顾全年： 正文： 详细解读，查看星球内相关文章 ： 【原创】车企、产业链公司、智驾领域从业者，疯狂涌入具身智能赛道 —— 一级市场： 1）具身智能 赛道仍旧火爆，资本热情不减，行业仍旧存在各种"非共识"，窗口期未过，新晋 创企源源不断； 2） 技术迎来瓶颈期， 头部创企从画技术大饼到纷纷聊商业化，在手搓机器人阶段， 大额 订单泛滥，以战略订单和数采订单为主；3）商业场景没有跑通，仍旧停留在科研教育、展览娱乐、数采等 场景，轮式会相对快一些；4）头部创企们却已争相IPO（懂得都懂）。 二级市场： 上游产业链率先获利，尤其是T链标的；二级市场机器人板块行情核心催化皆来自于特斯 ...

从这60家人形机器人公司中，硅基君发现了三大特征： 第一，一半以上人形机器人企业，成立于2023-2025年。关键驱动来自两个事件：ChatGPT的全球爆发，以及特斯拉擎天柱的强化示范效应。 在这之前创立的团队多具备机械、控制、传感器或科研背景，产品形态以机器狗、灵巧手、商用机器人和工业机器人为主，主流路线是"运动控制+ 视觉/ 触觉感知 + 传统算法"。 而近两年的新公司明显不同：创始团队普遍具备人工智能或科研复合背景，强调大模型、世界模型、具身智能等技术优势，产业叙事也从"工程实现"转 向"智能能力驱动"，呈现出一次明显的代际切换。 自2023年以来，人形机器人在国内迅速升温。头部团队连续获得资本增持，部分企业启动上市进程，行业叙事不断被推高。 但在一片火热之下，这个产业的真实结构究竟如何？企业数量有多少？技术路线如何分化？产品在往哪些方向收敛？这些问题在公开信息中始终难以获得 完整视角。 根据国家发改委的数据，目前国内已有超过150 家人形机器人企业。硅基观察从中筛选出 60 家具代表性的公司，从创始团队背景到主要产品进行初步梳 理，以此拼出一幅更接近产业实际情况的图景。 第二，人形机器人企业主要集中在 ...

（原标题：瑞银证券最新报告：具身智能加速场景落地，量产积极信号逐步显现） 南方财经记者李振 广州报道 在全球市场情绪波动的背景下，中国人形机器人制造商展现出强劲的订单动能。报告指出，中国的人形机器人制造商正持续收到大金额新订单， 中国具身智能机器人公司越疆（2432.HK），近期斩获了多份订单，包括人形机器人、四足机器人和具身智能协作机器人。 12月1日，瑞银证券（UBS）发布《Humanoid Robot Insight》报告，对2025年11月全球人形机器人产业的最新进展进行了全面分析，2026年量产的 积极信号正在逐步显现。具身智能订单落地与应用场景扩展正在为行业注入新的活力。 10月29日，瑞德丰向越疆公司采购总金额超8050万元的具身智能机器人订单，包含人形机器人及具身智能协作机器人在内的产品与解决方案。11 月4日，蓝思科技承诺于2025年向越疆采购1000台具身智能机器人。11月27日，绿源与越疆达成战略合作，双方将共同推动规模达5000台机器狗应 用于智慧门店升级计划，探索具身智能在智慧门店、智能工厂等的应用，应用场景涵盖门店导览、产品演示、客户服务等，标志着具身智能从"技 术验证"到"商业创 ...

消息面上，12月2日，优必选宣布已于日前与卓世科技签署战略合作框架协议。双方将聚焦"行业模型 +具身智能"核心方向，计划于未来5年内达成1万台机器人部署，并联合拓展数十亿商业化订单落地，共 同推动行业大模型+人形机器人在多个领域的解决方案应用。 智通财经APP获悉，优必选(09880)早盘涨超5%，截至发稿，涨3.75%，报113.4港元，成交额7.1亿港 元。 值得注意的是，优必选11月28日中标江西九江市人形机器人数据采集与训练中心项目，中标金额为1.43 亿元。该项目将采用优必选最新款可自主换电的工业人形机器人WalkerS2。截至目前，优必选Walker系 列人形机器人2025年全年订单总金额已达到13亿元。 ...

优必选(09880)早盘涨超5%，截至发稿，涨3.75%，报113.4港元，成交额7.1亿港元。 消息面上，12月2日，优必选宣布已于日前与卓世科技签署战略合作框架协议。双方将聚焦"行业模型 +具身智能"核心方向，计划于未来5年内达成1万台机器人部署，并联合拓展数十亿商业化订单落地，共 同推动行业大模型+人形机器人在多个领域的解决方案应用。 值得注意的是，优必选11月28日中标江西九江市人形机器人数据采集与训练中心项目，中标金额为1.43 亿元。该项目将采用优必选最新款可自主换电的工业人形机器人WalkerS2。截至目前，优必选Walker系 列人形机器人2025年全年订单总金额已达到13亿元。 ...

（来源：瀚数财经） 作为国内人形机器人领域的头部企业，优必选今年频频传出拿下量产订单的消息，下半年拿单节奏甚至明显在加快。 那么，它目前的量产订单进展到底怎么样？ 01 2016年央视春晚上，540台优必选Alpha小型人形机器人一起跳舞，创下了吉尼斯世界纪录，引发广泛关注。 现在回头看，那一幕真是有点仿佛上世纪般遥远了。 到了2025年蛇年春晚，聚光灯转向了宇树科技全尺寸人形机器人H1，16台H1与真人演员一起扭起了秧歌，展现出了更加成熟的运动控制和智能交互能 力。 央视春晚虽说是一场晚会，但也像一面镜子，照出了人形机器人行业格局的一些变化。 近些年来，宇树科技、智元机器人等人形机器人新锐力量快速冒头，优必选不再一枝独秀。 不过，作为2012年就已成立的国内最早的人形机器人企业，优必选凭借长期积累的全栈自研技术，依旧在综合竞争力与商业化方面位居行业前列。 02 优必选成立并长期发展于人形机器人技术不断进步但并不成熟的时期。 早些年，其收入曾长期依赖STEM教育、物流、小型消费级陪伴等场景拉动，收入虽有增长，但增长前景似乎总有一层压力，利润则常年亏损，扭亏压 力也比较大。 近年，随着人形机器人行业技术快速发展 ...

Market Overview - Hong Kong stocks experienced a volatile trend in November, with the index fluctuating between 25,178.63 and 27,188.81 points, failing to break the 27,000-point mark or drop below 25,000 points [1][2] - The market was initially buoyed by the anticipated end of the U.S. government shutdown and easing tensions between China and the U.S., but later faced declines due to concerns over potential interest rate cuts by the Federal Reserve and geopolitical tensions in the Taiwan Strait [1][2] Sector Performance - Bank stocks performed well, with several state-owned banks reaching historical highs, while innovative drug companies like BeiGene (06160) also saw significant gains [2] - Solid-state battery stocks showed strong performance, driven by trends in energy storage and price increases, with notable gains from companies like Longpan Technology (603906) and Weichai Power (000338) [2] Economic Indicators and Expectations - The Federal Reserve's December meeting is a key focus, with market expectations for a rate cut rising significantly, from about 30% to 80% following dovish comments from Fed officials [3] - Upcoming economic work meetings in December are expected to provide guidance on fiscal and monetary policies, with potential increases in deficit rates and special bond quotas [4] Currency and International Factors - The Chinese yuan continues to appreciate against the U.S. dollar, indicating strong domestic factors driving this trend, alongside positive sentiment from foreign investors towards Chinese assets [5] - The market is closely monitoring Japan's potential interest rate hike, which could lead to capital inflows into undervalued Hong Kong stocks [5] Investment Strategies - The investment strategy for December emphasizes following market expectations, particularly regarding policy changes and major events [7][8] - Key sectors to watch include technology, consumer goods, and innovative pharmaceuticals, with a focus on companies that are well-positioned to benefit from upcoming trends and events [8] Company Highlights - **Rongchang Bio (09995)**: Reported a revenue of 1.72 billion yuan for the first three quarters of 2025, a year-on-year increase of 42.3%, with a gross margin of 84.27% [11] - **Leap Motor (09863)**: Achieved a revenue of 19.45 billion yuan in Q3 2025, a year-on-year increase of 97.3%, with a net profit of 150 million yuan [14] - **TCL Electronics (01070)**: Reported a 8.7% increase in TV sales revenue for the first three quarters of 2025, with a significant rise in MiniLED TV sales [16][17] - **MGM China (02282)**: Announced a net income of 8.51 billion HKD in Q3 2025, a 17% year-on-year increase, driven by strong high-end demand [28][29] - **China Gold International (02099)**: Achieved a revenue of 925 million USD in the first three quarters of 2025, nearly doubling year-on-year, with a significant increase in gold and copper production [30][31]

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [15]. Core Insights - The first batch of Sci-tech Innovation and Entrepreneurship Robot ETFs is expected to be launched, with seven fund companies focusing on new productivity [4][3]. - UBTECH has secured a significant order of 143 million yuan for its humanoid robot Walker S2, contributing to a total order amount of 1.3 billion yuan for the year 2025 [5]. - The humanoid robot market in China is projected to reach nearly 38 billion yuan by 2030, with a compound annual growth rate (CAGR) exceeding 61% from 2024 to 2030 [6]. Summary by Sections ETF Market Development - The ETF market is experiencing a surge with multiple new products focusing on new productivity sectors, as reported by seven fund companies since November 24 [4]. Company Performance - UBTECH's Walker series humanoid robots have achieved a total order value of 1.3 billion yuan for 2025, with recent orders including 159 million yuan and 264 million yuan, the latter setting a record for the largest single order in the humanoid robot sector [5]. Market Forecast - The humanoid robot market is anticipated to grow significantly, with sales expected to increase from approximately 4,000 units to 271,200 units by 2030, reflecting a strong demand for intelligent humanoid robots [6].

Investment Rating - The report recommends investment in the electric power equipment sector, highlighting specific companies for potential investment opportunities [1][2][3]. Core Insights - The Ministry of Industry and Information Technology (MIIT) emphasizes orderly competition in the lithium battery industry, aiming to curb "involution" competition [1][2]. - The report identifies key companies in various segments, including electric vehicles, PCB, solid-state batteries, and energy storage, suggesting specific stocks for investment [1][2][3]. - The report notes significant growth in the wind power sector, with a total installed capacity increase of 70.01 GW from January to October 2025, reflecting a year-on-year increase of 24.21 GW [4][62]. Summary by Sections Electric Vehicle Sector - Recommended companies include Tianci Materials, Zhuhai Guanyu, Terui De, Xinwangda, and Haopeng Technology, with additional attention on Tianji Co., Duofluor, and others [1]. - The report highlights the structural transformation in the AI market, with major cloud providers becoming the preferred choice for enterprises [2]. Energy Storage Sector - The total bidding scale for energy storage in 2025 reached 95.7 GW/347.19 GWh, with winning prices ranging from 0.3261 to 3.216 CNY/Wh [3]. - Recommended companies in the energy storage sector include Sungrow Power, Yiwei Lithium Energy, and CATL, among others [3]. Wind Power Sector - The report indicates that the newly installed wind power capacity in October 2025 was 8.92 GW, showing a year-on-year increase of 33.53% [4][62]. - Recommended companies in the wind power sector include Goldwind Technology, Daikin Heavy Industries, and Zhongtian Technology [4]. Solid-State Battery Sector - The report mentions the establishment of the first large-capacity all-solid-state battery production line in China, which is expected to enhance the electric vehicle industry's capabilities [60]. - Companies like Enli Power are highlighted for their advancements in solid-state battery technology and production capacity [61]. PCB Sector - The report suggests focusing on companies like Defu Technology and Copper Crown Copper Foil within the PCB segment [1].

Core Viewpoint - The company, UBTECH, has secured significant contracts in the humanoid robot sector, indicating strong market demand and operational capabilities despite industry skepticism [1] Group 1: Contract Wins - UBTECH has won a contract for the Jiangxi Jiujiang Humanoid Robot Data Collection and Training Center project, amounting to 143 million yuan [1] - In 2023, UBTECH has achieved multiple large contracts, including a 250 million yuan procurement contract in September and a 126 million yuan order in October [1] - The company has received additional orders in November totaling 159 million yuan, 264 million yuan, and 143 million yuan, with the 264 million yuan order setting a record for the largest single order in the global humanoid robot market [1] Group 2: Total Orders and Production - The total order value for UBTECH's Walker series humanoid robots has reached 1.3 billion yuan for the year, maintaining a leading position globally [1] - The Walker S2 model has commenced mass production and delivery as of mid-November, with the first batch of hundreds of units deployed for industrial applications [1] Group 3: Industry Challenges - Despite the impressive order figures, there are ongoing concerns within the industry regarding the actual delivery capabilities and operational execution of these contracts [1] - Analysts emphasize that while order amounts are significant, the focus should also be on the company's ability to close the delivery loop effectively [1] - Related orders may alleviate financial pressures and assist the company in market penetration and experimentation [1]