招商证券国际指出，公司长期竞争优势有：1）技术领先：包括自主研发的高精度伺服驱动器，实现精 准运动控制等；2）商业化能力强：公司教育、消费机器人已铺设销售渠道；同时人形机器人已在汽车 制造、物流等工业场景中实现复杂任务操作，领先其他对手，推动工业自动化升级。3）率先开始量 产，全球进入最多工厂实训；4）公司多赛道、多领域拓展的商业模式。 消息面上，10月16日，优必选中标"广西具身智能数据采集及测试中心设备采购及安装"项目，订单金额 达1.26亿元。10月15日，优必选宣布与某知名上市汽车科技公司正式签署人形机器人采购合同，订单金 额超3200万元。截至目前，不包括优必选与北京国地共建具身智能创新中心联合开发的马拉松冠军级全 尺寸人形机器人天工行者，仅优必选Walker系列人形机器人全年已获得超6.3亿元订单。 优必选(09880)涨近4%，截至发稿，涨3.87%，报139.6港元，成交额6.73亿港元。 ...

来源：新浪港股 10月16日，优必选中标"广西具身智能数据采集及测试中心设备采购及安装"项目，订单金额达1.26亿 元。10月15日，优必选宣布与某知名上市汽车科技公司正式签署人形机器人采购合同，订单金额超3200 万元。截至目前，不包括优必选与北京国地共建具身智能创新中心联合开发的马拉松冠军级全尺寸人形 机器人天工行者，仅优必选Walker系列人形机器人全年已获得超6.3亿元订单。 招商证券国际指出，公司长期竞争优势有：1）技术领先：包括自主研发的高精度伺服驱动器，实现精 准运动控制等；2）商业化能力强：公司教育、消费机器人已铺设销售渠道；同时人形机器人已在汽车 制造、物流等工业场景中实现复杂任务操作，领先其他对手，推动工业自动化升级。3）率先开始量 产，全球进入最多工厂实训；4）公司多赛道、多领域拓展的商业模式。 优必选（09880）盘中涨近4%，截至发稿，股价上涨1.04%，现报135.80港元，成交额9.36亿港元。 ...

招商证券国际指出，公司长期竞争优势有：1）技术领先：包括自主研发的高精度伺服驱动器，实现精 准运动控制等；2）商业化能力强：公司教育、消费机器人已铺设销售渠道；同时人形机器人已在汽车 制造、物流等工业场景中实现复杂任务操作，领先其他对手，推动工业自动化升级。3）率先开始量 产，全球进入最多工厂实训；4）公司多赛道、多领域拓展的商业模式。 智通财经APP获悉，优必选(09880)涨近4%，截至发稿，涨3.87%，报139.6港元，成交额6.73亿港元。 消息面上，10月16日，优必选中标"广西具身智能数据采集及测试中心设备采购及安装"项目，订单金额 达1.26亿元。10月15日，优必选宣布与某知名上市汽车科技公司正式签署人形机器人采购合同，订单金 额超3200万元。截至目前，不包括优必选与北京国地共建具身智能创新中心联合开发的马拉松冠军级全 尺寸人形机器人天工行者，仅优必选Walker系列人形机器人全年已获得超6.3亿元订单。 ...

被短视频上"真男人必会韦伯斯特"支配的恐惧还未散去，即将登场的是智元机器人的"韦伯斯特空翻"...... 这边特斯联牵手优必选，喊出"空间智能+具身智能"深度绑定；另一边，开普勒机器人联手露笑科技等伙伴，直接立下"三年百万台家庭机器人"的Flag；宇 树科技与涛涛车业亦达成战略合作，剑指北美等海外机器人消费市场；优必选更是签下3000万大单，Walker系列人形机器人已获超4亿元合同。 一系列动作，不再是小打小闹的试水，而是向行业释放出一个明确信号："组团打怪、合纵连横"的生态协同打法，正在成为产业发展的必经之路。 资本催熟、人心所向，必须抢跑的大时代 很长时间里，机器人赛道都是叫好不叫座的存在。业内动辄搬出科幻电影的场景书写未来，却被无法落地、商业化前景存疑的现状反复"吊打"。 但现在情况发生了变化，马斯克、王兴兴等行业领军人物给出的趋势预判愈发贴近现实。 前者在早些时候给出了数据指引，搭载灵巧手、AI大脑、多模态语音交互系统的特斯拉第三代人形机器人（Optimus 3），计划在明年产出5万台。后者则 认为，人形机器人的灵活度将在明年上半年媲美舞者、特技演员。 一句话，再不行动就晚了。 闭门造车，还是组队豪 ...

近期，多位投资人向我们表达了相似的感受：市场信心正在回升，交易活跃度明显增强。 一方面，项目融资节奏显著加快。另一方面，LP的出资意愿也在增强。随着市场信心的恢复，长 期资金的配置需求正在释放。 导读： 虽然挑战犹存，部分从业者虽仍感阵痛，但市场的积极转向已不容忽视。 作者丨FOFWEEKLY 一级市场热闹起来。 有投资人笑言："最近项目路演活动明显增多，创业大街的咖啡又热了。" 话音未落，一位刚聊完项目的投资人，已起身准备"赶场"——下一站，是奔跑前往深圳的高铁。 而这样高频的"双城记"乃至"多城记"，又成为许多从业者的常态了。 湾区速度 经过几年的资本寒冬与估值回调， 市场正在显现出结构性"回暖"迹象。 据FOFWEEKLY数据显示：9月有1175家机构LP对股权投资基金进行了出资，出资笔数共计1282 笔; 据不完全统计，9月份机构LP 一共参与了572支基金的出资。根据机构LP出资的趋势来看， 9 月份出资机构数量有所增长，出资笔数也持续增加，市场活跃度较上月有所上涨。 值得关注的是，9月机构LP出资最活跃的地区为浙江省，而广东省则超越江苏省位居活跃出资第二 位。 而广东的活力，依然主要体现在深圳。 ...

Core Viewpoint - The humanoid robot industry is entering a commercialization phase, with a shift in investment focus from general technology to practical application scenarios. Companies with production capabilities and self-sustaining business models are favored, while others struggle to secure funding and market presence [1][3][4]. Group 1: Industry Dynamics - This year marks a significant increase in orders for humanoid robot companies, with notable contracts such as UBTECH's Walker series securing nearly 500 million yuan in contracts, and ZhiYuan Robotics' G2 receiving several hundred million yuan in orders [3][4]. - YuShu Technology leads the industry with 25 public procurement projects this year, nearing its total for 2024, and has been recognized as a standard equipment provider in many projects [3][4]. - Despite YuShu's leadership, there are growing concerns about its technological advancements, particularly in AI and robotics, compared to competitors like Figure AI, which recently achieved a post-financing valuation of 39 billion USD [4][8]. Group 2: Competitive Landscape - Figure AI's third-generation humanoid robot, Figure 03, has been highlighted for its design and potential for mass production, boasting a production capacity of 100,000 units annually [8][9]. - The industry faces skepticism regarding the actual capabilities of humanoid robots, with many companies, including Figure, criticized for overpromising and underdelivering on their technological advancements [11][13]. - The market is characterized by a lack of standardized applications, making it difficult for humanoid robots to achieve widespread commercial viability [20][21]. Group 3: Research and Development - YuShu's R&D spending over the past three years totals approximately 350 million yuan, with a significant portion allocated to hardware rather than algorithm development, raising concerns about its competitive edge in AI [5][7]. - The company has introduced its own world model architecture, but it is seen as lagging behind current mainstream models, which may hinder its ability to lead the industry [7][8]. - The humanoid robot sector is still in the experimental phase, with many products not yet achieving stable operational status or generating significant commercial value [22][23].

Group 1: Market Overview - The US-China trade relations show signs of easing, and China's GDP growth for the first three quarters is reported at 5.2% year-on-year [1] - Hong Kong's three major indices rebounded collectively, with the Hang Seng Index rising by 2.42% to close at 25,858.83 points, and a total trading volume of HKD 239.16 billion [1] - The Hang Seng Technology Index increased by 3%, indicating a strong performance in the tech sector [1] Group 2: Blue-Chip Stocks Performance - Alibaba (09988) saw a significant increase of 4.86%, closing at HKD 161.9, contributing 113.55 points to the Hang Seng Index [2] - Other notable blue-chip stocks include NetEase (09999) up 5.18%, China Petroleum (00857) up 5.05%, while Orient Overseas International (00316) and Chow Tai Fook (01929) experienced slight declines [2] Group 3: Sector Highlights - Major technology stocks rebounded, with Alibaba rising nearly 5%, and Baidu and Tencent both increasing over 3% [3] - The aviation sector continued its upward trend, with China Eastern Airlines (00670) surging over 9% [3] - Semiconductor stocks also saw gains, driven by the acceleration of domestic self-sufficiency and AI advancements [4] Group 4: Robotics and Gaming Sector - Robotics stocks performed well, with UBTECH (09880) rising by 9.77% after winning a significant contract worth HKD 126 million [5][6] - Gaming stocks collectively increased, with Wynn Macau (01128) up 4.44% and Sands China (01928) up 4.37% [5][7] Group 5: Gold Stocks and Market Sentiment - Gold stocks faced declines, with notable drops including Chifeng Jilong Gold Mining (06693) down 6.18% [7] - Recent volatility in gold prices, including a drop from a historical high of USD 4,379 to a low of USD 4,185, has affected market sentiment [7] Group 6: Notable Stock Movements - Haixi Pharmaceutical (02637) debuted with a 20.6% increase, closing at HKD 104.2 [8] - COSCO Shipping Energy (01138) reached a new high, closing up 7.91% at HKD 10.09, supported by strategic developments in the shipping sector [9] - Leap Motor (09863) saw a rise of 6.19% after significant insider buying [10] - YF Financial (00376) and Yao Cai Securities (01428) declined, attributed to regulatory actions affecting stablecoin projects [11]

Core Viewpoint - The article discusses the current state of the humanoid robot industry, highlighting the commercialization efforts and challenges faced by leading companies like Yushu Technology, while contrasting it with competitors like Figure AI, which has achieved significant valuation and market presence [4][7][11]. Group 1: Market Dynamics - 2023 is seen as the year of commercialization for humanoid robots, with investors focusing on companies that can demonstrate mass production capabilities and self-sustainability [4]. - Many robot companies have secured substantial orders this year, with Yushu Technology leading in public procurement projects, having won 25 contracts so far, nearing its total for 2024 [6][7]. - The market is shifting from betting on general technologies to focusing on practical applications, with companies like Yushu and others actively pursuing orders and partnerships [4][6]. Group 2: Competitive Landscape - Yushu Technology is recognized as the industry leader, but faces increasing scrutiny regarding its technological advancements, particularly in AI and robotics capabilities [7][8]. - Competitors like Figure AI have achieved a post-financing valuation of approximately 270 billion RMB, raising questions about Yushu's relative valuation and market position [11]. - The article notes that while Yushu excels in hardware performance and cost control, it is perceived as conservative in AI model development, which could hinder its ability to maintain leadership in a rapidly evolving market [10][11]. Group 3: R&D Investment - Yushu's R&D spending over the past three years totals around 350 million RMB, with a significant portion allocated to hardware rather than algorithm development, raising concerns about its long-term competitiveness [8][10]. - In contrast, competitors like Zhiyuan Robotics have invested heavily in AI model development, spending approximately 400-500 million RMB annually [8]. - The article emphasizes the importance of continuous innovation in AI models, as the industry is rapidly advancing and requires substantial investment to keep pace [10][11]. Group 4: Industry Challenges - The humanoid robot industry is still in its early stages, with many companies relying on academic and government contracts, leading to questions about the sustainability of demand [19][22]. - The article highlights the challenges of standardizing humanoid robots for various applications, which complicates the business model and limits widespread adoption [17][21]. - There is a prevailing sentiment that the industry is experiencing a speculative bubble, with calls for more tangible results and applications to validate the market's potential [7][22].

此次中标是继9月份2.5亿全球单笔最大金额订单以及近期连续斩获数千万订单后，优必选获得的又 一个超亿元人形机器人大单。截至目前，不包括优必选与北京国地共建具身智能创新中心联合开发的马 拉松冠军级全尺寸人形机器人天工行者，仅优必选Walker系列人形机器人全年已获得超6.3亿元订单。 (责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 优必选(09880)早盘高开，截至发稿，股价上涨6.35%，现报130.60港元，成交额4.39亿港元。 据优必选科技公众号披露，10月16日，公司中标"广西具身智能数据采集及测试中心设备采购及安 装"项目，订单金额达1.26亿元。根据项目规划，本次采购涵盖优必选最新款可自主换电的全自主具身 智能人形机器人Walker S2。该订单计划于合同签署后于2025年内完成交付。 ...

②美国总统特朗普在最新的采访中继续释放缓和信号，暗示贸易会谈大门仍敞开着。此外，美媒报道 称，特朗普政府悄悄放松多项关税政策，或为在最高法院败诉做准备。 机器人ETF南方(159258)跟踪中证机器人指数，覆盖了机器人产业链的感知、运动控制等核心环节，全 面覆盖产业链高弹性环节，如科大讯飞、汇川技术、石头科技等企业均在其重仓股之列，充分受益于机 器人产业的发展。该ETF的联接基金为联接A(020607)、联接C(020608)。 格隆汇10月20日｜机器人板块今日高开高走，均普智能、南网科技、亿嘉和分别涨7%、5.29%和4%， 带动机器人ETF南方(159258)涨2.01%，该ETF近期获资金强势申购，近20个交易日合计净流入额超3.43 亿元。 消息面上：①优必选中标"广西具身智能数据采集及测试中心设备采购及安装"项目，订单金额达1.26亿 元，是继9月份2.5亿全球单笔最大金额订单后，获得的又一个超亿元人形机器人大单。目前优必选 Walker系列人形机器人全年已获得超6.3亿元订单。 中信建投指出，第四季度全面看多人形机器人板块行情，是交易特斯拉第三代Optimus变化和量产预期 的重要窗口期，无惧审 ...