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你好,，这是伊芙琳,，从北京给您写信。欢迎阅读最新一期的《中国连线—》，其中概述了我'm 在当地企业的所见所闻。
Hi, this is Evelyn, writing to you from Beijing. Welcome to the latest edition of The China Connection — a snapshot of what I'm seeing and hearing from local businesses.
类人机器人随处可见,，甚至重塑了智能手机制造商。如果'是泡沫,谁能幸存?
Humanoids are popping up everywhere, even reshaping a smartphone manufacturer. If it的 a bubble, who survives?
大故事
The big story
4 月下旬, 开业仅几周后，北京一家人形工厂表示的 已为客户 — 生产了 300 台机器人，今年产量将增至 10,000。
Just weeks after opening in late April, a humanoid factory in Beijing says it的 already produced 300 robots for clients — as it ramps up toward 10,000 this year.
The 20-year-old smartphone and electronics manufacturer Lingyi iTech aims to expand annual production to 500,000 a year by 2030. Producing robots at that scale could halve the price of a humanoid, which now runs about $30,000, said the company的 Vice President Philip Yang.
中国超过 100 家仿人初创企业正在竞相开发家庭帮手。一些机器人已经可以跳舞和提供咖啡。
Over 100 humanoid start-ups in China are racing to develop household helpers. Some robots can already dance and serve coffee.
问题是: 谁在购买它们?
The question is: Who is buying them?
The majority of humanoid orders so far are just one or two robots, said Bain的 Beijing-based partner Xin Cheng. He的 watching whether companies make repeat orders.
中国当局也急于招揽顾客。北京8月份开设了一个陈列室，里面摆满了机器人，其中包括一个踢足球的人形Booster T1，售价199,000元(约$29,400),，以及一个由初创公司Galaxea,生产的349,999元的R1 Pro，它可以分拣包裹。
Chinese authorities are also eager to drum up customers. Beijing opened a showroom in August filled with robots including a soccer-playing humanoid Booster T1 for 199,000 yuan (about $29,400), and a 349,999 yuan R1 Pro made by start-up Galaxea, which can sort packages.
Cumulative orders surpassed 30 million yuan as of late May, a representative for the store said.
但陈列室反映了类人生物的定义有多广泛: Booster T1 的大小只有儿童, 而成人大小的 R1 Pro 有轮子而不是脚。
But the showroom reflects how broadly humanoids are defined: The Booster T1 is the size of a child, while the human adult-sized R1 Pro has wheels instead of feet.
软件是关键
Software is key
Omdia 首席分析师 Lian Jye Su, 表示，虽然机器人硬件经常引起投资者 关注, " 体现的智能实际上取决于人工智能和机器人技术的融合,"。他指出 UBTech 和 Fourier 等公司提供开源机器人软件。
While robot hardware often gets investors attention, "embodied intelligence actually hinges on the convergence of AI and robotics," said Lian Jye Su, a chief analyst at Omdia. He noted companies such as UBTech and Fourier offer open-source robotics software.
Nvidia 将在今年晚些时候与人形机器人制造商 Unitree, 合作，为开发人员推出一款机器人系统，Unitree, 计划在未来几周内在上海进行 IPO。在凭借其处理器和 CUDA 软件系统主导人工智能开发之后，的 Nvidia的 试图在 "physical" AI 世界, 立足。
Nvidia is launching a robotics system for developers later this year in collaboration with humanoid manufacturer Unitree, which is planning a Shanghai IPO in the coming weeks. It的 Nvidia的 attempt to keep a foot in the "physical" AI world, after dominating AI development with its processors and CUDA software system.
Bain的 Cheng 表示，对于中国公司来说，, 软件只是人形开发的一层，添加到用于制造, 低价零件和收集培训数据的系统中。
For Chinese companies, software is just a layer of humanoid development that adds to systems for manufacturing, low-priced parts and gathering training data according to Bain的 Cheng.
"The humanoid is not a single product. It is an ecosystem," he said.
北京和中国其他地区的政府支持中心正在训练机器人,，并由人员指导它们完成日常任务，以便机器能够从现实世界的应用中学习并在未来复制它们。一个国家支持的数据收集中心的代表告诉我，该中心还在努力向韩国和德国的合作伙伴提供机器人训练数据。
Government-backed centers in Beijing and other parts of China are training robots, with people guiding them through daily tasks so that the machines can learn from real-world applications and replicate them in the future. A representative for one state-backed data collection center told me it is also working to provide the robot training data to partners in South Korea and Germany.
These developments offer a glimpse into how China的 rapid humanoid development has global implications. Lingyi的 Yang 表示，, 公司目前的业务包括德克萨斯州一家电源插座工厂, 计划在海外开设一家人形工厂。 Meanwhile, Unitree already claims about 40% of its revenue comes from outside China.
These developments offer a glimpse into how China的 rapid humanoid development has global implications. Lingyi的 Yang said the company, whose current operations include a Texas factory for power outlets, plans to open a humanoid facility overseas. Meanwhile, Unitree already claims about 40% of its revenue comes from outside China.
But even as Chinese regulators warn of a bubble in the humanoid industry, it appears to have become a politically correct business to participate in.
"中国人形机器人公司接受政府的委托，塑造中国作为一个强大的工业经济体的形象，拥有深厚的技术能力和深厚的技术专业知识," Omdia的 Su说。 "他们仅仅因为扛起那面旗帜或承担这项使命而获得政府支持。"
"The Chinese humanoid companies carry the mandate from the government to craft this image of China as a strong industrial economy that has deep tech capability and deep tech expertise," Omdia的 Su said. "They receive government support just for carrying that flag or carrying that mandate."
这可能会影响全球类人种族的生存者。
That may impact who survives the global humanoid race.
需要知道
Need to know
香港'的IPO热潮正引发绩效问题
Hong Kong的 IPO boom is developing a performance problem
Out of 30 Hong Kong-listed stocks that joined the Connect in early March, eight surged by more than 300% between their IPO and the last trading day before inclusion, but have dropped by 10% or more since.与此同时, 中国正在让散户投资者更难将资金转向美国股票。
Out of 30 Hong Kong-listed stocks that joined the Connect in early March, eight surged by more than 300% between their IPO and the last trading day before inclusion, but have dropped by 10% or more since. Meanwhile, China is making it harder for retail investors to steer money to U.S. stocks.
U.S. proposes fresh tariffs on China and dozens of other economies
The Office of the U.S. Trade Representative has proposed additional tariffs of up to 12.5% on imports from 60 economies including China over failure to ban goods made with forced labor.
隐藏在人工智能芯片,中国制造电路板引发美国国家安全担忧
Hidden beneath AI chips, Chinese-made circuit boards raise national security concerns in U.S.
新立法将激励人工智能公司购买 American,，为 TTM 等美国 PCB 制造商提供 25% 的税收抵免和 2430 亿%的税收抵免。
New legislation would incentivize AI companies to buy American, with a 25% tax credit and $3 billion for U.S. PCB makers like TTM.
高盛削减香港股票以支持中国大陆人工智能硬件公司
Goldman Sachs cuts Hong Kong stocks in favor of mainland China AI hardware plays
高盛正式表示更看好中国大陆股票，而不是在香港交易的股票。
Goldman Sachs is officially preferring mainland Chinese stocks to those traded in Hong Kong.
Coming up
6月16:零售额, 5月工业生产和投资数据
June 16: Retail sales, industrial production and investment data for May
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