高盛机器人调研，点名卧安机器人(06600)：家庭场景数据或成具身智能下一道护城河

智通财经06-02

智通财经APP获悉，高盛近期发布的《中国人形机器人》年中调研报告显示，中国具身智能产业正从单一 VLA 模型讨论，转向 VLA/VTLA 与世界模型融合的多模态架构。报告认为，世界模型正成为动作模型旁的重要功能层，用于提升机器人在真实世界中的下一状态预测、动作验证、规划能力和鲁棒性。报告提到，清晰将下一步方向定义为 VLA/VTLA 与世界模型结合的公司包括 OneRobotics(卧安机器人，...

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层。值得关注的是，相比工业、物流等相对结构化场景，家庭场景长期被认为是具身智能更复杂、也更稀缺的数据来源。高盛报告提到，卧安机器人管理层强调家庭场景数据存在结构性短缺，其前海数据工厂被定位为专门的家庭场景数据中心，覆盖洗衣、做饭、洗碗等真实世界多模态任务。商业化方面，报告显示，卧安机器人近期重点聚焦零售、养老等半结构化服务场景，随后通过政府部署进行数据采集和验证，并以约三年周期推进消费级落地。其最新通用人形机器人 Onero 面向更易部署的服务场景，公司亦将约 3000 美元 BOM 视为家庭采用的关键门槛。业内人士认为，随着具身智能从技术演示走向工程化验证，机器人公司的竞争焦点将不再只是本体硬件，而是谁能率先形成“真实场景数据—模型训练—产品部署反馈”的闭环。对于 OneRobotics(卧安机器人)而言，OneModel 迭代、家庭场景数据积累、Onero 规模部署进展及成本下降曲线，或将成为后续资本市场观察的关键变量。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; 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