汽车及零部件行业：特斯拉人形机器人追踪(九)：FIGURE发布端到端VLA模型HELIX 软件迭代超预期

中金公司2025-02-21

行业近况2025 年2 月20 日晚，Figure正式发布其自研端到端具身智能模型Helix，我们认为软件端泛化能力表现超预期，具身智能进化持续加速。评论Figure是海外人形机器人领头羊之一，商业化进展及智能化能力为亮点。Figure于2022 年5 月成立，23 年初发布Figure01 原型机，24 年1 月开始在宝马工厂进行测试。24 年2 月获英伟达、亚马逊、微软、OpenAI等融资，...

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在宝马生产线上的性能显著提升。25 年1 月公布签约第二个商业化客户，是美国最大的公司之一。25 年2 月宣布中止与OpenAI的合作。自研端到端模型取得突破，泛化能力表现超预期。2025 年2 月20 日晚，Figure正式发布自研的端到端VLA通用具身智能模型——Helix，更新演示视频及技术文件。从构型上看，Helix由一个70 亿参数的预训练VLM模型（系统2，类似“大脑”，用于场景理解和语义理解）和一个8000 万参数的视觉运动策略（系统1，类似“小脑”，用于快速反馈执行）。从功能上看，Helix亮点在于：1）单一端到端VLA模型完成头+躯干+手腕+灵巧手的全上半身控制，协调35DoF的空间；2）高度泛化性，在自然语言提示下可以捡起从未遇到过的物品；3）两个Figure机器人可以协作实现作业；4）第一款完全板载嵌入式低功耗GPU的VLA，商业部署便捷。重申软件侧泛化能力为人形机器人放量的关键。我们认为，本次Figure更新视频是市面上为数不多的展示了泛化和交互能力的视频，Figure在大模型上的技术优势相对明确。我们再次重申，人形机器人能否以及何时可以打开C端市场、实现放量，关键瓶颈在于大脑的泛化能力表现；我们期待以Helix为起点，具身智能迎来非线性迭代的阶段。我们认为，从“大脑”能力出发，海外企业中特斯拉、Figure领先，国内企业中华为、字节跳动领先。估值与建议Figure相关标的：旭升集团、银轮股份、绿的谐波（机械）、兆威机电（机械）、领益智造（科技硬件）。此外，我们认为今年机器人对汽零公司的估值重塑效应明确且持续，汽车零部件是所有行业里面为数不多具备大规模量产、降本、质量管理能力的产业链，在机器人放量的背景下有望成为主力供应商，建议持续关注低估值标的因机器人带来的拔估值的机遇。风险技术进展不及预期，量产不及预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":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 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