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<!DOCTYPE html>
<html lang="zh-CN" data-theme="night">
<head>
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<title>概念深度研究:云深处</title>
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</head>
<body class="min-h-screen p-4 sm:p-8">
<div class="max-w-7xl mx-auto">
<!-- Header -->
<header class="text-center mb-12">
<h1 class="text-4xl sm:text-5xl lg:text-6xl font-bold text-glow mb-4">概念深度研究:云深处</h1>
<p class="text-sm text-gray-400">北京价值前沿科技有限公司 AI投研agent“价小前投研” 进行投研呈现</p>
<p class="text-xs text-gray-500 mt-1">本报告为AI合成数据投资需谨慎。</p>
</header>
<!-- Bento Grid Layout -->
<main class="bento-grid">
<!-- Core Insight -->
<div class="glass-card rounded-3xl p-6 lg:p-8 col-span-12">
<h2 class="card-title text-2xl font-bold mb-4">核心观点摘要</h2>
<div class="prose max-w-none text-gray-300">
<p>“云深处”概念本质上是一个围绕<strong>未上市机器人独角兽“杭州云深处科技”</strong>展开的<strong>产业映射与主题投资</strong>。当前,该概念正处于从<strong>技术验证向商业化规模放量过渡的关键阶段</strong>。其核心驱动力源于公司在四足、轮足机器人领域展现出的<strong>技术领先性和场景落地能力</strong>,未来潜力则取决于其能否在<strong>成本控制、规模化生产</strong>以及<strong>高价值场景(如军工、核电)的深度渗透</strong>上取得持续突破。</p>
<div class="alert bg-yellow-500/10 border border-yellow-500/20 text-yellow-300 mt-4">
<svg xmlns="http://www.w3.org/2000/svg" class="stroke-current shrink-0 h-6 w-6" fill="none" viewBox="0 0 24 24"><path stroke-linecap="round" stroke-linejoin="round" stroke-width="2" d="M12 9v2m0 4h.01m-6.938 4h13.856c1.54 0 2.502-1.667 1.732-3L13.732 4c-.77-1.333-2.694-1.333-3.464 0L3.34 16c-.77 1.333.192 3 1.732 3z" /></svg>
<span><strong>核心主体识别风险:</strong> 输入数据存在重大信息矛盾。新闻、路演数据均指向“云深处”为机器人硬件公司“杭州云深处科技”,而研报数据则指向上市公司“深信服”的云计算业务品牌。本报告基于前者进行分析,请投资者注意区分。</span>
</div>
</div>
</div>
<!-- Logic & Perception -->
<div class="glass-card rounded-3xl p-6 col-span-12 md:col-span-6">
<h2 class="card-title text-xl font-bold mb-4">核心逻辑与市场认知</h2>
<ul class="space-y-4 text-gray-300">
<li><strong><span class="text-cyan-300">技术与商业双重验证:</span></strong>“山猫”轮足机器人等产品被市场评价为“全地形能力全球最优”,同时价格降至万元级别并在电力巡检等领域产生大量营收,兼具技术先进性与商业可行性。</li>
<li><strong><span class="text-cyan-300">高价值场景卡位:</span></strong>通过与景业智能(核工业)、申昊科技(电力)等行业头部集成商的“独家”或“深度”绑定,精准卡位高门槛、高价值特定应用场景,构建商业护城河。</li>
<li><strong><span class="text-cyan-300">市场情绪极度乐观:</span></strong>新闻稿充斥“震惊海内外”、“千亿市场”等表述,吸引国新基金等国家队资本背书,形成“云深处链”板块效应。市场预期其“订单指数级增长,万台级出货可期”。</li>
</ul>
</div>
<!-- Expectation Gap -->
<div class="glass-card rounded-3xl p-6 col-span-12 md:col-span-6">
<h2 class="card-title text-xl font-bold mb-4">预期差分析</h2>
<ul class="space-y-4 text-gray-300">
<li><strong><span class="text-red-400">出货量预期差 (核心风险)</span></strong>市场预测“几万台”出货甚至传闻“几十万订单”。而公司官方表态为“肯定能达到几千台”。近10倍的预期差是当前概念最大的潜在风险点。</li>
<li><strong><span class="text-yellow-400">商业化阶段认知差:</span></strong>市场认为商业化已爆发,但路演信息冷静指出“技术成熟但成本高,场景方案仍在探索”。规模化、普适性商业落地仍面临挑战。</li>
<li><strong><span class="text-blue-300">被忽略的关键点:</span></strong>市场多关注机器人本体,但其成功的关键在于与行业解决方案商的生态合作模式(云深处提供“底盘”,伙伴进行“二次开发”),其重要性可能被市场低估。</li>
</ul>
</div>
<!-- Catalysts & Path -->
<div class="glass-card rounded-3xl p-6 col-span-12 lg:col-span-5">
<h2 class="card-title text-xl font-bold mb-4">关键催化剂与发展路径</h2>
<div class="space-y-4">
<div>
<h3 class="font-semibold text-cyan-400 mb-2">近期催化剂 (3-6个月)</h3>
<ul class="list-disc list-inside text-gray-300 space-y-1">
<li>人形机器人首个商业订单落地</li>
<li>官方确认的军工采购合同或亮相</li>
<li>IPO正式提交上市申请</li>
<li>披露超预期的出货量数据</li>
</ul>
</div>
<div>
<h3 class="font-semibold text-cyan-400 mb-2">长期发展路径</h3>
<ul class="list-disc list-inside text-gray-300 space-y-1">
<li><strong>1-3年 (B端深化):</strong> 成为特种机器人领域的“安卓”,实现稳定盈利。</li>
<li><strong>3-5年 (成本下降):</strong> 拓展至安防、物流等商业场景。</li>
<li><strong>5年以上 (平台化):</strong> 转型为“硬件平台+OS+应用商店”的生态型公司。</li>
</ul>
</div>
</div>
</div>
<!-- Industry Chain -->
<div class="glass-card rounded-3xl p-6 col-span-12 lg:col-span-7">
<h2 class="card-title text-xl font-bold mb-4">产业链图谱与核心公司</h2>
<div id="echarts-industry-chain" class="w-full h-80"></div>
</div>
<!-- Risk -->
<div class="glass-card rounded-3xl p-6 col-span-12">
<h2 class="card-title text-xl font-bold mb-4">潜在风险与挑战</h2>
<div class="grid grid-cols-1 md:grid-cols-2 lg:grid-cols-3 gap-4 text-gray-300">
<div class="bg-gray-800/50 p-4 rounded-xl">
<h3 class="font-semibold text-red-400 mb-2">【首要风险】概念混淆</h3>
<p class="text-sm">研报数据将“云深处”错误指向深信服的云计算业务,存在严重投资逻辑错配风险。</p>
</div>
<div class="bg-gray-800/50 p-4 rounded-xl">
<h3 class="font-semibold text-yellow-400 mb-2">商业化风险</h3>
<p class="text-sm">“技术成熟但成本高”是核心痛点。应用场景的性价比和可靠性仍需大规模实践检验。</p>
</div>
<div class="bg-gray-800/50 p-4 rounded-xl">
<h3 class="font-semibold text-orange-400 mb-2">竞争与政策风险</h3>
<p class="text-sm">与宇树科技竞争白热化,可能面临价格战。同时数据安全、伦理等监管政策存不确定性。</p>
</div>
</div>
</div>
<!-- Source Data Section -->
<div x-data="{ tab: 'news' }" class="glass-card rounded-3xl p-6 col-span-12">
<div class="tabs tabs-boxed bg-black/30 w-fit mb-4">
<a class="tab" :class="{'tab-active text-cyan-300': tab === 'news'}" @click="tab = 'news'">新闻数据</a>
<a class="tab" :class="{'tab-active text-cyan-300': tab === 'roadshow'}" @click="tab = 'roadshow'">路演纪要</a>
<a class="tab" :class="{'tab-active text-cyan-300': tab === 'report'}" @click="tab = 'report'">研报摘要</a>
</div>
<div x-show="tab === 'news'" class="prose max-w-none text-gray-300">
<h3 class="text-cyan-300">关键新闻信息点</h3>
<ul>
<li><strong>市场地位:</strong> 被誉为“行业龙头”、“杭州六小龙”,技术实力与宇树不相上下,全地形能力被指“遥遥领先于波士顿动力”。</li>
<li><strong>产品与技术:</strong> 发布轮足机器人“山猫”和全球首款全天候人形机器人。掌握“一触即达”技术,实现陌生环境实时感知与越障。</li>
<li><strong>商业化进展:</strong> 已在电力巡检、应急救援等领域产生大量营收,成功交付新加坡电网。融资总监称今年出货量可达“几千台”并实现盈利。</li>
<li><strong>战略合作:</strong> 与景业智能(核工业独家)、申昊科技(电力)、当虹科技(应急消防独家)、中控技术等深度绑定,构建产业生态。</li>
<li><strong>资本运作:</strong> 完成数亿人民币新一轮融资,投资方包括达晨财智、国新基金等,并已完成股改。</li>
</ul>
</div>
<div x-show="tab === 'roadshow'" class="prose max-w-none text-gray-300">
<h3 class="text-cyan-300">核心路演信息</h3>
<ul>
<li><strong>供应链合作:</strong>
<ul>
<li><strong>长盛轴承:</strong> 向云深处送样滑动轴承,测试中。</li>
<li><strong>国茂股份:</strong> 与云深处合作定制减速器,深度绑定。</li>
<li><strong>夏厦精密:</strong> 提供齿轮及直线关节部件,技术对接深入。</li>
<li><strong>兆丰股份:</strong> 通过基金投资云深处,并通过股权绑定带来机器人轴承、丝杠等订单增量。</li>
</ul>
</li>
<li><strong>战略合作细节 (景业智能):</strong>
<ul>
<li>双方团队渊源深厚曾共同参与国家803项目。</li>
<li>合作分工明确:短期景业定义场景,云深处提供标准化底盘;中长期联合研发。</li>
<li>合作具有排他性,确保在核工业等特种领域的独家地位。</li>
</ul>
</li>
<li><strong>市场与成本:</strong>
<ul>
<li>与宇树科技占据全球市场近90%份额。</li>
<li>产品价格已降至万元以下,具备大规模商业化基础。</li>
<li>南都物业路演指出:技术成熟但成本仍高,场景方案仍在探索,提供了冷静视角。</li>
</ul>
</li>
</ul>
</div>
<div x-show="tab === 'report'" class="prose max-w-none text-gray-300">
<h3 class="text-cyan-300">研报数据摘要(注意:主体识别偏差)</h3>
<div class="alert bg-red-500/10 border border-red-500/20 text-red-300 mt-4">
<span><strong>警告:</strong>研报数据将“云深处”识别为上市公司**深信服300454**旗下的云计算业务品牌,与市场主流认知(机器人公司)存在严重偏差。以下信息仅作为该偏差内容的展示。</span>
</div>
<ul>
<li><strong>业务定位:</strong> 深信服旗下云计算品牌核心产品为超融合HCI、托管云、分布式存储等。</li>
<li><strong>市场地位 (IDC数据):</strong> 超融合HCI软件连续7年市场前列2023年市占率中国第一。桌面云终端市占率前三。</li>
<li><strong>财务表现:</strong> 2024年云计算及IT基础设施业务营收33.84亿元同比增长9.51%。</li>
<li><strong>AI战略:</strong> 与深信服“AI First”战略深度绑定发布AI算力平台AICP提供“HCI+AICP新一代超融合”解决方案。</li>
</ul>
</div>
</div>
<!-- Stock Table -->
<div class="glass-card rounded-3xl p-6 lg:p-8 col-span-12">
<h2 class="card-title text-2xl font-bold mb-4">相关概念股梳理</h2>
<div class="overflow-x-auto">
<table class="table table-zebra w-full">
<thead>
<tr>
<th>股票名称</th>
<th>关联类型</th>
<th>关联原因</th>
<th>信源</th>
</tr>
</thead>
<tbody>
<!-- 合作 -->
<tr>
<td><a href="https://valuefrontier.cn/company?scode=688290" target="_blank" class="link link-hover text-cyan-400">景业智能 (688290)</a></td>
<td><span class="tag">深度合作/参股</span></td>
<td>与云深处达成战略合作,共同研发四足+特种机器人在核电领域独家合作通过基金间接持股0.35%。</td>
<td>公告/工商</td>
</tr>
<tr>
<td><a href="https://valuefrontier.cn/company?scode=300853" target="_blank" class="link link-hover text-cyan-400">申昊科技 (300853)</a></td>
<td><span class="tag">合作</span></td>
<td>与云深处战略合作,推动智能化解决方案在电力巡检、应急消防等多领域应用。</td>
<td>半年报</td>
</tr>
<tr>
<td><a href="https://valuefrontier.cn/company?scode=688039" target="_blank" class="link link-hover text-cyan-400">当虹科技 (688039)</a></td>
<td><span class="tag">合作/参股</span></td>
<td>遥操系统独家供货合同,部分机器狗标配其系统;通过央视融媒体基金投资了云深处。</td>
<td>公告/互动</td>
</tr>
<tr>
<td><a href="https://valuefrontier.cn/company?scode=002245" target="_blank" class="link link-hover text-cyan-400">蔚蓝锂芯 (002245)</a></td>
<td><span class="tag">供应链</span></td>
<td>为云深处供应电芯。</td>
<td>调研</td>
</tr>
<tr>
<td><a href="https://valuefrontier.cn/company?scode=300718" target="_blank" class="link link-hover text-cyan-400">长盛轴承 (300718)</a></td>
<td><span class="tag">供应链</span></td>
<td>与云深处的合作正处于技术交流及研发阶段(送样测试中)。</td>
<td>互动/路演</td>
</tr>
<tr>
<td><a href="https://valuefrontier.cn/company?scode=603893" target="_blank" class="link link-hover text-cyan-400">瑞芯微 (603893)</a></td>
<td><span class="tag">供应链</span></td>
<td>长期深耕AIoT合作客户包括云深处。</td>
<td>半年报</td>
</tr>
<tr>
<td><a href="https://valuefrontier.cn/company?scode=001298" target="_blank" class="link link-hover text-cyan-400">好上好 (001298)</a></td>
<td><span class="tag">供应链</span></td>
<td>提供应用于机器人关节和驱动的先楫半导体芯片。</td>
<td>互动</td>
</tr>
<tr>
<td><a href="https://valuefrontier.cn/company?scode=600580" target="_blank" class="link link-hover text-cyan-400">卧龙电驱 (600580)</a></td>
<td><span class="tag">合作</span></td>
<td>与云深处战略合作,共同探索仿生机器人领域前沿技术。</td>
<td>调研</td>
</tr>
<tr>
<td><a href="https://valuefrontier.cn/company?scode=688777" target="_blank" class="link link-hover text-cyan-400">中控技术 (688777)</a></td>
<td><span class="tag">合作</span></td>
<td>与云深处建立了技术合作关系2022年已签订</td>
<td>调研</td>
</tr>
<!-- 参股 -->
<tr>
<td><a href="https://valuefrontier.cn/company?scode=601512" target="_blank" class="link link-hover text-cyan-400">中新集团 (601512)</a></td>
<td><span class="tag">参股</span></td>
<td>通过两个基金间接合计持有云深处0.63%。</td>
<td>互动</td>
</tr>
<tr>
<td><a href="https://valuefrontier.cn/company?scode=300695" target="_blank" class="link link-hover text-cyan-400">兆丰股份 (300695)</a></td>
<td><span class="tag">参股</span></td>
<td>通过云栖基金间接持有云深处0.57%。</td>
<td>工商</td>
</tr>
<tr>
<td><a href="https://valuefrontier.cn/company?scode=600704" target="_blank" class="link link-hover text-cyan-400">物产中大 (600704)</a></td>
<td><span class="tag">参股</span></td>
<td>全资子公司通过君安嘉平基金完成对云深处投资。</td>
<td>互动</td>
</tr>
<tr>
<td><a href="https://valuefrontier.cn/company?scode=603506" target="_blank" class="link link-hover text-cyan-400">南都物业 (603506)</a></td>
<td><span class="tag">参股</span></td>
<td>通过赛智助龙基金间接持有云深处0.35%股份。</td>
<td>工商/互动</td>
</tr>
</tbody>
</table>
</div>
</div>
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