抢着上"春晚"的除了明星，还有机器人。 上述科技感十足的机器人集体亮相，早已不只是一场单纯的视听表演，更成为资本市场观测具身智能产 业脉动的窗口。 《每日经济新闻》记者注意到，当机器人从实验室和工厂车间走向亿万家庭团聚的荧幕中心，其背后交 织的是一张由众多上市公司协同编织的生态网络。部分上市公司通过直接或间接股权投资，早已锚定机 器人赛道内的核心玩家，部分上市公司则以核心供应商或战略合作伙伴的身份深度嵌入其中。 这场"春晚集体秀"能否如2025年宇树科技一般，再次点燃一个产业的新周期？繁华喧嚣的"春晚"舞台之 下，产业真实的"温度"究竟如何？ 从一线企业的反馈中，大家可以窥见乐观预期之外更需冷静面对的现实。多家被市场视为"概念股"的上 市公司坦言，相关业务大多仍处于市场开拓、试样或小批量订单阶段，对公司当前业绩贡献甚微。 多家公司参与机器人领域 芯联集成（SH688469）旗下CVC（企业风险投资）平台芯联资本于2025年参与魔法原子战略融资，公 司与魔法原子存在战略合作关系。公告显示，芯联集成主要提供一站式芯片系统代工服务，在机器人应 用领域，公司用于机器人激光雷达的光源VCSEL（垂直腔面发射激光芯片）和 ...

2月24日，绿的谐波跌5.53%，截至发稿，报228.97元/股，成交14.68亿元，换手率3.31%，总市值419.77 亿元。 资料显示，苏州绿的谐波传动科技股份有限公司位于江苏省苏州市吴中区木渎镇尧峰西路68号，成立日 期2011年1月13日，上市日期2020年8月28日，公司主营业务涉及精密传动装置研发、设计、生产和销售 的高新技术企业。主营业务收入构成为：谐波减速器及金属部件78.33%，机电一体化产品16.56%，智 能自动化装备3.24%，其他1.87%。 从绿的谐波十大流通股东角度 数据显示，鹏华基金旗下1只基金位居绿的谐波十大流通股东。鹏华碳中和主题混合A（016530）三季 度减持7.71万股，持有股数182.13万股，占流通股的比例为0.99%。根据测算，今日浮亏损失约2442.3万 元。 鹏华碳中和主题混合A（016530）成立日期2023年5月5日，最新规模41.05亿。今年以来收益0.72%，同 类排名7490/8994；近一年收益43.57%，同类排名2121/8199；成立以来收益108.48%。 鹏华碳中和主题混合A（016530）基金经理为闫思倩。 截至发稿，闫思倩累计任职 ...

2月23日，港股市场迎来马年第二个交易日，机器人概念板块（887755.WI）表现亮眼，截至午盘大涨 1.76%。成分股中，ASMPT（05522.HK）大涨5.27%，华虹半导体（1347.HK）大涨4.83%，耐世特、金 力永磁、天工国际等个股跟涨。 | < W | [HK]人形机器人指数(887755) | | | | --- | --- | --- | --- | | | 1743.45 30.20 +1.76% | | | | 済設 | 成分 | 资讯 | 相关基金 | | 名称 | 现价 | | 涨跌幅÷ | | ASMPT | 110.900 | | 5.72% | | 0522.HK | | | | | 农虹未营体 | 98.700 | | 4.83% | | 1347.HK | | | | | 中芯国际 | 70.750 | | 4.51% | | 0981.HK | | | | | 耐世特 | 8.020 | | 3.75% | | 1316.HK | | | | | 比亚迪电子 | 33.500 | | 3.46% | | 0285.HK | | | | | 三一国际 | 15.410 ...

Group 1 - The Hong Kong stock market experienced a decline on the first trading day of the Year of the Horse, with the Hang Seng Technology Index falling by 2.28% and the Hang Seng Index down by 0.61% [1] - Internet technology stocks faced pressure, while the semiconductor sector also weakened [1] - In contrast, the robotics sector showed strong performance, with companies like Yujian rising over 19% and UBTECH increasing by over 6% [1] Group 2 - The surge in the robotics sector is closely linked to the "robot effect" from the 2026 CCTV Spring Festival Gala, which featured a high density of humanoid robots [2] - The Spring Festival Gala significantly boosted consumer interest, with JD.com reporting a 300% increase in robot search volume and a 150% increase in order volume within two hours of the gala [1][2] - The Beijing Economic and Information Technology Bureau noted that the city has over 30 humanoid robot manufacturers, positioning it among the top in the country [2] Group 3 - The East Wu Securities mechanical research team highlighted that advancements in core robotic capabilities are crucial for the industry's growth and transition from laboratory to factory settings [2] - The period from 2021 to 2025 is seen as foundational for the robotics industry, with 2026 expected to mark a significant shift towards large-scale production by leading companies [2] - Public funds have been actively researching the robotics supply chain, with major firms like Jiashi Fund and E Fund participating in investor activities [2]

Group 1 - The core focus of public funds is shifting towards the robotics industry chain, with multiple institutions conducting intensive research to uncover potential investment opportunities ahead of the new year [1][2] - Multiple public funds, including 嘉实基金, 易方达基金, and 宝盈基金, participated in a joint research on 多利科技, which is advancing in the robotics sector through a recent acquisition of 70% stake in 悍猛传动 [1] - 奥比中光, a leader in 3D visual perception technology, is also a popular subject of public fund research, with 15 institutions participating in discussions about its accelerating technology implementation in the robotics and AI vision sectors [1] Group 2 - Other companies in the robotics industry chain, such as 绿的谐波, 步科股份, and 汇川技术, have also been frequently appearing in public fund research lists, indicating strong institutional interest in the long-term potential of the robotics sector [2] - The recent activity in the robotics sector is not merely driven by seasonal sentiment, as evidenced by a surge in sales of high-end robots following the Spring Festival Gala, indicating a shift from concept to actual market demand [2] - Analysts believe that the concentrated research by public funds on the robotics industry chain reflects both a response to short-term market trends and a long-term bet on the industry's growth potential, driven by demographic changes and manufacturing upgrades [2]

Core Viewpoint - The collaboration between Yushu Technology and Tagou Martial Arts School for the Spring Festival Gala showcased significant advancements in humanoid robotics, leading to a surge in interest and investment in the robotics sector, particularly in related ETFs [1]. Investment Opportunities - The market has seen a more than 300% increase in robot-related searches on JD.com within two hours of the gala, indicating heightened investor interest in the robotics industry [1]. - Two main robotics indices are highlighted: the Guozhen Robotics Industry Index and the Zhongzheng Robotics Index, each with different focuses and compositions [1][2]. Index Characteristics - The Guozhen Robotics Industry Index focuses on humanoid robots and core components, with nearly 80% of its weight in humanoid robot-related companies, suggesting higher sensitivity to market movements in this segment [3]. - The Zhongzheng Robotics Index has a broader coverage, including software and hardware providers for robotics, with approximately 65% weight in humanoid robots [3]. - The Guozhen index has 50 constituent stocks with a more balanced weight distribution, while the Zhongzheng index has 66 stocks with a higher concentration in its top holdings [3][4]. Performance Metrics - The Guozhen Robotics Industry Index has shown a return of +23.52% over the past year, while the Zhongzheng Robotics Index has returned +21.09% [2]. - The top ten holdings in both indices include companies like Greentec, iFlytek, and Top Group, with the Guozhen index featuring unique companies like Sanhua Intelligent Control [3][4]. Investment Strategy - Investors are advised to choose between the two indices based on their investment goals and risk tolerance, with the Guozhen Robotics Industry Index being a preferable option for those targeting humanoid robotics specifically [5].

Group 1 - The 2026 CCTV Spring Festival Gala featured several robot manufacturers, showcasing the growing integration of robotics into mainstream entertainment and signaling potential investment opportunities in the embodied intelligence industry [1] - Companies like Magic Atom, Galaxy General, Yushu Technology, and Songyan Power are part of a collaborative ecosystem, with some firms investing in key players while others act as core suppliers or strategic partners [1] - Despite optimistic expectations, many companies identified as "concept stocks" reported that their robotics-related businesses are still in the market development phase, contributing minimally to current performance [1] Group 2 - ChipLink Integrated (688469.SH) has a strategic partnership with Magic Atom and is involved in the production of laser radar components for robotics, with mass production expected in Q1 2026 [2] - Xiaxia Precision (001306.SZ) has identified Magic Atom as a potential client and has developed precision gears and reducers for humanoid robots, with some products already supplied to well-known robotics companies [2] - Tianqi Co., Ltd. (002009.SZ) established a joint venture with Galaxy General to advance the application of embodied intelligence robots in industrial manufacturing, with both companies holding a 50% stake [3] Group 3 - Junyi Digital (301172.SZ) has formed a dual relationship with Galaxy General through equity investment and a partnership agreement to promote robotics in specific vertical industries [3] - Shoucheng Holdings (00697.HK) is a significant investor in Songyan Power and has supported multiple rounds of financing, focusing on the robotics sector [3] - Shengshi Technology (002990.SZ) signed a strategic cooperation agreement with Songyan Power to create a collaborative system across the entire value chain of research, production, and market [4] Group 4 - Companies like Weilan Lithium (002245.SZ) and Nasda (002180.SZ) have established supply relationships with Yushu Technology, contributing to the production of lithium batteries and other components [4][5] - The 2025 Spring Festival Gala showcased humanoid robots, leading to a surge in the robotics industry, but the sustainability of this growth remains uncertain [6] - Companies such as Hongchang Technology (301008.SZ) and Xiaxia Precision have expressed cautious optimism regarding market growth, noting that many clients are still in the sample and small-batch order stages [7] Group 5 - Green Harmonic (688017.SH) reported significant growth in its precision transmission device business, indicating a shift from research to small-scale production in the robotics sector [8] - Liard (300296.SZ) is involved in the embodied intelligence business, providing services to leading robotics manufacturers, although this segment currently represents a small portion of its overall revenue [8] - Meihu Co., Ltd. (603319.SH) is expanding into the embodied intelligence sector while maintaining its traditional automotive parts business, with new projects underway for major robotics clients [8]

Group 1 - The participation of robotics companies in the 2026 CCTV Spring Festival Gala highlights the growing integration of robotics into everyday life and the capital market's interest in the embodied intelligence industry [1] - Several listed companies have established strategic partnerships or investments in key players within the robotics sector, indicating a collaborative ecosystem [1][3] - Companies like ChipLink Integrated and Summer Precision are actively developing products for humanoid robots, with some already achieving mass production [3][4] Group 2 - Tianqi Co. and Galaxy General have formed a joint venture to promote the application of embodied intelligent robots in industrial manufacturing, particularly in automotive and new energy sectors [4] - Junyi Digital has established a dual relationship with Galaxy General, involving both capital investment and a partnership for market promotion in specific verticals [4] - Companies such as Shicheng Holdings are heavily investing in the robotics sector, supporting multiple core enterprises through various funds [4][5] Group 3 - The 2025 Spring Festival Gala showcased humanoid robots, which previously led to rapid growth in the robotics industry, raising questions about whether this year's event can reignite similar enthusiasm [6] - Companies like Hongchang Technology and Xiaxia Precision express cautious optimism about the market potential for humanoid robots, noting that many are still in the early stages of development and order fulfillment [7][8] - Green Harmonic and Liyade are also exploring opportunities in the embodied intelligence sector, with varying degrees of revenue contribution from these initiatives [9][10]

Investment Highlights - The SW Auto Parts Index increased by 1.69% this week, ranking 3rd among SW Auto sectors, with a year-to-date increase of 4.94% [3][12] - The latest PE (TTM) for SW Auto Parts is at the 85.68% historical percentile, while the PB (LF) is at the 79.62% historical percentile [3][35] - The trading activity in the auto parts sector has shown a gradual increase since February [3][30] Robotics Sector Review - The Wande Robotics Index rose by 2.27% this week, with a year-to-date increase of 2.54%, outperforming the SW Auto Parts sector by 0.58% [4][12] - The latest PE (TTM) for the robotics sector is at the 73.90% percentile for the past year, and the PB (LF) is at the 78.31% percentile [4][46] - The trading heat in the robotics sector is at a low point since 2025 [4][40] Key Company Developments - Sensible Group will establish a joint venture in North America with Green Harmony for robotic joint modules [5] - Top Group forecasts 2025 revenue between 28.75 billion to 30.35 billion yuan, with a net profit of 2.6 billion to 2.9 billion yuan [5] - Feilong Co. increased its investment in Longtai Company by 732 million yuan [5] - New Spring established a wholly-owned subsidiary in Shanghai [5] Top Performers of the Week - The top five gainers this week include: - Precision Forging Technology +28.98% - Sensible Group +17.05% - Naisite +16.22% - Yinlun Co. +7.73% - Changhua Group +7.34% [6][54] Major Events - The release of the world's first warehouse robot Gino 1 by Jizhi Jia [8] - Xiaomi open-sourced its first-generation robot VLA large model [8] - UBTECH and the humanoid robot innovation center launched the full-size research humanoid robot "Tiangong Walker DEX" [8] Investment Recommendations - For auto parts, focus on structural opportunities by selecting product-oriented companies and those entering high-value sectors to increase ASP, with a priority on companies expanding capacity in Europe, North America, and Southeast Asia [9] - For robotics, look for certainty in opportunities, especially with the anticipated release of Optimus V3 in Q1 2026, and monitor the order timeline and application deployment by domestic companies like Xiaopeng, Yuzhu, and Zhiyuan [9] - Recommended stocks based on EPS include: Fuyao Glass, Xingyu Co., Sensible Group, Junsheng Electronics, and Xingyuan Zhuomei, with New Spring as a focus [9] - Recommended stocks based on PE include: Top Group, Junsheng Electronics, Shuanghuan Transmission, Sensible Group, Yinlun Co., and Feilong Co., with a focus on Yapu Co. and Daimai Co. [9]

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [55]. Core Insights - The automotive parts sector has shown a weekly increase of 1.69%, ranking third among automotive sectors, with a year-to-date increase of 4.94% [2][15]. - The robotics sector has increased by 2.27% this week, with a year-to-date increase of 2.54%, outperforming the automotive parts sector by 0.58% [2][27]. - The latest trading day PE (TTM) for the automotive parts sector is at the 85.68% historical percentile, while the PB (LF) is at the 79.62% historical percentile, indicating a favorable valuation [2][25]. - Key developments include the establishment of a joint venture between Sensata Technologies and Gree's Harmonic in North America, and the release of the Gino 1 warehouse robot by Geekplus [2][36]. Summary by Sections Automotive Parts Weekly Review - The automotive parts sector ranked third in the SW automotive index this week, with a trading volume increase and a positive trend since early February [15][22]. - The sector's PE and PB ratios have risen, indicating improved market sentiment and valuation [25][22]. Robotics Weekly Review - The robotics index has shown a modest increase, with trading activity at a low level compared to previous years [27][33]. - Recent product launches and technological advancements, such as the Gino 1 robot and Xiaomi's open-source robot model, highlight innovation in the sector [36][37]. Core Coverage Stock Tracking - Notable stock movements include Sensata Technologies (+17.05%) and Precision Forging Technology (+28.98%) [42]. - The forecast for Top Group indicates expected revenue of 28.75 to 30.35 billion yuan for 2025, with a projected net profit of 2.6 to 2.9 billion yuan [42][49]. Investment Recommendations - For the automotive parts sector, focus on companies with structural opportunities and those expanding into high-value markets, particularly in Europe, North America, and Southeast Asia [50]. - In the robotics sector, prioritize companies with clear growth trajectories and technological advancements, such as Top Group and Sensata Technologies [50].