格隆汇2月25日｜招商证券发表报告指，多家机器人公司集中亮相春晚，展示出色的运动控制和自主操 作能力。平衡控制、动态响应、稳定性提升巨大，今年机器人进入政策密集支持阶段。该行称，港股关 注优必选、越疆、极智嘉及敏实，以及泛机器人领域禾赛、速腾聚创及地平线。 报告提到，人形机器人集中亮相，成春晚新主角；相关技术极速进化，将进入政策密集支持阶段。央视 春晚内容通常能反映当下产业政策的导向，今年突显科技春晚主题，安排机器人参演的数量明显增加 (去年只有宇树一家)，体现国家对人形机器人产业做大做强的决心，当前类似新能源汽车产业链的初始 阶段。预计今年进入政策密集支持期，形成国家战略引领+地方落地支撑的政策局面。 ...

②大型科技股多数上涨，AMD涨超8%，英特尔涨超5%，特斯拉、奈飞、苹果涨超2%，微软、亚马逊 涨逾1%，英伟达、Meta小幅上涨，谷歌小幅下跌； ③中概股多数上涨，万国数据涨超6%，世纪互联涨逾6%，小鹏汽车涨超6%，大全新能源涨逾6%，晶 科能源涨近5%，霸王茶姬涨近5%，金山云涨超4%，好未来涨逾3%。跌幅方面，禾赛科技跌超2%，再 鼎医药跌逾1%，小马智行跌超1%； ①美国三大股指全线收涨，道指涨0.76%报49174.5点，标普500指数涨0.77%报6890.07点，纳指涨1.04% 报22863.68点； ⑦纽约尾盘，美元指数涨0.17%报97.90，离岸人民币对美元上涨95.0个基点报6.8798； ⑧伦敦基本金属全线上涨，LME期锡涨5.41%报50300.0美元/吨，LME期镍涨3.66%报17915.0美元/吨， LME期铜涨2.54%报13195.0美元/吨，LME期锌涨0.98%报3387.5美元/吨，LME期铝涨0.68%报3110.5美 元/吨，LME期铅涨0.44%报1959.5美元/吨； ⑨美债收益率涨跌不一，2年期美债收益率涨2.73个基点报3.461%，3年期美债收益率涨 ...

2026 年 2 月 23 日│中国内地 动态点评 汽车 增持 (维持) | 宋亭亭 | 研究员 | | --- | --- | | SAC No. S0570522110001 | songtingting021619@htsc.com | | SFC No. BTK945 | +(86) 21 2897 2228 | | 张硕* | 研究员 | | SAC No. S0570524110001 zhangshuo023124@htsc.com | | | | +(86) 21 2897 2228 | 郭春麟* 联系人 SAC No. S0570124110001 guochunlin@htsc.com +(86) 21 2897 2228 证券研究报告 汽车 国产机器人亮相春晚有望点燃市场热情 ——智驾&机器人双周报 2 华泰研究 行业走势图 (15) (6) 3 12 21 Feb-25 Jun-25 Oct-25 Feb-26 (%) 汽车 沪深300 资料来源：Wind，华泰研究 重点推荐 | | | 目标价 | | | --- | --- | --- | --- | | 股票名称 | 股票代码 | ...

智通财经APP获悉，周一，禾赛(HSAI.US)涨逾3%，报28.72美元。消息面上，宇树科技等多家机器人公 司纷纷亮相2026年马年央视春晚。据悉，宇树两款人形机器人全部搭载了禾赛JT128激光雷达，作为当 前搭载具身智能机器人最畅销的迷你型 360°激光雷达，禾赛 JT 系列激光雷达累计交付量已突破20万 颗，成功应用于多款具身智能机器人产品。 ...

Industry News - The total box office for the 2026 Spring Festival film season (including pre-sales) has exceeded 1.5 billion yuan, with "Fast Man 3," "Silent Awakening," and "Boonie Bears: Year of the Bear" ranking as the top three films [1] - The total box office for the 2026 fiscal year has surpassed 4 billion yuan [1] - According to the China Academy of Information and Communications Technology, by the end of 2025, a total of 748 generative AI services have completed registration in China [1] - The report indicates that the governance of artificial intelligence in China is evolving rapidly, characterized by small-scale, scenario-based, and refined features, gradually establishing an agile governance system [1] Company News - Songyan Power announced that it has completed the full process of developing its bionic humanoid robot, including three iterations, within two months since the decision to feature it in the Spring Festival Gala [2] - The core technological breakthroughs focus on the underlying architecture of the bionic face, enhancing its stretchability and durability by adding polymer materials to platinum silicone, and incorporating 32 motors for movement within a compact space [2] - In 2025, Songyan Power has already introduced its bionic face products into various commercial scenarios, such as guided tours [2] - Hesai Technology reported that its JT128 LiDAR is equipped in both models of the Yushu humanoid robots, showcasing their capabilities in a performance [2] - The cumulative delivery of Hesai's JT series LiDAR has surpassed 200,000 units, successfully applied in multiple embodied intelligent robot products [2]

Group 1 - The Livermore Chinese concept stock index rose by 0.2% at the beginning of trading on February 17 [1] - Among the constituent stocks, Lufax increased by 10% [1] - Hesai Technologies rose nearly 8% [1] - Melco Resorts & Entertainment gained 4.7% [1] - Pony.ai saw an increase of over 2% [1]

Group 1 - The core viewpoint of the article highlights the performance of popular Chinese concept stocks, with most showing an upward trend in pre-market trading [1] - Hesai Technologies saw an increase of nearly 4% [1] - Kingsoft Cloud experienced a rise of over 3% [1] - Baidu's stock price increased by more than 1% [1] Group 2 - In contrast, AI application stocks faced declines, with SAP SE dropping nearly 3% [1] - Applovin fell by nearly 2% [1] - Both Palantir and Snowflake saw declines of over 1% [1]

Group 1 - The core event featured humanoid robots from Yushu Technology, showcasing their capabilities on the stage of the Spring Festival Gala, equipped with Hesai's JT128 LiDAR technology [1] - The performance included synchronized movements of multiple robots, demonstrating advanced coordination and precision, with the ability to perform complex actions like flips and martial arts [5][7] - The collaboration between Yushu Technology's AI algorithms and Hesai's LiDAR technology effectively addressed motion error accumulation, ensuring seamless execution of the performance [9] Group 2 - Hesai Technology's JT series LiDAR has achieved cumulative deliveries exceeding 200,000 units, becoming a popular choice for humanoid robots and facilitating their transition from laboratories to households [13] - Hesai Technology is recognized as a leader in three-dimensional perception technology, driving advancements in robotics, autonomous driving, and smart industries, while also contributing to the foundational infrastructure of physical AI [17] - The integration of LiDAR technology is becoming a standard safety feature in vehicles and is igniting the next wave of physical AI innovations, with Hesai Technology committed to partnering with firms like Yushu Technology for future developments [17]

Core Viewpoint - Hesai Technology's JT series LiDAR has achieved cumulative deliveries exceeding 200,000 units, marking a significant milestone in the field of robotics and AI infrastructure [11]. Group 1: Product Performance - The humanoid robots from Yushu Technology showcased at the Spring Festival Gala utilized Hesai's JT128 LiDAR, demonstrating impressive capabilities such as flips, martial arts, and synchronized movements [5][8]. - The collaboration between Yushu Technology's AI fusion positioning algorithm and Hesai's JT LiDAR effectively addresses motion error accumulation in long sequence performances, ensuring precise and synchronized actions [5]. Group 2: Market Impact - Hesai's JT series LiDAR is currently the best-selling mini 360° LiDAR for embodied intelligent robots, facilitating the transition of robotic technology from laboratories to households [11]. - As a leader in three-dimensional perception technology, Hesai Technology is accelerating advancements in robotics, autonomous driving, and smart industries, positioning itself as a key builder of physical AI infrastructure [12]. Group 3: Future Outlook - LiDAR technology is becoming a standard safety feature in vehicles and is igniting the next wave of physical AI innovation. Hesai Technology aims to continue its partnership with Yushu Technology and other strong allies to embrace a vibrant future in intelligence [13].

Economic Indicators - The latest CPI data from the US shows a decrease in the annual rate from 2.7% to 2.4%, the lowest since May 2025, with market expectations at 2.5% [1] - The core CPI annual rate fell from 2.6% to 2.5%, marking the lowest level since March 2021, aligning with market expectations [1] - Following the CPI release, the probability of the Federal Reserve easing policies in June increased from 63% to 69%, with a 50% chance of a third rate cut this year [1] Stock Market Performance - The three major US stock indices showed mixed results, with the Dow Jones up 0.1%, S&P 500 up 0.05%, and Nasdaq down 0.22% [2] - Over the week, the Dow Jones fell by 1.23%, S&P 500 by 1.39%, and Nasdaq by 2.1% [2] Individual Stock Movements - Major tech stocks experienced declines, with Apple and Nvidia down over 2%, while Tesla saw a slight increase of 0.09% [4] - Semiconductor stocks performed well, with the Philadelphia Semiconductor Index rising by 0.66%, driven by significant gains in Applied Materials and ARM [4] - Gold stocks showed strong performance, with several companies like Coeur Mining and Harmony Gold seeing increases of over 6% [4] Commodity Prices - Gold and silver prices surged, with gold closing at $5042.808 per ounce, up over 2.4%, and silver reaching $77.338 per ounce after a rise of over 5% [6] Geopolitical Developments - The US is increasing military presence in the Middle East, with President Trump confirming the deployment of a second aircraft carrier strike group to pressure Iran into negotiations [8] - Trump emphasized the need for a deal with Iran within a month, warning of severe consequences if negotiations fail [9] - Israeli officials expressed skepticism about the potential agreement, stressing the importance of including issues related to Iran's nuclear capabilities and missile programs [9]