证券研究报告 | 2026年02月02日 2026年02月03日 制造成长周报（第 45 期） 优于大市 Meta 预计 26 年资本支出超 1150 亿美元，Figure 发布 Helix02 重点事件点评&重点关注：商业航天、人形机器人、AI 基建 事件 1-Meta 预计 2026 年资本支出最高达 1,350 亿美元：2026 年 1 月 29 日，Meta 公布财报显示，预计 2026 全年资本支出将在 1,150 亿美元至 1,350 亿美元之间，接近去年的两倍。 事件 2-Figure 发布 Helix02：2026 年 1 月 28 日，据 Figure 官网，公 司发布的 Helix 02 人形机器人模型，在技术上实现了三大突破。其核心 创新在于通过 System 0、System 1 和 System 2 三层架构，首次用单一 神经网络实现了全身端到端的自主控制，将移动与精细操作深度融合。 事件 1-SpaceX 申请部署百万颗卫星：2026 年 1 月 30 日，据财联社消息， SpaceX 正在申请发射并运营一个由至多 100 万颗卫星组成的星座，这些 卫星具备前所未有的计算能力，以支 ...

Investment Rating - The report assigns an "Accumulate" rating for the robotics industry [4]. Core Insights - The report highlights the deepening strategies of overseas giants, with OpenAI entering the robotics field and the acceleration of embodied intelligence in Europe. In China, new products and operational scenarios are flourishing, with breakthroughs in both production scale and data elements. The investment and financing market is robust, leading to an expansion of the robotics supply chain and production capacity [2][3]. Summary by Sections Industry News and Company Dynamics - Optimus is already operational in factories and is expected to begin consumer sales by the end of 2027. CEO Elon Musk confirmed this timeline at the World Economic Forum in Davos, stating that several units are currently performing simple tasks and will be ready for more complex operations soon [6][7]. - Yushutech announced that it exceeded 5,500 units in actual sales of humanoid robots for 2025, with over 6,500 units produced. The company clarified that this figure refers to actual sales delivered to end customers [7]. - Shanghai Jiao Tong University and Jieke Robotics have established a joint research center focused on general intelligent robots, aiming for breakthroughs in core technologies and industrial applications [7]. Investment and Financing Dynamics - The financing demand in the robotics sector is increasing, with Skild AI raising approximately $1.4 billion in funding led by SoftBank and NVIDIA, focusing on developing a general robotic "brain" [9]. - Zhejiang Human Robot Innovation Center completed a Pre-A round financing of 450 million yuan, with a strong lineup of investors, aimed at advancing core technologies and scaling production [9]. - Huari Technology plans to go public in Hong Kong, focusing on machine vision and autonomous mobile robots [9]. Investment Recommendations - The report recommends focusing on both complete robotics manufacturers and core component suppliers. Key recommendations include: 1. Actuators and motors: Recommended companies include Zhaowei Electromechanical, with related companies being Mingzhi Electric and Jiechang Drive. 2. Reducers: Related companies include Ruidi Zhichu and Haoneng Co. 3. Screw components: Recommended company is Hengli Hydraulic, with related companies being Zhejiang Rongtai and Best. 4. Screw equipment: Recommended company is Qin Chuan Machine Tool, with related companies being Rifa Precision and Huachen Equipment. 5. Bearings: Recommended company is Longxi Co. 6. Sensors: Recommended companies include Donghua Testing and Anpeilong, with related companies being Lingyun Co. 7. Complete machines: Related companies include Ubtech and Yijiahe [10][12].

Group 1 - The company stated that its production and operations are normal, and its stock price is influenced by various factors including secondary market fluctuations, industry conditions, and macroeconomic factors [1] - The company emphasizes the protection of minority shareholders' rights and confirms that there are no significant undisclosed matters that should have been disclosed [1] - The company commits to strictly fulfilling its information disclosure obligations if any relevant matters arise [1]

Group 1 - The core viewpoint of the article is that Longxi Co., Ltd. (600592) has indicated that its joint bearing products can be applied in the aerospace sector, but the revenue contribution from the commercial aerospace segment is minimal and has a limited impact on the company's overall performance [1] Group 2 - The company responded to investor inquiries on an interactive platform regarding its product applications [1] - The revenue share from commercial aerospace products is very small, indicating a low significance in terms of financial contribution to the company's operations [1]

证券日报网讯 1月19日，龙溪股份在互动平台回答投资者提问时表示，公司关节轴承可应用于航天领 域，但商业航天领域产品营收占比极小，对公司经营业绩贡献极为有限。近年来，公司积极拓展人形机 器人配套市场，但由于该领域产品技术迭代更新快，短期内难以形成规模化配套，目前对公司经营业绩 贡献有限。 （文章来源：证券日报） ...

证券日报网讯 1月19日，龙溪股份在互动平台回答投资者提问时表示，公司将密切跟踪国家产业政策及 市场动向，深入市场调研，组织开展轴承产品预研与攻关，探索关节轴承在人形机器人等领域的应用， 公司关节轴承产品可应用于航天领域，但商业航天领域产品营收占比极小，对公司经营业绩贡献极为有 限。 （文章来源：证券日报） ...

Group 1 - The company, Longxi Co., is actively expanding its humanoid robot market and engaging in extensive business communication and collaboration with downstream customers [2]

Core Viewpoint - The company will closely monitor national industrial policies and market trends, conducting in-depth market research and exploring applications of joint bearings in humanoid robots and other fields [1] Group 1: Company Strategy - The company is organizing research and development efforts for bearing products [1] - The company acknowledges that its joint bearing products can be applied in the aerospace sector, but the revenue contribution from commercial aerospace products is minimal [1] Group 2: Market Focus - The company is focusing on the application of joint bearings in emerging fields, particularly humanoid robotics [1] - The company emphasizes the importance of aligning with national industrial policies and market dynamics [1]

Core Viewpoint - The report highlights a significant outflow of main capital from various stocks in the Shanghai and Shenzhen markets, with 387 stocks experiencing net outflows for five consecutive days or more, indicating potential investment risks in these companies [1][2][3][4]. Group 1: Main Capital Outflow Statistics - The stock with the longest continuous net outflow is Dameng Data, with 23 days of outflows [1]. - Daqin Railway follows with 20 days of net outflows, totaling 2.711 billion yuan [1]. - The total net outflow for Daqin Railway over 20 days is the highest at 2.711 billion yuan, while Xiechuang Data has a net outflow of 1.914 billion yuan over five days [1][2]. Group 2: Stocks with Significant Outflows - The top stocks by net outflow duration include: - Daqin Railway: 20 days, 2.711 billion yuan, 18.68% of trading volume, -6.22% cumulative change [1]. - Dameng Data: 23 days, 0.503 billion yuan, 7.58% of trading volume, 14.15% cumulative change [2]. - Haima Automobile: 12 days, 1.626 billion yuan, 8.26% of trading volume, -18.59% cumulative change [1]. Group 3: Other Notable Stocks - Other stocks with notable outflows include: - Wuzhou Xinchun: 5 days, 1.574 billion yuan, 5.24% of trading volume, 11.62% cumulative change [1]. - Dongshan Precision: 6 days, 1.512 billion yuan, 6.91% of trading volume, -6.80% cumulative change [1]. - Shengtai Electronics: 10 days, 1.377 billion yuan, 8.47% of trading volume, -8.71% cumulative change [1].

证券日报网讯1月8日，龙溪股份（600592）发布公告称，公司于近期收到证券事务代表郑国平先生提交 的书面辞职报告，因达到法定退休年龄，郑国平先生向董事会申请辞去证券事务代表职务。 ...