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 ...

| 技术指标 | 性能参数 | 行业优势 | | --- | --- | --- | | 传输带去 | 单纤可达 10Gbps-100Gbps,支持未来扩 | 满足 800 万 / 1700 万像素高清摄像头、 | | | 展至 Tbps 级 | 4K@120Hz 车载显示需求 | | 传输时延 | <1us 微秒级低时延 | 保障自动驾驶决策实时性,符合 ISO 26262 功能安全要求 | | 传输距离 | 单模光纤超 100米,多模光纤可达 50米 | 适配中央域 - 区域控制器分布式架构 | | 接口支持 | DP、MIPI、PCle 等高速数据接口 | 兼容主流车载电子系统,实现即插即用 | | 抗干扰能力 | 不受电磁干扰 (EMI) 和射频干扰 (RFI) 影 | 适配新能源汽车高压环境,保障通信稳定 | | | 响 | 性 | | 可靠性 | 宽温域 (-40℃~125℃)、抗振动 (10g)、 | 满足车规级严苛要求,通过 AEC- | | | MTBF>106小时 | Q100/104 认证 | 近期，均胜电子（600699）联合中际旭创（300308）打造的车载光通信解决方案，该方案依托 ...

经济观察网 根据华西证券2026年02月22日发布的行业周报，全球科技赛道加速前行，人形机器人产业 迎来关键转型，均胜电子作为机器人产业链的Tier1厂商，受益于技术实用化与商业化落地趋势。西部 证券2026年02月21日的点评指出，春晚人形机器人表演推动场景落地加速，均胜电子在硬件可靠性和模 型端具备优势，2026年产业链有望进入规模放量阶段。东吴证券在2025年12月08日的报告中强调，均胜 电子前瞻布局机器人业务，打造"机器人域控+头部总成"第二曲线，但需注意该观点发布时间较早，近 期影响需结合最新动态评估。 近期事件 均胜电子A股（600699.SH）最新行情更新至2026年02月13日，收盘价27.90元，当日跌0.11%，但近一 周（02月16日-02月23日）历史行情数据缺失，可能因春节假期休市。港股（00699.HK）于2026年02月 23日更新，收盘价17.70港元，当日涨2.61%，5日累计涨5.61%，表现优于恒生指数（当日涨2.46%）。 资金流向显示A股主力净流入2918.83万元，散户资金活跃。技术面提示A股过去5日处于震荡行情，20 日压力位31.41元，支撑位26.29元。 ...

天眼查App显示，近日，均胜电子完成工商变更，注册资本由约14.1亿人民币增至约15.5亿人民币，增幅约10%。这笔约1.4亿 元的注册资本跃升，核心归因于均胜电子在2025年下半年成功完成香港H股挂牌后的股本确权，以及针对核心技术骨干的第 二期全球限制性股票激励计划的集中行权。在王剑峰治下，这不仅是数字的增加，更是均胜作为"汽车+机器人Tier 1"双龙头 地位的资本背书。 在国产智驾方案大规模"出海"与具身智能（Humanoid Robot）步入量产前夜的2026年开年，均胜电子（600699.SH）正通过一 次颇具"定力"的资本扩容，宣告其全球化布局进入了产融结合的收获期。 2026年，均胜在墨西哥、罗马尼亚及东南亚的本土化工厂已完成"智改数转"。此次增资伴随的汽车安全事业部引入战略投资 人动作，本质上是王剑峰在利用H股的国际化窗口，对冲地缘政治带来的资产减值风险。在2026年这个节点，均胜不仅要在 智舱领域守住国内前三，更要在全球范围内利用"Local for Local"策略，将中国市场的算法优势快速赋能给全球超100个汽车品 牌。 这种从"资本买家"回归"技术领主"的态势，折射出均胜电子在王剑峰时 ...

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]

Core Insights - Major automotive companies, including Tesla, Chery, Hyundai, Xpeng, and Seres, are increasingly investing in the robotics sector, with Tesla even halting production of several key models to repurpose its production lines for robot manufacturing [1][5] - The automotive industry is redefining its value through the development of embodied intelligence, moving beyond traditional automotive definitions and integrating "vehicles, people, and machines" [1] Domestic Automotive Companies' Progress - Chery's humanoid robot, "Wuyou" Zhiqing R001, is set to host a segment at the 2026 Wuhu Spring Festival, marking a significant milestone for domestic automotive companies in the robotics field [2] - The "Wuyou" Zhiqing R001 has begun operations in Wuhu, assisting traffic police and showcasing the integration of robotics into smart policing [2] - Chery has received investments from companies like Zhiyuan Robotics and Bertley, indicating that embodied intelligence is seen as a new growth curve for the company [3] International Automotive Companies' Developments - Tesla plans to launch its third-generation humanoid robot in 2026, with an expected annual production capacity of 1 million units, repurposing its Fremont factory's Model S/X production line for this purpose [5][6] - Hyundai aims to deploy over 30,000 humanoid robots in its U.S. factories starting in 2026 to reduce production costs and enhance competitiveness [6][7] Upstream Industry Chain Actions - Companies in the automotive parts sector, such as Top Group and Ningbo Huaxiang, are actively expanding into the embodied intelligence business [8] - Junsen Electronics has launched a series of products related to humanoid robots and is conducting training for these robots in its factories [8] - CATL has initiated a strategic partnership with Horizon Robotics to focus on intelligent upgrades for new energy vehicles, aiming to enhance the smart travel experience [9]

Core Viewpoints - The mechanical industry is expected to embrace "technology + going global" as its dual main lines in 2026, focusing on high elasticity growth opportunities and performance certainty from overseas expansion [13][9][7] 2025 Review Market Performance - In 2025, the mechanical sector achieved a 41% increase, significantly outperforming the CSI 300 index, which rose by 18%, ranking fifth among A-share sub-industries [6][16] - The sub-sectors that performed well included PCB equipment (+252%), 3C equipment (+129%), controllable nuclear fusion (+119%), data centers (+112%), and humanoid robots (+85%) [20][6] Demand Side - Domestic demand showed signs of bottoming out, with a marginal improvement towards the end of 2025, while external demand began to recover positively [31][35] - The manufacturing PMI in December 2025 rebounded to 50.1, indicating a return to expansion territory, driven by large enterprises and high-tech manufacturing [32][35] Cost Side - The cost structure showed a continuous improvement trend, with PPI declining by 2.6% year-on-year in 2025, reflecting insufficient industrial demand [31][33] 2026 Outlook Macro Perspective - The macro narrative for the next five years is centered around "AI commercialization + global re-industrialization," with expectations of a cyclical recovery driven by proactive fiscal policies [6][7] Mid-level Perspective - Technology - The technology sector is expected to see explosive growth, with key areas including data centers, PCB equipment, semiconductor equipment, humanoid robots, and commercial aerospace [7][9] Mid-level Perspective - Going Global - The overseas production capacity is anticipated to enter a release phase in 2026, with significant revenue and profit growth expected for companies in the machinery and equipment sectors [7][8] Investment Recommendations - Investment strategies should focus on high-certainty directions with strong industry trends and competitive advantages, prioritizing stock selection based on industry trends, competitive positioning, and valuation [7][8] - Long-term investments should consider companies with platform capabilities that offer sustainable value [7][8]

【zx汽车】均胜电子——联合中际旭创推出车载光通信解决方案，持续推进光模块在汽车领域的应用 公司积极探索光模块在汽车领域的应用，近期联合中际旭创推出车载光通信解决方案，依托光通信抗干扰、微秒 级低时延与大带宽优势，致力于解决智能电动汽车对通信链路、时延与稳定性的要求。 2025年前三季度公司新获订单714亿元，其中头部自主品牌及造车新势力的新订单占比持续提升。 分产品来看，公司持续推进智能驾驶、跨域融合等多类汽车电子产品的订单获取，2025年下半年已获得多家客户 的全球性汽车智能化项目定点，全生命周期总金额合计超过200亿元。 该方案支持DP、MIPI、PCIe等高速数据传输，可构建中央域与区域控制器间的高速光纤环网，并已具备量产上车 能力。 具体而 【zx汽车】均胜电子——联合中际旭创推出车载光通信解决方案，持续推进光模块在汽车领域的应用 公司积极探索光模块在汽车领域的应用，近期联合中际旭创推出车载光通信解决方案，依托光通信抗干扰、微秒 级低时延与大带宽优势，致力于解决智能电动汽车对通信链路、时延与稳定性的要求。 该方案支持DP、MIPI、PCIe等高速数据传输，可构建中央域与区域控制器间的高速光纤环网，并 ...