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 ...

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]

Core Insights - The Chinese mobile gaming industry is experiencing significant growth in research and development (R&D) investments, with the top 20 companies projected to invest over 99 billion yuan in 2024, marking an 8.8% year-on-year increase [1] - The domestic revenue from self-developed games is expected to exceed 260 billion yuan in 2024, reflecting a 1.7% increase compared to the previous year [4] - The overseas revenue from self-developed games is anticipated to surpass 18.5 billion USD in 2024, showing a 13.39% year-on-year growth [6] R&D Investments - The total R&D investment by the top 20 mobile gaming companies in China is projected to reach 99.02 billion yuan in 2024, with a continuous increase from 2017 to 2024 [1] - The number of R&D personnel in these companies has shown a declining trend, with a total of 15,721 employees in 2024, down by 1.66% year-on-year [3] - The median percentage of R&D personnel in the top 20 companies is 47.24% in 2024, which is a decrease of 5.97 percentage points from the previous year [3] Domestic Revenue - The actual sales revenue from self-developed games in the domestic market is projected to be 260.736 billion yuan in 2024, reflecting a 1.7% increase year-on-year [4] - The growth in domestic revenue is attributed to the expanding and maturing domestic gaming market, with companies focusing on self-developed games to capture market opportunities [4] Overseas Revenue - The overseas revenue from self-developed games is expected to reach 18.557 billion USD in 2024, marking a 13.39% increase compared to the previous year [6] - The overseas revenue has consistently exceeded 100 billion yuan for five consecutive years, driven by advancements in cloud gaming and AI technologies [6] - The primary markets for overseas revenue are the United States, Japan, and South Korea, contributing 31.06%, 17.32%, and 8.89% respectively to the total overseas income [8]

Market Overview - The gaming sector experienced a slight increase of 0.0% on January 22, with Mingchen Health leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] Individual Stock Performance - Mingchen Health (002919) closed at 26.91, with a rise of 6.41% and a trading volume of 150,400 shares, amounting to a transaction value of 398 million yuan [1] - Other notable gainers included Shunwang Technology (300113) with a 2.35% increase, and Electric Soul Network (603258) with a 1.95% increase [1] - Conversely, stocks like Kaiying Network (002517) and Giant Network (002558) saw declines of 2.27% and 1.91%, respectively [2] Capital Flow Analysis - The gaming sector saw a net outflow of 222 million yuan from institutional investors, while retail investors experienced a net outflow of 97.08 million yuan [2] - Notable net inflows from retail investors were observed in stocks like Kunlun Wanwei (300418) and Yaoji Technology (002605) [3] ETF Performance - The Gaming ETF (159869) tracking the China Animation and Gaming Index decreased by 4.62% over the past five days, with a net redemption of 200 million yuan [5] - The Food and Beverage ETF (515170) saw a slight decline of 2.34% and an increase in shares by 4.5 million [5]

Group 1 - Baotong Technology's stock increased by 5.81%, reaching 26.39 CNY per share, with a trading volume of 598 million CNY and a turnover rate of 6.61%, resulting in a total market capitalization of 11.051 billion CNY [1] - Baotong Technology, established on December 27, 2000, and listed on December 25, 2009, is located in Wuxi, Jiangsu Province. The company's main business involves industrial internet services and mobile internet, with revenue composition as follows: mobile game products 43.69%, digital products for intelligent transportation 43.44%, and intelligent transportation system services 12.87% [1] Group 2 - The top circulating shareholder of Baotong Technology includes a fund from GF Fund Management, specifically the GF CSI 1000 ETF (560010), which entered the top ten circulating shareholders in the third quarter, holding 1.4131 million shares, accounting for 0.4% of circulating shares. The estimated floating profit today is approximately 2.0491 million CNY [2] - The GF CSI 1000 ETF (560010) was established on July 28, 2022, with a latest scale of 35.303 billion CNY. Year-to-date return is 8.02%, ranking 1353 out of 5520 in its category; the one-year return is 49.2%, ranking 1592 out of 4203; and since inception, the return is 19.09% [2]

Group 1 - The core viewpoint of the news is that Baotong Technology has shown a positive stock performance with a 4.75% increase since the beginning of the year and a market capitalization of 9.97 billion yuan as of January 9 [1] - As of September 30, 2025, Baotong Technology reported a revenue of 2.457 billion yuan, reflecting a year-on-year growth of 0.37%, while the net profit attributable to shareholders decreased by 12.16% to 209 million yuan [2] - The company has a diverse revenue structure, with mobile game products contributing 43.69%, digital products for intelligent transportation contributing 43.44%, and intelligent transportation system services accounting for 12.87% of total revenue [1] Group 2 - Baotong Technology has a total of 57,000 shareholders as of September 30, 2025, which is a decrease of 8.91% from the previous period, while the average number of circulating shares per shareholder increased by 9.78% to 6,171 shares [2] - The company has distributed a total of 549 million yuan in dividends since its A-share listing, with 66.63 million yuan distributed over the past three years [3] - The top circulating shareholders include Huaxia Zhongzheng Animation Game ETF, which increased its holdings by 1.6352 million shares, and Hong Kong Central Clearing Limited, which increased its holdings by 408,700 shares [3]

Investment Rating - The industry rating is "Outperform the Market," indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [17]. Core Insights - The report highlights significant advancements in AI gaming, particularly with the introduction of playable AI NPCs by Ubisoft, which allows players to interact with AI teammates in a dynamic gaming environment [3]. - The emergence of commercial products based on AI world models, such as Marble by World Labs and Tencent's mixed reality model, showcases the potential for creating immersive 3D worlds using generative AI [4]. - The development of AI game creation tools, like YouTube's Playables Builder, is democratizing game development by enabling users to create games without programming knowledge [4][5]. Summary by Sections AI NPC Development - Ubisoft launched a playable demo of AI NPCs named "Teammates," where players can command AI teammates using natural language, powered by Google's Gemini and Ubisoft's middleware [3]. AI World Models - Companies like Google DeepMind and Tencent are advancing in AI world models, with Tencent's mixed reality model allowing users to create interactive worlds from text or images [4]. AI Game Creation Tools - YouTube is testing an AI game creation tool, Playables Builder, which allows users to create games using simple text and media inputs, currently in testing phases in select markets [4]. - The AI game creation platform SOON by Kaiying Network integrates generative AI to streamline complex game development processes, significantly lowering technical barriers and costs [5]. Investment Recommendations - The report suggests focusing on companies related to gaming, including Tencent, NetEase, Bilibili, Giant Network, and others, as potential investment opportunities [6].

Core Viewpoint - The gaming sector experienced a decline of 0.92% on December 24, with Kaiying Network leading the drop, while the Shanghai Composite Index rose by 0.53% and the Shenzhen Component Index increased by 0.88% [1][2]. Group 1: Market Performance - The gaming sector's main stocks showed mixed performance, with Youzu Network closing at 12.57, up by 6.44%, while Kaiying Network closed at 21.81, down by 4.09% [1][2]. - The total trading volume for the gaming sector was significant, with Youzu Network achieving a transaction amount of 748 million yuan, while Kaiying Network had a transaction amount of 1.818 billion yuan [1][2]. Group 2: Capital Flow - The gaming sector saw a net outflow of 941 million yuan from main funds, while retail investors contributed a net inflow of 674 million yuan [2][3]. - Specific stocks like Giant Network had a main fund net inflow of 53.18 million yuan, while Youzu Network experienced a net outflow of 59.87 million yuan from retail investors [3]. Group 3: ETF Performance - The gaming ETF (product code: 159869) tracking the China Animation and Gaming Index increased by 6.08% over the past five days, with a net inflow of 200 million yuan [5].

Group 1 - On December 19, Baotong Technology's stock increased by 0.80%, with a trading volume of 117 million yuan. The margin trading data showed a financing purchase amount of 13.79 million yuan and a net financing purchase of 3,113 yuan for the day [1] - As of December 19, the total margin trading balance for Baotong Technology was 654 million yuan, with the financing balance at 652 million yuan, accounting for 7.32% of the circulating market value, which is below the 20th percentile level over the past year [1] - The company has a high margin balance with a short selling balance of 1.68 million yuan, which is above the 50th percentile level over the past year [1] Group 2 - As of September 30, Baotong Technology had 57,000 shareholders, a decrease of 8.91% from the previous period, while the average circulating shares per person increased by 9.78% to 6,171 shares [2] - For the period from January to September 2025, Baotong Technology reported a revenue of 2.457 billion yuan, a year-on-year increase of 0.37%, while the net profit attributable to shareholders decreased by 12.16% to 209 million yuan [2] Group 3 - Since its A-share listing, Baotong Technology has distributed a total of 549 million yuan in dividends, with 66.63 million yuan distributed over the past three years [3] - As of September 30, 2025, the top ten circulating shareholders included Huaxia CSI Animation Game ETF as the second-largest shareholder with 9.6336 million shares, an increase of 1.6352 million shares from the previous period [3] - Other notable shareholders include Hong Kong Central Clearing Limited and Southern CSI 1000 ETF, with respective increases and decreases in their holdings [3]