来源：新浪基金∞工作室 2月3日，截止午间收盘，创业50ETF（159682）跌0.07%，报1.499元，成交额2.23亿元。创业50ETF （159682）重仓股方面，宁德时代截止午盘跌1.04%，中际旭创跌1.06%，新易盛跌4.13%，东方财富涨 0.27%，阳光电源跌0.17%，胜宏科技跌1.85%，汇川技术跌0.24%，迈瑞医疗涨0.49%，天孚通信涨 9.14%，亿纬锂能跌0.54%。 创业50ETF（159682）业绩比较基准为创业板50指数收益率，管理人为景顺长城基金管理有限公司，基 金经理为汪洋、张晓南，成立（2022-12-23）以来回报为49.56%，近一个月回报为1.23%。 声明：市场有风险，投资需谨慎。本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本文 出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 ...

数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 上市企业：机器人（300024）,埃斯顿（002747）,新时达（002527）,拓斯达（300607）,汇川技术 （300124）,华中数控（300161）,佳士科技（300193）,亚威股份（002559）,拓山重工（001226）,昊志 机电（300503） 2020-2025年中国工业机器人产量统计图 相关报告：智研咨询发布的《2026-2032年中国工业机器人行业竞争策略研究及未来前景展望报告》 根据国家统计局数据显示：2025年12月中国工业机器人产量为9万套，同比增长14.7%；2025年1-12月中 国工业机器人累计产量为77.3万套，累计增长28%。 ...

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 ...

近日，工业自动化龙头汇川技术发布公告，宣布拟赴香港上市，计划"A+H"双平台上市。 公告中，汇川技术将此举明确指向"深入推进国际化战略"，旨在提升全球品牌与综合竞争力。这一资本动作，也与其在2025年第三季度财报中"重点推进 海外能源业务突破"的表述高度吻合，这或也揭示了汇川储能业务的核心战略方向：在布局储能PCS这一核心供应链环节、拓展工商业储能的同时，加速 全球化储能乃至数字能源布局力度。 据了解，汇川技术在储能领域的布局相比其他头部企业稍晚，于2021年才重注进军储能业务，并布局发电侧与电网侧PCS、工商业储能及户用储能等。 根据相关报道显示，汇川技术董事长朱兴明为汇川储能设定"三步走"目标：2025-2026年：聚焦高附加值场景（电网调频、工商业微网），市占率突破 5%；2027-2028年，构建"储能+数字能源"生态，成为全球TOP3；2030年后：主导下一代储能技术标准（如氢-电混合储能），定义行业范式。 公告中，汇川技术将此举明确指向"深入推进国际化战略"，旨在提升全球品牌与综合竞争力。这一资本动作，也与其在2025年第三季度财报中"重点推进 海外能源业务突破"的表述高度吻合，这或也揭示了汇川储 ...

Core Insights - The core message emphasizes the need for companies to upgrade their operational mindset and focus on "scenes" rather than just products, as the future will be defined by ecological competition rather than product competition [1][4]. Group 1: Scene Thinking - Companies must enter, reconstruct, and create scenes to avoid being eliminated in the market [3]. - The concept of "scene" is crucial, as it requires product managers to deeply understand and engage with the context in which their products operate [4][6]. - The evolution of company focus from merely looking at customers to understanding the broader industry and geopolitical context is essential for identifying opportunities [8][9]. Group 2: Spatial Thinking - Spatial thinking involves recognizing the interconnectedness of suppliers, customers, and the broader industry landscape, moving beyond a narrow focus on immediate clients [6][8]. - Companies must be aware of larger spatial dynamics to accurately assess trends and make informed decisions [9]. Group 3: Temporal Thinking - Understanding economic cycles is vital, as companies must align their strategies with global macroeconomic trends, which follow a cycle of recovery, prosperity, decline, and recession [10][11]. - The current economic cycle is influenced by technology, capital, demographics, and emotions, with AI being a significant factor [11][12]. Group 4: Frequency Thinking - Frequency thinking emphasizes the importance of resonance and shared values among partners and employees, which is crucial for building a successful ecosystem [15][17]. - Companies should focus on aligning their core values and strategies with those of their partners to achieve mutual success [17]. Group 5: Precision Management - The concept of "precision" in management is highlighted, where the focus should be on managing value rather than just numerical targets [20][21]. - Companies face several paradoxes in management, such as the low-price paradox and the innovation paradox, which need to be navigated to achieve success [22][23]. Group 6: Value Creation - Value creation, assessment, and distribution are essential components of effective management, requiring a focus on the smallest units of value [25][29]. - The introduction of "meta" concepts, such as meta-organizations and meta-modules, can enhance organizational efficiency and clarity [25][26]. Group 7: Employee Engagement - The concept of "willingness" is crucial for motivating employees to embrace change and contribute to the company's vision [36][39]. - Companies must foster an environment where employees feel empowered and aligned with the company's mission to enhance their engagement and productivity [44][46]. Group 8: Future Challenges - Companies must navigate three major challenges: the AI technology revolution, the energy revolution, and the geopolitical dynamics between the US and China [48]. - Embracing AI and adapting to energy changes are critical for future competitiveness, while also preparing for potential disruptions in supply chains due to geopolitical tensions [48].

Group 1: Macro Insights - The report highlights that the recent volatility in gold and silver prices is primarily driven by market momentum reversals, with silver attracting high leverage and speculative funds since November 2025 [2][5] - The report anticipates that after the appointment of the new Federal Reserve Chairman, there will be more interest rate cuts than the market expects, with short-term U.S. Treasury yields likely to decline [2][4] - The report notes that the recent decline in the manufacturing PMI does not indicate a weakening economy, as it reflects a temporary fluctuation rather than a downward trend [10] Group 2: Commodity Market Analysis - The report indicates that the recent crash in silver prices has led to liquidity risks that may spread to other commodities, particularly in the non-ferrous metals sector [5][6] - It emphasizes the importance of monitoring the support levels for gold prices, particularly the 60-day moving average, which is currently at $4,400 per ounce [5] - The report suggests that the Shanghai Futures Exchange has implemented measures to manage the risk of a one-sided market in silver futures [5] Group 3: Equity Market Outlook - The report predicts a rebound in the A-share market following the Spring Festival, driven by positive sentiment from performance forecasts and new developments in sectors like AI applications and commercial aerospace [6][10] - It advises a balanced ETF allocation in domestic equities, reflecting a cautious yet optimistic outlook for the market [11] Group 4: Bond Market Perspective - The report notes that the bond market is expected to see increased buying activity due to risk aversion and expectations of monetary easing, with 10-year yields projected to decline to around 1.80% [7][10] - It highlights that the recent adjustments in risk appetite have created trading opportunities in government bonds as a hedge against stock market volatility [4][7]

掌舵一家超2000亿市值上市公司，朱兴明一举一动向来是市场关注的重点。 1月29日，汇川技术董事长朱兴明在苏州又一次发表了他的年度演讲。在长达3个多小时演讲的过程中，他围绕着"场景、精度和 愿力"面向未来的三大核心命题。 从他角度看，场景强调从物理空间升维至战略创新载体，通过空间、时间、频域三维思维重构或创造产业新生态；精度主张回 归价值本源，以最小价值单元实现可度量、可追踪的精准管理，推动业务逻辑主导组织运行；愿力则聚焦人的内在驱动力，通 过尊重独立人格、激发精神共鸣，使个体与组织使命同频共振。 过去一年，汇川交出亮眼成绩单：成功分拆联合动力上市，前三季度，汇川技术营收达316.63亿元，同比增长24.67%，是历史 同期首超300亿元；实现归母净利润42.54亿元，几乎达到2024年全年水平，同比增长26.84%，再创新高。 面对成绩，朱兴明仍居安思危，他回忆道，两年前，如果汇川的发展始终高度依赖外部环境，长期处于"看天吃饭"的状态，那 么公司的未来将难有希望。当时，"我们只能赚认知范围内的钱"这句话对他产生了极大的冲击。"为什么我们现在增长减缓了？ 很可能正是因为我们的认知边界已经触及天花板。" 未来商 ...

这不是一场关于汇川"做什么"的演讲，而是一场关于企业"如何持续进化"的底层思考，还是一场少见的、几乎带有"自我揭露"意味的演讲。 在演讲中，朱 兴明反复提到过去两年他最强烈的感受——迷惘、沮丧。 疫情结束后，市场并没有如预期反弹。新能源汽车业务在"火"中狂奔，传统业务却在"冰"中徘徊。他形容那段时间自己每天晚上十点半看手机时的状态 是："上半身是热的，下半身是凉的。" 1月29日，汇川技术董事长朱兴明，在苏州完成了一场持续3小时的2026年度演讲。 汇川并不算差，但也远谈不上最好。 在新能源、AI掀起资本与产业双重浪潮的背景下，一批企业抓住"火"，业绩与市值快速抬升；而汇川，正卡在一个 不上不下的区间。这让朱兴明开始反思一个更根本的问题： 如果一家企业的增长，越来越依赖外部周期、政策和运气，那它到底还能走多远？ 他的结论是：问题不在战略，不在产品，而在"人"——在认知，在操作系统，在整个组织的底层逻辑。 于是，在过去两年里，朱兴明悄悄做了一件人脑 工程（两本书+4个活动+4个概念）： 试图为整个公司，升级"人脑操作系统"。 整个演讲中，他提出了五大判断： 1.企业增长停滞，往往不是战略失误，而是"认知天花板" ...

Investment Rating - The investment rating for the mechanical equipment industry is "Standard" [1] Core Insights - The mechanical equipment industry has shown a dual-week performance of 0.00%, underperforming the CSI 300 index by 0.05 percentage points, ranking 16th among 31 industries [2] - The general equipment sector has the highest growth rate of 0.74% among the five sub-sectors, while the rail transit equipment II sector has the lowest decline of 1.15% [18] - The PE TTM for the mechanical equipment sector is 35.21 times, with the general equipment sector at 51.24 times, and the rail transit equipment II sector at 17.43 times [3] Market Review - As of January 29, 2026, the mechanical equipment sector has increased by 6.09% year-to-date, outperforming the CSI 300 index by 3.41 percentage points, ranking 15th among 31 industries [13] - The top three stocks in terms of dual-week growth are Tianzhong Precision Machinery, Deen Precision Engineering, and Fenglong Co., with growth rates of 73.80%, 66.72%, and 61.08% respectively [20] - The top three stocks in terms of year-to-date growth are Fenglong Co., Yujing Co., and Tianzhong Precision Machinery, with growth rates of 213.97%, 92.78%, and 80.82% respectively [20] Valuation Situation - The valuation for the mechanical equipment sector is 35.21 times, which is 18.76% higher than the one-year average of 29.65 times [25] - The general equipment sector's valuation is 51.24 times, which is 31.94% higher than its one-year average [25] - The rail transit equipment II sector's valuation is 17.43 times, which is slightly lower than its one-year average [25] Industry News - Tesla announced significant updates for the Optimus Gen3 robot, which is expected to launch in Q1 2026, potentially sparking a new technological revolution [4] - The domestic demand for construction machinery is expected to increase post-Spring Festival due to replacement and electrification upgrades [4] - The Beijing humanoid robot innovation center has officially launched, providing comprehensive testing services for humanoid robots [53] Company Announcements - Companies such as Huichuan Technology and Green's Harmonic are recommended for attention due to their strong market positions and growth potential [57][59] - Sany Heavy Industry and Hengli Hydraulic are highlighted for their expected performance improvements driven by infrastructure demand [57][59]

Accessible version Greater China Industrials China humanoid robot & EV supply chain tour takeaways Auto/EV OEMs & supply chain: eyes on demand/costs The weak auto/EV sales trend is extendng into January, given EV purchase tax subsidy has been cut and trade-in subsidy has not been fully in place yet. In light of this, Chery plans new model launches after Lunar New Year in February. Impacts from recent BOM costs hike is another key question: Chery estimates c. RMB4.5-5k BOM costs increase for EV models, facto ...