头戴红蓝头盔的人形机器人在擂台上拳脚交锋，瞬间引爆全场惊呼狂潮；英伟达创始人兼CEO黄仁勋重 磅登场，发布Vera Rubin AI超级计算机、Alpamayo自动驾驶AI等一系列颠覆式技术成果与旗舰产品； 佩戴AI眼镜的参观者，通过虚拟手势与现实世界进行交互……随着持续四天的2026年国际消费电子展 (CES)在美国拉斯维加斯圆满收官，这场被誉为"全球科技风向标"的行业盛会，不仅勾勒出"未来已 来"的智慧生活图景，更成为中国智造集体出海的竞技场。 来自坤元资产FOF生态圈的5家伙伴企业——宇树科技、云迹科技(02670.HK)、禾赛科技 (NASDAQ:HSAI；HKEX:2525)、黑芝麻智能(02533.HK)、速腾聚创(02498.HK)携前沿技术成果集体亮 相。凭借在尖端技术突破与全场景应用落地的亮眼表现，它们不仅成为中国智造技术成熟度与商业化能 力的硬核佐证，更印证了坤元资产FOF生态赋能硬科技企业创新突破、驰骋全球市场的强大驱动力。 作为科技界公认的"春晚"以及全球最具影响力的科技盛宴之一，CES 2026不仅是厂商们展示肌肉的拳击 台，更是窥探人类未来十年生活方式的望远镜。本届展会共汇聚来自1 ...

on 12-Jan-2026 12 January 2026 Asia Industrial Technology and Asia Emerging Robotics Humanoid Robotics: Who plays where Jay Huang, Ph.D. +852 2123 2631 jay.huang@bernsteinsg.com EXHIBIT 1: Non-Chinese humanoid robot OEMs Dien Wang, Ph.D. +852 2123 2622 dien.wang@bernsteinsg.com Weibin Liang, Ph.D. +852 2123 2666 weibin.liang@bernsteinsg.com We analyze ~150 players globally in the humanoid robotics space to provide a map of industry participants and their business scope (Exhibit 1 to Exhibit 5). We note the ...

点击招商研究小程序查看PDF报告原文 事件： CES是全球最大、影响最为广泛的消费类电子展。今年CES 2026于1月6-9日在美国如期举办，共 吸引全球超4000家厂商参展。本届CES AI创新再一年成为主旋律，新品创新聚焦穿戴/IoT、智能 车、机器人等终端，综合展会信息，我们整理了各领域的核心产品与技术。 评论： 1、穿戴/IoT：AI眼镜、摄像头耳机依旧为穿戴设备关注焦点，各类新型IoT品类融入AI。 1）智能眼镜： 今年热度不减，超50家企业参展且中国大陆企业是主力，外观美化、轻量化、全天 佩戴、多模态交互、多芯方案等是升级方向，同时也有新品聚焦运动、视听障解决等细分领域。 2）耳机： 本届CES可看到耳机产品的创新重点由单一音频性能升级，转向音质+AI+多模态的综合 能力演进，AI能力深度嵌入耳机形态，部分产品展示集成摄像头、环境感知与多麦克风阵列的创新 新品，我们相信伴随上半年苹果AI摄像头耳机推出，其他品牌也有望跟进。 3）新型IoT： 智能影 像设备、3D打印机、NAS等品类关注度提升，越来越多的创业公司开始进入相关赛道，此外AI家 居、AI录音卡、AI显示器等亦看到创意新品推出。 2、汽车 ...

Investment Rating - The industry investment rating is "Overweight" [5][9] Core Insights - The report highlights Midea's acquisition of Carestream Health's global business, which is expected to create synergies with Midea's existing medical business in terms of channels and equipment resources [5][6] - The consumer robotics sector is advancing towards embodied intelligence, with a notable decline in domestic supply chain substitution expected [2][4] - The report emphasizes the performance of major brands in the vacuum cleaner market, noting a significant sales decline for some brands while others, like Roborock, have shown growth [2][3] Summary by Sections White Goods - Midea's acquisition of Carestream Medical's global business is expected to enhance its existing medical operations through effective resource synergy [5][6] Consumer Robotics - December sales data shows a year-on-year decline of 29% for the overall market, with leading brands like Ecovacs and Roborock experiencing varying sales changes [2] - New product launches at CES include Roborock's G-Rover, which is the world's first stair-climbing vacuum robot, and Ecovacs' T90 pro omni, which features upgraded roller lengths and new pre-spray functions [3] Laser Technology in Robotics - Hesai Technology announced that it will lead the market in 3D LiDAR shipments for lawn mowing robots by 2025, showcasing its new models at CES 2026 [4] - The integration of digital all-solid-state LiDAR in new lawn mowing robots was highlighted by Ninebot and other companies [4] Investment Recommendations - The report recommends focusing on white goods, particularly Haier, Midea, and Gree, due to their strong market positions and potential benefits from the current economic environment [7] - It also suggests selecting consumer technology stocks like Ecovacs and others, while keeping an eye on companies like TCL Electronics for overseas growth opportunities [7]

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Core Insights - Allianz is partnering with Anthropic to integrate artificial intelligence (AI) across its global insurance operations, with initial projects already in progress [2][4]. Group 1: Partnership and Implementation - The collaboration aims to incorporate Anthropic's Claude models into Allianz's internal AI platform, enhancing software development and data integration for employees [3]. - Custom AI agents are being developed to automate workflows and streamline processes such as documentation intake and claims processing, allowing employees to manage complex cases more effectively [4]. Group 2: Focus on Compliance and Safety - Allianz and Anthropic are co-developing AI systems that ensure traceability and compliance by logging decisions, rationales, and data sources related to AI-driven actions [4][5]. - The partnership addresses critical challenges in the insurance sector, emphasizing safety and transparency in AI applications [5]. Group 3: Market Context and Growth - Anthropic reported significant growth, with over 300,000 business accounts and a run-rate revenue increase from approximately $1 billion in early 2025 to over $5 billion by August [6]. - The insurance industry is increasingly adopting generative AI models to combat sophisticated fraud techniques, highlighting the urgency and importance of AI integration [7].

Core Insights - The article highlights the significant advancements in AI technology showcased at CES 2026, emphasizing the transition of AI capabilities from screens into the physical world [7]. Group 1: Event Overview - CES 2026 took place in Las Vegas from January 6-9, featuring over 4,500 exhibitors, with approximately 1,000 being Chinese companies [6]. - The event showcased a diverse range of AI hardware, indicating a growing trend of AI integration into everyday life [7]. Group 2: Notable Exhibits - Sharpa introduced the humanoid robot Sharpa North, capable of performing complex tasks such as playing table tennis and folding origami, utilizing its advanced dexterous hand technology [10][11]. - Boston Dynamics' Atlas robot made its public debut, demonstrating its ability to lift up to 50 kg and perform tasks in a modern automotive factory setting [16][17]. - Vbot, a language-understanding robotic dog, showcased its ability to navigate and assist owners in various tasks, including shopping [20][21]. - The X60 series of robotic vacuum cleaners by追觅 was launched, featuring a stair-climbing robot and a multi-jointed robotic arm for enhanced cleaning capabilities [26][27]. - HeSai presented a "mini robot community" at CES, featuring robots equipped with advanced 3D LiDAR technology for autonomous navigation and obstacle avoidance [31][32]. Group 3: Innovative AI Products - Onero H1, a household robot, can perform various tasks such as meal preparation and organizing, while coordinating with other smart devices [35][36]. - LG's CLOiD robot can interact with users and perform household chores, marking a significant upgrade from previous models [39][40]. - Samsung's Ballie robot, despite previous delays, continues to be a focal point for smart home integration [43][44]. - Fraimic, an AI "artist," can generate artwork based on user input and environmental factors, showcasing the creative potential of AI [50]. - BreakReal introduced an AI cocktail machine that creates personalized drink recipes based on user preferences [53]. Group 4: Emerging Trends - The article notes the increasing presence of AI in pet care, with products like Satellai's AI collar that tracks pet health and behavior [63]. - The introduction of AI-driven educational tools, such as Mooni Pro, aims to enhance children's learning experiences through interactive engagement [66]. - Mui's wall-mounted device combines sleep monitoring with smart home control, reflecting a trend towards integrated health and home management solutions [89][90].

昨日收涨1.96%的禾赛(HSAI.US)今日美股盘前续涨1.56%，报28.04美元。消息面上，中金发报告指，禾 赛本月在CES 2026上展示最新激光雷达技术成果，并更新交付量、产能规划、战略合作等经营情况。 量产交付能力领先行业；国内外产能稳步推进。L3车型获工信部准入许可，激光雷达单车数量有望提 升。Robotaxi、机器人等下一代物理AI浪潮袭来，激光雷达成关键引擎。该行维持对禾赛2025年营收预 测不变，上调2026年营收预测6.4%。考虑到智驾及机器人板块估值中枢上移，上调美股目标价至31.56 美元。(格隆汇) | HSAI 天赛 | | | --- | --- | | 27.610 + +0.530 +1.96% | 收盘价 01/08 16:00 美东 | | 28.040 + 0.430 +1.56% | 盘前价 01/09 04:07 美东 | | 一 71 24 4 5 8 8 8 目 0 自选 | ● 快捷交易 | | 最高价 28.040 | 开盘价 26.920 成交量 311.46万 | | 最低价 26.430 | 昨收价 27.080 成交额 8551.7万 | | 平均 ...

1 月 9 日，在 CES2026 现场彭博社采访中，禾赛科技联合创始人及 CEO 李一帆就公司与英伟达的深度合作、全球化布局及行业竞争格局发表了核心见解。 李一帆将此次与英伟达在 Hyperion 10 平台上的合作，生动地比喻为"一场酝酿已久的正式官宣"，强调这为 OEM 客户提供了一个经过验证、完整且低风险 的自动驾驶解决方案，显著降低了他们的集成难度与开发风险。 面对海外市场机遇与地缘政治挑战，李一帆阐述了禾赛的"双供应链"战略：即在中国服务本土市场，同时通过建设中的泰国工厂（预计 2027 年投产）来辐 射和满足全球 OEM 的需求，并确保产品在硬件、数据和软件层面符合各地监管要求。 谈及竞争，他认为最大的挑战并非来自同行，而是"如何说服不使用激光雷达的人"。他分享了两个关键论据：一是安全数据，已有客户证明激光雷达在极端 场景下可预防大量事故（降低 90%）；二是成本革命，禾赛已将激光雷达单价从数万美元级拉低至 200 美元以下，使其得以从高端汽车渗透至国民级汽 车、机器人、无人配送车乃至消费级产品（如约 800 欧元的自动割草机）等更广阔市场。 李一帆表示，禾赛的核心战略是凭借在极致竞争的中国汽车 ...

Group 1: Core Themes of CES 2026 - The main theme of CES 2026 is "human-centered" AI applications, marking a shift from traditional consumer electronics to AI-centric technological transformations [1] - Chinese companies are increasingly taking center stage at CES, with 942 exhibitors, accounting for approximately 22% of the total, maintaining their position as the second-largest exhibiting nation [1] - In specific sectors, Chinese firms dominate, with 55% of humanoid robot exhibitors and nearly 70% of AI glasses brands coming from China [1] Group 2: Robotics and AI Innovations - Chinese manufacturers are expected to continue leading in cost reduction and efficiency improvements in humanoid robots, showcasing their capabilities in unstructured environments [2] - Notable products include the Unitree H1 humanoid robot with advanced sensing capabilities and the latest generation of the "绝影" series robotic dogs, which excel in indoor navigation [4][11] - The "Care-bot" humanoid robot by Fourier demonstrates embodied intelligence in real-life interaction scenarios [7] Group 3: Consumer Electronics and Smart Devices - Over 80% of global smart glasses supply chain manufacturers are from China, with 16 Chinese companies showcasing their products at CES [15] - Innovations in smart home devices include the AI-driven "安安" companion robot designed for elderly and cognitively impaired individuals [16] - Companies like Alibaba and XREAL are launching advanced AI glasses, with features such as ultra-lightweight designs and integration with various AI services [19][20] Group 4: Automotive and AI Integration - The automotive industry is transitioning from "software-defined" to "AI-defined" vehicles, with companies like Geely and Great Wall showcasing new technologies [28] - Geely's G-ASD smart driving solution and Great Wall's focus on new energy technologies highlight the industry's shift towards AI integration [30][32] - New products like the AI-driven logistics solutions from New Stone and advanced lidar technology from Hesai demonstrate the growing importance of AI in transportation [34][35] Group 5: Home Appliances and AI - Hisense introduced new RGB-Mini LED display technology and AI-controlled smart refrigerators, showcasing the integration of AI in home appliances [41] - TCL's innovations in display technology, including the world's first printed OLED car screen, reflect advancements in consumer electronics [43][44] - Companies are increasingly focusing on AI capabilities in home security and smart home management systems [51][49] Group 6: Overall Impact of AI - CES 2026 emphasizes the profound impact of AI on the consumer electronics industry, with expectations for AI user numbers to grow significantly [59] - The event serves as a platform for global tech companies to set the foundation for future technological development and transformation [59] - The integration of AI into various sectors, including robotics, automotive, and consumer electronics, indicates a trend towards deeper AI adoption in everyday life [59]