2026 年 2 月 23 日│中国内地 动态点评 汽车 增持 (维持) | 宋亭亭 | 研究员 | | --- | --- | | SAC No. S0570522110001 | songtingting021619@htsc.com | | SFC No. BTK945 | +(86) 21 2897 2228 | | 张硕* | 研究员 | | SAC No. S0570524110001 zhangshuo023124@htsc.com | | | | +(86) 21 2897 2228 | 郭春麟* 联系人 SAC No. S0570124110001 guochunlin@htsc.com +(86) 21 2897 2228 证券研究报告 汽车 国产机器人亮相春晚有望点燃市场热情 ——智驾&机器人双周报 2 华泰研究 行业走势图 (15) (6) 3 12 21 Feb-25 Jun-25 Oct-25 Feb-26 (%) 汽车 沪深300 资料来源：Wind，华泰研究 重点推荐 | | | 目标价 | | | --- | --- | --- | --- | | 股票名称 | 股票代码 | ...

智通财经APP获悉，周一，禾赛(HSAI.US)涨逾3%，报28.72美元。消息面上，宇树科技等多家机器人公 司纷纷亮相2026年马年央视春晚。据悉，宇树两款人形机器人全部搭载了禾赛JT128激光雷达，作为当 前搭载具身智能机器人最畅销的迷你型 360°激光雷达，禾赛 JT 系列激光雷达累计交付量已突破20万 颗，成功应用于多款具身智能机器人产品。 ...

重要新闻提示 2. 禾赛科技：禾赛科技微信公众号发文称，宇树两款人形机器人全部搭载了禾赛JT128激光雷达，几十 台宇树G1机器人与一台H2机器人一同在台上秀出"赛博真功夫"，几十颗禾赛激光雷达与其同台闪耀。 禾赛JT系列激光雷达累计交付量已突破20万颗，成功应用于多款具身智能机器人产品。 2. 新华社消息，中国信息通信研究院日前发布的《人工智能治理研究报告(2025年)》显示，2025年我国 人工智能治理体系建设加速演进、日趋成熟。截至2025年底，累计已有748款生成式AI服务完成备案。 报告显示，2025年，我国人工智能治理呈现出小切口、场景化、精细化特征，逐步构建起一套敏捷治理 体系，为人工智能提供明确、稳定、可预期的发展轨道。 公司新闻 1. 松延动力：松延动力微信公众号发文称，从确定仿生人形机器人要登上春晚开始，经过两个月的时 间，松延动力完成了从全栈自主研发到迭代三版的全流程。其技术核心突破集中在仿生人脸的底层架 构：不仅是在铂金硅胶中添加高分子材料，增强了仿生人脸的拉伸自然度与耐久性，还通过高紧凑型驱 动设计，在一个空间有限的仿生人脸内部放入了32个驱动动作的电机。在松延动力看来，仿生机器人并 ...

Group 1 - The Livermore Chinese concept stock index rose by 0.2% at the beginning of trading on February 17 [1] - Among the constituent stocks, Lufax increased by 10% [1] - Hesai Technologies rose nearly 8% [1] - Melco Resorts & Entertainment gained 4.7% [1] - Pony.ai saw an increase of over 2% [1]

Group 1 - The core viewpoint of the article highlights the performance of popular Chinese concept stocks, with most showing an upward trend in pre-market trading [1] - Hesai Technologies saw an increase of nearly 4% [1] - Kingsoft Cloud experienced a rise of over 3% [1] - Baidu's stock price increased by more than 1% [1] Group 2 - In contrast, AI application stocks faced declines, with SAP SE dropping nearly 3% [1] - Applovin fell by nearly 2% [1] - Both Palantir and Snowflake saw declines of over 1% [1]

Group 1 - The core event featured humanoid robots from Yushu Technology, showcasing their capabilities on the stage of the Spring Festival Gala, equipped with Hesai's JT128 LiDAR technology [1] - The performance included synchronized movements of multiple robots, demonstrating advanced coordination and precision, with the ability to perform complex actions like flips and martial arts [5][7] - The collaboration between Yushu Technology's AI algorithms and Hesai's LiDAR technology effectively addressed motion error accumulation, ensuring seamless execution of the performance [9] Group 2 - Hesai Technology's JT series LiDAR has achieved cumulative deliveries exceeding 200,000 units, becoming a popular choice for humanoid robots and facilitating their transition from laboratories to households [13] - Hesai Technology is recognized as a leader in three-dimensional perception technology, driving advancements in robotics, autonomous driving, and smart industries, while also contributing to the foundational infrastructure of physical AI [17] - The integration of LiDAR technology is becoming a standard safety feature in vehicles and is igniting the next wave of physical AI innovations, with Hesai Technology committed to partnering with firms like Yushu Technology for future developments [17]

禾赛JT系列激光雷达累计交付量突破20万颗。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，宇树科技与河南塔沟武术学校带来的《武术bot》惊艳亮相总台马年春晚，旗下 人形机器人产品演示了翻跟头、舞棍、跑跳空翻、醉拳、舞剑等特技。 值得一提的是， 宇树两款人形机器人全部搭载了禾赛 JT128 激光雷达，几十台宇树 G1 机器人与 一台H2机器人一同，在台上秀出"赛博真功夫"，几十颗禾赛激光雷达与其同台闪耀，科技感十足。 具体而言，几十台人形机器人实时协同、超低同步延迟，背后是宇树科技自研 AI 融合定位算法与禾 赛 JT 激光雷达的强强联手——精准攻克长序列表演中的运动误差累计难题，确保每一帧动作整齐划 一。 几十颗禾赛激光雷达同台闪耀，为机器人提供 360°无死角的精准环境感知能力，让这场高动态、高 协同的集群表演，稳如泰山。 事实上， 作为当前搭载具身智能机器人最畅销的迷你型 360°激光雷达，禾赛 JT 系列激光雷达累计 交付量已突破 20 万颗，成功应用于多款具身智能机器人产品，助力机器人从实验室走向千家万户。 作为三维感知技术的领军者，禾 ...

Economic Indicators - The latest CPI data from the US shows a decrease in the annual rate from 2.7% to 2.4%, the lowest since May 2025, with market expectations at 2.5% [1] - The core CPI annual rate fell from 2.6% to 2.5%, marking the lowest level since March 2021, aligning with market expectations [1] - Following the CPI release, the probability of the Federal Reserve easing policies in June increased from 63% to 69%, with a 50% chance of a third rate cut this year [1] Stock Market Performance - The three major US stock indices showed mixed results, with the Dow Jones up 0.1%, S&P 500 up 0.05%, and Nasdaq down 0.22% [2] - Over the week, the Dow Jones fell by 1.23%, S&P 500 by 1.39%, and Nasdaq by 2.1% [2] Individual Stock Movements - Major tech stocks experienced declines, with Apple and Nvidia down over 2%, while Tesla saw a slight increase of 0.09% [4] - Semiconductor stocks performed well, with the Philadelphia Semiconductor Index rising by 0.66%, driven by significant gains in Applied Materials and ARM [4] - Gold stocks showed strong performance, with several companies like Coeur Mining and Harmony Gold seeing increases of over 6% [4] Commodity Prices - Gold and silver prices surged, with gold closing at $5042.808 per ounce, up over 2.4%, and silver reaching $77.338 per ounce after a rise of over 5% [6] Geopolitical Developments - The US is increasing military presence in the Middle East, with President Trump confirming the deployment of a second aircraft carrier strike group to pressure Iran into negotiations [8] - Trump emphasized the need for a deal with Iran within a month, warning of severe consequences if negotiations fail [9] - Israeli officials expressed skepticism about the potential agreement, stressing the importance of including issues related to Iran's nuclear capabilities and missile programs [9]

Core Insights - Hesai Technology has achieved a market share of over 40% in the domestic passenger car front-mounted laser radar sector, with an annual market share of 41.35% and a monthly peak of 47%, maintaining the top position for four consecutive quarters [2] - The laser radar industry is at a critical development juncture in 2025, with penetration rates in the new energy passenger vehicle sector reaching 21%, and the overall passenger vehicle market penetration expected to break the 16% threshold by year-end, reaching 17%-19% [2] - The company leads in global patents and comprehensive strength in the laser radar field, being the only enterprise in the industry to achieve full-stack self-research on seven core components [2] Company Performance - Hesai Technology has secured production contracts with 38 automotive brands for over 150 models, covering the top ten domestic automakers, and has won contracts for L3-level autonomous driving from several domestic and international car manufacturers [3] - The company anticipates global total deliveries to exceed 1.6 million units in 2025, with 1.4 million units in ADAS and over 200,000 units in robotics, bringing historical cumulative deliveries to over 2.4 million units [3] - The flagship product ATX has achieved over one million units in its first year of delivery, with the upgraded version receiving over four million orders and set to begin mass production in April 2026 [2]

Core Insights - Hesai Technology leads the Chinese automotive lidar market with over 40% market share, according to recent reports from GaoGong and Gaishi [1][9][19] - In 2025, the total installation of main lidar units in China's passenger car market is projected to reach 2.756 million, with Hesai contributing 1.143 million units, significantly outpacing competitors [1][14] - The penetration rate of lidar in new energy vehicles is expected to reach 21% in 2025, marking a critical transition to mainstream adoption [14][16] Market Position - Hesai's market share in the main lidar segment is reported at 41.35%, with a peak monthly share exceeding 47% [1][7] - Hesai's lidar installation volume has doubled for five consecutive years, with a year-on-year increase of nearly 300% in the passenger car market [1][19] - The company has secured over 150 models from 38 automotive brands, covering all top ten car brands in China [21] Product Development - Hesai's flagship product, the ATX lidar, achieved over 1 million units in its first year of delivery, becoming the first in the industry to reach this milestone [19] - The company has a robust patent portfolio, holding 2,071 authorized patents, making it the leader in lidar technology globally [19][20] - Hesai plans to double its annual production capacity from 200,000 units in 2025 to 400,000 units in 2026, with a new factory in Bangkok expected to start production in early 2027 [20] Industry Trends - The automotive industry is transitioning from electrification to intelligent driving, with lidar becoming a critical safety component [9][14] - By 2030, the penetration rate of lidar in new energy vehicles is projected to reach 56%, indicating continued market growth [14] - The adoption of lidar technology is expected to significantly reduce fatal accidents, with a 90% reduction in high-speed fatal accidents and a 30% reduction in regular traffic accidents [9]