人形机器人板块点评：春晚机器人本体相关合作公司梳理第1弹——宇树科技

Investment Rating - The industry investment rating is "Positive" (maintained) [5] Core Insights - Yushu Technology has become a partner for the 2026 Spring Festival Gala, marking its third collaboration with the event [1] - The report highlights various companies collaborating with Yushu Technology, including Meihu Co., Changsheng Bearings, and Zhongdali De, which are supplying critical components for humanoid robots [2][3] - The report emphasizes the strategic partnerships and ongoing developments in the humanoid robot sector, showcasing a robust supply chain and innovation in technology [2][3][6] Summary by Sections Company Collaborations - Meihu Co. has successfully delivered mass-produced components as of November 17, 2025 [2] - Changsheng Bearings signed a cooperation agreement with Yushu Technology and has begun small-scale production of self-lubricating bearings [2] - Zhongdali De is providing core components like reducers, while Wolong Electric Drive has been a strategic partner since 2024 [2][3] - Other notable collaborations include Best, which supplies precision screw assemblies, and Aobi Zhongguang, which provides visual solutions and laser radar [3][4] Technological Developments - Companies like Jiangsu Leili and Allwinner Technology are contributing to the development of key components such as brushless motors and intelligent processing chips for Yushu's robots [6][7] - The report mentions the establishment of a joint laboratory for lightweight materials with Zhejiang Rongtai, aiming for mass production of carbon fiber composite joints by 2025 [7] Market Position - The report indicates a strong market position for Yushu Technology within the humanoid robot industry, supported by a network of suppliers and ongoing technological advancements [2][3][6]