港股市场机器人概念股集体走强，其中，越疆涨超18%，速腾聚创涨超11%，首程控股涨9%，优必选涨 近9%，云迹、 三花智控、极智嘉-W涨超6%，微创机器人-B、力劲科技涨超5%。 消息面上，马年春晚 再次将 人形机器人推向舞台中央。多家中国新兴人形机器人初创企业——宇树科技、银河通用、松延 动力和魔法原子在春晚上展示了各自的产品。 春晚期间，抖音电商同步推出"春晚同款"供给，带动相 关话题持续发酵、同款商品稳步热销。抖音电商数据显示，2月16日-18日，抖音电商机器人产品GMV 同比增长1680%，订单量同比增长655%。（格隆汇） ...

Group 1 - The core viewpoint of the article highlights the significant rise in the stock price of Shoucheng Holdings (00697), which increased by over 10% to HKD 2.31, with a trading volume of HKD 198 million [1] - The 2026 Spring Festival Gala showcased a robot performance that stood out as a technological highlight, demonstrating advanced capabilities and applications in the robotics sector [1] - Shoucheng Holdings has strategically invested in and partnered with leading companies in the robotics industry, including Songyan Power, Yushu Technology, and Galaxy General, showcasing the technological achievements and implementation capabilities of China's robotics industry [1] Group 2 - The company has systematically laid out investments in several top-tier firms within the industry, such as Yushu Technology, Yundongchu, Galaxy General, and others, indicating a strong positioning in the robotics market [1] - According to a previous report by Southwest Securities, the company is expected to benefit from its first-mover advantage in robotics operations and investments [1]

春晚期间，抖音电商同步推出"春晚同款"供给，带动相关话题持续发酵、同款商品稳步热销。抖音电商 数据显示，2月16日-18日，抖音电商机器人产品GMV同比增长1680%，订单量同比增长655%。 责任编辑：郝欣煜 消息面上，今年马年央视春晚，被不少观众称为"科技春晚"。在四个多小时的直播里，机器人几乎从头 登场到尾场。多家中国新兴人形机器人初创企业——宇树科技、银河通用、松延动力和魔法原子在春晚 上展示了各自的产品。 春晚期间，抖音电商同步推出"春晚同款"供给，带动相关话题持续发酵、同款商品稳步热销。抖音电商 数据显示，2月16日-18日，抖音电商机器人产品GMV同比增长1680%，订单量同比增长655%。 责任编辑：郝欣煜 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 2月20日消息，港股机器人概念股集体走强，其中，越疆涨超19%，速腾聚创涨超10%，首程控股涨超 9%，优必选涨超8%，云迹、三花智控涨超6%，微创机器人、力劲科技涨超5%。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 2月20日消息，港股机器人概念股集体走强，其中，越疆涨超19%，速腾聚创涨超10%， ...

Group 1 - The core viewpoint of the articles highlights a significant surge in robot-related stocks, driven by the popularity of robot performances during the Spring Festival Gala, leading to increased sales and interest in the sector [1][2] - Notable stock performances include Yujiang (02432) up 6.52% to 42.5 HKD, Hesai-W (02525) up 6.05% to 214 HKD, and SUTENG (02498) up 5.76% to 36.38 HKD, among others [1] - JD reported a substantial increase in robot-related metrics during the Spring Festival Gala, with search volume up over 300%, customer inquiries up 460%, and order volume up 150% within two hours of the event [1] Group 2 - Dongwu Securities emphasizes that the advancements in core robotic capabilities are crucial for the industry's transition from experimental phases to mass production, marking a significant development from 2021 to 2025 [2] - The report anticipates that by 2026, major companies like Tesla and leading domestic firms will commence large-scale production, representing a new phase in the industry [2] - Investment focus is expected to narrow down to companies with genuine mass production capabilities and integration into the supply chain [2]

Group 1 - The core viewpoint of the article highlights that Shoucheng Holdings (0697.HK) has emerged as the biggest "behind-the-scenes winner" in the robotics sector showcased during the 2026 Spring Festival Gala, with several of its portfolio companies participating [1] - Shoucheng Holdings has invested over 2 billion RMB in the robotics industry, completing more than 40 transactions and covering approximately 20 leading companies, including Yushu Technology and Galaxy General [1] - The company has extended its investment strategy to upstream core materials by establishing Shoucheng Robotics Advanced Materials Company, focusing on critical areas such as electronic skin and PEEK lightweight materials [1] Group 2 - Shoucheng Holdings is not merely a financial investor but has developed a unique strategy of "capital + scenarios + ecosystem," providing real testing environments for its portfolio companies through its own resources [2] - The company has opened "Tao Zhu New Creation Bureau" robotics experience stores, facilitating the connection from technology demonstration to the consumer end, thus enhancing its position in the commercialization wave of robotics [2] - With companies like Yushu Technology expected to initiate IPOs in 2026, the investment value of Shoucheng Holdings is anticipated to reach a concentrated realization period [2]

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - The humanoid robots showcased at the Spring Festival Gala have demonstrated significant advancements in hardware capabilities, including rigidity and stability, which are crucial for performing complex movements [2][3] - The evolution of humanoid robots is marked by improvements in lightweight materials, high-performance joints, and advanced control systems that enhance their agility and precision [2][3][9] - The integration of reinforcement learning and virtual simulation has enabled robots to perform complex tasks and adapt their movements in real-time, showcasing their potential for industrial applications [4][10] Summary by Sections Industry Overview - Humanoid robots have gained public attention through performances at the Spring Festival Gala, with companies like Yushu Technology and Magic Atom showcasing their capabilities [1][2] Technological Advancements - Key advancements include: - Lightweight materials such as carbon fiber and magnesium-aluminum alloys have reduced robot weight significantly, exemplified by Yushu Technology's reduction from 47KG to 35KG [2] - High-performance joints utilizing planetary gear reducers and advanced motors have improved torque density and overall performance [2][3] - Precision control systems that utilize visual sensors and inertial measurement units allow for real-time adjustments during complex movements [3] Future Outlook - The report anticipates a significant shift in the robotics industry as leading companies like Tesla and domestic firms prepare for large-scale production, marking a transition from experimental to practical applications [10] - Investment opportunities are highlighted in companies with proven mass production capabilities, including those in the core supply chain for robotics [10]

（来源：千龙网） 央视春晚舞台上，人形机器人"演出军团"正不断扩容。今年，共有来自4家企业的人形机器人"演员"登 上舞台，从语言交互、动作展现、干活能力等多维度展现创新风采。这其中，"会干活"的机器人和"长 得像"的仿生机器人分别来自银河通用、松延动力两家北京创新企业。以它们为代表，北京人形机器人 产业正跑在全国前列。 此次登上春晚舞台的人形机器人企业共有4家，除了两家北京企业，还包括宇树科技和魔法原子。4家企 业呈现的节目亮点各有不同，在北京市经济和信息化局相关负责人看来，两家京企均代表了北京在人形 机器人某些细分领域的领先实力。其中，银河通用在春晚节目中展现的货架存取、盘核桃、叠衣物等精 细操作，源于该公司构建的百亿级具身智能数据集和端到端大模型"银河星脑AstraBrain"，让机器人真 正实现"自主干活"，在实际场景中表现出优异的泛化能力、自主决策力和抗干扰性能。另一家企业松延 动力的人形机器人具备很强的运动控制能力，仿生人脸更是达到国内拟人程度最高、表情最丰富的水 平。 2025年，人形机器人迎来又一轮发展热潮，北京人形机器人产业目前在全国，乃至全球处于什么位置？ 市经信局介绍，本市在通用本体、具身 ...

2026年的春晚舞台，堪称中国机器人产业的一次"全景式展示"。一众机器人企业携前沿产品登台，从多 种场景维度演绎了硬核科技与传统年味的深度交融。 如果说过去一年行业更多比拼的是机器人的运动控制能力，看谁能走得稳、谁能跳得齐，今年业界更关 心的则是"机器人到底能干什么活"。纵观2026马年春晚机器人"团体秀"，既有央视春晚舞台上高观赏性 的编队舞蹈、特技动作表演，也有北京卫视春晚上聚焦家庭、生活等真实场景的实操演绎，将硬核科技 与烟火日常深度联结，展现了让机器人如何走向"日常能用好用"。 作为面向具身智能时代的系统级基础设施平台公司，睿尔曼与多家登上春晚的机器人公司在技术协同与 产品共创上进行深度合作的同时，还化身"新春大厨"深度参与北京卫视春晚，将科技感与"年味"完美结 合，用"包饺子和馅"等生活化的实操动作，让观众看到了机器人走进家庭，承担日常劳作的现实潜力。 动手实操能力成机器人节目新看点 央视春晚主会场，松延动力双足人形机器人在小品《奶奶的最爱》中接连完成侧手翻、空翻等动作，平 稳落地；宇树机器人与少年武者同台演武，在武术节目《武BOT》中，完成六合拳对练、棍术配合、双 截棍展示等多个高难度环节；魔法原 ...

Core Viewpoint - The article emphasizes that the 2026 Spring Festival Gala marked a significant turning point for robotics in China, showcasing robots that can perform real-world tasks rather than just demonstrating technical capabilities [10][24]. Group 1: Performance and Capabilities - Magic Atom's robots demonstrated their ability to perform complex tasks such as noodle lifting, water control, and serving drinks, marking the first time humanoid robots executed real-world service tasks on a major stage [4][9]. - The performance included a combination of main stage displays, coordinated group control, and real-world service demonstrations, highlighting the versatility and practical application of robotics [12][24]. - The robots' actions, such as the Z1's 360° rotation and side flips, showcased advanced dynamic control and hardware optimization achieved through months of iterative development [14][19]. Group 2: Technological Innovation - Magic Atom's solution involves modeling human operation data to achieve precise control and stability in real-world environments, demonstrating a robust understanding of both cognitive and control layers in robotics [6][8]. - The robots' ability to adapt to real-world scenarios, such as navigating crowded environments and understanding social cues, reflects a significant advancement in human-robot interaction [8][22]. - The integration of a complete technology stack, from hardware design to algorithm development, allows for rapid problem identification and optimization during performances, enhancing commercial viability [21][22]. Group 3: Market and Policy Implications - The selection of Magic Atom for the Spring Festival Gala indicates a shift in industry expectations from mere performance to practical utility, aligning with national strategies that prioritize productive technology [10][12]. - The article suggests that the era of showcasing robots merely for their ability to perform tricks is over, as the focus now shifts to robots that can solve real problems and create value [24]. - Magic Atom's approach of full-stack self-research and global market expansion positions it favorably in a competitive landscape that increasingly values practical applications over theoretical capabilities [24].

这个春节，机器人几乎无处不在。 人表演武术。截图自2026年春晚视频 与此同时，机器人的身影已活跃在我们身边：北京一家新开业的智能餐厅里，机器人往来穿梭，有的忙 着送餐，有的忙着送祝福；上海一家便利店前，机器人用欢快流畅的街舞表演为开业聚拢人气；浙江金 华市科技馆的新春主题活动上，机器人登台演绎传统婺剧；武侯祠成都大庙会上，机器人化身"赛博喜 神"精彩展演；广州白云迎春花市上，机器人穿着大花袄，踩着鼓点扭起秧歌。大年初一登上北京春晚 的机器人摇滚乐队"灵宝乐队"，在舞台上实现多机协同、真实演奏，正月也将参加线下演出。 事实上，这些在舞台上攻克的技术难题，与真实场景中面临的挑战高度相通，具备明确的应用迁移路 径。 支撑机器人武术表演的集群自动控制系统，解决了数十台机器人在复杂队形下的实时调度与动作同步问 题。这一技术可迁移至工业场景中的多机器人协同巡检、仓储分拣、装配流水线等任务，实现规模化作 业的高效统筹。 今年春晚，银河通用展示了机器人从盘核桃、捡玻璃碎片、货架取物，到叠衣服、串烤肠等诸多应用能 力。而在全国近40家智慧零售药店中，这类机器人已实现24小时无人化盘点、拣选与配送交接，持续稳 定运行超过一年。 ...