今天是年后的第三个交易日了，节前追高机器人板块的朋友们大家还好吗？ 回想除夕夜那会儿，四款机器人轮番登上春晚，耍武术的、陪奶奶唠嗑的，灵活度直接拉满，不光央 视，各地卫视的舞台上，机器人串场、表演也成了标配，甚至有人开玩笑说以后春晚干脆改机器人专场 得了。当时不管是摸爬滚打多年的老股民，还是刚开户的新手，大家心里都揣着同一个算盘：14亿人都 看见机器人这实力了，这波风口稳了，节后指定起飞。 年后开盘，大家盼星星盼月亮的大涨，连影子都没见着。机器人指数高开低走，不仅没能延续节前的势 头，反而是迎面一盆冷水。更让人无奈的是核心零部件个股的表现，五洲新春比起节前跌了近10%。绿 的谐波、鸣志电器这些核心零部件也平均跌了2%。 到今天收盘，板块还是跌也跌不动，涨也涨不起，春晚舞台上扭得有多欢，盘面上趴得就有多平。 虽说单看跌幅没多少，但比起大家心里"春晚刷屏后必有一波"的预期还是差远了。股民直接给它起了个 外号植物人，更是扎心吐槽，合着这么大阵仗办台机器人春晚，就是为了套我们散户？ 很多人一头雾水，为啥热闹过后，板块就熄火了？其实就是那句老话：买预期，卖事实。春晚就是最大 的兑现点。节前资金已经把机器人上春晚这个预期 ...

公 司 研 究 步入成长新阶段，高端装备与机器人共驱 五洲新春(603667) 五洲新春跟踪报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 徐强(分析师) | 010-83939805 | xuqiang@gtht.com | S0880517040002 | | 马菁菁(分析师) | 021-23185627 | majingjing@gtht.com | S0880525040118 | 本报告导读： 公司 2025 前三季度业绩呈现稳健增长，毛利率提升明显。通过前瞻布局机器人丝杠 与汽车智驾核心部件，打开新的长期成长空间。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 3,106 | 3,265 | 3,735 | 4,315 | 5,011 | | (+/-)% | -2.9% | 5.1% | 14.4% | ...

| 地点 上海及线上 | | | --- | --- | | 上市公司接 | 公司董事会秘书祁兵先生 | | 待人员 | | | | 一、公司董事会秘书祁兵先生对公司发展历程及当前经营情况作 | | | 了简单介绍。 | | | 二、投资者与公司主要交流内容 | | | 1、公司备受外界关注的数控螺纹磨设备的进展情况？ | | | 答：数控螺纹磨床主要用于加工新能源汽车、人形机器人、工业 | | | 母机、工量具、工业自动化等行业的高精度丝杆和螺母，效率高 | | | 且精度符合客户要求，获得了客户的认可。因此，公司已具备了 | | | 用于丝杆、螺母加工的高精数控螺纹磨削设备的生产能力。目前， | | 投资者关系 | 市场开拓如期推进并取得一定的进展，已与部分客户如贝斯特、 | | 活动主要内 | 五洲新春、三联锻造等签署合同或达成战略合作，同时与一些意 | | 容介绍 | 向客户正在进行技术交流、洽谈合作事宜。用于丝杆、螺母的内、 | | | 外螺纹磨床已向部分客户交付使用，用于螺母加工的专用磨床已 | | | 向部分客户交付使用。上述数控磨削设备因部分下游行业如人形 | | | 机器人仍处于早期阶段，尚 ...

证券代码：603667 证券简称：五洲新春 公告编号：2026-011 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 2,019 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 2,830,699 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 1.1669 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 浙江五洲新春集团股份有限公司 2026年第一次临时股东会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： (一) 股东会召开的时间：2026 年 2 月 25 日 (二) 股东会召开的地点：浙江省绍兴市新昌县泰坦大道 199 号公司会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 本次股东大会由公司董事会召集,会议采取现场投票与网络投票相结合的方 式进行表决，大会由董事长张峰先生主持，会议的召开及表决方式符 ...

国浩律师（上海）事务所 关 于 浙江五洲新春集团股份有限公司 2026 年第一次临时股东会 之 见证法律意见书 上海市静安区山西北路 99 号苏河湾中心 MT25-28 楼 邮编：200041 25-28/F, Suhe Centre, 99 North Shanxi Road, Jing'an District, Shanghai, China 电话/Tel: +86 21 5234 1668 传真/Fax: +86 21 52341670 E. grandallsh@grandall.com.cn W. www.grandall.com.cn 2026 年 2 月 国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于浙江五洲新春集团股份有限公司 2026 年第一次临时股东会之见证法律意见书 致：浙江五洲新春集团股份有限公司 浙江五洲新春集团股份有限公司（以下简称"公司"）2026 年第一次临时股 东会于 2026 年 2 月 25 日 13 时 30 分在浙江省绍兴市新昌县七星街道泰坦大道 199 号公司会议室召开，国浩律师（上海）事务所（以下简称"本所"）接受公司 的委托，指派秦桂森律师、王 ...

Summary of Conference Call Notes Industry Overview - The humanoid robot market in China is projected to reach a scale of 75 billion yuan by 2029, with a market share exceeding 30%, making China the leading country in the global humanoid robot market [3][4][5] - The robot industry is expected to transition from the concept phase (0-1) to large-scale production (1-10) starting in 2026, with major companies like Tesla and domestic leaders beginning mass production [3][11] Key Company Insights - Wanxiang Qianchao is focusing on the development of planetary roller screws and precision bearings for robots, targeting key robot users for product development [4] - Wuzhou Xinchun is prioritizing the development of embodied intelligent robots and has already launched several new products, including micro screws and linear actuators [4] - ByteDance's Seedance 2.0 is integrated into the Spring Festival Gala, enhancing the event with AI-driven content creation and interaction capabilities [4][5] Technological Advancements - The integration of AI tools in various sectors, including marketing, film, and gaming, is expected to reshape industry dynamics. ByteDance's Seedance 2.0 aims to address video generation consistency issues through multi-modal technology [5] - Companies like Fantou Digital are leveraging AI and big data to provide integrated solutions across various industries, including smart cities and intelligent manufacturing [5] Market Trends - The robot sector gained significant attention during the Spring Festival Gala, leading to increased consumer interest and sales on e-commerce platforms [3][11] - The trading volume in the market decreased by 159.1 billion yuan, with a notable reduction in the number of stocks exceeding 1 billion yuan in transaction value [11] - The robot sector is highlighted as a key area of focus, with several companies experiencing stock price increases due to heightened visibility during the festival [11][21] Notable Company Developments - Dazhu Laser is expected to see growth in its 3D printing business, while other companies are engaging in strategic acquisitions and partnerships to enhance their technological capabilities [18] - Windy Building has formed strategic partnerships to enhance its AI and 3D capabilities, focusing on cultural and technological integration [20] Investment Opportunities - The semiconductor industry is experiencing a price surge across the supply chain, presenting investment opportunities in areas such as wafer foundry and power devices [16] - The AI and robot sectors are poised for growth, with several companies showing potential for significant returns as they transition to mass production and commercialization [11][16] Conclusion - The humanoid robot market is on the verge of significant growth, driven by technological advancements and increased consumer interest. Companies in this space are strategically positioning themselves to capitalize on emerging opportunities, making it a key area for potential investment.

人形机器人量产拐点与产业链机遇 20260223 摘要 中国人形机器人公司如丰元动力、宇树科技、魔法原子和银河通用，分 别展示了价格亲民、软硬件集成、自主可控和商业应用等不同发展方向， 预示行业多元化趋势。 海外市场对中国人形机器人在运动控制算法、硬件爆发力和自动恢复能 力方面给予高度评价，尤其对宇树科技的技术实力表示认可，认为其已 达到较高水平。 宇树科技计划 2026 年重点拓展导览和相对固定工业场景，预计出货量 达 1 万至 2 万台，产能充足，但智能模型仍是其发展的技术瓶颈，需 3 年左右时间突破。 王星星持续强调反内卷、关注智能模型、软硬件结合，并认为人形机器 人热度远未达到大模型成熟后的潜力，公司战略从技术研发向商业布局 转变。 机器人产业链对大模型的看法趋于精准，行业等待新的模型或现有模型 完善，关注点在于如何将人形机器人推向商业化，实现更大突破。 春晚人形机器人表现超出预期，短期内将提升出货量，但长期投资仍需 关注大模型和场景应用，具备场景和智能能力的公司更具投资价值。 特斯拉计划 2026 年推出第三代人形机器人 V3 产品，有望成为爆款， 建议关注拓普、三花、新建系五洲新春、恒立液压和震裕 ...

Summary of Conference Call Notes Industry Overview - The humanoid robot market in China is projected to reach a scale of 75 billion yuan by 2029, with a market share exceeding 30%, making China the leading country in the global humanoid robot market [3][4] - The robot industry chain has completed its initial development phase from 2021 to 2025, and large-scale production is expected to begin in 2026 with major companies like Tesla and domestic leaders [3] Key Company Insights - Wanxiang Qianchao is focusing on the development of planetary roller screws and precision bearings for robots, targeting key robot users for product development [4] - Wuzhou Xinchun has prioritized the development of embodied intelligent robots and has introduced new products such as dexterous micro screws and linear actuators [4] - ByteDance's Seedance 2.0 has been integrated into the Spring Festival Gala, enhancing the event with AI-driven content creation and interaction capabilities [4][5] Technological Advancements - The integration of AI tools in various sectors, including marketing, film, and gaming, is expected to reshape industry dynamics [5] - Companies like Fantou Digital are leveraging AI and big data to provide integrated solutions across multiple industries, including smart cities and intelligent manufacturing [5] Market Trends - The robot sector has gained significant attention during the Spring Festival, with increased consumer interest and sales driven by the visibility of robots at the gala [11] - The trading volume in the market decreased by 159.1 billion yuan compared to the previous trading day, with a notable reduction in the number of stocks exceeding 1 billion yuan in transaction volume [11] Notable Stock Performances - The robot sector saw a significant number of stocks reaching new highs, with 25 stocks in the robot category achieving this milestone [15] - Companies like Baida Precision and Tianqi Co. have seen stock price surges, indicating strong market interest in humanoid robots as 2023 is considered the "year of mass production" for humanoid robots [11] Strategic Collaborations - Fengyuzhi has formed strategic partnerships with various tech companies to enhance its AI and 3D strategy, focusing on immersive experiences in cultural and technological integration [20] - The company is expanding its digital creative offerings through collaborations that leverage cutting-edge technologies like holography and AI-generated content [20] Conclusion - The humanoid robot market is on the verge of significant growth, driven by technological advancements and increased consumer engagement, particularly highlighted during major events like the Spring Festival Gala. Companies are strategically positioning themselves to capitalize on this trend through innovation and collaboration.

Core Viewpoint - The human-shaped robot sector is experiencing a shift from speculative hype to a focus on actual performance and order fulfillment, as evidenced by recent market reactions and the upcoming financial reporting season [1][2][3] Group 1: Market Performance - Despite a strong showcase of robotic capabilities during the Spring Festival Gala, A-share robot concept stocks faced significant declines on February 24, with companies like Wuzhou Xinchun dropping 6.9% [1][2] - The market's initial optimism was dampened by concerns over the realization of orders and the certainty of earnings, particularly as the annual report season approaches [2][3] Group 2: Company Performance and Concerns - Leading companies such as Wuzhou Xinchun and Lide Harmony, while integral to the human-shaped robot supply chain, derive a limited portion of their revenue from robotics, raising concerns about their ability to sustain high valuations [5][6] - Wuzhou Xinchun reported a revenue of 2.661 billion yuan, a 7.6% increase year-on-year, with net profit slightly up by 0.25%, indicating that its traditional manufacturing business remains the primary revenue driver [5] Group 3: Future Outlook and Industry Dynamics - The anticipated release of Tesla's third-generation Optimus robot in Q1 2026 is seen as a potential catalyst for the industry, with predictions of a 5%-10% increase in the human-shaped robot sector if key upgrades are achieved [8] - The transition from speculative expectations to tangible order fulfillment is critical, as the market shifts its focus from narrative-driven valuations to performance-based assessments [7][10] - The successful integration of robots into various application scenarios, from industrial to household, will be essential for long-term growth and sustainability in the sector [9][10]

【HA新兴产业】重视春晚机器人行情，重视26年机器人大贝塔 #事件：春晚宇树、松延动力、魔法原子、银河通用四家国产机器人表演，点燃了全民机器人热潮，充分印证了机 器人在C端的高热情以及潜在的海量需求。 #机器人目前的格局：北美T链，已经在紧锣密鼓突破4.0版本的灵巧手以及V4版本机器人，Musk志在把V4打造成 为爆款产品，引爆B端和C端的需求，所以才有太空算力的布局以及近期密集的零部件变化； 【HA新兴产业】重视春晚机器人行情，重视26年机器人大贝塔 #事件：春晚宇树、松延动力、魔法原子、银河通用四家国产机器人表演，点燃了全民机器人热潮，充分印证了机 器人在C端的高热情以及潜在的海量需求。 国内B端机器人领军智元虽未参与春晚，但是25/26年机器人出货引领行业；C端以宇树为代表，26年春晚已经充分 展示运控高水准，并且出货量十分可观。 观点总结：重视领军T链V4的变化，现阶段的预期要从V3转变到V4，重视爆款V4的供应链变化以及大脑算力、灵 巧手的变化 关注思路： 1、V4三小龙：【恒帅股份】灵巧手+身体电机核心供应商、【科达利】谐波减速器+丝杠潜在供应商、【双环传 动】摆线针轮减速器C端机器人供应商+机械 ...