2026 年 2 月 25 日 星期三 行业动态： 消费板块：黄金饰品企业宣布调整产品价格。老铺黄金（6181 HK）将于 2 月 28 日进行产品调价。2025 年老铺黄金已经 三次调整产品售价。老铺黄金周二全天下跌 6.4%。周大福（1929 HK）的内地门店也将于 3 月 10 日左右调高黄金产品价 格，涨价重点集中在一口价产品，个别产品的涨幅达 33%。周大福周二全天下跌 3.9%。 医药：医药行业多数企业昨日下跌，但医药行业应无负面新闻。根据国家医保局官网数据，2025 年中国已批准上市的创 新药达 76 个，大幅超过 2024 年全年 48 个，创历史新高。此外，2025 年我国创新药对外授权交易总金额超过 1300 亿美 元，授权交易数量超过 150 笔，同样创历史新高，表明中国药企研发能力在全球的认可度越来越高。 不承担责任声明 ➢ 每日大市点评 2 月 24 日，虽然上证指数新年第一个交易日红盘高开高走，但市场担忧伊朗局势升级，以及美股的波动性传到至港股， 周二港股两大指数集体走低。恒生指数低开低走，再度失守 27,000 点大关，最终收盘跌 491 点（1.8%），收报 26,590 点； ...

Core Viewpoint - The report from China Merchants Securities highlights the significant advancements in robotics showcased during the Spring Festival Gala, indicating a strong governmental push towards the development of humanoid robots and related technologies this year [1][2]. Group 1: Industry Trends - Multiple robotics companies made a prominent appearance at the Spring Festival Gala, showcasing enhanced motion control and autonomy capabilities [1]. - The event reflects a shift in national policy towards supporting the humanoid robotics industry, similar to the initial phase of the new energy vehicle industry [1]. - The number of robots participating in the gala increased significantly compared to previous years, indicating a growing emphasis on robotics in national strategy [1]. Group 2: Company Focus - Key companies to watch in the robotics sector include UBTECH (09880), Yujian (02432), Geek+ (02590), and Minth Group (00425), along with firms in the broader robotics field such as Hesai (02525), SUTENG (02498), and Horizon Robotics (09660) [1]. - The report notes that the technical difficulty of the robot performances this year was higher than in previous years, with improved group control capabilities and zero-error execution [2]. - For instance, Yushun's robots demonstrated a 5 to 10 times increase in agility compared to last year, laying the groundwork for future service-oriented robots [2].

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 ...

春晚机器人解读专家会议 20260223 摘要 宇树机器人在春晚表演中展现出高度一致性和稳定性，得益于其优秀的 产品结构设计，减少了硬件迭代的需求，并在运动性和拟人化之间实现 了平衡。自研关节技术进一步提升了机器人的灵活性和一致性，减轻了 整体重量。 宇树机器人通过硬件平台化和通用性设计，支持软件持续优化，工程师 可在稳定硬件基础上进行长期开发，无需频繁适应硬件变化。通过模仿 学习与强化学习相结合，G1 型号机器人在短时间内完成了高难度动作 的训练。 预训练与遥控不会显著影响机器人的实际应用效果，感知、规划、决策 等技术已成熟。通过模仿学习和强化学习，机器人可积累大量数据，实 现模型涌现效应，快速掌握新技能。关键在于结合规划路径与运动能力， 避免跌倒。 机器人行业在运动控制和一致性方面面临挑战，尽管宇树机器人在稳定 性方面表现出色，但减速器和电机的一致性问题依然存在。银河通用通 过虚拟仿真环境生成数据训练模型，并敢于将免维护机器人投入实际运 营，获得市场优势。 Q&A 在机器人行业中，运动控制和一致性是两个主要的挑战。首先，尽管宇树的机 器人在稳定性方面表现出色，但由于其机身设计和手工制造的特点，减速器和 电 ...

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]

（文章来源：第一财经） 锋龙股份晚间公告，优必选与公司控股股东诚锋投资等签署了股份转让协议，约定诚锋投资向优必选协 议转让公司6552.99万股无限售条件流通股股份，占公司总股本的29.99%。优必选已向公司发出要约收 购报告书摘要，要约收购股份数量为2845万股，占总股本的13.02%，收购价格为每股人民币17.72元。 本次要约收购计划未发生变化，优必选及有关各方正在积极推进各项工作。 ...

Core Viewpoint - Honor is set to unveil its first humanoid robot aimed at the consumer market at MWC 2026, marking a significant shift from being a smartphone manufacturer to an AI terminal ecosystem company [1][2][3] Group 1: Company Strategy - The upcoming release is part of Honor's strategic plan initiated last year, which includes a $10 billion investment over five years to transition into a leading AI terminal ecosystem company [2] - Honor's Robot Phone integrates AI capabilities, robotic mobility, and advanced imaging, showcasing the company's commitment to merging smart devices with robotics [2] - The CEO of Honor emphasized the importance of developing multiple growth curves as the company evolves into an AI terminal ecosystem [3] Group 2: Industry Trends - MWC 2026 is expected to highlight robotics and embodied intelligence as key themes, reflecting a broader trend among smartphone manufacturers to enter the robotics space [4] - Competitors like Xiaomi and Vivo are also advancing in robotics, indicating a growing interest in the consumer robotics market among traditional smartphone companies [4] - The global humanoid robot market is projected to see significant growth, with a forecasted shipment of 28,000 units in China by 2026, representing a 133% increase year-on-year [5]

Group 1 - The net buying of Southbound funds includes significant amounts in Southern Hang Seng Technology (1.585 billion), Meituan-W (0.687 billion), Xiaomi Group-W (0.437 billion), Kuaishou-W (0.304 billion), UBTECH (0.242 billion), and SMIC (0.220 billion), while there was a net sell of Pop Mart (0.205 billion) [1] - Southbound funds have continuously net bought Meituan for five days, totaling 2.62343 billion HKD, and Xiaomi for three days, totaling 2.66892 billion HKD [4] Group 2 - Xiaomi Group-W's vehicle delivery is expected to exceed forecasts, potentially reaching 650,000 units by 2026, with a strategy to counteract declining smartphone ASP through stable IoT and internet business [5] - UBTECH's humanoid robot gained significant popularity during the Spring Festival, with institutions predicting a substantial growth phase for the industry this year [6] - SMIC's revenue for Q4 2025 is expected to exceed forecasts, maintaining high capital expenditure [7] - Pop Mart announced the launch of a new IP "After School Merodi" on February 26, featuring 12 regular and 1 hidden model, with pricing set at 69 RMB per blind box and 828 RMB per complete set [7]

Core Insights - On February 24, 2026, Tencent Holdings (00700), Alibaba-W (09988), and Yangtze Optical Fibre and Cable (06869) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 5.462 billion, 4.066 billion, and 1.797 billion respectively [1] - Tencent Holdings (00700), Alibaba-W (09988), and Yangtze Optical Fibre and Cable (06869) also led in trading volume in the Shenzhen-Hong Kong Stock Connect, with trading amounts of 5.689 billion, 4.025 billion, and 1.901 billion respectively [1] Southbound Stock Connect Trading Activity - **Top Active Companies in Southbound Stock Connect:** - Tencent Holdings (00700): Trading amount of 5.462 billion, net buying of +0.393 billion [2] - Alibaba-W (09988): Trading amount of 4.066 billion, net selling of -0.065 billion [2] - Yangtze Optical Fibre and Cable (06869): Trading amount of 1.797 billion, net buying of +0.247 billion [2] - SMIC (00981): Trading amount of 1.696 billion, net selling of -0.121 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.570 billion, net buying of +0.059 billion [2] - Pop Mart (09992): Trading amount of 1.476 billion, net selling of -0.101 billion [2] - CNOOC (00883): Trading amount of 1.379 billion, net selling of -0.049 billion [2] - Meituan-W (03690): Trading amount of 1.232 billion, net buying of +0.025 billion [2] - Southern Hang Seng Technology (03033): Trading amount of 1.217 billion, net buying of +0.026 billion [2] - UBTECH (09880): Trading amount of 1.028 billion, net buying of +0.024 billion [2] Shenzhen-Hong Kong Stock Connect Trading Activity - **Top Active Companies in Shenzhen-Hong Kong Stock Connect:** - Tencent Holdings (00700): Trading amount of 5.689 billion, net selling of -0.480 billion [2] - Alibaba-W (09988): Trading amount of 4.025 billion, net selling of -0.000384 billion [2] - Yangtze Optical Fibre and Cable (06869): Trading amount of 1.901 billion, net selling of -0.161 billion [2] - Xiaomi Group-W (01810): Trading amount of 1.544 billion, net buying of +0.378 billion [2] - Southern Hang Seng Technology (03033): Trading amount of 1.465 billion, net buying of +1.327 billion [2] - SMIC (00981): Trading amount of 1.394 billion, net buying of +0.342 billion [2] - Meituan-W (03690): Trading amount of 1.039 billion, net buying of +0.066 billion [2] - CNOOC (00883): Trading amount of 0.874 billion, net selling of -0.05057 billion [2] - Kuaishou-W (01024): Trading amount of 0.763 billion, net buying of +0.0304 billion [2] - Pop Mart (09992): Trading amount of 0.762 billion, net selling of -0.0104 billion [2]

Group 1 - Southbound funds net bought Hong Kong stocks worth HKD 3.131 billion today [1] - The largest net purchases were in Southern Hang Seng Technology (HKD 1.585 billion), Meituan-W (HKD 0.687 billion), Xiaomi Group-W (HKD 0.437 billion), Kuaishou-W (HKD 0.304 billion), UBTECH (HKD 0.242 billion), and SMIC (HKD 0.22 billion) [1] - Southbound funds have net bought Meituan for five consecutive days, totaling HKD 2.62343 billion, and Xiaomi for three consecutive days, totaling HKD 2.66892 billion [1] Group 2 - Tencent Holdings experienced a decline of 3.4% with a net buy of HKD 0.393 billion [3] - Alibaba-W also saw a drop of 2.8% with a net sell of HKD 0.065 billion [3] - Longi Green Energy had a slight increase of 1.2% with a net buy of HKD 0.247 billion [3] - Bubble Mart faced a significant decline of 5.9% with a net sell of HKD 1.01 billion [3] - Meituan-W declined by 4.2% with a net buy of HKD 0.25 billion [3]