一、市场: ●1月27日收盘：美股收高道指涨300点 市场等待苹果等重磅财报 北京时间1月27日凌晨，美股周一收高，道指、纳指、标普500指数均上涨。苹果等公司本周将公布财报，其股价普遍上扬。国际贸易局势方面，特朗普威胁 对加输美商品提高关税，引发市场担忧。投资者还关注华盛顿政局，临时拨款法案月底到期，政府可能停摆。受政治与财政风险推动，黄金价格创历史新 高。本周超90家标普500成分公司公布财报，将考验科技股韧性。此外，韩国存储巨头也将公布财报。美联储周三将宣布政策决议，市场关注降息线索。 ●1月27日美股成交额前20：微软发布AI芯片以减少对英伟达的依赖 周一美股成交额前20的部分股票有新动态。微软推出第二代AI芯片Maia 200，由台积电生产，旨在减少对英伟达依赖。英伟达收跌0.64%，还向CoreWeave 追加20亿美元投资。特斯拉收跌3.09%，欧盟对X平台展开调查。苹果收高2.97%，摩根大通上调其目标价。美光收跌2.64%，法巴银行上调其目标价。谷歌 A类股收高1.63%，Keybanc上调其目标股价。AMD收跌3.22%，瑞银上调其目标价。英特尔收跌5.72%，一季度营收预测低于预期。此外 ...

本文字数：1554，阅读时长大约3分钟 作者 | 第一财经 樊志菁 2026.01. 27 周一美股全线收高，避险情绪一度推高金价至5100美元以上，投资者正等待本周公布的多家大型企业财报以 及美联储的货币政策决议。 截至收盘，道指涨313.69点，涨幅0.64%，报49412.40点，纳指涨0.43%，报23601.36点，标普500指数涨 0.50%，报6950.23点。 个股方面，英伟达跌0.6%，报道称公司向人工智能云计算公司CoreWeave投资20亿美元，增持其股份，双 方同时达成协议扩大合作，以满足市场对人工智能基础设施日益增长的需求。CoreWeave收盘上涨5.7%。 明星科技股涨多跌少，甲骨文、苹果涨3.0%，Meta涨2.0%，谷歌涨1.6%，微软涨0.9%，亚马逊跌0.3%， 特斯拉跌3.1%。 | 涨跌 ▶ 名称 | 现价 = 涨跌幅= | | --- | --- | | 苹果(APPLE) 255.410 2.97% 7.370 AAPL.O | | | 脸书(META PL ... 672.360 2.06% 13.600 | | | META.O | | | GOOGO GOO ...

业绩利空继续发酵，英特尔跌近6%。 *三大股指走高，道指涨超300点； *中长期美债收益率回落，10年期美债逼近4.20%； *特朗普政府入股，美国稀土涨近8%。 周一美股全线收高，避险情绪一度推高金价至5100美元以上，投资者正等待本周公布的多家大型企业财 报以及美联储的货币政策决议。 截至收盘，道指涨313.69点，涨幅0.64%，报49412.40点，纳指涨0.43%，报23601.36点，标普500指数涨 0.50%，报6950.23点。 | 道琼斯工业平均 | 纳斯达克 | 标普500 | | --- | --- | --- | | 49412.40 | 23601.36 | 6950.23 | | +313.69 +0.64% +100.12 +0.43% +34.62 +0.50% | | | 【热门股表现】 个股方面，英伟达跌0.6%，报道称公司向人工智能云计算公司CoreWeave投资20亿美元，增持其股份， 双方同时达成协议扩大合作，以满足市场对人工智能基础设施日益增长的需求。CoreWeave收盘上涨 5.7%。 明星科技股涨多跌少，甲骨文、苹果涨3.0%，Meta涨2.0%，谷歌涨1. ...

特朗普表示，鉴于韩国方面尚未通过该项"具有历史意义的贸易协议"，他已决定将对韩国汽车、木材、制药产品以及其他"对等关税"项目的税率从15%上调至 25%。 受此影响，在美上市的韩国ETF-iShares MSCI在美股盘后直线跳水，一度大跌超2%，截至北京时间06:50，跌幅达1.64%。 | EWY 韩国ETF-iShares MSCl | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 收盘价 01/26 15:59:58 (美东) | | | | S 24 24 24 15 | | | | 117.320+ | | 最 高 | | 117.935 今 开 | | 117.270 | | -0.650 -0.55% | | 最 低 | | 117.200 昨 收 | | 117.970 | | 成交额 | 5.90亿 资产规模 | | | 109.27亿 | | 115.695 | | 盘后 115.400 -1.920 -1.64% | | | | | | 17:47 (美东) ^ | | 最 高 | | 117.548 | 成交额 | ...

Group 1: Steel Industry - The price of oriented silicon steel has reached the lowest level since 2018, indicating a significant decline in metal cycle products [5] - The high furnace capacity utilization rate in January is expected to be the highest in five years for the same period [5] - The price of titanium dioxide and glass remains low in the real estate completion chain [5] Group 2: Oil and Chemical Industry - IEA has raised the 2026 global oil demand forecast, expecting an increase of 930,000 barrels per day [5] - Geopolitical tensions in Iran and Cuba have led to an increase in oil price risk premium, with Brent and WTI crude oil prices rising by 1.9% and 3.5% respectively [5] Group 3: Electric and Environmental Industry - Space photovoltaic technology has become a market hotspot, with Tesla and SpaceX planning to build a total of 200GW photovoltaic capacity in the U.S. over the next three years [6] - The current market liquidity is abundant, and the commercial aerospace sector is a key focus, with expectations for significant performance in the space photovoltaic sector [6] Group 4: Utilities Industry - The cumulative electricity market transaction volume in 2025 reached 66,394 billion kilowatt-hours, a year-on-year increase of 7.4% [7] - The national electricity load has reached new highs due to cold wave impacts, and policies to enhance green electricity consumption are expected to boost the green electricity sector [7] Group 5: High-end Manufacturing - The export share of emerging markets is expected to increase further in 2025, with North America showing the most significant decline [7] - The export growth rates for electric tools, manual tools, and lawn mowers have varied, with notable increases in specific categories [7] Group 6: Pharmaceutical and Biotechnology - WuXi AppTec's companies have shown strong performance, indicating robust growth momentum in the CXO sector [8] - WuXi Biologics is expected to add 209 comprehensive projects in 2025, with revenue and adjusted net profit growth exceeding 45% for WuXi AppTec [8] Group 7: Food Industry - Li Gao Food has projected a revenue of 4.26-4.42 billion yuan for 2025, reflecting a year-on-year growth of 11.07%-15.24% [8] - The expected net profit for the parent company is between 311-331 million yuan, indicating a growth of 16.06%-23.52% [8]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The embodied intelligence industry is experiencing significant developments, particularly in the fields of embodied robots and smart vehicles, which are interrelated and mutually beneficial [8][11] - Major companies like Magic Atom and Galaxy General have been announced as partners for the 2026 Spring Festival Gala, highlighting the integration of technology into cultural events [11] - Elon Musk predicts that Tesla's Optimus robot will be publicly available by the end of 2027, indicating a strong future for humanoid robots [12] - OpenAI-backed 1X has released a world model to enhance robots' understanding and reasoning capabilities, marking a step towards self-learning abilities [13] - The humanoid robot shipment for 2025 is projected to exceed 5,500 units, showcasing growth in the sector [13] Summary by Sections 1. Embodied Robot Industry Dynamics - Magic Atom and Galaxy General have been announced as strategic partners for the 2026 Spring Festival Gala, focusing on general robotics and embodied intelligence technology [11] - Tesla's CEO Elon Musk forecasts the public sale of the Optimus robot by the end of 2027, with expectations for advanced capabilities by 2026 [12] - OpenAI's investment in 1X has led to the development of the 1X World Model, enhancing robots' physical world understanding [13] - Yushu Technology clarified that its humanoid robot shipments will exceed 5,500 units in 2025, indicating strong market demand [13] - Recent corporate changes have been made by Xinghai Map and Zhongqing Robotics, transitioning to joint-stock companies [14] 2. Smart Vehicle Industry Dynamics - NineSight has commenced regular operations of its RoboVan fleet in Abu Dhabi, marking a significant milestone in autonomous vehicle deployment [18] - A strategic partnership has been formed between NineSight, Malaysia Post, and ALS to launch Malaysia's first autonomous vehicle testing project [19] - Xijing Technology has won a bid for an autonomous driving project at one of the world's largest container terminals, showcasing advancements in smart logistics [20] - DeepWay has successfully delivered 100 units of its new energy heavy trucks to Shentong Express, indicating a shift towards large-scale operations in logistics [22] 3. Capital Market Dynamics - In the primary market, four significant financing events occurred from January 19 to January 25, 2026, including: - Juwei Technology completed nearly 100 million RMB in Series A financing, focusing on special four-legged robots [23] - Zhejiang Humanoid Robot Innovation Center raised 450 million RMB in Pre-A financing [24] - Zhi Ping Fang completed A+ round financing to accelerate the industrialization of general intelligent robots [25] - Yufan Intelligent raised 513 million RMB in Pre-IPO+ financing [26] - In the secondary market, the humanoid robot index rose by 1.38%, while the smart vehicle index fell by 1.06% during the same period [27][28]

产业观察 [table_Header]2026.01.26 【具身智能产业动态】魔法原子、银河通用相继宣 产业研究中心 | 布为总台 2026 春晚机器人合作伙伴 | | --- | | 摘要：产业最新趋势跟踪，点评产业最新风向 | | [Table_Summary] 具身智能产业动态 | | 具身机器人产业动态： | | 魔法原子与银河通用相继宣布为总台 2026 春晚机器人合作伙伴 | | 马斯克在达沃斯论坛展望 2027 年底公开发售 Optimus 机器人 | | OpenAI 投资的 1X 公司发布了其世界模型 1XWM | | 宇树科技发布销量数据澄清，2025 年纯人形机器人出货量超 5500 台 | | 星海图、众擎机器人两家公司近期已发生工商变更完成股改 | | 儒拉玛特与越疆达成战略合作，共推具身智能智能工厂产业应用 | 智能汽车产业动态： 九识智能正式进驻阿布扎比，RoboVan 在阿开启常态化运营 九识智能与马来西亚邮政及 ALS 达成战略合作，联合启动大马首个自动驾驶 测试项目 西井科技产品 Q-Truck 中标全球最大单体集装箱码头之一自动驾驶项目 | [Table_Authors ...

Investment Rating - The report maintains a "Buy" rating for the automotive industry, particularly focusing on humanoid robots and aerospace sectors [2][10]. Core Insights - The humanoid robot market is expected to significantly drive the demand for rotary transformers, with a projected market size of 6.15 billion yuan by 2030 and 47.1 billion yuan by 2035, reflecting a CAGR of 85.9% from 2026 to 2035 [4][27]. - The aerospace sector is also experiencing growth, with satellite launches increasing rapidly, leading to a forecasted rotary transformer market size of 700 million yuan by 2030 and 1.8 billion yuan by 2035, with a CAGR of 22.7% from 2026 to 2035 [5][30]. Summary by Sections 1. Humanoid Robots and Aerospace Driving Rotary Transformer Market - Rotary transformers are well-suited for humanoid robots due to their strong shock resistance and durability, making them ideal for complex operational environments [4][24]. - The market for rotary transformers in humanoid robots is expected to surpass traditional markets, as they replace encoders in robotic joints [27]. 2. Market Performance of Humanoid Robots - The humanoid robot sector is anticipated to see a substantial increase in market size, driven by the need for high reliability and longevity in robotic joints [4][27]. - The report highlights the importance of rotary transformers in enhancing the performance of humanoid robots, particularly in their joints and dexterous hands [27]. 3. Market Performance of Aerospace Sector - The report notes a significant increase in satellite launches, with SpaceX planning to launch 42,000 satellites by 2033, which will boost the demand for rotary transformers in satellite attitude and orbit control systems [5][30]. - The rotary transformer market in the aerospace sector is projected to grow steadily, with increasing applications in satellite systems [30]. 4. Industry Data Tracking - The global rotary transformer market is expected to grow from approximately 4.445 billion yuan in 2024 to 11.851 billion yuan by 2031, with a CAGR of 15.3% from 2025 to 2031 [33]. - The automotive sector's rotary transformer market is projected to grow from 1.334 billion yuan in 2024 to 3.555 billion yuan by 2031 [33]. 5. Company Announcements - The report emphasizes the rapid growth of domestic companies like Yingshuo Technology, which has captured a significant market share in the rotary transformer sector, particularly in the new energy vehicle market [44][61]. - Yingshuo Technology's revenue has shown a CAGR of 176.6% from 2020 to 2022, with a strong focus on the new energy vehicle sector [44][55].

Core Viewpoints - The smart car index increased by 2.8% this week, while the index excluding Tesla decreased by 1.4%. As of January 23, 2026, the smart car index PS (TTM) is 14.0x, ranking in the 97th percentile since the beginning of 2023, while the index excluding Tesla is 6.8x, ranking in the 94th percentile during the same period [4][11][20]. Industry Core Changes - The introduction of the "Guangdong Province Artificial Intelligence Empowering High-Quality Development of Transportation Policy Measures" confirms breakthroughs in full-area autonomous driving in Nansha [5][11]. - Tesla launched a no-safety-driver Robotaxi service, with Cybercab arriving in Buffalo, New York for winter testing [5][11]. - Lightyear Technology announced advancements in autonomous driving technology and mass production of NOA-assisted driving, along with new solutions and platforms for L4 autonomous driving and logistics [5][11]. - As of January 23, 2026, Tesla's fleet consists of 225 vehicles, with a total of 7.39 billion miles driven under FSD, while Waymo has a daily active user count of 107,900 [5][11]. Current Investment Recommendations - The industry remains optimistic about the L4 RoboX mainline for 2026, favoring B-end software stocks over C-end hardware stocks. Recommended H-shares include Xpeng Motors, Horizon Robotics, Pony.ai/Wenyan Zhixing, Cao Cao Mobility, and Black Sesame Intelligence; A-shares include Qianli Technology, Desay SV, and Jingwei Hengrun [6][11]. - Downstream application-related stocks include: - Robotaxi perspective: Integrated models like Tesla and Xpeng Motors [6][11]. - Robovan perspective: Desay SV and Jiushi Intelligent/New Stone Technology [6][11]. - Other autonomous vehicle perspectives: Mining trucks (Xidi Zhijia), ports (Jingwei Hengrun), sanitation vehicles (Yingfeng Environment), and buses (Wenyan Zhixing) [6][11]. - Technology providers and revenue-sharing models: Horizon Robotics, Baidu, Pony.ai, Wenyan Zhixing, and Qianli Technology [6][11]. - Transformation of ride-hailing/taxi services: Didi, Cao Cao Mobility, Ruqi Mobility, public transport, and Jinjiang Online [6][11]. Upstream Supply Chain Related Stocks - B-end autonomous vehicle OEMs include BAIC BluePark, GAC Group, Jiangling Motors, and Tongli Co [7][11]. - Key upstream suppliers include: - Testing services (China Automotive Research and Development Center, China Automotive Technology and Research Center) [7][11]. - Chips (Horizon Robotics, Black Sesame Intelligence) [7][11]. - Domain controllers (Desay SV, Jingwei Hengrun, Joyson Electronics, Huayang Group, and Kobot) [7][11]. - Sensors (Sunny Optical Technology, Hesai Technology, and Suteng Juchuang) [7][11]. - Steer-by-wire chassis (Bertel, Nexperia, Zhejiang Shibao) [7][11]. - Lighting (Xingyu Co) and glass (Fuyao Glass) [7][11].

Investment Highlights - The SW auto parts index increased by 3.85% this week, ranking second in the SW auto sector, with a year-to-date increase of 9.12% [3][14] - The latest trading day PE (TTM) for SW auto parts is at the 90.08% historical percentile, while PB (LF) is at the 83.70% historical percentile [3][38] Robotics Sector Review - The Wande Robotics Index rose by 1.38% this week, with a year-to-date increase of 7.07%, underperforming the SW auto parts sector by 2.47% [4][40] - The latest trading day PE (TTM) for Wande Robotics is at the 94.65% historical percentile, and PB (LF) is at the 96.30% historical percentile [4][45] Core Coverage Stocks Weekly Performance - Notable weekly gains include: New Coordinates +36.30%, Minshi Group +25.33%, Daimai Co. +12.57%, Top Group +11.30%, and Xusheng Group +9.87% [6][52] Major Events This Week - Elon Musk announced plans to sell Tesla's humanoid robot to the public by the end of 2027 [7][46] - Yushu announced its humanoid robot sales for 2025, exceeding 5,500 units [8][46] Investment Recommendations - For auto parts, focus on structural opportunities by selecting product-oriented companies and those entering high-value sectors to increase ASP, with a priority on establishing capacities in Europe, North America, and Southeast Asia [9][57] - In robotics, seek certainty in opportunities, particularly with the anticipated release of Optimus V3 in Q1 2026, and monitor order timelines and application developments from domestic companies like Xiaopeng, Yushu, and Zhiyuan [9][57]