马年除夕夜，亿万人在春晚的舞台上再次看到了机器人熟悉的身影。松延动力的四个步履精准的双足人 形机器人和一个仿生人形机器人，与著名演员蔡明完美配合完成了一场科技与艺术融合的视觉盛宴；银 河通用机器人，以"能干活"著称的具身智能企业，成为春晚历史上首个"指定具身大模型机器人"。 机器人登上央视春晚。图片来源：2026中央广播电视总台春节联欢晚会 松延动力 银河通用 从蛇年春晚到马年春晚，机器人的步履更加稳健、交互更加自然、动作更加流畅，这种肉眼可见的迭代 速度，让亿万观众惊叹于中国智造的飞跃式进步。 值得一提的是，在本次登台的几家机器人企业中，有两家来自北京——松延动力与银河通用，均为北京 市认定的"专精特新"企业。它们在亿万观众共同见证的舞台上惊艳亮相，不仅是企业的高光时刻，更是 北京这座科技创新中心智造实力的生动注脚。 一、从"跟跑"到"部分领跑"：后来居上的中国智造 机器人登上央视春晚。图片来源：2026中央广播电视总台春节联欢晚会 追溯机器人产业的发展历程，这是一场跨越半个世纪的技术长跑。1973年，全球第一台人形机器 人"WABOT-1"问世，被认为开启了现代人形机器人研究的先河。此后数十年间，传统工业 ...

Core Viewpoint - The performance of humanoid robots at the 2026 CCTV Spring Festival Gala, particularly the martial arts program "Wu BOT" by Yushu Technology and Henan Tagou Martial Arts School, showcases significant advancements in robotic physical capabilities, exceeding market expectations and gaining rapid social media attention [1]. Industry Analysis - Yushu Technology has made its third appearance at the Spring Festival Gala, demonstrating substantial progress in mechanical performance compared to the previous year [1]. - The National Securities Robot Industry Index focuses on humanoid robot bodies and core components, with constituent stocks like Sanhua Intelligent Control and Lingyi Technology accounting for nearly 80% of the index, leading other similar indices [1]. Investment Opportunities - The robot ETF managed by E Fund (159530) has surpassed 17.5 billion yuan in size, ranking first among similar index ETFs, indicating strong liquidity and potential for investors to capitalize on opportunities in the humanoid robot sector [1].

Group 1 - The core viewpoint of the news is the launch of the first embodied intelligence super factory in the Beijing-Tianjin-Hebei region by Lingyi Zhizao, which integrates intelligent manufacturing, R&D innovation, and lean production [1] - Lingyi Zhizao's Beijing embodied intelligence super factory is a strategic step towards becoming one of the top three global manufacturers in embodied intelligent hardware, leveraging its experience in precision manufacturing from the consumer electronics sector [1] - The factory aims to provide a one-stop service for embodied intelligent manufacturing, including precision structural components, core modules, and assembly testing, with plans to produce 10,000 embodied intelligent robots annually [1] Group 2 - The factory will address the critical gap between prototype development and mass production by collaborating with the Beijing humanoid robot pilot verification platform to create a closed-loop system from R&D to production [2] - The manufacturing platform is positioned as a key infrastructure to overcome the industry's challenges of easy R&D but difficult mass production, emphasizing the need for specialized, standardized, and scalable capabilities [2] - Lingyi Zhizao has already received assembly testing orders from multiple clients in the embodied intelligence sector, indicating strong market demand and supporting the establishment of a global intelligent manufacturing network [2]

Group 1 - The 2026 CCTV Spring Festival Gala will feature embodied intelligent robots, marking a significant technological highlight, with Magic Atom as the first strategic partner in this domain [1] - The strategic partnership between Lingyi Zhizhao and Magic Atom focuses on the embodied intelligence sector, emphasizing robot manufacturing services, production line expansion, and overseas business development [2] - Lingyi Zhizhao's nearly 20 years of experience in precision manufacturing for consumer electronics is being leveraged to support the embodied intelligence strategy, which includes a comprehensive capability from core component development to assembly and application [2] Group 2 - The collaboration between Lingyi Zhizhao and other companies like Green Harmony and Huichuan Technology forms a precision manufacturing ecosystem that supports Magic Atom's robot project for the Spring Festival Gala [3] - This ecosystem not only provides full-chain support for the Spring Festival performance but also enhances the competitiveness of China's embodied intelligence industry [3] - Lingyi Zhizhao is positioned as a core manufacturing platform, accelerating the transformation and large-scale implementation of technological achievements through deep collaboration with partners [3] Group 3 - The Spring Festival Gala is expected to catalyze opportunities in the embodied intelligence industry, with Magic Atom benefiting from increased attention and traffic [4] - Lingyi Zhizhao's precision manufacturing capabilities combined with Magic Atom's algorithms provide essential support for the deployment of robots across various sectors [4] - The establishment of a super factory in Beijing will ensure large-scale production capacity, facilitating the transition of embodied intelligence from laboratories to households [4] Group 4 - The robot performance at the Spring Festival Gala represents a milestone in the maturation of China's embodied intelligence industry, transitioning from concept to large-scale implementation [5] - The strategic cooperation between Lingyi Zhizhao and Magic Atom, along with the supporting precision manufacturing ecosystem, is driving this transformation [5] - Lingyi Zhizhao is anticipated to experience explosive growth in its embodied intelligence business in 2026, positioning itself as a key player in the global market [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [4] Core Insights - Magic Atom has become the strategic partner for intelligent robots at the 2026 Spring Festival Gala, indicating a significant milestone in its market presence [1] - The collaboration with various companies such as Green Harmony, Lingyi Intelligent Manufacturing, and Huichuan Technology highlights the strategic partnerships aimed at enhancing the capabilities and production of humanoid robots [2][3] - The strategic financing of several hundred million yuan from ChipLink Integration's CVC platform indicates strong investor confidence and potential for growth in the humanoid robotics sector [3] Summary by Relevant Sections Company Progress - Magic Atom has set high-quality standards in collaboration with Green Harmony, ensuring precision inspection of key components [2] - A formal strategic partnership with Lingyi Intelligent Manufacturing focuses on embodied intelligence, robot manufacturing services, and overseas business expansion [2] - Huichuan Technology provides joint drive and motion control solutions that meet international standards for Magic Atom's complex movement requirements [2] - Other collaborations include partnerships with Mingzhi Electric and Hongchang Technology, indicating a broad network of support for Magic Atom's initiatives [2] Industry Outlook - The humanoid robotics industry is expected to grow, supported by strategic partnerships and technological advancements [4] - The report emphasizes the importance of continued development and collaboration within the industry to meet market demands and expectations [4]

Core Viewpoint - The establishment of the first embodied intelligence super factory in the Beijing-Tianjin-Hebei region by Lingyi iTech is a significant advancement in smart manufacturing and innovation in the area [1] Group 1: Factory Overview - The super factory will integrate smart manufacturing, research and development innovation, and lean production [1] - It aims to provide a one-stop embodied intelligent manufacturing service, covering precision structural components, core modules, and assembly testing [1] Group 2: Production Goals - The main factory design and renovation are planned to be completed within the year [1] - The factory is expected to achieve an annual production of 10,000 embodied intelligent robots this year, with a target of 500,000 units by 2030 [1] - The factory is positioned to set a global benchmark and lead the industry in terms of intelligence and automation [1]

Group 1 - The core viewpoint of the news highlights the positive performance of the robotics sector, with the National Robotics Industry Index rising by 0.7% and significant gains in individual stocks such as Kelaimechatronics and Dingzhi Technology [1] - The launch of the "Tiangong Walker DEX," a full-size humanoid research robot developed by Beijing Humanoid Robot Innovation Center and UBTECH, marks a significant advancement in stability, motion control, and autonomous operation, catering to various research and educational scenarios [1] - CITIC Securities emphasizes that the robotics industry is at a critical juncture, transitioning from "technological vision" to "industrial reality," which involves a competition of computing power, algorithms, and precision manufacturing, as well as a strategic long-distance race concerning national will and institutional efficiency [1] Group 2 - The National Robotics Industry Index focuses on humanoid robots and core components, covering companies like Sanhua Intelligent Control and Lingyi iTech, which together account for approximately 80% of the index, leading other similar indices [2] - The E Fund Robotics ETF (159530) is currently the largest ETF tracking this index, facilitating investors' access to core enterprises within the humanoid robotics industry chain [2]

Group 1 - The core viewpoint of the news highlights the decline of the China Rare Earth Industry Index by 1.00% as of February 13, 2026, with mixed performance among constituent stocks, indicating market volatility in the rare earth sector [1] - China Minmetals Import and Export Chamber of Commerce announced a conference on March 25, 2026, to discuss export policies and market conditions for rare earth and rare metals, aiming to address challenges faced by enterprises in exports [1] - Huaxi Securities reported that QS Company's solid-state battery technology has achieved delivery of the QSE-5 cell and completion of the Eagle production line, reflecting the urgent global demand for higher-performance batteries, with rare earth-based catalysts and hydrogen storage materials accelerating into next-generation energy technologies [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the China Rare Earth Industry Index include Northern Rare Earth, Goldwind Technology, Xiamen Tungsten, and others, collectively accounting for 61.43% of the index [2] - The Jiashi Rare Earth ETF (516150) closely tracks the China Rare Earth Industry Index, serving as a convenient tool for investors to access the domestic rare earth industry chain [2] - Investors can also utilize the Jiashi Rare Earth ETF linked fund (011036) to seize investment opportunities in the rare earth sector [3]

Core Viewpoint - Flex (伟创力) has raised its full-year performance guidance driven by demand from artificial intelligence data centers [1] Financial Performance - For Q3 of fiscal year 2026, Flex reported revenue of $20.437 billion, a year-over-year increase of 5.26%, and a net profit of $630 million, up 2.27%. The quarterly net sales reached $7.058 billion, reflecting an 8% year-over-year growth, exceeding company expectations [2] Institutional Perspectives - Following the earnings report, several institutions updated their ratings. Barclays maintained an "Overweight" rating and raised the target price from $71 to $72. Stifel and Bank of America also retained their "Buy" ratings, with target prices set at $75 [3] Strategic Focus - The company plans to concentrate more on high-growth areas such as artificial intelligence data centers and reliability solutions. Additionally, the sale of the Zhuhai plant assets to Lingyi iTech in December 2025 allows Flex to focus more on its northern plant operations, which may lead to ongoing operational changes [4]

Core Insights - The report identifies liquid cooling as a strategic investment opportunity, potentially replicating the success of optical modules and PCBs, with strong growth prospects driven by AI computing needs and stringent energy efficiency standards [2][3] - Liquid cooling is characterized by three main features: strong growth, complete narrative, and favorable odds, indicating a favorable market environment for investment [2] - The industry is transitioning from speculative hype to a high-growth phase with confirmed orders, as evidenced by significant order increases from key suppliers like Vidi Technology [3] Industry Trends - The liquid cooling industry is entering a high-growth phase with a 252% year-over-year increase in organic orders reported by Vidi Technology, highlighting strong market demand [3] - Major tech companies like NVIDIA and Google are adopting liquid cooling as a mandatory standard for their next-generation platforms, indicating a shift from optional to essential technology in AI computing [3] - The industry is witnessing a wave of mergers and acquisitions, with companies like Liying Intelligent Manufacturing acquiring liquid cooling suppliers to secure positions in the AI server supply chain [3] Liquid Cooling Industry Chain - The liquid cooling industry chain consists of three main segments: upstream components, midstream system integration and manufacturing, and downstream applications [4] - Upstream includes key technologies and components such as cooling fluids and CDU, which have high technical barriers and value [4] - Midstream integrates upstream components to provide complete liquid cooling server solutions, with technical integration capabilities as a core barrier [4] - Downstream focuses on high-performance data center operators and industry users driving the large-scale adoption of liquid cooling [4]