晨 会 纪 要 [2026]第 31 号 参会人员：曹旭特 仇华 许雯 王攀 蒋栋 轩鹏程 李育文 张智珑 郭怡萍 汪炜 张弛 李正威 邢维洁 马丽明 聂孟依 王雪莹 文正平 周成 整理记录：轩鹏程 研究所今日晨会要点如下: 一、机械行业（轩鹏程） ❑ 机器人：4 家企业亮相 2026 年央视春晚，展示出色运控、协同能力 据财联社，在 2026 年 2 月 16 日举行的央视春晚节目上，宇树科技、魔法原子、松延动 力、银河通用等 4 家企业陆续亮相。其中，松延动力旗下的 Bumi 小布米、N2 以及改造版 E1 等四台人形机器人参与节目，凸显机器人作为"家庭助手"的情绪陪伴价值。宇数科技旗下 的 H2 和 G1 人形机器人则在节目中表演后空翻、侧翻、马步等高难度动作，并在在快速奔跑 中完成穿插变阵和武术动作，展示其优秀的运动性能。魔法原子旗下的 Magic Bot Z1 和 Magic Bot Gen1 人形机器人则在歌唱节目中表演舞蹈动作。银河通用旗下的轮式双臂人形机器人 G1 则在节目中展示叠衣服、递东西、简单烹饪等家庭应用场景。另据券商中国，本届春晚播出 后两小时内，京东机器人搜索量环比增长超 300% ...

2月23日，港交所一开盘，腾讯和阿里的股价向上45度上涨，收盘价较上个交易日收盘分别上涨3.07% 和3.47%，资本市场用真金白银为春节期间两大AI参与方"投票"，也间接对过去一个月大模型密集落地 做出回应。从除夕夜豆包扛住633亿tokens/分钟的流量洪峰、阿里云发布新模型，到春节期间月之暗面 刷新融资纪录、阿里"千问帮我"下单近2亿次，大厂与小厂共同上演了一场没有旁观者的高频次产品竞 赛。 这场战役的焦点，已不再局限于春晚舞台上的机器人表演。除夕前三天，一位互联网平台类企业市场部 人士还在跟从业者打趣，"春晚的红包活动八成会卡，当年就有公司崩过"。3天后，系统零故障的运行 结果证明了AI基建的成熟。 如今，聚光灯已从台前的具身智能转向了幕后深入千家万户的大模型应用。台上是风景，台下是生活。 曾经，活动不卡顿是春晚"秀肌肉"的底线，如今这只是AI基建成熟的起点。当大模型真正"入户"，一场 关于用户习惯与商业闭环的深层较量进入高潮。 开年激战 大模型的牌桌上，不止大厂；春节的较量，也不止3家。 2月15日，也就是除夕前一天，MiniMax上线MiniMax-M2.5-highspeed版本，主打极致推理。 ...

Core Viewpoint - The robot concept sector in the Hong Kong stock market has shown significant growth, driven by the visibility and popularity of robots showcased during the 2026 CCTV Spring Festival Gala, indicating a shift towards commercialization and public acceptance of robotics technology [1][2][3]. Group 1: Market Performance - The robot concept sector (887755.WI) rose by 1.76% on February 23, with notable gains from ASMPT (5.27%) and Huahong Semiconductor (4.83%) [1]. - On February 20, despite a general market decline, robot stocks surged, with Yujian (21.4% increase) and Sutech (9.24% increase) leading the gains [1]. - E-commerce platforms experienced explosive growth in robot product sales, with Douyin reporting a 1680% increase in GMV and a 655% increase in order volume from February 16 to 18 [3]. Group 2: Technological Advancements - The Spring Festival Gala featured advanced robotics, including Utree Technology's G1 and H2 humanoid robots performing complex stunts, showcasing the capabilities of modern robotics [2]. - The event marked a significant step for the industry, indicating a transition from laboratory development to mainstream visibility and application [2]. Group 3: Industry Outlook - Analysts from Guohai Securities highlighted the potential for humanoid robots to create a market space larger than that of automobiles, suggesting a pivotal investment opportunity as the industry evolves [4]. - Dongwu Securities noted that Tesla's Optimus robot is set for large-scale production in 2026, indicating a tightening supply chain and potential growth for leading domestic players like Utree and Zhiyuan [4]. Group 4: Company Highlights - Sutech announced a profit forecast of at least 60 million RMB for Q4 2025, marking its first quarterly profit and signaling a new phase in its business development [3]. - Yujian has initiated mass production of its Atom humanoid robots, indicating a shift towards large-scale application in various scenarios [3]. Group 5: Stock Performance - Notable stocks in the robot sector include: - Tianqi Co. (57.56% increase) for its collaboration with Ubiquity in humanoid robot applications [5]. - Wuzhou New Spring (29.52% increase) for its success in developing domestic harmonic reducers [5]. - Green's Harmonic (26.17% increase) as a core supplier of robotic joint components [5].

Group 1 - A joint statement from foreign ministers of 19 countries, including Qatar, Saudi Arabia, and Egypt, condemns Israel's increased control over the West Bank [2] - Trump criticizes the U.S. Supreme Court's tariff ruling, suggesting it grants him more power to impose strict tariffs on foreign industries, including batteries and telecommunications [2] - The European Parliament's International Trade Committee has decided to suspend the approval process for the EU-U.S. trade agreement [2] Group 2 - U.S. stock markets saw a collective decline, with the Dow Jones down 1.66%, Nasdaq down 1.13%, and S&P 500 down 1.04% [3][5] - Major tech stocks mostly fell, with Microsoft and Netflix dropping over 3%, while Nvidia and Apple saw slight gains [3][5] - The Nasdaq China Golden Dragon Index fell by 0.95%, with mixed performance among popular Chinese stocks [4] Group 3 - Gold prices increased by 2.52%, reaching $5,227.43 per ounce, while silver rose by 4.49% to $88.01 per ounce [5][7] - WTI crude oil futures fell by $0.17, or 0.26%, closing at $66.31 per barrel, while Brent crude oil futures dropped by $0.27, or 0.38%, to $71.49 per barrel [5][7] Group 4 - South Korea's exports reached a historical high of $43.5 billion from February 1 to 20, with semiconductor exports surging by 134.1% [26] - The U.S. Federal Reserve's interest rate decision in March will depend on February labor market data, with a strong data potentially leading to a rate hold [25] Group 5 - The Chinese film box office surpassed 8 billion yuan in 2026, with the Spring Festival box office exceeding 5.4 billion yuan [27] - Morgan Stanley predicts a 130,000-ton copper supply deficit in 2026, with copper prices expected to be $13,500 per ton in Q2 [28]

Core Insights - The performance of humanoid robots has significantly improved from the Spring Festival Gala in 2025 to 2026, showcasing advancements in movement capabilities and intelligence [1] - The rise of robot stocks during the Spring Festival indicates a strong market interest, with companies like UBTECH, Hesai, and Yujian seeing stock price increases [1] - The 2026 Spring Festival Gala will mark a transition from the validation phase to mass production in the humanoid robot industry, driven by rapid technological iterations [1] Industry Developments - The performances of humanoid robots at the Spring Festival included impressive feats such as the first-ever robot Airflare and synchronized speech and facial movements [2] - Various regional Spring Festival Galas also featured robot performances, indicating a growing trend in the entertainment sector [2] - Data from the Spring Festival shows a significant increase in robot-related searches and orders, highlighting consumer interest and market potential [2] Policy and Investment - Recent government initiatives in the Beijing-Tianjin-Hebei region focus on developing key components for humanoid robots, signaling strong institutional support for the industry [3] - The National Development and Reform Commission has outlined plans to support emerging industries, including humanoid robots, through government investment funds [3] Market Trends - Analysts predict that 2026 will be a pivotal year for the robot industry, transitioning from proof of concept to broader market adoption, particularly in industrial and consumer applications [4] - The robot sector is expected to experience significant growth, with companies like UBTECH and Galaxy General leading the way in educational and retail applications [4] - The industry is moving towards a phase of mass production, with various companies preparing for large-scale deployments of humanoid robots [5] Company Highlights - UBTECH has launched an open-source intelligent model, enhancing its position in the industrial humanoid robot market [6] - Horizon Robotics plans to expand into humanoid robots while enhancing its autonomous driving technology [6] - Port Robot has signed a memorandum for collaboration in humanoid robot applications, indicating strategic partnerships in the sector [7] - Yujian has initiated mass production of its humanoid robot ATOM, marking a significant step towards large-scale application [8]

2026年央视春晚，具身智能企业松延动力的所有机器人产品全部亮相，包括在2025年人形机器人半程马 拉松比赛中获得亚军的N2机器人，还有E1机器人、小布米、仿生机器人。松延动力创始人、董事长姜 哲源表示，全球具身智能产业目前都处于初期阶段，"就像马拉松刚跑了十米"。松延动力将以春晚为节 点，为其首款万元级的消费级机器人小布米做好交付准备，公司将首先瞄准家庭场景中的陪伴、教育等 应用需求，未来再逐步拓展新场景，带动订单和交付量增长。（中证报） ...

长假期间，机器人大放异彩：2026年春晚，共有四家机器人企业—宇树科技、魔法原子、银河通用、松 延动力登台，其中宇树科技用武术表演吸引了全球关注。 公司方面，据上市公司互动平台表示， 利亚德：子公司虚拟动点是同时具备数据、服务以及算法能力的企业，已成功助力宇树机器人成功演 绎"云冈舞"-北魏力士舞。 华源控股：间接持有宇树科技小比例股权。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 数据显示，春晚开播两小时，京东机器人搜索量环比增长超300%，客服问询量增长460%，订单量增长 150%，新增订单覆盖全国100多座城市，从一线城市到大小县域均有分布。 东方证券认为，此次春晚机器人表演展现了国产机器人在运控、仿生、交互、精细操作、集群控制等关 键能力领域的进步，明显促进人形机器人销售订单增长以及体验中心、租赁、共享等商业模式的发展， 带动人形机器人产业向展览导购、家庭服务、家庭陪伴等场景服务加速落地。 另一方面，随着宇树等机器人本体公司推进上市进程，预计国内机器人产业链将迎来需求增长及投资扩 张共振，机器人本体及零部件公司均将有望受益。 此外，2月23日，智通财经报道，荣耀 ...

Group 1 - The core viewpoint of the articles highlights the significant advancements in humanoid robots, showcasing their improved motion capabilities and intelligence, particularly through performances at the 2026 Spring Festival Gala, marking a transition from the validation phase to mass production [1][4][5] - The performances featured various domestic robot companies, including Yushun Technology and Songyan Power, demonstrating complex maneuvers and interactions, indicating the growing sophistication of these technologies [2][4] - Data from the Spring Festival Gala indicates a substantial increase in interest and engagement with robotic products, with JD's robot search volume rising over 300% and order volume increasing by 150% within two hours of the broadcast [2] Group 2 - Government policies are increasingly supporting the humanoid robot industry, with initiatives focusing on key components such as high-explosive joints and dexterous hands, which are essential for advancing the technology [3] - Analysts predict that 2026 will be a pivotal year for the robot industry, transitioning from proof of concept to broader market adoption, particularly in both industrial and consumer applications [4][5] - Several companies, including Youbixun and Hesai, are making strides in the humanoid robot sector, with Hesai's laser radar technology being widely adopted in various robotic applications [6][7]

综合IT之家此前报道，魔法原子、宇树科技、松延动力、银河通用等机器人品牌登上春晚，旗下产品在 小品、武术、舞蹈等节目中亮相。 在除夕当晚 10 点，京东也上架了包括"春晚同款"机器人在内的多款机器人。在活动上线几分钟内，包 括魔法原子、宇树科技、松延动力等品牌的机器人即被抢购一空。 2 月 23 日消息，京东数据显示，春节期间（除夕至初五），机器人产品访问用户量同比提升超 4 倍， 搜索"机器人"用户增长 25 倍。在春晚多次亮相的人形机器人用户关注度增幅超百倍，四足、外骨骼机 器人有着数倍的浏览量提升。 此外，AI 关联产品销量同比翻倍增长，其中手机、笔记本电脑、玩具、智能眼镜等更受消费者关注。 ...

Market Performance - During the Chinese New Year holiday from February 15 to February 23, the Hong Kong stock market experienced a volatile performance, with the Hang Seng Index rising by 1.94% and the Hang Seng China Enterprises Index increasing by 1.82% [1][3] - On February 20, the first trading day of the Year of the Horse, the market showed weakness overall, but hard technology stocks surged, with over 40 leading stocks with a market capitalization greater than HKD 3 billion showing significant gains [3][4] Technology Sector Highlights - Leading the gains, Zhiyu Technology saw a remarkable increase of 42.72%, closing at HKD 725, with a market capitalization surpassing HKD 323.2 billion [4] - Other notable performers included Tian Shu Zhi Xin, which rose by 34.40%, and Yue Jiang, which increased by 30.77%, indicating a strong shift of capital from comprehensive platforms to niche technology stocks [4][19] Catalysts for Growth - The 2026 Spring Festival Gala was a significant catalyst for the technology market, showcasing advancements in robotics and AI, which ignited consumer interest and market enthusiasm [6][9] - The performance of AI technologies during the gala, including the application of the Seedance 2.0 model, demonstrated the deep integration of AI in mainstream applications [9][11] AI and Semiconductor Developments - Zhiyu Technology's stock surge was supported by the release of its flagship model GLM-5, which outperformed competitors in benchmark tests and opened new market opportunities [11][12] - The semiconductor sector is experiencing a "super cycle," with memory chip prices soaring by 80%-90% in Q1 2026, driven by unprecedented demand from AI applications [18][19] Robotics and New Energy - The robotics industry is witnessing rapid industrialization, with companies like Yujing and Songyan Power showing significant stock price increases due to advancements in humanoid robots and electric vehicle exports [21][22] - The new energy sector, particularly hydrogen energy, is entering a high-growth phase, supported by accelerated infrastructure development and increasing demand for clean energy solutions [25]