每经记者｜杨煜 每经编辑｜陈柯名 魏官红 宋思艰 抢着上春晚的除了明星，还有机器人。 2月16日除夕夜，魔法原子、银河通用、宇树科技及松延动力等机器人厂商登陆2026年央视春晚，而各地卫视春晚也以机器人参与节目及串场为特色。 当机器人从实验室和工厂车间走向亿万家庭团聚的荧幕中心，其背后交织的是一张由众多上市公司协同编织的生态网络。部分上市公司通过直接或间接股 权投资，早已锚定赛道内的核心玩家，部分上市公司则以核心供应商或战略合作伙伴的身份深度嵌入。 这场春晚"集体秀"能否如2025年宇树科技一般，再次点燃一个产业的新周期？繁华喧嚣的春晚舞台之下，产业真实的温度究竟如何？ 从一线企业的反馈中，我们得以窥见在乐观预期之外更为审慎的现实。多家被市场视为"概念股"的上市公司坦言，相关业务大多仍处于市场开拓、试样或 小批量订单阶段，对当前业绩的贡献尚微。 掘金机器人"春晚秀"背后朋友圈 央视春晚小品《奶奶的最爱》，多台松延动力机器人登场。 这场科技感十足的集体亮相，早已不只是一场单纯的视听表演，更成为资本市场观测具身智能产业脉动的窗口。 关于春晚机器人的多个话题冲上热搜。 春晚"大秀"之后，能否再掀机器人热潮？ 202 ...

抢着上春晚的除了明星，还有机器人。 2月16日除夕夜，魔法原子、银河通用、宇树科技及松延动力等机器人厂商登陆2026年央视春晚，而各 地卫视春晚也以机器人参与节目及串场为特色。 这场科技感十足的集体亮相，早已不只是一场单纯的视听表演，更成为资本市场观测具身智能产业脉动 的窗口。 当机器人从实验室和工厂车间走向亿万家庭团聚的荧幕中心，其背后交织的是一张由众多上市公司协同 编织的生态网络。部分上市公司通过直接或间接股权投资，早已锚定赛道内的核心玩家，部分上市公司 则以核心供应商或战略合作伙伴的身份深度嵌入。 这场春晚"集体秀"能否如2025年宇树科技一般，再次点燃一个产业的新周期？繁华喧嚣的春晚舞台之 下，产业真实的温度究竟如何？ 从一线企业的反馈中，我们得以窥见在乐观预期之外更为审慎的现实。多家被市场视为"概念股"的上市 公司坦言，相关业务大多仍处于市场开拓、试样或小批量订单阶段，对当前业绩的贡献尚微。 攻克具身智能解决方案在工业场景规模化应用落地；同年12月，天奇股份参与银河通用融资，获得后者 不高于0.38%股权。 君逸数码（301172.SZ）同样与银河通用建立"资本+业务"双重纽带，不仅通过产业基金对银 ...

Group 1 - The participation of robotics companies in the 2026 CCTV Spring Festival Gala highlights the growing integration of robotics into everyday life and the capital market's interest in the embodied intelligence industry [1] - Several listed companies have established strategic partnerships or investments in key players within the robotics sector, indicating a collaborative ecosystem [1][3] - Companies like ChipLink Integrated and Summer Precision are actively developing products for humanoid robots, with some already achieving mass production [3][4] Group 2 - Tianqi Co. and Galaxy General have formed a joint venture to promote the application of embodied intelligent robots in industrial manufacturing, particularly in automotive and new energy sectors [4] - Junyi Digital has established a dual relationship with Galaxy General, involving both capital investment and a partnership for market promotion in specific verticals [4] - Companies such as Shicheng Holdings are heavily investing in the robotics sector, supporting multiple core enterprises through various funds [4][5] Group 3 - The 2025 Spring Festival Gala showcased humanoid robots, which previously led to rapid growth in the robotics industry, raising questions about whether this year's event can reignite similar enthusiasm [6] - Companies like Hongchang Technology and Xiaxia Precision express cautious optimism about the market potential for humanoid robots, noting that many are still in the early stages of development and order fulfillment [7][8] - Green Harmonic and Liyade are also exploring opportunities in the embodied intelligence sector, with varying degrees of revenue contribution from these initiatives [9][10]

Investment Highlights - The SW Auto Parts Index increased by 1.69% this week, ranking 3rd among SW Auto sectors, with a year-to-date increase of 4.94% [3][12] - The latest PE (TTM) for SW Auto Parts is at the 85.68% historical percentile, while the PB (LF) is at the 79.62% historical percentile [3][35] - The trading activity in the auto parts sector has shown a gradual increase since February [3][30] Robotics Sector Review - The Wande Robotics Index rose by 2.27% this week, with a year-to-date increase of 2.54%, outperforming the SW Auto Parts sector by 0.58% [4][12] - The latest PE (TTM) for the robotics sector is at the 73.90% percentile for the past year, and the PB (LF) is at the 78.31% percentile [4][46] - The trading heat in the robotics sector is at a low point since 2025 [4][40] Key Company Developments - Sensible Group will establish a joint venture in North America with Green Harmony for robotic joint modules [5] - Top Group forecasts 2025 revenue between 28.75 billion to 30.35 billion yuan, with a net profit of 2.6 billion to 2.9 billion yuan [5] - Feilong Co. increased its investment in Longtai Company by 732 million yuan [5] - New Spring established a wholly-owned subsidiary in Shanghai [5] Top Performers of the Week - The top five gainers this week include: - Precision Forging Technology +28.98% - Sensible Group +17.05% - Naisite +16.22% - Yinlun Co. +7.73% - Changhua Group +7.34% [6][54] Major Events - The release of the world's first warehouse robot Gino 1 by Jizhi Jia [8] - Xiaomi open-sourced its first-generation robot VLA large model [8] - UBTECH and the humanoid robot innovation center launched the full-size research humanoid robot "Tiangong Walker DEX" [8] 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 companies expanding capacity in Europe, North America, and Southeast Asia [9] - For robotics, look for certainty in opportunities, especially with the anticipated release of Optimus V3 in Q1 2026, and monitor the order timeline and application deployment by domestic companies like Xiaopeng, Yuzhu, and Zhiyuan [9] - Recommended stocks based on EPS include: Fuyao Glass, Xingyu Co., Sensible Group, Junsheng Electronics, and Xingyuan Zhuomei, with New Spring as a focus [9] - Recommended stocks based on PE include: Top Group, Junsheng Electronics, Shuanghuan Transmission, Sensible Group, Yinlun Co., and Feilong Co., with a focus on Yapu Co. and Daimai Co. [9]

Core Viewpoint - The article discusses a breakthrough in soft robotics manufacturing through a new technique called Rotational Multi-Material 3D Printing (RM-3DP), which allows for the creation of complex, programmable soft robots with capabilities akin to "72 transformations" [1][2][5]. Group 1: Manufacturing Technique - RM-3DP enables the direct printing of intricate pneumatic networks within soft robots, akin to implanting programmable "blood vessels" and "muscles" [2]. - The technique utilizes a specially designed 3D printing nozzle and two types of inks, including a temperature-sensitive gel that supports structures during printing and can be washed away post-manufacturing to create hollow pneumatic channels [6][7][8]. - The internal channels are designed asymmetrically, allowing for controlled bending and movement when inflated, enhancing the robot's functionality [10][11]. Group 2: Programming Capabilities - The RM-3DP technology allows for dynamic programming of the internal channel's direction, shape, and size during the printing process, enabling unprecedented complexity in soft robot designs [12]. - Various complex deformation patterns can be achieved, such as periodic bending and spiral twisting, demonstrating the method's predictability and reliability [13][15]. - The ability to create localized hinges and patterned actuators further showcases the versatility of the RM-3DP technique in developing soft structures [16][17]. Group 3: Application Demonstrations - The research team successfully printed a soft robotic hand capable of independent finger movements, showcasing the practical application of the RM-3DP method [23]. - The hand was demonstrated to perform a grasping action, highlighting its potential for real-world applications in robotics [25]. - The integration of algorithmic path planning with RM-3DP allows for the rapid transformation of complex biomimetic designs into functional robots, paving the way for future advancements in soft robotics [25].

Investment Rating - The industry investment rating is "Positive" (maintained) [3][6] Core Insights - The report highlights the collaboration between Songyan Power and Chasing Technology as a key event, marking their partnership for the 2026 Spring Festival Gala [1][3] - Songyan Power has signed strategic cooperation agreements with various companies to enhance robot training and operational capabilities, indicating a strong industry network [2][3] - Chasing Technology has established strategic partnerships with multiple firms to advance its smart appliance offerings, showcasing its commitment to innovation and quality [4][3] Summary by Relevant Sections Songyan Power Developments - Songyan Power has entered into a strategic cooperation agreement with Fengyuzhu to integrate high-precision motion capture systems with its robot control technology [2][3] - The company received additional investment from Shoucheng Holdings, amounting to several million RMB, to support its growth [2][3] - Strategic collaborations with companies like Liyade and Shengshi Technology aim to create a comprehensive ecosystem for robot development and market integration [2][3] Chasing Technology Developments - Chasing Technology has partnered with various firms, including Green Harmonics and Hesheng Technology, to enhance product quality and innovation in smart appliances [4][3] - The company is focusing on the development of intelligent cleaning appliances, with significant collaborations aimed at improving product performance and user experience [4][3] - Strategic agreements with companies like HeSai Technology will provide advanced components for Chasing's robotic lawn mowers, further enhancing its market competitiveness [4][3]

Investment Rating - The industry investment rating is "Overweight," indicating an expected outperformance of the industry index relative to the benchmark by more than 5% in the next six months [55]. Core Insights - The automotive parts sector has shown a weekly increase of 1.69%, ranking third among automotive sectors, with a year-to-date increase of 4.94% [2][15]. - The robotics sector has increased by 2.27% this week, with a year-to-date increase of 2.54%, outperforming the automotive parts sector by 0.58% [2][27]. - The latest trading day PE (TTM) for the automotive parts sector is at the 85.68% historical percentile, while the PB (LF) is at the 79.62% historical percentile, indicating a favorable valuation [2][25]. - Key developments include the establishment of a joint venture between Sensata Technologies and Gree's Harmonic in North America, and the release of the Gino 1 warehouse robot by Geekplus [2][36]. Summary by Sections Automotive Parts Weekly Review - The automotive parts sector ranked third in the SW automotive index this week, with a trading volume increase and a positive trend since early February [15][22]. - The sector's PE and PB ratios have risen, indicating improved market sentiment and valuation [25][22]. Robotics Weekly Review - The robotics index has shown a modest increase, with trading activity at a low level compared to previous years [27][33]. - Recent product launches and technological advancements, such as the Gino 1 robot and Xiaomi's open-source robot model, highlight innovation in the sector [36][37]. Core Coverage Stock Tracking - Notable stock movements include Sensata Technologies (+17.05%) and Precision Forging Technology (+28.98%) [42]. - The forecast for Top Group indicates expected revenue of 28.75 to 30.35 billion yuan for 2025, with a projected net profit of 2.6 to 2.9 billion yuan [42][49]. Investment Recommendations - For the automotive parts sector, focus on companies with structural opportunities and those expanding into high-value markets, particularly in Europe, North America, and Southeast Asia [50]. - In the robotics sector, prioritize companies with clear growth trajectories and technological advancements, such as Top Group and Sensata Technologies [50].

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) [2] Core Insights - The report highlights the collaboration of Galaxy General Robotics with various companies, including its designation as the specified embodied large model robot for the 2026 Spring Festival Gala [1][2] - Key partnerships have been established with companies such as Green Harmonics, Junsheng Electronics, and Tianqi Co., focusing on advanced robotics components and solutions [2] - Significant investments have been made in Galaxy General, including a 1.1 billion RMB funding round led by CATL, which enhances strategic development opportunities [2] Summary by Relevant Sections Company Developments - Green Harmonics has achieved international advanced levels in reducer precision through deep collaboration with Galaxy General [2] - Junsheng Electronics has completed the assembly of key robotic components and is supplying customized main control boards and energy management products [2] - Tianqi Co. has formed a joint venture with Galaxy General to focus on the development and application of embodied intelligent solutions in industrial scenarios [2] - Weifu High-Tech has established a partnership to develop dexterous robots and signed a strategic cooperation memorandum with United Automotive [2] - Zhaowei Electromechanical has signed a strategic memorandum with Galaxy General to promote the application of dexterous hand technology [2] - Meihu Co. is a core supplier of essential components for Galaxy General's embodied intelligence [2] - Junpu Intelligent has established a research institute for humanoid robots and is collaborating with Galaxy General on commercial applications [2] - Baida Precision has signed a strategic cooperation agreement to deploy over 1,000 Galaxy General robots in complex industrial scenarios [2] - CATL led a significant funding round for Galaxy General, further opening up strategic collaboration opportunities [2] - Juntai Digital has become a gold partner for market promotion and sales of Galaxy General's robotic products in various vertical fields [2]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the collaboration of Galaxy General Robotics with various companies, including the designation as the official embodied large model robot for the 2026 Spring Festival Gala [1][2] - Key partnerships have been established with companies such as Green Harmonics, Junsheng Electronics, and Tianqi Co., focusing on advanced robotics components and solutions [2] - Significant investments have been made in Galaxy General, including a 1.1 billion RMB funding round led by CATL, which enhances strategic development opportunities [2] Summary by Relevant Sections Company Developments - Green Harmonics has achieved international advanced levels in reducer precision through deep collaboration with Galaxy General [2] - Junsheng Electronics has completed the assembly of key robotic components and is supplying customized main control boards and energy management products [2] - Tianqi Co. has formed a joint venture with Galaxy General to focus on the development and application of embodied intelligent solutions [2] - Weifu High Technology has established a strategic partnership to develop dexterous robots and signed a memorandum with United Automotive for a joint lab [2] - Zhaowei Electromechanical has signed a strategic memorandum to promote the application of dexterous hand technology [2] - Meihu Co. is a core supplier of essential components for Galaxy General's embodied intelligence [2] - Junpu Intelligent has established a research institute for humanoid robots and is collaborating on commercial applications [2] - Baida Precision has signed a strategic cooperation agreement to deploy over 1,000 Galaxy General robots in industrial settings [2] - CATL led a significant funding round for Galaxy General, indicating strong investor confidence [2] - Other companies like Liyade and Chipstar Technology are also collaborating with Galaxy General on advanced robotics technologies [2]