2026年春晚的落幕，不仅留下了全民热议的节目，更完成了一场中国商业版图的年度检阅。当宇树科技 的机器人和小演员同台耍功夫，豆包大模型陪观众生成拜年图，一众新老品牌的花式亮相，早已不是简 单的广告露脸，而成为观察中国经济转型、消费升级与技术革命的最佳窗口。 更有意思的是，今年春晚不再只是国内品牌的秀场，还成了国货出海的"跳板"。不少品牌登上春晚，和 它们加速出海的节奏完美契合。这背后源于春晚转播网络覆盖全球200多个国家和地区，相当于为品牌 做了一次全球曝光，既能触达海外华人，也能让国际市场看到中国品牌的样子。从过去的"中国制造"到 如今的"中国智造"，春晚正成为国货走向世界的一张"超级名片"，让更多中国品牌被全球看见。 今年春晚广告最直观的变化，莫过于白酒的"降温"和硬科技的"升温"。曾经扎堆春晚的白酒品牌，从9 家减少到4家。而硬科技企业则抢了传统消费品牌的风头，成了春晚的"新金主"。火山引擎扛AI云技 术，顶住了极端场景下的高发用户压力，让大家看到中国AI技术的硬实力；豆包把大模型揉进春节民 俗相关的全民互动里，让原本高冷的技术一下子变得接地气；还有宇树科技、银河通用等机器人企业组 团登台参与节目，分明 ...

Group 1: Macro Insights - The report discusses how AI deflation and balance sheet reduction could reshape asset pricing logic, emphasizing the uncertainty surrounding the Federal Reserve's future policy direction [1][6][7] - It highlights the potential impact of reducing the Fed's balance sheet on dollar asset prices and the importance of maintaining central bank independence [1][6][7] Group 2: Company Analysis - Huahong Semiconductor (688347.SH) - Huahong is projected to achieve revenues of 183.83 billion, 246.57 billion, and 284.07 billion CNY for 2025-2027, with net profits of 6.74 billion, 7.78 billion, and 11.29 billion CNY respectively [2][12] - The company is positioned as a leader in mature process semiconductor manufacturing, benefiting from the global semiconductor industry's recovery [12][13] - Huahong's expansion plans include the ramp-up of FAB9 and the integration of FAB5, which is expected to enhance future growth potential [12][14] Group 3: Company Analysis - Valiant Bio (9887.HK) - Valiant Bio focuses on three core technology platforms targeting oncology and autoimmune diseases, with significant clinical trials underway [3][16] - Revenue forecasts for 2025-2027 are 175.0 million, 196.0 million, and 200.8 million HKD, with a projected increase in profitability as clinical data catalysts emerge [3][16][17] Group 4: Company Analysis - Ningbo Huaxiang (002048.SZ) - Ningbo Huaxiang is expected to see net profits of 5.19 billion, 16.10 billion, and 17.56 billion CNY from 2025 to 2027, with a target market value of 402.39 billion CNY by 2026 [4][18] - The company is expanding into the humanoid robot sector and is anticipated to improve profitability following the divestment of European assets [18][19] Group 5: Industry Insights - Hotel and Catering - The report indicates a significant increase in travel and service consumption during the 2026 Spring Festival, with domestic tourism expected to reach 520 million trips, a 3.8% increase year-on-year [25][26] - The catering sector is benefiting from increased customer flow, particularly in first-tier cities, with notable growth in restaurant bookings and sales during the holiday period [26][27] Group 6: Industry Insights - Gas Turbine - The gas turbine industry is experiencing robust demand, with Siemens Energy reporting record order volumes and plans to increase production capacity significantly by 2027 [29][30][31] - Major companies like GE and Mitsubishi Heavy Industries are also reporting substantial order growth, indicating a strong market outlook for gas turbines [30][31][32] Group 7: Industry Insights - Tooling Industry - The report highlights a rapid increase in tungsten carbide prices, benefiting leading domestic tooling companies amid supply constraints and rising demand in high-value sectors [35][36][37] - The Chinese government's export controls on tungsten resources are expected to further enhance the competitive position of domestic tooling manufacturers [35][37]

截至2026年2月24日 09:33，机器人ETF(159770)成交1.41亿元。跟踪的中证机器人指数(H30590)上涨0.77%，成分股华昌达上涨3.57%，大族激光上涨 3.23%，拓邦股份上涨2.90%，晶品特装上涨2.61%，科沃斯上涨2.53%。 2026年春晚舞台迎来国产机器人集群亮相，宇树科技、银河通用、松延动力、魔法原子等多家企业集中登场，机器人参与舞蹈、武术、小品、微电影等 多类节目，成为本届春晚科技亮点。本次机器人企业组团登台，覆盖足式、人形、具身智能等多类产品形态，展现国内机器人产业技术落地与商业化提 速，相关板块关注度显著提升。 京东数据显示，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"的用户同比增长25倍。同时，春节期间机器人租赁需求也大幅增 长，机器人租赁平台擎天租预计春节期间订单量将突破5000单。 随着机器人技术的进步，机器人企业积极拓展商演、教育、零售等应用场景，预计2026年将迎来订单量与交付规模的增长。 截至2月13日，机器人ETF(159770)最新规模达103.71亿元，最新份额达92.65亿份，均创近1月新高。资金流入方面，机器人ETF(159 ...

银河证券研报称，人形机器人是2026年央视马年春晚核心亮点，宇树科技、银河通用、松延动力、魔法 原子四家机器人公司亮相，其中最具代表性的为宇树科技带来的第4个节目——武术《武BOT》。银河 证券认为，具身机器人行业未来市场空间广大，产业链进展不断，海内外共振向上。海外看特斯拉量产 节奏，国产链关注核心龙头上市进展及应用场景落地标的。 ...

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% ...

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].

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]

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。 ...