证券研究报告 机械设备 行业点评报告 hyzqdatemark 2026 年 03 月 04 日 证券分析师 赵梦妮 SAC：S1350525050005 zhaomengni@huayuanstock.com 联系人 板块表现： 机器人升级登春晚，产业迈入"1-10"阶段 投资评级： 看好（维持） ——2026 年春节人形机器人行业动态点评 投资要点： 风险提示：人形机器人进展不及预期；竞争恶化风险；销售不及预期风险；行业政 策风险。 请务必仔细阅读正文之后的评级说明和重要声明 1.机器人出圈马年春晚，从表演到干活样样通 机器人出圈马年春晚，从表演到干活样样通。①宇树科技表演了后空翻、双截棍等 高难度武术并"踏云飞行"；②银河通用展示了盘核桃、叠衣服等智能自主的精细 微操；③魔法原子完成了伴舞及"起面到送餐"的服务闭环；④松延动力参演小品 展示互动能力，并以仿生机器人呈现了高度逼真的拟人状态。 从舞台出圈到商业带动，机器人正经历全面升级。订单增长：马年春晚开播两小时， 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%。 出货指引：2026 年宇树科技目标出货量 1-2 万 ...

以下文章来源于快鲤鱼 ，作者小龙 快鲤鱼 . 创业邦旗下AGI矩阵号，寻找海内外创新性的AGI高成长公司，记录AGI商业领袖的成长轨迹。 作者丨小龙 编辑丨关雎 图源丨银河通用 马年伊始，创投圈被一笔巨额融资彻底点燃。 今日（3月2日），银河通用机器人宣布完成25亿元新一轮融资，投资方阵容堪称"豪华天团"——国 家人工智能产业基金（国家大基金三期）、中国石化、中信集团、中国银行、上汽集团金控、中芯聚 源、亦庄国投等顶级产业资本和国资平台齐聚，多家老股东继续追加投资 。 令人惊叹的是，这距离上一轮融资仅仅过去了两个月。"他们前后只用了不到两个月，属于超额融 资。"有接近人士透露，春晚后更是迎来多家投资人排队。至此，银河通用累计融资额稳居中国具身 智能领域首位，估值继续领跑人形机器人行业。 （作为创业邦持续关注的企业，银河通用成功登上 2024创业邦100未来独角兽榜单 。） 这不仅是开年的最大手笔，更是 国家大基金首次出手投资具身智能赛道 ，信号意义不言而喻。在马 年伊始的机器人融资热潮中 ， 千寻智能、智平方等纷纷迈入百亿估值梯队 ， 银河通用依然凭借这 轮25亿的融资，将自己与其他玩家区分开来。 " 本轮引 ...

（来源：中国妇女网） 在各地景区"上班"的机器人更是多才多艺：写福字、画糖人、奏乐器、跳热舞，指法精准，力度收放自如。传统 年俗，因它们的参与充满了创新味儿。 今年春节，机器人"打工"的场景能够大幅拓展，得益于我国新质生产力的飞速发展。去年春晚，扭秧歌的机器人 变队形还是靠"小步慢走"，今年它们已经能在快速奔跑中完成穿插变阵和武术动作。这种高动态、高协同的集群 控制技术，在全球是首次亮相。再拿春晚和沈腾马丽搭戏的机器人"盖博特"来说，它能盘核桃、穿烤肠，全靠一 双高度集成的灵巧手：30多个微型电机协同工作，完成22个自由度的精细抓取；它搭载的具身大模型，让它看得 懂环境、听得懂指令、能够自主高效完成工作。目前，我国人形机器人已经能够"站得住、走得稳、跑得快"，正 加速从"舞台上动起来""赛场上跑起来"向"家庭里用起来""工厂里干起来"转变。 今年春节，我们看到机器人"打工"的身影越来越多，离不开相关产业链的日渐成熟。2025年我国整机企业数量超 140家，发布人形机器人产品超330款，头部厂商出货量超过5000台。业界普遍认为，2025年是人形机器人量产元 年。产量增加，伴随"共享租赁+平台化调度"模式的推广 ...

Core Viewpoint - The rapid advancement of humanoid robot technology in China was showcased during the Spring Festival Gala, highlighting significant innovations and capabilities that have surpassed previous expectations [1][5][10]. Company Highlights - Yushutech presented their humanoid robots G1 and H2, performing complex martial arts moves, including the world's first continuous table-flipping parkour and multiple air flips, after extensive training on a simulation platform [3][10]. - Songyan Power collaborated with celebrity Cai Ming to create a skit featuring a robot, which required over 300 iterations of algorithms and 21 versions of dance training to enhance interaction and expression [3][10]. - Magic Atom's MagicBot Z1 executed a 360° stunt during the opening performance, marking it as the first humanoid robot to achieve this feat within its size category [3][10]. - Galaxy General's Galbot G1 demonstrated practical skills by performing tasks like cleaning up broken cups and handling food, showcasing its autonomous decision-making capabilities [3][10]. Industry Trends - International media attention has surged, with reports indicating that by 2025, approximately 13,000 humanoid robots will be shipped globally, with 90% expected to come from Chinese companies [5][7]. - Morgan Stanley predicts that humanoid robot sales in China will double by 2026, reaching 28,000 units, indicating a strong growth trajectory [5][7]. - The number of humanoid robot companies in China has exceeded 140, supported by a robust supply chain and a rich talent pool, facilitating large-scale production and application in various sectors [7][8]. - China's humanoid robot industry is becoming a market leader, driven by cost efficiency and production capabilities, with government support and a strong technical workforce fostering innovation [8][10].

Core Insights - The 2026 Spring Festival Gala showcased a remarkable performance featuring humanoid robots, highlighting advancements in China's robotics industry and the integration of technology, art, and culture [1][2] Group 1: Performance Highlights - Four leading humanoid robot companies—Songyan Power, Galaxy General, Yushu Technology, and Magic Atom—collaborated to present distinct performances, showcasing their unique technological strengths and the diverse development paths of domestic humanoid robots [2][12] - Songyan Power demonstrated high dynamic motion control with continuous jumps and flips, while Galaxy General showcased the Galbot G1 robot in a new retail scenario, emphasizing the advantages of large embodied models [2][11] Group 2: Technical Preparation - The preparation for the performance was extensive, with Songyan Power creating a 1:1 stage environment for rigorous training, ensuring precision in movements and system reliability [11] - Galaxy General utilized a strong model generalization capability to adapt to complex stage lighting and accurately grasp various objects, with nearly two months spent on rehearsals and adjustments [11] Group 3: Industry Implications - The Spring Festival Gala is viewed as a critical platform for demonstrating the maturity and reliability of humanoid robot technologies, with 2026 expected to be a pivotal year for large-scale applications [12][13] - Songyan Power's robots are being integrated into educational settings, while Galaxy General is expanding its humanoid robot solutions in retail and logistics, indicating a shift from performance to practical applications [12][13] - The collaboration of these companies reflects China's diverse technological routes and rapid iteration capabilities in the humanoid robotics sector, moving from imitation to innovation in key areas [13]

Core Viewpoint - The 2026 CCTV Spring Festival Gala, set to air on February 16, is highlighted as the most technologically advanced in its 43-year history, integrating AI, robotics, and smart hardware into its performances [1] Group 1: Event Overview - The gala has completed all rehearsals and features a variety of programs including song and dance, skits, and technology-driven creative content, emphasizing the fusion of culture and cutting-edge technology [1] - Programs like "Intelligent Manufacturing of the Future" showcase the upgrade from "Made in China" to "Intelligent Manufacturing in China" [1] Group 2: Sponsorship and Industry Trends - The sponsorship structure indicates a clear shift towards hard technology, with companies such as Chasing, MOVA, Magic Atom, Galaxy General, Songyan Power, Yushu, Shouqu, and Jixun prominently featured, covering sectors like smart ecosystems, robotics, embodied large models, and intelligent mobility [1] - Chasing Technology, as the strategic partner for intelligent technology at the gala, presents a comprehensive high-end smart ecosystem that includes smart mobility, home appliances, cleaning, audio-visual, and personal care, deeply integrating with the gala's programs to showcase future intelligent lifestyles to millions of families [1] Group 3: Industry Implications - The presence of hard technology companies at the gala signifies a national platform's formal tilt towards new productive forces, the robotics industry, and intelligent consumption, marking an important signal for the rise of Chinese technology brands on the global stage [1]

【#今年春晚机器人表演或很不一样#】近日，中央广播电视总台官宣，银河通用机器人正式成为2026 年春节联欢晚会指定具身大模型机器人，将参与春晚相关内容呈现。 公开资料显示，银河通用机器人是一家专注于具身大模型（机器人大脑）研发与应用的人形机器人企 业，强调机器人"真智能，真干活"，在复杂真实环境中实现自主作业能力。目前，其机器人已在宁德时 代（300750）、德国博世等国内外头部制造企业的工厂场景中实现真实落地应用，并进入实际生产体系 运行。#银河通用机器人真智能# 据中央广电总台发文称，此次春晚与银河通用机器人的合作，是智能科技与国家级盛典的深度融合，也 是创新企业与时代舞台的共鸣交响。 ...

今年的春晚，说不定啊要成为机器人行业的"年度产品发布会"了。 就在这几天，宇树科技、魔法原子、银河通用这几家中国顶尖的机器人公司，就像约好了一样，接连放 话要上2026年的春晚。 你可能会问：这些搞硬核科技的公司，为啥要花这么大心思，来抢一个文艺晚会的"出道位"呢？这背后 可不是简单地上个电视、露个脸那么简单。今天，我们就来聊聊"机器人"们为啥争着上春晚出道。 咱们先从一个老朋友说起——宇树科技。这家公司可是春晚的"三朝元老"了。早在2021年牛年春晚，他 们的机器牛"犇犇"就亮过相。去年更猛，他们的H1人形机器人在张艺谋导演的节目《秧BOT》里，穿 着花棉袄扭秧歌，直接火出圈！ 而今年另外两位新"选手"，来头也不小。 魔法原子，这家公司2024年1月才成立，由前小米"铁蛋"机器狗核心团队创立，妥妥的行业新贵，产品 线从四足机器狗到人形机器人都有。 银河通用，他们主攻的是"具身大模型"，即专注为机器人打造一个能理解世界、自主决策的AI大脑。 2023年才成立，但融资速度像坐火箭，估值已经冲到了30亿美元。 那么问题来了：这些科技公司为啥非要上春晚呢？ 在科技圈，能登上国家级最高规格的舞台，对于正在激烈竞争、急 ...

Core Viewpoint - The participation of humanoid robot companies in the Spring Festival Gala signifies the arrival of the robot era, with significant implications for brand recognition and market expectations in the investment landscape [1][8]. Group 1: Industry Trends - The Spring Festival Gala has evolved into a major platform for robot companies to showcase their technologies and products, acting as a pre-IPO "super roadshow" [2][6]. - The collective appearance of these companies indicates a growing maturity in robot technology and a diversification of narratives, as each company aims to tell its unique story [2][3]. Group 2: Company Highlights - Magic Atom, a newcomer in the robot lineup, positions its humanoid robots as "warm life partners" and emphasizes the integration of technology and humanity [3][4]. - Galaxy General focuses on showcasing its "embodied large model" technology, highlighting the robots' decision-making capabilities and real-world applications, moving beyond basic performances [4][5]. - Yushu Technology, a veteran of the Spring Festival Gala, aims to further demonstrate its capabilities in motion control and large-scale manufacturing, with over 5,500 humanoid robots shipped by 2025 [5][10]. Group 3: Capital Market Implications - The participation of these companies in the Spring Festival Gala is expected to catalyze interest in related stocks in both primary and secondary markets, similar to the previous year's impact from Yushu's performance [9][10]. - Yushu has completed 10 rounds of financing, with a valuation reaching 12 billion yuan, positioning it as a potential leader in the humanoid robot sector [10][11]. - Galaxy General has raised over $300 million in its latest funding round, with a valuation exceeding $3 billion, indicating strong investor confidence [10][11]. - Magic Atom has completed two rounds of financing, with a current valuation of approximately 3.5 billion yuan, and is accelerating its IPO process [11].

说到机器人，很多人的第一印象大概就是2025年春晚舞台上转手绢的宇树机器人了。 谁在争夺春晚的流量放大器？ 今年春晚，值得我们期待的是，不光亮相的机器人企业数量会增多，玩法也将会从单纯的跳舞转变为"智能交互"上。 以目前官宣的银河通用机器人为例，据介绍，将重点展示在复杂场景中的自主决策能力与高效协作水平，这意味着观众将看到的不是预设程序的重复动 作，而是具备环境感知、即时反应与"温暖服务"体验的智能体。 追觅科技也会着重展示互动与感知能力。据悉，追觅科技旗下品牌首驱，具备环境感知、自主决策与精准执行能力的智能出行机器人，将作为科技元素亮 相舞台。 春晚是品牌的放大器，这点不需要多说，但对机器人这个行业来说，选择春晚，背后透露出的，是整个赛道的野心与焦虑——首先，他们期待能复刻宇树 科技的现象级破圈。 宇树的爆红，让广大普通民众通过屏幕直观感受到了机器人的存在。此后王兴兴更是出现在座谈会，和马化腾、任正非等大佬同为座上客，成为抢眼的科 技新贵。这种"被看见"的价值直接转化为市场应用价值。 不过相比起去年宇树的一枝独秀，今年春晚的机器人含量会更高。 目前，已有魔法原子、银河通用、宇树科技、追觅四家具身智能相关企业 ...