全球 HALO 交易： "两会"窗口如何攻守兼备？ 证券研究报告/策略定期报告 2026 年 03 月 01 日 分析师：徐驰 执业证书编号：S0740519080003 Email：xuchi@zts.com.cn 分析师：张文宇 请务必阅读正文之后的重要声明部分 相关报告 本周科技与资源的双线行情，本质上是同一套市场逻辑的"一体两面"——前者对应 "AI 带动算力与电力需求扩张、国产替代加速"的产业景气逻辑，后者对应"PPI 回 升、反内卷政策落地、全球资源再定价"的周期修复逻辑。 2、《担保比例提至高位，资金调仓 3、《春节后科技主线行情或将如何 1）资源品方面，美伊局势升温推动国际油价假期累涨逾 5%，叠加国内 PPI 环比持续 回升与供给侧"反内卷"政策效果显现，两者共振全球资金向重资产方向切换，钢铁、 有色、稀土、基础化工等板块形成共振。2）科技方面，算力硬件与存储是本周真正 主线：SK 海力士披露 DRAM 与 NAND 库存仅剩约 4 周，全年涨价预期进一步强化， 国产存储替代逻辑同步升温；AI 应用与大模型概念则因缺乏业绩兑现支撑而明显回 撤，科技板块内部呈现"硬件强、应用弱"的结构性分化。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Insights - The company is a leading supplier of high-performance rare earth permanent magnetic materials, with a diversified production base and a focus on the new energy and energy-saving sectors [5][17] - The company has seen stable revenue growth since 2025, with significant recovery in performance and improved profitability [6][25] - Demand in the new energy and energy-saving sectors continues to grow, solidifying the company's leading position [7][42] - The company is strategically focusing on humanoid robot magnetic components, which are expected to become a new growth point [8][9] - The overall performance is expected to remain positive due to full capacity utilization and the release of new capacity, alongside a recovery in rare earth raw material prices [10] Company Overview - The company integrates R&D, production, and sales of high-performance NdFeB permanent magnetic materials and has established multiple production bases in Ganzhou, Baotou, and Ningbo [5][17] - The main products are widely used in electric vehicles, energy-saving variable frequency air conditioners, wind power generation, and industrial servo motors [5][21] Financial Performance - In 2025, the company achieved revenue of 5.373 billion yuan, a year-on-year increase of 7.16%, and a net profit of 515 million yuan, a significant increase of 161.81% [6][26] - The gross margin for the first three quarters of 2025 was 19.49%, up 9.46 percentage points year-on-year, while the net margin was 9.76%, up 5.76 percentage points year-on-year [6][32] Market Demand - The company experienced rapid sales growth in the new energy and energy-saving sectors, with sales revenue from electric vehicles and components reaching 2.615 billion yuan, a year-on-year increase of 23.46% [42] - The global electric vehicle market is expected to continue growing, with significant contributions from China [43][50] Strategic Initiatives - The company is actively expanding into humanoid robot magnetic components, with early-stage product deliveries already made [8][9] - The company has established long-term strategic partnerships with major rare earth suppliers, ensuring stable raw material supply [65] Future Projections - Revenue forecasts for 2025-2027 are 9.268 billion yuan, 10.158 billion yuan, and 12.658 billion yuan, with corresponding growth rates of 37.03%, 9.61%, and 24.61% [10][12]

Investment Rating - The report indicates a positive investment outlook for the robotics industry, highlighting significant advancements and market opportunities in the sector [4]. Core Insights - The robotics sector is experiencing accelerated growth, with notable recognition from international leaders, such as the German Chancellor's visit to Yushutech, which underscores the global appreciation for Chinese robotics technology [2][34]. - Yushutech has launched the new quadruped robot Unitree As2, boasting performance metrics that are double those of its predecessor, the Go2, indicating substantial technological advancements [32]. - The collaboration between Zhiyuan and Minshi Group marks a strategic entry into the German market, showcasing a comprehensive product matrix of embodied intelligent robots [3][23]. Summary by Sections Industry Dynamics - The robotics industry is shifting from policy guidance to commercial implementation, fostering long-term development in embodied intelligence [10]. - Key partnerships and strategic investments are being formed, such as the collaboration between the Hubei Institute of Metrology and the Hubei Humanoid Robot Innovation Center to establish a quality technology innovation center [9][10]. Main Body - Yushutech's performance at the CCTV Spring Festival Gala has garnered significant attention, with the company showcasing advanced robotic capabilities [28][29]. - Zhiyuan's entry into the German market is a pivotal step in expanding its global footprint, supported by a strategic partnership with Minshi Group [3][23]. Core Components - The report highlights the increasing capital investment in robotics, with companies like Zhongke Fifth Epoch receiving substantial funding, reflecting strong market confidence in their technological pathways [3][4]. - Major automotive players, such as Hyundai and NIO, are making significant investments in AI and robotics, indicating a robust trend towards integrating these technologies into their operations [5][11]. Investment Recommendations - The year 2026 is projected to be a critical milestone for humanoid robots, with expectations for mass production and significant market penetration [4]. - Investors are advised to focus on five key areas: the convergence of Tesla's supply chain, technological advancements, opportunities in overseas supply chains, domestic application opportunities, and long-term stable investment targets [4].

Group 1: HALO Model Insights - HALO is a unified VLA model that enhances embodied multimodal reasoning, achieving an average success rate of 80.5% on the RoboTwin2.0 benchmark, surpassing the baseline model pi0 by 34.1 percentage points[2] Group 2: QuantVLA Deployment - QuantVLA introduces a quantization framework for VLA models, reducing model weight to 4 bits and activation to 8 bits, resulting in approximately 70% memory savings for lightweight deployment on resource-constrained robotic platforms[3] Group 3: VLA-Perf Analysis - VLA-Perf is an analysis framework that predicts inference latency and throughput for any VLA model, providing 15 actionable insights for optimizing model design, hardware selection, deployment methods, and network environments[4] Group 4: RL-Co Training Framework - RL-Co is a reinforcement learning-based framework that enables virtual and real data co-training, addressing the high cost of real data and enhancing performance in real scenarios, thus facilitating low-cost scalable training for VLA models[5] Group 5: Risk Considerations - The report highlights risks including potential delays in technology development, suboptimal technology transfer, and challenges in commercial application[6]

Core Viewpoint - The article discusses the recent investment by Ge Weidong in Qianxun Intelligent, raising questions about whether this investment can replicate the "billion-dollar myth" seen in the semiconductor industry [5][7]. Group 1: Investment Details - Qianxun Intelligent has completed two rounds of financing totaling nearly 2 billion yuan, with Ge Weidong's Chaos Investment participating alongside other notable investors [2][4]. - Ge Weidong has a history of successful investments in the semiconductor sector, having invested in nearly 10 chip companies, including Muxi Co., Ltd. and others, with significant returns [5][6]. - The total investment in Muxi Co., Ltd. by Ge Weidong exceeded 1.4 billion yuan, resulting in a 14-fold return upon the company's IPO [6]. Group 2: Market Position and Valuation - Following the recent financing, Qianxun Intelligent's valuation has surpassed 10 billion yuan, placing it among the "billion-dollar club" in the embodied intelligence sector [9]. - The article highlights that Qianxun Intelligent is one of the most capital-attractive unicorns in the sector, having raised over 3.1 billion yuan in the past year [11][12]. Group 3: Industry Trends - The article notes a surge in financing within the embodied intelligence sector, with over 15 billion yuan raised in the last three months alone, indicating a strong investor interest [13]. - New unicorns in the sector, including Qianxun Intelligent and Zhihui Square, have emerged, reflecting a competitive landscape where capital is increasingly concentrated among leading firms [13]. Group 4: Strategic Insights - The timing of financing announcements around the Chinese New Year is seen as a strategic move to signal strength and attract further investment [15]. - The focus of new entrants in the sector is shifting towards enhancing the "brain" of robots, emphasizing adaptability and generalization capabilities in real-world scenarios [16][17]. Group 5: Capital and Commercialization - The involvement of industrial capital in new unicorns is prevalent, with major players like Ningde Times and TCL backing Qianxun Intelligent, alleviating concerns about technology implementation [19]. - The rapid commercialization of these companies, from prototype development to factory testing, has occurred in less than two years, showcasing their agility in the market [19].

Group 1 - In February 2026, Li Auto delivered 26,421 vehicles, a 4.5% decrease from January 2026's 27,668 deliveries, and a 0.6% increase compared to February 2025's 26,263 deliveries, indicating stagnation in year-over-year growth [1] - For the full year of 2025, Li Auto's total deliveries were 406,300 vehicles, representing an 18.8% decline year-over-year, and only achieving 58.05% of its initial target of 700,000 vehicles [1] - Li Auto's cumulative delivery as of December 31, 2025, reached 1,540,215 vehicles, making it the first new force brand in China to surpass the 1.5 million delivery milestone [1] Group 2 - In 2025, NIO and Xpeng reported significant sales growth, with NIO delivering 326,000 vehicles (up 46.9%) and Xpeng delivering 429,400 vehicles (up 125.94%), while Li Auto was the only company among the "new forces" to experience a decline in sales [2] - Li Auto's Q3 2025 revenue was 27.4 billion yuan, down from 42.87 billion yuan in the same period last year, with a gross profit of 4.5 billion yuan, a 51.6% decrease year-over-year [2] - The net loss for Li Auto in Q3 2025 was 624.4 million yuan, contrasting with net profits of 2.8 billion yuan in Q3 2024 and 1.1 billion yuan in Q2 2025 [2] Group 3 - Li Auto's OTA 8.3 system was officially launched before the Spring Festival, enhancing user experience with three core systems: VLA driver model, smart cockpit, and smart electric systems [3] - The new generation of Li Auto L9 and its ultimate version, Li Auto L9 Livis, are set to launch in Q2 2026, aiming to redefine flagship SUV products in the era of intelligent vehicles [3] - As of February 28, 2026, Li Auto has established 539 retail centers and 548 service centers across 223 cities, with 4,054 charging stations and 22,447 charging piles in operation nationwide [3]

Core Viewpoint - The article emphasizes the importance of advanced technology companies in redefining modern life and driving economic growth, particularly in the fields of AI, robotics, and smart ecosystems [8][14]. Group 1: Company Profiles - **Chasing Technology**: Founded in 2017, it focuses on high-speed digital motors, intelligent algorithms, and motion control technology. The company has applied for over 8,000 patents and received more than 3,000 authorized patents by December 2025, establishing itself as a global leader in the smart cleaning sector [4][19]. - **Magic Atom**: Established in 2024, it is one of the few companies in China with full-stack self-research capabilities for humanoid robots, boasting a hardware self-research rate exceeding 90%. The company emphasizes commercial viability and has initiated the "Thousand Scenes Co-Creation Plan" to refine robots in real-world settings [5][20]. - **Monkey Robotics**: Founded in 2015, it serves as a core component supplier in the smart manufacturing sector. The company develops key technologies such as machine vision and direct-drive motors, aiming to create a comprehensive ecosystem for embodied intelligence through a one-stop ODM service [7][21]. Group 2: Industry Trends and Events - **2026 Trends**: The article highlights the upcoming trends for 2026, focusing on AI-driven smart driving and robotics as key areas for economic growth. It suggests that companies must adapt to these trends to succeed in the evolving market landscape [8][14]. - **Investment Opportunities**: The closed-door investment research meeting will explore the transition of AI from virtual to physical realities, presenting trillion-dollar market opportunities. Key topics include service robots, core components for humanoid robots, and investment logic in the robotics industry [9][18].

Core Insights - The robot rental market experienced significant growth at the beginning of 2026, with the platform "Qingtian Rental" reporting over 1,000 orders during the Spring Festival and an expected total of over 5,000 orders, representing an 80% month-on-month growth [2][4]. Group 1: Market Dynamics - The rental of robots is not a new concept, but the current surge in the robot rental market is notable, with rental prices for humanoid robots previously reaching over 10,000 to 20,000 yuan per day, now reduced to 3,000 to 6,000 yuan [6][10]. - The market has seen a completion of education, leading to increased participation, with over 16,000 individuals signing up for the city partner strategy, including event planners and individual investors [3][8]. - The demand for robot rentals is diversifying, with 30% of Spring Festival orders coming from new users, indicating a shift from corporate clients to individual consumers [11][12]. Group 2: Platform Development - The emergence of "Qingtian Rental" is seen as a necessary platformization of the previously fragmented robot rental market, which lacked transparency and standardization [19][22]. - The platform currently has over 3,000 robots available for dispatch across more than 100 cities, with over 200 suppliers, streamlining the rental process for users [25][26]. - The city partner strategy is designed to empower local partners without charging franchise fees, focusing on co-building a network that supports local fulfillment [26][30]. Group 3: Future Outlook - The robot rental market is projected to grow significantly, with estimates suggesting it could reach 100 billion yuan by 2026, driven by increased production capacity and a growing user base [10][11]. - The industry is expected to evolve as technology advances, with the potential for robots to transition from entertainment to practical applications in various sectors [35][39]. - The current rental model serves as a precursor to broader commercialization of humanoid robots, with the expectation that as capabilities improve, demand will surge [41][42].

Core Viewpoint - The integration of embodied intelligence and brain-machine interfaces is entering a historic strategic window, driven by supportive policies and significant collaborations in the industry [1]. Policy and Industry Context - In January 2026, a joint policy by eight departments, including the Ministry of Industry and Information Technology, was released to accelerate the industrialization and commercialization of brain-machine interfaces and embodied intelligence products [1]. - The policy emphasizes innovation in embodied intelligence products and the establishment of humanoid robot pilot bases to facilitate the transition from laboratory to production line [1]. - In February 2026, the Ministry further highlighted brain-machine interfaces and embodied intelligence as key disruptive technologies alongside 6G and quantum technology, signaling a national push for breakthroughs [1]. Company Collaboration - On February 28, 2026, Strong Brain Technology signed a strategic cooperation agreement with the Hong Kong University Shanghai Intelligent Computing Research Institute, marking a new phase in their collaboration in the field of brain-machine interface and embodied intelligence [1][3]. - The signing ceremony was attended by key figures from both organizations, indicating a strong commitment to this partnership [3]. Technological Innovations - Strong Brain Technology focuses on non-invasive brain-machine interfaces and human-machine integration, with proprietary technologies in neural signal acquisition and thought control [5]. - The company has developed a dexterous hand, Revo 2, weighing 383 grams with a load capacity of 20 kilograms and a precision of 0.1mm, achieving a grip-to-weight ratio of 52:1, setting a new industry standard [5]. - The company emphasizes the importance of stability and precision in embodied intelligence, highlighting the iterative process of learning from failures to enhance system performance [6]. Research and Development Focus - Strong Brain Technology and the Hong Kong University will collaborate on three main research areas: platform co-development, multimodal data integration, and task evaluation systems [6]. - The goal is to create a humanoid robot experimental platform that adapts to high degrees of freedom dexterous hands and to establish a comprehensive data loop covering brain signals, visual information, and tactile feedback [6]. Future Outlook - The partnership aims to leverage the strengths of both organizations to facilitate the transition from fundamental research to industrial applications, particularly in smart manufacturing and medical rehabilitation [13]. - Strong Brain Technology anticipates that the collaborative efforts will enable the widespread application of "brain-eye-hand" technologies, benefiting various sectors [13].

Investment Rating - The report assigns an "Overweight" rating to the robotics industry [27]. Core Insights - The latest embodiment intelligence model, Pi 06, has significantly improved robustness, with the number of domestic humanoid startups valued at over 10 billion increasing to six [2][4]. - Pi 06 achieved a 92% autonomous operation rate in laundry tasks and a packaging efficiency of 165 items per hour [4][6]. - Nvidia's DreamDojo model has addressed the bottleneck of insufficient operational training data for robots by utilizing a large dataset of 44,000 hours of first-person human video [4][6]. - Major financing events include AI² Robotics raising over 10 billion RMB, Qianxun Intelligent completing nearly 2 billion RMB in two rounds, and Yinshi Robotics securing several hundred million RMB [4][26]. Summary by Sections Industry News and Company Dynamics - Physical Intelligence's Pi 06 model demonstrated a 92% autonomous operation rate in a laundry setting and a packaging efficiency of 165 items per hour [6]. - Nvidia's DreamDojo model has created a comprehensive robot world model, bridging the embodiment gap through large-scale human video pre-training [6]. - Domestic companies like Yinshi Robotics and AI² Robotics are making significant strides in funding and technology development [6][26]. Investment Recommendations - Focus on robotics manufacturers and core component suppliers, including: 1. Actuators and motors: Recommended companies include Zhao Wei Electric and related firms like Weichuang Electric and Buke Co [27]. 2. Reducers: Key players include Lide Harmony and Blue Dai Technology [27]. 3. Screw components: Recommended company is Hengli Hydraulic [27]. 4. Equipment: Recommended company is Tsunami Machine Tool China [27]. 5. Sensors: Recommended companies include Anpeilong and Hanwei Technology [27]. 6. Joints: Recommended company is Changying Precision [27]. 7. Structural components: Related company is Ningbo Huaxiang [27]. 8. Complete machines: Recommended companies include UBTECH and Hangcha Group [27].