小摩表示，将三花智控2025至2027年的盈测调升5%，以反映人形机器人领域加快发展的机遇。该行认 为，由于公司的业绩表现稳健，加上今年将获得多重利好因素，相信公司的A股及H股回调为市场带来 理想的买入时机。 摩根大通发布研报称，根据三花智控（002050）(02050)管理层的最新指引及全年业绩预告胜于预期， 该行将公司目标价由42港元上调至45港元，又将三花智控(002050.SH)A股目标价由49元人民币升至64元 人民币，继续给予"增持"评级。 ...

小摩表示，将三花智控2025至2027年的盈测调升5%，以反映人形机器人领域加快发展的机遇。该行认 为，由于公司的业绩表现稳健，加上今年将获得多重利好因素，相信公司的A股及H股回调为市场带来 理想的买入时机。 智通财经APP获悉，摩根大通发布研报称，根据三花智控(02050) 管理层的最新指引及全年业绩预告胜 于预期，该行将公司目标价由42港元上调至45港元，又将三花智控(002050.SH)A股目标价由49元人民币 升至64元人民币，继续给予"增持"评级。 ...

IT之家 2 月 25 日消息，Counterpoint Research 昨日表示，根据其最新研究，人形机器人市场的营收规模有望从 2025 年的近 5.3 亿美元快速增长至 2027 年的 44 亿美元（硬件 29 亿美元、软件与服务 15 亿美元），CAGR 年化增长率高达 188.14%。 而从应用场景角度，人形机器人的需求可谓是百花齐放，娱乐与表演占据最大份额，数据生产与研究、智能制造、服务和引导 也都有不小的占比。 总的来看，中国厂商引领 2025 年的人形机器人市场，智元、宇树、优必选合计市占超越 50%，其中智元预计以 1.4 亿美元的营 收位居去年全球第一。 ...

问一个问题，最近两年爆火的创新，从生成式AI到人形机器人，到底是离大众越来越近，还是离大众越来越远？ 以前的国民性创新，大都相对低端一些，但是却能很快惠及普通民众。从二维码到滴滴、外卖，能够制造海量的 就业岗位，普通民众也都能从中分一杯羹，甚至创业者的专业门槛都可以不用太高。如今创新越来越尖端，对创 业团队的专业性要求越来越高。换言之，创新越尖端，对于底层民众而言越阳春白雪，有参与其中，却并不能从 中分一杯羹。甚至，生成式AI和人形机器人，造成工作岗位减少的可能性，要大于增加。当然，创新是时代大 势，但是这大势，未必会尽善尽美，还有可能产生很大的阵痛。 前几天春节假期，在家待了几天，就相当震惊地发现，老母亲已经习惯使用豆包APP，遇到什么问题就发语音问 豆包。而豆包的表现也相当出色，不仅能高效梳理出答案，还相当有眼力见儿，在接收到新提问时给个"好嘞， 姨"的答复，有礼貌地令人瞠目结舌。要知道，在以前，我家老母亲因为用不惯拼音打字，很少使用搜索引擎，现 在支持语音提问的豆包，堪称雪中送炭、久旱逢甘霖，这一技术优势直接把我老母亲转化为忠实用户。 上至中老年，下至学龄前儿童，统统可以无障碍使用生成式AI，而且使用体 ...

Market Overview - The A-share market indices continued to rise, with the Shanghai Composite Index up 0.72% to 4147 points, the Shenzhen Component Index up 1.29%, and the ChiNext Index up 1.41% [1][2] - The total market turnover reached 2.48 trillion yuan, an increase of 262.7 billion yuan compared to the previous trading day, with over 3700 stocks rising [1] Sector Performance - The small metals and non-ferrous metals sectors surged, with stocks like Zhongtung High-tech and Dongfang Tantalum Industry hitting the daily limit [4] - The lithium mining concept also saw a rise, with Dazhong Mining hitting the daily limit [4] - The semiconductor sector performed well, with He Lin Wei Na rising by 20% [4] - Other sectors that saw significant gains included phosphorus chemicals, real estate services, rare earth permanent magnets, and steel [4] Notable Stocks - In the small metals sector, stocks such as Dongfang Aluminum, Yunnan Zinc Industry, and Zhongtung High-tech saw significant increases, with prices rising by around 10% [5] - The aerospace equipment sector strengthened, with stocks like Electric Science Blue Sky rising over 11% [7] - In the phosphorus chemical sector, stocks like Chuanjin Nuo and Yuntianhua hit the daily limit, driven by global supply chain restructuring expectations [9] Industry News - The Trump administration is reportedly planning to use an AI model developed by the U.S. Department of Defense to set reference prices for global critical mineral trade, which has contributed to the price increases of rare earths and tungsten [4] - The U.S. has announced that phosphorus and glyphosate will be prioritized as national security issues, leading to a restructuring of the global phosphorus supply chain [8] Future Outlook - CITIC Securities indicates that the current market sentiment remains high, with the A-share market expected to enter a new upward cycle. The industry allocation continues to focus on "technology + resource products" as the dual main lines [18]

盘面上，两市高开高走，有色金属概念上涨。相关ETF方面，有色金属ETF天弘（159157）标的指数盘 中涨4.69%，成交额达3.00亿元；换手率达13.33%。成分股中，驰宏锌锗、锡业股份、中钨高新涨停， 北方稀土、中国稀土、盛和资源、金力永磁、厦门钨业涨超5%，天山铝业、中国铝业、金钼股份等多 股跟涨。 有色金属ETF天弘（159157）核心优势在于精准聚焦工业有色金属赛道，铜（34.7%）、铝 （20.2%）、稀土 （12.5%） +铅锌（7%）四大核心品种合计占比超70%，直接对应新能源、AI、人形 机器人高端制造等战略新兴产业的上游需求。该ETF还配备了2只场外联接基金（A类：017192；C类： 017193）。 近十年工业有色指数PE-TTM为27.57倍，当前估值处于历史44.67%分位，意味着比过去55%的时间更具 性价比。估值水平相对温和，具备一定配置价值。 消息面上，据新浪财经报道，美国计划利用人工智能项目为锗、镓等关键矿产制定参考价格，此举强化 了战略资源的市场关注度。同时，昨夜伦敦金属交易所期锡大涨5.41%，期铜上涨2.54%，外盘价格走 强为板块提供支撑。此外，UC头条消息显示， ...

Investment Rating - The industry is rated as "Positive" [2] - Companies recommended for "Increase" rating include Zhonglian Heavy Industry, Hengli Hydraulic, Jiechang Drive, and Haomai Technology [2] Core Viewpoints - The Spring Festival Gala featured humanoid robots, enhancing brand visibility and commercial acceleration, which is expected to expedite industry deployment [2][29] - The humanoid robot industry remains highly prosperous, with several domestic companies pursuing IPOs and significant events anticipated in 2026 [2][29] - 2026 is identified as a critical year for the development of the humanoid robot industry, suggesting continued investment opportunities in the supply chain [2][29] Industry News - Blue Arrow Aerospace announced the second quarter recovery test for the Zhuque-3 rocket [11] - The average operating rate of construction machinery in January 2026 was 37.15%, with a year-on-year growth rate of 0.71% [11] Industry Data - As of February 13, 2026, the steel comprehensive price index (CSPI) was 90.68 [12] - As of February 24, 2026, WTI and Brent crude oil prices were $66.31 per barrel and $71.11 per barrel, respectively [13] Company Announcements - Zhuozhao Dispensing reported a 202.58% year-on-year increase in revenue for 2025, with expected revenue of approximately 378.59 million yuan [19] - Dazhu Laser plans to invest $150 million to establish an overseas operation center in Southeast Asia [20] Market Review - From February 12 to February 24, 2026, the Shanghai and Shenzhen 300 index fell by 0.13%, while the machinery industry rose by 2.01%, outperforming the index by 2.14 percentage points [21] - As of February 24, 2026, the machinery industry’s price-to-earnings ratio (PE, TTM) was 52.63, with a valuation premium of 270.76% compared to the Shanghai and Shenzhen 300 index [22]

轴承市场规模增长空间广阔，公司轴承领域优势明显 轴承是用于确定运动体与其他零件相对运动位置，起支承或导向作用的重要 零部件，2025 年全球轴承市场规模约为 1,451.9 亿美元，到 2034 年有望提 升至 3,294 亿美元。公司航天领域特种轴承优势明显，曾圆满完成中国航天 发展史上具有里程碑意义的"东方红""长征""神舟""嫦娥""天问"等航天 工程配套任务，航天领域特种轴承重点产品配套率 90%以上。风电领域，公 司产品涵盖风电主轴轴承、齿轮箱轴承和偏航变桨轴承，公司下属轴研科技 自主研发世界首台 26 兆瓦系列主轴轴承及齿轮箱轴承，实现由跟踪模仿到开 创引领的跨越。此外，公司已将机器人轴承纳入"十五五"业务板块规划，未 来将拓展人形机器人用轴承，重点开发交叉滚子轴承、薄壁轴承、角接触轴承 等高附加值产品，下游应用领域拓展值得重点关注。 公 公司深度报告 司 研 究 以科研为基，轴承+磨料磨具双主业协同发展 ——国机精工（002046）公司深度报告 分析师： 宁前羽 SAC NO： S1150522070001 2026 年 2 月 25 日 机械设备——通用设备 证券分析师 宁前羽 022-238 ...

Group 1 - The China Securities Intelligent Electric Vehicle Index rose by 1.1%, the China Securities Consumer Electronics Theme Index increased by 0.7%, and the China Securities Internet of Things Theme Index went up by 0.3%, while the National Securities Robotics Industry Index fell by 0.4% [1] - The E Fund Robotics ETF (159530) saw a net subscription of nearly 900 million units in half a day [1] - CITIC Construction Investment Securities forecasts that by 2026, the global liquidity easing pattern will deepen, and domestic financial market policy dividends will continue to increase, enhancing the motivation for individual investors to enter the market [1] Group 2 - The overall A-share market is expected to see incremental funds covering a larger base, with the core logic supporting the bull market likely to continue or even strengthen [1] - The projected market size for embodied intelligence is expected to exceed one trillion, with a focus on the humanoid robot sector shifting from thematic investment to production expectations [1]

小脑运控取得行业性突破，宇树领衔全球 智通财经APP获悉，中金发布研报称，2026年马年春晚舞台上，宇树、魔法原子两家人形机器人企业参 与歌舞类节目表演，银河通用、松延动力两家则参与小品电影类型生活场景作业展示，足见国家层面对 新科技力量的重视。国产人形机器人在小脑运控和大脑方面取得十足进展，特斯拉gen3 发布在即，建 议关注T链和国产链共振相关机会。 中金主要观点如下： 春晚带动全民人形机器人关注度显著提升 据红星新闻，京东平台数据显示马年春晚开播两小时后京东机器人搜索量环比增长300%，客服询问量 增长460%，订单量增长150%。该行认为虽此次春晚四家人形机器人企业参加表演是预期内事件，但对 于全民关注度提升以及社会资本的关注仍有明显促进作用。 风险提醒：人形机器人发展不及预期，政策的不确定性，宏观经济对公司基本面的影响。 该行认为相较于2025年仅宇树一家能展示灵活舞蹈能力，2026年春晚舞台看到包括魔法原子、松延动力 在内多家一级公司均可实现灵活跳跃、翻转舞蹈动作，小脑运控取得行业性进步。该行认为本次宇树的 表演进一步打开了行业运控发展的技术边界：1）踏板3米以上高空翻转落地对运控算法的鲁棒性、硬 ...