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 ...

Core Viewpoint - Morgan Stanley maintains an "Overweight" rating for Sensata Technologies (00425) and raises the target price from HKD 43 to HKD 50, while lowering the earnings forecasts for 2025, 2026, and 2027 by 7%, 12%, and 18% respectively due to rising costs impacting profit margins [1] Group 1: Financial Performance - The mid-term growth rate forecast has been increased from 7% to 9% based on higher-than-expected revenue from humanoid robots, liquid cooling, and electric vertical takeoff and landing aircraft businesses [1] - Sensata's stock price has risen 35% year-to-date, significantly outperforming the Hang Seng Index's increase of approximately 4%, indicating heightened market expectations for its humanoid robot and liquid cooling business orders [1] Group 2: Strategic Developments - Sensata has established a competitive advantage in global production layout compared to other Chinese suppliers, with factories in the United States, Canada, and Mexico [1] - The company announced a joint venture with Greentown Harmonic (688017.SH) in the U.S. to expand its humanoid robot joint module assembly business in the North American market [1] Group 3: Market Outlook - In light of global geopolitical uncertainties, there is an expectation that Sensata will have greater opportunities to secure orders from U.S. clients [1] - The battery casing business is anticipated to continue supporting the company's growth in the coming years [1] - Market speculation surrounds the potential return of founder Qin Ronghua at the upcoming shareholder meeting in May, which could serve as a significant catalyst for the company [1]

Core Viewpoint - Morgan Stanley maintains an "Overweight" rating for Sensata Technologies (00425) and raises the target price from HKD 43 to HKD 50, while lowering the earnings forecasts for 2025, 2026, and 2027 by 7%, 12%, and 18% respectively due to rising costs impacting profit margins [1] Group 1: Financial Performance - The mid-term growth rate forecast for Sensata has been increased from 7% to 9% based on higher-than-expected revenue from humanoid robots, liquid cooling, and electric vertical takeoff and landing aircraft businesses [1] - Sensata's stock price has risen 35% year-to-date, significantly outperforming the Hang Seng Index's increase of approximately 4%, indicating heightened market expectations for its humanoid robot and liquid cooling business orders [1] Group 2: Strategic Developments - Sensata has established a competitive advantage in global production layout compared to other local Chinese suppliers, with factories in the United States, Canada, and Mexico [1] - The company announced a joint venture with Greentown Harmonic (688017.SH) in the U.S. to expand its humanoid robot joint module assembly business in the North American market [1] Group 3: Market Outlook - In light of global geopolitical uncertainties, there is a belief that Sensata will have greater opportunities to secure orders from U.S. clients, with expectations that the battery casing business will continue to support company growth in the coming years [1] - Anticipation surrounds the potential return of founder Qin Ronghua at the upcoming shareholder meeting in May, which could serve as a significant catalyst for the company [1]

摩根大通发表研报指，根据三花智控管理层的最新指引及全年业绩预告胜于预期，将其港股目标价由42 港元上调至45港元，又将A股目标价由49元上调至64元。摩通将三花智控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，相信股价回调为市场带来理想的买入时机，继续给予"增持"评级。 ...

招商证券发布研报称，上周一(16日)"年廿九"多家机器人公司集中亮相春晚，展示出色的运动控制和自 主作能力。平衡控制、动态响应、稳定性提升巨大，今年机器人进入政策密集支持阶段。该行称，港股 关注优必选(09880)、越疆(02432)、极智嘉-W(02590)及敏实集团(00425)，以及泛机器人领域禾赛- W(02525)、速腾聚创(02498)及地平线机器人-W(09660)。 报告提到，人形机器人集中亮相，成春晚新主角;相关技术极速进化，将进入政策密集支持阶段。央视 春晚内容通常能反映当下产业政策的导向，今年突显科技春晚主题，安排机器人参演的数量明显增加 (去年只有宇树一家)，体现国家对人形机器人产业做大做强的决心，当前类似新能源汽车产业链的初始 阶段。预计今年进入政策密集支持期，形成国家战略引领+地方落地支撑的政策局面。 招商证券称，今年春晚机器人展示技术难度比往年更高，队形更复杂，但仍保证零失误。群演机器人数 量更多，多机协同能力更强，体现机器人群体控制能力升级。以宇树为例，相比去年其机器人的平衡控 制、动态响应和稳定性有非常大提升，动作敏捷程度提升5至10倍，为将来推出更实用的服务型机器人 奠定基 ...

2月25日早盘，港股市场情绪回暖。建材、钢铁、地产等板块领涨，科网股亦迎来修复。 资料显示，港股通互联网ETF（159792）跟踪中证港股通互联网指数，前十大股成份包括阿里、小米、 腾讯、美团等互联网科技龙头，四大互联网巨头权重占比近60%。场外投资者还可通过联接基金（A 类:014673；C类:014674）关注投资机遇。 Wind数据显示，2月24日该产品虽出现回调，但得到了大笔资金抄底，基金份额单日大增11.91亿份，净 流入额达9.53亿元。 分析认为，马年春节开市以来，港股市场震荡调整，科技新势力表现活跃，半导体板块上涨趋势明显。 分析人士认为，随着AI大模型加速落地、人形机器人产业不断催化，叠加上市公司业绩披露期渐近， 中国资产有望持续获得投资者关注。尽管短期市场有所波动，但在估值优势、产业趋势与资金流向等多 重积极因素共振下，港股春季行情有望渐次展开。 相关ETF中，港股通互联网ETF（159792）盘初高开后震荡上行，截至9:54成交额超3亿元，涨近1%。 成分股来看，贝壳、曹操出行、东方甄选、金山云等涨幅居前。 ...

Core Viewpoint - The report from China Merchants Securities highlights the significant presence of multiple robotics companies at the Spring Festival Gala, showcasing advancements in motion control and autonomous operation capabilities. The industry is entering a phase of intensive policy support this year, with a focus on humanoid robots and related technologies [1]. Group 1: Industry Trends - Humanoid robots have become a central theme at the Spring Festival Gala, indicating a shift in national focus towards strengthening the humanoid robotics industry [1]. - The rapid evolution of related technologies suggests that the industry is poised to enter a period of concentrated policy support, similar to the initial phase of the new energy vehicle industry chain [1]. Group 2: Companies of Interest - Key companies to watch in the Hong Kong stock market include UBTECH, Yujian, Jizhijia, and Minshi, along with broader robotics sector players such as Hesai, Suton Juchuang, and Horizon [1]. - The increased number of robotic performances at the gala, up from only Yushu last year, reflects the government's commitment to expanding the humanoid robotics sector [1].

Core Viewpoint - The report from China Merchants Securities highlights the significant advancements in robotics showcased during the Spring Festival Gala, indicating a strong governmental push towards the development of humanoid robots and related technologies this year [1][2]. Group 1: Industry Trends - Multiple robotics companies made a prominent appearance at the Spring Festival Gala, showcasing enhanced motion control and autonomy capabilities [1]. - The event reflects a shift in national policy towards supporting the humanoid robotics industry, similar to the initial phase of the new energy vehicle industry [1]. - The number of robots participating in the gala increased significantly compared to previous years, indicating a growing emphasis on robotics in national strategy [1]. Group 2: Company Focus - Key companies to watch in the robotics sector include UBTECH (09880), Yujian (02432), Geek+ (02590), and Minth Group (00425), along with firms in the broader robotics field such as Hesai (02525), SUTENG (02498), and Horizon Robotics (09660) [1]. - The report notes that the technical difficulty of the robot performances this year was higher than in previous years, with improved group control capabilities and zero-error execution [2]. - For instance, Yushun's robots demonstrated a 5 to 10 times increase in agility compared to last year, laying the groundwork for future service-oriented robots [2].

市场热点或将延续短线"补涨、兑现"，然后布局中期主线的逻辑推进。中期看，今年迈入量产爆发阶段 的人形机器人、商业航天、自动驾驶等科技主线，或更具市场共识。尤其春晚人形机器人爆火后，其实 际销售也在大增，在估值逐渐夯实后有望迎来新一轮机会。 机构看后市 东方证券：维持市场将冲击4200点判断，算力产业链和电力基建仍值得关注 东方证券表示，短期来看，节前A股跟随海外资产调整后已释放了一定的风险，国内宏观和产业层面的 密集催化将陆续出现，对相关板块形成向上指引，我们继续维持市场冲顶4200的判断。 光大证券：预计后市成交活跃度将继续回升，震荡格局有望逐渐打破 光大证券表示，持币过节资金有望逐步重新回归市场，预计后市成交活跃度将继续回升。短线市场情绪 或延续改善，赚钱效应提升。中期行情有望逐渐打破节前的震荡格局，迎接新一轮春季躁动行情。 A股三大股指集体高开，沪指涨0.15%，创业板指涨0.15%。盘面上，金属板块表现活跃，湖南白银、白 银有色涨超2%；AI应用、影视院线等板块跌幅居前。 东莞证券：A股进入具备配置价值的区间，重点关注红利、电力设备等板块 东莞证券表示，历史数据显示，A 股在春节后往往迎来高胜率窗口， ...

Core Insights - Multiple eVTOL (electric vertical takeoff and landing) aircraft and humanoid robots were showcased in Wuhan, Hubei on February 24 [2] Group 1 - The event featured various models of eVTOL aircraft, indicating advancements in the electric aviation sector [2] - Humanoid robots demonstrated capabilities such as playing soccer, highlighting developments in robotics technology [2]