炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 2月24日，"杭州六小龙"之一群核科技三度递表港交所，继续冲刺"全球空间智能第一股"，摩根大通、 建银国际为其联席保荐人。 群核科技成立于2011年11月，旗下拥有酷家乐、Coohom、群核空间智能平台Spatial Verse等产品。该公 司曾在2025年2月、2025年8月分别递表，后因招股书满6个月而自动失效。早在2021年，其还曾推进过 赴美上市，最终未能成行。 目前，群核科技赴港IPO事宜已获证监会备案。2月14日，中国证监会披露了《关于Manycore Tech Inc． （群核科技）境外发行上市备案通知书》。这意味着，群核科技有望成为"杭州六小龙"中首家上市公 司。 除群核科技外，宇树科技已完成辅导备案，云深处正处于辅导备案阶段。亦有市场消息称，强脑科技已 秘密向港交所递交了IPO申请。 回看群核科技最新招股书，其收入及毛利率在报告期内持续增长。按照非国际财务报告准则计量的数据 口径，其已于2025年实现扭亏为盈。 | | 低至12月31日止午度 | | | | --- | --- | --- | --- | | | 20 ...

Group 1 - The year 2026 marks the beginning of the "15th Five-Year Plan," which is crucial for both current and future economic development in China [1] - The "14th Five-Year Plan" saw China maintain economic stability through consistent policy direction, achieving a GDP growth of over 140 trillion RMB by 2025 [2] - The external environment is becoming increasingly complex, with trade tensions and geopolitical conflicts posing challenges to global economic activities [2] Group 2 - Domestic demand is identified as a key focus for policy efforts, with an average contribution rate of 86.8% to economic growth from 2021 to 2024, and nearly 60% from final consumption expenditure [3] - The government is implementing various measures to stimulate consumption, including a new round of subsidies and initiatives to enhance service consumption and diversify consumption scenarios [3] - A strategic plan for expanding domestic demand from 2026 to 2030 is being developed to address structural imbalances in supply and demand [3] Group 3 - The Central Political Bureau's focus on future industries highlights the importance of strategic planning in the face of global technological and industrial changes [4] - The "15th Five-Year Plan" aims to promote emerging sectors such as quantum technology, biomanufacturing, hydrogen energy, and sixth-generation mobile communication as new economic growth points [4] - The role of private enterprises is emphasized, with increased policy support to stimulate innovation and development in future industries [4]

华夏时报记者石飞月北京报道 "春节是中国最重要的情感节点，也是机器人走入真实生活场景的重要窗口。今年我们明显感受到，机器人不再只是舞台展示或科技符号，而是开始融入 到拜年互动、商场活动、文旅巡游等具体应用中。"李一言说。 春节前，截至2月12日，擎天租平台就累计收到覆盖春节假期的订单超过1000单。该平台当时预测，截至春节假期结束，其累计订单量预计将突破5000 单。至于春节期间的实际总订单数据，《华夏时报》记者采访了擎天租方面，对方表示还未更新。 "电子年货"的热度持续几年后，2026年的春节消费迎来了新主角——机器人。春节期间，有机器人租赁从业者向《华夏时报》记者透露，自己的机器人在 春节前就已经排满租赁行程，场景主要聚焦在娱乐表演和商业营销。而根据各大社交平台上网友们晒出的视频，这股潮流已迅速下沉，众多城市乃至县城 都出现了机器人的身影。 过去一年机器人产业持续升温，今年春晚各厂商又大力营销，2026年春节便演变为机器人租赁行业的一次"压力测试"。2月24日，据机器人租赁服务平台 擎天租公布的数据，今年春节期间(初一至初七)平台订单环比增长近70%。在擎天租CEO李一言看来，当前机器人的技术能力和社会预 ...

Core Insights - Honor's entry into the humanoid robot market signifies that smartphone manufacturers are becoming key players in this sector, marking the beginning of a long journey in embodied intelligence [1] - The competition among smartphone brands like Honor, Vivo, and Xiaomi is driven by the saturation of the smartphone market, with humanoid robots seen as the next major growth opportunity [2][5] Group 1: Market Entry and Strategy - Honor plans to launch its first humanoid robot at the 2026 Mobile World Congress (MWC), as part of its "Alpha Strategy," which includes a $10 billion investment over five years to transition from a smartphone manufacturer to a global AI terminal ecosystem company [2][3] - The establishment of new departments focused on embodied intelligence and AI hardware indicates a strategic shift towards integrating humanoid robots into their product offerings [3][4] Group 2: Industry Trends and Competition - The consumer humanoid robot market is viewed as the most commercially viable segment, with a significant increase in demand expected, as evidenced by IDC's projection of 18,000 units shipped globally by 2025, a 508% increase year-on-year [5] - The entry of multiple smartphone manufacturers into the humanoid robot space is seen as a race for first-mover advantage, leveraging existing brand recognition and distribution channels to reduce market education costs [4][6] Group 3: Technological and Operational Challenges - The transition from smartphones to humanoid robots presents challenges, particularly in mechanical engineering and the complexity of robotics, which require different skill sets than traditional smartphone development [8][9] - The commercialization of humanoid robots remains a significant hurdle, as many products risk becoming obsolete after initial novelty, necessitating a focus on practical applications in everyday life [9] Group 4: Competitive Landscape and Ecosystem - The competitive landscape is intensifying, with over 150 domestic humanoid robot companies emerging, leading to a focus on technology, production, and cost efficiency [6][7] - Smartphone manufacturers possess advantages in supply chain management and customer engagement, which can be leveraged to enhance the market presence of humanoid robots [6][7]

Core Insights - Yushu Technology has launched a new quadruped robot, Unitree As2, following the success of its humanoid robot during the Spring Festival, positioning it as a lightweight industry-grade robot with performance capabilities approximately double that of its consumer-grade counterpart, Unitree Go2 [1][20] Product Specifications - Unitree As2 weighs 18 kg, comparable to the 15 kg of Unitree Go2, while significantly lighter than the previous industry-grade models, Unitree A2 (42 kg) and Unitree B2 (60 kg) [5][20] - The robot boasts a peak torque of 90 N.m, an empty load endurance of over 4 hours, and can carry a load of 15 kg with a range exceeding 13 km [3][5] - It features an IP54 waterproof design, allowing it to traverse water obstacles without issue [7] Performance Capabilities - Unitree As2 can run at a maximum speed of 5 m/s (18 km/h), matching the speed of many electric bicycles and outperforming most adults [10] - The robot is designed to navigate complex terrains and harsh environments, demonstrating its ability to carry heavy loads while maintaining mobility [12] Intelligent Features - The robot is equipped with a bionic embodiment model, showcasing advanced algorithm capabilities that allow it to follow users seamlessly [9][14] - It includes an upgraded ISS 3.0 intelligent following system, although further details on its capabilities, such as language model interaction or user intent recognition, are yet to be disclosed [14] Market Positioning - The launch of Unitree As2 fills a gap in the lightweight industrial-grade market, creating a more segmented product lineup that includes consumer-grade (Go series), lightweight industry (As2), heavy-duty industry (A2), and industrial-grade (B series) robots [20] - The robot's compact size, strong performance, and open ecosystem are expected to enable applications in inspection, research, education, and lightweight operations [20]

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]

（原标题：德国总理默茨抵京，开启任内首次访华，他是农历马年中方接待访华的首位外国领导人） 来源：央视新闻 德国总理默茨于25日至26日对中国进行正式访问。今天（25日）上午，默茨乘机抵达北京首都国际机 场，开启他就任以来的首次访华行程。他也是农历马年中方接待访华的首位外国领导人。 中德是合作共赢的全方位战略伙伴，两国高层交往密切，务实合作持续深化。中德合作互惠互利，为两 国人民带来实实在在的利益。建交50多年来，中德经贸合作不断深化。德国一直是中国在欧洲最大贸易 伙伴和外资来源国，近年来，中德贸易额保持在2000亿美元以上，双向投资存量超过650亿美元，均占 中国与欧盟总体规模的近1/4。 德国总理默茨此次率高规格经贸代表团访华，来自汽车、化工、生物制药、机械制造、循环经济等德优 势领域的约30家头部企业高管随访，充分体现德方对深化双边经贸关系的强烈意愿。 中国商务部新闻发言人指出，今年是"十五五"开局之年，中方欢迎德方企业抓住中国高水平对外开放带 来的新机遇，继续巩固传统领域对华合作，同时深挖清洁能源、具身智能、生物技术、工业数字化等新 兴领域合作潜能，将"合作机遇"变成实实在在的"合作成果"。 中国外交部 ...

此次联手，敏实集团将推进机器人在欧洲的本地化生产，为客户提供持续可靠的全周期服务支持，同时 敏实集团布局全球的现代化工厂将成为机器人学习与数据采集的专属实训基地，这一协同模式既推动敏 实自身智能制造升级，也为机器人行业注入珍贵的真实场景数据，加速算法迭代与技术进化。 智元欧美地区部总经理William SHI表示，目前智元全系列机器人产品已具备成熟的落地部署能力，且 能与真实产业场景深度融合。智元将持续以领先的具身智能技术，赋能德国及欧洲企业提升生产效率， 为全球产业智能化转型创造可持续价值。（文猛） 责任编辑：郭栩彤 新浪科技讯 2月25日午间消息，智元（AGIBOT）在德国慕尼黑举办发布会，宣布进入德国市场。会 上，智元发布了面向德国市场的全系列通用具身机器人产品矩阵及系统级行业解决方案，并与全球领先 的汽车外饰与结构件制造商敏实集团签署专项战略合作协议，双方将依托技术与产业资源的深度融合， 加速机器人技术在欧洲的本地化落地与规模化部署。 新浪科技讯 2月25日午间消息，智元（AGIBOT）在德国慕尼黑举办发布会，宣布进入德国市场。会 上，智元发布了面向德国市场的全系列通用具身机器人产品矩阵及系统级行业解 ...

2月25日，香港特区政府财政司司长陈茂波在立法会发表2026至2027财政年度政府财政预算案。陈茂波 表示，香港特区政府将积极推动具身智能生态圈建设及产品应用。 2月25日，香港特区政府财政司司长陈茂波在立法会发表2026至2027财政年度政府财政预算案。陈茂波 表示，香港特区政府将积极推动具身智能生态圈建设及产品应用。 ...

Summary of Conference Call Notes Industry Overview - The humanoid robot market in China is projected to reach a scale of 75 billion yuan by 2029, with a market share exceeding 30%, making China the leading country in the global humanoid robot market [3][4][5] - The robot industry is expected to transition from the concept phase (0-1) to large-scale production (1-10) starting in 2026, with major companies like Tesla and domestic leaders beginning mass production [3][11] Key Company Insights - Wanxiang Qianchao is focusing on the development of planetary roller screws and precision bearings for robots, targeting key robot users for product development [4] - Wuzhou Xinchun is prioritizing the development of embodied intelligent robots and has already launched several new products, including micro screws and linear actuators [4] - ByteDance's Seedance 2.0 is integrated into the Spring Festival Gala, enhancing the event with AI-driven content creation and interaction capabilities [4][5] Technological Advancements - The integration of AI tools in various sectors, including marketing, film, and gaming, is expected to reshape industry dynamics. ByteDance's Seedance 2.0 aims to address video generation consistency issues through multi-modal technology [5] - Companies like Fantou Digital are leveraging AI and big data to provide integrated solutions across various industries, including smart cities and intelligent manufacturing [5] Market Trends - The robot sector gained significant attention during the Spring Festival Gala, leading to increased consumer interest and sales on e-commerce platforms [3][11] - The trading volume in the market decreased by 159.1 billion yuan, with a notable reduction in the number of stocks exceeding 1 billion yuan in transaction value [11] - The robot sector is highlighted as a key area of focus, with several companies experiencing stock price increases due to heightened visibility during the festival [11][21] Notable Company Developments - Dazhu Laser is expected to see growth in its 3D printing business, while other companies are engaging in strategic acquisitions and partnerships to enhance their technological capabilities [18] - Windy Building has formed strategic partnerships to enhance its AI and 3D capabilities, focusing on cultural and technological integration [20] Investment Opportunities - The semiconductor industry is experiencing a price surge across the supply chain, presenting investment opportunities in areas such as wafer foundry and power devices [16] - The AI and robot sectors are poised for growth, with several companies showing potential for significant returns as they transition to mass production and commercialization [11][16] Conclusion - The humanoid robot market is on the verge of significant growth, driven by technological advancements and increased consumer interest. Companies in this space are strategically positioning themselves to capitalize on emerging opportunities, making it a key area for potential investment.