2026 年 03 月 03 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：62 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 62 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：机器人、电网设备、化工 1、机器人主题：德国总理默茨 2 月 26 日专程参观杭州宇树 科技，为中国人形机器人技术提供了顶级国际背书，市场信 心大增。2026 年被视为产业量产元年，国内企业在全球供应 链中占据主导，成本大幅下降加速商业化落地。资金持续涌 入机器人 ETF 布局产业未来。在政策支持、产业突破和国际 合作想象空间打开的多重共振下，机器人 ETF 迎来从"主题 炒作"向"业绩兑现"转变的战略配置机遇。相关标的：三 花智控（002050）、卧龙电驱（600580） 2、电网设备主题：全球 AI 数据中心（AIDC）耗电量巨大 ...

双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：78 分（较热） 最近一年大盘走势 -10 -5 0 5 10 15 20 25 (%) 沪深300 资料来源：Wind，华鑫证券研究 相关研究 2026 年 03 月 02 日 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 78 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1 ▌ 热点主题追踪 今日热点主题：机器人、电网设备、化工 1、机器人主题：德国总理默茨 2 月 26 日专程参观杭州宇树 科技，为中国人形机器人技术提供了顶级国际背书，市场信 心大增。2026 年被视为产业量产元年，国内企业在全球供应 链中占据主导，成本大幅下降加速商业化落地。资金持续涌 入机器人 ETF 布局产业未来。在政策支持、产业突破和国际 合作想象空间打开的多重共振下，机器人 ETF 迎来从"主题 炒作"向"业绩兑现"转变的战略配置机遇。相关标的：三 花智控（002050）、卧龙电驱（600580） 2、电网设备主题：全球 AI 数据中心（AIDC）耗电量巨大 ...

Group 1 - The stock of Shoucheng Holdings (00697) dropped over 9% in early trading, currently down 8.51% at HKD 2.15, with a trading volume of HKD 206 million [1] - The rental market for robots is reportedly fully booked a month ahead of the Spring Festival, with prices potentially rising from several thousand yuan per day to 10,000 yuan per day for last-minute orders, despite a general decline in rental prices [1] - The decline in rental prices is attributed to a balanced supply and demand relationship, with minimal differences among products from various manufacturers, primarily distinguishing between dancing and non-dancing robots [1] Group 2 - Data from JD.com indicates that the significant reduction in rental prices is a key trend in the current robot consumption market [1] - Shoucheng Holdings has invested in three robot companies that will showcase their products at the 2026 Spring Festival Gala, which is seen as an important platform for demonstrating advancements in humanoid robot technology [1] - A recent report from Goldman Sachs highlights that the Spring Festival Gala serves as a significant showcase for Chinese humanoid robot technology, with performances from private companies like Yushu, Notely, Magic Lab, and Galbot demonstrating major progress in hardware and full-body control, although the highly choreographed performances make it difficult to assess their underlying AI capabilities [1]

Core Viewpoint - The performance of humanoid robots by Yushu Technology at the 2026 CCTV Spring Festival Gala showcased groundbreaking advancements in robotics, featuring the world's first fully autonomous humanoid robot martial arts performance, "Wu BOT" [1]. Group 1: Technical Achievements - Yushu Technology's humanoid robots executed several globally unprecedented high-difficulty actions, including parkour, flips, and weapon handling, demonstrating significant advancements in motion performance [3][6]. - The robots achieved a maximum flip height exceeding 3 meters and performed complex maneuvers such as continuous flips and wall jumps, showcasing their advanced capabilities [3]. - The performance involved three categories of challenging actions: object interaction (e.g., weapon handling), environmental interaction (e.g., parkour), and ground extreme actions (e.g., aerial rotations) [3][6]. Group 2: Control Systems - The performance relied on Yushu's newly upgraded high-concurrency cluster control system, enabling dozens of robots to perform complex formations and interactions in real-time [10]. - The system utilized 3D laser radar for real-time scanning and positioning, allowing each robot to accurately determine its location and execute commands effectively [10][11]. - The AI fusion positioning algorithm processed environmental data rapidly, ensuring precise localization even during high-dynamic movements, which is crucial for maintaining performance continuity [11]. Group 3: Industrial Applications - The technologies demonstrated in "Wu BOT" have potential applications in various industries, such as multi-robot collaborative inspection, warehouse sorting, and assembly lines, enhancing operational efficiency [12]. - The ability to handle external disturbances and perform precise movements can be applied in fields like precision assembly, heavy lifting, and domestic services, showcasing the versatility of these robotic systems [12]. - The advancements in relative positioning and environmental interaction capabilities align closely with real-world tasks, such as navigating tight spaces and performing complex logistics operations [12].

马年春晚即将亮相，总台一号演播大厅里，四款人形机器人正各自"上岗"——有的登台表演，有的幕后 服务，共同完成一次从实验室到真实场景的集体检验。 舞台上的每一步，都是产业向前的一大步。这不仅是技术成果的集中展示，更是我国人形机器人产业落 实《人形机器人创新发展指导意见》国家战略、从技术突破走向场景落地的生动实践。从春晚舞台到千 行百业，人形机器人正快步走进我们的生活。 两届春晚，见证跨越。2025年蛇年春晚，宇树科技《秧BOT》完成人形机器人与传统文化融合的舞台首 秀；2026年马年春晚，银河通用、松延动力、宇树科技、魔法原子同台亮相，人形机器人应用场景全景 式呈现。从单点突破到全面进阶，两届春晚的接力，勾勒出中国人形机器人技术加速迭代的清晰轨迹。 ...

Group 1 - The National Robot Industry Index fell by 2.1%, the China Securities Intelligent Electric Vehicle Index decreased by 2.0%, the China Securities Consumer Electronics Theme Index dropped by 2.2%, and the China Securities Internet of Things Theme Index declined by 1.3% [1] - The robot ETF E Fund (159530) saw a net subscription of over 60 million units in half a day [1] - Zhejiang University Hangzhou International Science and Technology Innovation Center, in collaboration with Jingzhi Technology and Kairda Group, launched the first full-size humanoid robot "Bolt" with a peak speed of 10 meters per second, marking a breakthrough in high-speed movement and control of humanoid robots in China [1]

Core Viewpoint - The incident involving the small-scale public demonstration of the Xpeng IRON humanoid robot, which fell during its presentation, is viewed by the company as a part of the learning process in robotics development, emphasizing the importance of patience and understanding in technological evolution [1][2]. Group 1: Incident Overview - The Xpeng IRON humanoid robot fell during its first public interaction at Shenzhen Bay, which drew significant attention on social media [1]. - Xpeng's Vice President commented that the robot's fall was part of a series of demonstrations aimed at showcasing advanced technology to the public, particularly children [1]. - Chairman He Xiaopeng likened the incident to a child's learning process, highlighting the need for resilience and progress in technology [1]. Group 2: Development Path - Xpeng's exploration in robotics began with quadrupedal robots before transitioning to more complex bipedal humanoid robots [2]. - The IRON robot, unveiled on November 6, 2025, features a human-like design, standing 178 cm tall and weighing 70 kg, with 62 active degrees of freedom [2]. - The core processing unit of the IRON is the Turing AI chip, boasting a computing power of 3000T, enabling advanced perception, decision-making, and motion control [2]. Group 3: Addressing Criticism - During a recent event, He Xiaopeng expressed his feelings about the need to prove the robot's authenticity, suggesting that skepticism towards domestic technology is prevalent [3]. - He noted that if the same technology were developed by foreign companies, it would likely receive more acclaim, indicating a bias against domestic innovations [3]. - Looking ahead, He Xiaopeng anticipates that within three years, Chinese robotics startups will introduce more advanced humanoid robots capable of natural language interaction and performing practical tasks [3].

Core Insights - The incident involving the Xpeng IRON humanoid robot falling during a public demonstration has sparked significant attention, highlighting both the challenges and advancements in humanoid robotics technology [1][2] - Xpeng's leadership, including CEO He Xiaopeng, has expressed a commitment to the development of humanoid robots, emphasizing the importance of patience and understanding in the technology's evolution [1][2] Group 1: Incident and Response - The Xpeng IRON robot fell during its first public interaction at the Shenzhen Bay Vanke Plaza, which was intended to showcase the technology to the public, especially children [1] - Xpeng's Vice President, Thomas, commented on the incident, suggesting that the fall was a part of the learning process, akin to a child's experience of learning to walk [1] - He Xiaopeng described the fall as a natural part of the robot's development, likening it to a child's journey of learning and growth [1] Group 2: Technical Specifications and Public Perception - The IRON robot features a humanoid structure, standing 178 cm tall and weighing 70 kg, with 62 active degrees of freedom, and hands designed to match human proportions [2] - The robot is powered by a Turing AI chip with a computing power of 3000T, enabling complex operations in perception, decision-making, and motion control [2] - Despite its advanced capabilities, the robot faced skepticism from some observers who felt it resembled a human attempting to act like a robot, prompting Xpeng to release a video to validate its authenticity [2] Group 3: Future Outlook - He Xiaopeng anticipates that within the next three years, Chinese robotics startups will introduce more advanced humanoid robots capable of natural language interaction and performing practical tasks [2] - He emphasized the responsibility of current entrepreneurs to push humanoid robots into mass production, viewing it as a critical mission for the industry [2]

马斯克补充道："我认为到明年年底，我们就能向公众出售人形机器人了。届时，你基本上可以让它做 任何你想让它做的事情。" 当地时间1月22日，马斯克表示，特斯拉计划在2027年底前向公众出售Optimus机器人。马斯克在瑞士达 沃斯世界经济论坛上发表讲话称："人形机器人技术将发展得非常迅速。我们已经有一些特斯拉Optimus 机器人在工厂里执行一些简单的任务，可能在今年晚些时候，我认为它们将能够执行更复杂的任务，并 且会在工业环境中部署。" ...

Group 1 - The company has launched humanoid robot products, achieving full-stack self-research from key components to complete systems in collaboration with Harbin Institute of Technology [2][3] - The humanoid robot prototype has been tested in various scenarios, showcasing its capabilities in walking and performing tasks such as placing and transporting items [2][3] - The strategic partnership with Harbin Institute of Technology aims to advance the industrialization of key technologies and prototypes in humanoid robotics [2][3] Group 2 - The company's main business remains stable with a robust order backlog, reaching a historical high of 6.322 billion yuan by the end of 2024 [3][17] - In the first three quarters of 2025, the company reported revenue of 2.142 billion yuan, a year-on-year decrease of 1.04%, and a net profit attributable to shareholders of 426 million yuan, down 6.71% year-on-year [3][17] - The company is expanding its business model from single equipment sales to industrial services, significantly increasing the value per customer [3][17]