人形机器人板块复盘： 2024年9.24以来人形机器人板块呈现单边上涨，小幅回调趋势，核心催化包括华为机器人入局，宇树登上春晚等 等；展望26年，我们认为板块会逐步收敛，一方面特斯拉Optimus从实验室阶段正式走向量产，因此需要关注量产 确定性标的，其次预期差我们认为来自于一些新技术方向（提升效能or大幅降本） 【人形机器人】2026年度策略——"以正和，以奇胜"，重视机器人规模化量产元年【东吴机械】 【人形机器人】2026年度策略——"以正和，以奇胜"，重视机器人规模化量产元年【东吴机械】 人形机器人板块复盘： 2026年策略展望：以正和，以奇胜： 1）以正和：特斯拉Optimus迭代顺利，26年开启大规模量产元年，因此确定性方向主要包括Tier1&丝杠&减速机等 环节，供应链逐步进入缩圈状态。 此外国产链方面宇树、智元等头部玩家有望在26年批量上市。 2）以奇胜：机器人弹性标的需关注技术迭代&降本方向。 ①灵巧手方向：自由度提升、寿命提升、降本和提升灵巧度是四大核心驱动力，具体变化包括导入行星滚珠丝 杠，冷镦降本工艺，电子皮肤等；②电机方向：高转矩密度与紧凑结构的轴向磁通电机加速渗透；③轻量化方 向：随 ...

Group 1 - The humanoid robot industry is expected to enter a phase of large-scale production in 2026, with Tesla's Optimus moving from the lab to mass production, creating supply chain opportunities [1] - New Coordinates (603040) is highlighted as a key focus in the screw rod segment, emphasizing its potential for cost reduction and technological iteration in robotics [1] - This industry trend may positively impact the long-term business outlook for New Coordinates [1] Group 2 - On February 9, 2026, New Coordinates held its sixth second board meeting to review the election of independent directors, which is considered a routine operational matter with limited short-term impact on stock prices [2] Group 3 - Over the past week (February 7 to 13, 2026), New Coordinates' stock price has shown volatility, with a latest price of 104.20 yuan on February 13, down 3.13% from the closing price of 106.49 yuan on February 9, with a price fluctuation range of 7.00% [3] - During the same period, the automotive parts sector declined by 0.59%, and the overall market index (Shanghai Composite Index) showed weakness with a drop of 1.19%, indicating that the company's stock performance was slightly weaker than the industry but stronger than the overall market [3] - On February 13, there was a net inflow of 7.21 million yuan in main funds, indicating a high level of short-term investor interest [3]