2026年马年央视春晚的舞台上，一场"人机共舞"的科技盛宴为舞台注入全新活力，成为全民热议的焦 点。 数家国产机器人企业同台炫技，以多元表演形式精彩亮相，反映出中国在人形机器人领域的持续进步与 技术沉淀。 重要提示：本材料不构成淡水泉任何形式的要约、承诺或其他法律文件，亦非任何投资、法律或财务等方面的专业建议。过往业绩 不预示未来表现。投资须谨慎。 如今，国产机器人正加速从"实验室"走向"大众视野"，迈入商业化应用阶段。在这一产业浪潮发展中， 中国机器人产业有哪些值得关注的投资机会？ 不止炫技：机器人市场的"星辰大海" 在人口老龄化加剧、人工成本攀升、技术工人短缺的背景下，机器人产业具备长远想象空间。从数据来 看，人型机器人行业需求正在快速增长，2025年中国市场人形机器人销量已经超过一万台，2026年预计 销量将达四五万台，而全球销量或将突破十万量级。远期来看，亿级别的销量并非空谈，未来甚至有望 介于汽车和手机之间，成为新一代消费与产业核心载体。 来源：上市公司调研，淡水泉投资，截至2026年2月。 目前宣布布局机器人产业的A股上市公司已有数百家，产业落地步伐持续加快。从当前商业化落地情况 看，人形机器人主 ...

丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] 机器人惊艳亮相马年春晚，关注机器人产业投资 机遇 报告要点 [Table_Summary] 2 月 16 日，2026 年春节联欢晚会正式开幕，松延动力、宇树科技、魔法原子和银河通用先后 登场，为全球华人带来了融合现代科技与人文关怀的饕餮盛宴，"机器人全面'入侵春晚'"也 迅速登上热搜。此次魔法原子、宇树科技、松延动力、银河通用等四家机器人集体亮相春晚， 展现了我国在人形机器人技术层面的突破以及产业集群优势，我国机器人商业化落地进程有望 加速。建议关注机器人全产业链，重点关注 1）机器人"大脑"供应商；2）机器人操作系统等 软件相关厂商。 分析师及联系人 [Table_Author] 宗建树 陈耀文 SAC：S0490520030004 SAC：S0490525070002 SFC：BUX668 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title 机器人惊艳亮相马年春晚，关注机器人产业投 2] 资机遇 [Table_Summary2] 事件描述 2 月 16 ...

Investment Rating - The investment rating for the company is "Buy" [1][8] Core Insights - The company, Zhao Feng Co., is a leading manufacturer of automotive wheel hub bearings, with a dual-driven strategy focusing on both aftermarket and OEM markets. It has established a strong presence in the high-end market in Europe and the US since its inception in 1997 and has diversified into the robotics sector through a unique model of "industrial investment + core component manufacturing + downstream applications" [4][6][12]. Company Overview - Zhao Feng Co. has a clear development trajectory, transitioning from a focus on automotive wheel hub bearings to diversifying into robotics and other new sectors. The company has established a dual-driven strategy since 2018, emphasizing both aftermarket and OEM business, and has made significant progress in the domestic market [15][16][20]. - The company's main business is automotive wheel hub bearings, which accounted for approximately 92% of revenue in 2024. It has developed over 5,500 types of wheel hub bearings, covering a wide range of vehicles from micro to heavy-duty and including traditional and new energy vehicles [22][23][59]. Financial Performance - The company is expected to achieve a net profit attributable to shareholders of 378 million yuan in 2025, 410 million yuan in 2026, and 530 million yuan in 2027, with corresponding P/E ratios of 20.8, 19.2, and 14.8 respectively [8][10]. - In the first half of 2025, the company reported a revenue of 5.11 billion yuan, a year-on-year increase of 5.17%, and a net profit of 3.03 billion yuan, reflecting a significant recovery [34]. Industry Insights - The automotive wheel hub bearing market is expected to grow significantly, driven by increasing vehicle production and the rising demand for high-performance components in electric and intelligent vehicles. The global market size for wheel hub bearings is projected to reach 759.4 billion yuan in 2024, with China's market expected to grow to 227.6 billion yuan [46][49]. - The company is well-positioned in the high-margin segment of the wheel hub bearing market, benefiting from its focus on high-end products and advanced manufacturing capabilities, which include automation and smart manufacturing [50][54]. Strategic Investments - Zhao Feng Co. has made strategic investments in leading robotics companies, establishing deep collaborations to enhance its position in the robotics supply chain. The company aims to create a closed-loop ecosystem around core components, assemblies, and applications in the robotics sector [63][68]. - The partnership with Leju Intelligent and other robotics firms aims to leverage manufacturing strengths and cutting-edge technology to develop key robotic components, enhancing the company's competitive edge in the rapidly growing robotics market [69][70].

Core Viewpoint - Recent positive actions by Shoucheng Holdings have drawn market attention, clearly outlining the company's intrinsic value and growth potential [1] Group 1: Management Actions - The management's share buybacks and stock purchases serve as a direct endorsement of the company's value amidst market volatility [2] - On December 18, the Chairman Zhao Tianyang purchased 100,000 shares at an average price of HKD 1.91, while Executive Director Xu Huajie bought 200,000 shares at HKD 1.94, indicating management's confidence in the company's future [2] - The company completed a buyback of 6.39 million shares on December 24, involving HKD 13.61 million, with a price range of HKD 2.11-2.13, and has conducted 12 buybacks in 2025 totaling 104 million shares and HKD 216 million [2] Group 2: Price Dynamics - The management's purchase prices ranged from HKD 1.91 to 1.94, while subsequent buyback prices increased to HKD 2.11-2.13, reflecting positive market feedback and management's assessment of the company's value bottom [3] Group 3: Investment in Emerging Industries - The technological breakthroughs of invested company Yundongchu Technology and its initiation of listing guidance signal the growth potential of Shoucheng Holdings' investments in emerging industries [4] - On December 24, the company's Secretary participated in a successful extreme cold test of the M20 robot dog, showcasing its technical capabilities [4] - Shoucheng Holdings has established a 10 billion yuan investment fund for the robotics industry, covering key areas such as manufacturing and core components, indicating a strategic investment approach [5] Group 4: Ecosystem and Growth - The company provides a full-chain model of "investment + service + scenario" for its invested robotics firms, enhancing their success probability and opening new growth avenues for Shoucheng Holdings [6] - The successful listing guidance for Yundongchu lays the groundwork for realizing investment returns, with the potential for accelerated growth in the robotics sector benefiting Shoucheng Holdings [5][6] Group 5: Conclusion - The recent actions of Shoucheng Holdings create a multi-dimensional resonance: management's buybacks and purchases solidify the value base, while Yundongchu's breakthroughs validate the company's forward-looking investment strategy [7] - The value re-evaluation logic for investors is becoming clearer, with short-term valuation repair effects already visible and long-term benefits expected from the robotics industry's growth [7]

Core Insights - The company achieved a revenue of HKD 1.215 billion in Q1-Q3 2025, representing a year-on-year increase of 30% [1] - The net profit attributable to shareholders reached HKD 488 million, up 22% year-on-year, indicating improved overall profitability [1] - The company is expanding its investment in the humanoid robot industry and has initiated a share buyback program to demonstrate confidence in long-term growth [2] Financial Performance - Revenue for asset operation was approximately HKD 783 million, a year-on-year increase of 16%, while asset financing revenue surged by 66% to HKD 432 million [1] - The gross profit margin for Q1-Q3 2025 was 45.35%, a slight decrease of 0.57 percentage points year-on-year, but remains at a high level due to operational efficiency [1] - The debt-to-capital ratio decreased to 10.9%, down 5 percentage points from the end of 2024, indicating improved financial stability [1] Industry Expansion - The company established the Shou Cheng Robot Advanced Materials Industry Co., Ltd. to invest systematically in advanced materials for robots and other synergistic industries [2] - A nationwide robotic technology experience store, "Tao Zhu New Manufacturing Bureau," was launched, along with additional stores at Beijing Capital International Airport and Chengdu Chunxi Road [2] - Strategic partnerships were formed with clients like Alter Automotive to promote the integration of robots in the automotive sector [2] Investment Outlook - The company maintains profit forecasts of HKD 590 million, HKD 770 million, and HKD 930 million for 2025-2027, with corresponding P/E ratios of 26, 19, and 16 times [3] - The stable core business and deepening involvement in humanoid robotics support a "buy" rating for the company [3]

Core Insights - The company reported Q3 2025 results that met market expectations, with revenue of approximately HKD 1.215 billion (up 30% year-on-year) and net profit attributable to shareholders of HKD 488 million (up 22% year-on-year) [1] - A new share buyback plan was announced, allowing the company to repurchase shares worth up to HKD 1 billion from the open market between November 17, 2025, and December 31, 2028 [1] Investment and Business Development - The company accelerated investments in the robotics sector, with multiple funds completing investments in companies like Yushu Technology and Xinghai Map [1] - The establishment of the Shoucheng Robotics Advanced Materials Co., Ltd. indicates further investment in upstream key materials [2] - Strategic partnerships were formed with clients such as Alter Automotive to promote new applications in the "robotics + automotive" sector [2] Business Model and Market Strategy - The company opened several robotics experience stores in 2025, focusing on consumer robots for the C-end and leveraging financing leasing for the B-end manufacturing sector [1] - The company has signed agreements with over 60 robotics agents, enhancing its market reach [1] Profit Forecast and Valuation - The profit forecast for 2025 and 2026 remains unchanged at HKD 648 million and HKD 751 million respectively, representing year-on-year growth of 58% and 16% [2] - The company maintains a target price of HKD 3.30, implying a 45% upside potential based on a price-to-book ratio of 2.8 times for 2025 [2]

Core Insights - Estun (002747.SZ) reported its Q3 2025 results, revealing that 15 institutional investors hold a total of 343 million shares, accounting for 39.37% of the company's total equity [1] - The top ten institutional investors collectively hold 39.14% of Estun's shares, with an increase of 2.92 percentage points compared to the previous quarter [1] Institutional Holdings - The number of institutional investors holding Estun shares has reached 15, with a total holding of 343 million shares [1] - The top ten institutional investors include notable entities such as Nanjing Paili Technology Co., Ltd. and Hong Kong Central Clearing Limited [1] - The increase in holdings by the top ten institutional investors indicates a growing confidence in Estun's performance [1] Public Fund Activity - Five public funds increased their holdings in Estun, with a total increase percentage of 2.50% [2] - New public funds disclosed this quarter include several focused on the robotics industry, indicating a trend towards investment in this sector [2] - A total of 74 public funds did not disclose their holdings this quarter, suggesting potential shifts in investment strategies [2] Foreign Investment - One foreign fund, Hong Kong Central Clearing Limited, increased its holdings in Estun, with a holding increase percentage of 0.74% [2]

Core Viewpoint - Zhejiang Xiantong (603239.SH) has signed an investment cooperation framework agreement with Shanghai Haohai Xingkong Robot Co., Ltd. to establish a joint venture for robot manufacturing [1] Group 1: Investment Details - The company plans to invest 40 million yuan in Haohai Xingkong, acquiring a 10% stake post-investment [1] - Following the capital increase, both parties intend to establish a joint venture company, which will be controlled by Zhejiang Xiantong [1] Group 2: Joint Venture Formation - The joint venture will be registered in Xianju County, Taizhou City, Zhejiang Province, and will be organized as a limited liability company [1] - The purpose of the joint venture is to build a complete robot production base [1]

Core Viewpoint - Zhejiang Xiantong (603239.SH) has signed an investment cooperation framework agreement with Shanghai Haohai Xingkong Robot Co., Ltd. to establish a joint venture for robot manufacturing [1] Investment Details - The company plans to invest 40 million yuan in Haohai Xingkong, acquiring a 10% stake post-investment [1] - A joint venture will be established, with Zhejiang Xiantong holding the controlling interest, registered in Xianju County, Taizhou, Zhejiang Province [1] Strategic Objectives - The collaboration aims to build a complete robot production base through the establishment of the joint venture [1]

Core Viewpoint - The stock of Shoucheng Holdings (00697) has risen over 8%, currently trading at 2.39 HKD with a transaction volume of 329 million HKD, following the announcement of additional investment in Songyan Power by its Beijing Robotics Industry Development Investment Fund [1] Group 1: Investment Activities - Shoucheng Holdings' Beijing Robotics Industry Development Investment Fund has completed an additional investment of several million RMB in Songyan Power, following an initial investment in March 2024 [1] - The company has expanded its investment portfolio to include key enterprises in the robotics industry, such as Yushu Technology, Galaxy Universal, Xinghai Map, and Songyan Power [1] Group 2: Financial Performance - In the first half of the year, Shoucheng Holdings reported revenue of approximately 731 million HKD, representing a year-on-year increase of 36% [1] - The net profit attributable to the parent company was 339 million HKD, reflecting a year-on-year growth of 30% [1] Group 3: Future Prospects - Yushu Technology is expected to submit its listing application to the stock exchange between October and December 2025, with relevant operational data to be disclosed at that time [1] - Dongwu Securities maintains a "buy" rating for the company, citing its stable main business and deepening layout in humanoid robotics as key factors for growth [1]