Investment Rating - The SW Machinery Equipment Index increased by 5.39% during the week of January 5 to January 9, 2026, ranking 10th among 31 primary industry categories [12][14]. Core Insights - The report anticipates a significant increase in domestic rocket launches in 2026, driven by the urgent demand for satellite deployment [21]. - The robotics sector is expected to experience a strong market trend in Q1 2026, with advancements in humanoid robots [21]. - The nuclear fusion energy sector is highlighted as a potential investment opportunity during the 14th Five-Year Plan period, with significant technological breakthroughs reported [22]. - The global shipbuilding industry is showing signs of recovery, with new ship prices increasing and order volumes significantly improving [31]. - The engineering machinery sector is entering an upward cycle, with robust domestic and export sales of excavators and loaders [35]. - The report indicates varying degrees of industry performance, with general machinery under pressure, while engineering machinery and railway equipment show positive trends [46][45]. Summary by Sections 1. Stock Portfolio - Recommended stocks include Chaojie Co., Feiwo Technology, Guanglian Aviation, Hengli Hydraulic, Lianchuang Optoelectronics, XCMG, SANY Heavy Industry, Zoomlion, LiuGong, and China Shipbuilding [10]. 2. Market Review - The SW Machinery Equipment Index rose by 5.39% in the first week of 2026, outperforming the CSI 300 Index, which increased by 2.79% [12][14]. 3. Key Data Tracking 3.1 General Machinery - The manufacturing PMI was reported at 50.1% in December, indicating a slight recovery [23]. 3.2 Engineering Machinery - Excavator sales reached 23,095 units in December, marking a year-on-year increase of 17.6% [35]. 3.3 Railway Equipment - Railway fixed asset investment has maintained a steady growth rate of around 6% since 2025 [45]. 3.4 Shipbuilding - The global new ship price index reached 184.65 in December, with a month-on-month increase of 0.17% [46]. 3.5 Oil Service Equipment - The oil service equipment sector is stabilizing, with high demand in the Middle East [49]. 3.6 Industrial Gases - A decrease in raw material prices is expected to improve profitability in the steel sector, boosting demand for industrial gases [55]. 3.7 Gas Turbines - GEV's new gas turbine orders grew by 39% year-on-year in the first three quarters of 2025, indicating a robust market [57].

多模态及具身大模型在人形机器人上的应用 20240514 摘要 • 人形机器人本体硬件架构基本确定，行业重心转向 AR 能力和大模型能力 的应用，以满足用户需求，预计 3-5 年内实现硬件与模型的深度融合，并 在生活场景中广泛应用。 • AI Agent 在具身机器人领域扮演"大脑"角色，负责任务决策规划与推理， 通过调用底层硬件设备驱动机器人运动，不同场景应用不同类型的 AI Agent 以提高任务执行效率。 • 主流具身机器人大脑框架分五层级：物理层、训练层、数据层、模型层和 应用层，其中模型层包括语言模型（LLM）、多模态模型（VLM）以及视 觉语言动作模型（VLA）。 • 谷歌 RT 系列模型推动了 VLA 模型发展，但未开源，斯坦福和伯克利大学 开源 AutoOrca 和 Open VLA 模型后加速行业发展，清华大学发布首个可 双臂操作的 RDT 模型，提升操作能力。 • 工业界 VLM 应用主流采用分层级具身大模型架构，如飞利浦 Helix 架构， 避免硬件升级导致软件重新训练的问题，而学术界仍采用完全端到端方法。 • VLA 模型面临数据量不足、任务泛化能力低、光照变化影响大等挑战，引 入 3 ...