从2025年春晚舞台惊艳亮相，到运动会上同场竞技，人形机器人成为科技界的新热点。 工信部副部长张云明21日在国新办发布会上表示，在人工智能驱动下，人形机器人产业超预期迭代演 进。2025年国内整机企业数量超140家，发布人形机器人产品超330款。业界普遍认为，2025年是人形机 器人量产元年，产业蓄势待发，前景广阔。 过去一年，工信部按照"创新驱动、场景牵引、生态协同"的思路，推进人形机器人技术和产品取得长足 进步。目前，我国人形机器人已经能够"站得住、走得稳、跑得快"，正加速从"舞台上动起来""赛场上 跑起来"向"家庭里用起来""工厂里干起来"转变。 工信部成立了人形机器人与具身智能标准化技术委员会，70余家头部企业、科研院所积极参与。在具身 智能领域支持建设国家人工智能应用中试基地，打造人形机器人与具身智能 "研发-设计-测试-制造-应 用"一体化创新先发地。 张云明表示，下一步，将持续推动人形机器人技术创新和迭代升级，以人形机器人为小切口带动具身智 能大产业发展。着力"攻技术"，持续组织揭榜挂帅等任务，布局国家科技重大项目，提升大模型、一体 化关节、算力芯片等技术水平。持续"保安全"，加强人形机器人产品 ...

6G第一阶段技术试验形成超300项关键技术储备，工业机器人产量同比增长28%，人形机器人产品超 330款，智能眼镜出货超178万副，智能算力规模达1590EFLOPS，人工智能核心产业规模预计突破1.2万 亿元……在1月21日国新办新闻发布会上，一组关于新兴产业和未来产业的最新数据，彰显经济发展的 强劲动能。 工业和信息化部副部长张云明介绍，回顾2025年工业和信息化发展，呈现"稳""进""新""活"四个特点。 2025年，我国规模以上工业增加值同比增长5.9%，制造业增加值占GDP比重保持稳定，制造业规模有 望连续16年保持全球第一。电信业务总量同比增长9.1%。工业和信息化领域对经济增长的贡献超四 成，有效发挥"压舱石"作用。 他表示，人工智能为工业经济增长注入强劲动力，并对2026年保持工业经济稳中向好态势充满信心。 AI核心产业规模预计突破1.2万亿元 人工智能应用不断拓展。目前，人工智能应用已覆盖钢铁、有色、电力、通信等重点行业，逐渐深入到 产品研发、质量检测、客户服务等重点环节。 工智能产业投资基金对人形机器人的支持力度，建设人形机器人开源社区，发布人形机器人与具身智能 综合标准化体系建设指南，促 ...

早盘A股三大指数低开高走，截至午间收盘，沪指涨0.16%，报4120.1点，深成指涨0.76%，报14263.2点，创业板指涨0.85%，报3306点，科创50指 数涨2.96%，报1526.83点。沪深两市合计成交额16309.65亿元，全市场近2900只个股上涨。 国际黄金期货价格和现货价格均再创新高，突破每盎司4800美元。多家品牌金饰价已逼近1500元，其中，周生生足金饰品报1495元/克，较1月20日 1454元/克涨41元/克。老凤祥足金饰品报1498元/克，较1月20日1456元/克涨42元/克。老庙黄金足金饰品报1493元/克，较1月20日1455元/克涨38元/ 克。 小金属板块走强，中钨高新、章源钨业、厦门钨业盘中创新高，翔鹭钨业、宝武镁业、云南锗业跟涨。有分析称在全球进入降息周期、美元走 弱、需求复苏、地缘风险等多重因素影响下，有色金属战略价值与经济价值迎来共振，2026年板块景气持续性有望超预期。 板块题材上，黄金、有色金属、CPO、半导体、机器人、盐湖提锂、6G概念股涨幅居前；白酒、煤炭、零售、旅游及酒店、电力、机场航运、电 网设备板块跌幅居前。 黄金概念股持续走高，晓程科技盘中创新 ...

Market Overview - The A-share market opened lower on January 21, but all three major indices turned positive by the time of reporting [1] - In the Hong Kong market, the Hang Seng Index slightly declined while the Hang Seng Tech Index saw a minor increase [2] Sector Performance - The polyurethane, gold, and non-ferrous metal sectors led the gains, while AI marketing, internet, communication equipment, and Zhizhu AI sectors experienced declines [2] - The precious metals sector opened strong, with companies like Hunan Silver and Shandong Gold showing significant gains [3] Gold Market Insights - Gold stocks in the Hong Kong market opened higher, with Zhaojin Mining and Shandong Gold seeing notable increases [5] - Spot gold prices surged, breaking the $4,800 per ounce mark and reaching a new historical high of $4,828.59 per ounce, up 1.38% [5] - The National Bank of Poland announced plans to purchase 150 tons of gold, valued at approximately $23 billion at current market prices, exceeding the total gold reserves of larger economies like Brazil and Mexico [5] Real Estate Sector - The real estate sector continued its strong performance, with companies like Chengdu Investment Holdings and Vanke A experiencing upward momentum [6] - A joint announcement from the Ministry of Finance and other departments extended the personal income tax preferential policy for housing purchases until the end of 2027, allowing taxpayers to enjoy tax refunds when purchasing new homes within one year of selling their own [8] Robotics and AI Sector - The humanoid robot concept saw a rise, with companies like Fangzheng Electric and Yifan Transmission hitting their daily limits [8] - Industry reports indicate that large-scale production of humanoid robots is imminent, with significant technological breakthroughs expected by 2025 and commercialization anticipated by 2026 [8] Lithium Mining Sector - The lithium mining sector experienced a rebound, with companies like Shengxin Lithium Energy hitting their daily limit [9] - The main contract for lithium carbonate on the Shanghai Futures Exchange rose over 5%, surpassing 164,000 yuan per ton [9] PCB Sector Developments - The PCB sector saw fluctuations, with companies like Aoshikang and Guanghe Technology reaching their daily limits [9] - Due to tight supply and soaring prices of raw materials, Japanese semiconductor material manufacturer Resonac announced a price increase of over 30% for copper foil substrates and adhesive films starting March 1 [9]

齐鲁晚报.齐鲁壹点夏侯凤超李梦瑶杜春娜于泊升 1月20日，济南市人大代表，济南市科技局党组书记、局长黄波在接受齐鲁晚报.齐鲁壹点采访时表示，2026年，市科技局将以"项目赋能年"为总牵引，紧 扣建设全国重要科技强市目标，扎实推动科技创新与产业创新深度融合，为强省会建设筑牢科技根基。 力争今年科技型中小企业 数量突破1万家 2025年，济南市科技系统以"项目提升年"为抓手，围绕"13+34"产业链体系，在强产业、育主体、搭平台、促转化等方面精准发力，多项工作取得阶段性 成效，为高质量发展注入了强劲动能。 "2026年，我们坚持围绕产业干，促进科技创新和产业创新深度融合，以科技创新引领新质生产力发展。"黄波表示，将进一步强化企业创新主体地位，把 培育科技型企业作为重中之重，实施科技型企业登峰计划，持续完善"科技型中小企业-高新技术企业-科技领军企业"梯次培育体系，推动企业实现"微成 长、小升高、高变强"，建立企业培育库，提供"一对一"精准服务，力争今年科技型中小企业数量突破1万家，科技领军企业实现零的突破。 深化"揭榜挂帅"机制，聚焦汽车电子、集成电路、人形机器人等重点产业，支持龙头企业牵头组建创新联合体，攻坚产 ...

Industry News - The Ministry of Finance and five other departments announced the continuation of tax and fee preferential policies for community family services such as elderly care, childcare, and housekeeping, effective from January 1, 2026, to December 31, 2027. Income from these services will be exempt from VAT and calculated at 90% for taxable income [24][26] - Recently, a surge in commercial space activities has prompted banks to participate actively. Several banks, including SPDB and CMB, successfully launched satellites aimed at enhancing their risk control capabilities. Satellite remote sensing technology will allow banks to monitor loan project progress and collateral status in real-time, addressing the limitations of traditional inspections [24][26] - Starting from January 20, 2026, domestic gasoline and diesel prices will increase by 85 yuan per ton, marking the first price hike for refined oil in 2026. The average increase for 92-octane gasoline, 95-octane gasoline, and 0-octane diesel will be 0.07 yuan per liter [24][26] - Japan plans to invest over $330 billion in artificial intelligence and semiconductor sectors [25] - A recent report indicates that the shipment share of ASIC AI servers is expected to rise to 27.8% in 2026, the highest since 2023, with growth rates surpassing those of GPU AI servers [25] - Shanghai has released an action plan to enhance the linkage between futures and spot markets for non-ferrous metals, aiming to improve resource allocation and global pricing influence [25] Company News - Hikvision reported a net profit of 14.188 billion yuan for 2025, representing a year-on-year increase of 18.46% [26][34] - Hu Silicon Industry announced that its second-largest shareholder, the National Integrated Circuit Industry Investment Fund, reduced its stake by 2% between January 7 and January 19, completing the reduction plan [26] - Liou Co. announced the completion of its suspension review and will resume trading [29] - Kailong High-Tech is planning to acquire control of Jinwangda, leading to a suspension of its stock [29] - Yifan Transmission intends to purchase 87.07% of Beijing Helish's shares, which is expected to constitute a major asset restructuring [29] - Tonghu Microelectronics forecasts a net profit of 1.1 billion to 1.35 billion yuan for 2025, representing a year-on-year increase of 62.34% to 99.24% [29] - Baile Tianheng's application for the listing of iza-bren for the treatment of recurrent or metastatic esophageal squamous cell carcinoma has been accepted and included in the priority review list [29] - Guosheng Technology expects a net loss of 325 million to 650 million yuan for 2025 due to low component prices affecting revenue [29] - Kangxin New Materials plans to acquire 51% of Yubang Semiconductor for 392 million yuan, marking a strategic shift towards the semiconductor industry [29]

以下文章来源于泽平宏观商学 ，作者泽平宏观商学 泽平宏观商学 . 前沿科技企业实战研学 读万卷书行万里路 014> 盲盒:头部智能驾驶企业 当前正处于从 L2 到 L4 自动驾驶迭代、从汽车向 通用机器人跨越的历史拐点。智驾芯片及解决方案市 场正以接近 50% 的年复合增长率奔向万亿规模。公司 凭借国产替代与技术普惠的双重红利，占据了中国智 驾市场的"半壁江山"。 在物理AI加速落地浪潮与国产替代加速的双重β 下,公司作为国产中大型算力芯片头部企业及具备软 硬一体能力的供应商，推动汽车从"功能"迈向"智 能"，让机器更懂人类，让出行更安全、更自由。 天工机器人:北京人形机器人创新中心 国家战略级平台,定义全栈自主新高度 北京人形机器人创新中心于2023年11月成立,是 国内首个省级人形机器人创新中心，也是国内首家具 身智能软硬件全栈科技公司,全面覆盖人形机器人大 脑、小脑、本体与数据的研发攻关并且构建了良好的 开源生态。 目前已推出自主研发的全国产化"具身天工"系 列人形机器人和"天轶"系列轮式人形机器人，可覆 盖工业制作、特种作业、物流分拣、商业导览等多元 场景,在人形机器人半马、运动会等多项行业竞赛中 以 ...

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by over 10% [5][12]. Core Insights - The report highlights significant growth potential in the commercial aerospace sector, driven by SpaceX's ambitious goal of producing 10,000 Starships annually and achieving a launch frequency exceeding once per hour within three years [2][19]. - OpenAI is actively seeking domestic hardware suppliers in the U.S. for its expansion into consumer devices, robotics, and cloud data centers, emphasizing the critical role of hardware in software development [3][19]. Summary by Relevant Sections Commercial Aerospace - The report emphasizes the long-term investment opportunities in commercial aerospace, particularly focusing on key suppliers and the Blue Arrow Aerospace supply chain. Recommended companies include: 1. Rocket components: Huazhu High-Tech, Yingliu Co., Longxi Co. 2. Satellite assembly and testing: Guangdian Measurement, Sutest, Shanghai Huguang. 3. Other relevant companies: Zhongtai Co., Ice Wheel Environment [2][9]. AI Infrastructure - The report expresses optimism regarding the AI infrastructure sector, particularly in gas turbines and liquid cooling technologies. Key recommendations include: 1. Gas turbine components: Yingliu Co., Wanze Co. 2. Gas turbine generator sets: Jerry Co. 3. Other components: Haomai Technology, Liande Co. 4. Liquid cooling systems: Ice Wheel Environment, Hanzhong Precision Machinery, Liande Co. [3][9]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated "Outperform": 1. Green's Harmony (688017.SH): Target price of 220.50, market cap of 40.4 billion, EPS of 0.33 for 2024A. 2. Mingzhi Electric (603728.SH): Target price of 73.65, market cap of 30.9 billion, EPS of 0.19 for 2024A. 3. Huichuan Technology (300124.SZ): Target price of 80.85, market cap of 218.9 billion, EPS of 1.60 for 2024A [12][25].

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by more than 10% [5][12]. Core Insights - The commercial space sector is expected to experience significant growth, driven by SpaceX's ambitious goal of producing 10,000 Starships annually and achieving a launch frequency exceeding once per hour within three years [2][19]. - OpenAI is actively seeking domestic hardware suppliers in the U.S. for its expansion into consumer devices, robotics, and cloud data centers, highlighting the critical role of hardware in supporting software development [3][19]. Summary by Relevant Sections Commercial Space - The report emphasizes the long-term investment opportunities in the commercial space sector, particularly focusing on key suppliers and the Blue Arrow Aerospace industry chain. Recommended companies include: 1. Rocket components: Huazhu High-Tech, Yingliu Co., Longxi Co. 2. Satellite assembly and testing: Guangdian Measurement, Sushitest, Shanghai Huguang. 3. Other relevant companies: Zhongtai Co., Icewheel Environment [2][9]. AI Infrastructure - The report highlights the importance of hardware support for AI development, noting that China's hardware supply chain is more complete and cost-effective. Key areas of focus include: 1. Gas turbines as primary and backup power sources for overseas data centers, with companies like Yingliu Co. and Wanze Co. recommended. 2. Liquid cooling solutions for data centers, with a shift from air cooling to liquid cooling being a significant trend. Key companies include Icewheel Environment, Hanzhong Precision, and Linde Co. [3][9]. Key Company Earnings Forecasts - The report provides earnings forecasts and investment ratings for several companies, all rated as "Outperform": 1. Green's Harmony (688017.SH): Target price of 220.50, market cap of 40.4 billion, EPS of 0.33 for 2024A. 2. Mingzhi Electric (603728.SH): Target price of 73.65, market cap of 30.9 billion, EPS of 0.19 for 2024A. 3. Huichuan Technology (300124.SZ): Target price of 80.85, market cap of 218.9 billion, EPS of 1.60 for 2024A [12][25].

Investment Rating - The report rates the mechanical equipment industry as "stronger than the market" [1] Core Viewpoints - The commercial aerospace industry is expected to reach a turning point in 2026, driven by the deployment of low-orbit satellite constellations, which will lead to a normalization of launch demand. The anticipated breakthroughs in reusable rocket technology will significantly reduce the cost per launch [3][4] - The humanoid robot sector is experiencing a moderate level of trading density, with a focus on core enterprises in the T-chain as the Optimus V3 production approaches [3] - The PCB equipment sector is expected to see sustained demand for high-layer and HDI boards, with companies like Dazhong CNC and Shenghong Technology expanding their production capacity [4] Summary by Sections Mechanical Equipment Industry - The mechanical equipment sector outperformed the Shanghai and Shenzhen 300 Index, with a weekly increase of 1.91% [6] - The sub-sectors with the highest PE-TTM increases include other automation (+9.81%), metal products (+8.69%), and instruments and meters (+6.12%) [4][6] Commercial Aerospace - Key companies to watch include Yingliu Co., Ltd. (603308), Srey New Materials (688102), and West Materials (002149) [4] - The report emphasizes the urgency for China to enhance its low-orbit satellite construction and launch pace due to the competitive landscape [3] Humanoid Robots - Recommended companies include Sanhua Intelligent Control (002050) and Delta Electronics (00179), with a focus on the core suppliers as the Optimus V3 is set to launch [3] PCB Equipment - Companies such as Xinqi Microelectronics (688630) and Dazhong CNC (301200) are highlighted for their strong performance and capacity expansion in high-end PCB production [4] Controlled Nuclear Fusion - The report recommends Guoji Heavy Industry (601399) and suggests paying attention to Hezhu Intelligent (603011) due to the expected acceleration in procurement for fusion projects [5]