持股过节，关注成长 ——2026年2月五维行业比较观点 策略组 张宇生 SAC编号：S0930521030001 策略组 王国兴 SAC编号：S0930524070013 请务必参阅正文之后的重要声明 核心观点 2026年2月8日 证券研究报告 1 国海富兰克林基金 请务必参阅正文之后的重要声明 五维行业比较框架介绍。股价表现受多重因素影响，单一指标难以有效指导行业比较。想要做好行业比较，需要对各种可能 影响股价的因素均进行分析并做出综合判断，并且对于未来可能的市场主导因素，应该赋予更高的权重。基于此，我们综合 市场风格、基本面、资金面、交易面、估值五个维度，构建了"五维行业比较框架" ，在非财报季时期，我们对于五个维 度进行等权打分，而在财报季，则给予基本面维度更高权重，并降低市场风格及估值维度的权重。 历史回测来看，五维行业比较框架表现优异，得分越高的行业表现往往更好。通过复盘2016年至2025年2月期间五维行业比 较框架的历史表现，可以发现该框架下得分越高的行业股价表现往往更好，按得分高低将行业依次分为第1组、第2组 、第3 组、第4组、第5组，各组的年化收益率分别为11.8%、1.3%、-1.4%、 ...

Core Insights - AGIBOT hosted AGIBOT NIGHT, the world's first large-scale live event fully led by humanoid robots, showcasing their capabilities in performing arts [1][2] - The event marked a significant milestone in the transition of humanoid robotics from laboratory settings to real-world applications, emphasizing stability and coordination among multiple robots [2][7] Performance Highlights - Humanoid robots executed complex performances, including flips, synchronized dances, and runway shows, demonstrating advanced motion control and stability [3][6] - Collaborative performances featured human dancers alongside AGIBOT robots, showcasing real-time alignment and interaction between humans and robots [4][5] Commercial Integration - AGIBOT's humanoid robots were showcased alongside well-known consumer brands, illustrating their potential integration into everyday commercial and cultural contexts [5][6] - The event highlighted AGIBOT's diverse robotics portfolio, including the A2 Series, X2 Series, G2 Series, and D1 Series, each designed for specific applications ranging from entertainment to industrial use [6][7] Market Position and Future Outlook - As of the end of 2025, AGIBOT has delivered over 5,000 humanoid robots globally, indicating a growing commercial maturity and scalability in humanoid robotics [7] - The event's timing during the Chinese Spring Festival emphasized the cultural relevance of humanoid robots, suggesting a shift towards their role in social experiences rather than just productivity [8][9]

具身智能无疑是当下最火热的前沿产业领域之一，但不少创业者手握先进技术却难以找到适配场景，产 业端拥有海量场景需求却缺乏精准技术供给，资本方急于布局却难觅兼具硬核性与落地性的优质项目。 基于此，i⁵Robot机器人产业加速营以"告别Demo时代，迎战产业验收场"为目标，整合了京东、联想、 富士康、长城汽车、太古集团等13家链主企业开放的50余个赛道的真实场景、多家投资机构资源及顶尖 学术智脑与量产级供应链支撑，为创业者提供场景对接、资本赋能、技术转化等服务，助力技术从样机 快速走向商品，并以"链主出题、营员解题、平台赋能"的闭环模式，帮助创业者完成从"技术思 维"到"商业思维"的转变，实现技术与市场的精准对接。 "初创企业的核心发展命题是技术落地，而技术落地的关键，则需要从具体场景切入。"作为加速营主办 方，智友·雅瑞科创平台发起人、中关村智友研究院院长王田苗提出，创业者需主动绑定产业方与渠道 方，做好有节奏的融资规划，这是技术落地产业化的重要抓手，而加速营打造的"技术—产业—资本"生 态，将为创业者打通这一关键链路提供核心支撑。 王田苗建议，创业者要在时代发展中挖掘自身优势与国家逻辑、市场逻辑的契合点，而不是 ...

Core Viewpoint - Rosen Law Firm has filed a class action lawsuit on behalf of purchasers of securities of Richtech Robotics Inc. for the period between January 27, 2026, and January 29, 2026, alleging false and misleading statements by the company [1][5]. Group 1: Lawsuit Details - The class action lawsuit claims that Richtech Robotics falsely stated it had a collaborative relationship with Microsoft, which it did not have, leading to materially false and misleading statements about the company's business and prospects [5]. - Investors who purchased Richtech Robotics securities during the class period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. Group 2: Participation Information - Interested parties can join the class action by visiting the provided link or contacting the law firm directly. A lead plaintiff must move the court by April 3, 2026 [3][6]. - It is noted that no class has been certified yet, and investors can choose to remain absent or select their own counsel [7]. Group 3: Law Firm Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved significant settlements, including the largest securities class action settlement against a Chinese company [4]. - The firm has been recognized for its success in securities class action settlements, ranking No. 1 in 2017 and consistently in the top 4 since 2013, recovering hundreds of millions for investors [4].

新华财经北京2月8日电（陈冉）在近日发布的《2025 胡润未来独角兽：全球瞪羚企业榜》中，云深处 科技凭借具身智能领域的技术实力、成熟的商业化落地能力及显著的高速增长态势，成功入选。 早在2022年 杭州银行就率先发放500万元纯信用贷款解燃眉之急，后续将综合授信提升至8000万元，并 通过 "浙科领航联合贷" 形成资金合力，更促成其产业合作。 云深处科技的快速发展，与杭州银行十六年深耕科创金融的经验探索息息相关。 在程天科技服务亚残运会运动员的时候，企业已经发展较为成熟。杭州银行通过旗下财资平台，帮助企 业解决了多银行账户管理难题，同时发挥投贷联动的优势，为企业对接投融资资源。"我们不光为其提 供贷款，更多是服务于企业多样化的金融需求。"杭州银行相关负责人如是说。 多维赋能体系 超越信贷的全生命周期陪伴 不同于传统金融服务的 "单点支持"，杭州银行构建了涵盖资金融通、资源链接、政策对接、高效结算 的综合服务体系，让支持不止于贷款。 在足式与人形机器人赛道，杭州银行的陪伴式服务见证企业从初创到全球领跑。针对云深处科技B轮融 资后研发投入加码、订单周期错配的痛点，杭州银行不但于2022年率先发放信用贷款，更通过 ...

Core Viewpoint - Richtech Robotics Inc. is facing a class action lawsuit for allegedly misleading investors about its relationship with Microsoft, which has resulted in significant stock price declines [3][4]. Group 1: Class Action Lawsuit Details - The class action lawsuit is titled Diez v. Richtech Robotics Inc., and it involves purchasers of Richtech Robotics securities from January 27, 2026, to January 29, 2026 [1]. - Investors have until April 3, 2026, to seek appointment as lead plaintiff in the lawsuit [1]. - The lawsuit alleges that Richtech Robotics falsely claimed a commercial relationship with Microsoft during the class period [3]. Group 2: Impact of Allegations - An article published by Hunterbrook Media on January 29, 2026, stated that Microsoft denied any partnership with Richtech Robotics, leading to a more than 29% drop in the price of Richtech Robotics Class B stock over two trading days [4]. Group 3: Legal Process and Representation - The Private Securities Litigation Reform Act of 1995 allows any investor who purchased Richtech Robotics securities during the class period to seek lead plaintiff status [5]. - The lead plaintiff will represent the interests of all class members and can choose a law firm for litigation [5]. Group 4: Firm Background - Robbins Geller Rudman & Dowd LLP is a leading firm in securities fraud and shareholder rights litigation, having recovered over $916 million for investors in 2025 alone [6]. - The firm has a strong track record, recovering $8.4 billion for investors over the past five years, significantly more than any other law firm [6].

以下文章来源于泽平宏观商学 ，作者泽平宏观商学 追更生态 全场景高端智能生态,重新定义现代生活 追觅科技成立于2017年,是以高速数字马 达、智能算法、运动控制技术为核心的全球高端 科技品牌。其始终坚信"核心技术是一切的根本", 重视技术研发与创新。截至2025年12月,全球累 计申请专利超8000件,累计获得授权专利超 3000件。追觅科技旗下产品覆盖清洁、个护、厨 电等多元场景的高端智能产品矩阵，已成为智能 清洁领域的全球领导品牌。 魔法原子 聚焦机器人全栈自研,推动具身智能落地 魔法原子成立于2024年,是国内少数具备通 破桂 世 世 J7\///000 ヘエツイロリアム リアベリア ■ リア 超90%。不同于实验室构想,它坚持以商业化落 地为导向,发起"千景共创计划",在工厂、商业等 真实场景中锤炼机器人,解决"有用、好用、有人 用"的问题，加速技术转化为新质生产力。 泽平宏观商学 . 前沿科技企业实战研学 读万卷书行万里路 企业简介 灵猴机器人 | 投研闭门会 AI的中国力量 看懂宏观趋势 把握投资机会 AI正从虚拟世界走向物理现实,开启万亿级 市场机遇。本次闭门会将汇聚产学研投重磅嘉 strade ...

Teradyne, Inc. (NASDAQ:TER) is one of the 10 AI Stocks to Keep on Your Radar. On February 4, Stifel analyst Brian Chin raised the price target on the stock to $325.00 (from $280.00) while maintaining a Buy rating. The firm believes TER’s outlook appears more constructive with upside from AI and semi test share gains. Stifel’s price target increase follows TER’s upside guidance that demonstrate how artificial intelligence applications now represent more than 70% of the company’s semiconductor test busines ...

Tesla just announced a big shift in its business direction that could change the company forever.There are many reasons to dislike Tesla (TSLA +3.47%). However, it is hard to deny that the company is highly innovative, as it essentially created the modern electric vehicle (EV) market. But the big reason to buy the stock right now may have nothing to do with EVs. Here are some things to think about before you buy Tesla stock.A controversial CEO and an expensive stockElon Musk, Tesla's visionary CEO, is a pol ...

长城证券认为，2026年是海内外机器人量产爬坡的关键节点，特斯拉、宇树、小鹏等企业明确量产 时间表，产业链上游的丝杠、电子皮肤及"机器人大脑"等核心环节将迎来高成长机遇。 每日经济新闻 （责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 盘面上，两市低开高走，机器人概念探底回升，现已翻红。相关ETF方面，机器人ETF（159770） 标的指数盘中涨1.12%，成交额达1.32亿元。成分股中，天智航-U、瑞松科技、拓普集团、绿的谐波、 奥比中光-UW涨超5%，步科股份、丰立智能、鸣志电器等多股跟涨。 值得关注的是，Wind显示，机器人ETF（159770）盘中净申购超1600万份，最近五个交易日累计获 资金净流入1.94亿元。截至2026年02月05日，该基金最新规模为98.26亿元，为深市同标的第一。 机器人ETF（159770）紧密跟踪机器人指数，其行业配置主要包括自动化设备（42. ...