马年春晚舞台上，来自松延动力、宇树、魔法原子、银河通用 等企业的人形机器人惊艳亮相，通过武 术、舞蹈等节目集中展示前沿技术实力，将科技感与节日氛围完美交融。这一幕不仅让亿万观众直观感 受到机器人技术的成熟，也成为观察中国 AI 硬件产业发展的生动窗口。 鲜为人知的是，这些舞台上的"科技明星"，都与华强北有着千丝万缕的紧密关联，其背后更是依托着华 强北早已高效运转的完整产业体系。 从春晚舞台到产业母体：一台机器人背后的一条链 据悉，春晚登台的机器人中，有的整机产品可在华强北商圈实现展示、销售与租赁，有的核心零部件和 工程配套则直接源自华强北高度密集的产业集群。舞台上短短几分钟的精彩表演，背后连接的，是华强 北深耕多年、协同高效的产业网络，也悄然揭开了这条"中国电子第一街"的产业魅力面纱。 在这一生态加持下，华强北的产业创新节奏持续提速：以Deepseek开源模型二次开发为例，一年可构建 相对完整的细分产业链，半年能完成从核心元器件到产品形态的系统整合，一个月内即可切入某一技术 方向的前沿领域。这种速度，并非短期冲刺，而是长期产业积累形成的整体优势。 与此同时，华强北的产业能力并不止于市场端，更体现在与科研体系的 ...

Core Insights - Two overlooked robotics stocks, Cognex and Teradyne, reported strong earnings, drawing renewed analyst attention as they capitalize on the growing robotics and AI market [1][2] Group 1: Cognex - Cognex is a leader in industrial machine vision, enabling robots to perform tasks such as quality inspection and warehouse picking, with Q4 revenue of $252.34 million exceeding estimates of $238.9 million [1] - The company achieved an adjusted EBITDA margin of 22.7%, marking a 420 basis point increase year-over-year and the sixth consecutive quarter of margin expansion [1] - Cognex's full-year free cash flow surged 77% year-over-year to $236.77 million, allowing for $206 million in shareholder returns through buybacks and dividends, with a new $500 million share repurchase program authorized [1] Group 2: Teradyne - Teradyne, known for semiconductor test equipment, also has a growing robotics division, reporting Q4 revenue of $1.083 billion, surpassing estimates of $987.8 million by 10% [1] - The company’s Q4 EPS of $1.80 exceeded the consensus estimate of $1.38 by 30%, with revenue driven by AI-related demand in various sectors [1] - For Q1 2026, Teradyne guided revenue of $1.15 billion to $1.25 billion, representing 75% year-over-year growth at the midpoint, with non-GAAP EPS expected between $1.89 and $2.25 [1]

Core Viewpoint - The Hong Kong stock market experienced a decline on the first trading day of the Year of the Horse, with major indices falling, while domestic AI models and robotics stocks surged significantly [1][2]. Market Performance - As of February 20, the Hang Seng Index closed at 26,413.35 points, down 1.1%; the Hang Seng Tech Index closed at 5,211.5 points, down 2.91%; and the Hang Seng China Enterprises Index closed at 8,959.56 points, down 1.22% [2][3]. - The AI model sector saw strong performance, with Zhizhu and MiniMax both surpassing a market capitalization of 300 billion HKD. Zhizhu surged by 42.72% to 725 HKD per share, marking a cumulative increase of 206% in February [3][5]. Robotics Sector - The robotics sector also experienced a collective rise, with companies like Yujian up 21.4% to 48.44 HKD per share, and Suton Ju Chuang rising 9.24% to 37.58 HKD per share [5]. Oil Sector - Oil-related stocks also saw gains, with Yanchang Petroleum International up 3.75%, China Petroleum International up 3.70%, and CNOOC Services up 3.20% [6]. Sector Outlook - Huatai Securities suggests focusing on three key areas in the Hong Kong market: semiconductor hardware represented by storage, improving specialty consumption, and electrical equipment [6]. - Galaxy Securities recommends attention to precious metals and energy sectors due to geopolitical uncertainties, as well as the technology sector as a long-term investment focus, particularly in the context of accelerating AI applications [6].

Market Overview - The Hong Kong stock market experienced a significant divergence on the first trading day of the Lunar New Year, with the Hang Seng Index declining by 1.1% and the Hang Seng Tech Index dropping by 2.91%, reaching a new low of nearly 5200 points [1][3] - Internet technology stocks, once highly sought after, became the main contributors to the market decline, with notable drops including Baidu down over 6%, Bilibili down over 5%, Alibaba down nearly 5%, and Tencent down over 2% [3] AI and Robotics Sector - In stark contrast to the decline in internet giants, the domestic AI model sector saw a significant surge, particularly with the "domestic AI dual champions" Zhiyuan and MiniMax, with Zhiyuan's stock price soaring by 42.72% to 725 HKD per share, marking a cumulative increase of over 220% since February [3][5] - The recent launch of Zhiyuan's flagship model GLM-5, which boasts over a 20% performance improvement in programming development scenarios, has garnered strong market interest [5] - The robotics sector also experienced a notable rise, with leading collaborative robot company Yujian increasing by 21.40% and other companies like Sutonju and Ubtech showing impressive gains [7] Market Trends and Insights - The market is witnessing a shift in investment focus from internet platforms, which primarily relied on model innovation, to hard technology sectors driven by technological innovation [7][9] - Analysts from Dongwu Securities highlighted that advancements in core robotic capabilities have been crucial for the sector's recent popularity, with expectations for significant growth as major companies like Tesla and domestic leaders begin large-scale production [7] - According to招商证券, the AI application field is experiencing simultaneous deepening of technological breakthroughs and commercialization competition, supported by the national strategy for artificial intelligence, indicating promising upward potential despite slightly high valuations [9]

来源：人工智能学家 2026年春节，一幕震撼人心的画面传遍全球：央视春晚舞台上，宇树科技的G1和H2型人形机器人与舞 蹈演员同台共舞，挥棍、耍剑、劈叉、翻空，行云流水，气势如虹，引发海内外社交媒体一片惊叹。 就在舆论为之沸腾的同时，一位AI领域资深研究者在达沃斯论坛上泼了一盆冷水。 Meta首席AI科学家、图灵奖得主杨立昆直言不讳："现在机器人的常识连猫都不如。表演功夫这些都是 预编程实现的，目前没有任何一家公司能制造出真正有实用价值的人形机器人。"这句话，把热热闹闹 的春晚盛景和人形机器人赛道的繁荣叙事，放在了一个极其尴尬的聚光灯下。 表演背后：一个不得不说的技术实情 杨立昆的批评并非无中生有。 宇树科技的机器人在春晚《武BOT》节目中完成了极具观赏性的武术套路，这一切之所以能实现，在于 演出前已通过大量调试把每一个动作序列精确编排进去，机器人按既定程序执行，后台还有工程师实时 监控和发送指令。这和人们想象中那种"感知环境、自主决策、灵活应变"的智能机器人，其实相去甚 远。 换句话说，机器人能打出一套漂亮的醉拳，却不知道旁边的人摔倒了应该去扶一把。它的"武功"是固化 的代码，不是真正的理解。 杨立昆在印度A ...

21世纪经济报道记者黄子潇 A股尚处春节休市期，港股已抢先开市。 大年初四（2月20日），港股迎来马年首个交易日。截至收盘，恒生指数跌1.10%，恒生科技指数跌2.91%。 尽管大盘的"开门红"未能如愿，但"春晚效应"正在显现，多只机器人概念股逆势走高。 同日，香港交易所、香港黄金交易所均举行新春开市仪式，港交所主席唐家成表示，今年以来已有24只新股上市，募资金额超过870亿港元，目前有488家企 业正在排队等候上市。"希望港股市场气氛能一直延续整个马年。"他表示。 此外，香港金市收获红盘。 港交所举行马年新春开市仪式。来源：港交所官网 恒指走弱收跌，机器人板块逆势上涨 2月20日，恒生指数低开后维持震荡，截至收盘全日下跌1.1%；恒生科技指数受软件板块拖累表现较弱，收跌2.91%。 从成交量来看，恒生指数、恒生科技指数等交易量均较节前（2月13日）降幅近40%，原因或为港股通的缺席。Wind数据显示，2025年港股通成交额占港股 市场总成交比例约55.3%。春节休市时间表显示，2月14日至2月23日，A股、沪/深港通（北向）、港股通（南向）均处于休市期，而港股在除夕（2月16 日）开市半日，在初四（2月20 ...

不过，人形机器人能否在现实场景中实现有效应用，仍有待观察。 机器人板块的优必选2月20日在香港一度上涨13%。越疆一度飙升近23%，创4月份以来最大盘中涨幅； 速腾聚创一度上涨16%。中国内地股市将于下周二重新开市。 这并非市场首次对机器人在公众场合的能力展示作出积极反应。春晚一直是电视收视率最高的节目之 一，也往往成为中国科技初创企业腾飞的跳板。 机器人再次在中国一年一度的春节联欢晚会上抢尽风头，他们在小品中亮相，随着流行音乐起舞，还像 功夫大师那样在墙壁间腾挪跳跃。2月20日尽管香港股市整体走弱，投资者仍推动机器人板块的股票上 涨。 杭州初创公司宇树科技曾在2025年以整齐划一跳舞的人形机器人惊艳观众，今年则更进一步，展示了一 队能够完成跑酷动作、模仿成龙标志性醉拳风格的机器人。 银河通用展示了一款能叠衣服的机器人，魔法原子和松延动力的产品则在晚会的舞蹈和小品节目中亮 相。这台年度盛会周一创下了13年来最高的电视收视率。 这场表演"很炫，但高度编排，并未体现任何现实中的应用价值。"瑞联银行驻新加坡的董事总经理Vey- Sern Ling表示，"在消费和工业领域的应用、商业化、规模化生产以及成本效益方面，仍 ...

2月20日，港股迎来马年首个交易日。截至收盘，恒生指数报26643.69，跌0.98%，恒生科技指数报 5222.75，跌2.70%。尽管大盘走弱，但人工智能与机器人概念股集体逆市大涨，多只个股再创历史新 高，表现亮眼。 前海开源基金首席经济学家杨德龙认为，从投资的角度来看，机器人预计有三年左右的比较好的投资机 会，2025年相当于是炒概念的阶段，2026年进入到炒订单的阶段，2027年进入到炒业绩的阶段。在2025 年，那些宣布要做机器人相关业务的零部件公司都大涨，但是大家无法分辨哪家公司最终会获得大厂订 单；到2026年，就要逐步来看哪家能拿到大厂的订单，比如进入特斯拉机器人产业链、进入宇树机器人 产业链等等，有可能就会聚焦订单炒作；到2027年就要进入到业绩兑现阶段，看最终能不能释放出业 绩。 2月20日，港股开盘后，AI与机器人概念股全线爆发，机器人概念股中，越疆盘中一度涨超24%，截至 收盘涨21.40%，首程控股涨11.90%，速腾聚创涨9.24%，禾赛-W涨7.93%，优必选、三花智控分别上涨 4.71%、5.57%。 （文章来源：南方都市报） 东吴证券机械研究团队发布观点表示，机器人核心能力进 ...

Core Insights - Chinese humanoid robots gained significant attention following a standout performance at the 2026 Spring Festival Gala, showcasing advancements in technology and capabilities [1][2][3] Industry Overview - The Spring Festival Gala is recognized as the world's most-watched television program, featuring robots performing various complex tasks, contrasting sharply with previous years' performances [2] - Analysts noted that while humanoid robots have made substantial progress, they still need to demonstrate reliability in real-world applications [4][14] Technological Advancements - The performance highlighted the robots' ability to achieve human-level actions and potentially superhuman capabilities, indicating significant advancements in robotics technology [5][4] - Analysts from Barclays reported that China accounted for over 85% of the approximately 15,000 humanoid robot installations in 2025, showcasing its early lead in the market [6] Competitive Landscape - China's advantage lies in its vertically integrated robotics value chain, which includes essential components and materials, allowing for lower manufacturing costs compared to competitors [7][10] - Leading Chinese companies like Unitree are aiming to maintain their market lead, with expectations of 10,000 to 20,000 shipments in 2026 [8] Market Dynamics - Tesla's Optimus, a leading humanoid robot in the U.S., is projected to have higher production costs, with potential reductions only if production scales significantly [11] - Other markets are expected to ramp up production but will likely lag behind China due to established supply chains and production capabilities [12] Future Outlook - While the Spring Festival Gala showcased impressive advancements, analysts emphasized the need for further improvements in AI and mechanical engineering for tasks requiring high reliability [14][15] - The ability to perform complex, multi-tasking operations will be crucial for realizing economic value in the robotics sector [15]

2月20日港股马年首个交易日，机器人概念大涨，截至发稿，越疆涨超21%，速腾聚创涨超8%，优必选 涨超5%，三花智控（002050）涨超6%。 消息面上，马年春晚引爆机器人热潮，松延动力、宇树科技、魔法原子、银河通用四家机器人公司今年 分别亮相小品、武术、歌曲及微电影四大类节目。据悉，一系列精彩的机器人表演不仅吸引了广大观众 的关注，引爆社交网络，也带火了平台销售。 多个相关话题相继冲上热搜。 此外，机械狮舞将东方美学与岭南文化完美融合，向观众证明，中国在人工智能和机器人领域，不仅拥 有硬核科技，更具备深厚的文化融合能力与艺术表达软实力。 原创歌曲《战马》则成为当晚的美学亮点。作品以马年生肖为灵感，将传统"跃马扬鞭"的意象与赛博光 影效果深度融合，通过震撼的音乐编排与极具张力的舞台呈现，成功营造出浓厚的节日氛围，以创新美 学重构了春节叙事。 这场晚会并未止步于技术炫技，而是深入探讨了科技时代的人类情感命题。小品《2046的团圆年》通过 一个幽默而温馨的故事——儿子带"特殊女友"回家过年被老爸识破，巧妙地揭示了在未来家庭中，人类 情感的不可替代性。它在笑声中引发观众思考：无论技术如何进步，人与人之间的温情始终是 ...