未经许可，不得转载或者引用。 投资要点 零部件本周复盘总结： 本周SW汽零指数+1.73%（2026年初至今+6.76%），在SW汽车中排名第1；以2010年-2026.2.27 数据为基准，最新交易日SW汽零PE(TTM)处于历史的88.37%分位；PB(LF)处于历史的81.92% 分位。 机器人本周复盘总结： 本周万得机器人指数+0.08%（2026年初至今+2.63%），较SW汽零超额收益为-1.65%；最新交 易日万得机器人PE(TTM)处于近一年的81.07%分位，PB(LF)处于近一年的81.89%分位。本周人 形机器人交易热度受益于春晚人形机器人表演有所回升，但仍处历史低位。 核心覆盖标的周度变化： 【敏实集团】 与 【智元机器人】 签署专项战略合作协议，加速机器人技术在欧洲的本土化落 地与规模化部署。 本周涨幅前五名为： 【星源卓镁】+10.64%、【伯特利】+7.15%、【飞龙股份】+7.11%、【长华集团】+5.19%、 【银轮股份】+4.73%。 本周大事： 1）智元进军德国市场；2）宇树发布新款机器狗；3）荣耀将于3月1日在巴塞罗那展出首款人 形机器人；4）小鹏将建设行业首个人形机器 ...

今年春节假期，科技与文旅的深度融合正在重新定义"年味"，一系列科技元素正为传统节日文旅消费注入新动能。 春节期间，随处可见的科技元素助力提升游客体验。在陕西西安长安十二时辰主题街区，游客戴上XR设备，即可沉浸式开启长安 地宫探秘之旅。数据显示，春节期间，该街区游客量同比增长超30%，其中科技互动项目占比达40%。 （来源：千龙网） 湖北黄石国家矿山公园的井下探幽项目位于地下100多米，进出矿井要步行1400多级台阶。春节期间，景区上新了智能外骨骼机器 人和AI讲解员，帮助游客抵达地下矿井，让游客更轻松感受工业遗址的魅力。 在浙江衢州市龙游县的大南门历史文化街区，四足机器狗为巡游展演暖场，它们主动向游客挥手"拜年"，瞬间被大人、小孩团团 围住。而另一边的机器人则和游客玩起"石头剪刀布"，趣味十足。夜幕降临，踩街巡游正式开启。身背金元宝的四足机器狗迈着 精准灵活的步伐带队巡街，它们时而转身腾跃，时而摇头摆尾、躬身"拜年"，迎来了观众的阵阵喝彩。 ...

Core Viewpoint - The U.S. Department of Defense has added Unitree Technology to its blacklist, citing concerns over potential military applications of its technology, reflecting broader anxieties about China's advancements in robotics and artificial intelligence [1][5][12]. Company Overview - Unitree Technology is recognized as a leading company in quadrupedal and humanoid robotics, holding over 60% of the global market share in quadrupedal robots [3][5]. - The company has developed its own motors and motion control algorithms, breaking the long-standing foreign monopoly in the field [3][5]. Market Position and Competitive Advantage - Unitree's robots are significantly more affordable, with a price of 99,000 RMB compared to Boston Dynamics' Spot at 530,000 RMB, showcasing a cost advantage of over five times [5][9]. - The company boasts a complete domestic supply chain, with over 90% of its core components sourced and produced in China, enhancing efficiency and reducing costs [7][12]. Technological Progress and Achievements - Unitree has made significant advancements in robotics, with notable performances at major events like the Spring Festival Gala and the Winter Olympics, demonstrating its technological capabilities [9][12]. - The company has consistently improved its products, with the H1 humanoid robot showcasing advanced control capabilities and the H2 and G1 robots achieving high dynamic collaborative performances [9][12]. Implications of U.S. Blacklisting - The U.S. blacklist may impose restrictions on Unitree, including limitations on U.S. government purchases and investments, but the company is expected to withstand these challenges due to its self-reliant supply chain and strong domestic market [5][12][14]. - The blacklisting is viewed as a recognition of Unitree's technological strength, indicating that the company poses a significant challenge to U.S. technological dominance [11][14].

（来源：天津日报） 大年初一，西青区220千伏津奥变电站，国网天津高压公司工作人员韩景立与闫文宁紧盯数字孪生系 统。屏幕上，该变电站设备的三维立体模型实时展现，状态、参数不停变化着。伴随春节用电负荷高峰 到来，该公司强化"人巡+技巡"协同模式，保障重要变电站安全运行。 韩景立轻点鼠标，调取系统数据，全站4752个智能巡视点位的实时信息一览无余。 "你看，系统还能根据预案自动巡视。"韩景立手指屏幕说。此时，站内145路高清摄像头正依据指令有 序转动，覆盖1507个关键点位，实现全天候、无死角数据采集。 与此同时，一台四足机器狗正灵活地穿梭于设备区之间，执行系统指派的巡视任务。它搭载的"双光摄 像头"既能捕捉设备表计示数，也能同步进行红外测温。 "春节期间，技术手段承担了大量工作，我们强化人机协同，确保每个环节精准可控。"韩景立表示。 同一天，在国网天津电缆公司电缆运检智能管控中心大厅内，值班员王可坛和姜淞也开启了马年首日值 守。 转自：天津日报 "姜工，春节期间，地铁8号线、11号线的几个施工场院不停工，请重点关注一下！"王可坛一边提示， 一边通过电缆全景智慧保电平台调出该区域实时监控画面。他介绍，智慧平台上， ...

Market Overview - US stock indices collectively declined, with the Dow Jones down 0.54%, Nasdaq down 0.31%, and S&P 500 down 0.28%. Major tech stocks mostly fell, including Apple, Netflix, and Intel, which dropped over 1% [4] - International oil prices surged, with WTI crude oil rising 2.49% to $66.67 per barrel, and Brent crude oil increasing 2.25% to $71.93 per barrel [5] - International precious metals futures generally rose, with COMEX gold futures up 0.12% to $5015.50 per ounce, and COMEX silver futures up 1.09% to $78.44 per ounce [6] - European stock indices mostly closed lower, with Germany's DAX down 0.93%, France's CAC40 unchanged, and the UK's FTSE 100 down 0.55% [7] Company News - Nvidia's CEO Jensen Huang announced that the upcoming GTC conference will unveil "unprecedented" new chips, indicating a competitive push in AI infrastructure [16] - Amazon surpassed Walmart to become the highest-grossing company globally, reporting sales of $717 billion for the fiscal year ending December 2025, compared to Walmart's $713.2 billion [21] - Nestlé announced plans to sell its high-end beverage and ice cream businesses, as part of a strategy to focus on four core business areas amid declining sales and profits [23] Industry Developments - The National Development Bank of China issued over 360 billion yuan in loans for highway infrastructure in 2025, marking a 10% increase year-on-year, supporting the country's comprehensive transportation network [17] - Zhongke Shuguang upgraded its SothisAI platform to integrate with major AI models, enhancing its enterprise AI capabilities [18] - An Indian university faced backlash for presenting a Chinese-made robotic dog as a self-developed product, highlighting the competitive landscape in robotics technology [20]

Group 1: Current Events Impacting Logistics and Trade - The recent kidnapping of the Venezuelan president's family has led Colombia to declare a state of military readiness, causing instability in the region and affecting international logistics companies operating in Venezuela [2] - An international logistics company in Yiwu has stopped accepting orders related to Venezuelan ports due to uncertainties, while some shipping clients have suspended shipments to the important northern port of La Guaira [2] - The overall booking volume for shipments to Venezuela is expected to be impacted in the short term due to the current instability [2] Group 2: Growing Interest in Spanish Language - There has been a noticeable increase in the demand for Spanish language learning among Yiwu merchants, particularly those in international logistics and foreign trade, driven by the need for better communication with Latin American clients [3] - Merchants believe that learning Spanish can enhance business interactions, with simple greetings helping to build rapport with South American customers [3] Group 3: Trade Dynamics with Latin America - The U.S. initiated "reciprocal tariffs" in 2025, which has disrupted trade but has also led to increased trade with Latin American countries like Mexico, Chile, and Argentina [4] - China's exports to Latin America reached $271.68 billion in the first eleven months of 2025, marking a 7.1% year-on-year increase, with Spanish-speaking countries being significant markets [4] Group 4: AI Technology in Foreign Trade - AI applications are becoming essential tools for foreign trade merchants, enabling them to create multilingual product descriptions and enhance customer engagement through social media [5] - A Yiwu merchant reported selling 20 million pairs of socks in 2025, aided by AI tools that significantly reduced the time required to produce promotional videos [5] Group 5: Smart Hardware Market Trends - Yiwu merchants are increasingly offering AI translation devices and smart hardware products, which are gaining popularity among foreign buyers due to their affordability and functionality [6] - The "white label" market for smart hardware is emerging, providing cost-effective alternatives to high-end products, which appeals to both domestic and international customers [7]

Core Viewpoint - The article highlights the significant advancements and efforts in the energy sector, particularly in ensuring reliable electricity supply during the Spring Festival, showcasing innovative technologies and community engagement in various regions of China [1]. Group 1: Mobile Substations - A mobile substation was rapidly constructed in the mountainous areas of Beijing to meet the increased electricity demand during the Spring Festival, serving nearly 2,000 households [5][6]. - The mobile substation features modular design and can be assembled quickly on-site, significantly reducing construction time and labor [5]. - The substation's capacity is expected to reach 75% to 85% during peak usage, effectively doubling the local power supply capacity [5]. Group 2: Community Engagement and Support - In Tianjin, power companies engaged in community outreach, providing support to vulnerable groups and ensuring electrical safety during the festive season [9][10]. - The proactive approach included home visits to check on elderly residents and assess their heating needs, reflecting a commitment to community welfare [9]. Group 3: Technological Innovations - The introduction of intelligent inspection robots for charging stations has improved efficiency, reducing inspection time from 4.5 hours to 2 hours [18][19]. - The use of drones for line inspections has enhanced fault detection and repair efficiency, allowing for quicker response times in remote areas [11][24]. Group 4: Agricultural and Industrial Support - The stable electricity supply is crucial for agricultural operations, such as the salmon farming industry in Ningbo, which relies on consistent power for water circulation and temperature control [31][32]. - Customized power solutions were implemented for a pig breeding farm to ensure zero downtime during capacity upgrades, highlighting the importance of reliable electricity in food production [12][13]. Group 5: Local Power Infrastructure Improvements - In Hebei, significant upgrades to local power infrastructure have been made to accommodate the growing electricity demands of food production companies, enhancing service response times and customer satisfaction [20]. - The implementation of automated systems and smart monitoring has improved the reliability of power supply in rural areas, ensuring that local businesses can operate without interruptions [11][20].

（来源：辽宁日报） 转自：辽宁日报 本报见习记者 胡潇文 "起飞！"王秀斌轻点控制台屏幕，随后带记者走出室外，只见机巢缓缓打开，一架四旋翼无人机腾空而 起，在空中穿梭，精准拍摄输电杆塔等实景，进行红外测温，宛如一位敏锐的"空中哨兵"。 几分钟后，无人机已巡完一个间隔设备、几十根基杆塔，将实时画面与数据传回控制室。"它可是我们 站的'蛙跳侠'。"王秀斌说，"能从我们站飞到下一个有'充电宝'（机巢）的变电站，充完电再'跳'到下一 站，一台机器就能管好整片区域电力保障。" "以前可没这条件。"王秀斌记得，十多年前，电力巡检靠的是"铁脚板"，一次至少两人，一上午要走5 公里，遇上雪天，深一脚浅一脚。 2021年，220千伏首山变电站成为国家电网首批自主开展建设的数字孪生变电站，海量数据构建出站内 设备的"数字分身"。2024年，无人机"蛙跳"功能研发，打造辽阳供电公司"一机多能"网格化无人机自主 巡检模式的枢纽。去年，这座1953年投运，曾为保障抗美援朝战争大后方供电的山洞式变电站，入选了 第七批国家工业遗产。 如今，无人机巡检可覆盖输电线路1224.6公里、配电线路3198.08公里。王秀斌一个人，借助无人机和数 ...

证券日报网2月12日讯 ，中联重科在接受调研者提问时表示，产品矩阵包括：1.9米全尺寸轮式人形机器 人、1.3米双足人形机器人、1.7m双足人形机器人、四足机器狗。产品策略：充分分析场景需求，根据 实际需求来选择合适的产品。开发逻辑：从产品与技术的可实现性逐步开发，先在自身丰富场景验证， 在逐步推广到其他场景。机器人领域属于前沿科技、国家重点战略产业，目前行业整体研发及应用尚处 于早期投资阶段，离规模性盈利仍需时间。敬请广大投资者谨慎决策，注意投资风险。 （文章来源：证券日报） ...

Group 1: Company Overview and Strategy - Zhonglian Heavy Industry has established a comprehensive high-end equipment business system covering engineering machinery, agricultural machinery, and mining machinery, with a strong operational capability [1] - The company has built over 30 primary business aviation ports and more than 430 secondary and tertiary outlets globally, with overseas revenue continuously increasing [1] - Key strategic focuses include accelerating globalization and localization integration, promoting diversified industrial development, enhancing product greening and intelligence upgrades, and speeding up digital transformation [2] Group 2: Market Insights and Projections - The market strategy for small excavators in 2026 includes the establishment of a new production line for compact models, which is expected to significantly enhance product quality and reduce manufacturing costs [2] - Overseas business has experienced five consecutive years of rapid growth, with overseas revenue projected to increase fivefold from 2020 to 2024, focusing on high-end markets in Western Europe and Australia [3][4] - The agricultural machinery market is valued at approximately 1 trillion RMB, with the company leveraging its global operational experience and focus on new energy and intelligent products to gain a competitive edge [5] Group 3: Financial Management and Performance - The company has implemented a digital inventory management platform, resulting in a reduction of inventory balance by 1.286 billion RMB (5.70%) as of Q3 2025 [6] - The company’s mining machinery market growth has outpaced the industry, with a focus on high-end products and lifecycle value [4][5] Group 4: Robotics Development - The company is developing humanoid robots and has established a dedicated research center, collaborating with universities and AI companies to advance key technologies [7][8] - The product matrix includes various humanoid robots and robotic dogs, with a focus on meeting specific scene demands and gradually expanding applications [8]