2026 年 03 月 01 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2025-03 2025-07 2025-11 汽车 沪深300 汽车研究团队 邓健全（首席分析师） 证书编号：S0790525090003 赵悦媛（联席首席分析师） 证书编号：S0790525100003 汽车 赵旭杨（分析师） 证书编号：S0790523090002 傅昌鑫（分析师） 证书编号：S0790525090005 徐剑峰（分析师） 证书编号：S0790525090004 王镇涛（研究员） 证书编号：S0790124070021 相关研究报告 《1 月新能源车出口量同比翻倍，创历 史同期新高—行业周报》-2026.2.14 《1 月重卡批发销量约 10 万辆，蔚来 2026Q4 经营利润转正—行业周报》 -2026.2.8 《FSD 付费用户渗透率超 12%，2025 全球人形机器人出货量同比增长 5 倍 —行业周报》-2026.2.1 数据中心分布式电源需求上行，产业链有望受益 ——行业周报 | 邓健全（分析师） | 赵悦媛（分析师） | 王镇涛（联系人） | ...

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The demand for distributed power sources in North America is increasing due to the mismatch between the expansion of traditional power grids and the rapid construction of data centers, creating opportunities for on-site power generation and backup power equipment [5][16] - The automotive sector is experiencing a shift towards high-end luxury passenger vehicles, with expectations of increased performance as product matrices expand [8] - The automotive parts industry is expected to see an upward trend in profitability due to reduced competition and expansion in downstream markets [8] Summary by Sections 1. Data Center Distributed Power Demand - The power supply gap in North America is widening, leading to increased demand for distributed power sources [16] - Major tech companies are significantly increasing their capital expenditures for data centers, with a total expected expenditure of approximately $650 billion (about 4.58 trillion RMB) in 2026 [16][17] - The total installed capacity of data centers in the U.S. is projected to grow from about 17 GW in 2025 to approximately 50 GW by 2030 [16] 2. Industry News Highlights - XPeng Motors announced that Volkswagen will be the first customer for its second-generation VLA model [6] - Huawei's autonomous driving system recorded over 470 million kilometers during the Spring Festival, equivalent to 190,000 round trips between Beijing and Shanghai [6] - NIO's chip subsidiary completed its first round of financing, raising over 2.2 billion RMB [6] 3. Market Performance - The automotive sector's performance this week saw the CSI 300 index increase by 1.08%, while the automotive sector rose by 0.59%, ranking 23rd among A-share industries [7][43] - The passenger vehicle index decreased by 1.41%, with GAC Group and NIO leading the gains [7][46] - The commercial vehicle index increased by 1.41%, with Hailun Zhe and Weichai Power leading the gains [7][50] 4. Investment Recommendations - For passenger vehicles, the demand for domestic high-end luxury vehicles is exceeding expectations, with recommended stocks including JAC Motors and Seres, while benefiting stocks include Geely [8] - In the parts sector, companies like Desay SV and Zhejiang Xiantong are recommended due to expected profitability improvements [8]

Core Viewpoint - The stock price of UBTECH (09880.HK) experienced a significant increase of 3.54% on February 13, 2026, closing at HKD 137.50, driven by new product launches and multiple favorable factors [1] Product Development Progress - On February 12, UBTECH launched the full-size research humanoid robot "Tiangong Walker DEX" in collaboration with the Beijing Humanoid Robot Innovation Center, showcasing significant improvements in stability, motion control, and embodied intelligence collaboration, while also providing a secondary development toolchain aimed at research and education [2] Financial and Technical Aspects - On the same day, the net inflow of main funds was HKD 40.83 million, with institutional buying accounting for approximately 12%, indicating active participation from institutional investors. The stock price broke through the 5-day moving average of approximately HKD 132.8, reaching a peak of HKD 139.00 during the day, with a volume ratio of 2.18, reflecting strong short-term buying activity [3] Industry Policy Status - Humanoid robots were featured in the 2026 Spring Festival Gala rehearsal, increasing public attention; the preheating of Tesla's Optimus V3 and positive statements from Elon Musk have boosted global interest in the humanoid robot sector. By the end of 2025, the Ministry of Industry and Information Technology established a standardization technical committee for humanoid robots and embodied intelligence, with UBTECH leading the formulation of several national standards, enhancing its industry influence [4] Business Progress - In 2025, the total order amount for humanoid robots exceeded RMB 1.4 billion, with the industrial version Walker S2 entering the supply chains of international giants like Airbus, and plans to increase production capacity to 10,000 units in 2026. The mid-year report for 2025 indicated an overall loss of RMB 414 million, but the first batch of Walker S2 was successfully delivered, marking a significant step in commercialization from "0 to 1" [5] Future Development - Attention is needed as the company's price-to-earnings ratio (TTM) is negative at -61.83, indicating that profitability has not yet materialized. Challenges remain in terms of cost (humanoid robots are still 5-8 times more expensive than AGVs), reliability (production lines require high uptime), and delivery (complexity of the supply chain) for scaling up operations [6]

Core Viewpoint - UBTECH Robotics (09880) has seen a stock increase of over 4%, currently trading at 137.7 HKD with a transaction volume of 857 million HKD, following the launch of its new humanoid robot "Tian Gong Hang Zhe DEX" in collaboration with the Beijing Humanoid Robot Innovation Center [1] Group 1: Product Launch - The "Tian Gong Hang Zhe DEX" humanoid robot features significant improvements in stability, motion control, and autonomous operation, aimed at providing tailored solutions for research and education sectors [1] - The robot is designed to cater to four core groups in research and education, enhancing their capabilities in various scenarios [1] Group 2: Technological Advancements - On February 1, UBTECH officially open-sourced its self-developed embodied intelligent model "Thinker," which emphasizes "small parameters, high performance, and full open-source" [1] - The "Thinker" model achieved first place in nine global benchmark evaluations related to spatial understanding, task planning, visual reasoning, and temporal decision-making, marking it as the first lightweight open-source intelligent base in the industrial humanoid robot field [1]

Core Viewpoint - UBTECH Robotics (09880) has seen a stock increase of over 4%, currently trading at 137.7 HKD with a transaction volume of 857 million HKD, following the launch of its new humanoid robot "Tian Gong Hang Zhe DEX" [1] Group 1: Product Launch - UBTECH has announced the release of "Tian Gong Hang Zhe DEX," a full-size, versatile research humanoid robot developed in collaboration with the Beijing Humanoid Robot Innovation Center [1] - The new robot features significant improvements in stability, motion control, and autonomous operation, providing tailored solutions for research and education across various scenarios [1] Group 2: Technological Advancements - On February 1, UBTECH officially open-sourced its self-developed embodied intelligent model, Thinker, which is characterized by "small parameters, high performance, and full open-source" [1] - Thinker achieved first place in nine global benchmark evaluations related to spatial understanding, task planning, visual reasoning, and temporal decision-making, marking it as the first lightweight, full-stack open-source intelligent base in the industrial humanoid robot sector [1]

Market Overview - The A-share market experienced a decline, with the Shanghai Composite Index down by 0.7%, the Shenzhen Component Index down by 0.67%, and the ChiNext Index down by 0.96%. However, the Sci-Tech Innovation Board Index saw an increase of 0.34% [2]. Semiconductor Industry - The semiconductor industry chain showed strong performance, particularly in sectors such as photolithography machines, memory chips, and advanced packaging. Notable stocks like Langke Technology and Jingce Electronics saw significant gains [4][8]. - The stock of Zhiyuan Technology surged by 11.89%, reaching a new historical high, with a market capitalization of HKD 200.54 billion. The company announced a structural adjustment in its GLM Coding Plan pricing, with an overall increase starting from 30% [4]. Automotive Industry - The automotive industry chain also performed well, with sectors such as auto parts, smart cockpits, and vehicle networking showing increases. The automotive parts sector rose by 0.71% [9][10]. - Recent favorable industrial policies, including the development of mandatory national standards for intelligent connected vehicles, are expected to enhance the regulatory environment for the industry. Additionally, advancements in humanoid robotics are contributing to the sector's growth [10]. Financial Performance of Key Players - Kioxia, a Japanese flash memory manufacturer, reported a revenue of JPY 543.6 billion for the third quarter of fiscal year 2025, marking a year-on-year increase of 20.8% and a quarter-on-quarter increase of 21.3% [7]. - TrendForce forecasts significant price increases in DRAM and NAND flash memory, with DRAM prices expected to rise over 60% in Q1 2026 and NAND prices projected to increase by 55%-60% [7].

Group 1 - The core viewpoint of the news highlights the positive performance of the robotics sector, with the National Robotics Industry Index rising by 0.7% and significant gains in individual stocks such as Kelaimechatronics and Dingzhi Technology [1] - The launch of the "Tiangong Walker DEX," a full-size humanoid research robot developed by Beijing Humanoid Robot Innovation Center and UBTECH, marks a significant advancement in stability, motion control, and autonomous operation, catering to various research and educational scenarios [1] - CITIC Securities emphasizes that the robotics industry is at a critical juncture, transitioning from "technological vision" to "industrial reality," which involves a competition of computing power, algorithms, and precision manufacturing, as well as a strategic long-distance race concerning national will and institutional efficiency [1] Group 2 - The National Robotics Industry Index focuses on humanoid robots and core components, covering companies like Sanhua Intelligent Control and Lingyi iTech, which together account for approximately 80% of the index, leading other similar indices [2] - The E Fund Robotics ETF (159530) is currently the largest ETF tracking this index, facilitating investors' access to core enterprises within the humanoid robotics industry chain [2]

Summary of Conference Call Records Industry: Robotics and Automation Key Points 1. **Robo.ai Subsidiary Secures First Order** Robo.ai, a subsidiary of the company, has received its first order for embodied intelligent robot data collection [1] 2. **Xiaomi Robotics Open Source VLA Model** The company has launched the open-source VLA model, named Xiaomi-Robotics-0, aimed at enhancing robotics capabilities [1][2] 3. **Introduction of New Robot on High-Speed Trains** A new robot, referred to as "conductor," has been introduced on high-speed trains in Zhejiang province, indicating advancements in service automation [1][2] 4. **FORCE Robot Delivery Milestone** The FORCE robot has achieved a significant milestone with a total of 300 units delivered, showcasing the growth in the robotics market [2] 5. **XuanChuang Robotics Completes Pre-A+ Financing** XuanChuang Robotics has successfully completed a Pre-A+ round of financing, reflecting investor confidence in the robotics sector [2] 6. **Apptronik Secures $520 Million in Funding** Apptronik, a humanoid robotics company, has raised $520 million, highlighting the increasing investment in humanoid robotics technology [3] 7. **Flying Dragon Co. Increases Capital for Overseas Subsidiary** Flying Dragon Co. announced an increase in registered capital for its overseas subsidiary, indicating strategic expansion efforts [3] 8. **DaoTong Technology Projects Significant Profit Growth** DaoTong Technology expects its annual report to show a net profit between 900 million to 935 million yuan, representing a growth rate of 40.42% to 45.89% [3] 9. **Huayang Intelligent Shareholding Changes** Huayang Intelligent reported that the Fuxing Weiying Equity Investment Fund has reduced its holdings by 540,000 shares, accounting for 2.29% of the circulating share capital [3] 10. **UBTECH Launches Full-Size Humanoid Robot** UBTECH has introduced a full-size research humanoid robot named "TianGongXingZhe DEX," contributing to the advancements in humanoid robotics [3]

Group 1 - The core viewpoint of the article highlights significant advancements in AI technology and its applications across various sectors, including video generation, robotics, and e-commerce [3][5][16]. - The release of Seedance 2.0 by Doubao Video Generation Model marks a notable step in AI-driven content creation, with plans for further improvements based on human feedback [3]. - Starry Sky, a company founded by a 34-year-old Tsinghua graduate, achieved a valuation of over 10 billion yuan within 28 months, indicating rapid growth in the embodied intelligence sector [7][9]. Group 2 - Zhao Ming, former CEO of Honor, is set to join Qianli Technology as co-chairman, focusing on AI business model strategies [11]. - ByteDance's AI chip team has expanded to over 1,000 members, reflecting the company's increasing emphasis on chip development to meet growing computational demands [11]. - Grab reported a net profit of $200 million for the year, reversing a previous loss, with a 20% revenue growth to $3.37 billion [16]. Group 3 - Anthropic raised $30 billion at a valuation of $380 billion, positioning itself among the most valuable private tech companies globally [16]. - Apptronik completed a $520 million financing round, with notable investors including Google and Mercedes-Benz, indicating strong interest in humanoid robotics [16]. - Xiaomi announced the open-sourcing of its first-generation robot VLA model, showcasing advancements in visual language understanding and real-time execution capabilities [18].

Core Insights - The integration of artificial intelligence with the real economy is accelerating, particularly in the electricity sector, where intelligent robotic technology is moving from laboratory testing to commercialization [1][4] - Beijing Humanoid Robot Innovation Center and China Electric Power Research Institute are collaborating to establish a "Joint Laboratory for Electric Power Embodied Intelligence," aiming to create fully autonomous solutions for electric power operations [1][3] Group 1: Technological Advancements - The "Fully Autonomous Electric Power Operation Embodied Intelligence Solution" signifies a shift from semi-automation to a new phase of human-robot collaboration, enhancing operational efficiency [2][4] - The "Tiangong Walker DEX," a humanoid robot developed by Beijing Humanoid and UBTECH, showcases significant improvements in stability, motion control, and autonomous operation capabilities [1][2] Group 2: Industry Challenges and Solutions - Historically, electric power robots faced limitations due to "preset trajectory execution and weak environmental adaptability," making it difficult to operate in complex scenarios [3][4] - The collaboration between Beijing Humanoid and China Electric Power Research Institute aims to overcome these challenges by utilizing AI technology for real-time environmental perception and task execution [3][4] Group 3: Market Dynamics - The acceleration of embodied intelligence in the electric power sector is attracting listed companies to position themselves strategically within the industry [5] - The deployment of embodied intelligent robots is expected to transform electric grid equipment from mere operational objects to interactive intelligent terminals, creating new market opportunities for secondary equipment manufacturers [5][6] Group 4: Future Outlook - The electric power sector is anticipated to become one of the first vertical industries to achieve large-scale commercialization of robotics, serving as a model for other high-risk special operations in mining, chemical, and rail transportation [6]