证券研究报告 2026年03月01日 汽车零部件 禾赛-W(02525.HK)公司深度报告： 乘具身智能之东风，激光雷达由"上车"走向"泛机器人" | 表现 | 1M | 3M | | --- | --- | --- | | 禾赛-W | 6.2% | 51.1% | | 恒生指数 | -1.8% | 2.6% | 请务必阅读报告附注中的风险提示和免责声明 2 评级：买入(首次覆盖) 陈梦竹(证券分析师) 詹广鹏(证券分析师) S0350521090003 S0350524030005 chenmz@ghzq.com.cn zhangp03@ghzq.com.cn 最近股价走势 -50% -38% -27% -16% -5% 6% 2025/09/16 2025/11/16 2026/01/16 禾赛-W 恒生指数 | 市场数据 | 2026/02/27 | | --- | --- | | 当前价格（港元） | 219.60 | | 52周价格区间（港元） | 116.30-244.00 | | 总市值（百万港元） | 34,508.43 | | 流通市值（百万港元） | 34,508.43 | | 总股本（ ...

Key Insights - The report highlights the competitive landscape in the AI sector during the Spring Festival, with major players like ByteDance, Alibaba, and Tencent achieving significant user engagement and interaction through their AI applications [1][8] - The report discusses the advancements in autonomous driving, including legislative support in the US and significant developments from companies like Tesla and Waymo, indicating a growing market for self-driving technology [2][9] - The US Supreme Court's ruling against the "reciprocal tariffs" imposed by the Trump administration is expected to impact trade dynamics significantly, affecting various sectors [3][10] Recent Key Events - ByteDance's AI model generated over 50 million new year avatars and achieved 19 billion interactions during the Spring Festival, showcasing its strong user engagement [1][8] - Alibaba's "Qianwen" app facilitated nearly 200 million orders during the holiday, with a notable user base of older adults successfully utilizing the service [1][8] - Tencent's user engagement metrics reached new highs, with over 50 million daily active users during the Spring Festival, reflecting the effectiveness of its promotional activities [1][8] Market Situation - The Hang Seng Index fell from 27,387 points at the end of January to 26,381 points by February 26, marking a decline of 3.7% [11] - The Hang Seng Technology Index experienced a more significant drop of 10.6% during the same period [11] - Net inflows from southbound trading reached 75.6 billion HKD in February, indicating a positive trend in capital movement [12] Current Investment Recommendations - Focus on growth-oriented real estate and energy companies such as Beike-W, China Qinfa, and Power Development, which are expected to perform well in the current market [21] - Consider companies benefiting from the adjustment of the Hong Kong Stock Connect, like Leshushi, which is positioned for growth in the African hygiene products market [21] - Internet companies like Alibaba and Tencent are recommended due to their advancements in AI and strong market positions [21] Company-Specific Insights - Beike-W (2423.HK) is positioned as a leader in the real estate brokerage sector, with expected net profits of 37.1 billion CNY in 2025, reflecting a growth trajectory despite market challenges [22][24] - China Qinfa (0866.HK) is transitioning away from coal operations in Shanxi and focusing on its growing Indonesian coal business, with projected profits of 6.1 billion CNY by 2026 [25][26] - Leshushi (2698.HK) is a leading player in the African hygiene products market, with a projected net profit growth of 18.5% in 2025, driven by increasing market penetration [35][36] - Alibaba (9988.HK) is enhancing its AI capabilities with the launch of the Qwen3.5 model, which is expected to drive significant revenue growth across its platforms [39][40] - Tencent (0700.HK) is experiencing strong growth in its gaming and advertising segments, with a projected revenue increase to 7,530 billion CNY by 2025 [44][46]

2026 年 2 月，联合国《自动驾驶系统全球法规草案》正式落地，为无人驾驶车辆驶入全球公共道路敲下合法性印章；伦敦街头，多款 Robotaxi 开启商业 化路试，Waymo 同期宣布其无人驾驶出租车服务落地美国 10 座城市，周订单量向百万级冲刺；中国北京、深圳、大理等城市的 Robobus 已实现常态化运 营，蘑菇车联、文远知行、轻舟智航等企业的无人驾驶巴士穿梭在城市园区、景区与开放道路，成为智能出行的重要载体。与此同时，华尔街资本对自动 驾驶赛道的押注达到顶峰，激光雷达、域控制器、智驾算法企业的估值一路飙升，一场新的科技造富运动正在上演。 但当我们把目光投向 2030 年，这场由 AI 深度赋能的自动驾驶革命，正沿着一条与「AI 繁荣悖论」高度相似的路径演进：L4 级自动驾驶全面商业化→职 业司机岗位消亡→出行消费结构重构→传统交通产业链崩塌→金融市场估值重估。从感知层的激光雷达到决策层的大模型算法，从 AI 网络协同到出行生 态的人机协同，AI 正在把自动驾驶从技术试验场推向社会经济的核心舞台，而这场革命的背后，是效率与公平的博弈，是技术狂奔与制度滞后的错位， 更是一场关乎数亿人就业、万亿级产业链重构 ...

Core Insights - The Guangdong High-Quality Development Conference emphasizes the integration of manufacturing and service industries as a core focus for economic work in 2023 [1] - Shenzhen's Nanshan District, the first in China to exceed a GDP of 1 trillion, is leveraging dual parks to address land resource limitations and foster new growth [3][7] Group 1: Manufacturing and Service Integration - The conference highlights the importance of deep integration between manufacturing and service sectors, with initiatives like the "123+N" industrial operation service system being introduced [6] - The dual parks, Honghualing Base and Nanshan Smart City, are positioned to create a collaborative ecosystem that combines R&D, high-end manufacturing, and modern services [4][6] Group 2: Economic Development and Innovation - Nanshan's development strategy includes the establishment of a complete industrial chain from R&D to production and services, enhancing the region's economic growth [4][6] - The area has seen the emergence of 19 unicorn companies, including major players like WeBank and DJI, contributing significantly to regional economic performance [6][7] Group 3: Spatial and Ecological Development - The dual parks are strategically located within the Shenzhen Robotics Valley, fostering a collaborative environment for innovation and high-end manufacturing [3][4] - The focus on ecological development aims to stimulate industrial vitality and create a replicable model for high-quality urban development [7]

登上春晚舞台的国产人形机器人不仅惊艳了国人，也让国际投行为之侧目。 伯恩斯坦近日发布一份研究报告，重点分析了春晚机器人表演中令人感到惊喜的亮点。 与 2025 年春晚仅有宇树科技的机器人参演不同，今年共有四家中国品牌的机器人亮相春晚，分别是宇 树科技、魔法原子、诺亦腾和银河通用机器人。 在伯恩斯坦看来，宇树科技机器人的表现最好，这对世界机器人运动控制领域的先行者——波士顿动力 产生巨大的压力。 01 宇树科技 伯恩斯坦在报告中表示，早已认可宇树科技在机器人运动控制领域的技术实力，但其本次春晚的表演仍 在三方面带来惊喜： 高可靠性：央视春晚兼具政治意义与娱乐价值，表演过程中不容出现任何失误。此次宇树机器人完成了 高难度动作，且能与儿童同台安全表演，凭借过硬的可靠性赢得了春晚导演组的认可，这一点让人印象 深刻。 集群控制能力：20 多台机器人在动态重构的舞台上频繁变换位置，这要求机器人具备强大的感知和导 航能力，以实现精准定位与避障。为满足这一需求，宇树科技对机器人进行了设计升级，在其头部加装 了激光雷达。 硬件性能提升：2025 年5月举办的机器人拳击赛中，宇树机器人在动作间隙仍需短暂的冷却时间；而本 次春晚， ...

2026 年 2 月 23 日│中国内地 动态点评 汽车 增持 (维持) | 宋亭亭 | 研究员 | | --- | --- | | SAC No. S0570522110001 | songtingting021619@htsc.com | | SFC No. BTK945 | +(86) 21 2897 2228 | | 张硕* | 研究员 | | SAC No. S0570524110001 zhangshuo023124@htsc.com | | | | +(86) 21 2897 2228 | 郭春麟* 联系人 SAC No. S0570124110001 guochunlin@htsc.com +(86) 21 2897 2228 证券研究报告 汽车 国产机器人亮相春晚有望点燃市场热情 ——智驾&机器人双周报 2 华泰研究 行业走势图 (15) (6) 3 12 21 Feb-25 Jun-25 Oct-25 Feb-26 (%) 汽车 沪深300 资料来源：Wind，华泰研究 重点推荐 | | | 目标价 | | | --- | --- | --- | --- | | 股票名称 | 股票代码 | ...

【hcdx】速腾聚创：发布盈利预告，25Q4首次实现单季度盈利 公司发布盈利预告，预计2025年第四季度将首次实现单季度盈利，#且盈利不少于人民币6000万元，显著高于 此前管理层提出的盈亏平衡预期。 受益于规模效应与成本控制，2025财年股东应占净亏损预计将从2024年的4.82亿元大幅收窄至1.80亿元以内，减亏 幅度超60%。 全年激光雷达总销量达到约91.2万台，收入结构显著优化。 【hcdx】速腾聚创：发布盈利预告，25Q4首次实现单季度盈利 车载ADAS定点规模领先，海外订单将放量。 车载业务稳居行业第一梯队，2025年ADAS激光雷达交付量约60.9万台。 公司已累计获得全球超8个海外及合资品牌定点，并于2025年底斩获东风日产百万台量级订单，预计2026年起量产 交付。 随着自研数字化SoC芯片在MX、EM等新品中的导入，车载产品毛利率有望从2024年的约17%稳步提升至20%以 上。 基于机器人业务的高毛利贡献与车载业务的规模放量，公司2026年有望开启全年盈利周期。 受益于规模效应与成本控制，2025财年股东应占净亏损预计将从2024年的4.82亿元大幅收窄至1.80亿元以内，减亏 幅度超 ...

股 票 研 究 汽车行业周报（2025/2/6-2025/2/13） | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 刘一鸣(分析师) | 021-23154145 | liuyiming@gtht.com | S0880525040050 | | 卢雨涵(研究助理) | 010-83939828 | luyuhan@gtht.com | S0880125100008 | 速腾聚创 25 年大幅减亏，特斯拉首辆 Cybercab 下线 [Table_Industry] 汽车 本报告导读： 近一周，申万汽车指数上涨 2%，新能源整车指数相对持平，汽车零部件指数上涨 2%，商用车指数上涨 4%。速腾聚创 25 年大幅减亏，特斯拉首辆 Cybercab下线。 投资要点： 请务必阅读正文之后的免责条款部分 [Table_Report] 相关报告 汽车《全新理想 L9 Livis引领线控底盘新阶段》 2026.02.08 汽车《AI 应用重要阵地，Robotaxi 还看中国》 2026.02.04 汽车《特斯拉加速 AI 转型，将发布 ...

Investment Rating - The report suggests a focus on companies within the embodied intelligence sector, highlighting potential investment opportunities in firms such as Greentech Harmony, Hengli Hydraulic, and others [2]. Core Insights - The embodied intelligence sector is experiencing rapid development, particularly in humanoid robots, with significant advancements in performance and hardware maturity showcased during the Spring Festival Gala [9][10]. - The report emphasizes the strong iterative and integration capabilities of the Chinese humanoid robot supply chain, which is crucial for the industry's growth [9]. Summary by Sections Section 1: Humanoid Robots at the Spring Festival Gala - Humanoid robots demonstrated significant advancements in performance, focusing on three main scenarios: performance, emotional companionship, and commercial applications [9]. - The performance of humanoid robots at the gala highlighted breakthroughs in motion control and hardware collaboration, showcasing the industry's rapid evolution [9]. Section 2: Overview of Major Manufacturers - **Yushun Technology**: Achieved multiple global firsts in performance, showcasing advanced motion capabilities and real-time environmental interaction [10][11]. - **Galaxy General**: Focused on practical applications in service and household scenarios, with a strong emphasis on safety and usability [19][21]. - **Songyan Power**: Introduced cost-effective humanoid robots aimed at consumer markets, achieving significant sales milestones shortly after launch [36][38]. - **Magic Atom**: Demonstrated cluster control capabilities with multiple robots performing coordinated tasks, emphasizing their self-developed technology [40][44]. Section 3: Tesla Optimus Progress and Supply Chain Updates - Tesla's Optimus project is approaching the release of its Gen3 model, with significant advancements in dexterous hand technology and production plans [48][49]. - The report indicates a strong market sentiment as the release date nears, with expectations for substantial production increases in the coming years [54][56].

2月19日，速腾聚创发布盈利预告，预计2025年第四季度实现首次单季度盈利，盈利规模不低于人民币6000万元。这意味着，公司经营迈入了新的成长周 期。 01、包揽多个销量第一，速腾聚创领跑激光雷达商业化 在发布盈利预告后的第一个交易日，速腾聚创的股价出现异动，但仅仅将其理解为投资者基于公告进行短线炒作，就可能低估了单季度盈利背后的"含金 量"。 实际上，资本市场上永远不缺乏聪明资金，专业的价值投资者用真金白银投票，往往更看重一家公司盈利的可预见性和可持续性。 结合行业规律和公司过往经营情况，速腾聚创能够如约盈利并非完全不可预见。 对于激光雷达行业而言，取得定点订单到SOP（指达到量产条件），再到实际量产交付，业绩计入财报，平均时间为10-18个月。这意味着，2024年底至 2025年上半年，该期间订单的储备量和质量，是投资者判断速腾聚创四季度以及后续保持盈利的核心锚点。 ADAS业务方面，截至2025年11底，速腾聚创已累计获得全球前装量产定点车型144款。 目前，速腾聚创EM平台已斩获13家车企56款车型定点，其中，真192线车载高性能数字化激光雷达EMX发布后收获49款车型定点，客户涵盖吉利、一汽红 旗、 ...