核心观点： 单击或点击此处输入文字。 机器人：景气度加速向上，德总理参访并高度赞赏宇树科技，智元携手敏实布局德国市场。 宇树科技春晚亮眼出圈，迭代产品焕然一新，德总理参访高度赞赏。作为春晚机器人合作伙伴，宇树科技第三次登台 央视春晚，表演节目《武 BOT》，引发广泛关注。创始人王兴兴在采访中表示，今年机器人的头部激光雷达、灵巧手 等软硬件均实现大幅升级，且随着技术持续突破，具身智能未来的热度有望远超移动互联网。2 月 24 日，宇树科技发 布新款四足机器人 UnitreeAs2，其动力性能达到当前主力产品 Go2 的两倍，综合实力再上新阶。2 月 26 日，德国总 理默茨亲临宇树科技参访，现场观看机器人表演后竖起大拇指点赞，对中国机器人技术给予高度认可。 智元携手敏实集团出海德国，协同开拓欧洲市场。2 月 24 日，智元在德国慕尼黑举办发布会，正式宣告进入德国市 场，并与敏实集团签署专项战略合作协议，携手推进欧洲市场布局。发布会现场，智元全面展示了覆盖多元场景的具 身智能机器人产品矩阵，充分彰显其全栈技术实力。智元欧美地区部总经理 WilliamSHI 表示，此次德国产品发布是 智元拓展全球市场的关键一步，目 ...

单击或点击此处输入文字。 核心观点： 机器人：景气度加速向上，德总理参访并高度赞赏宇树科技，智元携手敏实布局德国市场。 宇树科技春晚亮眼出圈，迭代产品焕然一新，德总理参访高度赞赏。作为春晚机器人合作伙伴，宇树科技第三次登台 央视春晚，表演节目《武 BOT》，引发广泛关注。创始人王兴兴在采访中表示，今年机器人的头部激光雷达、灵巧手 等软硬件均实现大幅升级，且随着技术持续突破，具身智能未来的热度有望远超移动互联网。2 月 24 日，宇树科技发 布新款四足机器人 UnitreeAs2，其动力性能达到当前主力产品 Go2 的两倍，综合实力再上新阶。2 月 26 日，德国总 理默茨亲临宇树科技参访，现场观看机器人表演后竖起大拇指点赞，对中国机器人技术给予高度认可。 智元携手敏实集团出海德国，协同开拓欧洲市场。2 月 24 日，智元在德国慕尼黑举办发布会，正式宣告进入德国市 场，并与敏实集团签署专项战略合作协议，携手推进欧洲市场布局。发布会现场，智元全面展示了覆盖多元场景的具 身智能机器人产品矩阵，充分彰显其全栈技术实力。智元欧美地区部总经理 WilliamSHI 表示，此次德国产品发布是 智元拓展全球市场的关键一步，目 ...

Investment Rating - The report maintains an "Accumulate" rating for the mechanical equipment industry [1] Core Insights - The recent order of 124 million yuan for humanoid robots from China Mobile marks a significant step in the commercialization of humanoid robots, with Zhiyuan winning 78 million yuan for a full-size humanoid package and Yushun winning 46.05 million yuan for a smaller humanoid package [1] - Both Zhiyuan and Yushun have secured multiple large orders since 2025, indicating a growing trend in the humanoid robot market, particularly in performance display and data collection applications [2] - Yushun's recent C-round financing led by a fund from China Mobile, with a pre-financing valuation exceeding 10 billion yuan, highlights the increasing investment interest in the robotics industry [3] - The acceleration of robot commercialization is evident in various sectors, including automotive, pharmaceuticals, and infrastructure inspection, with notable applications in quality inspection, logistics, and service industries [4] Summary by Sections - **Recent Orders**: China Mobile's 124 million yuan order for humanoid robots, with Zhiyuan and Yushun as the main winners [1] - **Market Activity**: Yushun and Zhiyuan have secured several significant contracts in 2025, showcasing the initial commercialization of humanoid robots [2] - **Investment Trends**: Yushun's C-round financing led by China Mobile's fund, indicating strong market confidence and potential leadership in humanoid robot commercialization [3] - **Application Expansion**: Robots are being integrated into various industries, enhancing efficiency and safety, with expectations for further application expansion as intelligence improves [4] - **Investment Recommendations**: The report suggests focusing on the supply chain of Zhiyuan and Yushun, including companies like Green Harmonics, Zhongdali De, and others [5]