强 Call 节后国内外机器人本体链共振行情 20260223 摘要 2026 年春晚机器人本体表现亮眼，宇树科技进步显著，银河通用、宗 研动力、魔法原子等公司亦展示了各自优势，预示机器人技术商业化应 用加速。 投资者应关注与机器人本体企业有实际合作关系的供应链公司，但需注 意部分标的估值已较高，选股难度增加，应关注已获小批量订单且主业 良好的企业。 特斯拉三代机器人预计于 2026 年一季度发布，将成为市场重要催化剂， 其侧重整体发展能力，与国内机器人本体注重运控能力及商业应用形成 差异化竞争。 投资策略上，可关注特斯拉三代机器人供应链中具有格局优势的零部件 环节，以及具备潜力但尚未被充分挖掘的小型供应商，以获取确定性和 弹性收益。 2026 年上半年，市场将逐步识别特斯拉供应链中的定点公司及其份额， 投资者需精挑细选标的，结合股价和估值位置进行综合考量，关注新技 术方向带来的投资机会。 Q&A 今年春节期间，国内机器人本体在春晚上的表现如何？ 今年春节期间，国内机器人本体在春晚上的表现总体令人惊艳。宇树科技的表 现尤为突出，其机器人组成的表演团体与真人配合进行武术表演，场面壮观且 机器人数量众多，吸引了大 ...

各位朋友，春节假期即将过完了，A股马年首个交易周马上开锣！这七天国内外大事不断，政策、产 业、资金面都有新动向。别慌，今天一文给你捋清楚——节后行情怎么走？机会在哪儿？风险在哪儿？ 看完这篇心里就有数了。 先说结论：节后A股大概率还是结构性行情，核心逻辑就八个字——政策托底、产业突围。科技成长、 政策受益、消费复苏这三条线最值得看，但国际上的关税变数和地缘风险也得留个心眼。 先看国内政策。内需消费被提到了前所未有的高度，《求是》杂志发重磅文章，明确要搞提振消费专项 行动，扩大优质商品供给，还要推城市更新和民间投资。这信号够直接吧？家电、文旅这些消费板块， 还有市政基建、新基建，都是直接受益的。另外2月17日起对加拿大、英国免签30天，入境游和免税店 短期要火，长期看服务贸易开放也是大趋势。 平台经济这边也有新动静。市场监管总局约谈了阿里、抖音等7家平台，核心就一句话——别搞内卷式 竞争，促销得守规矩。这对头部合规企业是长期利好，行业生态会慢慢变好。与此同时，字节跳动的豆 包大模型2.0 Pro发布了，直接对标GPT-5.2，推理成本降了一个数量级！国内AI大模型已经进入实用化 阶段，算力、算法、应用端的企业接 ...

报告导读： 海外金融紧缩预期边际改善，国内政策重心正转向内需主导。恐慌性抛售后， 中国股市已至关键位置，建议持股过节。新兴科技是主线，价值也会有春天。 投 资 要 点 ▶大势研判：持股过节。 近期中国股市波动较大，并出现单日恐慌式抛售，市场悲观情绪弥漫。究其原因：沃什"降息+缩表"倾向引发金融条件紧缩担忧、美股科 技龙头巨额资本开支扰动与前期A股权重ETF持续被抛售交织助推了交易波动和信心走弱，加之临近春节长假观望情绪升温，客观上股市微观结构受到负面冲击。 与当下谨慎共识不同的是，国泰海通策略坚决看好中国市场前景，建议持股过节：1）全球市场正快速计入美联储潜在的鹰派货币立场，但从路径角度沃什的降息 立场更鸽派和确定。与此同时，贝森特澄清强美元政策并非指干预汇率，海外金融紧缩预期边际改善。2）中国政府的政策重心正转向内需主导，并作为首要任 务，有望提振中国经济前景与资产回报。3）证监会近期再次强调"全力巩固资本市场稳中向好势头"，A股上市公司亦掀起回购热潮。我们认为，中国股市将逐步 企稳与展开春季行情，眼下是增持良机。 ▶ 重要的边际：内需政策提速，价值迎来春天。 过去五年，中国内需增长经历了明显下行，比如房地 ...

Summary of Conference Call on AI and Robotics Industry Industry Overview - The AI industry is still in its early stages, with significant investments from major companies amounting to hundreds of billions to trillions of dollars, indicating substantial potential for growth [1][3] - AI-related computing power currently represents a small fraction of the overall economy, suggesting significant room for expansion [1][4] Key Insights and Arguments - The ratio of training to inference computing power is currently 1:1, indicating that the industry is still in the early investment phase [1][4] - Robotics, as an application of AI, is accelerating in development, with companies like Figure starting mass production of advanced robots [1][5] - The U.S. market shows strong consumer willingness to spend on technology products, benefiting both the robotics and electric vehicle sectors [1][8] Market Dynamics - Companies like Taotao and Ecovacs in the U.S. are noteworthy for their strong channel transformation capabilities, while Chinese companies like Yushu are making inroads into the North American market [1][6] - The average annual capital expenditure for U.S. tech giants ranges from $27 billion to $68 billion, with a return on investment (ROI) of approximately 40% to 50%, significantly higher than that of Chinese companies [1][6] Economic Implications - The rapid growth of the AI industry in the U.S. has led to rising wages for AI-related personnel, contributing to inflation and creating a positive ROI cycle [1][7] - The increasing cost of labor makes AI technology more attractive for companies, further driving investment in AI and robotics [1][7] Future Projections - The market for electric vehicles is expected to grow significantly, with projections of over 10 million units sold by 2025 [1][12] - The robotics sector is also anticipated to expand, with the potential for high demand as technology advances [1][12] Investment Considerations - When selecting stocks in the North American market, focus on companies with strong channel capabilities and those actively expanding into North America [1][9] - The ongoing investment in AI, projected to reach $60 billion annually by U.S. companies, will likely lead to a wave of white-collar job replacements, eventually extending to blue-collar jobs [1][11] Conclusion - The AI and robotics sectors are poised for significant growth, driven by technological advancements, strong consumer demand, and substantial investments from major companies [1][12]

贸易战影响下，如何调整机器人板块的投资策略 20251012 摘要 Figure AI 发布 Figure 03，定位为通用型机器人，全面升级 Helix 系统， 目标四年内生产 10 万台；小鹏和特斯拉也即将发布新一代人形机器人 产品，预示行业技术快速迭代。 特斯拉链四季度迎来重要更新，包括业绩会和股东大会，预计发布 Optimism V3 代机器人，重大催化因素明确，对板块行情持乐观态度。 特朗普拟对中国商品加征 100%关税，历史经验表明短期市场或有恐慌， 但考虑到特斯拉机器人催化，回调或是投资机会，中国供应链的成本优 势仍具竞争力。 人工智能领域头部创业公司估值飞速提升，人形机器人主机厂市值有望 重构，关注小鹏、赛力斯及优必选等标的。 短期关税影响情绪，长期催化不断，建议关注拓普、银轮、均胜等汽车 行业相关标的，回调或是特斯拉链最佳上车机会。 贸易战背景下，稀土、镁铝合金、国产芯片、传感器四大细分板块或将 受益，稀土竞争格局较好，镁铝合金可减轻机器人重量，国产芯片自主 可控需求增强，传感器需求大幅增加。 特斯拉三代机器人对传感器需求增加，国内上市公司大力投入研发，摄 像头、激光雷达、力传感器等领域值得 ...

Summary of Conference Call on Robotics Sector Industry Overview - The robotics sector is experiencing significant momentum, particularly with the upcoming release of Tesla's third-generation robot, which is expected to drive optimism for order volumes in 2026 [1][2] - The market anticipates further policy and subsidy support for humanoid robots, with potential industry space exceeding a baseline estimate of 1 million units [1][4] Key Points and Arguments - **Market Performance**: The robotics sector has shown strong performance in 2025, particularly in Q1, with a recent influx of capital following Musk's announcement about the third-generation robot [2] - **Impact of Personnel Changes**: The recent departure of a core AI member from Tesla caused a short-term market pullback; however, the overall impact on the Optimus project is considered limited [3] - **Technological Advancements**: The third-generation robot will feature significant upgrades in joint freedom, actuator positioning, and motor types, which may create new investment opportunities and necessitate adjustments in the supply chain [6] - **Supply Chain Dynamics**: The humanoid robot supply chain supports multiple product types, with leading suppliers having advantages in upstream segments, indicating broad development potential [5] Important but Overlooked Content - **Investment Recommendations**: Investors are advised to focus on order fulfillment and the diffusion of new technologies. Established sectors like TIRE ONE and PEEK materials are seen as having strong certainty, while new technologies require sufficient capital investment from supply chain companies [7] - **Emerging Technologies**: Key technologies to watch include automatic motors, cycloidal gear reducers, and advanced materials like high molecular polyethylene and TEC cooling systems [9][10] - **Market Trends**: The humanoid robot sector's transaction volume reached 1.95 trillion yuan, reflecting a 27% week-over-week increase, outperforming the broader market [11] - **Future Catalysts**: Anticipated catalysts include Tesla's Q3 earnings call and the shareholder meeting, which are expected to influence market sentiment positively [13] Noteworthy Events - The Ministry of Science and Technology has emphasized breakthroughs in human-robot technology, with significant advancements in multimodal perception and deep intelligence integration [12] - Figure AI's completion of a Series C funding round exceeding $1 billion, with a post-money valuation of $39 billion, highlights the growing investment interest in the robotics sector [12] Investment Suggestions - Recommended companies include 德昌电机控股 (Dachang Motor Holdings), 伟创电气 (Weichuang Electric), and others that are well-positioned in the supply chain and technology landscape [14]