电子 2026 年 02 月 24 日 行业动态跟踪报告 AI 动态跟踪系列（十六）春晚机器人表演从预设程序走向自主决策 强于大市（维持） 行情走势图 证券分析师 杨钟 投资咨询资格编号 S1060525080001 y angzhong035@pingan.com.cn 徐碧云 投资咨询资格编号 S1060523070002 XUBIYUN372@pingan.com.cn 事项： 马年除夕夜，松延动力、宇树科技、魔法原子和银河通用等机器人公司纷纷登 上央视春晚，炫酷表演成为马年春晚舞台上全场亮点。 平安观点： 行 业 报 告 行 业 动 态 跟 踪 报 告 证 券 研 究 报 告 宇树春晚机器人马年秀出"赛博真功夫"， 集群武术表演成焦点。宇树科 技作为春晚机器人合作伙伴第三次登台亮相，携 G1 与 H2 人形机器人献 上全球首次全自主人形机器人集群武术表演《武 BOT》，演示了翻跟头、 舞棍、跑跳空翻、舞剑等武术特技动作，突破运动性能极限，刷新多个全 球第一次，包括全球第一次连续花式翻桌跑酷、全球第一次弹射空翻等。 其核心亮点在于全自主集群控制技术的首次亮相，同时实现了全球范围内 第一次集群快速跑位，其 ...

Core Viewpoint - The article highlights the impressive advancements in humanoid robotics showcased by Yushu Technology during the Spring Festival Gala, emphasizing their unique technologies and the potential implications for various industries [3][5][6]. Group 1: Technological Advancements - Yushu Technology's humanoid robots, including the G1 and newly released H2 models, demonstrated high dynamic and collaborative autonomous control technology for the first time globally during a martial arts performance [5][12]. - The robots utilized 3D laser radar for scanning and positioning, enabling them to perform complex martial arts sequences while self-monitoring and quickly recovering from any anomalies [12][14]. - The performance showcased the robots' ability to execute high-difficulty stunts with centimeter-level landing precision and dynamic adjustments during high-speed movements [13][14]. Group 2: Practical Applications - The cluster control system demonstrated during the performance can be applied to industrial scenarios such as multi-robot collaborative inspections, warehousing, and assembly lines, enhancing operational efficiency [16][18]. - The robots' real-time fault tolerance capability allows them to adapt to external disturbances, making them suitable for precision assembly, heavy lifting, and domestic service tasks [18][21]. Group 3: Market Position and Financial Performance - Yushu Technology is the global leader in humanoid robot shipments, with over 5,500 units expected to be delivered by 2025, indicating a significant market advantage [25][26]. - The company has maintained profitability, contrasting with competitors like Boston Dynamics, which have faced financial challenges [23][25]. - Yushu's self-developed capabilities and supply chain integration have positioned it to rapidly bring robots to market, similar to the impact of the Ford Model T in the automotive industry [27][29]. Group 4: Future Outlook - The company is advancing in the field of embodied intelligence, aiming to integrate general AI capabilities into robots, allowing them to understand and interact with the real world autonomously [21][22]. - The anticipated growth in the embodied intelligence market could lead to a significant increase in industry activity, potentially surpassing previous technological revolutions [30].

Group 1: Non-ferrous Metals Industry - The non-ferrous metals sector is experiencing a tight supply-demand balance, with macroeconomic factors such as monetary policy, geopolitical tensions, and supply disruptions significantly impacting metal prices [2][3] - Precious metals are supported by geopolitical factors, with gold prices expected to be bolstered by central bank purchases and rising ETF holdings in 2026 [3][4] - Copper prices are expected to remain strong due to supply constraints and positive macroeconomic expectations, with a focus on the impact of U.S. Federal Reserve leadership changes on prices [4] - Aluminum prices are experiencing upward momentum driven by strong macroeconomic performance and easing liquidity, with domestic production and demand recovering [4] - Tin prices are supported by supply bottlenecks, with ongoing tight supply conditions expected to continue due to production delays in key regions [5] Group 2: Jiangsu Guotai Company - Jiangsu Guotai is positioned as a leading player in the textile and chemical sectors, benefiting from global supply chain restructuring and the recovery of the new energy industry [7][8] - The company is expected to achieve net profits of 1.19 billion, 1.25 billion, and 1.31 billion RMB from 2025 to 2027, with a target market value of 18.75 billion RMB based on a 15x PE ratio for 2026 [7] - Jiangsu Guotai's core trading business is supported by a global production layout, which helps mitigate external disruptions and maintain stable growth [8] Group 3: Automotive Industry - The humanoid robot sector is entering a phase of commercialization, with significant advancements showcased at CES 2026, indicating a potential acceleration in the global commercialization process [9][10] - Chinese humanoid robot companies demonstrated strong capabilities at CES 2026, with a notable presence and innovative product showcases [10][11] - The automotive sector is witnessing increased interest in humanoid robots, with several companies making significant technological advancements and product launches [9][10]

Group 1 - The report highlights the expectation of a "de-involution" trend, which may lead to a temporary rise in market sentiment, particularly focusing on domestic computing power, robotics, and innovative pharmaceuticals as key investment opportunities [1][2][10] - The humanoid robotics industry is experiencing significant catalysts, with Yuzhu Technology set to debut on the A-share market, marking a critical milestone for the industry and enhancing resource integration and supply chain optimization [2][30][32] - The computing power industry is also seeing renewed catalysts, with the introduction of the H20 chip, which is expected to alleviate supply pressures and stimulate demand across the AI industry chain [2][36][40] Group 2 - The report indicates that the luxury car market will benefit from a reduction in tax thresholds for super luxury vehicles, which may disrupt the current market dynamics and provide competitive advantages for electric luxury cars [2][47] - The innovative pharmaceutical sector is poised for growth due to recent policy adjustments that expand payment options for innovative drugs, enhancing their market potential [2][40][43] - The report emphasizes the importance of monitoring the performance of key sectors, with the automotive, pharmaceutical, and communication industries receiving significant capital inflows recently [2][43][44]

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry [5]. Core Views - The humanoid robot sector is rapidly advancing, with Tesla's humanoid robot aiming for mass production of 5,000 units by 2025. Domestic companies like Yushutech and ZhiYuan Robotics are also innovating quickly, focusing on key components such as reducers and sensors [3][4]. - AI infrastructure is experiencing growth driven by demand for data centers, benefiting companies involved in cooling systems [4]. - The low-altitude economy is progressing with infrastructure initiatives, aiming to create a unified air traffic management network [4]. Industry Dynamics - Humanoid Robots: Recent demonstrations include the release of a dexterous hand technology by Xingdong Era and a boxing video by Yushutech [1][18]. - Smart Welding: The application of pipeline welding robots by China National Petroleum has achieved scale [20]. - Low-altitude Economy: New companies and initiatives are being established to support the development of low-altitude economic infrastructure [21][26]. Company Dynamics - Yushutech and Chang'an Automobile signed a strategic cooperation agreement to collaborate on robotics technology [31]. - ZhiYuan Robotics participated in a roundtable discussion on economic trends [22]. - A joint venture was established between Junpu Intelligent and ZhiYuan Robotics to focus on humanoid robots [29]. Event Outlook - A humanoid robot half-marathon is scheduled to take place in Beijing on April 19, 2025, featuring humanoid robots competing alongside human participants [37]. Key Company Profit Forecasts and Investment Ratings - Companies such as Lide Harmony, Mingzhi Electric, and Huichuan Technology are rated as "Outperform" with various earnings per share (EPS) forecasts for 2023 and 2024 [9].

Investment Rating - The report does not explicitly provide an investment rating for the robotics industry [3]. Core Insights - Meta is investing $60 billion in a comprehensive layout, including a focus on robotics, with plans to hire around 100 engineers for AI humanoid robot development [3]. - Google has re-entered the humanoid robotics field by investing 2.5 billion in Apptronik and collaborating to integrate Gemini 2.0 into their Apollo robot [4]. - Figure, a humanoid robotics company, has made significant breakthroughs in self-developed AI robotics and has signed contracts for 100,000 humanoid robots, with a current valuation of $39.5 billion [5]. - Ant Group is recruiting for positions related to embodied intelligent humanoid robots, indicating a strategic move into this sector [6]. - Unibot is conducting research on large models and training, focusing on real-world interactions [6]. - Yushu Technology showcased its humanoid robot's advanced dance capabilities, highlighting its technical advantages [8]. - Huichuan Technology is establishing a humanoid robotics team and plans to launch standardized components in 2024, aiming to set industry benchmarks [9]. Summary by Sections Meta's Robotics Strategy - Meta is forming a new team within its Reality Labs to focus on AI humanoid robots, targeting household tasks and developing foundational AI and software for other manufacturers [3]. Google's Investment and Collaboration - Google has invested in Apptronik and is collaborating to enhance their Apollo robot with advanced AI capabilities, positioning itself as a competitor in the robotics and AI sectors [4]. Figure's Developments - Figure has terminated its partnership with OpenAI and achieved major advancements in self-developed AI robotics, with plans to showcase unprecedented capabilities soon [5]. Ant Group's Recruitment - Ant Group is actively recruiting for roles related to humanoid robotics, indicating a commitment to developing this technology [6]. Unibot's Research Initiatives - Unibot is exploring the integration of large models with physical interactions, focusing on advanced training methodologies [6]. Yushu Technology's Showcase - Yushu Technology's humanoid robot demonstrated impressive dance skills, showcasing its technical prowess and attracting attention in the market [8]. Huichuan Technology's Strategic Positioning - Huichuan Technology is building a humanoid robotics team and aims to introduce standardized components, leveraging its expertise in industrial control [9].