行业周报 ·新能源智造行业 特斯拉官微预热 OptimusV3 亮相 具身智能产业链跟踪(32) 2026年2月9日 建议关注:绿的谐波、丰立智能、中大力德、五洲新春、恒立液压、鸣志电器、 兆威机电、鼎智科技、捷昌驱动、汉威科技、优必选、越疆、中坚科技、速腾 聚创,拓普集团、伯特利、精锻科技、旭升集团、均胜电子、地平线机器人- W、双林股份、中鼎股份、凌云股份、贝斯特、爱柯迪、安培龙、卧龙电驱、 星源材质、富临精工、汇川科技、震裕科技、三花智控、奥比中光、福莱新材 等。 风险提示:关键技术突破不及预期的风险,下游场景开发进度、需求空间不及 ● 预期的风险等。 分析师 曾韬 ☎：010-8092-7689 0:zengtao_yj@chinastock.com.cn 分析师登记编码：S0130525030001 鲁佩 ☎： 010-8092-7627 网：lupei_yj @chinastock.com.cn 分析师登记编码：S0130521060001 段尚昌 @: duanshangchang_yj @chinastock.com.cr 分析师登记编码：S0130524090003 研究助理 彭星嘉 @: ...

Core Viewpoint - The upcoming February is expected to be a period of intensive industrial catalysts, particularly in the AI application sector, with significant activities from major tech companies and startups [1] Group 1: AI Application Developments - The emergence of DeepSeek last year has made the Spring Festival particularly significant for AI applications, with this year's celebrations expected to be even more vibrant [1] - Major tech giants like Tencent and Baidu are participating in the "red envelope war" to capture Spring Festival traffic, while DeepSeek-V4 is anticipated to be released around this time [1] - Innovations such as the introduction of robots like Yuzhu and Doubao AI at the Spring Festival Gala highlight the growing presence of AI in cultural events [1] Group 2: International AI Developments - The overseas AI sector is also experiencing significant catalysts, including upgrades to large language models like Grok and the Gemini-equipped Siri [1] - Tesla is expected to unveil its mass-production model, Optimus V3, further contributing to advancements in AI technology [1] Group 3: Upcoming Financial Reports and Events - Major tech companies including Google, Amazon, and AMD are set to release their financial reports in the first week of February, while Apple and NVIDIA will hold shareholder meetings and earnings calls at the end of the month [1] - The solid-state battery and commercial aerospace sectors are also anticipated to see industrial-level catalysts in February [1]

Group 1 - The core viewpoint of the articles highlights the upcoming industrial catalysts in February, particularly in the AI application sector, with major tech companies and startups competing for market share during the Spring Festival [1] - Significant AI developments are expected, including the release of DeepSeek-V4 and upgrades to major language models like Grok and Siri, alongside Tesla's potential launch of the OptimusV3 model [1] - February is characterized as a fundamental "window" period with abundant liquidity, likely leading to increased market volatility and a favorable environment for small-cap, growth, and thematic sectors [2] Group 2 - Historical data indicates that February is one of the months with the highest win rates for major indices, with small-cap and growth sectors expected to outperform [2][3] - The focus on thematic investments is anticipated to rise in February, particularly in AI applications, commercial space, humanoid robots, and energy narratives [5] - The upcoming earnings reports from major tech companies like Google, Amazon, and AMD are expected to influence market sentiment and performance [1][2]

Group 1 - February is entering a period of intensive industrial catalysts, particularly in the AI application field, with significant activities from major tech companies and startups [1][9] - Major tech giants like Tencent and Baidu are participating in the "red envelope war" during the Spring Festival, while DeepSeek-V4 is expected to be released around this time [1][9] - Internationally, AI developments include upgrades to large language models like Grok and Siri, and Tesla's potential release of the Optimus V3 production model [1][9] Group 2 - Other sectors such as solid-state batteries and commercial aerospace are also expected to see industrial catalysts in February [2][10] - Historically, February is a period of basic market activity, with liquidity being abundant, leading to a favorable environment for small-cap, growth, and thematic stocks [3][11] - February is noted as one of the months with the highest win rates for major indices throughout the year, indicating a potential for significant market movements [3][11] Group 3 - The market is expected to shift focus back to themes that had previously cooled down, particularly AI applications, the "Musk theme" (commercial aerospace, humanoid robots, smart driving), and narratives around electricity shortages [6][14] - The upcoming financial reports from major companies like Google, Amazon, and AMD in early February, along with shareholder meetings from Apple and Nvidia at the end of the month, are anticipated to influence market sentiment [1][9]

近日，中央广播电视总台《2026年春节联欢晚会》完成首次彩排。据《创智记》方面了解，宇树科技机 器人再次进入马年春晚的节目彩排名单，但尚需等待最后一次彩排效果，才能最终确认是否登陆马年春 晚。 还有消息称，不同于往年单一机型的集中表演，今年春晚机器人实现了"全场景开花"，宇树、科大讯 飞、新松、优必选四大机器人龙头同台竞技，每款机器人都有专属节目与技术绝活。 《中国经营报》记者就此事采访宇树科技方面，对方称有消息会及时同步。 谁的销量高？ 据中央广播电视总台消息，2026年春节联欢晚会"科技+艺术"再度进阶，将"科技智造"深度融入舞美呈 现、内容创作等环节。继扭秧歌的人形机器人引爆蛇年春晚后，2026年春晚舞台将再现人形机器人身 影。 近年来，《人形机器人创新发展指导意见》相关政策陆续发布，为产业发展提供了窗口期。2025年被称 为"人形机器人量产元年"，多家企业发布了量产产品。据中国机器人网不完全统计，2025年中国机器人 行业共发生约200起投融资事件，总额估算超400亿元，其中人形机器人与具身智能领域融资金额超300 亿元。 有消息称，2025年12月，一批具身智能公司在竞逐 2026年总台马年春晚的赞 ...

Investment Rating - The industry rating is "Overweight" [1] Core Views - The domestic energy storage installation is experiencing significant growth, with a projected installation of over 175 GWh by 2025, driven by the increasing demand for large-scale storage solutions [5][21][24] - The "14th Five-Year Plan" for wind energy aims for an average annual addition of 200 GW, indicating strong support for wind power demand [4][18] - The hydrogen energy sector is showing a positive development trend, with steady growth in domestic hydrogen fuel cell vehicle sales and supportive policies enhancing the industry's growth [6][33][32] Summary by Sections 1.1 Photovoltaics - TCL Zhonghuan plans to acquire a new energy company to enhance its industry chain layout, particularly in the BC battery sector [14] - The photovoltaic industry is expected to maintain stable prices due to self-discipline among manufacturers and supportive policies [17] 1.2 Wind Power - The National Grid aims for an average annual addition of 200 GW of wind and solar capacity during the "14th Five-Year Plan," with a total fixed asset investment expected to reach 4 trillion yuan, a 40% increase from the previous plan [18][20] - The successful installation of a 20 MW offshore wind turbine by Goldwind Technology sets a new global record [19] 1.3 Energy Storage - The global energy storage battery shipment is projected to reach 640 GWh in 2025, with domestic manufacturers accounting for a significant share [21][24] - The market for large-capacity energy storage batteries is expected to accelerate, driven by favorable policies and increasing demand [26] 1.4 Hydrogen Energy - The domestic sales of hydrogen fuel cell vehicles are steadily increasing, with a notable year-on-year growth in production and sales [32] - The industry is supported by favorable policies and a growing financing environment, indicating a robust development trend [33] 1.5 Power Grid Equipment - The National Grid's fixed asset investment during the "14th Five-Year Plan" is expected to reach 4 trillion yuan, focusing on enhancing the power grid's capacity and supporting the integration of renewable energy [34][35] - The investment will significantly boost the performance of the power grid sector and support the development of new energy systems [35] 1.6 Humanoid Robots - The market for humanoid robots is gaining momentum, with significant interest following the unveiling of Tesla's Optimus V3, which is expected to revolutionize the industry [36][37] - Companies are actively engaging in partnerships and collaborations to enhance their technological capabilities in the humanoid robotics sector [38] 1.7 Electric Vehicles - A major contract worth 120 billion yuan for lithium iron phosphate batteries has been signed between Rongbai Technology and CATL, indicating strong demand in the electric vehicle supply chain [40] - The government is taking steps to regulate the electric vehicle market to promote fair competition and prevent price wars [41]

Core Insights - The report by Omdia highlights the dominance of Chinese manufacturers in the humanoid robot market, with Zhiyuan leading with over 5,100 units shipped, capturing 39% of the global market share [1] - By 2025, the top six humanoid robot manufacturers will all be Chinese, collectively accounting for 86.9% of global shipments [1] Group 1: Market Performance - In 2024, total shipments of humanoid robots are projected to be 2,300 units, increasing to 13,318 units in 2025 [2] - The report indicates that the humanoid robot index rose by 1.66%, with significant stock price increases for companies like Jizhi Co. and Hongxun Technology [3] Group 2: Industry Developments - At CES 2023, several Chinese humanoid robot companies showcased their products, including Zhiyuan's launch of the Genie Sim 3.0 platform, which enhances model training and application [4] - Other companies like Unitree and Fourier Intelligence also presented their latest humanoid robots and solutions, indicating a strong presence in the market [4][5] Group 3: Future Projections - Omdia predicts exponential growth in the humanoid robot market, with global shipments expected to reach 2.6 million units by 2035 [6] - Companies like Zhiyuan and Tesla are positioned as leaders in the industry, driving rapid development and innovation [6] Group 4: Strategic Investments - Companies are actively investing in humanoid robotics, with Hongrun Construction and Guoji Precision Engineering announcing partnerships and new product lines aimed at enhancing their market positions [7] - The domestic humanoid robot shipment is expected to rise to 62,500 units by 2026, marking a significant milestone for the industry [7]

Group 1 - The three major indices opened lower, with the Shanghai Composite Index down 0.19%, the Shenzhen Component down 0.26%, and the ChiNext down 0.21% [1] - The trading volume in the Shanghai and Shenzhen markets exceeded 620 billion, a decrease of over 40 billion compared to the same time yesterday, with an expected total trading amount of over 1.9 trillion for the day [1] - The commercial aerospace concept continued to show strength, while sectors such as non-ferrous metals, hotel and catering, and steel experienced significant declines [1] Group 2 - CITIC Securities pointed out that the domestic computing power sector's rising popularity is driving growth in the semiconductor equipment sector, with a forecasted 20-30% growth in orders for leading equipment manufacturers by 2025 [2] - The domestic substitution demand from key clients remains strong, and the pace of domestic component production is expected to accelerate, indicating a positive outlook for the equipment sector [2] Group 3 - The humanoid robot industry is experiencing a surge in activity, with companies like Midea Group and Zhongqing Robotics unveiling new humanoid robots, indicating a significant advancement in technology and production capabilities [3] - The U.S. is shifting towards supporting robotics technology, and China's industry support and subsidy policies are expected to be introduced, creating market opportunities in humanoid robot manufacturing [3] Group 4 - The market showed a strong performance with a total trading volume exceeding 2 trillion, indicating a healthy market structure with rising prices and increased volume [4] - Technology stocks, particularly in the fields of CPO, storage chips, and robotics, attracted significant capital inflow, although profit effects were concentrated among leading companies [4]

Group 1 - The Federal Reserve is expected to lower interest rates at the upcoming monetary policy meeting on December 9-10 [2] - Google will hold a special Android XR launch event on December 9 at 2 AM Beijing time, focusing on XR devices [2] - The 2025 Maritime Silk Road International Cultural Tourism Festival will take place in Quanzhou, Fujian from December 9 to 15 [2] Group 2 - A-share market saw a significant increase in trading volume, surpassing 2 trillion yuan, with the ChiNext Index leading the gains [5] - Research institutions are optimistic about the upcoming spring market, predicting a bullish trend due to favorable policies and liquidity [5] - The storage sector is in the early stages of a super cycle, with high visibility of shortages expected to last until the end of 2026 [6] Group 3 - The International Monetary Fund (IMF) has officially launched the Shanghai Center to enhance cooperation with Asia-Pacific economies [8] - China's foreign trade showed a recovery in November, with imports and exports totaling 3.9 trillion yuan, a year-on-year increase of 4.1% [9] - The domestic retail sales of new energy passenger vehicles reached 1.321 million units in November, up 4.2% year-on-year [9] Group 4 - The humanoid robot industry is experiencing significant catalysts, with multiple companies announcing new products and production milestones [11] - China Shipbuilding Group signed a record contract exceeding 50 billion yuan for new shipbuilding projects, indicating strong demand in the shipbuilding sector [12] - Midea Group has completed a share buyback of 10 billion yuan, with plans to cancel a significant portion of the repurchased shares [13] Group 5 - Institutions have net bought shares of Ruikang Pharmaceutical, indicating strong demand in the retail pharmacy sector due to rising flu cases [18] - Red Star Holdings also saw net buying from institutions, reflecting confidence in its communication electronics business [19] - There has been a resurgence of funds flowing into equity ETFs, with significant net subscriptions observed in various funds [20]

Group 1 - Tesla's 2025 shareholder meeting approved Elon Musk's $1 trillion compensation plan, with over 75% of shareholders in favor [4] - Tesla plans to mass-produce Cybercab by April 2026, targeting an annual capacity of 5 million units [4] - The price of chromium has shown a significant upward trend, with metal chromium priced at 79,060 RMB/ton as of November 7, 2025, reflecting a 2,020 RMB increase from October 31 [14] Group 2 - The automotive sector underperformed the Shanghai Composite Index from November 3 to November 7, 2025, with the automotive index down 1.2% [3] - Xpeng Motors announced the launch of three Robotaxi models in 2026, featuring high computing power and a vision-based approach [6] - The new generation of humanoid robots from Xpeng, named IRON, is set for mass production by the end of 2026, featuring advanced AI capabilities [6] Group 3 - The new materials sector is expected to experience rapid growth due to increasing demand and policy support, with a focus on electronic information, new energy, and biotechnology [42] - The new energy sector, particularly in storage, has seen significant developments, with over 100 million kilowatts of new storage capacity installed in China by the end of September 2025 [48] - The chemical industry is anticipated to enter a growth cycle, driven by reduced competition and increased demand for specific sectors [41]