Group 1: CES Overview and Trends - Las Vegas hosts over 22,000 commercial events annually, contributing more than $10 billion in revenue, with CES being the most significant event [1] - CES has evolved through various technology trends over the past 15 years, including the rise of drones, smart home devices, and AI [2] - The focus of CES 2026 shifted to embodied AI and humanoid robots, indicating a transition from novelty to serious commercial discussions [2] Group 2: Rise of Chinese Companies - Chinese exhibitors have significantly increased in presence and quality at CES, moving from peripheral displays to central exhibition halls [3][4] - In 2019, Chinese exhibitors peaked at approximately 30% of total participants, and over 1,300 Chinese companies participated in the latest CES, reaffirming their dominance as the largest foreign presence [3] - Chinese companies have transitioned from low-cost manufacturing to showcasing core technologies, with over 40% of CES 2026 Innovation Awards going to Chinese firms [4][5] Group 3: Lenovo and Hisense's Strategic Moves - Lenovo hosted its Tech World conference at the Sphere, marking a significant event for the company and showcasing its industry position [6] - The presence of major tech leaders at Lenovo's event highlighted its status as a leading consumer electronics company [6] - Lenovo became the official technology partner for the FIFA World Cup 2026 and 2027, emphasizing its commitment to global sports marketing [7][9] Group 4: Robotics and AI Developments - Humanoid robots emerged as a key focus at CES 2026, showcasing advancements in AI and commercial viability with costs reaching around $20,000 [10] - The competition in the robotics sector is intensifying among China, the U.S., and South Korea, with each region adopting different strategies for ecosystem integration [11] - Chinese robotics companies are increasingly entering the global market with a focus on commercial applications, moving beyond mere technology demonstrations [12][13] Group 5: Market Dynamics and Future Outlook - The robotics industry is shifting from feasibility to long-term deployment, with Chinese firms leveraging their manufacturing capabilities for sustained operations [13][14] - Companies like UBTECH and Yush Robot are achieving significant milestones in production and government contracts, indicating a stable demand in the early market [14] - The evolution of Chinese companies from supporting roles to industry leaders reflects a broader trend of defining industry standards and enhancing brand recognition [14]

长江商报消息 ●长江商报记者 汪静 人形机器人，无疑是2025年资本市场最火热的名词。 2025年12月末，优必选柳州工厂内，第1000台工业人形机器人Walker S2正式下线。站在机器人方阵前 的周剑，看着眼前这一具具的"钢铁工人"，眼中映出的或许还有2008年那个孤注一掷的自己——放弃高 薪，拿出全部积蓄投身人形机器人这一前景未卜的领域。 经历过痛苦和低谷，技术突破带来了商业化的曙光，周剑成功了。如今，优必选（09880.HK）已是660 亿港元市值的人形机器人龙头。 最近，优必选拟控股A股公司锋龙股份的动作牵动市场神经。尽管优必选称，未来三年内不借壳，但控 股锋龙股份后，优必选将完善产业链布局，估值空间有望进一步打开。 据了解，目前，Walker S系列已成为全球进入最多车厂实训的工业人形机器人。2025年，优必选工业人 形机器人产能已突破1000台，交付量超过500台，已投入产业一线应用，覆盖汽车制造、智能制造、智 慧物流、具身智能数据中心等重点领域。优必选计划在2026年将年产能提升至万台规模。 进入A股市场，周剑和优必选的下一步动作会是什么？ 从春晚明星到工业实干家 周剑是一个典型的"理工宅男" ...

2025年，优必选人形机器人订单总金额已近14亿元，持续领跑全球人形机器人行业。此外，12月26日，优必选第1000台Walker S2在柳州机器人超级智慧工 厂下线，全年已实现了千台产能。预计2026年，优必选人形机器人年产能将达万台规模。 优必选(9880.HK)今日强势拉升，盘中大涨超11%至122港元。消息面上，近日，优必选新中标惠州市惠阳区人形机器人大湾区数据采集中心项目和呼和浩特 市具身智能科技中心设备采购项目，中标金额分别为5962万元、7780万元，总金额超1.2亿元。 ...

值得关注的是，近日，优必选新中标惠州市惠阳区人形机器人大湾区数据采集中心项目和呼和浩特市具 身智能科技中心设备采购项目，中标金额分别为5962万元、7780万元，总金额超1.3亿元。2025年，优 必选人形机器人订单总金额已近14亿元，持续领跑全球人形机器人行业。12月26日，优必选第1000台 Walker S2在柳州机器人超级智慧工厂下线，全年已实现了千台产能。预计2026年，优必选人形机器人 年产能将达万台规模。 本文源自：智通财经网 智通财经获悉，优必选(09880)高开逾7%，截至发稿，涨7.21%，报117.4港元，成交额3857.18万港元。 消息面上，12月24日，优必选发公告称，以"协议转让+要约收购"的组合方式共收购深交所上市公司锋 龙股份93957518股（占锋龙股份公司股份总数43%）。根据公告，本次控制权变更方案中的股份转让价 格、要约收购价格均为17.72元/股，以此计算，合计总对价达16.65亿元。据悉，锋龙股份作为专精特新 及高新技术企业，长期深耕割草机等园林机械及发动机、液压控制系统及汽车零部件的研发与制造，拥 有扎实的精密制造能力、成熟的供应链体系与广泛的客户基础。 ...

Group 1 - The core point of the news is that UBTECH (stock code: 09880) has made significant moves in the market, including a notable increase in stock price and a strategic acquisition of a controlling stake in Fenglong Co., Ltd. [2][5] - UBTECH's stock opened over 10% higher and was reported to have risen by 10.68%, reaching HKD 121.20, with a trading volume of HKD 447 million [2][5]. - The company announced the acquisition of 93,957,518 shares of Fenglong Co., Ltd., representing 43% of the total shares, at a price of CNY 17.72 per share, totaling approximately CNY 1.665 billion [2][5]. Group 2 - Recently, UBTECH secured contracts for two projects: the humanoid robot data collection center in Huizhou and the equipment procurement for the Intelligent Technology Center in Hohhot, with total contract values exceeding CNY 130 million [3][6]. - For 2025, UBTECH's total order value for humanoid robots is projected to be nearly CNY 1.4 billion, maintaining its leadership in the global humanoid robot industry [3][6]. - On December 26, UBTECH's 1,000th Walker S2 robot was produced at the Liuzhou Robot Super Smart Factory, achieving a production capacity of 1,000 units for the year, with expectations to reach a production capacity of 10,000 units by 2026 [3][6].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：中国基金报 【导读】锋龙股份披露股票交易异常波动公告，强调优必选三年内不会借壳上市 中国基金报记者 若文 在股价连续三日涨停后，12月28日，锋龙股份披露股票交易异常波动公告，再次强调优必选三年内不会 借壳上市。 在近三个交易日内，锋龙股份累计涨幅达33.15%。截至2025年12月26日，锋龙股份收盘价为23.82元/ 股，静态市盈率为1133.22，市净率为5.48。根据中上协行业分类，截至2025年12月26日，锋龙股份所属 专用设备制造业静态市盈率为39.53，市净率为3.68。 在公告中，锋龙股份强调，未来36个月内，优必选不存在通过上市公司重组上市的计划或安排；未来12 个月内，优必选不存在资产重组计划。 此外，锋龙股份称，优必选暂无在未来12个月内改变上市公司主营业务或者对上市公司主营业务做出重 大调整的明确计划，以及在未来12个月内对上市公司及其子公司的重大资产和业务进行出售、合并、与 针对主营业务，锋龙股份表示，该次交易完成之后，公司仍以原有业务为主，基本面不会发生重大变 化；优必选将努力优化上市公司管理及资源配 ...

Core Viewpoint - Fenglong Co., Ltd. disclosed an announcement regarding abnormal stock trading fluctuations, emphasizing that UBTECH will not pursue a backdoor listing within the next three years [2][6]. Group 1: Stock Performance - In the last three trading days, Fenglong Co., Ltd. experienced a cumulative increase of 33.15% [4]. - As of December 26, 2025, the closing price of Fenglong Co., Ltd. was 23.82 yuan per share, with a static price-to-earnings ratio of 1133.22 and a price-to-book ratio of 5.48 [4]. Group 2: Acquisition Details - On December 24, UBTECH announced plans to invest 1.665 billion yuan to acquire 9.395 million shares of Fenglong Co., Ltd., representing 43% of the total share capital, thereby gaining control [7]. - Following the completion of this transaction, the controlling shareholder of Fenglong Co., Ltd. will change from Chengfeng Investment to UBTECH, with the actual controller changing to UBTECH's founder and chairman, Zhou Jian [7]. Group 3: Business Strategy and Future Plans - UBTECH stated that this strategic acquisition is a significant move to enhance its industrial chain layout and strengthen its core competitiveness [7]. - After the acquisition, Fenglong Co., Ltd. will remain focused on its original business, with no major changes expected in its fundamentals [6]. - UBTECH aims to leverage its technological advantages in humanoid robots and Fenglong Co., Ltd.'s manufacturing and supply chain capabilities to deepen industrial collaboration and promote the commercialization of humanoid robot technology [7]. Group 4: Recent Developments - On December 28, UBTECH announced winning bids for two projects: the Huizhou Huizhong District Humanoid Robot Data Collection Center project and the Hohhot Embodied Intelligence Technology Center equipment procurement project, with total bid amounts exceeding 130 million yuan [7]. - As of now, UBTECH's total order amount for humanoid robots in 2025 has approached 1.4 billion yuan, with the 1000th Walker S2 robot rolling off the production line in Liuzhou, achieving an annual production capacity of 1,000 units [9].

Investment Rating - The industry investment rating is maintained as "Outperform the Market" [6] Core Insights - The humanoid robot industry is entering a phase of accelerated commercialization, driven by a significant increase in the number of new product launches and growing order volumes. The report highlights that many components of humanoid robots share technology with the automotive industry, suggesting investment opportunities in companies with both brain and hardware iteration capabilities, such as XPeng Motors, Xiaomi Group, and others [6][30] - The report notes that the humanoid robot index increased by 4.61% from December 22 to December 26, 2025, outperforming the CSI 300 index by 2.66 percentage points [3][46] Summary by Sections 1. Humanoid Robot Commercialization - The milestone of the 5000th humanoid robot produced by Zhiyuan marks the entry into large-scale commercial use. The cumulative output includes 1742 units of the Expedition A1/A2, 1846 units of the Lingxi X1/X2, and 1412 units of the Spirit G1/G2 [4][10] - The report emphasizes the rapid commercialization of humanoid robots, with significant orders and application scenarios being upgraded. The financing scale and frequency in the humanoid robot sector are also noted to be high, with multiple financing rounds exceeding 1 billion RMB [30][31] 2. Market Performance - The humanoid robot index showed a weekly increase of 4.61%, while the CSI 300 index rose by 1.95%, indicating strong market performance for humanoid robots [3][46] - The report provides a detailed overview of key companies and their performance, highlighting significant orders and partnerships that contribute to the industry's growth [31][35] 3. Key Company Announcements - Zhiyuan's humanoid robots are being deployed in various sectors, including industrial manufacturing and service industries, with notable partnerships established with leading companies like CATL and Bosch [5][36] - The report outlines significant financing events, such as Galaxy General Robotics completing over 300 million USD in new financing, which sets a record for single-round financing in the field of embodied intelligence [5][30] 4. Investment Recommendations - The report suggests focusing on companies that possess both the brain and hardware iteration capabilities, as well as those with the ability to industrialize humanoid robot components. Specific companies mentioned include Top Group, Sanhua Intelligent Control, and CATL among others [6][30]

配售募资31亿港元刚刚一个月，优必选（9880.HK）便出资收购了一家上市公司的控制权。 12月24日，优必选与锋龙股份（002931.SZ）实控人董剑刚及其一致行动人诚锋投资、锋驰投资、厉彩霞签署《股份转让协议》，计划以"协议转让+要约 收购"的形式，以16.65亿元的总对价，获得公司43%的股权，并取得公司的控制权。 具体而言，诚锋投资将所持的6552.99万股锋龙股份股份转让给优必选，总对价为11.61亿元。转让完成后，优必选的持股比例将达到29.99%。此次股份转 让的对价为17.72元/股，较12月17日停牌前19.68元/股的价格折让约10%。 转让完成后，优必选或其制定的主体将向上市公司除受让方之外的全体股东发出部分要约收购，以17.72元/股的对价收购2845万股，占公司总股本的 13.01%。 若要约收购完成，优必选合计持有锋龙股份43%的股权，成为公司新任控股股东。优必选实控人、董事会主席、CEO周剑将成为公司新任实控人。 12月25日，锋龙股份复牌后一字涨停，股价收于21.65元，总市值约47亿元。因港股休市，当日优必选停牌，停牌前其股价为109.5港元，总市值551亿港 元。 出品｜达 ...

Group 1 - The core point of the article is that UBTECH Robotics (9880.HK) is acquiring a controlling stake in Fenglong Co., Ltd. (002931.SZ) through a combination of agreement transfer and tender offer, marking a significant move in the humanoid robotics sector [2][3] - The acquisition involves UBTECH purchasing 65,529,900 shares (29.99% of total shares) from Fenglong's controlling shareholder at a price of 17.72 CNY per share, totaling approximately 1.16 billion CNY [3] - Following the share transfer, UBTECH will make a tender offer for an additional 28,450,000 shares (13.02% of total shares) at the same price, amounting to about 504 million CNY [3] Group 2 - UBTECH has committed to ensuring that Fenglong's net profit attributable to shareholders will not be less than 10 million CNY, 15 million CNY, and 20 million CNY for the years 2026, 2027, and 2028, respectively [4] - The acquisition aims to extend UBTECH's supply chain and enhance its core competitiveness by leveraging its technological advantages in humanoid robotics alongside Fenglong's manufacturing capabilities [2][4] - As of December 25, 2023, Fenglong's stock closed at 21.65 CNY per share, with a market capitalization of 4.73 billion CNY, while UBTECH's stock closed at 109.5 HKD per share, with a market capitalization of 55.1 billion HKD [4] Group 3 - Fenglong's revenue for the first three quarters of 2023, 2024, and 2025 was 433 million CNY, 479 million CNY, and 373 million CNY, respectively, with a net loss of 7.04 million CNY in 2023, turning to a profit of 4.59 million CNY in 2024 [5] - The revenue contribution from the landscaping machinery, hydraulic components, and automotive parts sectors was 37%, 29%, and 23%, respectively, with gross margins of 25%, 24%, and 16% [5] - The domestic and international market revenue shares were 64% and 36%, respectively [5] Group 4 - The trend of humanoid robotics companies pursuing capital operations has intensified, with UBTECH's acquisition being part of a broader strategy among AI companies to enter the A-share market through agreement transfers and tender offers [6] - Other companies in the humanoid robotics sector have also adopted similar strategies, such as ZhiYuan Robotics and Zhonghao Xinying, indicating a growing trend in the industry [6] - The year 2025 is anticipated to be a pivotal year for the commercialization of humanoid robots, with UBTECH already securing nearly 1.4 billion CNY in orders for humanoid robots this year [7] Group 5 - UBTECH's financial reports indicate projected revenues of 1.305 billion CNY and 621 million CNY for 2024 and the first half of 2025, with net losses of 1.124 billion CNY and 414 million CNY, respectively [8] - The R&D expenses for these periods were 478 million CNY and 218 million CNY, accounting for 36.6% and 35.1% of revenue [8] - Despite narrowing losses, UBTECH's humanoid robotics division is still in the order validation and capacity ramp-up phase, necessitating continued R&D investment [9]