本文转自【智通财经】； 继2025年人形机器人首次登上春晚后，2026年马年春晚进一步扩大阵容，多家国产机器人企业集体亮相。 据央视新闻报道，总台编务会议成员姜文波此前在春晚新闻发布会上，今年具身机器人将在春晚"舞"出新高度。而科技日报则透露，经过一年来 持续创新，机器人在技术性能与艺术表现力方面实现迭代升级，将在春晚武术、语言类节目中，集群化编队精准完成富有层次的队形变换及高难 度动作表演。 春晚官方视频显示，第三次登台春晚的宇树科技，其人形机器人将与舞蹈演员搭档。据悉，宇树将携其G1/H1人形机器人带来全新节目《骐骥新 姿》。 首登春晚的魔法原子虽未披露具体节目内容，但据悉此次魔法原子将向观众展示中国智造的多元布局，提供打开未来生活的入口。 近日，魔法原子的高动态双足人形机器人Magicbot Z1成功完成了360度托马斯回旋、单手倒立、踢月腿等特技动作。2月4日，Magicbot Z1还在追 觅之夜上与四足机器人MagicDog组成"硅基伴舞天团"，与歌手萧敬腾共同表演，Magicbot Z1还进行了360度转体和单手倒立等展示。 银河通用同样尚未披露节目细节，据公司相关负责人此前对媒体表示，此次亮相的 ...

经济观察网 优必选（09880.HK）在2026年2月13日股价出现异动，截至收盘报137.50港元，单日上涨 3.54%，成交额8.43亿港元，换手率1.44%。异动主要与新品发布及多重利好因素相关。 产品研发进展 2月12日，优必选联合北京人形机器人创新中心推出全尺寸科研人形机器人"天工行者DEX"，该产品在 本体稳定性、运动控制、具身智能协同等方面显著提升，并开放二次开发工具链，瞄准科研教育场景。 此次发布进一步强化了公司在人形机器人领域的技术领先地位。 资金面与技术面 当日主力资金净流入4082.62万港元，主力买入占比约12%，显示机构资金积极参与。股价突破5日均线 （约132.8港元），盘中最高触及139.00港元，量比达2.18，短期买盘活跃。 行业政策现状 人形机器人亮相2026年春晚彩排，提升公众关注度；特斯拉Optimus V3预热及马斯克的积极表态，推动 全球人形机器人板块热度。2025年底工信部成立人形机器人与具身智能标准化技术委员会，优必选牵头 参与多项国家标准制定，强化行业话语权。 业务进展情况 2025年公司人形机器人订单总金额超14亿元，工业版Walker S2已进入空中客车等 ...

" 小参数、高性能、全开源 。 9项全球第一，全栈开源。 2026开春，人形机器人第一股优必选正式开源其具身智能大模型Thinker的架构升级版。在英伟达、字节跳 动、北京智源等全球顶尖梯队的混战中，Thinker以不到10B的小身板，横扫了空间理解、任务规划等9项核 心权威基准。 | | | Thinker-4B | RoboBrain2.0-7B | RoboBrain2.5-BB | Robix-7B | Pelican-7B | Cosmos- Reasonl-7B | MiMo- Embodied-7B | Qwan3-VL-4B | Qwan3-VL-BB | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Planning | RoboVQA_BLEU | 62.66 | 30 | 41.46 | 1 | 31.83 | 38.84 | 36.64 | 47.73 | 43.28 | | | Ego-Plan2 | 63.66 | 28.84 | 56.24 | | 33.71 | 26.04 | 33. ...

Core Viewpoint - The recent trading activities of two major stocks, Fenglong Co. and Jiamei Packaging, have been significantly influenced by their respective acquisition announcements, leading to a sharp rise in stock prices followed by a notable correction after their resumption of trading [1][2]. Group 1: Stock Performance - Fenglong Co. and Jiamei Packaging both faced a trading halt before resuming on February 2, with initial price drops followed by recovery, closing at 95.77 CNY (down 3.78%) and 22.79 CNY (down 1.64%) respectively [1]. - Prior to the halt, Fenglong Co. experienced an impressive 18 consecutive trading days of gains, with a price increase exceeding 400% over the last 20 trading days [1]. - Jiamei Packaging's stock surged by 408.11% from December 17, 2025, to January 23, 2026, driven by acquisition expectations [1]. Group 2: Acquisition Details - Fenglong Co.'s stock surge was primarily driven by its acquisition of a 43% stake in the humanoid robot company, UBTECH, for 1.665 billion CNY, making it the first A-share listed subsidiary of UBTECH [1][2]. - Jiamei Packaging's rise was linked to the anticipated acquisition by Zhuyue Hongzhi, controlled by the founder of the leading robot vacuum company, Dreame Technology, for approximately 2.28 billion CNY, aiming to gain control of Jiamei Packaging [2]. Group 3: Market Reactions and Announcements - Both companies issued announcements during their trading suspension that tempered the overly optimistic market expectations regarding their acquisitions [3]. - Fenglong Co. clarified that there are no plans to inject assets into the company within 36 months post-acquisition, warning of significant trading risks due to the stock's price surge [3]. - Jiamei Packaging explicitly stated that its core business remains in food and beverage packaging, with a projected net profit decline of 43.02% to 53.38% for 2025, indicating a significant disconnect between stock price and fundamental performance [3].

工业行业周报、月报 2026 年 01 月 26 日 [Table_Title] 宇树人形机器人出货超 5500 台，马斯 克计划明年面向公众销售 Optimus ——人形机器人产业周报 [Table_Summary] 报告要点： 周度行情回顾 2026 年 1 月 18 日至 1 月 23 日,人形机器人概念指数上涨 3.00%,相 较沪深300指数跑赢 3.62pct;年初至今累计涨跌幅来看,人形机器人概 念指数上涨 9.68%,相较沪深 300 指数跑赢 8.11pct。 [Table_Main] 行业研究|工业 证券研究报告 A 股人形机器人指数（iFinD 概念）相关个股中，京基智农周涨幅 最大（+29.47%），东山精密周跌幅最大（-9.00%)。 周度热点回顾 政策端，深圳市地方金融管理局发布《深圳市关于保险业助力科技创 新和产业发展的行动方案（2026—2028 年）（征求意见稿）》；工信部 将发布人形机器人与具身智能综合标准化体系建设指南。 产品技术迭代方面，OpenAI 已建立人形机器人实验室；2025 全年， 宇树科技人形机器人实际出货量超 5500 台；意优科技在张江建设其 首条（也是 ...

Core Viewpoint - The founder of UBTECH, Zhou Jian, emphasizes the importance of genuine technological advancement in humanoid robotics, warning against superficial trends and the potential pitfalls of the industry [2][3][4]. Group 1: Company Overview - UBTECH, founded by Zhou Jian, is one of the longest-standing companies in the humanoid robotics sector, having been established for 14 years [2]. - The company has never turned a profit but has invested heavily in R&D, with over one-third of its revenue allocated to this area [2][4]. - UBTECH went public in December 2023, becoming the first publicly listed humanoid robotics company, with a market valuation of HKD 38 billion at listing [3][4]. Group 2: Industry Insights - Zhou Jian criticizes the current state of the humanoid robotics industry, noting that many companies are not genuinely innovating but rather creating "humanoid machines" that lack true intelligence [6][10]. - He believes that the industry is experiencing a bubble, with many companies emerging without a solid understanding of the technology [6][8]. - The focus on superficial capabilities, such as dancing and performing tricks, detracts from the development of true embodied intelligence, which is essential for practical applications [10][12]. Group 3: Technological Development - UBTECH has been developing its large humanoid robot, Walker, for nearly a decade, focusing on a full-stack technology approach [4][13]. - The company has invested billions in developing the "brain" of its robots, which includes advanced perception and decision-making capabilities [13][39]. - Zhou Jian asserts that true humanoid robots must possess the ability to autonomously perceive, decide, and execute tasks in real-world environments, rather than relying on remote control or pre-programmed actions [10][12]. Group 4: Market Position and Future Outlook - As of early 2024, UBTECH's market capitalization fluctuated significantly, reaching a peak of HKD 130 billion before settling around HKD 72.5 billion [3]. - The company aims to address the labor shortage in manufacturing, with humanoid robots expected to play a crucial role in alleviating workforce challenges in the coming years [22][28]. - Zhou Jian predicts that 2026 will mark a turning point for the humanoid robotics industry, with a clearer understanding of viable market directions [8][29]. Group 5: Competitive Landscape - Zhou Jian respects all efforts in the humanoid robotics sector but believes UBTECH stands out due to its comprehensive technology and deep understanding of the industry [16]. - The company has secured significant orders, with a total order value exceeding RMB 1.4 billion by 2025, positioning it as a leader in the global market [31][32]. - Zhou Jian expresses confidence in UBTECH's ability to compete effectively, citing its unique technological capabilities and production capacity [16][23].

产业价值层面，Walker S2以高度拟人化的作业能力，成功适配质检、搬运、分拣、精密装配等复杂工 业场景，有效替代人工完成高危、高强度、重复性工作，降低了工业生产对人力的依赖。其7×24小时 不间断作业能力与高效协同特性，大幅提升了生产流程的连续性与效率，推动制造业向柔性生产、无人 化生产升级，为产业降本增效提供了核心支撑。 分时图 日K线 周K线 月K线 144.00 2.60 1.84% 2.12% 1.41% 0.71% 0.00% 0.71% 1.41% 2.12% 138.40 139.40 140.40 141.40 142.40 143.40 144.40 09:30 10:30 12:00/13:00 14:00 16:10 0 6万 12万 18万 优必选科技成立于2012年3月，是人形机器人领域的领导者和智能服务机器人领航企业，2023年12月在 香港交易所主板挂牌上市(股票代码：9880.HK)。公司聚焦工业制造、商用服务、家庭陪伴三大核心场 景，率先实现人形机器人落地应用，是全球唯一一家与多家车企宣布合作的人形机器人公司，旗下 Walker S系列成为全球进入最多车厂实训的工业人形机 ...

Core Insights - The humanoid robot industry in China is experiencing significant growth, with expectations of over 140 domestic manufacturers and more than 330 humanoid robot products by 2025, marking it as the "year of mass production" [1][2] - The focus is shifting from mere technological showcases to practical applications in various sectors, including industrial manufacturing, commercial services, and home companionship [2] - Key challenges remain, including the need for breakthroughs in core technologies, stability in mass production, and issues related to cost control and scene adaptation [2] Industry Developments - The price of consumer-grade humanoid robots has dropped to the ten-thousand yuan range, with products like "Xiao Bu Mi" priced at 9,998 yuan, aimed at entertainment and education [3] - Industrial flagship models, such as UBTECH's Walker S2, are showcasing advanced capabilities and are being deployed in sectors like automotive manufacturing and smart logistics [4] - The competition is increasingly centered around AI capabilities, with a focus on integrating large models for visual, language, and action processing [5][6] Market Dynamics - The humanoid robot market is projected to see significant production increases, with companies like Zhiyuan Robotics and UBTECH planning to ramp up their output to tens of thousands of units by 2026 [8][9] - Industrial applications are becoming the primary battleground, with major players securing substantial orders, such as UBTECH's nearly 1.4 billion yuan in orders for 2025 [9] - The industry is expected to undergo consolidation, with only a fraction of the current companies likely to survive the competitive landscape by 2026 [10][12] Technological Challenges - Despite advancements, the industry faces bottlenecks related to data and model capabilities, which are critical for the development of humanoid robots [7][8] - The integration of world models into robotic systems is seen as a key area for enhancing decision-making and task execution capabilities [6] Future Outlook - The Chinese government is committed to promoting technological innovation in humanoid robotics, focusing on enhancing core technologies and ensuring product safety [11] - The market is anticipated to shift towards value-driven investments, with a focus on revenue structures and commercial viability as companies prepare for potential IPOs [12]

Core Insights - The article discusses the transformation of "Guangdong goods" in the context of the artificial intelligence era, highlighting the rise of robots as a new category of products that are scalable, sustainable, and applicable across various scenarios [1][6][9] Industry Overview - Guangdong's industrial robot production reached 260,200 units and service robots 12.8388 million units from January to October 2025, both ranking first in the country [1] - The province is home to over 3,700 AI and robotics companies, with more than 2,000 being core AI enterprises, indicating a high level of industry collaboration [1][6] Market Dynamics - 2025 is identified as the "year of humanoid robot mass production," with over 140 domestic manufacturers and more than 330 humanoid robot products launched [2] - Leading companies like UBTECH and Yujian Technology are significantly contributing to this growth, with UBTECH's humanoid robot orders exceeding 1.4 billion yuan in 2025 [2][3] Technological Advancements - The article emphasizes the shift from traditional industrial robots to humanoid robots, showcasing advancements in autonomous operations and consumer-grade robots [3][4] - Companies are leveraging Guangdong's robust supply chain and rapid iteration capabilities to enhance robot production efficiency [6][8] Global Positioning - China holds approximately 63% of the global humanoid robot industry chain, with Guangdong being a crucial part of this ecosystem [1][6] - The article notes that robots are becoming a new "Guangdong good," with potential for significant international market penetration [7][9] Future Outlook - Analysts predict that humanoid robot shipments in China could reach 14,000 units in 2026, with expectations for exponential growth in the following years [7][9] - The evolution of "Guangdong goods" reflects a shift from manufacturing efficiency to intelligent supply capabilities, positioning robots as a key export product for the region [9]

Market Overview - The A-share market opened higher but turned negative shortly after, with the ChiNext index down nearly 2% [1][12] - The Shanghai Composite Index fell by 0.61% to 4088.86, while the Shenzhen Component Index dropped by 1.59% to 14067.46 [2][13] Real Estate Sector - The real estate sector saw significant movement, with Hefei Urban Construction (002208) hitting the daily limit up [1][19] - Other companies in the sector, such as City Investment Holdings and Poly Development, also experienced gains [19] AI Application Sector - The AI application sector was active, with Zhejiang Wenhu Internet hitting the daily limit up and Tian Di Online achieving two consecutive limit ups [3][14] - A partnership between Zhejiang Wenhu Internet and ByteDance's Douyin Engine has led to a significant increase in digital marketing applications, with cumulative consumption exceeding 250 million yuan, marking a 500% year-on-year growth [16] Robotics Sector - The robotics sector saw gains, with New Times Da hitting the daily limit up and Top Group rising over 6% [5][17] - A report from CounterPoint Research indicates that the humanoid robot industry is expected to see a commercial explosion in 2025, with an estimated installation of 16,000 units [19] Semiconductor Sector - The semiconductor sector also experienced a rise, with Zhongwei Semiconductor hitting the daily limit up [21] Hong Kong Market - In the Hong Kong market, Pop Mart's stock surged over 10% after the company announced a share buyback of approximately 251 million HKD for 1.4 million shares [11][23] - Other new consumption concept stocks in Hong Kong also showed strength, with Guoquan rising over 5% [24]