具身智能产业跟踪（31）：特斯拉宣布停产Model SX转向Optimus

中国银河02-03

（以下内容从中国银河《具身智能产业跟踪（31）：特斯拉宣布停产Model SX转向Optimus》研报附件原文摘录）行情回顾：2026年1月26-30日，具身智能指数-5.79%，与SW31个一级行业指数涨跌幅排名比较中倒数第2，跑输沪深300约5.87pcts。25年初至今涨幅为30.63%，跑赢沪深300约6.11pcts。估值上，1月30日具身智能指数静态PE约37.3倍，处于历史中值。量上...

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SX转向Optimus》研报附件原文摘录）行情回顾：2026年1月26-30日，具身智能指数-5.79%，与SW31个一级行业指数涨跌幅排名比较中倒数第2，跑输沪深300约5.87pcts。25年初至今涨幅为30.63%，跑赢沪深300约6.11pcts。估值上，1月30日具身智能指数静态PE约37.3倍，处于历史中值。量上，1月26-30日具身智能指数成分股合计成交量达183.3亿股，环比上周-15%。1月26-30日换手率10.65%，成交活跃度排市场第26。个股方面，本周涨幅前五为天奇股份、天永智能、天准科技、华培动力、肇民科技。跌幅前五为昊志机电、超捷股份、力星股份、隆盛科技、旭升集团。行业重要事件梳理：1）智元灵巧手公司临界点获高瓴、蓝驰联合领投；2）众擎携手穿越者启动首位人形机器人宇航员探索计划；3）国地中心发布VTouch超6万分钟跨本体视触觉数据集；4）FigureAI推出第二代具身大模型Helix02；5）FaunaRobotics发布Sprout机器人；6）蚂蚁灵波开源首款具身基座模型LingBot-VLA；7）特斯拉宣布停产ModelS/X，押注机器人；8）傅利叶发布“脑机具身智能康复港”；9）5家机器人企业接连官宣其机器人将登春晚最新观点：1）主机：本周海外T链项目负责人更换引发市场对软硬件方案调整的担忧，板块不确定性有所加大，但国内产品送代活跃度依旧很高。中短期我们看好具备细分场景快速落地能力的主机厂，长期看好：①综合技术积累深厚、产品生态格局好的龙头企业；②制造能力突出，专业化全维度协助初创企业落地的代工企业。2）应用场景：关注细分场景的应用突破。率先落地的场景集中在工业物流、toB机构养老、特种环境（转炉炼钢，电力巡检）、农业，以及toC陪伴&玩具机器人。3）“大小脑”：目前产业硬件壁垒在降低，大小脑是重要短板，灵巧操作模型重要度提升，数据训练场真机数采+视频数据模仿学习+仿真方案仍将齐头并进。4）灵巧手：基于应用场景需求差异，当前本体厂商自研和第三方供应，基本自由度性价比版本和高自由度灵巧版本均有机会，关注具备技术优势、产品快速送代能力强的厂商，同时关注各细分材料、传感器（尤其是电子皮肤）等具备结构性机会的边际变化板块。5）零部件：一是关注头部企业量产及配套供应链相关机会，核心关注T链方案后续走向，及确定性强或边际变化处的相关标的；二是关注1-100量产阶段具备优势的产业链龙头企业，例如大规模量产与质控能力强，有成熟供应链体系和良好主机厂客群关系的汽车产业链头部企业及消费电子领域“代工”企业；三是继续关注轻量化、高能量密度、散热续航等应用落地过程中重要性提升的板块建议关注：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、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","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"productRelease","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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