摘要显示，本公开适用于智能座舱，其中，方法包括：获取行车过程中车机端的多个车端数据以及基于 驾驶员穿戴设备的多个驾驶员数据；基于多个车端数据和多个驾驶员数据，对驾驶员的疲劳情况进行识 别；响应于识别到驾驶员处于疲劳状态，根据驾驶员的疲劳程度进行疲劳驾驶干预处理。提高了行驶环 境下驾驶员的疲劳驾驶状态的判定精度和准确度，通过车辆以及穿戴设备执行的目标疲劳驾驶干预措施 进行疲劳驾驶的干预，提高了疲劳驾驶干预措施的有效性以及主动性，优化了疲劳驾驶的干预效果。 天眼查知识产权信息显示，近日，小米汽车科技有限公司申请的"疲劳驾驶干预方法、装置、车辆、设 备、介质和芯片"专利公布。 ...

开源证券近日发布机械设备行业周报：近期，埃隆·马斯克在社交媒体表态，旗下Neuralink将在2026年 启动脑机接口设备大规模生产，并同步推进流程高度精简、几乎完全自动化的手术方案，最关键的突破 在于，设备中的电极丝将直接穿过硬脑膜，而无需将其切除。 投资建议 以下为研究报告摘要： 脑机接口行业正处于技术突破、政策支持、机器人生态协同预期等多重因素驱动下的高增蓄势期，根据 Precedence Research数据，预计到2034年全球脑机接口市场规模将增长到约124亿美元，2025-2034年 CAGR为17%。在近期Neuralink规模化量产预期和技术突破的催化下，A股脑机接口相关标的也有望受 益。 Neuralink计划2026年启动大规模生产，商业化进程提速 近期，埃隆·马斯克在社交媒体表态，旗下Neuralink将在2026年启动脑机接口设备大规模生产，并同步 推进流程高度精简、几乎完全自动化的手术方案，最关键的突破在于，设备中的电极丝将直接穿过硬脑 膜，而无需将其切除。这一方案有望避免传统侵入式设备的创伤性瓶颈，还可以通过自动化手术实现效 率与成本的双向优化。同时OpenAI首席执行官Sam ...

Core Viewpoint - The report from Guojin Securities indicates that the domestic power grid equipment market is expected to exceed 2 trillion yuan by 2026, with a year-on-year growth of 15%, driven by significant changes in industry dynamics, particularly in domestic and international markets [1][2]. Market Size and Growth - The estimated total market size for domestic power grid equipment enterprises in 2026 is over 2 trillion yuan, with a year-on-year increase of 15% [2]. - Breakdown of market segments includes: - Domestic grid (approximately 823 billion yuan, yoy +9%) [2]. - External grid (approximately 580 billion yuan, yoy +19%) [2]. - International market (approximately 665 billion yuan, yoy +20%) [2]. Industry Dynamics - The industry is entering a new phase characterized by stable growth and structural differentiation, with a focus on international expansion and main grid development as key drivers [2]. - The report highlights ten segments to track and assess market conditions, indicating a global upcycle in power equipment [2]. Segment Analysis - Main grid (high growth maintained): In 2026, the bidding for transmission and transformation equipment is expected to reach 91.9 billion yuan, a year-on-year increase of 26% [3]. - Ultra-high voltage (bottoming out): Approval for new projects is expected to accelerate post-Q4 2025, with five new direct current lines anticipated in 2026 [3]. - Distribution network (upward turning point): Material bidding from January to November showed a year-on-year decrease of 4%, but prices for the second batch of regional joint procurement equipment have increased by 10% to 30% [3]. - Smart meters (downward trend slowing): Bidding for smart meters in 2025 is approximately 15 billion yuan, a year-on-year decrease of 40%, but new standards in 2026 are expected to lead to price increases [3]. - Digitalization of the grid (bottoming out): Bidding for digital equipment in 2025 is expected to reach 4.2 billion yuan, a year-on-year increase of 70% [3]. - Export opportunities for transformers and switchgear remain strong, with significant year-on-year growth in exports [3]. Investment Recommendations - Focus on the transformer segment, which is expected to benefit from technological innovation and increased demand [4]. - Solid-state transformers (SST) are highlighted as a disruptive technology with significant commercial potential, expected to see validation in 2026 and commercialization in 2027 [5]. - Attention is drawn to the anticipated recovery in domestic investments under the "14th Five-Year Plan," particularly in ultra-high voltage policies and new smart meter standards [5].

来源：上海证券报 2026年，首个地缘政治"黑天鹅"事件发生，国际原油市场迎来新的变数。 据新华社报道，美军3日凌晨对委内瑞拉发动大规模军事打击，抓走委内瑞拉总统马杜罗，并将其强行 带往美国。美国总统特朗普当天公开宣称，美国将"管理"委内瑞拉，并宣布美国大型石油企业将进入委 内瑞拉，投资数以十亿计美元，"维修"石油基础设施并创造收益。 油价后市走向如何？多位专家在接受记者采访时分析研判，短期来看，高风险溢价将推动国际油价上 行；但倘若美国掌控了当地石油产业的控制权，便可能进一步加剧当前国际油市供给过剩的局面，这将 对市场构成长期的利空影响。 供给收缩风险提升 朱光明进一步表示，委内瑞拉原油出口暂停且产量受限后，将对原油价格形成提振。 长期利空 作为全球已探明石油储量世界第一的国家、石油输出国组织（欧佩克）创始成员国，委内瑞拉遭遇美国 军事打击一事牵动着各方神经。 据美国能源信息署（EIA）数据，委内瑞拉拥有约3030亿桶原油储量，占全球总储量的五分之一。不 过，产能并未完全转换为产量。全球风险管理公司（Global Risk Management）首席分析师兼研究主管 拉斯穆森称，尽管委内瑞拉拥有全球最大的已 ...

天眼查工商信息显示，近日，中免集团（北京）免税品有限公司成立，法定代表人为王延光，注册资本 5亿人民币，经营范围含日用品销售、信息咨询服务、箱包销售、工艺美术品及礼仪用品制造、计算机 软硬件及辅助设备零售、免税商品销售、酒类经营等。股东信息显示，该公司由中国免税品（集团）有 限责任公司全资持股。 ...

Group 1 - The core viewpoint of the articles highlights Beijing's significant improvements in air quality, with PM2.5 annual average concentration expected to reach 27.0 micrograms per cubic meter by 2025, marking a breakthrough below 30 [1] - The proportion of days with good air quality is projected to exceed 80%, reaching 85.2% [1] - Multiple air quality indicators have achieved the best levels since monitoring began, indicating comprehensive compliance with air quality standards [1] Group 2 - The clean and low-carbon transition in the energy sector is crucial for reducing pollutant emissions and improving air quality [3] - During the 14th Five-Year Plan period, Beijing has made significant progress in energy structure optimization, with energy consumption per unit of GDP reduced to 0.163 tons of standard coal, which is 36% of the national average [3] - The share of high-quality energy in total energy consumption has reached 99.7%, with coal consumption dropping to 0.3%, and the city has achieved coal-free status in its plains [3] Group 3 - Renewable energy development has seen both quantitative and qualitative improvements, with the share of renewable energy consumption expected to reach 18% by 2025, an increase of 7.6 percentage points from 2020 [4] - The import and consumption of green electricity from outside the city have doubled during the 14th Five-Year Plan, with expectations to exceed 40 billion kilowatt-hours by 2025, accounting for over 35% of total electricity consumption [4] - The upcoming 15th Five-Year Plan will continue to accelerate the green and low-carbon transition in energy consumption, aiming for a shift from energy consumption control to carbon emission control [4]

Core Viewpoint - Zhejiang Kailesi Technology Group has submitted an application to list on the Hong Kong Stock Exchange, aiming to raise funds amid ongoing losses due to rapid expansion and significant R&D investments [1][2]. Company Overview - Established in 2016 and headquartered in Jiaxing, Zhejiang, Kailesi specializes in multi-directional shuttle cars (MSR), autonomous mobile robots (AMR), and conveyor sorting robots (CSR), serving 29 industries including automotive, new energy, 3C electronics, pharmaceuticals, and e-commerce [1]. - According to Frost & Sullivan, Kailesi ranks fifth in China's integrated intelligent in-warehouse logistics robot market with a market share of 1.6%, and leads the narrow aisle AMR segment with a 19.3% shipment market share [1]. Financial Performance - Revenue for the years 2022 to 2024 and the first three quarters of 2025 was reported as follows: 657 million, 551 million, 721 million, and 552 million yuan respectively [1]. - Net losses during the same periods were 210 million, 242 million, 178 million, and 134 million yuan, totaling approximately 760 million yuan over three years and nine months [1][2]. - Adjusted net losses (non-IFRS) decreased from 117 million yuan in 2022 to 50.5 million yuan in 2024, further reducing to 13.76 million yuan in the first three quarters of 2025, indicating a trend of narrowing losses [2]. Debt and Liquidity - Kailesi's net debt at the end of each reporting period was 645 million, 894 million, 1.066 billion, and 1.196 billion yuan, with total liabilities increasing from 2.577 billion to 3.121 billion yuan [2]. - The asset-liability ratios were reported as 133.4%, 141.57%, 153.12%, and 162.13%, indicating a consistent trend of exceeding 100% over the last three years [2]. Operational Challenges - The company acknowledges liquidity risks and has implemented measures such as accelerating receivables collection and optimizing inventory turnover, but cannot guarantee future liquidity stability [3]. - Operating cash flows remained negative throughout the reporting periods, with outflows of 94.3 million, 97 million, 10.8 million, and 35.3 million yuan [3]. Market Competition - The domestic intelligent in-warehouse logistics robot market has over 50 AMR suppliers, with increasing competition potentially leading to price declines and reduced profit margins [3]. - Kailesi faces uncertainty regarding technology routes, particularly with emerging automated storage systems that may reduce demand for integrated robotic systems [3]. Customer Concentration - The top five customers contributed 48.0%, 49.7%, 34.3%, and 27.4% of revenue from 2022 to 2025, with the largest customer accounting for 14.7%, 14.0%, 10.8%, and 6.0% respectively [4]. - The company cannot guarantee ongoing business relationships with existing customers, which poses risks to cash flow and financial stability [4]. Supply Chain and Quality Control - Since 2022, raw material costs have consistently accounted for over 80% of sales costs, with potential supply disruptions impacting strategic implementation [4]. - Kailesi cannot ensure effective quality control, which may lead to product defects and reputational damage [4]. Future Outlook - The company anticipates continued net losses and negative operating cash flows in 2025 due to significant investments in R&D, market expansion, and new product development [5].

自2016年8月内蒙古首条特高压电网投运以来，国网蒙东电力特高压外送电量已实现连续8年增长。目 前，已构建起辐射全国的电力输送网络，覆盖北京、天津、山东、江苏等11个省区市，累计外送电量相 当于2.85亿户家庭一年用电量，为"西电东送"战略落地、国家能源安全保障及"双碳"目标推进注入关键 动能。 作为我国重要能源基地，内蒙古能源资源禀赋得天独厚。国网蒙东电力相关负责人表示，下一步将锚定 电力保供和能源转型核心任务，统筹就地消纳和外送，加快建设蒙西至京津冀等特高压外送新通道，加 强在运"五交三直"特高压通道运维，主动配合做好"沙戈荒"大基地外送支撑，为全国能源结构优化和区 域协调发展提供更坚实的电力支撑。 截至2025年12月31日，国网蒙东电力建设运维的8条特高压外送通道累计外送电量突破8300亿千瓦时， 达8363.02亿千瓦时；2025年全年外送电量达2276.87亿千瓦时，其中特高压外送1885.54亿千瓦时，两项 核心指标均位居全国第一，彰显内蒙古作为国家能源基地的强劲外送能力。 2025年，国网蒙东电力特高压外送电量创下年度新高，相当于6500万户家庭一年的用电量，累计减少原 煤消耗约6200万吨， ...

Group 1 - The user-side lithium battery energy storage project in Guangyuan, with a capacity of 107.12 MW/428.48 MWh, is the largest of its kind in Sichuan province, aimed at alleviating peak load pressure during winter and summer, thus enhancing regional energy reliability [1] - The project can provide the equivalent of two hours of power from a medium-sized power plant, serving approximately 46,000 households for a day, or powering over 5,300 electric vehicles with its stored energy [1] - The project features a peak discharge power of 107,000 kW with a duration of 4 hours, significantly improving both discharge power and capacity compared to other user-side storage projects [1] Group 2 - The project will directly support the green hydropower aluminum production of Zhongfu and Linfeng, with the power company facilitating a "green channel" for rapid system access and approval [2] - It is estimated that the project will reduce the overall production electricity cost by nearly 0.01 yuan per kWh, lowering the cost of aluminum production by 140 yuan per ton, potentially saving the company over 60 million yuan annually [2] - In terms of carbon reduction, the project is expected to save approximately 19,700 tons of standard coal and reduce carbon dioxide emissions by about 52,000 tons each year [2]

Group 1 - The core viewpoint of the articles highlights the rapid development of offshore wind power in Jiangsu, with the completion of the 800 MW offshore wind power project expected to generate over 2.8 billion kWh annually, emphasizing the importance of wind power in optimizing energy structure amid energy transition [1] - Jiangsu's offshore wind power installed capacity exceeded 12 million kW by the end of November 2025, with a potential development capacity of 60 million kW, showcasing the province's significant resources and growth in wind energy [1] - The integration of green electricity into the power grid is being enhanced through projects like the Jiangsu 500 kV coastal second channel, ensuring stable transmission of large-scale offshore wind power to various cities in the Yangtze River Delta [1] Group 2 - In 2025, Jiangsu's green electricity trading volume is projected to exceed 21 billion kWh, with an annual growth rate of 96% since the national green electricity trading began in 2021, indicating a strong market for green energy [2] - The establishment of a zero-carbon industrial park in Jiangsu is facilitating the production of electric bicycles using exclusively green electricity, enhancing the products' green value and competitiveness in international markets [2] - Jiangsu's power grid is implementing independent busbars in substations to connect green electricity sources directly to enterprises, achieving a closed-loop traceability system from generation to consumption [2] Group 3 - The use of green electricity in the near-zero carbon industrial park can reach an average of 80%, reducing carbon emissions by nearly 6,000 tons monthly and lowering electricity costs by 5%, demonstrating the economic benefits of green energy [3] - The establishment of a green electricity traceability system at the 220 kV Shuangnan substation allows for point-to-point supply of green electricity from wind farms to enterprises, enhancing product competitiveness in international markets [3] - Predictions indicate that during the 14th Five-Year Plan period, Jiangsu's total installed capacity of wind and solar energy will exceed 172 million kW, contributing to the development of a new type of power system that is clean, low-carbon, and economically efficient [3]