2026年2月6日，蔚来迎来完成第1亿次换电服务的行业标志性时刻，这是国内换电模式从技术验证走向 规模化普及的重要节点。从2018年首次推出换电服务到亿次目标落地，蔚来历时2819天的探索，不仅印 证了换电模式的商业可行性与用户价值，更折射出国内充换电基础设施建设的跨越式发展。 事实上，在行业"充换电并行"政策导向与"三年倍增"行动方案托底下，补能基建已成为新能源汽车产业 高质量发展的核心支撑，以蔚来为代表的企业实践，正推动行业从"造好车"向"建好网"进阶，助力新能 源汽车产业价值链持续上移，同时为国家新型能源体系构建注入新动能。 ● 本报记者 龚梦泽 换电模式规模化成行业共识 中国证券报记者获悉，蔚来第1亿次换电于2月6日22时33分18秒在嘉兴海宁完成，这一数字的背后，是 对换电模式历经市场检验后的认可，也为行业交出了一份可复制的补能解决方案答卷。 蔚来方面数据显示，截至亿次换电达成，蔚来在全国布局换电站3729座，其中高速公路换电站1020座， 建成9纵11横16大城市群高速换电网络，连通全国超550城，整体充换电站数量达8627座，位居行业首 位。如今蔚来日均换电单量已突破10万次，平均0.8秒就有一 ...

● 本报记者张妍頔龚梦泽 2月10日，爱芯元智半导体股份有限公司于香港交易所主板正式挂牌上市，其发行价为28.20港元/股， 募集资金总额为29.61亿港元。爱芯元智是边缘计算AI芯片企业，正积极拓展智能汽车等成长型市场。 聚焦智能汽车等领域 爱芯元智成立于2019年5月，公司核心业务为销售半导体产品及提供相关技术服务。爱芯元智聚焦终端 计算、智能汽车与边缘AI推理三大领域，产品已落地于智慧城市、智能交通、智慧家居、智慧制造及 智能消费等多个场景。 随着大语言模型、视觉语言模型、视觉语言动作模型等基于Transformer架构的AI大模型的快速发展， 全球科技巨头和创新型初创企业都对AI大模型的训练和推理进行了大量投资。AI大模型因其庞大的计 算与内存需求，通常仅能部署于云端。然而，云端部署模式存在的延迟及隐私风险等问题，正推动行业 向边缘推理架构延伸，这场向边缘计算的范式拓展，催生出了全新的应用场景与应用落地。为了使AI 大模型能够无缝整合到日常活动中，高效且经济的AI推理芯片(例如NPU)变得不可或缺。 招股书显示，爱芯元智采用无晶圆厂模式，专注于芯片设计和销售，扩大视觉端侧AI推理SoC的生产规 模，拓 ...

Group 1 - The core viewpoint of the news is the announcement of the "Modern Capital Urban Circle Spatial Coordination Plan (2023-2035)" aimed at enhancing the collaborative development of the Beijing-Tianjin-Hebei region [1] - The plan emphasizes the need for a coordinated mechanism for construction land management across the three regions, allowing for greater flexibility in land use and project approvals [3] - Key areas of focus include optimizing the capital's functions, fostering innovation, achieving breakthroughs in reform and opening up, and enhancing public welfare [2] Group 2 - The plan aims to integrate various development aspects such as industry, transportation, ecology, public services, cultural tourism, and safety resilience into a unified spatial framework [4] - There is a strong emphasis on technological innovation and industrial collaboration among Beijing, Tianjin, and Hebei, with initiatives to strengthen the innovation triangle in the region [4] - The plan includes specific goals for Tianjin to leverage its advantages in location, port facilities, and talent to support the implementation of the urban circle plan [5] Group 3 - The initiative also highlights the importance of building a modern industrial system in Hebei, focusing on deep integration of innovation and industry [6] - The development of advanced manufacturing clusters and high-level urban functions is prioritized to support the construction of a world-class city group in the Beijing-Tianjin-Hebei region [5][6]

作为我国经济中心、科技创新高地与对外开放前沿，近年来，上海聚力打造全国领先的智能算力高地， 推动智算资源加速集聚、产业生态持续迭代提质。上海市算力网络协会数据显示，上海智算规模在全国 占比约达8%，已成为引领全国智算产业高质量发展、带动生态协同升级的重要增长极。 中国证券报记者调研发现，从智算规模的跨越式突破到优质企业的集群式崛起，从技术架构的根源性创 新到产业发展共识的深度凝聚，从生态要素的零散分布到全链条协同发力，上海正稳步突破传统规模扩 张、资本驱动的发展瓶颈，引领智算产业实现从"规模增速"向"质量引领、效率优先、可持续发展"的高 阶转型，同步推动智算生态开放共享、协同共生，以标杆性的"上海实践"赋能国家智算产业能级跃升。 天数智芯AI与加速计算技术负责人单天逸把未来的高质量算力定义为"高效率、可预期、可持续"。"所 谓高效率，是指能为客户创造最优的TCO(总体拥有成本)，实实在在帮客户节省使用成本。而可预期是 能够通过精准的仿真模拟，让客户在拿到芯片、部署算力之前，就能清晰预判最终的性能表现，做到所 见即所得。至于可持续，则是从现在主流的算法再到未来还未诞生的全新算法，算力始终能无缝适配， 今天能用， ...

细化汽车生产企业价格行为规范。明确从整车到零部件生产、从定价策略到销售行为各环节的价格合规 要求。实行全流程价格管理，强化公平定价约束，规范促销与定价行为，依法打击不正当价格行为。 ● 本报记者董添 2月12日，国家市场监督管理总局发布《汽车行业价格行为合规指南》，以进一步规范汽车行业价格行 为，促进汽车市场健康有序发展。 汽车产业是国民经济的重要支柱，产业链长、覆盖面广，与消费者生活密切相关。当前，汽车行业存在 不按规定明码标价、价格欺诈等违法行为，损害消费者和经营者利益，破坏公平竞争市场秩序，不利于 行业高质量发展。《指南》立足当前汽车行业发展实际，进一步明晰行为边界，统一监管规则，引导汽 车生产和销售企业依法合规经营，推动形成优质优价、良性竞争的市场秩序。 《指南》共五章28条，主要包括以下内容。明确总体原则和要求。明确《指南》制定目的、依据和适用 范围，规定价格行为应遵循的基本原则，并鼓励行业协会加强自律，推动行业价格合规建设。 明确汽车销售企业价格行为要求。聚焦汽车新车销售环节，着力规范不按规定明码标价、虚假促销等突 出问题。建立风险提示机制，鼓励平台对显著低价行为进行经营风险和消费风险双向提示。 ...

Core Insights - The article highlights the success of Xiaofang Pharmaceutical in the family-oriented external medicine sector, emphasizing its innovative product iterations and marketing strategies to enhance user retention and drive sales growth [1][2][3] Group 1: Product Development and Innovation - Xiaofang Pharmaceutical has focused on continuous product iteration and marketing innovation, launching the W-type Kaisi Lu with a unique packaging design to improve medication effectiveness [2] - The company has developed multiple new sub-brands and products, including Xinlong Hongtun and Long Yidian, targeting specific health needs such as oral ulcers and throat inflammation [2][3] - The company is also working on a new traditional Chinese medicine for hair loss, in collaboration with Shanghai Skin Disease Hospital, aiming to enter a promising market [3] Group 2: E-commerce and New Retail Strategy - Xiaofang Pharmaceutical has embraced the new retail trend, establishing partnerships with major e-commerce platforms like Alibaba Health and JD Health to enhance product visibility and sales [3][4] - The company utilizes Kaisi Lu as a "traffic entry point" for online sales, achieving over 300 million annual exposures on a single platform, and employs cross-selling strategies to promote related products [4][5] - The company is implementing a digital inventory monitoring system to prevent stockouts and ensure timely product availability, enhancing customer satisfaction [5] Group 3: Supply Chain and Operational Efficiency - Xiaofang Pharmaceutical is advancing towards a fully digital supply chain, aiming for real-time responses and efficient inventory management to meet consumer demands [5][6] - The company is constructing a smart factory for external medicine production, focusing on automation and efficiency to support growing production needs [6][7] - The company plans to implement a "dual-wheel drive" strategy, focusing on both technological innovation in drug development and enhancing market access through digital tools [7]

当下，算力作为大模型创新与人工智能应用的核心动力引擎，战略价值日益凸显。《2025年中国人工智 能计算力发展评估报告》预计，2023年至2028年期间，中国智算规模的五年年均复合增长率将达 46.2%。 顺势而为、乘势而上，上海正加速布局智算高地建设，智算资源集聚效应持续凸显。据统计，目前上海 智算规模已突破12万P（PetaFLOPS的缩写，即每秒执行10的15次方次浮点运算），市级智算调度平台 纳管算力近2万P。在此基础上，上海智算产业生态日趋完善，已集聚起涵盖智算芯片、光通信、智能 网卡、高速交换机、智算服务器等全产业链的一批优质智算企业，形成了协同发展、良性互动的产业格 局。 与此同时，随着智算产业向纵深发展，上海智算领域逐渐凝聚起广泛共识：单纯依靠资本驱动、规模扩 张的发展模式已逐渐触及天花板，产业竞争的核心方向需转向质量、效率和可持续性，唯有深耕价值、 强化创新，才能实现产业高质量发展。 上海市经济和信息化委员会副主任潘焱表示，"十五五"时期，上海将适度超前建设一批智算基础设施， 加快沪产芯片规模化部署；构建"国芯国模国云"体系，打响智算超节点"上海品牌"；营造开放共享的智 算生态，持续优化政策、 ...

事实上，在行业"充换电并行"政策导向与"三年倍增"行动方案托底下，补能基建已成为新能源汽车产业 高质量发展的核心支撑，以蔚来为代表的企业实践，正推动行业从"造好车"向"建好网"进阶，助力新能 源汽车产业价值链持续上移，同时为国家新型能源体系构建注入新动能。 2026年2月6日，蔚来迎来完成第1亿次换电服务的行业标志性时刻，这是国内换电模式从技术验证走向 规模化普及的重要节点。从2018年首次推出换电服务到亿次目标落地，蔚来历时2819天的探索，不仅印 证了换电模式的商业可行性与用户价值，更折射出国内充换电基础设施建设的跨越式发展。 为实现换电模式的规模化，蔚来持续加大技术研发和基础设施投入，累计在充换电领域投入超180亿 元，拥有超2100项相关专利，推动换电站从一代到四代持续进化，全栈核心技术的自研能力成为换电网 络迭代的核心支撑。 赋能产业升级与能源转型 蔚来1亿次换电的完成，是国内充换电基础设施建设提速的缩影，更是新能源汽车产业与能源行业深度 融合的体现。 ● 本报记者 龚梦泽 换电模式规模化成行业共识 中国证券报记者获悉，蔚来第1亿次换电于2月6日22时33分18秒在嘉兴海宁完成，这一数字的背后，是 ...

Core Insights - FAW Toyota achieved an annual sales record of 805,500 units in 2025, marking three consecutive years of growth, with nearly half of the sales coming from intelligent hybrid models and a steady increase in high-end vehicle sales [1] - Despite the positive sales figures, concerns are emerging as fourth-quarter sales showed a continuous decline, with significant drops in October, November, and December [2] - The company faces pressure on profitability due to a price war affecting terminal sales and a disappointing performance in the pure electric vehicle market [1][2] Sales Performance - In 2025, FAW Toyota's high-end and hybrid models were the main growth drivers, with high-end models selling 487,400 units (up 12%) and intelligent hybrid models selling 380,100 units (up 14%) [1] - However, fourth-quarter sales revealed a troubling trend, with October sales at 71,309 units (down 6%), November at 71,112 units (down 20.9%), and December further declining by 22.2% [2] Profitability Challenges - The company has been forced to implement significant price adjustments on core models, with discounts reaching up to 38,000 yuan for Corolla and over 50,000 yuan for RAV4 [2] - FAW Toyota's operating profit in China for the second fiscal quarter of 2026 was 67.1 billion yen, showing growth attributed to GAC Toyota's strong performance in hybrid and electric sectors [2] Electric Vehicle Transition - FAW Toyota's hybrid technology remains a core competitive advantage, with nearly 30 years of R&D experience and a strong safety record in electric vehicle batteries [3] - However, the performance of pure electric models like bZ3 and bZ5 has been underwhelming, with bZ3 selling 22,606 units and bZ5 only 12,674 units in 2025, highlighting a growing gap with competitors [3] Localization Efforts - In 2025, FAW Toyota relocated its sales headquarters from Beijing to Tianjin to enhance integration of sales, R&D, and production, aiming to respond more effectively to market demands [4] - The company is also focusing on quality control, as evidenced by a recall of 10,922 RAV4 vehicles due to software issues, indicating the need for improved stability in intelligent cockpit systems [4] Industry Perspective - Industry experts view FAW Toyota's situation as reflective of traditional joint venture brands' challenges in transitioning to intelligent electric vehicles, emphasizing the need for faster product iteration and market adaptation [5] - The effectiveness of the new integrated system post-relocation will be crucial for transforming local R&D capabilities into competitive electric vehicle products [5]

从财务表现来看，爱芯元智的收入呈现快速增长态势。2022年、2023年、2024年以及2025年前三季度， 公司收入分别为5023万元、2.30亿元、4.73亿元和2.69亿元。同期，经调整的净亏损4.44亿元、5.42亿 元、6.28亿元和4.62亿元。 招股书显示，爱芯元智在2025年前三季度收入增长主要是因为成功收购浙江华图微芯技术有限公司；终 端计算产品的持续拓展；智能车载SoC及边缘AI推理产品销售的快速增长。 2月10日，爱芯元智半导体股份有限公司于香港交易所主板正式挂牌上市，其发行价为28.20港元/股， 募集资金总额为29.61亿港元。爱芯元智是边缘计算AI芯片企业，正积极拓展智能汽车等成长型市场。 聚焦智能汽车等领域 爱芯元智成立于2019年5月，公司核心业务为销售半导体产品及提供相关技术服务。爱芯元智聚焦终端 计算、智能汽车与边缘AI推理三大领域，产品已落地于智慧城市、智能交通、智慧家居、智慧制造及 智能消费等多个场景。 随着大语言模型、视觉语言模型、视觉语言动作模型等基于Transformer架构的AI大模型的快速发展， 全球科技巨头和创新型初创企业都对AI大模型的训练和推理进行了大量投 ...