| 股票名称 | 沽空金额↓ | 沽空比率 | | 偏离值 | | --- | --- | --- | --- | --- | | 美团-W(03690) | 15.54 亿元 | 21.96% | 4.92% | | | 阿里巴巴-W(09988) | 14.40 亿元 | 8.47% | -6.76% | | | 腾讯控股(00700) | 12.53 亿元 | 11.49% | 0.80% | | | 中国平安(02318) | 10.67 亿元 | 31.14% | 3.29% | | | 百度集团-SW(09888) | 6.38 亿元 | 31.55% | 3.08% | | | 联想集团(00992) | 6.08 亿元 | 40.42% | 11.00% | | | 中国石油化工股份 (00386) | 5.62 亿元 | 27.88% | 2.19% | | | 快手-W(01024) | 5.46 亿元 | 18.47% | 3.10% | | | 友邦保险(01299) | 5.23 亿元 | 32.73% | 11.86% | | | 建设银行(00939) | 5.08 亿元 | 3 ...

Core Insights - The article discusses the evolving narratives around artificial intelligence (AI) showcased at CES 2026, emphasizing two main themes: "AI is physical" and "AI is personal" [3][12]. Group 1: AI is Physical - CES has historically focused on the next technological advancements, transitioning from electric vehicles (EVs) to "physical AI," which integrates AI with physical entities like cars and robots [5][11]. - General Motors (GM) announced advancements in its Super Cruise system, allowing for "eyes-off driving" by 2028, and plans to integrate a Google Gemini-powered AI assistant in vehicles to enhance user interaction [7][8]. - The concept of physical AI is exemplified by vehicles acting as personal assistants, capable of managing tasks and providing support, thus transforming traditional transportation into intelligent, interactive machines [8][11]. - NVIDIA's CEO Jensen Huang highlighted the significance of physical AI, stating that breakthroughs in understanding the real world are opening new application scenarios, supported by NVIDIA's advancements in training and inference technologies [9][10]. Group 2: AI is Personal - Companies like General Motors and Sony Honda Mobility are developing AI assistants for vehicles, enhancing user experience through personalized interactions and management of applications and settings [13][14]. - Lenovo introduced Qira, a personal ambient intelligence system that operates across various devices, providing context-aware assistance and creating a dynamic model of user interactions [16][18]. - The trend towards personalized AI is evident in the development of systems that learn from user behavior and preferences, aiming to integrate seamlessly into daily life and enhance productivity [21][22]. - Privacy considerations are emphasized in the design of personal AI products, ensuring user data is handled securely and allowing users to maintain control over their information [23]. Group 3: Future Directions - The article identifies two key paths for the evolution of AI: the embodiment of AI in physical devices and the deep personalization of AI in individual lives, both of which are crucial for the next stage of intelligent systems [24].

Group 1 - The 2026 Consumer Electronics Show in Las Vegas will take place from January 6 to 9, featuring thousands of companies from 155 countries showcasing innovations in AI, digital health, energy, immersive entertainment, mobility, and robotics [1] - Chinese companies such as Lenovo, TCL, Hisense, and others are prominently displaying their latest products and innovations, indicating a growing presence and influence in the global market [1] - TCL's global marketing center vice president noted that Chinese brands are accelerating technological innovation and moving into the mid-to-high-end global market by enhancing R&D investments and transitioning from single product sales to ecosystem solutions [1] Group 2 - Hisense's Mini LED TV received high praise for its stunning picture quality, highlighting the significant efforts Chinese companies are making in original technology and product quality [2] - Hisense has established a global presence over 30 years, with 30 R&D centers and 37 industrial parks, becoming a widely recognized brand among consumers [2] - The show introduced an "Innovation Workshop" section to present trends in AI and quantum technology, facilitating interaction and collaboration among businesses, researchers, and investors [2] Group 3 - Chinese companies are showcasing numerous innovative products and technologies, demonstrating strong innovation capabilities, as noted by the CEO of South Africa's Polestar brand [3] - There is a growing recognition of the technological value of Chinese products, with increasing consumer demand for these innovations [3]

Group 1 - AI-driven intelligent marketing has become the underlying operating system for marketing, enhancing efficiency and user insights significantly, as demonstrated by Lenovo's content production efficiency improvement of over 50% and a nearly 5-fold increase in output [1][14][15] - Trust has emerged as a core competitive asset for brands, with long-term value delivery and sincere communication being essential for rebuilding consumer trust, as exemplified by the "dare to guarantee" strategy of Xiaoguan Tea [2] - Human-centric marketing and IP-based operations are crucial for brands to establish intimate relationships with users, illustrated by JD's successful integration of personality-driven marketing with shopping experiences [3] Group 2 - Brands must become "social currency" within specific community circles to achieve growth, as shown by Guoquan's collaboration with children's art activities, enhancing brand recognition among parent groups [4] - Empowering stakeholders for co-creation and win-win outcomes is fundamental for sustainable growth, as demonstrated by Anchor's collaboration with the healing IP "Little Bear Bug" to empower B-end clients in the baking industry [5] - The construction of a marketing knowledge base is essential for digital transformation in marketing, enabling companies to respond agilely to market changes and leverage structured knowledge for better collaboration with AI [12][13]

Investment Rating - The report does not explicitly provide an investment rating for the AI industry Core Insights - The AI industry is experiencing significant advancements, with multiple companies releasing innovative products and models, indicating a robust growth trajectory in the sector [1][5][9][14][18] - The Chinese government is actively promoting AI integration in manufacturing, aiming to establish a leading position in AI technology and applications by 2027 [5] - Major companies like Lenovo and Tencent are launching new AI models and platforms, enhancing the capabilities and applications of AI in various fields [8][15][18] Summary by Sections 1. AI Industry Dynamics - The Ministry of Industry and Information Technology and other departments have issued guidelines for the "Artificial Intelligence + Manufacturing" initiative, targeting the development of core AI technologies and industry applications by 2027 [5] - In 2026, over 30 national standards related to data in AI will be introduced, focusing on areas like intelligent agents and embodied intelligence [6] - The Sichuan provincial government has launched a plan to develop a national digital economy innovation zone, aiming to enhance digital infrastructure and promote the growth of digital industries [7] 2. AI Application Insights - LuKe announced the global launch of the "Air Charging AI Smart Lock V7 Max" at CES 2026, featuring technology for continuous power supply [10] - Yushun released training videos for its humanoid robot Unitree H2, showcasing advanced capabilities [11] - DeepTing released the world's first dual-wheeled outdoor companion robot Rovar, designed for various outdoor scenarios [12] - Rokid introduced the "Style" AI glasses at CES 2026, featuring a dual-chip architecture and 4K video capabilities [13] 3. AI Large Model Insights - Alibaba Tongyi has released and open-sourced the Qwen3-VL-Embedding and Qwen3-VL-Reranker models, designed for multimodal information retrieval and understanding [14] - Tencent launched the HY-Motion1.0 model, a significant advancement in 3D character animation generation [15] - Xiaopeng unveiled its second-generation VLA model, marking a shift towards practical applications of physical AI technology [16][17] - Lenovo introduced the Lenovo Qira personal super intelligent agent, emphasizing cross-device functionality and personalized services [18] 4. Technology Frontiers - Alibaba Cloud launched a new multimodal interaction development kit, integrating various foundational models for diverse applications [19] - Tsinghua University published a paper on an AI-driven drug virtual screening platform, significantly improving screening speed and accuracy [20] - Chinese scientists made progress in cancer immunotherapy, developing a protein-targeting degradation technology [21] - A team from the University of Science and Technology of China achieved advancements in heterogeneous quantum communication networks [22]

美国拉斯维加斯当地时间1月7日，2026年国际消费电子展(CES2026)的第二日，联想集团董事长兼CEO(首席执行官)杨元庆在出席集团 史上最大规模的年度技术创新大会——Lenovo Tech World(以下简称年度技术创新大会)后，接受了包括《每日经济新闻》记者在内的 媒体记者的采访。 谈及与芯片厂商的合作布局与选择逻辑，杨元庆提到，不同芯片厂商各有优势，这也构成了联想基于场景化需求的合作导向。"在AI云 方面，那肯定是英伟达；在PC终端方面，那肯定是英特尔、超威半导体(AMD)；在手机和可穿戴设备这些对功耗要求更高的设备方 面，高通更有优势。" 每经媒资库图 杨元庆在采访中表示，AI(人工智能)时代不存在"单打独斗"，更不可能出现"赢者通吃"。他直言，无论是硬件厂商、芯片公司，还是大 模型企业，都无法独立覆盖从算力、模型到终端与应用的完整链条，未来产业演进的核心逻辑是分工协作、优势互补。 围绕AI产业链的合作关系，杨元庆指出，大模型公司提供的是"公共智能"，而联想集团的重心在于个人智能与企业智能，两者并非替 代关系，而是天然互补，公共智能最终仍需通过终端进入用户场景。随着AI形态从PC(个人电脑)、手 ...

Group 1: Physical AI and Computing Power - The core theme of CES 2026 is the emergence of "Physical AI," where AI technology is transitioning from generating text or video to interacting with physical hardware [4][10] - AMD's chairwoman, Lisa Su, highlighted the increasing demand for computing power, predicting a 100-fold increase in global computing capacity over the next five years [3][4] - The presence of over 200 Chinese companies at CES indicates a strong support for the "Physical AI moment," showcasing various AI applications in physical products [4][23] Group 2: Robotics Innovations - The robotics sector at CES has shifted focus from mere physical movement to specific job functions and operational scenarios, with Chinese companies leading this evolution [5][9] - Companies like Pasoni and Fourier Intelligence showcased advanced robots capable of performing intricate tasks, such as ice cream making and automotive part sorting, demonstrating significant advancements in robotic dexterity [5][6] - The global sales of robots are projected to reach approximately $45 billion by 2026, with expectations to exceed $60 billion by 2030, driven by rising labor costs and efficiency in Chinese manufacturing [8][9] Group 3: Smart Glasses and AR Technology - Chinese companies are aggressively entering the AR/AI glasses market, aiming to redefine the concept of a "second screen" beyond smartphones [11][12] - Innovations include the launch of the world's first dual-lens AR glasses with eSIM functionality by Thunderbird Innovation, allowing users to make calls and connect to the internet without a smartphone [12][13] - The global market for smart glasses is expected to see significant growth, with sales projected to reach around $10.7 billion by 2026, reflecting an over 80% year-on-year increase [18][23] Group 4: Display and Chip Technology - Companies like Tianma Microelectronics and TCL Huaxing are pushing the boundaries of display technology, with innovations such as large-scale OLED screens and advanced automotive displays [19][20] - Lenovo and NVIDIA announced a partnership to enhance AI infrastructure, aiming to quadruple their business collaboration over the next few years [22] - The trend in AI chip development is moving towards high computing power, low energy consumption, and integration, with significant growth expected in AI terminal sales by 2028 [22][23]

Core Viewpoint - The storage chip price surge continues into 2026, affecting downstream sectors such as consumer electronics, AI hardware, and AIoT terminals, leading to price increases and downward adjustments in shipment volumes [1][3]. Price Increases in Storage Chips - In Q1 2026, general DRAM contract prices are expected to rise by 55% to 60%, while NAND flash prices will increase by 33% to 38%, with consumer-grade QLC products seeing a rise of at least 40% [3]. - Samsung and SK Hynix plan to raise server DRAM prices by 60% to 70% in Q1 2026 compared to Q4 2025 [3]. - The current cycle is driven by demand mismatch, capital expenditure, and technology migration, likely lasting until late 2026 or even 2027 [3]. Impact on Consumer Electronics - Major PC manufacturers like Lenovo, Dell, and HP are planning price increases of up to 20% due to rising storage costs, which have increased by 3 to 4 times [4]. - The average price of laptops over 5000 yuan has increased by 500 to 1500 yuan since the end of 2025 [4]. - TrendForce has revised down global smartphone shipment forecasts for 2026 from a 0.1% increase to a 2% decrease, and laptop shipments are expected to decline by 5.4%, potentially reaching a 10.1% decrease [6]. Smartphone Price Trends - The smartphone industry is experiencing a price increase due to rising storage costs, with IDC predicting the average smartphone price will reach $465 in 2026, generating $578.9 billion in revenue [7]. - Storage costs in smartphones have risen from 10%-15% to over 20%, with mid-range phones seeing storage costs close to 30% [7]. - Recent models from brands like Redmi and iQOO have seen price increases of 100 to 600 yuan [7]. AIoT Chip Manufacturers - AIoT chip manufacturers are experiencing varied impacts from storage price increases, with some transitioning from DDR4 to DDR5 due to price hikes [10]. - Companies like Rockchip report that while storage shortages and price increases affect demand, the growth in AIoT products mitigates these impacts [10]. - Other AIoT firms, such as Espressif, indicate that their use of NOR Flash means that price increases will not significantly affect demand [11]. Opportunities for Storage Industry Chain - Companies in the storage industry chain are benefiting from rising prices, with increased demand for chip testing services leading to higher utilization rates [12]. - The semiconductor testing equipment market is experiencing growth, with companies like Changchuan Technology reporting strong order volumes [12]. - The storage industry is expected to remain in a high-growth phase driven by price increases, technological advancements, and domestic replacements over the next 2-3 years [12].

Core Insights - The pressure of rising storage prices has begun to affect the consumer electronics sector, with major products like smartphones and laptops initiating price adjustments [1] - Leading PC manufacturers such as Lenovo, Dell, and HP have collectively raised prices by approximately 500 to 1500 yuan, while several new domestic smartphone models have increased prices by about 100 to 600 yuan [1] - AIoT chip manufacturers are experiencing varied impacts from the rise in storage prices, while companies in the supply chain, such as chip testing firms, are presented with new opportunities [1] - Analysts from brokerage firms suggest that a comprehensive and broad-based increase in storage prices is likely to materialize by 2026, driven by demand mismatches, capital expenditures, and technological migration, with the cycle potentially lasting until late 2026 or even 2027 [1]

Core Insights - The CES 2026 showcased AI as the central theme, emphasizing human-centric applications and the integration of AI into various sectors [1][3][6] - The competition in the chip industry was highlighted, with major players like NVIDIA, AMD, Intel, and Qualcomm presenting their advancements in AI infrastructure [3][9] - The exhibition marked a shift from hardware-centric displays to a focus on ecosystem definition and strategic collaboration among companies [4][16] AI and Robotics - CES 2026 introduced a dedicated area for AI and quantum innovation, showcasing practical applications of embodied intelligence and advancements in autonomous driving [3][4] - The event demonstrated a transition from conceptual robot designs to practical solutions addressing real-world challenges in home services and industrial logistics [3][11] - Chinese companies showcased significant advancements in robotics, with a focus on self-developed core components and solutions for logistics and manufacturing [11][13] Chinese Companies' Participation - The number of Chinese exhibitors in the core professional pavilion decreased to 207 from 1,475 in 2025, indicating a structural adjustment in participation [4][5] - The remaining Chinese companies at CES were required to demonstrate AI-related functionalities, reflecting a shift towards more innovative and integrated product offerings [5][6] - Major Chinese firms like Lenovo showcased their global influence by hosting large-scale events, indicating a strategic focus on ecosystem development [6][16] Competitive Landscape - The competition is evolving from hardware specifications to a comprehensive narrative that includes both foundational technology and application capabilities [7][16] - The contrasting approaches of Chinese and American tech companies in building AI ecosystems highlight differences in strategic thinking and resource allocation [8][15] - Chinese automotive companies emphasize full-stack self-research and vertical integration, while Western firms focus on open software ecosystems and long-term evolution [15][16] Future Implications - The CES 2026 signals a shift in global tech competition towards defining future technology ecosystems and industry standards [16][17] - Companies that can navigate the complexities of AI and contribute to ecosystem building are likely to remain at the forefront of technological advancement [17]