" 从2021年启动全栈自研，到大模型、操作系统、芯片相继落 地，再到全主动悬架和全线控底盘首次在同一代车上融合，全新L9 能否撑起具身智能定位？ " 作者丨王瑞昊 编辑丨李雨晨 雷峰网了解到，全新一代理想L9近期将进入工信部产品公示阶段，即将迎来上市。 过去的2025年，是理想产品、组织变动最为激烈的一年。L9被寄予了厚望，这将决定理想能否在增程竞 争中重新确立优势。 在理想汽车的定义中，全新L9是行业首款具身智能汽车，搭载了相对完整的AI技术栈，让车从被动响应指 令，进化为可执行复杂任务的智能体。 为此，理想以统一的大模型为核心，将辅助驾驶、座舱交互、车辆控制等原本割裂的系统打通，让算法不 再只"看路"或"听人说话"，而是理解真实物理世界中的人、车与环境，并通过底层执行系统直接作用于整 车行为。 全 新 L9 将 首 发 理 想 自 研 车 规 级 5nm" 马 赫 100" 芯 片 ， 单 颗 算 力 接 近 1280TOPS ， 整 车 算 力 达 到 2560TOPS。据了解，马赫100的输出能力接近英伟达Thor的三倍，是目前量产车型中最大的算力配置。 此外，全新L9将搭载理想自研800V全主动悬 ...

Group 1: Market Overview - The Hong Kong stock market experienced a collective decline on February 6, with the Hang Seng Index falling by 1.21% to 26,559.95 points, and the Hang Seng Technology Index decreasing by 1.11% to 5,346.20 points [1][2] - The total market turnover for the day was HKD 247.9 billion, with net inflows from southbound funds amounting to HKD 14.859 billion, and a cumulative net purchase of HKD 56.069 billion for the week [1] Group 2: Company Performance - The stock of 澜起科技 (Lianqi Technology) surged by 39.21% in dark trading, reaching HKD 148.9 per share ahead of its listing on the Hong Kong stock market on February 9 [9][13] - 澜起科技 is a leading international company in data processing and interconnect chip design, focusing on high-performance, low-power chip solutions for cloud computing and data centers [13] Group 3: Sector Movements - The beverage sector saw gains, with 茶百道 (Cha Bai Dao) rising by 6.08%, 古茗 (Gu Ming) increasing by 3.58%, and 沪上阿姨 (Hu Shang A Yi) up by 1.15%, driven by a promotional campaign from Alibaba's 千问App [3] - The lithium battery sector also performed well, with 彩客新能源 (Cai Ke New Energy) increasing by 6.59% and 中创新航 (Zhong Chuang Xin Hang) rising by 5.57%, attributed to strong demand in the new materials sector [5][7] - In the automotive sector, 蔚来 (NIO) saw a rise of 6.95%, with other companies like 零跑汽车 (Leap Motor) and 理想汽车 (Li Auto) also experiencing gains [8] Group 4: Analyst Insights - UBS has indicated that the Asian market is expected to enter a "super cycle," driven by multiple factors that could lead to long-term growth and profitability, particularly in the technology sector [14]

Market Overview - The Hong Kong stock market indices collectively declined, with the Hang Seng Index falling by 1.21%, the Hang Seng Tech Index down by 1.11%, and the Hang Seng China Enterprises Index decreasing by 0.68% [1] - Southbound funds recorded a net inflow of HKD 14.859 billion [11] Sector Performance - The lithium battery sector saw gains, with Cai Ke New Energy rising over 6%, and other companies like Zhong Chuang Innovation and Ganfeng Lithium also experiencing increases [4][7] - The oil and gas production sector performed well, with Yuanheng Gas surging over 27% and other companies like Jintai Feng International and United Energy Group rising over 7% [5][6] - The automotive sector continued to rise, with NIO increasing nearly 7%, and other companies like Li Auto and BYD also showing positive performance [7] Major Companies - Alibaba, Meituan, Kuaishou, NetEase, and Baidu all experienced declines of over 2%, while Tencent, JD.com, and Ctrip fell over 1% [2][3] - In contrast, Li Auto saw an increase of over 3%, and Xiaomi Group rose slightly by less than 1% [2][3] Cryptocurrency Market - The cryptocurrency sector faced significant declines, with Bitcoin dropping to around USD 64,000 [8] - Companies in the cryptocurrency space, such as New Fire Technology Holdings and Guofu Quantum, saw declines of over 7% and nearly 6%, respectively [8] Insurance Sector - The insurance sector experienced downturns, with AIA falling over 5%, Prudential down over 4%, and other companies like China Pacific Insurance and Zhong An Online also declining [9] Copper Industry - The copper sector faced declines, with China Metal Utilization dropping over 12% and other companies like China Nonferrous Metals and Minmetals Resources also experiencing losses [10] - Analysts predict that basic metals will maintain an upward trend this year, with copper, tin, and aluminum prices expected to rise by 20%, 16%, and 12% respectively by 2025 [10][11]

蓝筹股表现 智通财经APP获悉，港股三大指数全天水下震荡，午后跌幅均有所收窄。截至收盘，恒生指数跌1.21% 或325.29点，报26559.95点，全日成交额为2478.65亿港元；恒生国企指数跌0.68%，报9031.38点；恒生 科技指数跌1.11%，报5346.2点。全周来看，恒指累跌3.02%，国指累跌3.07%，恒科指数累跌6.51%。 理想汽车-W(02015)领升蓝筹。截至收盘，涨3.61%，报71.7港元，成交额21.05亿港元，贡献恒指5.63 点。理想汽车董事长兼CEO李想表示，将推出全新一代理想L9 Livis版，售价55.98万元。该车款将搭载 2颗理想汽车全自研的"马赫100"芯片，是理想汽车自2022年起自研的核心技术，配合理想汽车自研大模 型和自研操作系统，全新一代理想L9的智能化程度将大幅提升。 浦银国际认为，短期市场预计将维持震荡态势，风格和投资主线或将出现轮动。春节前增量资金流入可 能放缓，南向资金受港股通休市影响，而地缘政治风险和特朗普政策的不确定性将影响外部流动性，需 重点观察主动型外资转为净流入是否能持续。当前港股的估值扩张空间有限，预计盈利端的表现将更可 能决定市 ...

盘面上，大型科技股多数走低，阿里巴巴跌2.88%，腾讯控股跌1.97%，京东集团跌1.75%，小米集团涨 0.74%，网易跌2.23%，美团跌2.56%，快手跌2.4%，哔哩哔哩跌1.4%。汽车板块涨幅居前，蔚来涨近 7%，零跑汽车涨超5%，理想汽车涨超3%；加密货币概念股普跌，新火科技控股跌超7%，雄岸科技跌 超4%；AI应用股走弱，MINIMAX跌超5%，美图公司跌超3%。黄金股继续回调，中国白银集团跌超 3%；光伏太阳能股多数低迷，协鑫新能源跌超6%。今日三只新股上市集体上涨。 2月6日，港股市场在多重外围因素的猛烈冲击下，早盘大幅低开后并未一蹶不振，而是呈现出震荡回升 的态势，截至收盘，恒生指数跌1.21%报26559.95点，恒生科技指数跌1.11%报5346.2点，国企指数跌 0.68%报9031.38点，红筹指数跌0.31%报4360.7点。 盘面动态：个股涨跌互现 西部水泥（02233）持续下挫：西部水泥再度下跌近10%，月内累计跌幅已超22%。消息面上，西部水 泥发布公告称，发行于2029年到期本金总额3亿美元的10.5%优先票据，所得款项净额拟连同手头现金 用于公司现有债务处理，包括对20 ...

视频版: 文字版： Q: 为什么说全新一代理想L9是具身智能机器人？ 李想: 我觉得L9我们才真正开始敢讲具身智能。原来我们有类似这样的想象，但是不敢来讲。我们还 是拿人来举例子。我们在L9上彻底改造了感知和大脑的工作方式，我们会逐步从2D ViT发展到3D ViT。 传统的2D ViT，是没有办法真正理解物理世界的，只有做了3D ViT才真正像人一样地去感知世界。 从感知和模型方面，到了L9这一代产品会发生一个颠覆性的变化。我原来没法做到的东西，新的L9 上新的计算平台都可以体现。 这个背后的原因是因为我们做了自己的芯片。因为我们原来使用其他供应商提供的芯片就会遇到一个 挑战。比如在这个芯片上，它的视频编码器是一个黑盒子，我们改不了。比如说我们想做3D ViT， 那我就得第一得先去改它的视频编码器。 第二，我要有足够的算力能够去运行3D ViT，这就是非常大的挑战。 但是我们采用了全世界最先进的车规级的5纳米的马赫100的芯片，它的算力是我们当前最好性能的芯 片的三倍以上，真的是三倍以上。而且我们用的是数据流的一个架构。当我们需要做3D ViT的时 候，我们其实只需要通过我们非常强大的编译团队，在芯片上给到 ...

Group 1 - Lee & Man Paper (02314) has seen its stock price rise by over 30% year-to-date, with expected profits of approximately HKD 1.88 billion to HKD 2.00 billion in 2025, representing a year-on-year growth of 38% to 47% due to increased marginal profits [1] - Soundon Technology (02495) shares rose over 8.8% after winning a contract worth nearly RMB 300 million for an AI project in Sichuan province [1] - Zhongxin Innovation (03931) stock increased by over 3.8%, with a reported 630% year-on-year growth in commercial battery deliveries in January 2026, indicating a strong market strategy and capacity layout [1] Group 2 - Tea stocks experienced a rise, with Gu Ming (01364) up 4.12%, Cha Bai Dao (02555) up 3.74%, and others benefiting from a promotional campaign offering free milk tea at over 300,000 stores nationwide [2] - Innovent Biologics (09969) shares surged over 11% after announcing expected revenues of RMB 2.37 billion in 2025, a 134% increase, and a projected net profit of around RMB 630 million [2] - Jun Da Holdings (02865) rebounded over 4.6% following news of the U.S. Federal Communications Commission accepting SpaceX's data center application [2] Group 3 - Li Auto-W (02015) shares rose over 5.3% as the CEO teased the new Li L9 model, emphasizing the importance of AI in enhancing vehicle value [3] - JX International Resources (03858) saw a stock increase of over 4.6% as tungsten prices reached a recent high of CNY 1,545,000 per ton, up CNY 25,000 from the previous trading day [3] - Nine Dragons Paper (02689) shares increased by over 5.7% after announcing a profit forecast for FY26H1 of CNY 2.15 billion to CNY 2.25 billion, a year-on-year growth of 216% to 231% [3] Group 4 - Long Resources (01712) stock surged over 35%, reaching a historical high, with expected after-tax profits of AUD 58 million to AUD 62 million for the year ending December 31, 2025, a significant increase from AUD 12.9 million in the previous year [4] Group 5 - Forgent Power Solutions (FPS.US) debuted on the U.S. stock market with a closing increase of 7.41%, focusing on power solutions for data centers [5] - Bob's Discount Furniture (BOBS.US) also entered the market, with a slight increase of 0.12%, managing 206 showrooms across 26 states and projecting revenues of USD 2.32 billion for FY2025 [5] Group 6 - Eikon Therapeutics (EIKN.US) fell over 16.67% on its Nasdaq debut, focusing on cancer therapies with a candidate drug in mid-stage trials [6] - Cryptocurrency stocks saw significant declines, with Hut 8 (HUT.US) down 17.89% and others following suit amid a Bitcoin sell-off, which dropped nearly 10% [6] Group 7 - Major U.S. indices opened lower, with the Nasdaq down 1.6%, and notable tech stocks like Amazon (AMZN.US) and Tesla (TSLA.US) also declining [7] - Estée Lauder (EL.US) dropped nearly 19.19% despite meeting sales expectations, reflecting market volatility [7] Group 8 - NIO (NIO.US) shares rose 5.86% after announcing an expected adjusted operating profit of between RMB 700 million and RMB 1.2 billion for Q4 2025, marking its first quarterly adjusted operating profit [8] - Hims & Hers Health (HIMS.US) initially surged nearly 14% before closing down 3.77%, launching a new generic medication at a competitive price [9] - Qualcomm (QCOM.US) fell 8.46% amid concerns over weak earnings forecasts related to chip shortages affecting smartphone demand [9]

Core Viewpoint - The new generation of Li Auto L9 focuses on creating a significant experiential difference rather than merely upgrading parameters, aiming to build a vehicle that truly understands its users and possesses vitality [1]. Group 1: Product Features - The Li Auto L9 Livis, priced at 559,800 yuan, represents a flagship SUV that embodies the company's vision for the era of embodied intelligence, achieving three groundbreaking advancements [1]. - It features the world's first 800V fully active suspension system under 600,000 yuan, providing over 10,000 N of lift per wheel, eliminating the need for anti-roll bars, and achieving millisecond-level response for an "anti-physical" vehicle posture [1]. - The L9 Livis includes the world's first "complete" all-line control chassis, which integrates steer-by-wire, four-wheel steering, and the first fully electric mechanical brake (EMB), offering intuitive responses akin to a nervous system and evolving from "human-driven" to "human-machine co-driven" [1][2]. Group 2: Technological Advancements - The vehicle is equipped with a powerful brain featuring 2560 TOPS of computing power, utilizing two self-developed 5nm Mach 100 chips, which provide three times the effective computing power of Nvidia Thor-U, along with 360-degree coverage of laser radar [2]. - The new generation of Li Auto L9 will offer a custom dual-tone body with a unique three-layer painting and seamless manual polishing process, merging extreme technology with aesthetic excellence [2]. Group 3: Market Positioning - The all-new Li Auto L9 is set to be released in the second quarter of this year, making it a worthwhile consideration for consumers looking to purchase a full-size flagship SUV [3].

理想汽车-W（02015）早盘股价上涨3.47%，现报71.60港元，成交额6.01亿港元。 2月5日，理想汽车CEO李想在微博发文称，对全新理想L9进行预热。李想表示，all in AI并非不关注汽 车，具身智能必须长在一台好车上，才能真正为用户创造价值。全新理想L9将成为"智能体"，眼睛、大 脑、心脏、神经、手脚——完整的技术栈让车从被动工具变成主动伙伴。李想还表示，全新理想L9不 仅是一台好车，更是具身智能机器人的开山之作。 据悉，理想汽车将推出全新一代理想L9 Livis版，售价55.98万元。全新一代理想L9 Livis版搭载2颗理想 汽车全自研的"马赫100"芯片，拥有全球最强的2560 TOPS算力。其中，"马赫100"芯片是理想汽车自 2022年起自研的核心技术，配合理想汽车自研大模型和自研操作系统，全新一代理想L9的智能化程度 将大幅提升。 2月5日，理想汽车CEO李想在微博发文称，对全新理想L9进行预热。李想表示，all in AI并非不关注汽 车，具身智能必须长在一台好车上，才能真正为用户创造价值。全新理想L9将成为"智能体"，眼睛、大 脑、心脏、神经、手脚——完整的技术栈让车从被动工具 ...

据悉，理想汽车将推出全新一代理想L9Livis版，售价55.98万元。全新一代理想L9Livis版搭载2颗理想 汽车全自研的"马赫100"芯片，拥有全球最强的2560TOPS算力。其中，"马赫100"芯片是理想汽车自 2022年起自研的核心技术，配合理想汽车自研大模型和自研操作系统，全新一代理想L9的智能化程度 将大幅提升。 理想汽车-W(02015)涨近3%，截至发稿，涨2.46%，报70.9港元，成交额4.81亿港元。 消息面上，2月5日，理想汽车CEO李想在微博发文称，对全新理想L9进行预热。李想表示，all in AI并 非不关注汽车，具身智能必须长在一台好车上，才能真正为用户创造价值。全新理想L9将成为"智能 体"，眼睛、大脑、心脏、神经、手脚——完整的技术栈让车从被动工具变成主动伙伴。李想还表示， 全新理想L9不仅是一台好车，更是具身智能机器人的开山之作。 ...