Core Viewpoint - The chairman and CEO of Li Auto, Li Xiang, emphasized that the company's commitment to "all in AI" is not a deviation from its core automotive business, but rather a strategy to enhance vehicle quality and move closer to the ultimate form of "robotic" vehicles [1] Group 1: Technological Development - Li Auto has focused on the development of various technologies over the past decade, including perception systems, operating systems, central domain controllers, chips, and large models, with the aim of improving overall vehicle capabilities rather than just showcasing individual technologies [1] - The company has successfully developed and mass-produced technologies such as end-to-end autonomous driving large models, Star Ring OS, and VLA driver large models [1] Group 2: Commitment to Automotive Excellence - In response to concerns about whether the focus on AI neglects the automotive aspect, Li Xiang stated that embodied intelligence must be integrated into a well-designed vehicle, and 70% of his time is still dedicated to the automotive core [1] - The upcoming new Li Auto L9 will further implement the concept of "vehicle as an intelligent entity," leveraging a complete technology stack for proactive perception, understanding, and service [1] Group 3: Future Outlook - Looking ahead to 2026, Li Auto plans to enter its second decade, continuing to leverage AI capabilities to enhance vehicle product evolution [1]

Group 1 - The core point of the news is the significant drop in precious metal prices, with gold experiencing its largest single-day decline in 40 years and silver hitting a historic intraday drop of 36% [1][2][4] - On January 31, spot gold prices fell over 12%, reaching a low of $4682 per ounce, while closing down 9.25% at $4880 per ounce [2][4] - Spot silver prices dropped to a low of $74.28 per ounce, closing down 26.42% at $85.259 per ounce [4][8] Group 2 - The sell-off in precious metals was triggered by the strengthening of the US dollar, following the announcement of Kevin Walsh as the new Federal Reserve Chairman, which raised concerns about the Fed's independence [4][6][7] - The dollar index saw a significant increase, marking its largest single-day rise since July of the previous year, which negatively impacted investor confidence in gold and silver [4][5] - The market was already experiencing a demand for a correction, and the combination of factors, including the Fed chair nomination and broader capital flow dynamics, acted as a catalyst for profit-taking [4][6] Group 3 - The broader US stock market also faced declines, with major indices closing lower due to uncertainties surrounding Federal Reserve policies, inflation pressures, and geopolitical risks [5] - The gold sector saw substantial losses, with major companies like Barrick Gold and AngloGold experiencing declines of over 10% [5] - The sell-off in precious metals was characterized by panic selling and profit-taking, particularly among leveraged positions, which exacerbated market volatility [8][12]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) has released a public list of new green factories and green industrial parks for the year 2025, following recommendations from provincial departments and expert reviews [1][2]. Group 1: Announcement Details - The public announcement period for the 2025 green factories and industrial parks is from February 5, 2026, to February 19, 2026 [2]. - Contact information for inquiries includes a phone number (010—68205340) and an email address (hbc@miit.gov.cn) [2]. Group 2: Green Factory List - The list includes various companies from different regions, with a significant number located in Beijing and Tianjin, such as: - Beijing Ideal Automotive Co., Ltd. - Xiaomi Automotive Technology Co., Ltd. - Tianjin Toyota Motor Co., Ltd. New Energy Division [4][5][6]. - The list highlights a diverse range of industries, including automotive, electronics, and chemicals, indicating a broad commitment to green manufacturing practices across sectors [4][5][6].

2026年2月5日李想微博: 2023年3月，自研大模型立项启动。 2023年12月，自研大模型MindGPT随OTA 5.0发布上车。 2024年4月，理想L6发布，自研操作系统星环OS首次量产上车。 2015年，我们创办理想汽车时就问过自己：汽车的终极形态是什么？ 大多数人的答案是：更快、更智能的交通工具。我们的答案是：机器人！ "理想，给车赋予生命"，这不是一句口号。十年间，我们让这个答案一步步成为现实： 2018年10月，理想ONE发布，车有了感知。麦克风、雷达、摄像头，让车能听、能看、能交流。 2021年5月，自研感知系统随2021款理想ONE量产上车。 2021年10月，自研操作系统立项启动。 2022年6月，理想L9发布，自研中央域控制器XCU首次量产上车。冰箱彩电大沙发不是功能的堆砌， 而是让车从工具变成真正的生活场景。 2022年11月，自研芯片立项启动。 2024年10月，国内第一个端到端AD大模型量产交付。 2025年3月，星环OS开源。 2025年8月，VLA司机大模型随理想i8量产上车。 这两年有很多人问我，是不是all in AI就不关注汽车了。恰恰相反，我们深知：具身智能必须长在 ...

2月5日消息，理想汽车CEO李想微博发文表示，这两年有很多人问他，是不是all in AI就不关注汽车 了。 李想表示，恰恰相反，我们深知：具身智能必须长在一台好车上，才能真正为用户创造价值。所以我有 70%的时间聚焦在汽车上，这让我们更了解如何让车进化成真正的机器人。 李想还介绍，即将到来的全新理想L9，车成为智能体。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。它会认出你，理解你，主动服务你。未来，每个家庭都值得拥有这 样的智能伙伴。 "2026年，理想开启第二个十年。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。我 们准备了十年，就等这一刻。"他说。 以下为微博原文： 2015年，我们创办理想汽车时就问过自己：汽车的终极形态是什么？ 大多数人的答案是：更快、更智能的交通工具。我们的答案是：机器人！ "理想，给车赋予生命"，这不是一句口号。十年间，我们让这个答案一步步成为现实： 2018年10月，理想ONE发布，车有了感知。麦克风、雷达、摄像头，让车能听、能看、能交流。 2021年5月，自研感知系统随2021款理想ONE量产上车。 2021年10月，自研操作系统立 ...

Investment Rating - The report does not explicitly state an investment rating for the industry or companies involved. Core Insights - The report focuses on the OTA (Over-The-Air) updates for two brands, Li Auto and Deep Blue, covering a total of 10 sub-models [3][4]. - The largest share of OTA updates is in infotainment, accounting for 37%, followed by intelligent driving at 33%, human-machine interaction at 15%, body control at 11%, and power chassis at 4% [5][6]. Summary by Relevant Sections Li Auto MEGA - Upgrades include 12 items in intelligent driving, with the most upgrades in driving assistance (10 items) [9]. - New features include AI podcast optimization, VLA charging functionality, and personalized artistic frame for screens [10]. Li Auto i8 - The i8 model has 24 upgrades in intelligent driving, with driving assistance also having the most upgrades (20 items) [13]. - New features include AI podcast optimization, VLA charging, and zero-gravity seat button settings [14][15]. Li Auto L7 - The L7 model features 24 upgrades in intelligent driving, with driving assistance leading again (20 items) [18]. - New features include AI podcast optimization, VLA charging, and charging preheating functionality [19][20]. Li Auto i6 - The i6 model has similar upgrades as other models, with 24 upgrades in intelligent driving [22]. - New features include AI podcast optimization, VLA charging, and HUD narrow road imaging [23][24]. Deep Blue S05 (Extended Range and Pure Electric) - Both versions of the S05 have 3 upgrades in intelligent driving and infotainment, with driving assistance having the most upgrades [27][31]. - New features include optimization of the sentinel mode, the addition of the "Tuo Tuo Tie" application, and the introduction of an application store for entertainment [28][32]. Deep Blue S09 (Extended Range) - The S09 features 3 upgrades in infotainment and 1 in human-machine interaction [35]. - New features include optimization of the children's ecological application and enhancements to the audio system [36].

Sales - The sales performance of the 2026 L9 model will significantly impact the revenue, net profit, and free cash flow limits for the company in 2026 and 2027, while the sales of the i6/L6 models will greatly influence the lower limits [1] - Observing delivery volumes, order messages, and consumer feedback one month, three months, and six months after the release of the 2026 L9 will provide better insights into consumer acceptance and the model's market performance [1] Autonomous Driving - The focus should be on the actual user value enhancement of autonomous driving by the company compared to competitors, rather than merely comparing which is superior [2][4] - The company has optimized the response time of its vehicles to approximately 350 milliseconds, which is a significant improvement over the current average of 550 milliseconds, potentially reducing accident rates by 50% [2] User Value and Interaction - The improvement in real user value is a fundamental anchor for sales, while the competition ranking is merely a marketing gimmick [4] - The company is expected to explore new interaction methods for its cockpit, potentially inspired by the "Doubao" smartphone, which emphasizes user-friendly interfaces and efficient operation paths [6][7][8] Embodied Intelligence - The company anticipates that 2026 will mark the beginning of a new era in embodied intelligence within the automotive sector, with products that differ significantly from past offerings [10] - The usability and delivery timeline of the embodied intelligence features in the 2026 L9 model are critical observation points, as initial public sentiment may suggest competitors could easily replicate these innovations [11] Battery and Charging Infrastructure - The 2026 L9 is expected to feature a 70 kWh battery with a CLTC range exceeding 400 kilometers, along with a commitment to a robust charging infrastructure [12] - The company's strategy to integrate charging as a product operation will likely resonate well with a significant portion of pure electric vehicle users, especially given the anticipated lack of comparable competition in 2026 [12]

转自：中国质量报 多家车企1月销量出炉 出口成拉动销量重要因素 □ 本报记者 岳 倩 近日，多家车企陆续披露新年首月销量数据。整体来看，1月车企销量呈现出同比稳健上升、环比回落 的特征，新能源车与燃油车、新势力与传统品牌的市场表现呈现出结构性分化趋势。在国内存量竞争日 趋白热化的背景下，出口成为车企拉动整体销量、对冲国内市场波动的增长极。 据了解，车企往往选择在年底刺激销量，大部分车企2025年12月的销量基数较高。此外，1月为传统汽 车销售淡季，叠加新能源汽车购置税补贴退坡、以旧换新和报废补贴规则修改等政策换挡影响，因此， 大部分车企出现"环比下滑"的趋势符合市场规律。 传统车企的销量数据显示，有燃油车业务板块的车企在一定程度上对冲了风险，1月表现相对稳健；同 时，海外市场已经成为销量的重要增长极。 央国企方面，上汽集团实现整车批售32.7万辆，同比增长23.9%，环比下降约18.03%；海外销售10.5万 辆，同比增长51.7%。广汽集团销售汽车11.66万辆，同比增长18.47%，环比下滑37.79%，海外销量同比 增长68.59%。 民营企业方面，吉利汽车销量为27.02万辆，同比增长1.29%，环比 ...

天眼查App显示，近日，新石器无人车关联公司新石器慧通（北京）科技有限公司发生工商变更，新增 广西腾讯创业投资有限公司、湃栎投资有限合伙企业为股东。新石器慧通（北京）科技有限公司成立于 2018年2月，法定代表人为李子夷，注册资本约4138万人民币，经营范围包括工业机器人制造、智能机 器人的研发、智能机器人销售等。股东信息显示，该公司现由余恩源、理想汽车关联公司北京车和家信 息技术有限公司及上述新增股东等共同持股。 来源：滚动播报 ...

Summary of Conference Call on China Autos & Shared Mobility Industry Overview - The focus is on the integration of smart-driving and cockpit functionalities within the automotive industry, particularly in China. This integration is expected to accelerate significantly in the next 6-12 months due to advancements in VLA (vision-language-action) models and a pressing need for cost savings [1][2]. Key Insights 1. **Integration of Smart Systems**: The integration of smart cockpit and smart driving systems is anticipated to reach a new level, with penetration rates of approximately 80% for smart cockpits and 60% for smart driving (L2 and above) in China by 2025. This shift is driven by the synergy between these systems, increased AI computing needs, and OEMs' focus on cost savings [2][3]. 2. **Cost Savings from Integration**: Integrating cockpit and driving functions onto a single SoC (System on Chip) could yield cost savings of Rmb2-3k per vehicle by eliminating the need for separate hardware components. This integration is expected to make advanced features accessible in vehicles priced below Rmb150k [10][11]. 3. **Technological Advancements**: The automotive industry is witnessing rapid technological upgrades, with chip processes advancing from 7nm to 5nm and below. This is crucial for meeting the higher computing power demands of L3 autonomous driving systems, which require onboard computing power ranging from 700 to 2250 TOPS [4]. 4. **Market Dynamics**: Companies like Horizon Robotics are positioned to benefit from this trend, provided they can compete effectively with established players like Nvidia in the SoC market. However, this integration poses risks for tier-one DCU makers, as it may lead to a decrease in the value content of their products [11][16]. Additional Considerations - **Supplier Landscape**: Key suppliers and OEMs adopting integrated smart cockpit and driving solutions are highlighted, indicating a shift in the competitive landscape within the industry [11]. - **Risks**: Potential risks include slower-than-expected adoption of ADAS/AD technologies, supply chain disruptions, and successful in-house hardware design initiatives by OEMs [18]. Conclusion The automotive industry in China is on the brink of significant transformation with the integration of smart-driving and cockpit functionalities. This shift is driven by technological advancements, cost-saving measures, and changing market dynamics, presenting both opportunities and risks for stakeholders involved.