以下文章来源于人民智驾 ，作者证券时报 王小伟 人民智驾 . 追风智行 洞见赛道趋势——证券时报·人民智行研究院出品、证券时报旗下智能出行产业链垂类品牌。 历经"烧钱"扩张与激烈厮杀之后，中国头部造车新势力首次进入盈利季。 近期，蔚来发布四季度盈利预告，小鹏也释放季度盈利信号，零跑等企业更是锚定年度盈利目标……作为革新力量代表的新势力车企， 正集体跨越从"输血"到"造血"的临界点。在不少行业观察者眼中，这标志着新势力车企从喧嚣的青春期步入成年。 实现阶段性盈利之后，可持续盈利与健康的现金流将成为新势力车企的新追求。这既会促动车企竞争打法的进阶，也可能导致资本逻辑 从追求"贝塔"转向寻找"阿尔法"。 综合多位受访人士观点，盈利之后，新势力车企的生存法则有望从野蛮增长转向精耕细作，估值体系有望从制造业转向科技叙事，战略 路径有望从本土竞争转向全球博弈。 吹响集体盈利冲锋号 过去一年，中国新能源汽车市场销量创出新高，但在白热化的竞争中，盈利水平不断下探。业内将此视为一场残酷的压力测试与价值重 构。 在此轮挑战中，造车新势力集体杀出重围。 2月5日，蔚来发布2025年第四季度盈利预告，预计经调整经营利润为7亿元至12 ...

2026年1月理想交付27668，其中增程9358，纯电18310。L6789分别为5025/2113/1173/1047，i6i8MEGA分别为16883/1013/414。 | | 总交付 | 增程 | 纯电 | L6 | L7 | 18 | l B | i6 | i8 | IMEGA | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026年1月 | 27668 | 9358 | 18310 | 5025 | 2113 | 1173 | 1047 | 16883 | 1013 | 414 | | 2025年12月 | 44246 | 24568 | 19678 | 12676 | 6150 | 3010 | 2732 | 15994 | 2745 | дза | | 2025年11月 | 33181 | 18984 | 14197 | 9434 | 5212 | 2130 | 2208 | 6798 | 6719 | 680 | | 2025年10月 | 31767 | 18340 | 13427 | 968 ...

Market Overview - The three major indices opened higher, with the Shanghai Composite Index up 0.12%, the Shenzhen Component Index up 0.12%, and the ChiNext Index up 0.30% [1] - The Shanghai Composite Index closed at 4,136.99 points with a trading volume of 70.29 billion [2] - The Shenzhen Component Index closed at 14,177.97 points with a trading volume of 112.95 billion [2] - The ChiNext Index closed at 3,294.57 points with a trading volume of 50.06 billion [2] External Market - The U.S. stock market saw slight declines, with the Dow Jones down 0.13% to 50,121.40 points, the S&P 500 down 0.34 points to 6,941.47 points, and the Nasdaq down 0.16% to 23,066.47 points [3] - Most popular Chinese concept stocks fell, with the Nasdaq Golden Dragon China Index down 0.65% [3] Institutional Insights - Huatai Securities highlighted the potential of AI video industrialization, recommending investment in companies with valuable IP assets, efficient content creation capabilities, and leading video model manufacturers [4] - CITIC Construction pointed out that the rapid development of AI technology is driving demand for high-end passive components, benefiting related metal new materials [5] - Huaxi Securities noted the acceleration of commercial aerospace, recommending low-orbit satellite components and chip suppliers due to the increasing pace of satellite launches [6] - Huatai Securities also indicated that the food and beverage sector is experiencing a seasonal peak, suggesting investment in quality leaders as the market stabilizes [7]

此外，美国劳动力市场仍存在持续下修的阴影，2025年每个月数据都被向下修正。结合年度基准修订和全年各月调整后，去年平均每月新 增就业岗位仅为1.5万个。 Janus Henderson Investors投资组合经理布拉德·史密斯表示："在预测者长期因劳动力市场疲软而对经济持谨慎态度之后，这份数据为经 济强劲增长、劳动力市场改善以及支持消费支出的工资增长提供了有力证据。" 他补充称："美联储在下月决定是否维持利率不变时，会将这一数据纳入考量。鉴于其'观望并依赖数据'的立场，这无疑会增强维持利率不 变的可能性。" 美东时间周三， 1月非农就业报告一度提振投资者情绪，但未能推动市场持续走高，三大股指最终均小幅收跌。 截至收盘，道琼斯指数跌0.13%，报50,121.40点；标普500指数微跌0.34点，报6,941.47点；纳斯达克指数跌0.16%，报23,066.47点。 盘前公布的数据显示，美国1月新增就业岗位13万个，远超市场预期的5.5万；失业率为4.3%，略低于经济学家预测的4.4%。 尽管报告显示就业增幅创一年多来新高，但增长仍集中在少数行业，主要是医疗保健领域，该领域新增岗位12.4万个，是2025 ...

Economic Data - The U.S. added 130,000 jobs in January, significantly exceeding the market expectation of 55,000 [1] - The unemployment rate stands at 4.3%, slightly below the economists' forecast of 4.4% [1] - Job growth is primarily concentrated in the healthcare sector, which added 124,000 jobs, double the normal growth rate for 2025 [1] - There is a persistent downward revision in the labor market data, with the average monthly job addition for last year adjusted to only 15,000 [1] Company News - Apple is reportedly facing setbacks in the development of an upgraded version of Siri, which may delay the release of several anticipated AI features [3] - Meta has begun construction on a new data center in Lebanon, Indiana, with an investment exceeding $10 billion, aimed at enhancing its AI infrastructure [5] - Google is integrating AI shopping features into its search engine and Gemini chatbot, allowing consumers to purchase products directly through AI-driven answers [7] - T-Mobile anticipates service revenue to reach approximately $77 billion by 2026, with plans to achieve 18 to 19 million broadband users by 2030 [8] - Ancora Capital has increased its stake in Warner Bros. Discovery and plans to oppose the company's deal with Netflix regarding its production and streaming assets [9] - Kraft Heinz has paused its planned spin-off, focusing instead on improving company performance under the new CEO Steve Cahillane [10]

Group 1 - Major tech stocks experienced a broad increase, with SanDisk rising over 8%, Oracle up 2%, and NVIDIA increasing by more than 1% [1][2] - Other notable gainers included Tesla, Broadcom, Apple, and Amazon, all showing positive movement [1] - The three major U.S. stock indices opened higher, with the Nasdaq up 0.77%, the Dow Jones up 0.41%, and the S&P 500 up 0.62% [3] Group 2 - Chinese concept stocks mostly rose, with Kingsoft Cloud increasing by over 11%, Bilibili up more than 3%, and Century Internet and Beike both rising over 2% [2][4] - Storage-related stocks rebounded, with Micron Technology rising over 6% and Western Digital increasing by more than 4% [4]

Core Viewpoint - The U.S. stock market experienced a stark divergence, with AI software stocks rebounding sharply while storage chip stocks faced significant declines, illustrating a clear "ice and fire" scenario on the Nasdaq stage [1][3]. Group 1: AI Software Stocks - A notable AI software stock surged 14.73% to close at $475, recovering from a nearly 40% decline from its peak of $785 last June [1][4]. - The recent rebound was supported by significant industry developments, including ByteDance's launch of its new AI video model Seedance 2.0 and Google's plan to acquire a customer service software company to enhance its AI capabilities [4]. - Analysts on Wall Street are shifting their views, suggesting that AI will enhance existing software rather than completely replace it, as enterprise workflows are complex and sticky [4]. Group 2: Storage Chip Sector - The storage chip sector faced a collective collapse, with SanDisk dropping 7.16%, Western Digital plummeting 8.65%, and Seagate Technologies falling 6.77% [1][8]. - The primary reason for the decline was the excessive price increases over the past six months, driven by surging demand for high-performance storage from AI servers, leading to profit-taking [8]. - Recent industry data indicated a slight decline in DRAM prices, breaking the market's expectation of continuous price increases, which contributed to investor concerns about the sustainability of the storage chip supercycle [8][12]. Group 3: Market Dynamics - The Nasdaq index fell by 0.59%, while sectors related to AI applications, such as cultural media and toys, saw gains of 1.5% to 3.5% [5]. - The ETF focused on software investments has seen its scale grow to 6.658 billion yuan, with valuations at a near one-year low, indicating a shift in capital from overvalued hardware sectors to underpriced software and application companies [5]. - The overall market structure is experiencing a split, with the Dow Jones index slightly up by 0.10%, while the Nasdaq and S&P 500 indices fell by 0.59% and 0.33%, respectively [12]. Group 4: Chinese Concept Stocks - Chinese concept stocks demonstrated resilience, with the Nasdaq China Golden Dragon Index rising by 1.09%, outperforming the major U.S. indices [11][12]. - The strong performance of Chinese stocks is attributed to their valuation being at a low point, alongside supportive domestic policies for platform economy and technological innovation [12]. - Key companies like Alibaba Cloud reported a 26% revenue growth in the latest quarter, indicating robust core business performance [12].

首先是指尖的极致。当你闭上眼抚摸理想L9 Livis的腰线，是如玉般的温润平滑。这种"奢华"的体 验，以往你只能在迈巴赫S级这样的顶级豪车上才能找到。 其次是数据的碾压。经过三次喷涂，理想L9 Livis双色车身的漆膜层数达到了惊人的15层。相比于 普通漆面90-120微米的厚度，我们的漆膜厚度直接拉升到了130-200微米。这多出来的厚度，不仅意味着 更深邃的质感，更意味着2-3倍于常规清漆的保护层，让你的车漆在历经岁月的抛光和洗刷后，依然能亮 丽如新。 最后是视觉的惊艳。在衡量漆面质量的镜面指数上，行业标准通常是92+，而我们做到了95+；在 反映平整度的桔皮R值上，行业标准通常是8级，而我们做到了10级。把车停在阳光下，你会发现车身倒 影清晰锐利，没有丝毫模糊和扭曲，这就是奢华的体现。 评论区: 不是，这个能有量产性吗？准备卖稀缺啊 2026年2月10日理想汽车制造工程负责人徐勉表示: 在汽车涂装领域，常规的单色车身喷涂只需一遍，漆膜结构是8层；而市面上主流豪华品牌的双色 车身，通常是在此基础上增加遮蔽和套色喷涂，也就是所谓的"两遍工艺"，漆膜结构达到13层，但这并不 是终点，对于理想L9 Livis而 ...

Core Viewpoint - The global semiconductor industry is experiencing a new wave of price increases across the entire supply chain, driven by surging AI demand and rising raw material costs [1][3][61]. Group 1: Price Increases in Domestic Semiconductor Companies - Over 20 semiconductor companies have officially announced price increases [2][62]. - Domestic chip manufacturers are significantly raising prices, with increases as high as 80% for certain products [4][63]. - Guokewai announced price hikes for its KGD storage products, with increases of 40% to 80% [6][66]. - Zhongwei Semiconductor is raising prices for MCU and NOR Flash products by 15% to 50% due to supply chain pressures [9][73]. - Biyiwei has also announced price increases across its entire product line, citing rising raw material costs [17][76]. Group 2: Price Increases in International Semiconductor Companies - International semiconductor giants are also raising prices, with ADI increasing prices by 15% to 30% starting February 1, 2026 [21][81]. - Infineon plans to raise prices for power switches and IC products due to increased demand from AI data centers [24][83]. - Texas Instruments is expected to raise prices by over 30% across nearly all categories due to rising costs [21][81]. Group 3: Price Increases in Wafer Foundry and Packaging - Wafer foundries are increasing prices, with TSMC raising advanced process prices by 3% to 10% [25][85]. - Packaging and testing services are seeing price increases of up to 30%, driven by high demand and capacity constraints [27][86]. Group 4: Impact of Raw Material Costs - The prices of precious metals like gold, silver, and copper are rising, significantly impacting chip manufacturing costs [57][116]. - The increase in raw material costs is leading to a ripple effect across the semiconductor supply chain, prompting many companies to raise their product prices [57][116]. Group 5: Effects on End Markets - The price increases in storage chips are affecting end markets, with PC manufacturers like Dell and Lenovo planning price hikes of 10% to 30% [59][118]. - In the smartphone sector, rising storage costs are pressuring new product pricing, particularly for low-end models [59][118]. - The automotive electronics sector is also feeling the impact, with companies like Xiaomi and NIO reporting cost pressures due to rising semiconductor prices [59][119].

理想汽车-W(02015):L9焕新在即催化重估,重申"买入"评级 瑞银华宝 瑞银发布研报称，理想汽车-W(72.8,0.00,0.00%)(02015)目前估值水平具吸引力。理想现交易估值低于上 市以来逾95%的时间，且净现金占市值约三分之二，反映市场情绪相当悲观。随着L9发布在即，该行认为曙光 渐现。基于其风险回报吸引力高，瑞银重申予其"买入"评级。 理想汽车于上周五(6日)发布新一代L9，计划第二季度上市。旗舰版L9Livis定价55.98万元人民币。瑞银 相信，从现在至第二季度正式推出，市场情绪有望逐步改善，并有助提升投资者对其他车型更新计划的能见 度。旗舰SUVL9将于第二季度焕新上市，有望在2025年低基数上推动增长重新加速。尽管面临大宗商品成本上 涨挑战，但公司凭借高端定位与利润缓冲，预计比多数同业更具韧性。瑞银认为，现时是重新关注该股的合适 时机。 ...