与此同时，国际金融市场避险情绪升温。分析指出，受政治与财政风险上升影响，投资者纷纷转向避险 资产。1 月 26 日，黄金价格一度大幅上扬 2.5%，创下每盎司 5100 美元以上的历史新高；现货白银日 内涨幅更是高达 14%，最高触及 117 美元/盎司。然而，国际金银价格在冲高后大幅跳水，现货白银尾 盘转跌，报约 102.8 美元/盎司；现货黄金向下跌破 5000 美元/盎司，最终收涨 0.26%。1 月 27 日亚洲早 盘，国际黄金高开后继续拉升，白银震荡反弹，盘中涨幅逾 2%。 在贸易领域，一则消息引发广泛关注。据央视新闻 1 月 27 日报道，美国总统特朗普宣称对韩国产汽车 等产品加征关税。韩国总统府青瓦台表示，尚未收到美方正式通报及相关说明。韩国政府 27 日上午紧 急召开相关政府部门会议研究应对策略，正在加拿大访问的韩国产业通商部部长金正官也将尽快前往美 国进行磋商。当地时间 1 月 26 日，特朗普在其社交平台"真实社交"发文称，因韩国国会未批准并落实 此前与美国达成的贸易协议，美方决定将对韩国汽车、木材、制药产品以及其他对等关税项目的税率从 15%上调至 25%。 当地时间 1 月 26 日， ...

导语：2026年，注定是理想汽车的关键一年。 "我们今天就放假了。" 1月15日傍晚时分，理想汽车常州基地二区门口，两位正在等出租车的生产线工人说出这句话时，声音不大，脸上也没什么表情。 "像这样清闲的日子有段时间了，上三休四。" 其中一个说着，另一个接上话茬，"刚开始觉着挺好，可计算工分的时候，就笑不出来了。老这么放，谁还笑得出来？" 他们口中的"上三休四"，在随后与二区多位一线工人的交谈中，成了高频词。而这种"清闲"却并非理想生产一线正式员工的专属待遇。 就在一天前，三个坐了二十多个小时火车从兰州来的大二学生，也体会到了相似的境遇。他们是来打寒假工的外包，满心想着多劳多得，结果上岗 第一天就被告知，常州理想基地二区的产线早就不是满负荷运行状态了，甚至还得经常"被放假"。 劳保服和劳保鞋的钱已经交了95元，路费也花了，可活却不多。三个年轻人蹲在厂区外头一合计，"干完今天，就跑路。" 一边是正式员工在为"工分"发愁，一边是外包工刚来就想"跑路"，理想汽车常州工厂的这番景象，显然是理想当下所面临的现实压力最直观的体 现。 i8要搬家，L7、L8产能闲置 刚下早班的王远（化名）在汽车制造行业干了整整十年，现在是三 ...

隔夜美股盘中拉升。黄金、白银今日高开后拉升。 1月27日亚洲早盘，国际黄金高开后拉升，白银震荡反弹，盘中涨逾2%。 美股收涨 黄金白银巨震 美股三大指数集体收涨，纳指涨0.43%，道指涨0.64%，标普500指数涨0.5%。 个股方面，苹果、甲骨文、Meta涨超2%，英特尔跌超5%，AMD、特斯拉跌超3%。市场关注苹果、甲骨文、Meta等将于本周公布财报。 热门中概股多数下跌，纳斯达克中国金龙指数收跌0.63%，百度跌超3%，小鹏汽车跌超2%，阿里巴巴跌超1%，理想汽车涨超1%。 分析称，受政治与财政风险上升推动，投资者转向避险资产。1月26日黄金价格一度大涨2.5%，创下每盎司5100美元以上的历史新高。现货白银日内涨幅 一度高达14%，最高触及117美元/盎司。不过国际金银在冲高后大幅跳水，现货白银尾盘转跌，报约102.8美元/盎司。现货黄金向下跌破5000美元/盎司， 收涨0.26%。 特朗普称提高对韩国多种商品关税税率至25% 据央视新闻报道，1月27日，针对美国总统特朗普宣称对韩国产汽车等产品加征关税，韩国总统府青瓦台表示尚未收到美方正式通报以及相关说明。 韩国政府27日上午将召开相关政府部门会议研 ...

Core Viewpoint - All three major U.S.-listed Chinese EV makers, NIO, Li Auto, and XPeng, are currently trading below their consensus price targets, indicating potential investment opportunities at present levels [1]. Upside Analysis - NIO's current market price is $4.61 with a consensus target of $7.62, representing an upside of +65.29% [2]. - Li Auto's current market price is $16.94 with a consensus target of $25.24, indicating an upside of +49.00% [2]. - XPeng's current market price is $18.79 with a consensus target of $21.78, showing a more modest upside of +15.91% [2]. NIO's Position - NIO leads in upside potential due to its low valuation, trading near $4.60, just above a low target of $4 set by Barclays [3]. - The market has factored in significant pessimism regarding NIO's high cash burn and the capital-intensive nature of its battery-swapping network [3]. - Analysts are optimistic about NIO's infrastructure maturity in 2026, betting on its transition to a mass-market player through lower-priced sub-brands [4]. Li Auto and XPeng - Li Auto, with a +49.4% upside, is considered a safer investment due to its consistent profitability, although its upside is lower than NIO's [5]. - XPeng is viewed as fairly valued with only a 16% upside to its consensus target, reflecting investor confidence in its AI and autonomous driving capabilities [6]. - For high-risk, high-reward investors, NIO presents a mathematical edge, while Li Auto offers a balanced option with strong fundamentals and nearly 50% potential upside [6].

隔夜美股盘中拉升。黄金、白银今日高开后拉升。 美股收涨 黄金白银巨震 美股三大指数集体收涨，纳指涨0.43%，道指涨0.64%，标普500指数涨0.5%。 个股方面，苹果、甲骨文、Meta涨超2%，英特尔跌超5%，AMD、特斯拉跌超3%。市场关注苹果、甲 骨文、Meta等将于本周公布财报。 热门中概股多数下跌，纳斯达克中国金龙指数收跌0.63%，百度跌超3%，小鹏汽车跌超2%，阿里巴巴 跌超1%，理想汽车涨超1%。 分析称，受政治与财政风险上升推动，投资者转向避险资产。1月26日黄金价格一度大涨2.5%，创下每 盎司5100美元以上的历史新高。现货白银日内涨幅一度高达14%，最高触及117美元/盎司。不过国际金 银在冲高后大幅跳水，现货白银尾盘转跌，报约102.8美元/盎司。现货黄金向下跌破5000美元/盎司，收 涨0.26%。 1月27日亚洲早盘，国际黄金高开后拉升，白银震荡反弹，盘中涨逾2%。 特朗普称提高对韩国多种商品关税税率至25% 据央视新闻报道，1月27日，针对美国总统特朗普宣称对韩国产汽车等产品加征关税，韩国总统府青瓦 台表示尚未收到美方正式通报以及相关说明。 韩国政府27日上午将召开相关政府部 ...

Market Performance - The three major U.S. stock indices closed higher on Monday, with the Dow Jones up 0.64% at 49,412.4 points, the S&P 500 up 0.5% at 6,950.23 points, and the Nasdaq up 0.43% at 23,601.36 points [1][2]. Company Updates - Major tech stocks mostly rose, with Apple increasing nearly 3% as it plans to announce a new version of Siri in late February, following a partnership with Google due to internal AI model challenges [2]. - Facebook rose over 2%, Google increased over 1%, while Tesla fell over 3% and Nvidia dropped 0.64% [2]. Earnings Season Insights - Over 90 companies in the S&P 500 are set to report quarterly earnings this week, including major players like Microsoft, Meta, Tesla, and Apple. So far, 76% of the companies that have reported exceeded earnings expectations [3]. - Investors are particularly interested in details regarding AI plans, investment speeds, and expected profits to assess the sustainability of the current bull market [3]. Semiconductor Sector - The Philadelphia Semiconductor Index fell by 0.39%, with Intel dropping over 5.7% after a significant decline of 17.03% the previous week. Intel's projected revenue for Q1 is between $11.7 billion and $12.7 billion, below analyst expectations [3]. Chinese Stocks - The Nasdaq China Golden Dragon Index decreased by 0.63%, with many popular Chinese stocks declining. Notable drops include Hesai down 10.06% and XPeng down 2.39%, while Li Auto rose 1.38% [3]. Commodity Market - Spot gold prices briefly surpassed $5,000 per ounce and then $5,100 per ounce. Long-term forecasts suggest that gold may continue to perform strongly, indicating a need for portfolio diversification [5]. - The cryptocurrency market saw a collective rise, with Bitcoin surpassing $88,000, while Ethereum increased by 4.14% [6]. Federal Reserve Outlook - The Federal Reserve is expected to announce its first policy decision of the year, with a 97.2% probability of maintaining the current overnight rate. Market speculation includes potential rate cuts later in the year [9].

转眼间，OpenAI、软银、甲骨文官宣"星际之门"已经过去了一整年，但这个号称"立即部署1000亿美 元、4年争取投资5000亿美元"的项目不仅进展缓慢，而且在周一又传出受挫的消息。据最新消息，此前 有关软银集团计划以500亿美元估值（含债务）收购美国数据中心运营商Switch的交易已经告吹。 凤凰网财经讯 1月27日，美股三大指数集体收涨，纳指涨0.43%，道指涨0.64%，标普500指数涨0.5%。 科技股涨跌互现，苹果、甲骨文、Meta涨超2%，英特尔跌超5%，AMD、特斯拉跌超3%。 热门中概股多数下跌，纳斯达克中国金龙指数收跌0.62%，百度跌超3%，小鹏汽车跌超2%，阿里巴巴 跌超1%，理想汽车涨超1%。 黄金与白银大幅回调。现货白银涨幅收窄至2%，报约105美元/盎司，此前一度上涨14%。现货黄金涨幅 收窄至不足0.8%，报约5020美元/盎司，此前一度上涨2.5%。 全球要闻 "星际之门"再遇阻：软银的巨额数据中心收购案据传已告吹 人工智能（AI）热潮"孕育"了许多赢家，尤其是"科技七巨头"受益匪浅。不过，AI领域的主角今年似乎 要有变化了。美国投资银行杰富瑞（Jefferies）最新报告称， ...

Group 1 - Tencent's Chairman Ma Huateng announced the upcoming launch of an AI social feature named "Yuanbao Pai" during the company's annual meeting, aiming to replicate the success of WeChat's red envelope feature with a cash giveaway of 1 billion yuan for the Spring Festival [1] - StepFun, a Shanghai-based startup, completed over 5 billion yuan in Series B+ financing, setting a record for the largest single financing in China's large model sector in the past 12 months, with funds directed towards foundational model development and commercializing the "AI + terminal" strategy [1] - StepFun appointed Yin Qi as the new chairman to oversee strategic direction and technology, focusing on foundational models and AI + terminal integration, achieving world-leading status in language models and multi-modal models [1] Group 2 - Li Xiang, CEO of Li Auto, held an online all-hands meeting emphasizing the importance of AI, highlighting critical timelines such as 2026 as the last year for companies to become AI leaders and 2028 for Level 4 autonomy to be realized [2] - Li Auto plans to expand into humanoid robots and aims to recruit top talent, including those who previously left for robotics startups, to strengthen its brand positioning in embodied intelligence [2] - JD Technology's JoyGlance shopping application officially launched on Rokid's smart glasses, marking a significant step in integrating AI with retail technology [2] Group 3 - OpenAI is strategically positioning itself to capture enterprise clients, with CEO Sam Altman hosting a dinner for corporate executives to promote OpenAI as a one-stop service provider for all AI needs, including products like ChatGPT and Codex [3] - Xiaomi's founder Lei Jun announced that the new generation SU7 model is expected to have some sample cars available in stores before the Spring Festival, indicating ongoing product development and market readiness [3] - OpenAI announced a month dedicated to launching various products related to Codex, a sophisticated programming assistance ecosystem [3] Group 4 - Meta has updated its youth safety policy, temporarily suspending access to AI roles for teenagers during the development of a new version, while still allowing access to practical information and educational resources through its AI assistant [4]

站在2026年1月，不论是原有巨头还是全新AI公司，组织方式基本变成一样，各个团队整合在一起进 行联合设计，共同设计硅基生命的感知/大脑/心脏/神经/软件本体/硬件本体。和过去做软件做硬件的 方式发生了根本性变化。完全不同于互联网移动互联网时代。 都会有Infra团队来确保足够的算力和数据稳定性，相当于硅基生命的云端心脏器；都有基座模型团 队，相当于硅基生命的大脑，都会去做视频音频多模态，做机器人的大脑。 都需要招大量的研究员，都以校招生为主，且发现本科生也行。都需要做预训练与后训练。 在2025年下半年，逐渐都形成一个软件本体团队，组织中出现专门负责造手的团队，构建完整的工具 链和SaaS调用能力，让模型具备在数字世界的执行力。 免费提供数字世界所有使用的工具，免费提供一个完整的团队，如Lovart提供完整的设计团队，从想 法一直到最后发布的效果；Claude Code从需求分析到架构设计/前端/后端/部署/验证都做。 都要做所有的微调，context工程与记忆，从而把一个很好的脑子变成一个人，配合工具能够去大规模 生产。 都要评估模型的能力。 很多做应用做Agent的团队有两种错误的做后训练方式 1.类似 ...

Core Insights - The CEO of Li Auto, Li Xiang, shared his views on AI trends during an online all-hands meeting, emphasizing critical upcoming milestones in the AI sector [1][2] - Li Xiang stated that 2026 is the last year for companies aiming to become leaders in AI to enter the market, and that Level 4 (L4) autonomy is expected to be achieved by 2028 [1][2] - Li Auto aims to be one of the three global companies that will dominate in foundational models, chips, operating systems, and embodied intelligence [1][2] Company Strategy - Li Auto plans to strengthen its brand positioning in embodied intelligence, moving beyond just creating mobile homes [1][2] - The company is committed to developing humanoid robots and intends to showcase them soon [1][2] - To prepare for a new wave of AI competition, Li Auto will undergo an organizational transformation in its R&D, categorizing teams into foundational model teams, software teams, and hardware teams, with both cars and robots falling under the hardware team [1][2] Recruitment and Development - Li Xiang previously indicated a 100% probability of Li Auto developing humanoid robots, although the timing has not yet been right [1][2] - Recently, Li Auto has posted several job openings for humanoid robot R&D positions on its official recruitment page, signaling a clear commitment to this area of development [1][2]