"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。 NO.1 [ i8要搬家，L7、L8产能闲置 ] 理想汽车常州基地占地很广，被划分为南、北两大区，综合生产能力超50万辆/年。其中，生产L ...

Group 1 - The Hang Seng Tech Index has returned above the 20-day moving average, indicating a short-term bullish trend, with notable stock movements from major companies like Baidu, Alibaba, Bilibili, Kuaishou, SMIC, Hua Hong Semiconductor, and Li Auto [1] - Since October of last year, Hong Kong tech assets have been under pressure due to structural industry differences, negative impacts from delivery subsidies, and year-end liquidity constraints. However, these factors are expected to improve by 2026, driven by AI industry growth, a cycle of overseas interest rate cuts, foreign capital inflows, and the return of southbound funds, suggesting a potential rebound for undervalued Hong Kong tech stocks [1] - Year-to-date, southbound funds have seen a cumulative net inflow of nearly 68 billion HKD into the Hong Kong stock market. Looking ahead to 2026, domestic AI models like DeepSeek are expected to launch around the Chinese New Year, while major domestic companies are increasing capital expenditures to enhance overall model capabilities [1] Group 2 - The National Securities Hong Kong Stock Connect Technology Index includes biotech leaders such as BeiGene, Innovent Biologics, and WuXi Biologics, currently trading at a rolling P/E ratio of only 27 times, which is below the 50th percentile of the past decade, indicating significant mean reversion potential [2]

Group 1: Market Performance - US stock markets closed higher on January 22, with the Dow Jones up 0.63%, Nasdaq up 0.91%, and S&P 500 up 0.55% [1] - Technology stocks saw significant gains, with Meta rising 5.7%, Oracle up over 2%, and Tesla increasing by over 4% [2][3] Group 2: Tesla Developments - Tesla's market value increased by $59.6 billion (approximately 415.6 billion RMB) in one night [3] - CEO Elon Musk announced that Tesla may start selling its humanoid robot "Optimus" to the public by the end of next year, with the robots currently performing simple tasks in factories [4] - Musk predicts that by the end of 2026, these robots will be capable of completing more complex tasks [5] Group 3: Intel Financials - Intel reported fourth-quarter revenue of $13.67 billion, a year-over-year decrease of 4.1%, with adjusted earnings per share of $0.15, up from $0.13 the previous year [6] - The company expects first-quarter adjusted earnings per share of $0.00, with revenue projected between $11.7 billion and $12.7 billion [6] Group 4: Economic Indicators - The US third-quarter GDP annualized growth rate was revised to 4.4%, slightly above the expected 4.3% [9] - Initial jobless claims for the previous week were reported at 200,000, below the expected 210,000 [8]

TOP2不掌握任何非公开信息，纯粹基于公开信息推理。 根据理想官网，理想正在急招 灵巧手机械设计[1]/算法研发[2]/嵌入式软件工程师[3]，嵌入式软 件工程师-传感器[4]，关节模组嵌入式软件[5]/机械设计[6]工程师，嵌入式硬件工程师[7]，双足 算法研发工程师[8]，全身运控算法研发工程师[9]。 TOP2基于这9份岗位描述推理，理想在研发一款面向工业制造场景的高性能人形机器人(双足+灵巧 手)，谋求量产，不是谋求Demo展示或科研场景，也不是谋求面向普通家庭的消费级产品。 本文侧重分享推理出理想主观诉求的过程，不涉及分析到底这个人形机器人到底能不能做出来。 机械设计工程师-关节模组[6]要求候选人负责解决试产及量产阶段的结构性问题(如装配干涉、密封失 效等)，并要求参与材料选型及供应商技术评估。 在嵌入式硬件工程师[7]要求候选人必须具备大功率 电源产品成功量产的Layout经验，并需要解决DFM(可制造性设计)和DFA(可装配性设计)相关问题。 只有进入正式量产流程的产品，才会对DFM/DFA和供应商评估提出如此具体的要求，Demo不需要考 虑这些。 嵌入式软件工程师-灵巧手[3]机械设计工程师 ...

Core Viewpoint - The automotive market is shifting from direct price reductions to low-interest financing options, with several brands introducing long-term low-interest plans to stimulate demand amid consumer hesitation and inventory pressure [1][3]. Group 1: Low-Interest Financing Strategies - Following Tesla's introduction of a "7-year low-interest" financing plan, brands like Xiaomi, Li Auto, Xpeng, and Dongfeng Yipai have launched similar "6 to 7-year low-interest" and "low down payment, low monthly payment" installment policies [1][2]. - Tesla's financing plan offers an annual interest rate as low as 0.5% (approximately 0.98% annualized), with options tailored to different models and down payment levels [2]. - Xiaomi and Li Auto have adopted the "7-year low-interest" model to attract budget-sensitive consumers, emphasizing low monthly payments and down payment thresholds [2]. Group 2: Market Dynamics and Consumer Behavior - The introduction of low-interest financing is closely linked to fluctuations in consumer demand, with data indicating a 3.8% year-on-year increase in retail sales of passenger vehicles in 2025, but a decline in December retail numbers [3]. - The current market environment, characterized by consumer hesitation, has led automakers to utilize financial tools to stimulate demand and secure orders [3]. Group 3: Regulatory Environment and Compliance - Regulatory bodies have emphasized the need to resist chaotic price wars, enhancing the tactical value of financial subsidies as a means to maintain market order [4]. - The Ministry of Industry and Information Technology and other agencies have called for strict monitoring of pricing behaviors and compliance with regulations to ensure fair market practices [4]. - The introduction of guidelines for pricing behavior in the automotive industry aims to standardize promotional and pricing practices, indicating that financial subsidies are not outside regulatory scrutiny [5]. Group 4: Potential Implications and Concerns - While low-interest financing can reduce immediate cash flow pressure and encourage purchases, there are concerns about the long-term sustainability of such strategies [5]. - Risks include potential consumer leverage issues, demand being pulled forward, and the possibility of a return to price wars if financial incentives are not managed properly [5][6]. - The future effectiveness of these promotional strategies will depend on transparent compliance with promotional rules and the ability of companies to provide sustainable product value beyond financial incentives [6].

李想认为机器人主要有两种分类形式：一种像人，一种像车。 文 丨 赵宇 李梓楠 编辑 丨 龚方毅 理想汽车在官网社招页面释放若干人形机器人研发岗位，重启具身机器人研发。 从招聘需求看，理想的机器人研发计划与特斯拉、小鹏等追求极致仿生人形机器人的公司类似。这种 路线基于一种基本假设——现实世界是为人类打造的，机器人只有尽可能像人，才能使用人的工具， 掌握人的技能，进而将人从繁重的劳动中解放出来。 一位行业人士称，灵巧手是人形机器人硬件上最难的部分，也是体现研发具身机器人意愿强弱的点。 它既是执行动作的机械部件，也是收集触觉数据的重要传感器。当前主流的 VLA（视觉-语言-动作） 模型训练中，如果缺乏灵巧手的触觉反馈，机器人算法模型就缺失了 "动作" 这个关键模态的数据，影 响其智能化水平。一些机器人厂商曾在早期采用供应商方案。 2024 年 1 月，廖平平加入理想任机器人算法专家，主要负责带领团队开发轮式双臂人形机器人，用于 理想汽车制造工厂内 "螺钉拧紧" 等细分工业场景。他硕士和博士均毕业于北京航空航天大学，有约 10 年机器人研发和管理经验。 受技术发展限制、人形机器人供应链不成熟等因素影响，理想一度暂停推 ...

Group 1 - The Nasdaq China Golden Dragon Index increased by over 2% on January 22 [1] - 1药网 (1Drug Network) rose by 9.38% [1] - 阿里巴巴 (Alibaba) saw a gain of 6.90% [1] - 理想汽车 (Li Auto) experienced a rise of 5.99% [1] - 世纪互联 (Century Internet) increased by 6.03% [1] - 康迪车业 (Kandi Technologies) grew by 5.64% [1]

Group 1 - The Nasdaq China Golden Dragon Index opened with a gain of 1.6%, indicating a positive trend in popular Chinese concept stocks [1] - Notable stock performances include Li Auto (LI.US) rising over 7%, Alibaba (BABA.US) increasing by more than 6%, and GDS Holdings (GDS.US) up over 4% [1] - Other companies such as NIO (NIO.US), Bilibili (BILI.US), and Pony.ai (PONY.US) also saw gains exceeding 3% [1] Group 2 - The Governor of the People's Bank of China, Pan Gongsheng, stated that there is still room for further reserve requirement ratio cuts and interest rate reductions this year [1] - The People's Bank of China aims to effectively implement and supervise interest rate policies to maintain low comprehensive financing costs in society [1] - Luke Browne, Head of Asset Allocation at Manulife Investment Management for Asia, expressed a preference for Chinese stocks, suggesting that while explosive returns are not expected, there are still investment opportunities available [1]

Group 1 - Global stock markets experienced a slight increase following Trump's withdrawal of trade threats against Europe, alleviating concerns about a trade war [2][28] - As of the report, Dow futures rose by 0.35%, S&P 500 futures increased by 0.56%, and Nasdaq futures climbed by 0.83% [3][29] - The European Stoxx 600 index rose by 1.1%, with the automotive sector leading gains, particularly Volkswagen which surged by 5.2% [3][29] Group 2 - Gold prices remained stable near record highs, indicating that risk appetite in the stock market has not fully translated into a significant drop in safe-haven demand [4][30] - The market interpreted Trump's statements as a sign of easing geopolitical and trade tensions, leading to a renewed preference for stock assets [4][30] Group 3 - Semiconductor stocks strengthened, with Nvidia's CEO comments at Davos boosting enthusiasm for AI investments, leading to a 17% surge in Disco Corp. and a 2.3% increase in Samsung Electronics [6][31][32] - The Korean benchmark index, a tech stock indicator, reached a historical high [32] Group 4 - The VIX volatility index, known as the "Wall Street fear gauge," saw a significant decline, indicating a reduction in market panic [34] - Japanese government bonds rebounded for the second consecutive trading day, while Bitcoin traded around $90,000 [33] Group 5 - Focused stocks included Western Digital, which rose over 4%, Micron Technology up over 3%, and Seagate Technology increasing by 2.5% [40] - Moderna continued to rise by 5.6% following positive data on its mRNA cancer vaccine [41] - GE Aerospace saw a pre-market increase of over 5%, with adjusted earnings per share expected to be between $7.10 and $7.40 for 2026, exceeding market expectations [42]

Core Viewpoint - The company is actively recruiting for various engineering positions related to humanoid robotics, indicating a strategic focus on developing advanced robotic technologies. Group 1: Job Positions and Responsibilities - The company is hiring for roles including dexterous robotic hand design, algorithm development, embedded software engineering, and joint module engineering, suggesting a comprehensive approach to humanoid robot development [1][5] - Specific roles emphasize the need for experience in bipedal walking algorithms, coordination of body parts, and the design of multi-joint systems, indicating a focus on complex motion control [1][8][9] Group 2: Technical Specifications - The robotic hand will utilize a direct drive structure rather than a cable-driven system, highlighting a preference for advanced motor technologies such as hollow cup and brushless DC motors [2] - The core driving mechanism will involve high-power joint modules with hundreds of amperes and a hybrid architecture combining reinforcement learning and model predictive control, emphasizing the importance of advanced algorithms in motion control [3] - The system architecture will incorporate STM32 or TI C2000 series microcontrollers, with real-time operating systems like FreeRTOS and RT-Linux, indicating a focus on high-performance computing and real-time processing [4] Group 3: Design Challenges - The design of the dexterous hand requires independent control of fingers and the ability to handle multimodal data from visual and tactile sensors, which presents significant engineering challenges in terms of bandwidth and latency [4] - The integration of high-torque direct drive motors in compact spaces while managing heat dissipation and wiring issues is a critical design challenge, necessitating collaboration between mechanical and electronic engineering teams [4]