一、 全球储能市场规模 近期，起点研究院SPIR发布了《2026年全球储能行业白皮书》，报告显示，2025年全球储能系统集成出货量达510GWh，同比增长50%；其中，全球 大型储能备案新增装机容量达456GWh，同比增长51.39%。 发电侧上，全球能源结构向清洁化加速转型，光伏、风电等绿色能源装机占比持续提升。为平抑新能源出力的间歇性与波动性，配套储能系统成为刚 需，储能电池需求增长具备较强确定性； 电网侧上，随着高比例可再生能源接入电力系统，电网对稳定性与灵活调节能力的要求日益提高。电网侧储能可快速响应系统需求，有效参与调频、 调峰及备用等辅助服务，缓解供需波动，增强电网韧性与安全； 用户侧上，储能应用在用户侧持续渗透，工商业储能、AI数据中心备用电源、家庭储能等场景需求逐步放量。在电费管理、可靠性供电与能源自洽 等诉求推动下，用户侧储能增长空间广阔，成为储能市场的重要增量来源。 继全球主要经济体强制配储政策的集中落地机遇期后，工商业、数据中心、边缘算力、应急供电等多场景需求爆发推动全球储能系统集成迎来爆发增 长。后续，储能市场化机制的完善与新兴场景需求的持续释放，2030年全球储能系统出货量有望至22 ...

Group 1 - The Shanghai government has released measures to enhance service quality and boost consumption, including optimizing auto loan processes and relaxing application conditions [1] - Tesla China has introduced financial loan policies for Model 3, Model Y, and Model Y L, offering 5-year interest-free and 7-year low-interest options [4] - For the 5-year interest-free plan, the down payment for Model 3 and Model Y starts at 79,900 yuan, with a minimum monthly payment of 1,918 yuan; for Model Y L, the down payment starts at 99,900 yuan, with a minimum monthly payment of 2,947 yuan [4] Group 2 - According to the China Passenger Car Association, retail sales of passenger vehicles in December 2025 are projected to be 2.276 million units, a year-on-year decrease of 14.5% [4] - The total retail sales of passenger vehicles in 2025 are expected to reach 24.024 million units, reflecting a growth of 3.9% compared to 2024 [4] - Cumulatively, retail sales of new energy vehicles in 2025 are forecasted to be 12.809 million units, representing a year-on-year increase of 17.6% [4]

Investment Rating - The report maintains a positive outlook on the automotive industry, indicating a favorable investment rating for the sector [2]. Core Insights - The report highlights the impact of rising prices for memory, copper, aluminum, and key components, which are expected to lead to an increase in consumer vehicle prices. It suggests focusing on supply chain companies with good supply-demand dynamics and price transmission capabilities, as well as mid-to-high-end vehicle manufacturers with model cycles [2]. - The report notes that the average daily retail sales of passenger vehicles in China reached 123,000 units in the last week of December, a year-on-year increase of 17% [2]. - The report emphasizes the importance of the recently implemented green consumption policies, which aim to support the purchase of new energy vehicles and enhance the automotive industry's supply chain [11][12]. Market Updates - The automotive industry recorded a total transaction value of 638.35 billion yuan, with a week-on-week increase of 11.27%. The automotive industry index rose by 2.53% during the week [2][13]. - The report indicates that the automotive industry index's growth was lower than that of the Shanghai and Shenzhen 300 index, which increased by 2.79% [13]. - The report lists significant stock movements, with 201 stocks rising and 68 falling, highlighting the top gainers and losers in the automotive sector [19]. Key Events - The Ministry of Industry and Information Technology released the 403rd batch of new vehicle approvals, featuring several notable models from various manufacturers [3][4]. - The report discusses the rising cost pressures in the automotive industry due to increasing memory prices, which are becoming a significant factor affecting profitability [6][8]. - The report mentions a strategic cooperation agreement between CATL and NIO, focusing on battery technology and market collaboration [36]. Financial Metrics - The automotive sector's price-to-earnings ratio stands at 30.20, ranking 18th among all primary industries, indicating a moderate valuation compared to the Shanghai and Shenzhen 300 index's 14.41 [16][18].

温馨提示 ： 点击下方图片，查看运营团队最新原创报告（共260页） 说明： 欢迎约稿、刊例合作、行业交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ）微 信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 正文： Optimus定型在即， 特斯拉发包中，2026年，首个 T链 定点资讯（名单）来了 ！ 周一（1月12日），在大盘一路上行并持续突破记录下，T链们走势没有延续上周五上行行情，再次进入盘整阶 段。 针对年后T链们 ，在大盘走势大幅上行背景下， 没有 承接去年12月底的主升行情，走势更没有迎来反转的原 因，小编往期文章有提到过" 利好催化不足，缺乏官方"爆点"利好催化，所以仅是核心利好标的行情 "。 从商业航天到自动驾驶再到脑机接口，尤其是商业航天，行情和热度从去年12月延续至今，最热门板块且没有之 一，马年炒"马"的目前逻辑毋庸置疑；唯一的区别，相较于这三者，人形机器人Optimus项目目前还没有阶段性 进展（Optimus V3样机亮相）。 小编去年12月下旬就在星球中提到，对于T链们而言，12月份炒的审厂和"定点"（订单）， 1月 ...

以下文章来源于新浪科技 ，作者努力码稿的小浪 新浪科技 . 一手掌握，科技"鲜"闻 来源丨 新浪科技（ID:techsina） 作者丨 郑峻 图源丨Midjourney 最初是马斯克和埃里森，现在是谷歌创始人，还有彼得·蒂尔等风投巨头们。几十年前，他们从世界 各地来到硅谷，在这里实现梦想创业成功成为亿万富翁，但现在他们却因为加州政治风向的转变以及 超级富豪税，而纷纷选择逃离加州。 加州讨论中一次性的5%超级富豪税，究竟是推动社会平等，缩小财富差距，还是在杀鸡取卵，扼杀 创新？无论最终是否落地，超级富豪们都已经提前开始跑路了。 这项提案的设计可谓"精心策划"。税收基准日被设定在2026年1月1日。这意味着，任何在这一天居 住在加州的亿万富翁，都将成为潜在的纳税对象。 预算赤字找超级富豪？ 加州是美国最富裕和人口最多的州。按照GDP计算，加州是全球第四大经济体，仅次于美国中国和日 本。硅谷更是全球科技创新胜地，涌现了苹果、谷歌、Meta等一代代的科技巨头，改变了全球民众 的工作与生活方式，造就了一批又一批亿万富豪。 然而，这个创富神话之地正陷入一场前所未有的财政困境。根据加州立法分析办公室的最新预测， 2026- ...

Core Viewpoint - The article discusses the complex relationship between Elon Musk and China, highlighting how China supported Tesla during its struggles, while Musk's Starlink project poses significant challenges to China in the fields of technology and AI. Group 1: Tesla's Rescue by China - In 2018, Tesla was on the brink of collapse, with production issues and a failing financial situation, prompting Musk to rely on China for support [1][2] - China provided substantial assistance, including a large industrial site in Shanghai at a low cost and a low-interest loan of 40 billion yuan, which was crucial for Tesla's survival [2][3] - The rapid construction of the Shanghai Gigafactory exemplified "Chinese speed," with the factory built in just 10 months, a process that would take years in the U.S. [3] Group 2: Impact of the Shanghai Factory - The Shanghai factory became highly productive, projected to produce 4 million vehicles by the end of 2025, significantly contributing to Tesla's financial turnaround and market valuation [4] - The Model Y's production in China allowed Tesla to reduce costs by 65%, leading to substantial profits for the company [4] Group 3: Starlink's Threat to China - Musk's profits from the Chinese market are being reinvested into the Starlink project, which is seen as a threat to China's security and technological sovereignty [4][5] - Starlink's satellites are not just for internet access; they have been used in military applications, raising concerns about their implications for national security [5][6] - The planned reduction of Starlink satellites' operational altitude to 480 kilometers is viewed as a strategic move to dominate low Earth orbit, potentially obstructing China's own satellite initiatives [5][6] Group 4: Data and AI Concerns - Tesla's operations in China allow it to collect vast amounts of driving data, which is crucial for AI development, but this data is primarily utilized in the U.S., limiting China's technological advancements [6][7] - Musk's strategy includes establishing manufacturing in the U.S. to reduce reliance on Chinese supply chains while simultaneously benefiting from Chinese market data [7] Group 5: Broader Implications - The article suggests that Musk's actions reflect a duality in his business approach, benefiting from Chinese support while simultaneously undermining China's technological independence [6][7] - The ongoing competition in space, data, and technology between Musk and China is framed as a significant geopolitical issue that is just beginning to unfold [7]

on 12-Jan-2026 12 January 2026 Asia Industrial Technology and Asia Emerging Robotics Humanoid Robotics: Who plays where Jay Huang, Ph.D. +852 2123 2631 jay.huang@bernsteinsg.com EXHIBIT 1: Non-Chinese humanoid robot OEMs Dien Wang, Ph.D. +852 2123 2622 dien.wang@bernsteinsg.com Weibin Liang, Ph.D. +852 2123 2666 weibin.liang@bernsteinsg.com We analyze ~150 players globally in the humanoid robotics space to provide a map of industry participants and their business scope (Exhibit 1 to Exhibit 5). We note the ...

浙江荣泰 20260112 摘要 浙江龙泰作为特斯拉人形机器人核心标的，是首批丝杠定点供应商，具 备卡位和先发优势，有望受益于特斯拉人形机器人 V3 定型及量产爬坡 带来的投资机会。 公司积极拓展手部模组、减速器及关节执行器等新产品，预计近期将有 新产品推出，进一步丰富产品线，增强市场竞争力。 浙江龙泰规划了庞大的机器人产能，预计 2026 年底泰国工厂将达到周 产 5,000 台，全年具备 35 万台机器人的产能准备，为未来市场需求增 长做好充分准备。 2026 年被视为人形机器人的"大年"，特斯拉 V3 预计启动百万台级别 的生产线，小鹏、宇树等公司也将推进各自人形机器人项目，行业发展 前景广阔。 公司与特斯拉、小鹏、小米等国内外客户对接，云母业务深耕 20 余年， 与特斯拉、大众、沃尔沃、宁德时代等头部企业建立稳定合作关系，海 外收入占比超过 50%。 Q&A 浙江龙泰的机器人业务有哪些显著的进展和优势？ 浙江龙泰在机器人业务方面取得了显著进展，尤其是在核心零部件国产化方面。 丝杠是目前国内最占优的环节，也是机器人中价值量和技术壁垒较高的核心部 件。浙江龙泰作为梯（Tesla）的核心标的，是首批丝杠定点 ...

Q&A 近期在 CES 展上，机器人行业的哪些新趋势值得关注？ 在 2026 年的 CES 展上，我们观察到机器人行业的一些新趋势。首先，中国企 业在全球人形机器人市场中的份额显著增加。在 2025 年，中国企业参与的数 量较少，但在 2026 年，约有超过一半的人形机器人展位由中国企业占据。根 据海外咨询研究机构发布的报告，以 2025 年的出货量来看，中国前六家企业 （智元、宇树、优必选、乐聚、众擎和傅利叶）的总出货量已占全球 87%。这 一数据表明，中国在人形机器人整机市场中已处于绝对领先地位。 人形机器人的投资逻辑发生了哪些变化？ 从 CES 看人形机器人叙事变化 20260112 摘要 中国企业在人形机器人整机市场占据领先地位，2025 年中国前六家企 业出货量占全球 87%，单纯硬件量产的投资逻辑边际减弱。 AGI 相关的大脑技术和软件应用成为人形机器人投资新重点，黄仁勋和 马斯克均预测 AI 快速发展，人形机器人应用场景将更广泛。 人形机器人领域存在估值倒挂现象，如 Figure AI 市占率仅 1%但市值 远超中国头部企业总和，表明市场更青睐具备具身智能大脑的公司。 市场风险偏好上升利好 AI ...

大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 昨夜今晨 【苹果官宣Siri大升级押注Gemini，谷歌市值首破4万亿美元】 苹果官宣将与谷歌联手，为苹果的人工智能功能提供支持，其中包括今年晚些时候对Siri的一次重大升级。 周一（1月12日），两家科技巨头都确认了这一消息。谷歌在官方博客写道，"苹果已与谷歌达成一项多年合作 协议，根据该协议，下一代苹果基础模型（Apple Foundation Models）将基于谷歌的Gemini模型和云技术。" "这些模型将为未来的苹果智能（Apple Intelligence）功能提供支持，包括今年即将推出的、更加个性化的 Siri。" 苹果方面在声明中写道，"经过慎重评估，我们认为谷歌的技术为Apple Foundation Models提供了最强大的基 础，我们也对这将为用户解锁的全新创新体验感到兴奋。" 他们在一份联合声明中表示："这种做法常见于制度薄弱的新兴市场国家，其结果往往对通胀以及整体经济运 行造成严重的负面影响。这种情况不应出现在美国。美国最大的优势正是法治，而法治正是我们经济成功的根 基。" 这份简短声明由三位 ...