近日，特斯拉首席执行官埃隆・马斯克通过社交平台确认，Cybercab将于2026年4月在得克萨斯超级工厂正式启动 量产。 目前该车原型车正在美国阿拉斯加开展冬季测试。 马斯克直言，由于Cybercab采用近100%的新零部件与全新生产流程，初期生产将"极其缓慢"，符合典型的S型产 能曲线规律。 据特斯拉内部测试数据显示，2026年上半年该车周产量或仅数百台，全年产能恐难突破10万辆。 在低温续航保障方面，搭载50kWh电池组的原型车在零下数十度环境中，能量衰减率控制在预期范围内，可稳定 实现200-250英里（约321-402公里）的城市续航目标，满足全天候运营需求。 针对暴雪、凝霜等恶劣天气，其搭载的FSD V14系统通过视觉摄像头与雷达的协同工作，可自动采取减速、循迹 行驶等策略，传感器识别精度未受明显干扰。 尽管该项目进展迅猛，Cybercab仍需跨越三大障碍：全新制造工艺的良率爬坡风险、完全无人运营的保险责任界 定难题，以及欧洲市场的监管审批进度。特斯拉Cybercab量产后的市场表现如何，让我们拭目以待。 近日，特斯拉首席执行官埃隆・马斯克通过社交平台确认，Cybercab将于2026年4月在得克萨 ...

Core Viewpoint - The article discusses the importance of exploring international markets for Chinese companies in response to domestic demand shortages and increasing competition, emphasizing the need for a comprehensive approach to overseas expansion that includes the entire value chain [2][5][6]. Group 1: Value Chain Expansion - The concept of "going overseas" has evolved from merely exporting products to relocating the entire value chain, including branding, research and development, and business models to foreign markets [8][11]. - An example is Miniso, which engages with its millions of private domain users to understand their preferences and directly opens stores overseas to enhance brand recognition [12][13]. Group 2: Collaborating with Industry Leaders - Many industry leaders are beginning to explore international markets, but successful expansion requires integrating and collaborating with a complex supply chain [14][15]. - Tesla's Shanghai factory exemplifies this, as it operates efficiently due to the support of numerous upstream and downstream suppliers within a 300-kilometer radius [18][20]. - When Tesla expanded to Mexico, its suppliers followed, indicating that collaboration with leading companies can create opportunities for others [21][22]. Group 3: Leveraging Unique Advantages - Companies are finding unique advantages to succeed in international markets, such as cost advantages where products can be sold at double the domestic price on cross-border platforms [25][26]. - Product advantages are also highlighted, with examples like Mech-Mind Robotics, which enhances industrial robots with advanced technology to perform complex tasks [27][29]. Group 4: Building Long-Term Trust - The story of Pang Donglai illustrates the importance of building long-term trust through exceptional customer service and employee treatment, leading to a loyal customer base [31][34]. - By ensuring employees are respected and valued, companies can foster a culture of listening to customer feedback, which in turn enhances the customer experience and profitability [34][36]. Group 5: Meeting Aspirations for a Better Life - The article notes a shift in consumer behavior towards a desire for better experiences, with examples of services like travel photography that cater to previously unrecognized consumer needs [39][40]. - As traditional large-scale commercial opportunities diminish, there is a growing trend towards more refined and heartfelt business ecosystems that focus on fulfilling ordinary people's aspirations for a better life [43][46].

Core Viewpoint - The future of humanity includes the potential to reverse aging, but this may lead to societal stagnation. Optimism about the future is encouraged, even in the face of mistakes [2][44]. Group 1: Artificial Intelligence and Energy - The biggest bottleneck for large-scale AI application is power supply, as the production of chips in the U.S. cannot keep up with the power system's capacity [21][22]. - Solar energy is identified as the future of energy, with China leading in solar panel production, capable of generating 1500 GW annually, translating to about 250 GW of stable power output [22][23]. - A solar power plant of 100 miles by 100 miles could meet the entire electricity demand of the U.S., occupying a small fraction of land [24]. Group 2: Autonomous Driving - Full Self-Driving (FSD) is expected to receive approval for supervised full autonomy in Europe soon, with similar progress anticipated in China [30]. - The technology for autonomous driving is considered to be fundamentally solved, with expectations for widespread deployment by the end of the year [29][30]. Group 3: Robotics and Economic Growth - The proliferation of humanoid robots is predicted to lead to unprecedented economic growth, with robots potentially outnumbering humans [11][12]. - The average productivity of robots multiplied by their number will define economic output, suggesting a future where material abundance is achieved [12][13]. Group 4: Aging and Longevity - While not heavily invested in anti-aging research, there is a belief that reversing aging is a solvable problem, with the synchronization of cellular aging being a key factor [17]. - The existence of death is acknowledged as having evolutionary significance, and the potential for immortality could lead to societal stagnation [17]. Group 5: Space Exploration - SpaceX aims to achieve full reusability of rockets, which could reduce launch costs by a factor of 100, making space more accessible [33]. - The efficiency of solar power in space is projected to be five times greater than on Earth, due to constant sunlight exposure and minimal atmospheric interference [34][35]. - The establishment of AI data centers in space is seen as a viable future option, leveraging the unique environmental conditions of space [35].

Group 1 - The article highlights the rapid development of artificial intelligence technology, presenting significant opportunities in the market [3] - Apple has initiated its largest promotion in history for the newly launched iPhone Air, reducing its price by 2500 yuan to attract consumers [5] - Baidu's Wenxin Assistant is launching a cash red envelope campaign for the Spring Festival, offering a total of 500 million yuan in cash rewards [6] Group 2 - Shanghai AI unicorn Jiyue Xingchen has completed a B+ round financing, raising 5 billion yuan, setting a record for single financing in the large model sector over the past year [7] - Tencent's AI assistant Yuanbao has begun internal testing of a new social AI feature called "Yuanbao Club," allowing users to create or join groups for collaborative activities [9] - Tesla has suspended its basic Autopilot system in the US and Canada to promote its more advanced Full Self-Driving technology [11] Group 3 - Intel's latest financial report disappointed the market, leading to a 17% drop in its stock price, with analysts expressing concerns over supply constraints and profit margin pressures [12] - Apple has experienced an eight-week consecutive decline in stock price, the longest streak since May 2022, attributed to rising storage chip prices impacting profit margins [14] - Meta Platforms is facing a lawsuit for patent infringement related to smart glasses technology, which could disrupt the sales of its Ray-Ban products [15]

Core Viewpoint - The article discusses the impact of a new wave of low-interest financing options introduced by Tesla and followed by other domestic automakers in China, highlighting the challenges in the electric vehicle (EV) market, particularly in the price range of 150,000 to 200,000 yuan [2][4][5]. Group 1: Financing Strategies - Tesla has introduced a 7-year low-interest financing plan in China, with rates as low as 0.5% annually for models like the Model Y, effectively translating to an annualized rate of about 0.98% [3]. - Other companies such as Xiaomi, Li Auto, Xpeng, and Geely have also launched similar 7-year low-interest or low monthly payment plans, typically structured around down payment thresholds and limited-time promotions [4]. - The financing strategies are primarily aimed at higher-priced models, with Tesla's low-interest plan mainly covering vehicles priced above 200,000 yuan [6]. Group 2: Market Dynamics - The current financial strategies are not merely aimed at boosting sales but reveal a structural signal where both government and corporate incentives are pushing demand towards the 150,000 to 200,000 yuan range, which is a challenging segment for electric vehicle adoption [5][10]. - The latest data from the China Passenger Car Association indicates that the 150,000 to 200,000 yuan price range is the only segment where the penetration rate of new energy vehicles is not expected to increase from 2024 to 2025, remaining at 43% [11]. - In contrast, the penetration rates for other price segments, such as 100,000 to 150,000 yuan and 200,000 to 300,000 yuan, have seen increases to 51% and 60%, respectively, indicating a divergence where policies and corporate strategies are pushing upwards while market structure is slipping in the middle [12]. Group 3: Implications for Battery Manufacturers - The complexity for battery manufacturers is increasing as the market dynamics shift, with the focus not just on the volume of new energy vehicles sold but also on which price segments are driving growth and the corresponding battery configurations [13]. - If the 7-year low-interest financing leads to more transactions in the 200,000 to 300,000 yuan range, there will likely be a higher demand for larger battery capacities and faster charging configurations, benefiting mid-to-high-end models [13]. - Conversely, if the 150,000 to 200,000 yuan segment continues to be squeezed from both ends, battery manufacturers may face a scenario of scale growth with limited kWh elasticity, leading to increased cost and price pressures on the supply chain, particularly for battery cells and materials [14].

行 业 及 产 业 2026 年 01 月 26 日 行 业 研 究 / 行 业 点 相关研究 《整车出海、机器人预期强化；同时关注 业绩确定性白马——2026/1/12- 2026/1/18 汽车周报》 2026/01/19 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 黄忠煌 A0230519110001 huangzh@swsresearch.com 联系人 戴文杰 A0230522100006 daiwj@swsresearch.com 从成本到数据，机器人进步新范式 看好 ——机器人行业发展核心竞争力探讨 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 评 ⚫ 新能源汽车与人形机器人两大硬科技产业具备高度同构性，2026 年人形机器人的发展 节点对标 2012-2014 年的新能源汽车，而新能源汽车的产业演进路径也为机器人行业 提供了清晰的阶段对标框架。二者均依托成熟大规模制造业与 AI 算法跃迁，国内新能 源车借国家战略驱动爆发，完成政策到市场、技术到生态的演进；2026 年机器人技术 刚迈过"可用"门槛，政策推动、资本热度空前，与彼 ...

Investment Rating - The industry investment rating is "Overweight" (Maintain) [2] Core Viewpoints - The global computing power construction is accelerating, leading to a rapid increase in photovoltaic demand. Elon Musk announced plans for SpaceX and Tesla to achieve a combined photovoltaic capacity of approximately 200GW in the U.S. within three years [3][4] - The photovoltaic technology routes for ground and space applications are diversifying, with TOPCon, HJT, and perovskite technologies expected to grow in parallel. The report is optimistic about the development potential of these technologies in the context of large-scale overseas photovoltaic capacity construction [3][4][6] - The energy supply for AI applications is currently a bottleneck, with AI chip production growing exponentially while power supply only increases by 4% annually. Photovoltaics are seen as a key solution to this energy bottleneck, with the potential for hundreds of terawatts of power generation from space photovoltaics in the future [4] Summary by Sections Section: Ground and Space Computing Power - Ground computing power is expected to add 97GW capacity globally between 2025 and 2030, driven by the expansion of large-scale cloud services and AI demand, resulting in a CAGR of 14%. This will increase total capacity to over 200GW and raise electricity demand from data centers significantly [5] - Space computing power is becoming more economically viable due to the long-term decline in commercial space launch costs. Plans for space data centers are being developed, with significant capacity expected in the coming years [5] Section: Photovoltaic Technology Routes - In space photovoltaics, gallium arsenide batteries are currently the mainstream technology due to their high efficiency and radiation resistance, but their high cost limits their use in large-scale satellite networks. Perovskite and P-type HJT batteries show promise for space applications due to their better performance and lower manufacturing costs [6] - Ground photovoltaic technologies like TOPCon are expected to maintain a leading market share due to their good low-irradiation performance and commercial maturity [6] Section: Equipment Companies - Companies involved in photovoltaic equipment are likely to see an increase in orders due to Musk's plans for photovoltaic capacity. Key players include: - Maiwei Co., a leader in HJT equipment benefiting from P-type HJT and perovskite applications in space - Aotwei, which provides equipment for both space and ground photovoltaic capacity - Gaoce Co., a leader in wafer cutting technology, expected to benefit from the trend towards thinner solar cells in space applications [7]

来源：环球网 几乎与此同时，特斯拉分享了Cybercab进行寒冷天气测试的图片。值得注意的是，进行测试的Cybercab 原型车似乎配备了雪地轮胎。 外媒称，这一冬季测试表明，特斯拉正在为Cybercab在美国各种气候条件下的部署做准备。低温、积 雪、冰面和低附着力等因素对自动驾驶系统而言都是极具挑战性的场景。 外媒表示，综合来看，马斯克的生产更新和特斯拉的测试帖子表明，虽然 Cybercab 即将开始生产，但 验证工作仍在积极推进，以确保其在真实环境中的可靠性。 1月26日消息，据Teslarati报道，特斯拉重申，其 Cybercab 的生产将于 4 月开始，同时该公司也在继续 扩大该车型的实际测试。 特斯拉CEO 埃隆·马斯克最近确认了这一时间表。 ...

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美股大型科技股盘前涨跌互现，Meta涨0.4%，微软涨0.2%，苹果涨0.1%，谷歌A持平，亚马逊跌 0.2%，英伟达跌0.3%，特斯拉跌0.6%。 ...