Core Viewpoint - Tesla shares traded significantly below the S&P 500 for much of the previous year [1] Group 1 - Tesla's stock performance was notably underwhelming compared to the broader market index [1]

U.S. sales of all-electric vehicles dropped 30% year over year in January. ...

380 中国银河证券ICGS 行业周报·新能源智造行业 具身迎新春，板块蓄势待发 具身智能产业链跟踪 2026年2月22日 建议关注：绿的谐波、 恒立液压、鸣志电器、 100% 兆威机电 中坚科技、速腾 聚创，拓普集团、伯特利、精锻科技、旭升集团、均胜电子、地平线机器人- W、双林股份、中鼎股份、凌云股份、贝斯特、爱柯迪、安培龙、卧龙电驱、 星源材质、富临精工、汇川科技、震裕科技、三花智控、奥比中光、福莱新材 等。 风险提示：关键技术突破不及预期的风险，下游场景开发进度、需求空间不及 资料来源：iFind，中国银河证券研究院 预期的风险等。 ：qinzhikun_yj@chinastock.com.cn : pengxingjia_yj @chinastock.com.cn 企业；三是继续关 具身智能指数表现 2026-02-13 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 一、具身智能亮相春晚，市场关注持续升温 2026年2月16日，以人形机器人为代表的具身智能再次站上央视春晚的舞台，与2025年略 近一年来人形机器人领域的快速发展，集中于 ...

来源：姚佩策略探索 报告要点 1、春节期间海内外科技产业催化持续释放：春晚四家人形机器人集中展示；国产大模型持续突破，千问AI购物推动AI走向大众生活；特斯拉首 辆赛博无人驾驶电动车Tesla Cybercab正式下线；OpenAI获千亿融资。 2、国内金融&通胀数据：1月PPI降幅明显收窄，同比有望三季度转正；M1、M2同比回升，信贷同比少增，企业部门是主要拖累。 3、国内消费：春节假期出行需求旺盛，零售、餐饮消费高增，票房复苏力度偏弱。 4、《求是》发表习总书记经济工作会议讲话，关注服务消费、前沿科技、反内卷政策细则、地产违约风险。 5、海外：美国最高法院裁定IEEPA关税违法，特朗普依据122条款对全球加征10%关税，21日提高至15%；美联储转向"更慢更久"的降息，预期 年内首次降息延后至7月。美国经济仍面临滞胀隐忧。 6、全球大类资产：春节期间海外股指多数上涨，韩国综合指数持续创新高。受伊朗地缘局势再度升温影响，油价继续走强、贵金属震荡走高。 7、短期波动或已结束，市场进入配置区间，节后关注两会、十五五、年报&一季报催化。 海外：特斯拉首辆赛博无人驾驶电动车Tesla Cybercab正式下线，Op ...

Investment Rating - The report suggests a positive outlook for the consumer electronics industry, particularly in AI hardware, indicating potential investment opportunities in this sector [4][13]. Core Insights - The consumer electronics industry is experiencing rapid growth in new product categories, especially AI-related devices, driven by strong sales during the Chinese New Year [6][10]. - Major companies are accelerating their investments in AI hardware, with significant developments from firms like OpenAI and Apple, which are expanding their product lines to include AI wearables and smart devices [9][10][11]. - The report highlights a notable decline in smartphone sales in China, with a 23% year-on-year drop in January 2026, although Apple remains a standout performer with positive growth [12]. Summary by Sections Industry Events Overview - During the Chinese New Year, sales of smart wearable devices increased by 130%, and health monitoring devices saw over 60% growth [6]. - AI glasses sales surged by 70-80%, while drones and robots experienced a 30-50% increase in sales [6]. - AI toy sales skyrocketed by 500 times during the holiday season, with six products exceeding one million units sold [6][7]. - The UTree humanoid robot showcased advanced performance during the Spring Festival Gala, achieving a maximum running speed of 4 m/s [7]. - OpenAI is developing a smart speaker with facial recognition capabilities, expected to launch in 2027 [9]. - Apple is advancing three new AI wearable devices, including high-end smart glasses and AI AirPods, aimed at enhancing the iPhone experience [10]. - Tesla's Cybercab, a fully autonomous electric vehicle, was officially launched [11]. - Smartphone sales in China saw a significant decline, with Apple being the only major brand to report growth [12]. Latest Industry Perspectives - The evolution of large model capabilities is pushing the industry towards the "Agentic AI" phase, with hardware being the most reliable beneficiary of AI applications, presenting new growth opportunities for consumer electronics companies [13]. - Recommended companies for investment include Crystal Optoelectronics, Jiebang Technology, and Tianyue Advanced, with a focus on AI glasses, AI toys, humanoid robots, and smart driving technologies [13].

消息面上，2月18日，特斯拉宣布首辆Cybercab在美国德州超级工厂下线，标志着Robotaxi开始向实车落 地阶段迈进，并将为其大规模铺开Robotaxi服务奠定基础。 智通财经APP获悉，智驾概念股表现亮眼，截至发稿，浙江世宝(01057)涨16.88%，报7.2港元；耐世特 (01316)涨3.88%，报8.03港元；均胜电子(00699)涨2.61%，报17.7港元；敏实集团(00425)涨1.49%，报 46.22港元。 东方证券发布研报称，随着实车落地完成，预计后续Cybercab按既定计划量产及后续爬坡的确定性较 高。根据特斯拉规划，Cybercab产量增长将遵循S曲线，长期目标产量将远超特斯拉所有其他车型总 和，预计进入Cybercab配套体系的汽零公司将有望持续迎来增量配套机会。 ...

格隆汇2月23日｜特斯拉、美国超微公司、博通夜盘跌超1%，Bitmine Immersion Technologies跌超3%， Strategy、Coinbase跌超2%，Robinhood、Circle跌近2%。 ...

每经AI快讯，2月23日，美股明星科技股、加密货币概念股夜盘普跌，特斯拉、美国超微公司、博通跌 超1%；Bitmine Immersion Technologies跌超3%， Strategy、Coinbase跌超2%，Robinhood、Circle跌近 2%。 ...

Core Viewpoint - Investors are shifting their focus from technology and large-cap stocks to sectors benefiting from AI-driven investments, leading to a rotation in market dynamics [1][2]. Sector Performance - Technology (XLK) and Consumer Discretionary (XLY) sectors remain negative year-to-date, while Financials (XLF) also show a decline [1]. - Energy stocks (XLE) have increased by 22% since the beginning of the year, driven by rising oil prices and demand, with Chevron (CVX) and ExxonMobil (XOM) shares up 20% and 22% respectively [2]. - Materials (XLB) and Industrial stocks (XLI) have risen by 15% and 14% respectively, attributed to AI infrastructure buildouts and reshoring trends [3]. - Defensive sectors like Consumer Staples (XLP) are gaining traction, with Walmart (WMT) reaching an all-time high [3]. Market Dynamics - The current market rotation is intensified by volatility, with portfolio rebalancing occurring as investors move from overvalued sectors to more stable areas [4]. - The Tech-Software Sector ETF (IGV) has seen a decline of 23% year-to-date due to fears surrounding AI's impact on traditional enterprise software roles [5]. - Cybersecurity firms have also faced declines, with shares of CrowdStrike (CRWD), Zscaler (ZS), and Cloudflare (NET) dropping significantly following new AI security tool announcements [6]. Economic Outlook - Profit growth and potential interest rate cuts by the Federal Reserve are expected to support a broadening stock market, with predictions of two to three rate cuts in 2026 [7]. - UBS strategists anticipate healthy profit growth across sectors, supported by a resilient US economy and ongoing easing cycles [7].

就在这两天，整个汽车圈又被特斯拉的一条实测视频给刷屏了。 特斯拉的官方账号在欧洲、中东和非洲发了一段"路考"大片，把大家都看愣了。 紧接着，马斯克本人在社交媒体上轻飘飘地转发并确认了一句话："特斯拉自动驾驶系统现在可以识别手势信号。" 这话说得云淡风轻，但懂的都懂，这玩意儿对于自动驾驶来说，绝对是里程碑式的跨越 。 这次流出的实测视频，地点选在了以狭窄著称的荷兰老城区街道。画面里，一辆特斯拉正小心翼翼地挪动，两边停满了车，只留下一条勉强能过的缝隙。 这时候，关键人物登场了，一个站在路中间的人对着车指挥，令人震惊的一幕发生了：这辆特斯拉竟然真的能识别手势，缓缓地往前蠕动。 开到一半，可能觉得右边的后视镜快蹭到路边停着的黑车了，车子犹豫了，停了下来。 这时候，指挥的人非常人性化地走过去，把黑车的后视镜掰了进去，然后再次对着特斯拉做了一个"往前开"的手势。特斯拉瞬间"心领神会"，稳稳当当地挤 了过去 。 这种能力，不再是冷冰冰的机器在识别红绿灯和车道线，而是算法开始尝试理解人类的"社会规则"和肢体语言。 为什么以前的车做不到这一点？传统的辅助驾驶，全靠工程师一行一行代码写出来的规则，比如"红灯停、绿灯行"。 但对于 ...