Market Performance - The S&P 500 decreased by 0.4% this week, while the Nasdaq fell by 0.7%[1] - Small-cap value (Russell 2000 Value) outperformed with a gain of 2.2%, followed by small-cap growth (Russell 2000 Growth) at 1.9%[1] - Among 10 sectors, 6 sectors saw gains, with Food & Staples Retailing up 4.6% and Capital Goods up 4.4%[1] Fund Flows - Estimated fund flow for S&P 500 components was -$1.7 billion this week, down from +$130.2 million last week[2] - Semiconductor products and equipment saw a significant inflow of $37.6 million, while Software & Services experienced an outflow of $32.7 million[2] Earnings Forecast - The 12-month forward EPS estimate for S&P 500 components was revised up by 0.3% this week, consistent with last week[3] - The automotive sector led with an EPS increase of 1.3%, while the energy sector saw a decrease of 2.1%[3] Risk Factors - Key risks include uncertainties in economic fundamentals, international political situations, U.S. fiscal policies, and Federal Reserve monetary policies[3]

Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk's surprise announcement to offer the company's Full Self-Driving (FSD) technology as a subscription service only starting next month has raised questions about the motive behind the move and whether it could be tied to tranches outlined in the trillion-dollar pay package approved last November by investors.The AnnouncementMusk shared the announcement via a post on the social media platform X in the wee hours of Wednesday, saying that the company would stop selling FSD ...

产业研究 证 券 研 究 报 告 科技制造产业月报（2025 年 12 月） 奔跑的机器人，与变局的制造业 综合 2026 年 01 月 17 日 华创证券研究所 证券分析师：洪锦屏 邮箱：hongjinping@hcyjs.com 执业编号：S0360516110002 证券分析师：肖琳 邮箱：xiaolin@hcyjs.com 执业编号：S0360523020003 相关研究报告 《科技制造产业月报（2025 年 9 月）：人形机器人 产业链概览 波士顿动力长期代表了机器人领域顶尖的工程艺术，但因成本高昂、难以适应 工业化要求而商业化进程缓慢；而近期特斯拉 Optimus 与 Figure AI 发布的机 器人流畅跑步视频，展示了显著提升的动态平衡与敏捷性，给全球产业带来"这 次可能真的不一样"的强烈观感，引发了人形机器人是否真正跨越"死亡谷"、 走向规模化商业化的核心追问。本文将穿透视频的视觉冲击，深入拆解这两场 "表演"背后截然不同的商业逻辑与战略意图，剖析由此引发的全球供应链暗 战与生态位争夺，并勾勒出未来几年决定人形机器人产业生死的关键战场。 人形机器人实现流畅奔跑是机器人技术从"功能实现"迈向" ...

特斯拉 V3 确定性提升，产能扩张在即，看 好制造经营优势企业 ——机器人产业跟踪 核心观点 投资建议与投资标的 近期关于特斯拉 V3 机器人的公开信息增多，我们认为市场的担忧下降、行业景气度上升 的确定性上升，由此带来投资机会。在 V3 落地后，我们预计行业将进入产能扩建，而制 造和经营能力领先的企业更具投资机会。相关标的：拓普集团(601689，买入)、三花智 控(002050，买入)、五洲新春(603667，买入)、恒立液压(601100，未评级)、震裕科技 (300953，买入)。 风险提示 厂商生产不及预期、场景需求落地不明确导致低于预期、国家政策变化导致行业发展放 缓、行业融资不及预期、模型发展和数据采集慢于预期、订单执行效果低于预期、产品 降价风险。 机械设备行业 行业研究 | 动态跟踪 国家/地区 中国 行业 机械设备行业 报告发布日期 2026 年 01 月 17 日 看好（维持） 杨震 执业证书编号：S0860520060002 香港证监会牌照：BSW113 yangzhen@orientsec.com.cn 021-63326320 | 电感编码器性能卓越，机器人应用打开长 | 2026 ...

Core Viewpoint - The automotive parts industry is expected to experience significant growth driven by the acceleration of smart and global trends, with humanoid robots entering a phase of mass production by 2026 [2][7]. Group 1: Industry Overview - In 2025, domestic wholesale vehicle sales reached 21.16 million units, a year-on-year increase of 13.3%, leading to an 8.3% increase in automotive parts revenue [2][20]. - For 2026, the wholesale vehicle sales are projected to reach 30.3 million units, a 1.0% year-on-year increase, supported by the continuation of vehicle replacement policies [2][46]. - The automotive parts sector is expected to benefit from the increasing share of domestic brands and the pressure of annual declines on profit margins, which decreased by 0.5 percentage points year-on-year [2][43]. Group 2: Investment Strategy - The investment strategy emphasizes the importance of high-quality customers, with domestic brands being prioritized over new forces and joint ventures [3][9]. - The focus is on high-growth clients such as Geely and BYD in the domestic market, and the expansion of overseas production capacity is expected to enhance revenue and profit [3][8]. - The global expansion of Chinese automotive parts is anticipated to continue, particularly in North America and Europe, driven by the increasing electrification rate [3][9]. Group 3: Product Dimensions - The smart driving sector is expected to see accelerated growth, with a projected increase in penetration rates as advanced driving technologies become more accessible to the mass market [4][39]. - Humanoid robots are entering a mass production phase in 2026, with significant advancements in AI and robotics technology expected to drive long-term growth [4][54]. - Key investment opportunities are identified in high-performance driving chips and smart cockpit controllers, which are expected to experience substantial growth [4][53]. Group 4: Financial Performance - The automotive parts sector's revenue growth is closely tied to passenger vehicle sales, with a noted increase in average selling prices (ASP) [15][20]. - The gross profit margin for the automotive parts sector was 19.4% in 2025, reflecting a slight decline due to increased pressure from OEMs [26][33]. - The net profit growth for the automotive parts sector was only 4.2% year-on-year, indicating that profit growth is lagging behind revenue growth due to pressures from OEMs [33][39]. Group 5: Future Outlook - The automotive parts industry is expected to see a shift towards smart and electric components, with a focus on intelligent driving and humanoid robots as key growth areas [2][53]. - The five-force model indicates that the industry will favor smart electric components over traditional parts, with significant growth potential in humanoid robots and low-altitude applications [53][54]. - The overall industry space is defined by the value per vehicle, vehicle sales, and product penetration rates, with a strong emphasis on high-quality customers and favorable market conditions [54].

IT之家 1 月 17 日消息，当地时间 1 月 16 日，据《财富》杂志报道，文件显示马斯克旗下的"无聊公司"正与内华达州政府关联机构合作，研究一项可能从里 诺延伸至特斯拉超级工厂的地下隧道项目，路线位于 80 号州际公路下方，长度约 14.5km。 该研究由西内华达经济发展局出资推进。该机构是一家与州政府密切合作、负责招商引资的非营利组织，已于 2025 年 10 月向无聊公司支付 5 万美元（IT之 家注：现汇率约合 34.9 万元人民币），用于完成概念性设计和可行性研究。研究目标是为塔霍 — 里诺工业中心寻找新的交通替代方案。 该工业中心占地约 433 平方公里，随着数据中心和大型企业持续入驻，80 号州际公路沿线的交通流量和事故数量显著上升。 特斯拉和松下作为工业中心内规模最大的两家公司，自至少去年春季起便与内华达州州长办公室就交通问题展开沟通，并同步参与多种解决方案的评估。 在现阶段讨论中，通勤铁路方案仍是主要方向。特斯拉和松下正与当地交通机构合作，资助一项利用现有货运铁路的通勤铁路研究。同时，两家公司也向西 内华达经济发展局提供资金，用于评估包括地下隧道在内的其他选项。前州长基础设施事务主管克里 ...

Core Viewpoint - Elon Musk has decided to phase out the one-time purchase option for Tesla's Full Self-Driving (FSD) by February 14, 2026, favoring a Software as a Service (SaaS) model instead [1]. Pricing and Market Strategy - In the U.S., the one-time purchase price for FSD is $8,000, while the monthly subscription price will decrease to $99, making the subscription equivalent to a purchase over 81 months. In China, the buyout price is approximately 64,000 RMB, with the subscription model expected to lower the barrier for adoption and increase subscription rates [2]. - Reports indicate that FSD has received "partial approval" in China, with full approval anticipated around February or March 2026. The monthly subscription fee in China is projected to be between 499 and 699 RMB [2]. Technological Developments - Tesla's FSD continues to utilize an end-to-end Variational Autoencoder (VA) architecture, with ongoing optimizations. The focus is on user acceptance and engineering improvements, indicating a challenging period ahead for autonomous driving [3]. - Recent advancements in FSD include the development of 3D Gaussian closed-loop simulation capabilities, which are expected to enhance action optimization [2]. Future Outlook - The company is also making strides with its Optimus V3 project, which is anticipated to be a transformative technology, potentially overshadowing Tesla's automotive legacy [3].

President Donald Trump has shown support for the recent trade agreement between Canada and China.Trump Backs Canada–China DealPresident Trump on Friday endorsed the Canada-China trade deal, calling it a "good thing" and saying Canadian Prime Minister Mark Carney should be making such a deal.“If you can get a deal with China, you should do that,” Trump told reporters outside the White House.This comes amid the ongoing economic rivalry between the US and China during Trump’s second term.Deal Lowers Tariffs on ...

Core Viewpoint - The article presents ten major predictions for the Chinese economy in 2025, emphasizing the emergence of a new cycle and era, the global interest rate reduction, the fourth technological revolution, and the importance of adapting to new trends and opportunities in various sectors [2][3][4][5][6][7][8][9][10][11]. Group 1: New Economic Cycle and Global Trends - A new economic cycle and era are emerging, encouraging adaptation to new trends and opportunities [2][3]. - The global economy is entering a new interest rate reduction cycle, with significant implications for monetary policy and economic growth [3][40]. - The return of Trump to the White House (Trump 2.0) is expected to create uncertainties, including inflation and trade tensions, impacting global economic dynamics [3][42][44]. Group 2: Technological Revolution - The fourth technological revolution is underway, with breakthroughs in artificial intelligence, renewable energy, commercial aerospace, low-altitude economy, and biomanufacturing [4][55][57]. - AI is expected to experience explosive growth, with applications in image recognition, humanoid robots, AI assistants, and consumer electronics [6][11]. - The low-altitude economy is gaining traction, with potential applications in logistics and urban management, creating a multi-trillion market [8][59]. Group 3: Economic Policies and Domestic Growth - China is initiating macroeconomic easing to boost confidence and economic growth, focusing on new infrastructure and productivity [5][73]. - The government is implementing policies to stabilize the real estate market and promote consumption, with a focus on enhancing the business environment for private enterprises [78][87]. - The emphasis on new infrastructure includes advancements in new energy systems, digital economy, and artificial intelligence, positioning China for future growth [81][84]. Group 4: Globalization and Market Expansion - Chinese enterprises are shifting from export to global expansion, tapping into larger international markets [6][92]. - The rise of successful Chinese companies in overseas markets, such as SHEIN and TikTok, illustrates the potential for growth beyond domestic borders [96][111]. - Southeast Asia is identified as a key target for Chinese companies due to its growing market and favorable conditions for investment [101]. Group 5: Aging Population and Consumer Trends - The aging population presents opportunities in the silver economy, emphasizing the need for policies to boost birth rates and early childhood development [11]. - Consumer behavior is shifting towards interest-based spending, with cultural consumption and local trends gaining popularity among younger demographics [9][30].

Core Viewpoint - The article emphasizes the importance of practical learning experiences in cutting-edge technology and investment research, highlighting the collaboration between entrepreneurs and top-tier companies to explore new opportunities in emerging industries [12][24]. Schedule Overview - The schedule for 2025 includes visits to leading companies in various sectors such as AI, robotics, and new energy, with specific dates and locations outlined for each event [5][9][10]. - Notable events include visits to companies like Tesla, Google, and various AI and robotics firms, providing participants with firsthand insights into industry trends and innovations [7][8][24]. Learning Experience - The program offers deep exploration into the development of cutting-edge technologies, allowing participants to witness the entire process from laboratory to industrialization [12]. - Participants engage in top-level dialogues with founders and executives, gaining insights into strategic decisions and industry disruption logic [12][24]. Participant Feedback - Feedback from participants highlights the value of the program in enhancing their understanding of macroeconomic trends and investment strategies, as well as fostering connections among entrepreneurs [46][47]. - Participants express appreciation for the practical approach of the program, which combines theoretical knowledge with real-world applications in leading technology firms [42][44].