Core Viewpoint - The capital market is experiencing a surge in interest in the photovoltaic sector, particularly driven by Elon Musk's support for space photovoltaic technology, which has led to significant stock price increases in related companies [1][5][15]. Group 1: Market Dynamics - The photovoltaic sector saw a market capitalization recovery of over 200 billion yuan from January 23 to February 9, with leading companies like GCL-Poly and TCL Zhonghuan hitting their daily price limits [4][9]. - Following Musk's endorsement of space photovoltaic technology at the World Economic Forum on January 22, the A-share photovoltaic sector collectively surged [5][7]. - The market is witnessing a rotation of interest from traditional AI and chip sectors to the photovoltaic sector, particularly space photovoltaic concepts [1][2]. Group 2: Industry Challenges - The photovoltaic industry is currently facing an oversupply situation, with the China Photovoltaic Industry Association predicting a decline in new installed capacity in 2026 by 23.81% to 42.86% year-on-year [1][14]. - Many leading photovoltaic companies have reported significant expected losses for 2025, with 73.47% of the 49 companies that disclosed earnings forecasts predicting net losses [13]. - The industry is undergoing a deep adjustment phase, with many companies expressing concerns about the sustainability of stock price increases without corresponding performance improvements [12][13]. Group 3: Space Photovoltaic Technology - Space photovoltaic technology involves deploying large solar power stations in space to convert solar energy into electricity, which can then be transmitted back to Earth or used to power satellites and space stations [6][15]. - While space photovoltaic technology presents significant advantages over ground-based systems, such as uninterrupted sunlight and higher light intensity, it is still in the early stages of technological exploration and faces various challenges [2][15]. - The potential for space photovoltaic technology to become a new growth driver for the photovoltaic industry is acknowledged, but its realization will depend on overcoming technical, cost, and industry chain challenges [17].

行 业 及 产 业 2026 年 02 月 10 日 理想、比亚迪均有技术催化，板块 轮动+科技成长双轮驱动 看好 ——2026/2/2-2026/2/8 汽车周报 《重点公司 Q4 业绩强兑现，特斯拉再次 强调 AI 转型——2026/1/26-2026/2/1 汽 车周报》 2026/02/02 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 邵翼 A0230524120001 shaoyi@swsresearch.com 本期投资提示： 汽车 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 ⚫ 观点：①本周新车公告下，市场开始提前交易 Q1-Q2 的企业新车周期，主要是新技术 驱动下的产品力提升，看好理想、小鹏、比亚迪、长城汽车、江淮、北汽等。②特斯拉 optimus V3 市场预期持续强化，关注机器人产业链估值弹性，恒勃、银轮、隆盛、福 达、拓普、三花等。③智能化仍将是今年主要的增量板块，FSD 入华预期有望再次发 酵，看好经纬恒润、德赛西威、伯 ...

Summary of RoboX Industry Conference Call Industry Overview - The RoboX industry is experiencing a significant shift towards industrialization, with a focus on the deployment of Robotaxi and other autonomous vehicle applications. The penetration rate of L2 and above intelligent functions in passenger cars is rapidly increasing, leading to the mass production of core components like LiDAR and computing chips, resulting in significant cost reductions [1][2]. Key Insights and Arguments - **Cost Reduction**: The price of LiDAR has decreased from 20,000 RMB in 2020 to around 2,000 RMB by 2024, providing substantial cost-saving opportunities for the RoboX industry [1][5]. - **Profitability of Robotaxi**: Robotaxi can achieve profitability by reducing labor costs, with gross margins expected to rise from 20% to over 60%. The market for Robotaxi is projected to reach a scale of 100 billion RMB by 2030, with a global market size potentially growing to over 350 billion USD by 2035 [1][8]. - **Urban Deployment**: Cities like Beijing, Guangzhou, Shenzhen, Chongqing, and Wuhan have begun full commercial operations of Robotaxi, marking a significant step towards the commercialization of autonomous driving technology [1][12]. - **Logistics Cost Structure**: Last-mile delivery accounts for 60% of total logistics costs, making it a critical area for efficiency improvements. Unmanned delivery solutions are expected to significantly reduce fulfillment costs and address future labor shortages [1][13]. Additional Important Content - **Market Size Projections**: The domestic last-mile delivery vehicle market is expected to grow to 12.8 billion RMB by 2025 and 97.7 billion RMB by 2030 [1][13]. - **Policy Support**: The Chinese government has implemented numerous supportive policies for the development of intelligent connected vehicles, including the establishment of 17 national-level autonomous driving demonstration zones and the issuance of over 10,000 testing licenses [6][21]. - **Industry Collaboration**: The dry logistics sector is characterized by a collaborative model involving autonomous driving companies, OEMs, and logistics firms, focusing on enhancing operational efficiency and safety [3][20]. - **Challenges in Dry Logistics**: The dry logistics sector faces challenges such as limited operational efficiency, compressed profit margins, increased safety risks, and a structural gap in the driver workforce [3][16]. - **Future Recommendations**: The industry is advised to focus on the three core application areas of Robo Taxi, Robo Van, and Robo Truck, leveraging strong policy support and technological advancements to drive commercialization and market potential [22][23]. This summary encapsulates the key points discussed in the RoboX industry conference call, highlighting the current state, future projections, and strategic recommendations for stakeholders in the autonomous vehicle sector.

AI5不是一颗芯片 尽管马斯克在公开场合称之为「AI5 Chip」，但在特斯拉的工程定义里，它是 HW 5.0 —— 第五代车载计算平台。 Q3 财报会，他给出了更多细节： 推理性能是 HW4 的 40 倍； 内存容量是 HW4 的 9 倍； 2024 年 6 月，马斯克在 X 宣布 HW 5.0 改名为 AI5，沿用至今。时间来到 2025 年 11 月的股东大会上，马斯克说："AI5 之后，不会再有下一代车载芯片 了。" 无人驾驶、人形机器人、数据中心，全压这一个平台。他的原话是"Solving AI5 was existential to Tesla"——关乎存亡。 换句话说：搞不定，特斯拉就完了。 01 一头怪兽 | 计算平台 | HW4 (2023) | AI5 (泄露) | | --- | --- | --- | | 推理算力 | ~ 300 TOPS | 2000 - 2500 TOPS | | 内存 | 16GB | 144GB | | 带宽 | 384 GB/s | 1.9 TB/s | | 制程 | 7nm | 3nm | 如果这些数字是真的，AI5 的性能逼近英伟达 H100。H100 ...

智通财经APP获悉，在特斯拉(TSLA.US)效力长达13年的资深高管拉杰·杰加纳坦(Raj Jegannathan)于周 一正式宣布离职。作为该公司信息技术、人工智能基础设施、商业应用及信息安全领域的副总裁，杰加 纳坦回顾道："在特斯拉的这段旅程是一段不断演进的过程。" 截至目前，特斯拉与杰加纳坦均未对离职传闻作出即时回应。 据最新财报显示，2025年特斯拉营收同比下滑3%，创下有记录以来的首次年度衰退。在此背景下，公 司正承受双重压力：既要重振电动汽车销量以扭转颓势，又需兑现其长期承诺的无人驾驶系统及无需人 工干预即可载客的车辆交付目标。 去年，在北美销售主管特洛伊·琼斯遭解雇后，杰加纳坦临危受命，接管了这家电动汽车制造商的销售 团队。 然而，特斯拉当前正面临严峻挑战——其核心汽车销量持续下滑，品牌声誉亦受多重因素冲击：一方 面，老化的电动汽车产品线已难以满足市场需求;另一方面，消费者对首席执行官埃隆·马斯克的煽动性 政治言论、参与特朗普政府事务，以及支持全球多地极右翼人物和政党的行为表现出强烈抵触情绪。 ...

Core Viewpoint - Elon Musk's recent comments on artificial intelligence, space computing, and U.S. debt have garnered significant attention, suggesting that space may become the most economically viable location for deploying AI computing within the next three years, with implications for macroeconomic operations and industrial structures [1][4]. Group 1: AI and Space Computing - Current AI models are evolving towards larger scales and higher complexities, with computing power and energy becoming core bottlenecks [3]. - Musk's proposal to deploy AI in space represents a reconfiguration of the "energy-computing-cost" relationship, leveraging stable and efficient solar energy in space as a critical support for large-scale computing operations [3]. - The traditional ground-based data centers face increasing constraints in power, cooling, and land, making the search for new computing capacity solutions a long-term issue for the tech industry [3]. Group 2: Digital Human Simulation - Musk predicts that the number of "simulated digital humans" will far exceed real humans, indicating a shift in AI from a tool to a "factor of production" [3]. - If AI achieves comprehensive digital simulation of human capabilities in cognition, judgment, and execution, it could reshape labor division and value creation methods, impacting sectors like finance, manufacturing, healthcare, and education [3]. Group 3: AI Governance and Economic Implications - Musk emphasizes the importance of aligning AI values with human civilization goals, highlighting that technology governance is a core issue in tech development [4]. - The integration of AI and robotics with the U.S. debt issue has sparked discussions, with Musk warning that without productivity gains from AI and automation, the U.S. may face fiscal imbalance or bankruptcy [4]. - The rising U.S. debt and interest payments are pressing fiscal constraints, particularly in a high-interest environment, necessitating a focus on enhancing potential growth rates [4]. Group 4: Historical Context and Future Outlook - Historical technological revolutions have significantly raised overall societal productivity, providing space for debt management and economic expansion [5]. - Musk's views on AI and robotics are based on the premise that technological advancements can expand the economic "pie," thereby improving the capacity to manage high debt levels [5]. - The construction cycle, commercialization path, and safety issues of space AI infrastructure present uncertainties, while AI's impact on employment and income distribution may exacerbate social tensions in the short term [6]. - The discussions around AI computing, automation, and productivity enhancement are expected to intensify, with significant implications for the long-term global economic landscape [6].

Core Insights - Tesla's head of sales for North America, Raj Jegannathan, is leaving the company, marking a significant turnover in leadership within the organization [1][2] - This departure is part of a broader trend of executive exits at Tesla, coinciding with consecutive annual declines in vehicle deliveries [3] - The company is facing a slowdown in electric vehicle demand in the US and is shifting focus towards investments in artificial intelligence, autonomous driving, and humanoid robots [4] Executive Departures - Raj Jegannathan, who was responsible for sales and IT functions, is the latest in a series of high-profile exits, including longtime Musk confidant Omead Afshar and other key leaders [2][3] - The turnover in leadership positions has been notable, with several executives leaving in a short span, indicating potential instability within the company's management [3] Market Position - Tesla has lost its status as the world's largest seller of electric vehicles to BYD Co. from China, highlighting the competitive pressures in the EV market [4] - The company is navigating a challenging environment with declining vehicle deliveries, which may impact its market share and growth prospects [3][4]

Core Insights - Midas is developing mathematical infrastructure aimed at securing AI systems, with backing from notable investors including OpenAI, Tesla, and SpaceX [1] Company Overview - Midas is focused on creating foundational technologies that enhance the security of artificial intelligence systems [1] Investment Backing - The company has secured investment from prominent entities such as OpenAI, Tesla, and SpaceX, indicating strong confidence in its mission and potential [1]

1）近期据PV-Tech，特斯拉位于纽约州布法罗的工厂已重新调整用途，用于生产太阳能组件；特斯拉能源高级总 监ColbyHastings向多家媒体表示，今年的目标是将布法罗工厂的组件组装产能扩大至300MW。 2）2月5日，美国初创公司Starcloud正式向FCC提交申请，计划部署8.8w颗卫星，搭建分布式、基于太空的AI训练 与云计算平台。 3）2月7日，我国在酒泉卫星发射中心使用长征二号F运载火箭，成功发射一型可重复使用试验航天器。 观点重申： 【东吴电新】太空光伏：特斯拉重启光伏组件生产， Starcloud申请部署8.8w颗卫星，持续重点推荐！ 1）近期据PV-Tech，特斯拉位于纽约州布法罗的工厂已重新调整用途，用于生产太阳能组件；特斯拉能源高级总 监ColbyHastings向多家媒体表示，今年的目标是将布法罗工厂的组件组装产能扩大至300MW。 2）2月5日，美国初创公司Starcloud正式向FCC提交申请，计划部署 【东吴电新】太空光伏：特斯拉重启光伏组件生产， Starcloud申请部署8.8w颗卫星，持续重点推荐！ #技术持续迭代、钙钛矿导入头部。 SingfilmSolar柔性钙钛矿 ...

【中泰机械】恒勃股份：特斯拉供应链核心注塑件供应商，量产进程稳步推进 核心观点：公司作为特斯拉PEEK注塑件核心供应商，凭借材料改性及工艺优化能力持续巩固竞争优势，特斯拉机 器人相关部件已进入定型量产报价阶段，业务放量在即。 1已顺利完成特斯拉两轮现场审核（工程师/采购/SIE团队），重点关注产品设计、工艺路径及海外产能布局。 2量产报价逐步 【中泰机械】恒勃股份：特斯拉供应链核心注塑件供应商，量产进程稳步推进 核心观点：公司作为特斯拉PEEK注塑件核心供应商，凭借材料改性及工艺优化能力持续巩固竞争优势，特斯拉机 器人相关部件已进入定型量产报价阶段，业务放量在即。 1已顺利完成特斯拉两轮现场审核（工程师/采购/SIE团队），重点关注产品设计、工艺路径及海外产能布局。 2量产报价逐步完成，框架协议签署预计将有序推进。 行业内目前该工作进展目前以身体结构件为主，灵巧手功能件预计后续跟进。 1在PEEK材料改性及精密注塑领域具备突出能力，为特斯拉供应链中少数实现规模化量产的企业。 2持续优化注塑工艺路径，在提升一致性的同时有效降本，为持续获取特斯拉份额提供支撑。 1伴随特斯拉机器人量产进程推进，公司有望从灵巧手功能 ...