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 ...

当地时间1月12日，美股市场颇为"热闹"。三大指数集体收涨，其中道指、标普500指数再创新高。截至 收盘，道指涨0.17%，报49590.20点；纳指涨0.26%，报23733.90点；标普500指数涨0.16%，报6977.27 点。 热门中概股多数收涨，纳斯达克中国金龙指数涨4.26%。阿里巴巴涨超10%，创2025年8月29日以来最大 单日涨幅。 国际局势方面，特朗普在其社交媒体"真实社交"发文表示，如果美国最高法院出于任何原因做出对美国 不利的关税裁决，美国将要面临实际金额数千亿美元的赔偿。 金银期现价格开盘跳水 北京时间1月13日早盘，金银价格开盘跳水。伦敦现货黄金盘中失守4580美元/盎司；伦敦现货白银连续 快速跌破85美元/盎司、84美元/盎司重要关口。 | 伦敦金现 | < W | | | | | | | --- | --- | --- | --- | --- | --- | --- | | SPTAUUSDOZ.IDC | | | | | | | | 昨结 4597.200 4585.063 | | | 总量 | | | 0 | | 4597.200 -0.26% 开盘 | | | 现手 | ...

来源：喜娜AI 一、国际新闻 美国金融市场方面，周一美股三大股指收盘普涨，道指涨0.17%，纳指涨0.26%，标普涨0.16%，其中英 伟达、苹果微涨，谷歌涨超1%且市值首次突破4万亿美元，微软、亚马逊微跌，博通涨超2%，Meta跌 超1%，特斯拉涨近1%，沃尔玛涨超3%，甲骨文涨超3%[1]。 谷歌市值突破4万亿美元的背景是苹果选择其Gemini驱动今年推出的人工智能Siri[2][3]。 纳斯达克中国金龙指数表现强劲，收涨4.28%，金山云涨21.37%，1药网涨21.27%，知乎涨17.46%，逸 仙电商涨11.67%，好未来涨10.40%，盘中该指数一度涨超4%，成分股中知乎、金山云、阿里巴巴等多 只个股涨幅显著[4][5][6][7]。 大宗商品市场波动明显，贵金属方面，纽约期金曾突破4640美元/盎司，日内涨3.09%，但随后失守4600 美元/盎司，日内跌0.33%，进一步失守4590美元/盎司，日内跌0.58%；现货黄金同样先突破4620美元/盎 司，日内涨2.45%，之后失守4590美元/盎司，日内跌0.20%，再失守4580美元/盎司，日内跌0.39%[8][9] [10][11][12] ...

Group 1 - The core viewpoint of the article emphasizes that the demand for automobiles is driven by the continuation of the trade-in policy, leading to an unexpected penetration of new energy vehicles (NEVs) and improved profitability through high-end products and overseas expansion [3][4][5][6][7][8] Group 2 - In 2025, the cumulative wholesale sales of passenger cars reached 24.119 million units, a year-on-year increase of 12.6%, with NEVs growing by 30.7% [3][8] - The penetration rate of NEVs in wholesale sales was 50.4%, up by 7.0 percentage points year-on-year, while the penetration rate for insurance reached 53.3%, an increase of 6.6 percentage points [3][46] - The share of domestic passenger cars in wholesale sales reached 69.3%, a year-on-year increase of 4.9 percentage points, with brands like Geely, Xiaomi, and Leap Motor showing significant growth [3][50] Group 3 - Looking ahead to 2026, the trade-in policy is expected to continue, supporting demand, with projected insurance sales of 22.32 million units, a decrease of 5.0% year-on-year, and wholesale sales of 30.10 million units, an increase of 1.0% [4][5] - The NEV insurance sales are expected to reach 13.8 million units, a year-on-year increase of 6.2%, while wholesale sales are projected to be 17.3 million units, up by 13.4% [4][15] Group 4 - The competitive landscape is shifting, with joint ventures declining and domestic brands accelerating their rise in the mid-to-high-end market [5][10] - In the 5-15 million price range, price-sensitive consumers are expected to drive competition, while brands like Geely, BYD, and Leap Motor are anticipated to gain higher sales growth due to their advantages in intelligence and cost-effectiveness [5][10] Group 5 - The article highlights the acceleration of intelligent driving technology, with major players like Huawei and BYD pushing for the democratization of advanced driving features [6][10] - The L3 commercial deployment is expected to gain momentum in 2026-2027, with various automakers launching new high-level driving systems and models [6][10] Group 6 - The export of passenger cars is projected to reach 6.64 million units in 2026, a year-on-year increase of 15.5%, driven by the technological advantages of domestic NEVs and the expansion of overseas manufacturing [7][11] - Companies like BYD and Geely are expected to increase their export efforts, with BYD establishing overseas factories and Geely accelerating NEV exports [7][11]

机构认为，短期技术性回调风险上升。 【财经日历】 美国2025年12月CPI 2026三亚.国际种业科学家大会暨国际种业科技博览会(1/13-1/16) 第四届中国石油和化工行业数字化转型智能化发展大会(北京,1/13-1/15) 财报发布：摩根大通 | 树 盘前必读 | // 外盘怎么样 // | | | --- | --- | --- | | 名称 | 现价 淵鉄 | 涨跌幅 | | 道琼斯工业平均 | 49590.20 86.13 - | 0.17% | | 纳斯达克指数 | 23733.90c 62.55 | 0.26% | | 标普500 | 6977.27 10.99 10 | 0.16% | 当地时间周一，美股小幅走高。截至收盘，道指涨0.17%，纳指涨0.26%，标普500指数涨0.16%。道指和标普联袂创收盘新高。 金融板块下跌超1%，在标普500指数各板块中领跌。美国总统特朗普宣布，将于1月20日起对信用卡年利率设置为期一年的10%上限，受此影响，贷款机构 及信用卡公司的股价承压下挫。美银跌1.2%，摩根大通跌1.4%，花旗跌近3%，美国运通跌4.2%。 沃尔玛涨3%，市场对其即将纳入纳斯 ...

人民财讯1月13日电，美股三大指数集体收涨，道指涨0.17%，纳指涨0.26%，标普500指数涨0.16%，道 指与标普500创历史收盘新高。大型科技股涨跌不一，谷歌涨1%，苹果、特斯拉小幅上涨；英特尔跌超 3%。热门中概股多数收涨，纳斯达克中国金龙指数涨4.26%，阿里巴巴涨超10%，哔哩哔哩涨近9%， 小鹏汽车涨超8%，百度、微博涨超6%。 转自：证券时报 ...