智通财经APP获悉，近年来，许多投资者都奉行一套简单的策略来跑赢市场：重仓美国大型科技股。 "当下的市场早已不是'一招鲜吃遍天'的行情，"管理着1.4万亿美元资产的Natixis Investment Managers Solutions首席投资组合策略师Jack Janasiewicz表示，"如果只是无脑买入整个巨头组合，个股的亏损很 可能会抵消掉其他股票的收益。" 这轮持续三年的牛市由科技巨头引领，自2022年10月牛市开始以来，仅英伟达、谷歌、微软(MSFT.US) 和苹果(AAPL.US)四家公司就贡献了标普500指数涨幅的三分之一以上。但随着市场资金开始流向标普 500指数的其他成分股，投资者对科技巨头的热情正在降温。 由于大型科技公司盈利增速放缓，投资者不再满足于"AI带来暴富"的空头支票，而是期待真金白银的回 报。汇编数据显示，七巨头2026年的盈利增幅预计约为18%，为2022年以来最慢增速，与标普500指数 其他493家成分股13%的预期增幅相比，优势已十分微弱。 "我们已经看到企业盈利增长的范围正在扩大，且这一趋势将持续下去，"瑞银全球财富管理美国股票主 管David Lefkowitz指 ...

Core Viewpoint - The article discusses the evolving landscape of the Chinese automotive industry, focusing on the impact of personal branding (IP) of industry leaders, the rise of Huawei in automotive technology, and the trends in global expansion and regulatory changes in autonomous driving [4][5][6]. Group 1: Personal Branding in Automotive Industry - The debate on whether automotive leaders like Lei Jun and Wei Jianjun should develop personal brands (IP) has intensified, with differing opinions on its effectiveness and potential backlash [5][25]. - Lei Jun's recent challenges with Xiaomi's automotive ventures highlight the risks of personal branding, while Wei Jianjun's successful IP development reflects a more grounded approach [26][30]. - The article emphasizes the need for automotive leaders to focus on product quality and strategic management rather than solely on personal branding [31][35]. Group 2: Huawei's Role in Automotive Technology - Huawei's positioning as a service provider rather than a car manufacturer allows it to play a unique role in the automotive industry, focusing on empowering car manufacturers with advanced technologies [7][10]. - The introduction of Huawei's "Jing" and "Jie" series vehicles indicates a strategic expansion into the automotive market, with a focus on high-end segments [9][10]. - Huawei's technology capabilities, including smart cockpit and driving technologies, are seen as critical to its success in the automotive sector, potentially reshaping the competitive landscape [12][15]. Group 3: Trends in Global Expansion - The article notes a significant trend of Chinese automotive companies pursuing IPOs in Hong Kong, reflecting a renewed interest in capital markets and the need for ongoing funding in a capital-intensive industry [38][39]. - The global expansion of Chinese automotive brands is characterized by a shift towards local production and partnerships, moving beyond simple export strategies to more integrated approaches [43][45]. - The necessity for Chinese companies to adapt to local markets and consumer behaviors is emphasized, indicating a more mature approach to globalization [47][49]. Group 4: Regulatory Changes in Autonomous Driving - The Chinese government has implemented stricter regulations on L2 autonomous driving systems, reflecting a growing emphasis on safety following recent incidents [58][60]. - The approval of L3 autonomous driving systems indicates a positive regulatory environment for advanced driving technologies, with companies like Deep Blue and BAIC leading the way [58][61]. - The article suggests that the development of Robotaxi services is gaining momentum, with a focus on subscription-based models as a viable business strategy [61][63].

Group 1 - TSMC is progressing well with the development of its next-generation 1.4nm process, planning to start risk production in 2027 and gradually ramp up production in 2028. The company expects sales to reach NT$335 billion in December 2025, a year-on-year increase of 20.4%, slightly exceeding market expectations. Cumulative sales for 2025 are projected at NT$3.81 trillion, reflecting a year-on-year growth of 31.6% [2] - OpenAI is advancing audio AI technology and plans to release a more natural real-time voice model in 2026, aiming to replace screen interactions with voice. The company is also investing $1 billion with SoftBank Group in SB Energy to support its growth as a data center developer and operator [2] - Meta has reached agreements with nuclear power suppliers Oklo, Vistra, and TerraPower to potentially acquire up to 6.6 GW of nuclear power capacity by 2035, positioning itself as the largest nuclear energy buyer among tech giants to support its data center operations [2] - Merck is reportedly in talks to acquire cancer drug developer Revolution Medicines for between $28 billion and $32 billion, which would mark a significant transaction in the recent biotech merger wave and enhance its oncology product line [2] Group 2 - Geely Holding is likely to announce an expansion plan in the U.S. within the next 24 to 36 months, with brands like Zeekr and Lynk & Co potentially suitable for the U.S. market, aiming to accelerate its global layout and expand into high-end overseas markets [5] - BAIC New Energy has launched a pilot operation for the Arcfox Alpha S (L3 version) in collaboration with Beijing Mobility, with the first batch of vehicles expected to enter designated areas by Q2 2026, promoting the commercialization of autonomous driving technology [5] - China Resources Microelectronics has signed a strategic cooperation agreement with TCL Industries and Zhonghuan Lianxing, focusing on power devices, smart power modules, and MCUs to enhance competitiveness in the semiconductor supply chain [5] - Tencent's Chief AI Scientist stated that the company has a strong 2C gene and faces challenges in the 2B market in China, indicating a future exploration of differentiated development paths for 2B business [5] - Stone Technology has received approval from the CSRC for its Hong Kong IPO, planning to issue no more than 33.108 million shares, which will further expand its financing channels [6] Group 3 - Samsung Electronics' Galaxy S26 Ultra model will support eSIM and is expected to be released next month, while major tech companies like Google, Microsoft, and Meta are seeking memory supply support from Samsung and SK Hynix due to global memory shortages [11] - Toyota remains the top-selling car brand in Indonesia for 2025, while Tesla has surpassed Toyota in global market capitalization, reflecting ongoing market optimism for the electric vehicle sector and increasing pressure on traditional automakers [11] - Sumitomo Metal Mining is investing in a nickel wet processing plant in Indonesia to build a stable resource supply network, with Japan's nickel metal production expected to reach 106,000 tons by 2025 [11] - BMW Group expects global sales of 2.464 million units in 2025, a slight increase of 0.5% year-on-year, with a 12.5% decline in the Chinese market, while European and U.S. markets show growth of 7.3% and 5.0%, respectively [13] - LVMH is reportedly collaborating with Chinese beauty brand Mao Geping, although specific details of the partnership have not been disclosed, indicating its expansion in the beauty sector [13]

Chamath Palihapitiya, a former Facebook executive and a prominent investor, has predicted that Elon Musk's aerospace startup, SpaceX, is unlikely to go for an initial public offering (IPO) amid speculations of it happening this year.The CEO and Founder of Social Capital, who is known for his “blank-check” companies, said on his podcast All-In that instead of an IPO, he believes that SpaceX would eventually go public through a reverse merger with Tesla.“I don’t think SpaceX will IPO, I think it will reverse ...

IT之家 1 月 11 日消息，埃隆・马斯克声称，特斯拉的擎天柱（Optimus）人形机器人将在短短三年内，超越全球最顶尖的人类外科医生。 这位特斯拉首席执行官是在接受美国医生兼工程师彼得・戴曼迪斯采访时作出这一表态的，后者主持着播客节目《大胆构想》。 马斯克表示："目前全球正面临医生和优秀外科医生短缺的问题。" 他还说："培养一名优秀医生需要耗费极其漫长的时间，即便学成之后，医学知识仍在不断更新迭代，医生很难做到面面俱到。他们的时间有限，难免会出 现失误。你想想，世界上能有多少顶尖外科医生？其实并不多。" 戴曼迪斯随即发问："你认为擎天柱机器人多久能超越最顶尖的外科医生，成为更出色的手术执行者？" 马斯克回应道："三年。顺带一提，三年后它将实现规模化应用。届时，具备顶尖外科手术水平的擎天柱机器人数量，或许会超过全球人类外科医生的总 和。" 据IT之家了解，这位 SpaceX 创始人于 2022 年首次公开了擎天柱机器人的原型机，并表示首款量产机型有望在次年推出。 两年后的 2024 年，马斯克将该机器人的上市目标时间定为 2026 年。 一位卫生政策领域专家向 The Independent 表示，马斯克的 ...

Core Viewpoint - Tesla's stock is currently at a critical juncture, indicating potential volatility and uncertainty in its market performance [1] Group 1 - The company is facing significant challenges that could impact its stock price, including competition and market dynamics [1] - Analysts are closely monitoring Tesla's performance metrics and strategic decisions to gauge future growth potential [1] - Investor sentiment appears mixed, reflecting concerns over the company's ability to maintain its market leadership [1]

机械设备 机械设备 2026 年 01 月 11 日 投资评级：看好（维持） ——行业周报 行业走势图 数据来源：聚源 -14% 0% 14% 29% 43% 58% 72% 2025-01 2025-05 2025-09 机械设备 沪深300 相关研究报告 《马斯克宏图的下一个篇章：脑机接 口，2026 年将启动大规模量产，有望 解锁人机协同终极形态—行业周报》 -2026.1.4 《技术进化的 2025，走向量产的 2026， 人形机器人"黄金十年"启幕—行业 点评报告》-2025.12.29 《"结构件"与"手套"：特斯拉 Optimus 机器人轻量化的"关键一环"—行业 点评报告》-2025.12.22 | 孟鹏飞（分析师） | 欧阳蕤（分析师） | | --- | --- | | mengpengfei@kysec.cn | ouyangrui@kysec.cn | 证书编号：S0790522060001 证书编号：S0790525060002 人形机器人板块呈震荡向上，趋势确立 近期人形机器人板块指数在前一周强劲上涨后呈现震荡向上走势。本周（1 月 5 日-1 月 9 日，全文同）沪深 300 指 ...

Core Insights - The current economy is not as robust as it appears, with stock market gains concentrated among a few companies, leading to a divergence in performance [1][3][5] - The average American is experiencing a decline in wealth due to rising prices from inflation and a slowing job market influenced by artificial intelligence [1][2] Company Performance - The "Magnificent Seven" companies—Meta, Alphabet, Amazon, Apple, Microsoft, Nvidia, and Tesla—reported a 14.9% earnings growth in Q3 2025, significantly outpacing the S&P 500 average [3][4] - In contrast, the remaining 493 companies in the S&P 500 only achieved a 6.7% earnings growth, indicating a slowdown in broader market performance [4][5] Market Dynamics - The Magnificent Seven account for approximately 33% of the total value of the S&P 500, raising concerns about market stability if any of these companies underperform [6] - J.P. Morgan forecasts a 20% earnings per share (EPS) growth for the Magnificent Seven in 2026, compared to the S&P 500's projected EPS growth of 13% to 15% [6] Risk Assessment - There are concerns about a potential stock market bubble, as the market's performance is heavily reliant on a small number of high-valuation companies [7]

点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 正文 核心要点 人形机器人海外当前处于小批量阶段，国产链已初步放量 特斯拉链方面，主机厂已有小批量生产流水线，对零部件需求具备间歇性和实验性，马斯克规划明年年底开始建设100万台工厂产能，并建议供应链布局 海外工厂准备产能。 国产链方面，在政策支持和融资双重驱动下，主机厂今年迎来数千台的出货，合计数十亿的订单额度。 短期靠商务能力切入，靠原创技术力获得认可，长期靠降本能力获得大份额 特斯拉链多数公司仍处于送样阶段， 取得送样资格和认可与商务能力 密切相关 ； 原创技术能力 上，设计和制造出符合特斯拉需求的机器人零部件产品 是获得持续合作的基本条件； 降本能力 上，由于机器人硬件本质属于制造业，长期份额预计最终决定于产品性价比。 中长期值得投资 的环节在于具备以上 三种能力+价值量高+市占率高 的环节。根据价值量排序看， 执行器关节>灵巧手>电机>减速器>传感器等 ，从市占 率角度，预计 深度相机、谐波减速器、芯片环节集中度较高 ，从长期降本能力上，汽车和消费电子板块公司往往历史有证明自己的实力。 供应链卷的方式方法 ...

报告共计：26页 Robotaxi行业发展核心总结 Robotaxi是依托L4/L5级自动驾驶技术的无人共享出行服务，通过传感器、人工智能算法等技术实现全自主驾驶，具备安全、低成本等优 势，是高阶智能驾驶的重要落地场景。全球范围内，中东政策支持下商业化落地迅速，欧洲受益于人口老龄化趋势潜力较大，亚洲地区 北上广深等城市已启动服务，迪拜、东南亚等地加速推进。 今天分享的是：Robotaxi行业深度：商业化进展、竞争格局、产业链及相关公司深度梳理 国内Robotaxi发展优势显著，在成本控制、基础设施、数据丰富度和资源复用方面领先海外。政策层面，多部门构建闭环监管体系，地 方持续放开牌照与运营区域，为商业化提供制度保障。技术上，算法成熟度提升，智驾套件成本大幅下降，车规芯片、激光雷达等核心 硬件快速迭代，国产芯片与激光雷达企业市占率逐步提升。成本驱动方面，Robotaxi通过取消人力成本重构商业模式，随着规模化运营 推进，有望提供更具竞争力的出行价格。 当前行业处于试点阶段，中美双极驱动格局确立。美国以Waymo、特斯拉为主导，中国则由萝卜快跑、小马智行、文远知行领跑，第二 梯队加速追赶。商业模式上，普遍采用"智 ...