2月4日，步步高创始人、著名投资人段永平通过其雪球账号"大道无形我有型"发文表示，对马斯克本人 看法没啥大改变，不喜欢的东西依然不喜欢；"投资"特斯拉基本看的是"市梦率"，完全靠蒙，大家好自 为之吧。"马斯克的产品确实很了不起，FSD，starlinks，火箭回收……，很多东西刚开始说的时候觉得 像是蒙人的，结果10来年后真的做出来了。" 段永平写道，"我觉得我可以放下一些东西，试试他的产品，投资也可以做点风投啥的。"今日稍早时 候，段永平发文表示，FSD确实好用，Model Y开起来也没啥不舒服的，现在开特斯拉已经是他的首 选。在去年11月上线的访谈中，段永平称不是很喜欢马斯克的品行，投资实际上在跟公司经营者做朋 友，"我不想跟他做朋友，哪怕给我钱我也不干"。 股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 ...

证券研究报告 | 2026年02月04日 汽车行业 2026 年 2 月投资策略 优于大市 智能驾驶加速推进，建议关注业绩期行情 月度产销：根据乘联会数据，1 月狭义乘用车零售市场规模约为 180 万辆， 环比下降 20.4%，同比增长 0.3%。其中新能源零售量预计为 80 万左右，渗 透率约 44.4%。12 月全国乘用车市场零售 226.1 万辆，同比下降 14.0%，环 比增长 1.6%。2025 年累计零售 2,374.4 万辆，同比增长 3.8%。12 月全国乘 用车厂商批发 278.9 万辆，同比下降 9.0%，环比下降 7.0%；2025 年累计批 发 2,955.4 万辆，同比增长 8.8%。根据中汽协数据，12 月汽车产销分别完 成 329.6 万辆和 327.2 万辆，环比分别下降 6.7%和 4.6%，同比分别下降 2.1% 和 6.2%。2025 年，汽车产销分别完成 3453.1 万辆和 3440 万辆，同比分别 增长 10.4%和 9.4%。2025 年 12 月，乘用车产销分别完成 287.9 万辆和 284.7 万辆，环比分别下降 8.4%和 6.3%，同比分别下降 4.2% ...

Core Insights - Walmart has achieved a market valuation of $1 trillion, becoming the first retailer to reach this milestone, with its shares rising nearly 26% over the past year, placing it alongside major tech companies like Nvidia and Alphabet [1] Company Performance - Over the past decade, Walmart's stock has surged 468%, significantly outperforming the S&P 500's 264% gain, attributed to its dual strategy of appealing to both higher-income and lower-income customers [2] - In the last five years, Walmart has expanded its online marketplace to over 500 million items, introduced one-hour delivery, launched Walmart+ to compete with Amazon Prime, and developed a $4 billion advertising business that has improved margins [2] Technological Investments - Walmart has made significant investments in AI, focusing on supply-chain automation to enhance the freshness of produce, speed up deliveries, and improve inventory forecasting, which has contributed to beating US same-store sales estimates for 15 consecutive quarters [3] - The retailer's early and aggressive AI investments have generated investor optimism, particularly as grocery shopping increasingly shifts online [3] Market Position - Walmart captures $1 out of every $4 spent on groceries in the US, positioning itself favorably amid economic challenges faced by low and middle-income households due to inflation and a cooling job market [4] - The company has been recognized as a significant player in the tech sector, being added to the Nasdaq-100 Index, which includes the most valuable non-financial companies [8] Future Outlook - John Furner, the new global CEO, faces the challenge of accelerating technology investments in an AI-driven market while competing against rivals like Amazon, Aldi, and Costco [6] - Analysts predict Walmart could approach a $2 trillion market capitalization in the coming years, driven by its strong performance in food retailing and ongoing technological advancements [11]

凤凰网科技讯（作者/云飞）2月4日，知名投资人段永平在平台上回复网友表示，对马斯克本人看法没有大改变，不喜欢的 东西依然不喜欢。不过，他的产品确实很了不起，例如FSD，starlinks，火箭回收等。 他坦言到，很多东西马斯克刚开始说的时候觉得像是蒙人的，结果10来年后真的做出来了。"我觉得我可以放下一些东西， 试试他的产品，投资也可以做点风投啥的，万一成了呢？'投资'特斯拉基本看的是'市梦率'，完全靠蒙，大家好自为之吧。" 此前，段永平曾提到，自己刚买了Model Y，并称赞"FSD确实好用，现在开特斯拉已经是首选了"。 来源：凤凰网科技 ...

2月4日，步步高（维权）创始人、著名投资人段永平通过其雪球账号"大道无形我有型"发文表示，对马 斯克本人看法没啥大改变，不喜欢的东西依然不喜欢；"投资"特斯拉基本看的是"市梦率"，完全靠蒙， 大家好自为之吧。 "马斯克的产品确实很了不起，FSD，starlinks，火箭回收……，很多东西刚开始说的时候觉得像是蒙人 的，结果10来年后真的做出来了。"段永平写道，"我觉得我可以放下一些东西，试试他的产品，投资也 可以做点风投啥的。" 今日稍早时候，段永平发文表示，FSD确实好用，Model Y开起来也没啥不舒服的，现在开特斯拉已经 是他的首选。在去年11月上线的访谈中，段永平称不是很喜欢马斯克的品行，投资实际上在跟公司经营 者做朋友，"我不想跟他做朋友，哪怕给我钱我也不干"。 责任编辑：凌辰 2月4日，步步高（维权）创始人、著名投资人段永平通过其雪球账号"大道无形我有型"发文表示，对马 斯克本人看法没啥大改变，不喜欢的东西依然不喜欢；"投资"特斯拉基本看的是"市梦率"，完全靠蒙， 大家好自为之吧。 "马斯克的产品确实很了不起，FSD，starlinks，火箭回收……，很多东西刚开始说的时候觉得像是蒙人 的，结果1 ...

今日稍早时候，段永平发文表示，FSD确实好用，Model Y开起来也没啥不舒服的，现在开特斯拉已经是他的首选。在去年11月上线的访谈 中，段永平称不是很喜欢马斯克的品行，投资实际上在跟公司经营者做朋友，"我不想跟他做朋友，哪怕给我钱我也不干"。 步步高创始人、著名投资人段永平通过其雪球账号"大道无形我有型"发文表示， 对马斯克本人看法没啥大改变，不喜欢的东西依然不喜 欢；"投资"特斯拉基本看的是"市梦率"，完全靠蒙，大家好自为之吧。 "马斯克的产品确实很了不起，FSD，starlinks，火箭回收……，很多东西刚开始说的时候觉得像是蒙人的，结果10来年后真的做出来 了。"段永平写道，"我觉得我可以放下一些东西，试试他的产品，投资也可以做点风投啥的。" ...

Core Viewpoint - The photovoltaic sector is experiencing a significant surge, with major companies like JinkoSolar and LONGi Green Energy seeing substantial stock price increases, driven by market speculation and potential collaborations with SpaceX [1][3]. Group 1: Market Performance - JinkoSolar's stock hit a 20% limit up, while other companies like OPPO Tech and Trina Solar rose over 25% and 8% respectively [1]. - Various photovoltaic ETFs, including the Photovoltaic ETF Fund and Photovoltaic 50 ETF, have also shown positive performance, with increases ranging from 1.76% to 3.04% [2]. Group 2: Industry Developments - Reports indicate that Elon Musk's team has been visiting multiple Chinese photovoltaic companies to explore potential collaborations, focusing on technologies like heterojunction and perovskite [3]. - SpaceX's recent announcement of merging with xAI highlights the increasing demand for energy-efficient solutions, which could significantly boost the photovoltaic industry's growth [3]. Group 3: Future Demand Projections - National securities firms predict a substantial increase in space-based photovoltaic demand, estimating a potential requirement of 100 GW per year driven by the launch of satellites with high computational power [4]. - The anticipated construction of 200 GW of photovoltaic capacity by SpaceX and Tesla in the next three years is expected to create explosive demand for photovoltaic equipment and technology [5]. Group 4: Investment Opportunities - Chinese photovoltaic manufacturers are positioned to benefit from the global shift in manufacturing dynamics, as they lead in technologies that are currently lacking in the U.S. market [5]. - The photovoltaic industry is still undervalued historically, presenting potential investment opportunities, particularly in perovskite solar cells and integrated component manufacturers [5].

近期，马斯克的一番言论引发太空光伏行业狂欢。 当地时间1月22日，特斯拉CEO埃隆·马斯克在瑞士达沃斯世界经济论坛年会期间，在与贝莱德CEO拉里·芬克的对谈中明确力挺太空光伏，并 披露关键产能规划。他表示，SpaceX与特斯拉正同步推进太阳能产能提升，目标在未来三年内实现每年100GW的太阳能制造能力，用于地 面数据中心与太空AI卫星供能。 近日，市场有传闻称，马斯克团队近期秘密走访了中国多家光伏企业，考察项目涉及设备、硅片、电池组件等环节，其中重点考察了有异质 结、钙钛矿技术路线的光伏企业。 据21世纪经济报道，针对该传闻，记者以投资者身份致电光伏组件龙头晶科能源核实，接线工作人员回应称，公司近期确实与马斯克团队相 关考察团有过接触，考察团对公司的技术储备、生产设备等进行了了解，但合作意向及具体考察细节不便透露。该工作人员同时透露："国 内主流光伏企业也均有考察"。 2月4日午后，光伏板块集体上涨，晶科能源股价直接涨停。 马斯克力挺太空光伏 晶科能源2025年全年业绩呈现亏损加剧态势。数据显示，2025年第一季度至第三季度，公司累计归母净利润分别为-13.9亿元、-29.09亿 元、-39.2亿元。此次年度 ...

2月4日，著名投资人段永平在平台上回复网友表示，对马斯克本人看法没有大改变，不喜欢的东西依然 不喜欢。不过，他的产品确实很了不起，例如FSD，starlinks，火箭回收等。 他坦言到，很多东西马斯克刚开始说的时候觉得像是蒙人的，结果10来年后真的做出来了。"我觉得我 可以放下一些东西，试试他的产品，投资也可以做点风投啥的，万一成了呢？'投资'特斯拉基本看的 是'市梦率'，完全靠蒙，大家好自为之吧。" 2月4日，著名投资人段永平在平台上回复网友表示，对马斯克本人看法没有大改变，不喜欢的东西依然 不喜欢。不过，他的产品确实很了不起，例如FSD，starlinks，火箭回收等。 他坦言到，很多东西马斯克刚开始说的时候觉得像是蒙人的，结果10来年后真的做出来了。"我觉得我 可以放下一些东西，试试他的产品，投资也可以做点风投啥的，万一成了呢？'投资'特斯拉基本看的 是'市梦率'，完全靠蒙，大家好自为之吧。" 此前，段永平曾提到，自己刚买了Model Y，并称赞"FSD确实好用，现在开特斯拉已经是首选了"。 责任编辑：李昂 此前，段永平曾提到，自己刚买了Model Y，并称赞"FSD确实好用，现在开特斯拉已经是首选了" ...

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [6]. Core Insights - The penetration rate of NOA (Navigation on Autopilot) in urban areas exceeded 20% in November, with Waymo completing a new round of financing amounting to 160 billion yuan [1][17]. - The report highlights significant advancements in smart driving technologies, with L2 and above penetration rates for passenger vehicles reaching 38% in November, a year-on-year increase of 22 percentage points [3]. - Key companies recommended for investment include XPeng Motors, JAC Motors, and Geely for complete vehicles, while Pony.ai and WeRide are recommended for L4 technologies [4]. Summary by Sections Industry News - Waymo completed a new round of financing of 160 billion yuan [1][17]. - Pony.ai partnered with Aitbot to develop high-end Robotaxi services [1]. - WeRide launched its self-developed general simulation platform, WeRide GENESIS [1]. - HoloMatic delivered unmanned mining trucks in bulk [1]. - Hesai Technology led the market in 3D LiDAR shipments for lawnmowers [1]. - XPeng Motors' AD Pro received a major upgrade, becoming the first to mass-produce based on a single Journey® 6M chip [1]. High-Frequency Core Data Updates - The penetration rate of 8MP cameras in passenger vehicles reached 51% in November 2025, up 31 percentage points year-on-year [2]. - NVIDIA's driving chip market share increased to 54.3% [2]. - The penetration rate of LiDAR in passenger vehicles reached 16.6%, a year-on-year increase of 10 percentage points [2]. Smart Driving - The penetration rate of passenger vehicles with L2 and above functions reached 38% in November, with urban NOA at 20.6% [3]. - Sensor penetration rates for front-view cameras, forward millimeter-wave radar, and LiDAR were 69.0%, 58.4%, and 16.6%, respectively [3]. - The penetration rate of driving domain controllers reached 37.2%, a year-on-year increase of 19 percentage points [3]. Investment Recommendations - Recommended companies for complete vehicles include XPeng Motors, JAC Motors, and Geely [4]. - For L4 technologies, recommended companies are Pony.ai and WeRide [4]. - Recommended component suppliers include SUTENG for data acquisition and Horizon Robotics for data processing [4].