汽车与零部件行业 行业研究 | 行业周报 Optimus V3 持续预热，继续关注机器人及 智驾产业链公司 机器人相关标的：新泉股份、拓普集团、银轮股份、岱美股份、三花智控、浙江荣泰、 旭升集团、嵘泰股份、斯菱智驱、爱柯迪、精锻科技；液冷相关标的：英维克、银轮股 份、拓普集团、飞龙股份、川环科技等；智驾相关标的：经纬恒润、伯特利、德赛西 威；其他相关标的：上汽集团、江淮汽车、比亚迪、赛力斯、中国重汽、宇通客车；博 俊科技、沪光股份、保隆科技、华阳集团、华域汽车、科博达、星宇股份、潍柴动力、 福耀玻璃等。 核心观点 投资建议与投资标的 国家/地区 中国 行业 汽车与零部件行业 报告发布日期 2026 年 01 月 18 日 中性（维持） 从投资策略上看，预计高级别自动驾驶产业链及能确定进入特斯拉、Figure、智元、宇树 等机器人配套产业链的汽零将受益，具备竞争力的自主品牌及在智驾技术方面领先的企 业将继续扩大市场份额。建议持续关注人形机器人链、液冷产业链、T 链、智驾产业链公 司。 风险提示 宏观经济下行影响汽车需求、上游原材料价格波动影响、车企价格战压力。 | 姜雪晴 | 执业证书编号：S086051206 ...

不过，特斯拉近期采取了一种截然不同的策略。据瑞典 Dagens Arbete 报道，圣诞节前夕，特斯拉在斯德哥尔摩郊外阿兰达斯塔德投用了一座全新充电站， 该充电站完全由特斯拉 Megapack 储能电池供电。 尽管面临封锁，特斯拉仍在推进充电站的上线工作。此前在马尔默和南泰利耶两地，电网运营商意昂集团（E.ON）与泰尔格电力公司（Telge Nät）完成电 网接入后，两座新超级充电站曾短暂启用。但这两家运营商随后表示，此次电网连接操作属于失误。 IT之家 1 月 18 日消息，尽管正遭遇瑞典工会的持续封锁，特斯拉瑞典分公司仍成功启用一座新超级充电站。该充电站未采用传统电网连接模式，而是依靠 现场部署的 Megapack 储能电池供电。这一变通方案使其在无法直接接入被劳工行动限制的瑞典电网的情况下，实现了正常运营。 据IT之家了解，瑞典主要工会瑞典服务业工会（Seko）发起的产业行动，导致特斯拉新超级充电站的所有电网接入申请均被驳回，这给特斯拉新充电站的电 网连接工作带来了阻碍。理论上，这几乎让新超级充电站的启用变得不可能。 瑞典汽车记者、视频博主彼得・埃塞指出，由于这座超级充电站不依赖永久电网连接，特斯拉得以 ...

Investment Rating - The report maintains an "Overweight" rating for the mechanical equipment industry [1] Core Insights - The report highlights three major investment opportunities in the mechanical equipment sector: the Belt and Road Initiative, demand recovery in Europe and the US, and the transition from capacity to technology export in high-end manufacturing [2][18] - Solid-state battery technology is accelerating, benefiting equipment manufacturers, with significant investments from leading companies like BYD and Gotion [3][20] - The humanoid robot sector is poised for growth with Tesla's Optimus V3 nearing mass production, indicating strong market potential for core suppliers [4][41] Summary by Sections Investment Recommendations - Recommended companies include: Northern Huachuang, Sany Heavy Industry, Zhongwei Company, Hengli Hydraulic, CIMC, Tuojing Technology, Haitai International, Bichu Electronics, Jingsheng Mechanical, and others [1][15] Mechanical Equipment Export - China’s foreign investment is growing rapidly, with a focus on the Belt and Road Initiative, which is driving demand for domestic equipment in resource-rich countries [2][18] - The report emphasizes the importance of high-quality targets with significant exposure to European and American markets, particularly in hand tools and forklifts [19] Lithium Battery Equipment - The solid-state battery industry is experiencing rapid industrialization, with key players accelerating their production capabilities [3][20] - Recommended companies in this sector include: Xian Dao Intelligent, Lian Ying Laser, and Hangke Technology [3][20] Humanoid Robots - The report notes that the release and mass production of Tesla's Optimus V3 will be a significant event for the industry, with a focus on core suppliers with high production certainty [4][41] - Recommended companies include: Hengli Hydraulic, Sanhua Intelligent Control, and Top Group [4][41] Forklift Industry - The report indicates a decline in domestic forklift sales but anticipates a recovery in 2026 due to low base effects and improving overseas market conditions [5][19] - Recommended companies include: Hangcha Group, Anhui Heli, and Zhongli [5][19] High-end Manufacturing Export - The report highlights the shift from capacity export to technology export, with a focus on light module equipment and lithium battery equipment [2][18] - Recommended companies include: certain HJT equipment leaders and Aotewei [20][39] Data Center and Liquid Cooling - The report discusses the emergence of liquid cooling technology as essential for data centers, driven by increasing power density and cooling demands [45] - Recommended companies in this sector include: Yingwei Technology and others [34][45]

Group 1 - Cathie Wood predicts a significant shift in Tesla's trajectory by 2026, indicating a bullish outlook for the company [1] - Tesla's performance in 2025 was characterized by resilience amid challenges, with ARK Invest focusing on high-conviction stocks to capitalize on opportunities [2] - The growing excitement around the Robotaxi opportunity is expected to enhance Tesla's margins through a recurring revenue model [3] Group 2 - Wood expresses optimism about SpaceX potentially becoming the first trillion-dollar company, driven by new opportunities such as datacenters in space [4] - The outlook on inflation is positive, with Wood citing factors like oil and housing prices, alongside technology's deflationary effects [5] - Recent trades by ARK Invest included selling 86,139 shares of Tesla for approximately $37.8 million, while maintaining a positive long-term view on the company's future in autonomous driving and robotics [6] Group 3 - Wood previously forecasted Tesla's stock could reach $2,600 by 2030, suggesting an $8.19 trillion market capitalization if shares outstanding remain unchanged [7] - Current market indicators show TSLA stock is experiencing short-term consolidation but has medium and long-term upward momentum [7]

IT之家 1 月 18 日消息，埃隆 · 马斯克昨天在 X 平台表示，特斯拉 AI5 芯片已接近设计完成，而 AI6 芯片目前处于早期阶段，后续还将推出 AI7、AI8、 AI9，目标是在 9 个月内完成设计周期。 结合 electrek 昨天报道，马斯克曾在去年 7 月表示，AI5 芯片已经"设计完成"，这一说法存在明显矛盾。 通常情况下，芯片设计完成还需要数月时间进行流片，收到首批样品后还需要经历一段漫长的验证、测试周期，才能进行大规模量产。 因此马斯克要么是在之前夸大其词，要么就是特斯拉的芯片在上述某个阶段出现了问题。 IT之家在此援引 electrek，这对特斯拉即将推出的车型阵容会有重要影响。如果 AI5 芯片要等到 2027 年中期才量产，那么计划于 2026 年推出的 Cybercab 将 不得不使用当前一代的 AI4 芯片。 另外，马斯克提出的"9 个月设计周期"目标非常令人震惊，至少在半导体行业，这样的速度几乎闻所未闻，拿苹果这样的消费电子巨头来说，虽然 A 系列移 动芯片一年一更新，但其规划、设计往往是数年之前就定好。 不管如何，我们都需要持谨慎态度看待马斯克给出的乐观估计，他曾在此前表示 ...

政策潮水慢慢退去，电车行业正面临着从"政策输血"到"市场造血"的转向。 作者 | 娜娜 来源 | 豹变 2025年，中国新能源车渗透率首次突破50%，这个数字背后，是"油电倒挂"时代的真正到来。 随着充电桩遍布街头巷尾，续航轻松突破500公里，"续航焦虑"几乎不成为购车困扰。国产力量的集体 崛起与激烈的内部竞争，彻底改写了赛场规则。 热闹的销量背后，是"电动化"的逐渐完善，这也意味着"智能化"竞争正式开始，各家车企把"智能化"的 概念炒得火热，噱头层出不穷。可当消费者真正坐进车里，却发现城区智驾还得时刻盯着，系统急刹、 误判时有发生。 技术在进步，体验却没跟上营销节奏。 更关键的转折点出现在2026年，购置税减半、补贴政策调整，电车行业面临着从"政策输血"到"自我造 血"的转向。除了比智驾这项硬实力，用户体验这个软实力也不容忽视。 根据乘联会公布的2025年1-12月新能源厂商零售销量排行榜，比亚迪汽车以348.45万辆的累计销量稳居 榜首，虽然同比下滑6.3%，但市场份额依然高达27.2%，是唯一一家销量超300万辆的车企。 榜首之外的座次排列在2025年迎来重新洗牌。部分传统车企转型见效，在新能源赛道快速 ...

Core Insights - Tesla's stock gained 11% in 2025, underperforming the overall market, but has seen a remarkable increase of 3,130% over the past decade, contributing to a market cap of $1.4 trillion [1] - The company's price-to-earnings ratio stands at 292, indicating high market expectations for future performance [2] Group 1: Autonomous Driving and Robotaxis - Progress in robotaxi development is crucial for Tesla, with expectations that the company will achieve full self-driving technology and expand its robotaxi service [3] - In 2025, Tesla launched its robotaxi service in Austin, Texas, but needs to expand to new cities and increase Cybercab production in 2026 [4] - Competition from Nvidia's AI tools for autonomous driving could impact Tesla's growth potential, emphasizing the need for Tesla to focus on its own software development [5] Group 2: Core Business and Market Conditions - Tesla's valuation is heavily influenced by its autonomous-driving ambitions, but it remains primarily an EV manufacturer, with automotive deliveries declining by 9% year-over-year in 2025 [7] - Higher interest rates and the expiration of the EV tax credit are making new cars more expensive, while increased competition presents challenges for Tesla [8] - Shareholders are looking for improvements in top-line growth and margins from Tesla's core business in 2026 [8]

温馨提示 ： 点击下方图片，查看运营团队最新原创报告（共260页） 说明： 欢迎约稿、刊例合作、行业交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ）微 信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 正文： 马斯克连续为Optimus V3打call，2026年第二周（周五），T链们再迎来一波上行行情！ 2026年开年，伴随大盘走势大幅上行背景下，尽管T链标的发包、待定点、定点等利好资讯不断，T链们丝毫没有 承接去年12月底的主升行情且走势较弱的原因，小编往期文章已多次提到提到过"利好催化不足，缺乏官方"爆 点"利好催化，所以仅是核心利好标的行情"。 商业航天、脑机接口、自动驾驶年后皆大幅上行，尤其是商业航天，行情和热度从去年12月延续至今，最热门板 块且没有之一，马年炒"马"的逻辑毋庸置疑；唯一的区别，相较于这三者，人形机器人Optimus项目目前还没有 阶段性进展（V3样机亮相）且没有官方利好推文（特指马斯克 ） 。 最终，伴随马斯克两篇为 Optimus V3打call推文，T链们终于在周五（1月17日）迎来一波真正上行行情，运营 ...

Core Viewpoint - Investor Gary Black has exited his position in Tesla Inc. due to concerns over its stock valuation and increased competition in the electric vehicle (EV) market [1][4]. Group 1: Tesla's Valuation and Market Position - Black compared Tesla's current valuation to Amazon's early days, noting that he invested in Amazon despite its infinite P/E ratio because he recognized its potential in retail [2][6]. - Tesla was previously Black's fund's largest position, attributed to its unique ability to produce high-quality EVs at a significant cost advantage [4]. - The decision to exit Tesla was influenced by the penetration of competition in the EV market and the stock price exceeding Black's valuation estimates [4]. Group 2: Future Trends and Competitors - Black sees a similar trend emerging in autonomous driving, with many competitors beginning to offer unsupervised autonomous ride-hailing services, facilitated by advancements in technology from companies like Nvidia [5]. - Despite the exit from Tesla stock, Black maintains a positive view of the company itself, indicating a distinction between the company's potential and its current stock valuation [5]. Group 3: Tesla's Sales Performance - Tesla's Model Y was the best-selling EV in the U.S. last year, with over 357,528 units sold, and the introduction of a 7-seater layout version could further enhance sales [6].

Core Viewpoint - The article discusses the strategic importance of Spain as a key entry point for Chinese automotive companies into the European market, highlighting various partnerships and investments that are reshaping the automotive landscape in Spain and beyond [4][12][20]. Group 1: Chinese Automotive Expansion in Spain - The establishment of a joint venture, EBRO, between Chery Automobile and Spanish company EV Motor in Barcelona marks a significant step in revitalizing the local automotive industry [6][24]. - Other Chinese companies, such as Leap Motor and Dongfang Automotive, are also setting up manufacturing bases in Spain, indicating a broader trend of Chinese automotive firms entering the European market [9][12]. - The article emphasizes that Spain serves as a strategic hub for Chinese automotive companies to access the EU market, leveraging its favorable trade conditions and logistical advantages [20][28]. Group 2: Economic and Market Context - Spain is the fifth largest new car market in the EU, with new car registrations expected to reach approximately 1.017 million in 2024, reflecting a 7.1% year-on-year growth [18]. - The EU's electric vehicle penetration rate is around 38%, making it a lucrative market for Chinese electric vehicle manufacturers [16]. - The article notes that by 2025, Chinese electric vehicle brands had captured over 11% of the European market share, indicating significant growth potential [16]. Group 3: Strategic Advantages of Spain - Spain's geographical position allows for efficient access to key markets in Europe, Latin America, and North Africa, enhancing the logistics and distribution capabilities for Chinese automotive firms [20][28]. - The country offers attractive tax incentives for new automotive ventures, including tax reductions and subsidies for companies that create jobs and invest in local production [27][28]. - The existing automotive ecosystem in Spain, characterized by a mature supply chain and skilled workforce, provides a conducive environment for Chinese companies to establish operations and innovate [34][35]. Group 4: Challenges and Adaptation - Chinese automotive companies face challenges in fully integrating into the local market and supply chain, necessitating a deep commitment to local partnerships and community engagement [29][32]. - The article highlights Chery's strategic approach of leveraging local assets and forming partnerships to mitigate risks associated with entering the European market [24][29]. - The need for Chinese firms to adapt to local regulations and consumer preferences is emphasized as crucial for long-term success in Spain and the broader European market [29][32].