Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The Chinese heavy truck market's total sales for 2025 reached 1.145 million units, marking a 27% increase from the previous year [5][13] - The China Automobile Association forecasts total automobile sales in 2026 to be 34.75 million units, a 1% year-on-year growth [15] - The demand for high-end luxury passenger cars in China is exceeding expectations, with a favorable competitive landscape [7] Industry News - Tesla will stop selling Full Self-Driving (FSD) after February 14, transitioning to a monthly subscription model [14] - Shanghai aims to achieve large-scale application of high-level autonomous driving scenarios by 2027 [16] - Great Wall Motors launched the world's first native AI all-power platform "Guiyuan," supporting multiple power systems [17] - Canada has reduced tariffs on Chinese electric vehicles to 6.1%, eliminating the previous 100% additional tax [18] Market Performance - The A-share automotive sector outperformed the market with a weekly increase of 0.71%, ranking 8th among A-share primary industries [25] - The passenger vehicle index decreased by 1.87%, while the commercial vehicle index increased by 5.53% [6] - The automotive parts index rose by 1.26%, with notable gains in the electric control systems and lightweight components [6][35] Investment Recommendations - For passenger vehicles, recommended stocks include JAC Motors and Seres, with beneficiaries being Geely Automobile [7] - In the parts sector, recommended stocks include Desay SV Automotive, Zhejiang Xiantong, and Meili Technology, with beneficiaries being Weichai Power and others [7]

机械设备 行 业 研 究 2026 年 01 月 18 日 投资评级：看好（维持） 聚氨酯 TPU 结构件：防护减震理想选择，人形机器 人量产落地的"安全垫" ——行业周报 《新剑传动启动上市辅导，特斯拉供 应链核心资产有望迎来价值重估 — 行业周报》-2026.1.11 《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 mengpengfei@kysec.cn 证书编号：S0790522060001 jinyiteng@kysec.cn 证书编号：S0790520020002 jiangyukai@kysec.cn 证书编号：S0790525100002 特斯拉 Optimus 机器人最新亮相，穿上"人类的衣服和鞋子"，软质包覆材料 成为新的重要增量方向 工业作业和家庭服务等场景具有人机接触频次高、交互距离近、环境复杂等特征， 人形机器人量产落地需要配合防护减震设计，从而降低碰撞风险、提升交互安全 性。从 Optim ...

「Going Global 出海周报」 是创业邦推出的出海系列栏目，旨在为出海领域的创业者和投资人精选 出海大事件、海外大公司、投融资消息， 本篇 为栏目第 317 篇报道。 整理丨 Lucus 本周（1月 12 日至1月 18 日）出海大事件包括： TikTok Shop推出"美通墨"跨境计划 ； Temu本土店计划进入阿联酋 ； 追 觅俞浩回应"打造全球首个百万亿美元公司" ； 萝卜快跑启动阿布扎比商业化运营 ； 福特与比亚迪洽谈电池 采购； MiniMax宣 布开源，面向新评测集 ； 美光18亿美元收购力积电 铜锣晶圆厂 ；苹果将采用谷歌Gemini大模型作为底层支撑；马斯 克回应特 斯拉AI5芯片设计进展； 谷歌DeepMind CE O称 中国的AI模型仅落后美国几个月 。 出海四小龙 TikTok Shop推出"美通墨"跨境计划 ， 美国库存可直发墨西哥市场 1月17日消息，TikTok Shop宣布推出"美通墨"跨境计划，预计将于今年4月正式上线。 该计划以"美国仓库直邮墨西哥"为核心模式，支持商家直接从美国境内仓库向墨西哥消费者发货，打通美国与墨西哥之间的跨境 电商通道，被视为平台加码拉美市场 ...

IT之家 1 月 18 日消息，特斯拉证实，其位于得克萨斯州的锂精炼厂现已正式投产，这标志着该公司在美国电池供应链布局中迈出了关键一步。在一段新发 布的视频中，特斯拉工作人员详细介绍了该工厂如何将锂辉石原矿直接转化为电池级氢氧化锂，使其成为北美地区首家采用该工艺的精炼厂。 该精炼厂于 2023 年破土动工，通过同步推进可行性研究、设计与施工等环节，仅用两年时间便在 2025 年实现一体化工厂启动，最终于 2026 年正式投产， 创下了采用同类技术的精炼厂最快投产纪录。 IT之家注意到，埃隆・马斯克在社交平台 X 上发文强调了该项目的重要意义，称"美国最大的锂精炼厂现已投入运营"。他还在另一条评论中表示，这座工 厂是"全球技术最先进的锂精炼厂"，并着重强调其"清洁环保的特性"。 埃隆・马斯克也单独表示，这座工厂是美国技术最先进、规模最大的锂精炼厂。 视频中，位于科珀斯克里斯蒂附近的特斯拉得州锂精炼厂工作人员解释称，该工厂可在厂区内直接将锂辉石（一种富含锂的硬岩矿石）加工为电池级氢氧化 锂，省去了行业内普遍采用的中间精炼环节。 工作人员介绍，锂辉石需先经过窑炉煅烧和冷却系统处理，随后依次进行碱浸、提纯和结晶工序， ...

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 ...

Core Insights - The electric vehicle (EV) industry in China is transitioning from reliance on government policies to market-driven growth, marking the end of the "policy infusion" era and the beginning of "self-sustaining" operations [2][4][17] Group 1: Market Dynamics - In 2025, the penetration rate of new energy vehicles (NEVs) in China surpassed 50%, reaching 59.5% by November, indicating a significant shift towards electric vehicles [5][25] - The charging infrastructure has improved significantly, with a total of 19.32 million charging points by the end of November 2025, a 52% year-on-year increase, and over 5,000 battery swap stations established [5][25] - The competition landscape has changed, with Tesla's retail sales in China declining by 4.8% to 625,698 units, while domestic brands like BYD, Geely, and Changan have seen substantial growth [5][27] Group 2: Sales Performance - BYD led the NEV sales in 2025 with 3.48 million units sold, despite a 6.3% year-on-year decline, holding a market share of 27.2% [6][27] - Geely and Changan reported significant sales increases of 81.3% and 26.8%, respectively, with Geely selling 1.56 million units and Changan 789,141 units [6][27] - New entrants like Leap Motor and Xiaomi have emerged as strong competitors, with Leap Motor's sales increasing by 86.3% to 529,503 units and Xiaomi entering the rankings with 411,837 units, a 200.9% increase [6][27] Group 3: Technological Advancements - The focus on "intelligent driving" has intensified, with companies like BYD, NIO, and Xpeng launching advanced driver-assistance systems and AI-driven models [11][32] - Despite advancements, there remains a gap between technology and user experience, with consumers expressing concerns over the reliability of intelligent driving systems [11][35] - The industry is witnessing a shift towards more comprehensive AI models that aim to enhance decision-making capabilities in complex driving scenarios [12][33] Group 4: Future Outlook - Starting in 2026, the EV industry will face new challenges as the government reduces subsidies, shifting the focus to market-driven strategies and user experience [15][38] - The competitive landscape is expected to evolve with a mix of pure electric, hybrid, and range-extended vehicles, as traditional automakers and new entrants adapt to changing consumer preferences [19][40] - Companies are increasingly looking to expand internationally, marking a new phase of competition that emphasizes technology depth, cost efficiency, and brand loyalty [20][41]