小朋友四点放学，一个个站在学校门口嗷嗷待接，六点下班的家长们此刻还在工位上唇枪舌战、奋笔疾书；寒假开启，想把孩子送补习班一举多得，又开 始焦虑怎么接送。 接？还是不接？ 一方面担心他们的安全，一方面又想要他们独立；一边被指责过度溺爱，一边被批判不负责任。 最后，家长们还是难逃这个史诗级诘问。 不止国内，另一个时区的家长，也有同样的烦恼。 一个周六的晚上，美国旧金山的Laura Mancuso就陷入了这样的两难。 一边是她15岁的女儿要去相隔几小时路程之外的朋友家，一边是一个必须要出席的活动在等着她，而她的老公又必须照顾更年幼的小儿子...... "我对她独自乘坐Waymo出行没有任何顾虑，而且在我的同龄人中，给青少年叫一辆Waymo出行已经被完全接受了。" "它真的已经成为我们文化的一部分了。" 全球实时网约车价格聚合平台Obi公司最新发布的调查数据显示，人们对自动驾驶汽车的接受度显著提高，63%的人表示对自动驾驶汽车感到舒适，而该 公司在2025年春季进行的研究中，这一比例仅为35%。 而且，近一半的受访者表示，自动驾驶汽车未来可能成为他们的主要出行方式。其中，对于使用Robotaxi接送孩子，有57%的男 ...

点击蓝字，关注我们 今日上午港股 1 . 芯片股早盘走低，截至发稿， 华虹半导体(01347)跌10.04%，兆易创新(03986)跌8.72%，上海复旦 (01385)跌5.46%，中芯国际(00981)跌4.77% 。 消息面上，周一，韩国首尔综指日内大跌4%，三星、 SK海力士下跌。据媒体报道，三星、SK 海力士与美光三大原厂已纷纷收紧订单审核，对客户进行更 严格的尽职调查——包括核实终端用户身份、确认实际需求数量，甚至质疑订单真实性，以应对因部 分客户超额下单或囤货而可能引发的后续市场波动。 2 . 复旦张江(01349)盘中跌超4.6% 。消息面上，复旦张江公布，集团预计截至2025年12月31日止年度 将取得未经审核的归属于母公司所有者的净亏损约为人民币1.2亿元至1.8亿元，2024年同期净利润为 人民币3973.39万元；未经审核的归属于母公司所有者的扣除非经常性损益的净亏损约为人民币1.4亿 元至2亿元，2024年扣除非经常性损益的净利润为人民币514.52万元。 3 . 长城汽车(02333)跌超4.9% 。消息面上，1月30日，长城汽车发布2025年年度业绩快报，于2025年1 月1日至 ...

（图片来源：摄图网） 1月29日，特斯拉发布2025年四季度及全年财报，核心财务指标承压的同时，还披露了人形机器人Optimus Gen3的关键量产节点，引发市场广泛关注。 在财报电话会议中，特斯拉正式披露了第三代Optimus人形机器人的计划。按照规划，弗里蒙特工厂专用产 线预计2026年底启动生产，长期目标为年产100万台。2026年计划实现5万至10万台产量，2027年正式面向公 众销售，企业端交付则预计于2026年下半年启动。 2025年，人形机器人赛道正式进入量产热潮。优必选WalkerS2斩获超13亿元订单，于2025年11月启动批量交 付，月产能达300台，全年交付目标超500台。宇树智能应急机器人产业园开工，月产能将达500套。12月8 日，智元灵犀X2等三大系列累计下线5000台，验证了通用具身机器人规模化量产可行性。这些企业的量产 成果，标志着人形机器人行业从研发阶段向商业化阶段迈出了重要一步。 从市场格局看，中国人形机器人产品覆盖工业制造、商业服务、科研展示等多场景，售价普遍在10-50万元 区间，较国际竞品具备显著的价格优势和场景适配性。2025年中国市场规模预计突破82亿元，行业正式 ...

Core Viewpoint - The article discusses the evolving landscape of the electric vehicle (EV) market, emphasizing the need for sustainable sales strategies beyond initial hype and the importance of establishing a strong value proposition for long-term success [6][54]. Group 1: Market Dynamics - The EV market has seen a surge in new models, but success is often measured by initial sales figures and year-end rankings, which can be misleading [6][7]. - Traditional "internet celebrity cars" tend to follow a parabolic sales curve, peaking shortly after launch and then declining, relying on short-term marketing and product appeal [11][12]. - The article identifies three new models that have successfully navigated the market, showcasing different strategies for sustained sales [12]. Group 2: Case Studies of Successful Models - **Xiaomi SU7**: Achieved peak sales of nearly 30,000 units in March 2025, supported by Xiaomi's extensive user base and effective marketing. However, it faces the challenge of maintaining interest beyond initial hype [15][16]. - **Xpeng MONA M03**: Launched in August 2024, it quickly reached over 10,000 units in sales within three months and maintained monthly sales between 10,000 and 16,000 units, capitalizing on a key price segment and offering advanced features [18][20]. - **AITO M8**: Experienced a "deep squat and jump" sales pattern, stabilizing at over 20,000 units monthly by summer 2025, benefiting from Huawei's technology integration and brand recognition [23][24]. Group 3: Challenges and Market Positioning - The article highlights the importance of establishing a "value anchor" in consumers' minds to ensure long-term sales, as seen with models like Li Auto L6, which despite a decline, remains a top seller due to its defined market position [28][29]. - Models in the competitive 200,000 to 300,000 yuan price range face significant challenges, with many struggling to differentiate themselves in a crowded market [31][32]. - The **智界 R7** and **享界 S9** illustrate the difficulties faced by models that fail to establish a unique market position, leading to declining sales despite technological backing [34]. Group 4: The Importance of Sustainable Sales - The article emphasizes the existence of "low-profile long runners" that, while not flashy, maintain steady sales through balanced product offerings and precise market positioning [36][38]. - Models like **零跑 C10** and **腾势 D9** demonstrate the effectiveness of a stable sales strategy, contributing significantly to their brands' overall performance [41][43]. - The need for a healthy product matrix is highlighted, as brands that rely solely on a single "hit" model face increased risks in a competitive environment [51]. Group 5: Emerging Market Rules - The article outlines new market rules where "smart equality" becomes a baseline requirement, and the importance of a comprehensive product matrix is emphasized for risk mitigation [51][52]. - The concept of "value for money" has evolved to include total ownership costs, making it a critical factor in consumer decision-making [51]. - The success of models like AITO is attributed to deep collaboration between technology providers and manufacturers, contrasting with less effective loose partnerships [52].

装备制造 [Table_ReportDate] 2026 年 2 月 2 日 [T分析师： able_Author 赵晓闯] 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 研究助理：董李延楠 电话：0755-83199599 [Table_Title] [Table_Report] s 证券研究报告 银价波动影响上游硅片提价 [Table_ReportType]装备制造行业周报（1 月第 4 周） [Table_S 市场行情回顾 ummary] ： 上周 5 个交易日（2026.01.26-2026.01.30）机械设备、电力 设备及汽车行业指数涨跌幅分别为-3.49%、-5.1%及-5.08%， 在 31 个申万一级行业中排名分别为第 24、30、29 位；同期沪 深 300 涨跌幅为+0.08%。 行业观点： 请务必阅读文 ...

Core Viewpoint - The report from China Merchants Securities International predicts that the humanoid robot industry in China will experience significant growth by 2026 due to advancements in AI model capabilities, hardware technology maturity, cost reductions, and accelerated application scenarios, along with a surge in orders in the fourth quarter [1] Group 1: Recommended Companies - Recommended humanoid robot manufacturers include UBTECH Robotics (09880), Yujin Robot (02432), and Geek+ (02590) [1] - Cross-industry collaborative companies recommended are Tesla (TSLA.US) and Xpeng Motors (09868) [1] - Ecological companies to watch include Xiaomi Group (01810) and Midea Group (00300) [1] Group 2: Supply Chain Insights - The supply chain outlook is positive, focusing on technology convergence, with a favorable view on Minth Group (00425) in the Hong Kong stock market [1] - Companies expanding from intelligent driving to robotics, such as Hesai Technology (02525) and Horizon Robotics (09660), are also highlighted as promising [1] Group 3: Industry Trends - The humanoid robot industry in China is characterized by rapid incremental advancements and a full-chain explosion, particularly with the trend of large-scale production by overseas leaders by the end of the year [1] - Catalysts for growth include the release of Tesla's V3 and the listing of Yushu Technology, along with a significant number of new robot companies expected to go public in the Hong Kong market this year [1]

Investment Rating - The investment rating for Xinhua Intelligent Control Asia has been downgraded to Neutral due to market expectations already reflecting long-term prospects [2] Core Insights - The report highlights three major themes in the Chinese industrial sector: AI robots, AIDC power solutions, and space solar power [1] - The global humanoid robot shipment is expected to reach approximately 15,000 units by 2025, representing only 3% of the annual industrial robot shipments [3] - Significant growth is anticipated in the AIDC power sector, particularly for Chinese power solution providers, as they address urgent bottlenecks in AI infrastructure [2] Summary by Sections Humanoid Robots - The humanoid robot market is still in its early stages, with major shipments coming from Chinese companies. Future growth is expected to be exponential, with delivery targets increasing to thousands or even tens of thousands of units [3] - Current technology capabilities in humanoid robots have reached 80%-90% in terms of control, with rapid product iterations occurring every 6 to 8 months [3] AIDC Power Solutions - The report emphasizes the potential for Chinese power solution providers in the AIDC sector, particularly those capable of scaling delivery and supporting the transition to 800V DC systems [1][2] - Companies like Siyi Electric are expected to see a 40% increase in overseas orders, driven by product quality and global grid upgrades [8] Tesla Optimus Robot - Tesla's Optimus robot is still in early development, with potential sales not expected until late 2027. Current stock prices may reflect these expectations, and further evidence of effective AI models is needed for price support [4][5] Gas Turbine Blade Suppliers - INL, a gas turbine blade supplier, is positioned to benefit from power shortages and OEM capacity constraints, with a projected revenue CAGR of 25% by 2030 [6][7] Market Opportunities in Space Solar Power - The report discusses potential opportunities in space solar power, particularly with Tesla and SpaceX's plans to increase solar capacity significantly, which could benefit Chinese photovoltaic companies [13] Other Companies - KOSTA, a leading UPS supplier, is expected to see a 60% increase in net profit by 2025, driven by significant orders from the U.S. AI data center supply chain [9][10] - MKM is transitioning into the global AI server power market but faces execution challenges and is rated Neutral due to high valuation and recent losses [11][12]

2026年开年的车市，尚未等春节消费旺季到来，就已被浓烈的竞争硝烟所笼罩。 从2025年延续至今的行业内卷态势，在新年伊始便迎来了新的升级，而这一轮竞争的引爆点，正是特斯拉率先抛出的7年超低息购车方案。这一打破行业 常规车贷周期的举措，迅速引发连锁反应，理想、小米、小鹏、吉利、东风奕派等8家车企紧随其后，短短数周内，9家车企密集入局，将开年车市的内卷 程度推向新高。 回顾车市竞争的演变轨迹，从2025年开年超30家车企集体降价的"价格混战"，到随后多家车企跟进的"五年免息"金融博弈，车市的竞争早已从单纯的现金 让利，逐渐转向金融政策的深度比拼。而2026年开年这波"7年低息"潮，更是将这种博弈推向了极致。 对于车企而言，开年的这场"金融战"既是抢占新年第一波流量的关键布局，也是为全年销量目标铺路的生死之战。 对于车企而言，开年的这场"金融战"既是抢占新年第一波流量的关键布局，也是为全年销量目标铺路的生死之战；而对于消费者来说，密集的金融优惠政 策虽看似选择增多，但也需在喧嚣的促销中保持理性判断。 打响"7年低息"金融战 整体上看，此次9家车企推出的"7年低息"金融购车方案，最显著的特征便是覆盖范围广、准入门槛 ...

来源：经济观察报 在监管部门强调抵制汽车行业无序价格战的背景下，车企竞争已悄然从明面的降价转向金融手段的比拼。这究竟是刺激消费的良药，还是一场风险后移的 博弈？ 作者：濮振宇 封图：图虫创意 2026年年初，特斯拉一则"首付7.99万、月供1918元开走Model3"的促销政策，在汽车市场掀起涟漪。随后短短半个月内，小米、理想、小鹏、吉利、岚图 等车企纷纷跟进，一场围绕7年低息低月供金融方案的汽车市场促销战打响。 在监管部门强调抵制汽车行业无序价格战的背景下，车企竞争已悄然从明面的降价转向金融手段的比拼。这究竟是刺激消费的良药，还是一场风险后移的 博弈？ "7年低息"成标配 1月6日，特斯拉率先打响开年金融促销的第一枪，其在官网显眼的地方标注：2月28日（含）前下单指定版本车型，可享8000元限时保险补贴，可申请限 时5年0息或7年金融方案。 以售价23.55万元的Model3后轮驱动版为例，选择5年期的"限时0息贷款方案"后，首付最低7.99万元，月供为2594元；选择7年期的"限时低息贷款方案 A"后，首付最低7.99万元，月供为1918元。 1月15日，小米宣布，为响应用户对灵活购车的期待，从1月16日 ...

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 【特朗普称希望与伊朗达成协议】 据央视新闻，当地时间2月1日，美国总统特朗普在海湖庄园回答记者有关伊朗问题时表示，希望能够达成协 议。 当天早些时候，伊朗外长阿拉格齐表示，伊朗对与美国就核问题达成协议仍然有信心。他说，通过地区友好国 家进行的信息沟通正在推动双方接触，并称相关谈判是富有成效的。 阿拉格齐重申，伊朗希望美方解除长期制裁，同时尊重伊朗在和平利用核能框架下继续进行铀浓缩的权利。 【马斯克大动作！SpaceX上市最新消息】 据央视财经援引路透社报道，美国太空探索技术公司也就是SpaceX，于本周五向美国联邦通信委员会提交申 请，计划发射多达100万颗卫星，以打造"轨道数据中心"。与此同时，近期频繁传出消息称SpaceX公司正考虑 IPO。外界猜测，通过此举，SpaceX的在轨数据中心将为xAI输送庞大算力。市场正密切关注企业家马斯克推 进太空算力布局的最新动态。 彭博社也曾披露，SpaceX或将与特斯拉公司合并的消息。这一路径的设想是，特斯拉制造储能系统的能力可 帮助SpaceX在太空利用太阳能运行这些数 ...