当前大模型竞争已从"百模大战"进入头部对决阶段，本轮融资及管理团队升级，将为阶跃星辰在技术研 发与市场拓展中提供关键加速度。 据了解，阶跃星辰本轮融资参与方包括上国投先导基金、国寿股权、浦东创投、徐汇资本、无锡梁溪基 金、厦门国贸、华勤技术等产业投资人，腾讯、启明、五源等老股东持续跟投。本轮融资资金将主要用 于基础大模型研发，打造全球顶尖基座模型，并加速"AI+终端"战略的商业化落地。 （编辑：张靖超 审核：李正豪 校对：颜京宁） 中经记者 李静 北京报道 值得关注的是，阶跃星辰同日正式任命印奇为公司董事长，负责战略节奏与技术方向制定。公司核心战 略聚焦"基础大模型"与"AI+终端"，已在语言模型、多模态模型及端云协同领域达到世界领先水平。 1月25日，上海大模型创业公司阶跃星辰阶跃星辰（StepFun）宣布完成超50亿元人民币B+轮融资，刷 新过去12个月中国大模型赛道单笔最高融资纪录。 在业务层面，阶跃星辰已经与OPPO、荣耀、中兴等手机品牌深度合作，模型装机量超4200万台；在汽 车领域，与千里科技、吉利合作推出智能座舱方案，量产车型吉利银河M9上市3个月销量近4万辆。 ...

瑞财经 吴文婷大模型赛道再现天量融资。 公开资料显示，印奇，1988年1月出生，中国国籍，清华大学计算机科学实验班(姚班)计算机科学学士 学位，哥伦比亚大学计算机科学(智能传感)硕士学位。2011年其创立中国人工智能公司北京旷视科技有 限公司，现任重庆千里科技股份有限公司董事、董事长。 1月26日，据媒体报道，上海大模型创业公司阶跃星辰（StepFun）完成超50亿人民币B+轮融资，一举 刷新过去12个月中国大模型赛道单笔最高融资纪录。 参与机构包括上国投先导基金、国寿股权、浦东创投、徐汇资本、无锡梁溪基金、厦门国贸、华勤技术 等产业投资人，腾讯、启明、五源等老股东进一步跟投。本轮融资将用于基础模型研发，打造全球顶尖 基座模型，加速AI+终端战略落地。 同日，阶跃星辰宣布，印奇正式出任公司董事长，负责整体战略节奏与技术方向的制定。 印奇将与CEO姜大昕、首席科学家张祥雨、CTO朱亦博组成核心管理团队。印奇同时还担任千里科技董 事长，在人工智能与汽车场景结合上有丰富实践。阶跃星辰和千里科技将深化合作，共同推进"AI+终 端"战略落地。 2025年9月28日，千里科技举办品牌发布会。"我当时在全国寻找聪明人，偶然 ...

Core Viewpoint - Shandong Province has achieved a significant economic milestone by surpassing a GDP of 10 trillion yuan, becoming the third province in China and the first in Northern China to reach this level, reflecting its growing importance in the national economy [1][4]. Economic Growth and Structure - Over the past five years, Shandong's share of the national economy has increased from 7.19% to 7.36%, indicating a steady growth trajectory [1][2]. - The province's economic structure is evolving, with a target for the three major industries' composition to be 6.6:39.3:54.1 by 2025, emphasizing the importance of the service sector [13][18]. Industrial Development - Shandong's agricultural sector has maintained its leadership in national exports for 26 consecutive years, with a projected total output value of 1.28 trillion yuan by 2025 [5]. - The industrial sector has seen a significant increase in value added, rising from 2.3 trillion yuan to 3.3 trillion yuan during the "14th Five-Year Plan," with manufacturing accounting for about 28% of GDP [5][12]. - The province's service industry is expected to contribute 54.1% to the GDP by 2025, with a contribution rate of 59.1% [6]. Investment and Consumption - Shandong has implemented an average of 15,000 key projects annually over the past five years, contributing an average of 1.8 percentage points to economic growth [7]. - The province has seen a fivefold increase in the number of electric vehicles, exceeding 3.2 million, and tourism revenue has surpassed 1 trillion yuan [7][9]. Regional Economic Integration - The economic total of Shandong's major cities has increased, with three cities now exceeding a GDP of 1 trillion yuan, highlighting the importance of regional economic collaboration [9]. - The province's coastal advantages have been emphasized, with the marine economy projected to reach a production value of 1.8 trillion yuan by 2024, contributing 23.9% to the regional economy [11]. Future Development Strategies - Shandong aims to enhance its core cities' development, supporting Qingdao to reach a GDP of 2 trillion yuan and promoting other cities to achieve similar milestones [11]. - The province is focusing on building a modern industrial system and promoting green and low-carbon transitions as part of its long-term economic strategy [18][22]. - Strategic emerging industries and future industries are being prioritized, with a goal to develop key technologies and enhance the resilience of industrial chains [21][22].

Core Viewpoint - The article highlights the significant financing achievement of Jumpshare Star, which has raised over 5 billion RMB in a B+ round, surpassing the IPO fundraising targets of competitors like Zhipu AI and MiniMax, indicating strong market confidence in its unique strategy and team [2][3][4]. Group 1: Financing and Capital - Jumpshare Star's recent financing sets a record for single financing in the Chinese large model sector, reflecting a shift in investor focus towards technology barriers, clear commercialization paths, and resilient teams [3][4]. - The diverse shareholder composition, including state-owned enterprises, industrial capital, long-term insurance capital, and market-oriented VC, signals strong confidence in Jumpshare Star's long-term value and stability [4]. - Many investors view Jumpshare Star as their primary or sole investment in the large model field, indicating a concentrated bet on its potential [4]. Group 2: Team and Leadership - The article emphasizes the importance of team composition in Jumpshare Star's success, highlighting a well-rounded team capable of addressing the multifaceted challenges of the large model industry [5][6]. - The appointment of Yin Qi as chairman brings extensive experience in commercializing AI technologies, positioning Jumpshare Star for strategic success [7][8]. - Key team members include Jiang Daxin, who has a strong background in transforming technology into competitive products; Zhang Xiangyu, a leading algorithm scientist; and Zhu Yibo, an expert in AI infrastructure, all contributing to a comprehensive operational strategy [8][9]. Group 3: Strategic Direction - Jumpshare Star's choice of the "AI + terminal" strategy is seen as a unique path amidst the challenges faced by other large model companies, aiming to integrate AI into physical devices [10][11]. - The company focuses on developing a multi-modal AI capability and deep integration with terminal devices, which is essential for creating a comprehensive intelligent assistant [11][12]. - The revenue model is designed to be sustainable, with income linked to the sales of partner manufacturers, indicating a clear and viable business strategy [12][13]. Group 4: Market Performance and Future Outlook - Jumpshare Star has demonstrated strong market demand, with a 170% increase in API call volume over three consecutive quarters and partnerships with major smartphone brands, indicating robust commercial traction [13]. - The company is set to equip over one million new vehicles with its large model technology, showcasing its expansion into the automotive sector [13]. - The article concludes that Jumpshare Star's strategic choices, technological foundations, and business validations position it well for future growth, suggesting a promising trajectory in the AI landscape [14][15].

（原标题：手握最强AI大脑，千里科技打响智能汽车"含模量"战役） 1月26日，大模型领军企业阶跃星辰正式官宣，由印奇出任公司董事长 。这一任命不仅标志着这位跨越 AI双时代的领军人物正式完成其"AI+终端"的战略拼图，更预示着中国版"AI+终端"航母已然起航，加 速推动大模型能力向物理世界的深度渗透 。 据了解，阶跃星辰已顺利完成近50亿人民币的B+轮融资，资金将倾力投入全球领先的基座模型研发， 旨在通过终端Agent的落地，探索AI与硬件融合的新形态。印奇此番同时掌舵阶跃星辰与千里科技，不 仅是两家企业的深度战略接轨，更意味着一个打通底层算法到规模化应用的全链路"Physical AI"体系正 式成型 。 从传感器研究到Physical AI的战略合围 印奇的创业叙事，是一场关于"Physical AI"的长期主义长征。从2011年创办旷视科技起，他便坚持AI的 终极价值在于对物理世界的重构。在早期算法为王的时代，他逆流而上，主张算法必须依附于硬件载体 方能转化为商业价值。从清华姚班到哥大博士，这种"让AI作用于现实"的思维火种始终闪耀。 生态进化，以"含模量"构建差异化技术护城河 "千里+阶跃"战略闭环的 ...

Group 1 - The core focus of the automotive market at the beginning of the year is the "seven-year low-interest" financing options, initiated by Tesla and quickly adopted by other automakers like Xiaomi, Li Auto, Xpeng, and Geely [1][2] - Tesla launched a seven-year low-interest plan for its Model 3, Model Y, and Model YL, with an example showing a monthly payment of 1918 yuan and an annualized interest rate of 0.98%, significantly lower than the market average of 4%-8% [1] - The introduction of low-interest financing is expected to reduce the financial burden on consumers, particularly targeting young buyers and those with limited budgets, thereby boosting sales and helping automakers manage inventory [1][3] Group 2 - Xiaomi's CEO Lei Jun announced a similar seven-year low-interest plan for the YU7 model, with a minimum down payment of 49,900 yuan and monthly payments starting at 2,593 yuan [2] - Li Auto and Xpeng also joined the financing competition, with Li Auto offering a down payment as low as 32,500 yuan and monthly payments starting at 2,578 yuan, while Xpeng promoted a six to seven-year low-interest plan across its entire lineup [2] - The aggressive financial strategies by automakers are driven by sales pressures and technological advancements, with a notable decline in retail sales of new energy vehicles in January, down 28% year-on-year [3] Group 3 - The current tax policy for new energy vehicles is set to change, with tax exemptions being reduced starting in 2026, which may further shift the industry focus from price competition to technological competition [3] - Despite the short-term benefits of low-interest financing, the long-term effects remain uncertain, particularly for smaller automakers that may struggle with the costs associated with these financing options [3]

有奔驰背书，smart销量为何仍连年下滑？ 和中国市场众多造车新势力不同，smart可谓是含着金汤匙出生，由戴姆勒（梅赛德斯-奔驰母公司）与 瑞士手表公司Swatch在1994年共同创建，以生产小巧独特的双门微型车为特色，全球年销量最高达到15 万辆。 摄影：莫一格 但由于面向的是小众市场，smart在2017年~2019年间陆续在全球多个市场宣布停产。为复活smart，吉利 汽车和奔驰在2019年共同组建了一家股比为50：50的合资公司智马达汽车有限公司，即smart品牌全球 公司，共同推动smart品牌向纯电动转型。 "smart精灵1号马年开运版还没卖完。"近日，上海一家smart门店的管理人员吴阳向第一财经记者表示。 这款车型在今年1月1日推出，号称限量1000辆，售价13.99万起，比普通版本的smart精灵1号门槛价低 1.5万元。 据吴阳介绍，之所以未售罄，主要是因为这款车型需要全额缴纳约1.2万元的汽车购置税，因为smart公 司操作失误，该车未被纳入2026年减免车辆购置税的新能源汽车车型目录。 即便如此，smart精灵1号马年开运版仍比普通版本优惠了近3000元，仍未售罄也体现了smart ...

Core Insights - The autonomous driving industry is at a critical transition point, with a shift towards mass production and lower vehicle price segments while also pursuing advanced levels of automation like L3 and L4 [3][4] - The company, Lightyear, has survived previous industry eliminations by making strategic decisions that balance dependence and independence in partnerships with automakers and chip manufacturers [4][5] Company Strategy - Lightyear has transitioned from focusing on L4 capabilities to delivering L2 mass production software, becoming one of the first companies to relieve itself of the "technical burden" associated with L4 [3][4] - The company maintains a close yet independent relationship with automakers and chip manufacturers, allowing it to adapt to various platforms while developing its own algorithms and simulation tools [4][30] Market Position - Lightyear's passenger vehicle assistance systems have surpassed one million units in deployment, with expectations to exceed 50 models by 2026, nearly all featuring urban NOA capabilities [5][6] - The autonomous driving market is expected to retain 4-5 leading companies, similar to the engine or battery industries, rather than consolidating into a monopoly [6][37] Product Development - Lightyear plans to expand its L2 product offerings and increase investments in L4 technologies, including applications in unmanned logistics [6][44] - The company has outlined a product matrix with three tiers: Air, Pro, and Max, targeting various market segments and price points [9][12] Technological Focus - The company emphasizes an end-to-end solution that optimizes resource use for better user experience, avoiding unnecessary complexity in models and hardware [8][23] - Lightyear is exploring advanced technologies like VLA and world models, focusing on enhancing model generalization and virtual training capabilities [12][14] Industry Trends - The penetration rate of autonomous driving is currently below 5% but is projected to rise to 50% in the coming years, driven by the electrification of vehicles [35] - The trend of integrating autonomous driving features into lower-priced vehicles is expected to continue, making advanced safety and convenience features accessible to a broader audience [36]

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests continued attention to investment opportunities in core equipment and materials segments related to solid-state batteries and inverters [1]. Core Insights - The solid-state battery industry is advancing, with companies like Geely and FAW making significant progress in developing and testing solid-state battery technologies, indicating a strong potential for commercialization [2]. - The inverter export from China is on the rise, with a total export value of approximately $839 million in December 2025, reflecting a 26% year-on-year increase, driven by strong overseas demand [2]. - The passenger car market in China experienced a decline in retail sales in early January 2026, but the market is expected to recover gradually due to new subsidy policies [2]. Summary by Sections Market Overview - In the past week, the indices for mechanical equipment, electric power equipment, and automotive sectors increased by 2.56%, 3.57%, and 2.51% respectively, ranking 13th, 11th, and 14th among 31 primary industries [7][9]. Industry News - The solid-state battery sector is seeing advancements, with Geely's self-developed solid-state battery expected to complete its first pack by 2026, and FAW's Hongqi solid-state battery prototype successfully launched [2]. - China's inverter exports reached a total of 48,607,423 units in 2025, with a total export value of about $9.022 billion, indicating robust growth in overseas markets [2]. - The passenger car market faced a decline in sales, with a 22% year-on-year drop in daily retail sales during the second week of January 2026, but is anticipated to recover as new subsidy details are implemented [2]. Company Announcements - Notable companies in the industry are making strategic moves, such as Yujing Intelligent completing a Pre-IPO financing round to enhance its capabilities in robotics and AI [17]. - JinkoSolar announced a projected net loss for 2025, attributed to industry fluctuations and pricing pressures, while also launching a new generation of high-efficiency solar modules [18].

装备制造 [Table_ReportDate] 2026 年 01 月 26 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 研究助理：董李延楠 电话：0755-83199599 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 固态电池产业持续推进 [Table_ReportType]装备制造行业周报（1 月第 3 周） [Table_S 市场行情回顾 ummary] ： 上周 5 个交易日机械设备、电力设备及汽车行业指数涨跌幅 分别为+2.56%、+3.57%及+2.51%，在 31 个申万一级行业中排 名分别为第 13、11、14 位；同期沪深 300 涨跌幅为-0.62%。 行业观点： 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 4) 风险提示：宏观经济风险、产业政策风险、行业竞争加剧风险。 请务必阅读文后重要声明及免责条款 [Table_Indu ...