Group 1 - CME Group temporarily suspended trading in metal and natural gas futures and options due to "technical issues" [3] - Nvidia reported strong Q4 earnings, stating that demand for computing power remains high [3][16] - The U.S. Trade Representative announced that the U.S. will issue a notice regarding a 15% tariff [3][16] Group 2 - The market sentiment improved, leading to a slight decline in the U.S. dollar index, which closed at 97.67, down 0.01% [4] - Gold prices fluctuated, briefly surpassing the $5200 mark before closing at $5164.96 per ounce, up 0.41% [4][8] - WTI crude oil prices fell by 0.76%, closing at $65.56 per barrel, while Brent crude oil decreased by 0.28%, closing at $70.87 per barrel [4][8] Group 3 - U.S. stock indices rose, with the Dow Jones up 0.63%, S&P 500 up 0.81%, and Nasdaq up 1.26% [5] - European stock indices also saw gains, with Germany's DAX30 up 0.76%, UK's FTSE 100 up 1.18%, and France's CAC40 up 0.47% [5] Group 4 - The Hang Seng Index closed up 0.66% at 26765.72 points, with a trading volume of 2367.65 million HKD [6] - The A-share market saw all three major indices rise over 1% in the morning, with the Shanghai Composite Index closing up 0.72% [7] Group 5 - The U.S. government is setting limits on the new Iran nuclear agreement, prohibiting expiration clauses [13] - Trump stated that tariffs will continue and emphasized the need for Congress to take no action on tariff issues [14]

| 2026年2月26日星期四 | NO.1 华为乾崑、小鹏汽车发布春节出行报告 2月24日，华为乾崑智能汽车解决方案发布2026年春节出行报告。2月15日至23日春节期间，华为乾崑智 驾辅助驾驶里程超4.7亿公里，相比去年春节增长235%。人均辅助驾驶里程382公里，人均使用时长5.1 小时。其中，单用户单日最长辅助驾驶2266公里。 2月24日，小鹏汽车发布了2026新春出行报告，统计了2月9日至2月23日的出行情况。其中，单个纯电用 户的辅助驾驶里程达到1.176万公里；单个纯电用户最长辅助驾驶时长高达141.7小时，平均每天辅助驾 驶时长10.12小时；单个增程用户最长辅助驾驶里程高达7050公里。 点评：1月乘用车行业库存达357万辆，处于历史同期高位。高库存直接挤压车企资金周转空间、压缩盈 利水平，后续或引发车企加大价格优惠力度以消化库存。行业正面临供需调整压力，投资者需重点关注 车企库存管控与终端促销策略的落地效果。 NO.3 河南发布2026年汽车以旧换新实施细则 2月25日，据"郑州发布"消息，河南省发布2026年汽车以旧换新实施细则。其中，汽车置换更新方面， 对换购符合条件新能源乘用车的， ...

Core Viewpoint - The incident involving the fall of the Xiaopeng IRON humanoid robot has raised concerns about the maturity of its technology, coinciding with a significant decline in Xiaopeng Motors' vehicle deliveries in January 2026 [1][2]. Stock Performance - Following the robot's fall on February 1, 2026, Xiaopeng Motors' stock dropped by 8.29% in the US market and 6.77% in the Hong Kong market [1]. - By February 25, 2026, Xiaopeng Motors' US stock closed at $18.15, down 3.10%, while the Hong Kong stock closed at HKD 71.10, up 0.64% [1]. - On the same day, the overall sentiment for Chinese stocks improved, with the Nasdaq Golden Dragon China Index rising by 1.37%, and Xiaopeng Motors saw a daily increase of 6.78% [1]. Company Fundamentals - Xiaopeng Motors has set a sales target of 550,000 to 600,000 vehicles for 2026, representing a growth of 28% to 40% compared to 2025 [1]. - The delivery volume in January 2026 was only 20,000 units, which is less than half of the monthly average target, raising concerns about technology implementation and resource allocation [1]. Strategic Focus - The company is shifting its strategic focus towards "physical AI" and aims to achieve mass production of humanoid robots by the end of 2026 [2]. - The public mishap with the robot may intensify investor scrutiny regarding the feasibility of the technology and the company's business focus [2]. - The robot incident and the decline in vehicle sales in January 2026 have created a feedback loop that pressures stock prices, although market reactions are also influenced by the overall sentiment towards Chinese stocks and the company's new product cycles [2].

Group 1 - GAC Honda announced a significant price reduction for the Accord e:PHEV model, celebrating its 50th anniversary, with a price drop of 100,000 yuan to 138,800 yuan, marking the highest discount since its launch, limited to 1,000 units [1] - The Accord, once referred to as a "car for the middle-aged generation," has seen a decline in sales, with January 2026 retail sales at approximately 13,800 units, a 27% month-on-month decrease, ranking 6th in the mid-size car segment [6] - The automotive market remains competitive, particularly in the 100,000 to 150,000 yuan price range, as traditional fuel vehicles face pressure from increasing penetration of electric vehicles [6] Group 2 - The automotive consumption index in China was reported at a historical low of 31.1 in January [7] - To stimulate consumer demand, several automakers, including Tesla and NIO, have introduced low-interest financing options and extended loan terms to attract buyers, particularly targeting young consumers with limited budgets [10] - The market is witnessing a shift towards mid to high-end electric vehicles, driven by new trade-in policies that offer higher subsidies for these models, as evidenced by the sales distribution among different vehicle classes [11] Group 3 - Dongfeng Nissan launched four new models, including a new version of the Sylphy, with limited-time discounts of up to 10,000 yuan [15] - Premium brands like BMW, Mercedes-Benz, and Audi are also offering substantial discounts, with reductions reaching up to 270,000 yuan for certain models, indicating aggressive competition for market share [16][17]

记者丨张嘉钰 编辑丨江佩霞 2月25日，美股三大指数高开，截至23:00，道指涨0.25%，标普500涨0.57%，纳指涨1.16%。 | 美国股票 L3 | | | | --- | --- | --- | | 道琼斯工业 | 纳斯达克指 | 标普500 | | 49296.57 | 23129.99 | 6929.46 | | +122.07 +0.25% | +266.31 +1.16% | +39.39 +0.57% | | 美国科技七 | 中概科技龙 | 中国金龙 | | 64085.90 | 3991.74 | 7550.74 | | +827.11 +1.31% | -2.00 -0.05% | -30.30 -0.40% | | 道琼斯期货 | 纳斯达克100 | 标普500期货 | | 49382 | 25273.50 | 6938.50 | | +146 +0.30% | +244.75 +0.98% | +34.75 +0.50% | | 全美指数涨跌分布 | | | | 跌 2409 | | 涨 2647 | | 成交资 625 2617 | | | 科技股多数上涨，美股科技七巨头全线拉 ...

美股开盘，三大指数高开。道指涨0.53%，纳指涨0.75%，标普500指数涨0.55%。 受英伟达和甲骨文股价上涨支撑，主要股指延续了前一交易日的涨势。市场关注英伟达、赛富时及Snowflake等公司即将公布的财报。 特斯拉涨2.31%，亚马逊涨1.04%，微软涨0.97%，苹果下跌0.11%，谷歌下跌0.21%。 | 名称 | 现价 | 涨跌巾一 | | --- | --- | --- | | 特斯拉(TESLA) | 418.840 | 2.31% | | TSLA.O | | | | 亚马逊(AMAZON) | 210.730 | 1.04% | | AMZN.O | | | | 微软(MICROSOFT) | 392.760 | 0.97% | | MSFT.O | | | | 英伟达(NVIDIA) | 194.640 | 0.93% | | NVDA.O | | | | 脸书(META PLAT ... | 644.620 | 0.83% | | META.O | | | | 苹果(APPLE) | 271.850 | -0.11% | | AAPL.O | | | | 谷歌(ALPHABET . ...

截至2026年02月25日，根据朝阳永续季度业绩前瞻数据： 预测营业收入206.34~340.34亿元，同比增长28.1%~111.3%；预测净利润-1.24~7.47亿元，同比增长90.7%~156.1%；预测经调整净利润0.87亿元，同比变动 106.3%。 1. 小鹏汽车-W第四季度业绩预期怎么样？ 关注后续财报数据披露后能否超预期，朝阳永续港股季度业绩前瞻数据将为投资者提供业绩鉴定。 | 贝 中华化: 7675人民代 | | | | | | | 关注朝日水滨公众节 | | --- | --- | --- | --- | --- | --- | --- | --- | | 机构简称 | | | 同比 | 净利润 | 同比 | 经调整净利润 | 同比 | | 卖方预测区间 | | 206.34~340.34 | 28.1%~111.3% | -1.24~7.47 | 90.7%~156.1% | 0.87 | 106.3% | | 平均数 | -- | 245.86 | 52.7% | - 1.20 | 109.0% | 0.87 | 106.3% | | 中位数 | - | 233.66 | 45.1% ...

不得不说，2026春节档的《飞驰人生3》确实燃。 全新的沐尘100赛道，车手的血性与执念——每一帧都像在观众心上踩油门。（以下内容含轻微剧透，介意的朋友可以先收藏，看完电影再来对线。） est (Call School) 1 1 2 1 range and a te 19 2017 . Nation the company of the ca 6 7 2 in the production t 1 e e a ph e the down 80 888 - 1988 are state es UNIVERSETTI NEW YOUR 图源：微博@电影飞驰人生3 不过作为一个汽车行业的观察者，电车通更在意影片中的一条暗线：人类车手 vs AI赛车系统。 这可能是整部电影最具现实意义的其中一部分。 电影中，「天梯」车队所采用的ss8芯片以及AI赛车系统，堪称「赛道外挂」。 它能在大雾弥漫、能见度几乎为零的险境中，精准感知每一寸弯道；无需领航员，车辆自己就能感知环境、预判路况。不仅如此，系统还能实时调校动力输 出与底盘参数。 正如片中角色「百强」所说，「比赛结果，可以在会议室里谈嘛！」 这句话不仅暴露了竞技异化为权力 ...

2月24日春节后复工首日，吉利汽车集团CEO淦家阅、长安汽车总裁赵非、上汽通用五菱总经理吕俊成以及小鹏汽车董事长何小鹏陆续发布新春开工信，为 马年征程定下基调。 在"内卷"与"淘汰赛"的双重压力下，各家车企的战略重点既有共性，又各具特色。 吉利汽车：坚定"反内卷"，聚焦五大战役 面对白热化的市场竞争，吉利汽车集团提出"反内卷"，拒绝恶性消耗，转而聚焦技术、品质与品牌的长期主义。淦家阅在信中表示，面对激烈市场竞争，吉 利将摒弃内卷式恶性竞争，坚定走内涵式、可持续发展道路，聚焦技术、品质、品牌、服务与企业道德五大战役。 首先是AI科技化加速，吉利表示2026年将继续快速迭代千里浩瀚 G-ASD，G-ASD H7 方案也将搭载到领克和吉利银河的多款车型上，同时，在智能座舱方 面，超拟人智能体 Eva 将具备更强的交互能力，并能实现国内领先的舱驾联动体验。 第二是能源多元化。2026年，吉利全新一代甲醇混动车型量产上市，每公里使用成本约0.2元，同时加快加注网络建设，覆盖率提升至60%。此外，吉利将 把长续航、超快充的800V平台引入吉利银河品牌，全系电混车型纯电续航突破200公里；今年上半年正式发布i - HEV智 ...

Core Insights - The Robotaxi industry is experiencing accelerated commercialization and safety controversies since 2025, with 2026 anticipated as a pivotal year for large-scale deployment [2] - Major automotive companies and tech firms are expanding their Robotaxi operations, while safety incidents raise public concerns about the reliability of these services [2][8] Industry Developments - Tesla plans to remove safety drivers in Austin by 2025 and aims for mass production of its CyberCab by Q1 2026 [3] - Xiaopeng Motors will launch three Robotaxi models in 2026 and has partnered with Gaode for a global ecosystem collaboration [3] - Baidu's Robotaxi service, "Luo Bo Kuaipao," operates in 22 cities with over 250,000 fully autonomous orders weekly, serving more than 17 million users [3] - Waymo's total order volume reached 15 million in 2025, doubling from previous figures, with plans for global expansion following a $16 billion funding round [3] Collaborations and Strategies - GAC Toyota's Robotaxi, the Platinum Smart 4X, has been launched, with plans for 1,000 units by 2026 in collaboration with Pony.ai [4] - Geely's strategy aims to expand Robotaxi services to 100 cities, with a target of 1 billion yuan in revenue by 2026 [5] - Didi and GAC Aion have launched their first Robotaxi, R2, set to operate in major cities starting Q2 2026 [5] - Pony.ai has achieved profitability for its Robotaxi in Guangzhou, indicating a shift towards sustainable operations [7] Safety and Regulatory Challenges - Safety incidents involving Robotaxis have raised significant concerns, including a fire in Beijing and accidents in Chongqing and Hunan [8][9] - The industry faces challenges in technology adaptation, regulatory frameworks, and operational practices, with calls for improved safety standards and accountability [9][10] - The lack of unified safety regulations and the rapid expansion of services without adequate safety measures have been highlighted as critical issues [9][10] Future Outlook - The Robotaxi sector is expected to reach a tipping point in 2026, driven by technological advancements, supportive policies, and increased capital investment [6][10] - The industry must balance rapid growth with safety considerations to gain public trust and ensure sustainable development [10]