初代SU7的车主怎么办？ 一份由四川西华交通司法鉴定中心出具的《司法鉴定意见书》，将一场半年前的事故再次拉回群众的视 野。 去年10月13日，四川成都天府大道一辆小米SU7 Ultra在行驶中发生碰撞后起火燃烧。据《道路交通事 故认定书》，驾驶员邓某某涉嫌酒后驾驶机动车，且车速远超事发路段限速要求，驾驶员负全部责任。 但在酒驾与超速背后，有更多细节值得行业深思。上述《司法鉴定意见书》披露了三个关键点： 一是，邓某某系涉事车辆起火燃烧致死，并非车辆碰撞直接导致死亡。 二是，事故车无法从车外打开车门，并非车门系统结构变形损坏所致。 三是，碰撞后断电致门把手失效，同时外把手未配备机械结构，导致了救援无果。 这清晰地对应了燃爆事故的现场情况。彼时，现场多人参与救援，但"拳打脚踢"未能打开车门。《司法 鉴定意见书》中提及：左前车门外侧把手损坏严重、有撬动痕迹，内侧部件烧损，门锁体脱落、锁扣灭 失，门窗玻璃损坏。随后，多位救援者眼睁睁地看着大火将驾驶员吞没。 也就是说，如果当时的SU7 Ultra配备了机械外门把手，则施救者们有很大概率在车辆燃爆前将驾驶员 拖出驾驶室，从而阻止一条生命的逝去。 公众对门把手安全的诟病由来 ...

点击蓝字，关注我们 今日上午港股 1 . 中国秦发(00866)盘中涨近7%，截至发稿，涨4.05% 。消息面上，中国秦发发布盈警。预计全年录 得除税后亏损不超过人民币9800万元，相较于2024年度约5.56亿元的除税后溢利，业绩出现由盈转 亏。主要由于剥离国内山西煤炭业务。 2 . 药明合联(02268)盘中涨超8%，截至发稿，涨7.63% 。消息面上，药明合联此前发布2025年业绩盈 喜预告，交银国际表示，基于公司盈利预告，略微下调2025-27年收入和经调整净利润预测1-3%，至 58.8亿/82.8亿/111.1亿元(人民币，下同)、16.0亿/24.5亿/34.2亿元，分别对应38%/46%2025-27年 CAGR，强劲增速主要得益于综合CMC订单的快速增长、尤其是临床后期/商业化阶段订单贡献的提 升。 3 . 老铺黄金(06181)涨超4.2% 。消息面上，老铺黄金将于2月28日上调金饰价格，多地门店再现排队 潮。据大河报，记者日前在位于上海新天地等老铺黄金门店外看到，在新年首轮提价前来购金的人不 少，而门店外也一直有人排队等待进店。 4. 亚博科技控股(08279)再涨超13%，节后累计涨幅 ...

Core Insights - Diversification is the cornerstone of modern asset allocation theory, aiming to optimize risk-adjusted returns by constructing a diversified asset portfolio that reduces unsystematic risk while retaining expected returns [1] - The Hang Seng Index exhibits a significant "triple structure" characteristic, with approximately 35% comprising local blue-chip stocks, 50% from mainland enterprises listed in Hong Kong, and the remainder from international large companies, providing a unique regional distribution that benefits from Hong Kong's status as an international financial center [1] Group 1: Market Dynamics - The long-term correlation between the Hang Seng Index and other indices like the CSI 300 and S&P 500 is low, allowing Hong Kong stocks to exhibit differentiated performance during market fluctuations driven by mainland liquidity cycles or U.S. Federal Reserve policies [4] - In 2025, the Hang Seng Index achieved a year-to-date increase of 28.89%, serving as an effective beta hedge during global market turbulence [4] Group 2: Currency and Profit Structure - The Hang Seng Index is traded in Hong Kong dollars, but over half of its underlying assets are from mainland enterprises, with revenue structures encompassing multiple currencies, making it a natural currency hedge [4] - The index benefits from currency fluctuations, as appreciation of the Renminbi enhances the index's performance when mainland earnings are converted to Hong Kong dollars, while a strong U.S. dollar maintains stability through the linked exchange rate system [4] Group 3: Sectoral Differences - The technology sector in A-shares focuses on hard manufacturing such as semiconductors and new energy, while the Hong Kong tech sector is dominated by internet giants, with over 60% of the Hang Seng Tech Index comprising information technology [5][6] - The structural differences in underlying assets lead to significant divergence in performance between A-shares and Hong Kong stocks, providing effective industry risk hedging opportunities [6] Group 4: Capital Flows - The Hong Kong stock market benefits from a dual-driven capital structure of "southbound funds + international allocation funds," contrasting with the A-share market dominated by domestic retail and institutional investors [6] - Continuous inflows of southbound funds can provide independent support for Hong Kong stocks during liquidity crises in A-shares, while reverse allocations from mainland funds can stabilize the market during geopolitical tensions [8] Group 5: Investment Products - The Huatai-PineBridge Hang Seng Tech ETF Connect (QDII) C (013128) is designed for investors looking to capture the valuation recovery window of the Hang Seng Tech Index, featuring a cost-effective fee structure [8][9] - The fund tracks the Hang Seng Tech Index, which balances soft and hard technology sectors, with major internet platforms like Tencent and Alibaba accounting for over 50% of the index [8] - Other investment products include the Huatai-PineBridge Hang Seng Tech ETF Connect (C) focusing on AI and the Huatai-PineBridge Hong Kong Stock Connect Technology Select Mixed Fund (C) employing active management strategies to identify high-potential assets [10]

文 | 市象 景行 编辑 | 古廿 "当年在汽车领域，吉利是最早和欣旺达合作的，就是看中欣旺达相对便宜。现在出事，对双方品牌影 响都不小。"有投资者表示。 2月6日，欣旺达子公司欣旺达动力与吉利旗下子公司威睿电动发布联合声明，宣布对动力电池诉讼案达 成和解，由欣旺达支付6.08亿元赔偿款，分五年分期偿付，预计对欣旺达2025年归母净利润影响为5亿 至8亿元，威睿则撤回起诉。 去年年底，关于这起事件，威睿对欣旺达的索赔金额还在23.14亿元。不到半年时间，就以差不多25% 的金额完成和解，仅从缩水后的赔付金额来看，欣旺达显然是赚了。这也一度被市场解读为，有利于欣 旺达扫清赴港IPO的障碍。 01 欣旺达到底赔了多少钱 可以说，以6.08亿元和解费用换取撤诉，极氪还是对这位老伙伴手下留情了。 首先是，极氪这一轮的亏损到底有多少？ 双方的争议焦点是，前者质疑吉利与欣旺达合资公司山东吉利欣旺达供应给极氪001 WE86版的86kWh 高压电池存在安全隐患，在长期使用后，电池内阻会出现异常升高情况，可能导致部分产品出现性能下 降，续航缩水，充电变慢等问题，在极端情况下甚至有热失控的风险，存在安全隐患。 为此，极氪不得不 ...

以前开电动车回老家，基本等于「渡劫」。 排队4小时、充电1小时是常规操作，服务区里为了抢充电桩吵架，甚至大打出手，年年都有新闻。大冬天舍不得开暖风，裹着棉被缩在车里等电……这些画 面，经历过的人都懂。 「电动爹」，这个对纯电动车的戏称，道尽了电动车主的妥协和无奈。 图源：pixabay 然而今年春节，画风突然变了。往年铺天盖地的充电吐槽，今年却像消失了一样，在各大社交平台都很难发现高速充电桩排队的新闻。 这些令人头疼的「电动爹」，似乎一夜之间成了靠谱的「真兄弟」。 纯电车主不再吐槽，不只是因为桩变多了 其实，哪有什么突然反转，不过是把这位「电动爹」伺候到位了。 根据国家能源局公布的数据，自2月15日至2月23日，高速公路电动汽车充电次数共计602.10万次，充电量达到14976.75万千瓦时，日均充电量1664.08万千瓦 时，较去年春节日均增长52.01%，创历史新高。 车更多、路更忙，吐槽却少了，答案其实很简单：基础设施终于扛住了春运的真实压力。 电车通以前开纯电动车跑高速，最闹心的就是找桩难、用桩更难。功率小、枪头坏、场站没人管尤为常见，跑一趟长途能把人折腾得没脾气。 但今年春节再上高速，体验完全变了。 ...

从过去"工程师造车"的技术主导逻辑，到如今"用户声音驱动创新"的市场导向转型，"听劝式创新"不仅重塑着产品研发范式，更悄然改写着行业竞争规 则。这场转型既展现出破解低水平竞争的积极价值，也暴露出沦为营销噱头的行业隐忧。如何让"听劝"真正成为技术创新的催化剂而非流量密码，如何在用 户需求与产业本质间找到平衡，成为所有车企需要直面的课题。 从技术独白到对话用户 "过去我们总想着把最先进的技术塞进车里，却忘了用户真正需要什么。"一位从业20年的车企产品总监的感慨，道出了行业转型的核心动因。这种 从"工程师文化"到"用户中心"的转变，本质上是市场竞争升级的必然结果，激烈的市场竞争迫使企业放下技术本位的傲慢，转向倾听用户的真实诉求。 "听劝"的价值首先体现在抑制低水平重复竞争。长期以来，汽车行业存在"模仿借鉴"的顽疾，用户反馈恰恰能精准触达差异化需求。更重要的是，"听 劝"正在推动行业向核心技术创新聚焦。相关调查结果显示，6成消费者遭遇过充电排队，半数以上车主面临电池衰减问题，三分之一的车主则经历过车机系 统故障。这些来自市场的真实痛点，倒逼车企将研发资源投向补能效率、电池技术、智能座舱稳定性等核心领域。中国汽车工业协 ...

电动汽车（ EV ）是指以电动机为主要驱动力，并由车载储能系统（例如锂离子电池，或在某些情况下使用燃料电 池）提供能量的汽车。与内燃机汽车相比，电动汽车具有更高的能量转换效率、瞬时扭矩输出、更低的运行噪音和零 尾气排放，使其成为交通运输行业脱碳的关键途径。现代电动汽车集成了先进的电池管理系统、电力电子设备、再生 制动系统以及日益普及的软件定义架构，从而提升了续航里程、安全性、互联性和智能功能。随着充电基础设施的扩 展和电池技术的不断进步，电动汽车正成为未来全球出行系统的核心组成部分 。 市场规模 根据QYResearch最新调研报告显示，预计2032年全球电动汽车市场规模将达到12699亿美元，未来几年 年复合增长率CAGR为12.35%。 | 参与企业 | 基本情况 | | --- | --- | | 特斯拉 | 特斯拉是一家总部位于美国的电动汽车与清洁能源公司，以纯电动车、动力电池、 | | | 能量管理与软件能力为核心，率先推动电动汽车在全球范围内的规模化普及。公司 | | | 在整车平台、电驱系统、电池技术、自动驾驶软件以及直销与 OTA模式方面形成 | | | 差异化优势，并通过高度垂直整合与全球化 ...

Market Overview - The Hang Seng Index closed at 26,381, down 1.44% for the day and up 2.93% year-to-date[3] - The Hang Seng Technology Index fell 2.87%, reaching a new low since July of the previous year[9] - The Shanghai Composite Index remained relatively stable, closing at 4,147, with a slight decrease of 0.01%[3] Sector Performance - Major tech stocks like Bilibili and Baidu dropped over 4%, while Alibaba fell more than 3%[9] - The biopharmaceutical sector saw significant declines, with BeiGene down over 9% and WuXi Biologics down over 8%[9] - Conversely, power equipment stocks surged, with Dongfang Electric rising over 15%[9] Cryptocurrency and AI Stocks - Cryptocurrency-related stocks experienced a rally, with Jinrong Investment up 29.28% and Blue Ocean Interactive up 20%[9] - Nvidia's earnings report eased AI-related concerns, but its stock fell 5.46% following the announcement[12] Economic Indicators - The U.S. jobless claims increased less than expected, indicating a relatively low scale of layoffs[12] - The Federal Reserve's officials suggested potential interest rate cuts if inflation decreases[12] International Relations - Progress was reported in U.S.-Iran talks in Geneva, with further negotiations expected in about a week[12]

关于港股后市 天风证券指出，短期看，港股在前期估值修复后延续高位震荡格局，指数仍具阶段性韧性与结构性机 会。但外部环境约束仍然存在，长端美债收益率维持高位，风险溢价已处低分位区间，指数进一步系统 性上行的空间与持续性仍受到限制。当前恒生指数ERP处历史偏低水平，全球无风险利率锚对估值形成 压制。中期维度下，对港股整体判断维持谨慎乐观，结构优于指数的特征或仍将延续。 恒生指数高开0.25%，恒生科技指数跌0.15%。盘面上，汽车板块强势，小鹏汽车、理想汽车涨近2%； AI应用走弱，智谱跌近3%。 中泰证券认为，春节后科技主线行情具备延续性，AI与机器人(核心股)进入商业化落地关键期，长线资 金主导下科技仍是大概率选择方向。 本文转载自"腾讯自选股"，智通财经编辑：徐文强。 华泰证券首席宏观经济学家易峘表示，春节期间科技领域持续受到催化，港股科技新势力表现不俗，今 年新上市的AI模型股MINIMAX - WP、智谱上涨趋势明显，与之对应的传统互联网巨头股价出现调整， 从中长期看，港股科技板块配置价值依然突出。 ...

Investment Rating - The report maintains a "Positive" investment rating for the automotive and automotive parts industry [11] Core Insights - The report highlights a significant leap in the development of general artificial intelligence large models, with continuous breakthroughs in model scale, training paradigms, and reasoning capabilities, establishing a solid technological foundation for various AI applications. Intelligent driving, being an application of "physical AI," is evolving towards large models, marking a new phase of intelligent emergence [3][6] Summary by Sections Introduction: AI Empowerment, Intelligent Driving Enters the Large Model Era - The report discusses the rapid development of general artificial intelligence large models, emphasizing their role in enhancing intelligent driving through technological iterations [6][19] Emergence of General Large Model Capabilities - The AI large model era is characterized by the use of the Transformer architecture, exponential increases in computing power, and the accumulation of vast multimodal data, leading to critical breakthroughs in AI applications [7][21] Progression of Intelligent Driving Large Models - Intelligent driving has transitioned from rule-based models to end-to-end large models, gradually evolving towards VLA (Vision-Language-Action) and world models, enhancing deep reasoning and decision-making capabilities [8][50] Investment Recommendations - The report suggests that the continuous emergence of AI large model capabilities will accelerate the commercialization of high-level intelligent driving. Key recommendations include companies like XPeng Motors, BYD, and Geely in the vehicle sector, and Top Group and Bertelson in the parts sector [9]