本周智能汽车行情复盘： 我们编撰的智能汽车指数-0.5%，智能汽车指数（除特斯拉）+5.7%，智能汽车指数（除整 车）+3.9%。 截至2026年2月13日，智能汽车指数PS(TTM）为14.8x，该估值位于2023年初以 来98%分位数；智能汽车指数（除特斯拉）PS(TTM）为6.2x，该估值位于2023年初以来88%分 位数；智能汽车指数（除整车）PS(TTM）为10.5x，该估值位于2023年初以来86%分位数。智 能汽车指数标的 耐世特、曹操出行、地平线机器人、千里科技、希迪智驾 涨幅前五。 未经许可，不得转载或者引用。 投资要点 本周行业核心变化： 1）工信部公开征求《智能网联汽车自动驾驶系统安全要求》等五项强制性国家标准的意见， 也即L3和L4国标开启征求意见稿；2）中国最高人民法院2月13日首次发布道路交通安全刑事专 题指导性案例，其中明确激活辅助驾驶功能情形下驾驶人的刑事责任认定规则；3）特斯拉首 辆无方向盘无油门的Cybercab在美国得州超级工厂正式下线、FSD监督版累计行驶超82亿英 里、特斯拉或将在中国重新推出FSD，并配备本地数据中心；4）地平线与宁德时代子公司时 代智能达成战略合作 ...

Investment Rating - The report maintains a positive outlook on the Southeast Asian electric vehicle market, particularly for Chinese brands, suggesting a "Buy" rating for companies like BYD, Geely, XPeng, and Leapmotor [4][5]. Core Insights - The Southeast Asian electric vehicle market is expected to see steady growth, with monthly total sales increasing from 14,900 units to 23,400 units in 2025, and Chinese brands maintaining a market share of 72%-78% [4][14]. - The competitive landscape is shifting from price wars to value competition, with brands focusing on technology, brand strength, and ecosystem development [4][5][33]. - Consumer demand is evolving from a focus on technology to lifestyle needs, with a clear segmentation among brands targeting different consumer demographics [5][6]. Market Overview - In 2025, the total sales of electric vehicles in Southeast Asia showed a steady increase, with Chinese brands leading the market. Monthly sales rose from 14,900 units in January to 23,400 units in December, with Chinese brands' sales increasing from 12,800 units to 19,000 units [14][15]. - BYD's market share decreased from 41.8% to 28.7% due to increased competition, but it still led in total sales with 41,480 units sold in Thailand [15][20]. Price War Analysis - The price war in Thailand was characterized by significant discounts, with major brands like BYD and Chery engaging in aggressive pricing strategies to clear inventory as government subsidies were set to expire [27][28]. - The average price reduction for mainstream models ranged from 15% to 25%, with some models experiencing discounts as high as 36.43% [28][29]. Brand Competitiveness - The report highlights the importance of distribution channels, with local partners showing increased confidence in Chinese brands. The number of dealerships is expected to grow by 20%-50% in 2026 [6][42]. - Different Chinese brands are adopting varied strategies: BYD is focusing on mass-market appeal, while XPeng and Zeekr are targeting high-end consumers [5][6]. Consumer Insights - The consumer profile in Southeast Asia is diversifying, with brands like BYD appealing to working families and ride-hailing drivers, while XPeng and Zeekr attract business professionals and high-net-worth individuals [5][6]. - MG has successfully transitioned from a value proposition to brand recognition among middle-class consumers and corporate executives [5]. New Vehicle Plans - In 2026, brands are expected to increase their new vehicle launches in Southeast Asia, with predictions of significant sales growth for Chery (182% increase), Zeekr (76% increase), and BYD (35% increase) [5][6].

【导读】吉利、小鹏CEO马年开工首日发声，聚焦车企智能化与国际化发展 2月24日是马年春节假期后的开工首日，小鹏汽车CEO何小鹏发布开工信、吉利汽车集团CEO淦家阅发 布新春寄语，共同聚焦车企智能化与国际化发展。 "我们正站在一个历史性的拐点上，2026年'物理AI+全球化'必须打透。"何小鹏表示，2026年，小鹏汽 车将率先在中国市场抓住属于自动驾驶的"DeepSeek"时刻。 面对日趋激烈的市场竞争，吉利汽车集团明确会摒弃内卷式恶性竞争。淦家阅表示，吉利汽车集团会坚 定不移地走内涵式可持续发展之路，坚持打技术战、品质战、品牌战、服务战、企业道德战。 抢抓自动驾驶"DeepSeek"时刻 期望2026年海外销量翻番 最近一个多月，何小鹏一直在高频体验小鹏第二代VLA（视觉语言动作模型），几乎每一次上路都 有"惊艳"时刻。 海外业务将是发展关键引擎 小鹏汽车正在抢抓自动驾驶的"DeepSeek"时刻。何小鹏表示："2026年我们会迎来每个季度环比大幅度 增长。" 对此，何小鹏计划将小鹏汽车的发展版图铺开。何小鹏表示，2026年，期望小鹏汽车的海外销量翻番， 2030年的海外销量达100万辆，贡献七成以上的利润 ...

自动驾驶板块的 Robotaxi 计划同样提速，今年将正式启动网约车试点运营，基于 GX 平台打造的车型搭载 4 颗自研图灵 AI 芯片，以 3000TOPS 超强算力 支撑纯视觉方案。 何小鹏预判，2027-2028 年 Robotaxi 将进入快速增长期，为企业带来收入与市值的双重跃升，据悉，大众汽车已成为小鹏第二代 VLA（视觉 - 语言 - 动 作） 模型的首发客户。 前沿业务高歌猛进的同时，核心整车业务与全球化战略同步发力。 2 月 24 日，小鹏汽车 CEO 何小鹏发布以 "稳进破局，2026 共赴物理 AI 新十年" 为主题的开工信，明确将 2026 年定义为小鹏具身智能从"能做"到"能量 产"的分水岭，宣布人形机器人、飞行汽车、Robotaxi 三大前沿 AI 业务将在今年全面落地量产。 在这场关乎未来的战略布局中，三大业务的量产计划成为核心亮点。飞行汽车 "陆地航母" 已完成试产线下线，历经零下 35 摄氏度极寒测试验证。 累计全球订单超7000台，其中中东地区订单达600台，位于广州的智造工厂具备"万辆级"年产能。 今年将实现规模化量产与交付，将率先开启个人低空出行的商业化探索。 人形机器 ...

"爸妈觉得这车安全，孩子喜欢全景天窗，我们更看重续航和充电方便。"大年初五，在南京西路太古汇 商场的一家汽车展厅内，李女士一家五口围在一辆新车旁热烈讨论。这样的场景，在今年春节假期并不 鲜见。随着新能源汽车日益融入日常生活，逛商场、走亲戚之余"顺便看个车"，已成为许多家庭的新年 俗。 金融政策再加码 "上海的特斯拉车主春节返乡需求特别集中，节前车辆检测的预约排得满满当当。"特斯拉一线工作人员 党先生在接受采访时表示，针对春运长途出行，品牌春节期间重点加码服务保障。线下为返乡车主提供 车辆检测，聚焦电池、轮胎等核心部件；线上远程服务24小时在线，随时响应出行突发情况。 销售端，特斯拉全面开启"春节不打烊"模式，每家门店每日至少有七成员工值守，试驾、咨询需求均可 满足。"春节不是销售旺季，但每天每家门店均有订单落地，置换客户占比50%、新购40%、老车主增 购10%，且置换群体中'油换电'成绝对主流。"党先生介绍，新推出的"7年低息"与"5年0息"金融方案成 为撬动消费的关键。以热销款Model Y L为例，在超低息方案中，首付4.59万元起，年费率低至0.7%， 月供3661元；Model 3后轮驱动版为236 ...

Core Viewpoint - Xiaopeng Motors aims to become the first company globally to mass-produce advanced humanoid robots by the end of the year, with a focus on integrating automotive-grade reliability and AI capabilities [1][12][14]. Group 1: Robot Development and Market Position - The new generation of IRON robots will initially be deployed in guiding and shopping scenarios, with an SDK available for global developers [1][12]. - Xiaopeng's IRON robot features a second-generation VLA model and three Turing AI chips, enabling integrated high-level intelligent capabilities such as conversation and walking [2][10]. - The company’s stock performance has shown a significant increase, reaching a market capitalization of HKD 212 billion, driven largely by the anticipated success of the IRON robot [3][5]. Group 2: Competitive Landscape and Challenges - Xiaopeng's approach to robotics emphasizes a combination of automotive-grade standards and integrated intelligence, distinguishing it from competitors like Yushun and Zhiyuan, which focus on different aspects of robotics [2][15]. - The company faces challenges in commercializing its robots, as competitors have already established a presence in the performance and rental markets [6][9]. - The IRON robot's primary applications will be in Xiaopeng's own production and retail environments, which may limit its scalability compared to competitors targeting broader B2B markets [9][10]. Group 3: Strategic Vision and Future Goals - Xiaopeng Motors is transitioning from being an automotive manufacturer to a technology company focused on advanced AI applications, including robots and flying cars [10][12]. - The company aims to leverage its technological advancements to capture significant market opportunities in autonomous driving and AI by 2026 [12][13]. - Xiaopeng's ambition is to redefine mass production standards in the robotics industry, shifting the focus from quantity to quality and reliability [14][15].

新华财经香港2月24日电（记者林迎楠）24日，港股主要指数低开，截至收盘，恒生指数下跌1.82%至 26590.32点，恒生科技指数下跌2.13%至5270.70点，国企指数下跌2.06%至9007.86点。 当日恒指低开168.23点，开报26913.68点，开盘即为当日最高点，早盘期间震荡向下，午后有所反弹， 最终恒指跌491.59点，主板成交超2509亿港元。当日，港股通（南向）净流入超31亿港元。 整体来看，港口运输、百货业、建材水泥、高铁基建等股多为上涨，黄金、新能源车企、石油与天然 气、航空等股有涨有跌，新消费、有色金属、商业航天、生物医药、科网、银行、券商、房地产等股多 有下跌。 个股方面，小米集团跌2.24%，长飞光纤光缆涨1.17%，中国平安跌4.12%，中芯国际跌2.39%，泡泡玛 特跌5.88%，智谱涨12.14%，友邦保险跌0.93%，荣昌生物跌3.78%，建设银行跌1.83%，小鹏汽车涨 1.65%，商汤跌5.78%，老铺黄金跌6.46%，国泰君安国际跌4.48%，中国石油股份跌0.10%。 成交额前三的个股中，腾讯控股跌3.35%，成交超188亿港元；阿里巴巴跌2.76%，成交超1 ...

Real Estate - The real estate market is entering a new adjustment phase, with policies indicating an increase in the proportion of existing home sales starting from March [2] - Developers are shifting focus to quality competition as their funding issues ease, moving away from the risks associated with pre-sales [2][25] - Homebuyers are now more inclined to physically inspect properties, reflecting a shift from speculative buying to practical decision-making [2][25] - In second and third-tier cities like Zhengzhou and Tianjin, the decline in housing prices is slowing, with homeowners adopting a wait-and-see attitude [2] - The market is transitioning from a general decline to a more differentiated performance, with core areas in first-tier cities maintaining demand despite external pressures [2] Automotive Industry - The penetration rate of new energy vehicles is expected to exceed 55% after March, becoming a dominant force in the automotive market [4] - Tax reductions on vehicle purchases are impacting low-priced models, while subsidy reductions are prompting manufacturers to focus on cost-effectiveness [4] - Consumers are shifting from impulsive buying to practical considerations, emphasizing range and reliability in their vehicle choices [4] - The automotive market is experiencing a slow recovery after a decline in sales during the first quarter, with new policies stimulating consumption [10] - Exports are projected to exceed 7 million units, with Chinese brands increasing their share in overseas markets [10][22] Deposit Market - The deposit market has seen a deepening of low interest rate trends since March, with one-year fixed deposit rates stabilizing around 1.35% [6][12] - Households are shifting their investment strategies towards more stable financial products due to shrinking income from deposits [6][12] - The focus on safety and risk diversification is becoming more pronounced among residents, leading to a decrease in high-risk investments [6][18] - The banking sector is adjusting its liability structure in response to pressure on net interest margins, with short-term product rates entering a low range [6][12] Overall Market Trends - The real estate market is experiencing a prolonged bottoming period, with sellers no longer eager to sell at a loss and buyers cautiously testing the waters [14][20] - The automotive industry is moving towards rational competition, with a focus on quality rather than just scale, as consumer preferences evolve [27][32] - The deposit market is characterized by low yields, with households prioritizing capital preservation over high returns [29][34]

凤凰网财经讯 港股2月24日收盘走低，恒生指数收报26590.32点，跌491.59点，跌幅1.82%；恒生科技指 数收报5270.7点，跌114.65点，跌幅2.13%。 恒生指数成分股中万洲国际、恒基地产、华润啤酒涨幅居前，中国生物制药、翰森制药、中国人寿跌幅 靠前。恒生科技指数成分股中华虹半导体、联想集团、小鹏汽车-W涨幅居前，金蝶国际、商汤-W、腾 讯音乐-SW跌幅靠前。 ...

编辑 杨娟娟 校对 柳宝庆 何小鹏特别提到，要把全球供产的规模化能力建扎实。"我们的供应链、制造、物流、备件、服务，正 走向'全球协同'。太多车企的全球化，倒在了团队没建好、能力跟不上，最终导致品质和口碑跟不上。 我们要持续构建高效的全球供产规模化的体系，从供应满足、规模生产、物流保障、投资管控等维度升 级。这是小鹏走向全球化的地基——不能飘，必须实。" 新京报贝壳财经讯（记者张冰）2月24日，马年春节假期后开工第一天，小鹏汽车董事长、首席执行官 何小鹏向小鹏全体员工发布了一封开工信。何小鹏称，2026年小鹏要做"一个把技术探索的势能，全面 转化为规模量产动能的具身智能公司"，机器人、飞行汽车、Robotaxi（自动驾驶出租车）三大前沿AI 业务，在同一年全部量产。谈到汽车海外业务时，他期望2026年小鹏的海外销量翻番，到2030年海外要 卖100万辆，贡献七成以上利润。 何小鹏将出海打法总结为八个字："尖刀 "破局，"红毯 "留人。其中"尖刀"指产品和市场：六款车型， 价格带覆盖10万元级到20万元级，主攻以色列、德国、挪威、泰国、法国五个市场；渠道网点今年翻倍 到680家，线索量翻倍。"红毯"是交付和服务 ...