此外，何小鹏在信中宣布，大众将成为小鹏第二代VLA模型的首发客户。小鹏汽车在物理AI领域的探 索，正推动公司业务结构发生质变。在人员规模和经营成本稳步增长的背景下，小鹏汽车正在成长为面 向全球的具身智能公司。 （文章来源：北京商报） 北京商报讯2月24日，北京商报记者从小鹏汽车处获悉，小鹏汽车CEO何小鹏向全体员工发布了一封开 工信，主题为"稳进破局，2026共赴物理AI新十年"。何小鹏希望小鹏汽车能够率先在中国抓住属于自动 驾驶的"DeepSeek"时刻，他认为，小鹏正站在历史性的拐点上——2026，物理AI+全球化必须打透。 何小鹏将2026年定义为"全自动驾驶的拐点"。过去一个多月内，何小鹏一直在高频体验小鹏第二代 VLA，"第二代VLA是我们面向L4全自动驾驶时代交出的第一个版本，它正在让高阶智驾从'极客尝 鲜'，变成像自动挡汽车一样、让每个家人都能轻松信赖的标配。"何小鹏表示。 ...

2025年，中国汽车产业在连续17年产销量稳居全球第一的基础上，再次交出了一份充满变革与挑战的答卷。行业在"电动化、智 能化"的百年浪潮中加速演进，新能源渗透率逼近50%关口，汽车出口从爆发式增长步入增速换挡期，智能驾驶技术正式叩开L3 级市场大门。 站在2026年的新起点，中国汽车产业加速从"量变"到"质变"的关键转折。新能源汽车渗透率突破50%，标志着市场主导权的切 换；L3级自动驾驶商业化破冰与Robotaxi规模化竞争开启，驱动智能出行进入新阶段；固态电池、国产芯片、人形机器人等前 沿领域，则成为技术竞争与产业延伸的核心战场。与此同时，传统豪华品牌与合资阵营面临深度重构，在电动化与智能化浪潮 中寻求本土化反攻。然而，机遇之下暗藏挑战：全球市场波动导致出口增速放缓，供应链不确定性使"缺芯"风险再度浮现，成 本与技术的平衡成为企业穿越周期的重要命题。 1、2026年预测销售新车3475万辆 2025年我国销售新车3440万辆，同比增长9.4%，产销量连续17年稳居全球第一。其中，国内销量为2730.2万辆，与2017年基本 持平，存量竞争越发激烈。根据中汽协预测，2026年中国汽车销量预计为3475万辆， ...

Group 1 - The core viewpoint of the news highlights the significant advancements in AI and robotics, particularly the emergence of humanoid robots and large models, marking a transition from concept to practical application in the industry [2] - The Zhongzheng AI Theme Index (930713) has shown a positive performance, with notable increases in constituent stocks such as Runze Technology (up 12.81%) and Beijing Junzheng (up 12.19%) [1] - The AI ETF (512930) has also experienced a slight increase of 0.13%, reflecting the overall positive sentiment in the AI sector [1] Group 2 - The Spring Festival Gala showcased several domestic humanoid robots, demonstrating their advanced motion control capabilities and real-world applications, which is expected to enhance public acceptance of these products [2] - The year 2026 is anticipated to be a pivotal year for the mass production and commercialization of humanoid robots, driven by continuous breakthroughs in core technologies [2] - The top ten weighted stocks in the Zhongzheng AI Theme Index account for 57.27% of the index, indicating a concentrated investment in key players within the AI sector [3]

Group 1 - In 2025, China's automobile production and sales both exceeded 34 million units, setting a new historical record [1] - The year 2026 marks the beginning of the "14th Five-Year Plan," with many automotive companies setting ambitious sales targets and clear strategies for growth [1] Group 2 - China FAW aims for a sales target of 3.546 million units in 2026, a year-on-year increase of 7.39% from 2025 [4] - Dongfeng Motor targets 3.25 million units for 2026, with over 30% year-on-year growth, focusing on new energy vehicles and exports [6] - Changan Automobile sets a goal of 3.3 million units for 2026, a 13.3% increase, with a strong emphasis on new energy vehicle sales [8] Group 3 - SAIC Motor's sales target for 2026 is projected between 4.5 million and 5 million units, reflecting a pragmatic approach [10] - BAIC Group aims for 2.2 million units in 2026, with a focus on new energy products and smart technology [12][13] - GAC Group's sales in Q4 2025 reached 537,800 units, showing a significant quarter-on-quarter increase of 25.56% [16] Group 4 - Chery aims for a sales target of 3.2 million units in 2026, a 14.03% increase from 2025, with plans to launch 17 key models [20] - BYD achieved a record of 4.602 million units in 2025 and plans to sell 1.3 million vehicles overseas in 2026, a 24.3% increase [22][23] - Geely targets 3.45 million units for 2026, a 14% increase, with a focus on new energy vehicle launches [25][26] Group 5 - Great Wall Motors sets a target of 1.8 million units for 2026, a 36% increase from 2025, supported by new technology [28][29] - Li Auto aims for 550,000 units in 2026, with a growth plan of approximately 40% [31] - NIO's sales target for 2026 is between 456,000 and 489,000 units, with plans to expand its battery swap station network [33] Group 6 - XPeng Motors targets 550,000 to 600,000 units for 2026, with a growth rate of approximately 28% to 39.7% [36] - Leap Motor aims for a sales target of 1.05 million units in 2026, a 67.5% increase, with plans to launch four new models [38] - Xiaomi Auto sets a target of 550,000 units for 2026, a 34% increase, focusing on technology development and user experience [40] Group 7 - Harmony Smart aims for over 1 million units in 2026, with plans to launch more than 10 new models [43]

五震荡走低，险守二十天线。恒指随外围低开 132 港股回顾 点，跌幅随即扩大至 247 点，低见 23730 点，其后跌幅 一度收窄至仅 20 点，午后大盘走势偏软，尾盘沽压再 度扩大。截至收盘，恒指收报 23831 点，下跌 145 点或 0.61%；国指收报 9656 点，下跌 47 点或 0.49%，大市 成交进一步减至 827.99 亿。港股通录得净流入资金 4.84 亿，其中港股通(沪)净流入 2.83 亿，港股通(深)净 流入 2.01 亿。板块方面，本地地产、软件、5G 概念板 块跌幅靠前；黄金股逆市走强。 周一港股三大指数全天强势震荡，恒生指数收涨 2.53%报 27081.91 点，恒生科技指数涨 3.34%报 5385.35 点，恒生中国企业指数涨 2.65%报 9197.38 点。大市成交 1730 亿港元。科技龙头、 半导体、有色股表现亮眼，紫金矿业、美团、中 芯国际涨超 5%，涨幅位居恒指成分股前列。新能 源汽车股普涨，蔚来涨近 6%，比亚迪股份涨近 5%。行业方面，恒生原材料业指数大涨 4.27%， 赣锋锂业涨超 8%，紫金黄金国际、五矿资源涨近 7%。大模型概念股回落，智谱跌近 ...

Group 1: Manufacturing and Automation - The manufacturing process is increasingly automated, with companies like Guangdong Yida Textile achieving a 75% automation coverage in shirt production, resulting in a threefold increase in efficiency [3] - Guangdong's home appliance industry is also embracing automation, with major companies implementing automated production lines and AI technology to enhance product quality and functionality [3][4] - The integration of AI and automation in manufacturing is leading to significant improvements in production efficiency and a reduction in labor costs, exemplified by the 80% automation in certain garment production processes [3][4] Group 2: Intelligent Services and Robotics - Companies like Kuku Intelligent Robot Co. are deploying coffee robots that can prepare a cup of coffee in about one minute, showcasing the application of AI in everyday services [10] - The humanoid robots from Shenzhen Yuejiang Technology are gaining traction in global markets, with over 50% of their revenue coming from international sales [8] - The use of AI-powered robots in service industries is breaking traditional boundaries between manufacturing and services, as seen in various applications across Guangdong [10] Group 3: Autonomous Vehicles and Transportation - WeRide's Robotaxi service has commenced 24-hour operations in Guangzhou, highlighting the advancements in autonomous driving technology and its integration into urban transportation [11] - The company has developed a comprehensive autonomous driving platform that significantly reduces data collection costs, showcasing the technological capabilities of Guangdong's automotive sector [12] - The presence of a complete automotive supply chain in Guangdong is facilitating rapid growth and innovation in the autonomous vehicle industry [12] Group 4: Agricultural Technology - Guangzhou XAG Technology is pioneering smart agriculture solutions, utilizing drones and AI for crop management across various countries, enhancing agricultural efficiency [7] - The company has established an IoT platform for agriculture, enabling comprehensive monitoring and management of farming activities [7] - The integration of technology in agriculture is contributing to the overall high-quality development of Guangdong's economy [6]

证券研究报告 智能汽车主线周报： 特斯拉首辆Cybercab下线，看好智能化 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2026年2月24日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2026.2.9-2026.2.13 2 ◼ 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。 （ ◼ 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 ...

2026 年 2 月 23 日│中国内地 动态点评 汽车 增持 (维持) | 宋亭亭 | 研究员 | | --- | --- | | SAC No. S0570522110001 | songtingting021619@htsc.com | | SFC No. BTK945 | +(86) 21 2897 2228 | | 张硕* | 研究员 | | SAC No. S0570524110001 zhangshuo023124@htsc.com | | | | +(86) 21 2897 2228 | 郭春麟* 联系人 SAC No. S0570124110001 guochunlin@htsc.com +(86) 21 2897 2228 证券研究报告 汽车 国产机器人亮相春晚有望点燃市场热情 ——智驾&机器人双周报 2 华泰研究 行业走势图 (15) (6) 3 12 21 Feb-25 Jun-25 Oct-25 Feb-26 (%) 汽车 沪深300 资料来源：Wind，华泰研究 重点推荐 | | | 目标价 | | | --- | --- | --- | --- | | 股票名称 | 股票代码 | ...

国泰海通晨报 2026 年 02 月 24 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【宏观研究】：春节期间，特朗普关税被判定违法，以及美伊军事冲突风险升温对全球资产价 格带来扰动，原油与黄金均有所上涨。美国经济韧性仍存，通胀回落进展或将较为颠簸，部分联 储官员提及加息可能。未来仍需关注特朗普关税政策的不确定性扰动。 2、【策略研究】：中国经济工作的重心正转向内需主导，并作为首要任务，内需复苏、物价回升 与地产企稳会推动经济预期上修。目前内需板块预期与交易出清，相信价值也会有春天。 3、【固定收益研究】：经济复苏节奏延续温和，呵护债市偏多环境，但需关注海外风险偏好回升 带来的扰动。 4、【纺织服装研究】纺织服装业：我们认为①截至 2.12 日的美棉周度出口放量、②2.19 日发布的 美国农业展望论坛明确新棉季全球供需收紧基调、③近期美国与东南亚国家关税互惠政策等多重 积极边际变化夯实美棉筑底并逐步打开中长期向上空间的趋势，持续重点推荐百隆东方、关注相 关标的天虹国际集团。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweix ...

Group 1 - The core viewpoint is that the Spring Festival marks a turning point for the widespread adoption of AI among consumers, with applications evolving from Chat to Agent [1][2] - The competition among internet giants for AI traffic entry is intensifying, and the integration of multiple business lines along with AI empowerment may drive performance and valuation [1][2] - Recommended companies include Alibaba-W and Baidu Group-SW, which are expected to benefit from the continuous improvement of open-source model capabilities and the rapid growth of domestic AI chips [2][5] Group 2 - OpenAI's revenue is projected to exceed its previous target, with a potential valuation of $850 billion following a $100 billion funding round [3] - Google's Gemini3.1Pro has significantly improved its performance in abstract reasoning tests, surpassing competitors like GPT-5.2 and Claude Opus4.6 [3] - Domestic AI companies like Zhiyu and MiniMax have seen substantial stock price increases, reflecting market recognition of their new large models [4] Group 3 - The investment recommendation emphasizes the commercialization of AI and the expansion of application scenarios, with a focus on companies benefiting from IT spending in state-owned enterprises [5] - In the automotive and autonomous driving sectors, the approval of domestic L3-level pilot licenses is expected to accelerate the commercialization of advanced driving technologies [5]