完整早报音频，请点击标题下方小耳机收听 【千问 App 又崩了，官方发文回应：求放过】 2 月 8 日有网友反馈，千问 App 再次出现宕机，"发放奶茶免单 卡"活动无法下单。对此，千问官微发文回应称，"球球大家放过，知道很多朋友急着参与免单活动，但热度太高有 点堵…免单卡有效期至 2 月 28 日，大家慢慢来，保证一定能用掉。"（福建日报） 【加密货币交易网站创始人 7000 万美元收购" AI.com "，将提供个人" AI 智能体"服务】 加密货币交易网站 Crypto.com 的创始人以 7000 万美元收购了互联网域名" AI.com "。据悉，这是迄今披露的域名交易中价格最高 的一笔。 Crypto.com 的联合创始人兼首席执行官克里斯·马萨莱克计划在本周末的超级碗广告中正式推出" AI.com "，该网站将提供个人" AI 智能体"服务，用户将可用它发送消息、使用应用程序并进行股票交易。（财联 社） 【 OpenClaw 突然大火，美团元老王慧文再发创业英雄帖】 近日， OpenClaw 突然大火，投资人、创业者相继涌 入。 2 月 7 日凌晨，美团元老王慧文大模型创业后，再发英雄帖，称"哪个 ...

机构认为，当前A股市场趋势下，"轻仓持股过节"是一种审慎且符合历史规律的合理策略。 【财经日历】 澜起科技在港交所挂牌上市 新股申购：通宝光电 ►►2月6日，国务院总理李强主持召开国务院常务会议。会议指出，促进有效投资对于稳定经济增长、增强发展后劲具有重要作用。要创新完善政策措施， 加力提效用好中央预算内投资、超长期特别国债、地方政府专项债券等资金和新型政策性金融工具。要结合制定实施"十五五"规划，着眼于长远发展需要和 构筑未来竞争优势，在基础设施、城市更新、公共服务、新兴产业和未来产业等重点领域，深入谋划推动一批重大项目、重大工程。要更好发挥央国企扩投 资作用，加大力度支持民间投资发展，形成促进有效投资的合力。 ►►央行公告，中国2026年1月末黄金储备报7419万盎司，2025年12月末为7415万盎司，为连续第15个月增持黄金。 ►►中国人民银行等八部门发布关于进一步防范和处置虚拟货币等相关风险的通知。《通知》重申境内对虚拟货币坚持禁止性政策，明确虚拟货币不具有法 定货币地位，相关业务活动属于非法金融活动。同时，重申境内对于虚拟货币"挖矿"的禁止性政策等。《通知》还强调，未经相关部门依法依规同意，境内 ...

Core Viewpoint - The article discusses the recent strategic investment by Kabeiyi in Weichuang Intelligent, highlighting the significance of this partnership in enhancing Kabeiyi's capabilities in high-value technology sectors, particularly in lightweight materials for the automotive industry [2][7]. Company Overview - Weichuang Intelligent was established in November 2017, focusing on lightweight materials, particularly high-performance polymer materials like PEEK and LCP, to meet the demands of sectors such as semiconductors, automotive, and robotics [3]. - The company has developed products including stator encapsulation and semiconductor IC trays, with over 10 stable clients, including major companies like Changdian Technology and Tesla [3]. - Kabeiyi, founded in August 1986, is recognized as "China's first automotive cable stock" and specializes in high-end automotive cables and sensors, serving renowned brands like BMW and Tesla [5][6]. Recent Developments - Kabeiyi has expanded its product offerings beyond automotive cables to include high-speed copper cables and humanoid robot cables, achieving mass production capabilities for advanced copper cable products [6]. - The partnership with Weichuang Intelligent is seen as a critical step for Kabeiyi to transition from traditional automotive cables to integrated solutions in electrical connections and lightweight vehicle components, enhancing competitiveness in the high-end electric vehicle market [7]. Financial Performance - Kabeiyi's revenue for 2023 and the first three quarters of 2025 was reported at 3.452 billion, 3.648 billion, and 2.854 billion yuan, with net profits of 166 million, 162 million, and 138 million yuan, indicating a stable growth trend [7].

Investment Rating - The investment rating for the industry is "Positive" (maintained) [2] Core Insights - In January 2026, the heavy truck market showed a strong wholesale performance with approximately 100,000 units sold, marking a significant increase of about 39% compared to the same month last year [5][13] - The terminal sales for heavy trucks are expected to decline by 5% to 10% year-on-year, with a severe drop of over 85% in the new energy truck segment [5][13] - NIO is projected to achieve an adjusted operating profit of 700 million to 1.2 billion RMB in Q4 2025, marking its first positive quarterly adjusted operating profit [17] - The automotive sector is experiencing a shift towards high-end luxury vehicles, with domestic demand exceeding expectations [7] - The automotive parts sector is expected to see an upward turning point in profitability due to industry consolidation and downstream expansion [7] Summary by Sections Industry Key News - In January 2026, the heavy truck market's wholesale sales reached around 100,000 units, with terminal sales expected to decline year-on-year [5][13] - NIO anticipates an adjusted operating profit of 700 million to 1.2 billion RMB for Q4 2025 [17] - BYD plans to localize 50% of its parts manufacturing in Brazil by the end of 2026 [19] - Tesla is transitioning to humanoid robot production, with a long-term business value projected at 25 trillion USD [20] Market Performance - The A-share automotive sector outperformed the broader market with a weekly increase of 0.47%, ranking 10th among major sectors [24] - The commercial vehicle index rose by 1.34%, led by Jinlong Automobile and Foton Motor [6][29] - The automotive parts sector saw a 0.58% increase, with significant gains from companies like Xingmin Zhitong and Yinlun [6][32] Investment Recommendations - For passenger vehicles, high-end domestic brands like JAC Motors and Seres are recommended due to strong demand and favorable competition [7] - In the automotive parts sector, companies such as Desay SV and Zhejiang Xiantong are highlighted for their growth potential [7]

Group 1 - The core viewpoint of the article highlights that Nvidia's latest earnings report and shipment expectations for GB300/NVL72 are currently the main drivers of the market, with significant capital expenditure guidance igniting the global AI computing power supply chain [1] - The market is experiencing a shift in speculation from upstream chips to midstream manufacturing and downstream cooling/connection sectors, driven by the logic of "paying for certain incremental growth" [1] - The robotics sector is entering a critical phase of "distilling the genuine from the false," with companies in Tesla's core supply chain benefiting from a premium due to their association with strong industrialization entities [1] Group 2 - The market style is rapidly switching between "institutional investment in large-cap blue chips (such as AI and core T-chain)" and "retail speculation in thematic small caps (such as satellite communication and brain-computer interfaces)" [1] - Overall risk appetite is constrained by macro uncertainties (such as U.S. Treasury yields and tariffs), leading funds to favor sectors with strong fundamental data support (like capital expenditure and orders) [1] - The current market valuation is considered reasonably high, with an appropriate position of about 45% based on a composite of the Buffett and Graham indices [2] Group 3 - Recent data indicates a significant surge in the scale of the Hang Seng Technology Index ETF, which increased by 110.46 million in the past week, despite the overall lack of enthusiasm for the Hang Seng Technology sector [5] - The article notes that the Hong Kong stock market has potential for upward movement and certainty following the U.S. and A-share markets [4] - The article outlines various investment strategies, including value selection and valuation-based positioning, emphasizing a defensive approach in the current market environment [10][11]

证券研究报告 智能汽车主线周报： 《汽车数据出境安全指引(2026版)》印发，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8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2026.2.2-2026.2.8 2 ◼ 本周智能汽车行情复盘：我们编撰的智能汽车指数-3.3%，智能汽车指数（除特斯拉）+0.2%，智能汽车指 数（除整车）-0.1%。截至2026年2月6日，智能汽车指数PS(TTM）为14.5x，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5.7x，该估值位于2023年初以来81%分位数；智能 汽车指数（除整车）PS(TTM）为9.7x，该估值位于2023年初以来79%分位数。智能汽车指数标的禾赛、理 想汽车、星宇股份、开勒股份、小马智行涨幅前五。 （ ◼ 本周行业核心变化：1）工信部等八部门印发《汽车数据出境安全指引(2026版)》，要求汽车数据处理者应当 通过境内法人主体申报数据出境安全评估；2）Uber公布计划今年内在香港推出Ro ...

见闻 财经 吕方 WSCN Economic Calendar v 华尔街见闻 | 时间 | | 内容 | 预期 前值 | | | --- | --- | --- | --- | --- | | 2月9日 周一 | | | | | | 待定 | | 中国 1月M2货币供应同比 | | 8.5% | | 待定 | | 中国 1月M0货币供应同比 | | 10.2% | | 数据 | 待定 | 中国 1月M1货币供应同比 | | 3.8% | | 待定 | | 中国 1至1月社会融资规模增量(亿人民币) | | 356000 | | 待定 | | 中国 1至1月新增人民币贷款(亿人民币) | | 162700 | | 待定 | | 伊朗局势:特朗普称美国将再次与伊朗谈判(全周事件) | | | | 待定 | | AI大战升级：千问、豆包、元宝、文心相继发起红包、免 单等活动（全周事件） | | | | 事件 | | | | | | 待定 | | 上金所、上期所、郑商所:调整金银铜等期货合约交易保 证等权例 | | | | 待定 | | 澜起科技赴港IPO,预计股票将于2月9日开始交易 | | | | 财报 | | ...

证券研究报告·策略报告·策略周评 策略周评 20260208 Claude Opus 4.6 开启多 Agent 协作模式 2026 年 02 月 08 日 [Table_Tag] [Table_Summary] 本周 AI 要闻 （信息来源：第一财经、财联社、AI daily 等） 周度观点 ◼ Claude Opus 4.6 开启多 Agent 协作模式，AI 向生活场景渗透 （1）本周全球 AI 产业延续算力、模型与应用协同推进的演进趋势，基础 设施加码与应用场景扩展两条主线持续延展。算力端，头部云厂商持续加 大资本开支并通过融资扩容云基础设施，国内中科曙光万卡超集群上线试 运行，显示算力资源正加速向具备资金与技术优势的主体集中，行业门槛 持续抬升。模型端，随着大模型能力向复杂任务拆解与现实执行延伸，海 外厂商通过多 Agent 协作与企业级工作流，推动 AI 向"AI 员工"形态演 进，国内厂商则通过开源完善具身智能技术体系，推动模型能力向物理世 界延伸。应用端，AI 一方面通过人形机器人加速进入现实执行场景，另一 方面借助消费与开发等高频数字场景培育用户使用习惯。整体来看，AI 产 业正在算力集中与 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The domestic first commercial SAR satellite closed-loop service system is taking shape as Tianyi Research Institute aims for an A-share IPO [1] - The national supercomputing internet core node has been launched, establishing a foundation for a trillion-parameter model computing capacity with a 30,000-card domestic cluster [1] - Tesla has achieved mass production of dry electrode technology, and Changan Automobile will be the first globally to equip sodium-ion batteries from CATL in its vehicles [2] - The State Grid has clarified that the "14th Five-Year Plan" investment will focus on green transformation and enhancing cross-regional transmission capacity [2] - The offshore wind power sector in China is progressing, with an expected addition of 6.12 GW of new grid-connected capacity by 2025 [2] Summary by Sections Section 1: Commercial Space and AI Computing - Tianyi Research Institute is preparing for an A-share IPO, establishing a commercial SAR satellite service system [1] - The national supercomputing internet core node will provide efficient computing services for large-scale AI applications [1] Section 2: Battery Technology and Electric Vehicles - Tesla's dry electrode technology is now in mass production, significantly reducing costs and energy consumption [2] - Changan Automobile's introduction of sodium-ion batteries marks a significant advancement in battery technology for electric vehicles [2] Section 3: Power Infrastructure and Renewable Energy - The State Grid's investment plan for the "14th Five-Year Plan" will reach 4 trillion yuan, focusing on green energy and quality improvement [2] - The offshore wind power sector is set to expand with significant new installations planned for 2025 [2]

投资建议 见"股票组合"。 行情回顾 本周板块表现：上周（2026/2/2-2026/2/6）5 个交易日，SW 机械设备指数上涨 0.38%，在申万 31 个一级行业分 类中排名第 11；同期沪深 300 指数下跌 1.33%。2026 年至今表现：SW 机械设备指数上涨 6.72%，在申万 31 个一 级行业分类中排名第 9；同期沪深 300 指数上涨 0.29%。 核心观点 风险提示 宏观经济变化风险；原材料价格波动风险；政策变化的风险。 敬请参阅最后一页特别声明 1 工程机械全球大周期向上，土方内外销超预期。根据中国工程机械工业协会，2026 年 1 月销售各类挖掘机 1870 8 台，同比增长 49.5%。其中国内销量 8723 台，同比增长 61.4%；出口量 9985 台，同比增长 40.5%，土方内外 销超预期。25Q4 卡特彼勒工程机械板块北美、EAME、亚太、拉丁美洲收入增速分别为+23%、+18%、-7%、+6%，2 5Q3 北美、EAME、亚太、拉丁美洲收入增速分别为+8%、+6%、+3%、-1%，工程机械板块北美、EAME 地区加速增 长，拉美转正，中国工程机械内外销加速叠加海外龙头 ...