2026年初，北京高速公路迎来一支挂着"Z"字自动驾驶专用号牌的特殊车队。搭载L3级自动驾驶系统的 30辆极狐阿尔法S（L3版）正式启动规模化上路通行试点，陆续驶入京台高速、机场北线高速以及大兴 机场高速的指定路段。 北汽极狐在2025年末成为全国首批获得L3级有条件自动驾驶车型准入许可的两家车企之一，这标志着 北京智能网联汽车产业从测试场地走向城市上路、从"技术验证"迈向量产应用的关键阶段。 这一突破性进展也是京津冀携手构建智能网联汽车产业高地的生动缩影。作为京津冀协同培育的6条重 点产业链之一，智能网联汽车产业正在逐步形成"研发在北京、制造在天津、场景在河北、协同全覆 盖"的发展格局，打造具有全球影响力的智能网联新能源汽车产业集群。 未来已来 科幻电影场景照进现实，跨越7年的自动驾驶布局 获得合法身份的极狐阿尔法S（L3版）驶入京台高速、机场北线高速、大兴机场高速等指定区域，变成 真实跑在路上的"智能座驾"。据了解，极狐阿尔法S（L3版）试点采用"B端先行、逐步开放"的策略， 预计第二季度起，逐步面向个人用户开放。 这场跨越7年的自动驾驶布局，终于迎来最动人的落地回响。 早在2018年，当绝大多数自动驾驶 ...

"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 ...

近日，盛大科技正式宣布与理想汽车达成战略合作，双方将联合推广在线保险试点项目，这一举措 标志着盛大科技在人工智能驱动的汽车数字保险领域迈出关键一步，进一步完善其汽车服务生态布局。 作为聚焦创新保险服务的领军企业，盛大科技在2025年第三季度实现历史性扭亏为盈后，市场关注度持 续提升，后续业务拓展动态备受期待。 据悉，盛大科技2025年第三季度业绩表现亮眼，营收达1.158亿美元，同比增长6%，前三季度营收 同比增长8%至3.381亿美元；净收入达141万美元，较2024年同期的净亏损143万美元实现大幅改善，成 功迈入盈利区间，调整后息税折旧及摊销前利润（EBITDA）同比激增128%至492万美元，彰显出强劲 的盈利韧性与发展潜力。其中，汽车数字保险业务作为核心增长引擎，收入同比增长13%至5141万美 元，为公司整体盈利提供了坚实支撑。 此次与理想汽车的合作，成为盛大科技推广该试点项目的重要抓手。依托理想汽车庞大的用户基础 与深厚的市场影响力，盛大科技可快速扩大在线保险的市场覆盖率，精准触达新能源汽车用户群体；同 时，借助自身在汽车保险领域的技术积累与服务经验，为理想汽车用户提供便捷、高效的一站式保险解 ...

在破解AI眼镜"重量、续航、算力"不可能三角过程中，光学显示、结构设计、芯片集成等环节是 解决产业规模化的关键环节 智通财经APP获悉，招商证券发布研报称，年初Meta计划将2026年AI眼镜产能翻番至2000万件，同 时谷歌与Xreal合作打造Project Aura、苹果公司计划于2026年内推出AI眼镜，国际巨头纷纷押注空间计 算;国内雷鸟创新/Rokid/Memo等本土新锐品牌、华为/小米/理想硬件大厂、字节/阿里/百度等互联网企业 基于国内成熟消费电子产业链，在2025-2026年开启百镜大战，该行判断产业即将在2027年迎来"iPhone 时刻"，建议重视产业投资机遇。 招商证券主要观点如下： AI+AR眼镜即将迎来iPhone时刻 在可穿戴设备中，相较手表、耳机、项链等，眼镜受众群体最广泛、AI交互最自然，在产业链近 眼全彩显示、电池续航提升、空间计算能力进步推动下，AI+AR眼镜或有望成为下一代移动智能终端 设备。IDC统计，2025年智能眼镜(含AI眼镜、AR/VR设备)全球出货量预计1452万台+42.5%，其中AI眼 镜预估在766万台+401%(wellsennXR口径)。中国市场20 ...

有意思的是，作为一部体现赛车运动的电影，《飞驰人生3》吸引了一汽奥迪、一汽-大众、领克、阿维 塔、理想、比亚迪、蔚来等近10家车企在片中现身。如影片中的核心战车为一汽奥迪A3拉力赛车，原 型是奥迪A3 Sportback量产车；与之对标的是8.5代高尔夫GTI拉力赛车，原型即为大众8.5代高尔夫 GTI；领克Z20是推动"油电对决"主线的核心新能源赛车，原型是领克于2024年底推出的纯电紧凑型 SUV等，形成了传统燃油、豪华性能、新能源、智能汽车同台竞技的银幕阵容，上演了一场堪称"汽车 品牌春晚"的营销大戏。 2月24日，IMAX Corporation宣布在中国春节档这一年度观影高峰再创佳绩，为期七天的假期中累计斩 获1.93亿人民币票房。春节档票房前五的影片中，有三部为IMAX影片，IMAX中国以仅占全国1%的银 幕数，贡献了3.4%的票房占比。 其中， 猫眼文化传媒出品的赛车题材力作《飞驰人生3》，上映首周斩获1.66亿人民币IMAX票房，成 为自去年现象级作品《哪吒之魔童闹海》之后IMAX国产影片的最佳成绩。作为IMAX与导演韩寒的第 四次合作，《飞驰人生3》也创下系列最高IMAX票房纪录。 据悉，今 ...

Group 1 - The core viewpoint of the articles highlights a significant divergence in the Hong Kong stock market's technology sector post-Spring Festival, with traditional internet and new energy vehicle stocks facing pressure while emerging sectors like AI models and robotics experience substantial gains [1] - On February 20, traditional internet stocks such as Baidu, Alibaba, and Tencent saw declines of over 6%, 4%, and 2% respectively, while emerging sectors like AI and robotics showed strong performance, with stocks like Zhizhu rising over 40% [1] - On February 23, the technology sector experienced a broad rally, with stocks like Meituan, NIO, and SMIC rising over 5%, indicating a positive correlation between AI commercialization and industry recovery [1] Group 2 - As of February 13, 2026, the Huatai-PineBridge Hang Seng Hong Kong Stock Connect China Technology ETF (025167) has achieved a maximum monthly return of 13.97% since its inception, with an average monthly return of 9.41% [2] - The fund, established on August 27, 2025, aims to closely track the underlying index while minimizing tracking deviation and error [2] - The current fund manager, Le Wuqiong, has 11.6 years of experience in the securities industry [2] Group 3 - The Huatai-PineBridge Hong Kong Stock Technology Observation Toolbox includes various investment strategies, such as the Huatai-PineBridge Hang Seng Technology ETF (013128), which aims to balance investments in core technology assets [3] - The Huatai-PineBridge Hang Seng Hong Kong Stock Connect China Technology ETF (025167) focuses on the entire AI industry chain, excluding non-tech sectors to capture core AI value [3] - The Huatai-PineBridge Hong Kong Stock Connect Technology Selected Mixed Fund (025545) employs an active management strategy to identify high-potential assets within the Hong Kong Stock Connect framework [3]

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 - 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]

Core Insights - FORVIA's 2025 results show ongoing margin improvement and deleveraging, supported by strong cash flow generation [2][3] - The company is focused on three strategic priorities: delivering performance, driving business transformation, and invigorating culture [2][3] Financial Performance - Reported sales for 2025 were €26.2 billion, or €27 billion at constant currency, remaining flat year-on-year [7] - Operating margin improved to 5.6% of sales, up 40 basis points compared to 2024 [7] - Net cash flow increased by 47% to €962 million [7] - Net debt decreased by €0.6 billion to €6.0 billion, with a net debt to adjusted EBITDA ratio of 1.7x, down from 2.0x at the end of 2024 [7][18] Strategic Initiatives - The planned divestiture of the Interiors Business Group is in advanced negotiations and is expected to reduce net debt by over €1 billion [4][36] - The company has undertaken significant non-cash exceptional charges in 2025, reflecting disciplined portfolio decisions aligned with its simplification and resilience objectives [5][24] Market Context - Global automotive production increased by 3.9% to 93 million light vehicles in 2025, with strong growth in China offsetting declines in Europe and North America [9] - The unfavorable geographic mix effect for FORVIA was approximately 2.5 percentage points due to regional shifts [9] Operational Highlights - Organic sales were broadly stable, with product sales up 1.5%, offset by lower tooling sales [12] - The company achieved €165 million in restructuring savings and €63 million in synergies from the FORVIA HELLA integration, reaching a target of €400 million by the end of 2025 [13] 2026 Outlook - FORVIA anticipates a challenging production environment in 2026, with global automotive production projected to decline slightly to 92.8 million light vehicles [37] - The company aims to continue rigorous cost control and cash management, expecting further benefits from the EU-FORWARD and SIMPLIFY programs [38]

野心还看不懂吗？ 对于马斯克和他背后的商业帝国，不能再用老眼光看了。 特斯拉可能既是商业伙伴，又是国家威胁。 想象一下，当最后一辆特斯拉Model S缓缓驶下加州弗里蒙特工厂的生产线，经过一番改造后，从这里将走出以百万计的Optimus机器人；想象一下，马斯 克的SpaceX及其全资拥有的子公司xAI正在参加五角大楼的秘密项目，目标是研发可由语音控制、自主运行的无人机集群技术…… 随着市场逐渐饱和、竞争对手不断涌现，电动汽车市场竞争愈发激烈，利润空间也在不断被压缩。 2025年，特斯拉全球交付163.61万辆电动车，同比下降8.56%，连续第二年下滑。 那一刻，可能既是在宣告特斯拉一个时代的结束，也是人类工业史上一个新里程碑时刻。 1月28日，特斯拉四季度业绩电话会议上，CEO埃隆·马斯克宣布将于今年二季度末正式停产Model S和Model X，腾出产能用于生产Optimus机器人。 在马斯克眼中，Optimus和Cybercab无人驾驶出租车才是特斯拉未来的核心增长点，这与其在SpaceX和星链的布局一脉相承。特斯拉作为现金牛和融资基 盘，为马斯克其他业务创造稳定的资金来源。 然而，马斯克的野心不断膨胀， ...