【文/观察者网 阮佳琪】 "美国明明对中国具备优势，但为啥不用上呢？"约翰斯·霍普金斯大学国际关系学院副教授乔纳斯·纳姆（Jonas Nahm）百思不得其解。 作为拜登政府时期白宫经济团队中专注产业政策与绿色经济的核心学者，他在特朗普第二任期活跃于媒体，犀利剖析中美制造业差距、AI自动化应用与中 国生产力优势，主张美国应加快自动化与产业升级以应对竞争。 当地时间2月24日，纳姆在《纽约时报》发表长文表示，他认为，美国制造业生产率落后于中国的核心症结在于：尽管美国在人工智能（AI）研发领域全球 领先，却在将技术转化为工业生产力方面远逊于中国。 他介绍道，中国通过大规模部署自动化、机器人与AI实时管理生产，从而在人均产出与制造规模上形成显著优势；反观美国，政策重心过度偏向前沿科研 与贸易保护，忽视了传统工厂数字化改造与劳动力技能培训的现实需求。 美国手握技术却不落地，一味依赖关税手段搞保护主义，完全没有抓住问题本质，让这位资深政治经济学家与政策专家倍感焦虑。 纳姆呼吁，美国决策者应转变思路，通过支持数字基础设施建设与技术应用推广，真正推进以技术为驱动的再工业化战略。 "美国向来重发明创新、轻落地应用。但有些时候， ...

1-2月处于我国传统春节消费淡季，叠加政策退坡影响，国内销量阶段性回落，展望春节后，复产复工 有序推进，全国首个A级车展北京车展临近(4月24日-5月3日)，车企即将进入2026年上半年旗舰新品发 布周期，理想L9 Livis、小鹏GX、比亚迪大唐、小米YU 7GT、新款SU7、问界M6、魏牌V9X、智界 V9、极氪8X等新车有望上市，市场迎来新一轮密集供给，有望带动市场需求回暖，新能源渗透率有望 触底反弹。 风险提示 智通财经APP获悉，中国银河证券发布研报称，以旧换新政策补贴标准优化有效引导消费者换购更高价 位车型，预计将提升以旧换新政策效果，对汽车市场消费形成更为有利的支撑作用。展望春节后，复产 复工有序推进，全国首个A级车展北京车展临近(4月24日-5月3日)，车企即将进入2026年上半年旗舰新 品发布周期，市场迎来新一轮密集供给，有望带动市场需求回暖，新能源渗透率有望触底反弹。该行推 荐处于新车强周期的乘用车头部企业、智能化产业链与人形机器人产业链。 中国银河证券主要观点如下： 以旧换新政策初现成效，已拉动汽车消费超千亿元，补贴标准优化后带动以旧换新购车均价提升至超16 万元 据央视财经数据，截至2 ...

每经AI快讯，中国银河（601881）证券研报表示，1-2月处于我国传统春节消费淡季，叠加政策退坡影 响，国内汽车销量阶段性回落，展望春节后，复产复工有序推进，全国首个A级车展北京车展临近(4月 24日-5月3日)，车企即将进入2026年上半年旗舰新品发布周期，理想L9Livis、小鹏GX、比亚迪 （002594）大唐、小米YU7GT、新款SU7、问界M6、魏牌V9X、智界V9、极氪8X等新车有望上市，市 场迎来新一轮密集供给，有望带动市场需求回暖，新能源渗透率有望触底反弹。 ...

机器人交付进展：2月23日贾跃亭宣布EAI机器人将于下周交付，但市场对其商业化前景存疑，且机器 人业务与核心造车业务的协同效应尚未验证。 行业政策与环境 电动车行业整体承压： 政策退坡：2026年起中国新能源汽车购置税恢复征收5%，美国潜在补贴取消可能进一步抑制需求。 法拉第未来近期面临多重挑战： 财务压力：2025年第三季度财报显示运营亏损2.068亿美元，尽管融资现金流入连续六季度超过运营流 出，但亏损规模仍较大。 业务转型：公司正从FF91项目转向FF 92车型升级及FX Super One车型量产准备，同时战略投资Qualigen 约4100万美元，业务重组带来不确定性。 经济观察网 法拉第未来（FFAI.OQ）在2026年2月24日股价下跌8.04%，收盘价0.48美元，盘中振幅达 14.57%，成交额1032万美元。该股近5日累计下跌11.25%，年初至今跌幅为52.67%，显著跑输汽车制造 板块（当日涨1.98%）及美股大盘（纳斯达克指数涨1.00%）。 股价异动原因 股价下跌的直接诱因为特朗普团队计划取消电动车税收补贴的政策动向。2月24日，华尔街见闻报道 称，特朗普过渡团队考虑取消消费者购买 ...

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].

车销售人员向北京商报记者表示，不少消费者的家庭积分即将排到车牌指标，促使其在春节期间集中试 驾、预订。除价格优惠力度外，消费者更为关注智驾配置、电池续航等因素。 租车市场爆发 春节假期，国内汽车消费与出行市场双爆发。北京商报记者走访各大汽车品牌销售门店发现，随着新一 轮国补开启，线下咨询、试驾的消费者络绎不绝，目前汽车市场已形成"国补+区域补贴+厂促"的多重 让利体系，进一步激活春节购车需求。同时，新能源租车订单量暴涨，占比首次突破四成。随着补能网 络的完善，在冰雪景观目的地中，新能源车型的身影也逐步显现。 业内人士认为，今年车市将步入总量稳增、结构优化的高质量发展阶段，新能源汽车将成为绝对增长引 擎。同时，技术标准升级将倒逼落后产能出清，推动行业向技术领先型企业集中。 购车热度升温 "我一个人每天就要接待七八位到店咨询的消费者，春节假期的咨询量比平时大很多。"北京合生汇乐道 汽车门店销售人员向北京商报记者表示，在国家补贴、区域补贴以及厂家补贴等优惠助力下，春节期间 门店整体客流量有明显攀升。 目前，新一轮汽车以旧换新补贴申请窗口已经开通，开票价超过18.8万元的车型可享受1.5万元的置换补 贴。今年春节前夕 ...

2月19日，速腾聚创发布盈利预告，预计2025年第四季度实现首次单季度盈利，盈利规模不低于人民币6000万元。这意味着，公司经营迈入了新的成长周 期。 01、包揽多个销量第一，速腾聚创领跑激光雷达商业化 在发布盈利预告后的第一个交易日，速腾聚创的股价出现异动，但仅仅将其理解为投资者基于公告进行短线炒作，就可能低估了单季度盈利背后的"含金 量"。 实际上，资本市场上永远不缺乏聪明资金，专业的价值投资者用真金白银投票，往往更看重一家公司盈利的可预见性和可持续性。 结合行业规律和公司过往经营情况，速腾聚创能够如约盈利并非完全不可预见。 对于激光雷达行业而言，取得定点订单到SOP（指达到量产条件），再到实际量产交付，业绩计入财报，平均时间为10-18个月。这意味着，2024年底至 2025年上半年，该期间订单的储备量和质量，是投资者判断速腾聚创四季度以及后续保持盈利的核心锚点。 ADAS业务方面，截至2025年11底，速腾聚创已累计获得全球前装量产定点车型144款。 目前，速腾聚创EM平台已斩获13家车企56款车型定点，其中，真192线车载高性能数字化激光雷达EMX发布后收获49款车型定点，客户涵盖吉利、一汽红 旗、 ...

Core Insights - The penetration rate of new energy vehicles (NEVs) in China is projected to reach 47.9% by 2025, with December 2025 marking the first month where it surpasses 50%, maintaining its position as the world's largest market for 11 consecutive years [2] - The transition of NEVs from a niche market to a mainstream consumer product is evident, with a significant increase in the variety of models available, including higher-end brands like Tesla and NIO [3][4] - Consumer preferences are shifting towards higher-value vehicles, as evidenced by the increasing presence of models priced above 200,000 yuan in the market [5] Market Dynamics - The growth of NEVs in rural areas, such as Zhuolu County, is accompanied by a structural shift in consumer preferences, moving from low-cost models to more diverse options that include premium brands [3][4] - The rapid expansion of charging infrastructure is supporting the growth of NEVs, with over 20 million charging facilities nationwide by the end of 2025, and a 56.2% year-on-year increase in private charging stations [6] - Despite the growth in infrastructure, charging anxiety persists, with only 28.7% of households having private charging stations, indicating a gap between infrastructure expansion and actual accessibility [6] Consumer Behavior - The demand for plug-in hybrid vehicles (PHEVs) is declining, with their contribution to the NEV market dropping from 69.7% in 2024 to 15.1% in the first three quarters of 2025, reflecting a market adjustment as pure electric vehicles become more affordable [7][8] - The average selling price of A-class gasoline vehicles has fallen below that of PHEVs, leading consumers to reassess the cost-effectiveness of hybrid models compared to traditional gasoline vehicles [8] - The willingness to pay for advanced driving features is low among consumers in rural areas, with a significant portion preferring basic, practical vehicles over those with high-tech features [9][10] Industry Trends - The 2025 NEV catalog includes a record 124 models, but there is a noted decrease in basic practical models designed for everyday use, as manufacturers focus on higher-margin products [10] - The current market environment allows consumers to make more informed choices, leading to a clearer understanding of genuine needs versus artificially stimulated demand [10]

来源：硅步run 今年春晚，四家人形机器人公司组团亮相，创下了春晚历史上机器人品牌集中登台的新纪录。 据《财经》等多家媒体报道，四家企业——宇树科技、银河通用、松延动力、魔法原子——每家为春晚 合作投入约1亿元。此前竞标阶段，独家权益的报价一度高达5亿元，智元机器人等公司也曾参与接触， 部分因价格原因放弃。智元机器人CMO邱恒后来坦言，公司2025年收入虽已突破10亿元，但市场预算 仍不宽裕，最终选择自办机器人晚会，花费"小几百万"。 同样是为机器人造势，四家公司愿意花一个亿买下一张春晚门票，背后的考量是什么？ 宇树科技：买的是"确定性" 更关键的是，宇树正在冲刺IPO。2025年7月，公司启动上市辅导。C轮融资后，估值超过120亿元，股 东名单汇聚了腾讯、阿里、蚂蚁、美团、红杉中国等一线机构。对一家即将上市的公司来说，1亿元的 春晚投入不算赌博，而是一笔经过验证的品牌投资——上一次投了回报丰厚，这一次没有理由不追加。 银河通用：一个亿只是零头 四家公司里，银河通用是估值最高的一家——30亿美元，超过200亿人民币，也是中国人形机器人行业 的估值之冠。1亿元的春晚费用，对它来说连估值的0.5%都不到。 银河通 ...

Group 1 - Yongtai Technology has terminated the plan to acquire a 25% stake in Shaowu Yongtai High-tech Materials Co., Ltd. from CATL, with stock resuming trading on February 24, 2026 [3] - Haicheng Energy has signed a strategic cooperation framework agreement with KNESS Group to develop a total of 2GWh energy storage projects in Ukraine over the next two years, with the first batch of approximately 400MWh products expected to be delivered in Q1 2026 [4] - Wuhan Chuangneng has signed an investment agreement for an 80GWh new energy battery production project, which will mainly produce power batteries, energy storage batteries, and PACK modules [5] Group 2 - Chuangneng has established over 500GWh of planned production capacity, enhancing supply chain resilience and market responsiveness [6] - EVE Energy has secured a 10GWh large battery system order and has launched a 400MWh power station equipped with EVE's 628Ah storage batteries [7][8] - XINWANDA Power has reached a comprehensive settlement with Weir Electric regarding a previous sales contract dispute, with a payment of 608 million yuan to be made in installments from 2026 to 2030 [9] Group 3 - Guizhou Zhaoke Energy is preparing for mass production of cylindrical lithium batteries, with production expected to start in March 2026 [10] - Anhui Guozhi has officially taken control of Sanyuan Group, marking a significant change in ownership for the global leader in lithium battery anode materials, with a transaction value close to 7.2 billion yuan [12][13] - Ruidefeng has signed a strategic procurement framework agreement with Anhui Guokai, with a total expected value of 1.5 billion yuan over five years [14] Group 4 - Mengguli plans to invest 929 million yuan in a project to produce 30,000 tons of lithium-ion battery cathode materials, focusing on high-end products [15] - Jinyu Co. has announced an investment of approximately 1 billion yuan for a high-performance battery aluminum foil project in Yibin, Sichuan [16] - Dingsheng Technology has signed a strategic cooperation agreement with Huineng Technology to enhance collaboration in solid-state batteries and the new energy industry [17] Group 5 - Yanhang Precision has reached an investment cooperation consensus with Jiangsu Yili Technology, focusing on strategic investment in the new energy materials sector [18] - Xiamen Tungsten plans to acquire a 39% stake in Jiujiang Dadi Mining Development Co., with an intention fee of 28 million yuan [19] - Xian Dao Intelligent has officially listed on the Hong Kong Stock Exchange, with a projected net profit of 1.5 to 1.8 billion yuan for 2025 [21] Group 6 - Guangdong Zhuogao New Materials has received approval for a lithium battery anode and cathode coating pilot verification base project, with a total investment of 140 million yuan [22] - Stellantis Group will sell a 49% stake in NextStar Energy to LG Energy, which plans to invest over 4.1 billion USD in a battery manufacturing plant in Ontario, Canada [24][25] - Several automakers, including Geely and Chery, have announced plans to start demonstration work on solid-state battery installations by 2027 [28]