Core Viewpoint - The market remains cautious, observing the recovery of terminal demand and the impact of policies and costs on profitability, with increased volatility in the non-ferrous sector affecting short-term pricing in the upstream and midstream segments [1] Investment Recommendations - **Complete Vehicles**: Recommended stocks include Geely Automobile, JAC Motors, and BYD. Geely is favored due to its low valuation of over 6 times, with expectations of better-than-expected domestic profitability. JAC's S800 model shows stable order performance, and the company plans to launch 2-3 new models this year [2] - **Auto Parts**: - Robotics sector continues to be a catalyst, with recommendations for Foresight Technology, Minth Group, Top Group, Yinlun Machinery, Haoneng Co., Shuanghuan Transmission, and New Spring Co., with a suggestion to pay attention to Joyson Electronics - AI/Smart Driving is a key area with potential supply order catalysts from policy support and Nvidia's involvement, recommending Horizon Robotics and Hesai Technology, while suggesting to monitor SOTERIA, Black Sesame Technologies, and Pony.ai - Liquid cooling orders are clear, with continued recommendations for Minth Group, Yinlun Machinery, and Lingyun Industrial, and a suggestion to watch Feilong Co. [2] - **Heavy Trucks**: Weichai Power has shown strong performance, reflecting market recognition of its position in AIDC diesel engines and natural gas generators, with continued recommendations. Concerns over short-term shareholder reductions in China National Heavy Duty Truck have dissipated, suggesting a focus on fundamentals [2] Data Tracking - In late January, industry discounts decreased month-on-month, with a discount rate of 9.5%, up 0.6 percentage points year-on-year and down 0.1 percentage points month-on-month. The discount amount was 21,541 yuan, up 1,294 yuan year-on-year and down 718 yuan month-on-month [3] - December wholesale and retail sales of passenger vehicles declined year-on-year, with wholesale sales at 2.85 million units, down 8.7% year-on-year and 6.3% month-on-month. Retail sales of domestic passenger vehicles were 2.28 million units, down 16.8% year-on-year but up 13.7% month-on-month [3] Market Performance - The automotive sector saw a decline of 5.12% this week, ranking 28th out of 29 sectors. The overall index performance included a decrease of 0.44% for the Shanghai Composite Index, an increase of 0.08% for the CSI 300, and a decrease of 0.09% for the ChiNext Index. The automotive index's performance included a drop of 5.12% for the automotive sector, 6.70% for parts, 3.64% for passenger vehicles, 1.10% for commercial vehicles, and 3.42% for circulation services [6]

行业研究 证 券 研 究 报 告 汽车 2026 年 02 月 01 日 汽车行业周报（20260126-20260201） 有色波动影响中上游短期议价，继续看好新产 推荐（维持） 业方向 1 月下旬行业折扣环比下降（油车为主）。折扣率 9.5%，同比+0.6PP（1/25），环比-0.1PP （1/10）。折扣金额 21,541 元，同比+1,294 元（1/25），环比-718 元（1/10）。折扣率变 动环比较大的主流品牌：WEY+1.6PP、北京奔驰-1.5PP、上汽通用别克-1.3PP、长安启源 +1.2PP、长安马自达-0.8PP。 12 月乘用车批发、零售销量同比下滑。12 月乘用车批发 285 万辆，同比-8.7%，环比- 6.3%，狭义乘用车批发 283 万辆，同比-8.4%，环比-6.1%；国产乘用车零售 228 万辆， 同比-16.8%，环比+13.7%；乘用车出口销量 64 万辆，同比+50.5%，环比+2.8%；估算库 存变动-7.4 万辆，同比-4 万辆，环比-48 万辆。 截至 2026 年 1 月 30 日， 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）121 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The competition for AI traffic entry among internet giants is intensifying, with multiple business lines integrating and collaborating. AI empowerment is expected to drive performance and valuation. The demand for AI cloud services is anticipated to continue growing, supported by the rapid growth of domestic AI chips. Recommended stocks include Alibaba-W, Baidu Group-SW, and Pinduoduo, with Tencent Holdings as a beneficiary [5][41]. - The Moltbot, a significant breakthrough in the AI Agent sector, is gaining market attention. It is positioned as a personal AI assistant capable of executing real tasks, with features such as local deployment and persistent memory. The AI infrastructure layer, particularly the AI gateway, is expected to benefit from this trend, with Cloudflare identified as a key observation target due to its leading position in the market [6][20][23]. Summary by Sections Internet Sector - The competition for AI traffic entry is intensifying among internet giants, with AI empowerment likely to become a key driver for performance and valuation. The demand for AI cloud services is expected to validate continuously, and the rapid growth of domestic AI chips is notable. Recommended stocks include Alibaba-W, Baidu Group-SW, and Pinduoduo, with Tencent Holdings as a beneficiary. The second-hand housing market in core cities is showing a downward trend in listings, with Beike-W recommended [5][13][41]. AI Sector - The Moltbot is emerging as a significant player in the AI Agent market, characterized by its ability to perform real tasks. It has gained substantial attention since its GitHub release, with over 9,000 stars. The technology used is not groundbreaking, but it effectively presents concepts like Agent and skills. The AI infrastructure layer, particularly the AI gateway, is expected to benefit from this trend, with Cloudflare identified as a leading observation target due to its extensive network and security capabilities [20][22][23]. Weekly Data Update - The Hang Seng Index increased by 2.4%, outperforming major global markets. The real estate sector saw significant gains, with the Hang Seng real estate index rising by 6.11% [31][32].

Core Insights - China is a significant player in the automated driving industry, with major companies like Baidu, Pony.ai, and WeRide leading the development of robotaxis [5][6][7] - The article aims to provide insights into the experiences of riding robotaxis in China, highlighting the differences in service availability and operational areas compared to Western counterparts [2][4] Company Overview - Baidu Apollo, the automated driving unit of Baidu, is often compared to Alphabet's Waymo and has a dedicated app for users [6] - Pony.ai operates in both China and the United States, offering its services through the PonyPilot app [6] - WeRide focuses on robotaxis and automated shuttles, with its own app available for users [7] Market Landscape - Major Chinese cities like Beijing, Shanghai, Wuhan, Guangzhou, and Shenzhen are actively involved in robotaxi services, although these services are often limited to specific pilot zones [9][10][11] - Baidu's Apollo robotaxis are particularly prominent in Wuhan, where they provide a reliable automated vehicle service for commuters [13] Service Characteristics - Robotaxi services in China are generally confined to designated pilot zones, and users may need to travel to specific areas to access these services [10][12] - In Beijing, the Yizhuang area is a key location for automated driving activity, while Shanghai offers several areas for potential rides, albeit with significant travel required to reach them [11][12] User Experience - The apps for booking robotaxi rides can be challenging for users, often requiring a local Chinese phone number and knowledge of the Chinese language [18][22] - Users can change their destination during a ride, with varying policies across different providers, which can lead to interesting driving maneuvers in busy urban environments [26] Future Outlook - The article suggests that despite the current limitations, China's robotaxi services are advancing rapidly and are worth exploring for those interested in automated driving technology [28]

Core Insights - The company, Pony.ai, announced that its Robotaxi fleet will exceed 1,159 vehicles by the end of 2025 and is expected to surpass 3,000 vehicles by 2026, marking a significant milestone in the autonomous driving industry [1] - Pony.ai successfully completed a dual primary listing on both the US and Hong Kong stock exchanges, achieving the largest IPO in the global autonomous driving sector for 2025 [1] - The latest seventh-generation Robotaxi features a new autonomous driving hardware and software system that has reduced the cost of the autonomous driving kit by 70% compared to the previous generation [1][4] Company Developments - The seventh-generation Robotaxi is equipped with 34 sensors across six categories, enabling 360° detection of objects and environments up to 650 meters away, enhancing safety and operational capabilities [4] - The system's adaptability has been expanded, allowing it to be deployed on multiple vehicle platforms, including models from Arcfox, Aion, and Toyota, thus accelerating the commercialization of autonomous driving technology [4] - The company reported a total revenue of 181 million yuan for Q3 2025, a 72% year-on-year increase, with Robotaxi business revenue reaching 47.7 million yuan, up 89.5% [5] Industry Context - The rapid development of Pony.ai reflects the growth of the automotive industry in Guangdong, which produced 3.618 million new energy vehicles during the 14th Five-Year Plan period, accounting for a quarter of the national total [1] - The Guangdong provincial government has emphasized the importance of expanding emerging industries, including smart connected vehicles, in its recent work reports [1][6] - The region has established a supportive policy environment for autonomous driving, with early initiatives in road testing and demonstration operations, positioning Guangdong as a key player in the autonomous vehicle sector [6][7] Strategic Collaborations - Pony.ai has formed strategic partnerships with major automotive manufacturers and supply chain companies, enhancing its integration within the Greater Bay Area's industrial ecosystem [7] - The company is expanding its operations across various domestic regions, including Beijing, Guangzhou, and Shenzhen, while also venturing into international markets such as the Middle East, Europe, and Singapore [7]

Market Overview - The US stock market opened lower and closed down, with all three major indices declining. The Dow Jones fell by 0.36% to 48,892.47 points, the S&P 500 dropped by 0.43% to 6,939.03 points, marking its third consecutive day of decline, and the Nasdaq decreased by 0.94% to 23,461.82 points, with intraday drops exceeding 1% [1]. Precious Metals - The precious metals sector experienced significant declines, with spot silver prices plummeting by 36%, marking the largest single-day drop in history. Spot gold prices also fell over 12%, dipping below $4,700 per ounce, representing the largest single-day decline in 40 years [1]. Technology Sector - The technology sector saw most large-cap stocks decline, with the Wande American Technology Seven Giants Index down by 0.32%. Notable individual stock movements included META and TSMC each dropping nearly 3%, while Amazon fell by 1%. Tesla, however, rose by 3%. The semiconductor sector faced substantial losses, with stocks like AMD down over 6%, GlobalFoundries down 5%, and both Micron Technology and Intel down over 4% [1]. Chinese Stocks - Chinese stocks mostly declined, with the Nasdaq China Golden Dragon Index falling by 2.36% and the Wande Chinese Technology Leaders Index down by 3%. Individual stocks such as Brain Rebirth dropped over 10%, Kingsoft Cloud fell by 7%, and several others, including Bilibili, Xiaoma Zhixing, Century Interconnect, Li Auto, and XPeng, each declined by over 3%. Major companies like Baidu, Alibaba, NetEase, and JD.com also saw declines exceeding 2% [1]. ELPW Energy - ELPW Energy (亿鹏能源) stood out amidst the market downturn, surging by 3,141.11%, equivalent to a 31-fold increase in a single day, likely resulting in significant profits for investors holding the stock [2].

当地时间1月30日，美国三大股指小幅收跌。美国政府面临停摆危机、美联储政策存在不确定性、通胀压力持续以及地缘政治风险升级，多重因素交织抑 制了美股表现。 美东时间30日下午，国际黄金、白银价格大幅下跌。纽约商品交易所4月黄金期价一度跌破4800美元/盎司关口，跌幅超过10%；3月白银期价一度跌破80 美元/盎司关口，跌幅超过30%。 美国三大股指小幅收跌 当地时间1月30日，美国三大股指小幅收跌。Wind数据显示，截至收盘，道指跌0.36%报48892.47点，标普500指数跌0.43%报6939.03点，纳指跌0.94%报 23461.82点。 大型科技股多数下跌，万得美国科技七巨头指数下跌0.32%。特斯拉涨超3%、苹果小幅上涨，Meta跌近3%、亚马逊跌超1%，微软、英伟达、谷歌母公司 Alphabet-C均小幅下跌。 | 深刻 成分 | 资讯 相关基金 | 月度收益 | | --- | --- | --- | | 名称 | 现价 | 涨跌幅 ◆ | | 特斯拉(TESLA) | 430.410 | 3.32% | | TSLA.O | | | | 苹果(APPLE) | 259.480 | 0.46% ...

贵金属全线暴跌。 当地时间1月30日，美国三大股指小幅收跌。截至收盘，道琼斯工业平均指数跌0.36%报48892.47点，标普500指数跌0.43%报6939.03点，纳斯达 克指数跌0.94%报23461.82点。本周，道琼斯工业指数累计下跌0.42%，标普500指数累计上涨0.34%，纳斯达克指数累计下跌0.17%。 欧洲主要股指收盘全线上涨，德国DAX指数涨0.89%报24526.14点，本周累计下跌1.5%；法国CAC40指数涨0.68%报8126.53点，本周累计下跌 0.2%；英国富时100指数涨0.51%报10223.54点，本周累计上涨0.79%。 中概股多数下跌，纳斯达克中国金龙指数收跌2.36%。个股方面，脑再生大跌超10%，金山云跌7%，哔哩哔哩、小马智行、世纪互联、理想汽 车、小鹏汽车等跌超3%，百度集团、阿里巴巴、网易、京东集团等均跌超2%。 值得注意的是，贵金属市场全线暴跌。现货白银、COMEX白银跌超25%，铂金、钯金期现均跌超10%，黄金现货跌超9%，COMEX黄金跌超 8%。此外，有色金属亦普遍下跌，LME锡跌超8%，LME铜、LME镍跌超4%。 贵金属全线暴跌 白银期现大跌 ...

美东时间周五，美股三大指数集体飘绿，贵金属持续暴跌。现货黄金盘中跌超12%，最低触及4682美元/盎司；现货白银盘中跌超35%，最低下探至74.28 美元/盎司。临近尾盘，现货金银跌幅稍有收窄。 截至发稿，伦敦金现跌9.25%报4880.034美元/盎司，伦敦银现跌26.42%报85.259美元/盎司，COMEX 黄金跌8.66%报4890.9美元/盎司，COMEX 白银跌 26.07%报84.6美元/盎司。 | 06:00 | | 2 2 2 110 | | --- | --- | --- | | < W | 贵金属 | | | 名称 | 现价 | 涨跌幅▶ | | 伦敦金现 | 4880.034 | -9.25% | | SPTAUUSDOZ.IDC | | | | 伦敦银现 | 85.259 | -26.42% | | SPTAGUSDOZ.IDC | | | | COMEX更金 | 4890.9 | -8.66% | | GC.CMX | | | | COMEX白银 | 84.600 | -26.07% | | SI.CMX | | | | SHFE黄金 | 1079.28 | -9.83% | | ...

We came across a bullish thesis on Pony AI Inc. on Bullseye Picks’s Substack by Bullseye Investing. In this article, we will summarize the bulls’ thesis on PONY. Pony AI Inc.'s share was trading at $14.43 as of January 29th. Aurora Innovation (AUR) Jumps 13% Ahead of Next Week's Key Data Photo by ThisisEngineering RAEng on Unsplash Pony AI Inc., through its subsidiaries, engages in the autonomous mobility business in the People's Republic of China, the United States, and internationally. PONY represents ...