策略研究 证 券 研 究 报 告 【华创证券人工智能研究中心】 公募增配光通信、半导体设备、封测，减配芯片设 计、游戏、广告——多行业联合人工智能 2 月报 策略月报 2026 年 02 月 04 日 华创证券研究所 证券分析师：姚佩 邮箱：yaopei@hcyjs.com 执业编号：S0360522120004 证券分析师：耿琛 邮箱：gengchen@hcyjs.com 执业编号：S0360517100004 证券分析师：岳阳 电话：021-20572543 邮箱：zhangchenghang@hcyjs.com 执业编号：S0360519070003 邮箱：yueyang@hcyjs.com 执业编号：S0360521120002 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 证券分析师：张程航 2026-01-26 《【华创策略】再通胀主线：五朵金花——策略周 聚焦》 2026-01-25 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）1210 号 证券分析师：范益民 电话：021-20572562 邮箱：fanyimin@ ...

Core Insights - The article highlights the rapid growth and development of China's postal and express delivery industry, which has become the largest and most utilized network globally, with express delivery volume reaching 198.95 billion pieces, a year-on-year increase of 13.6%, and total revenue of 1.5 trillion yuan, up 6.5% year-on-year [1][13] Group 1: High-Quality Development - The 2026 National Postal Work Conference emphasizes "two promotions and three enhancements" as the core strategy for industry development, with a primary focus on promoting high-quality development [1][13] - High-quality development is seen as a necessary transition from scale expansion to value creation, as the industry adapts to new market conditions and consumer demands [1][14] - The domestic e-commerce market is shifting from "incremental expansion" to "deep cultivation of existing markets," necessitating a focus on quality improvement rather than just quantity growth [2][14] Group 2: New Growth Opportunities - Companies are encouraged to explore new value growth avenues by extending their services along the supply chain, moving beyond basic delivery services to areas like cold chain logistics and supply chain management [3][15] - The industry must shift from a competitive mindset of "dividing the pie" to "improving the pie together," focusing on quality, innovation, and customer experience [3][16] - Emphasis is placed on fostering new productive forces through technological innovation, integrating AI, big data, and IoT into business operations to enhance efficiency and service quality [4][16] Group 3: Efficient Governance - The article discusses the need for a governance upgrade from mere management to a multi-faceted approach involving government regulation, corporate self-discipline, and social collaboration [5][17] - Key strategies for effective governance include optimizing the business environment, innovating regulatory models, and enhancing corporate compliance [6][18] - Collaboration across the entire supply chain is essential, with a focus on shared interests and responsibilities among delivery companies, end-point networks, and franchisees [6][18] Group 4: Enhancing Rural Delivery Services - The National Postal Work Conference outlines three major tasks, including enhancing rural delivery service capabilities, which is crucial for improving network efficiency and supporting rural revitalization [20][21] - The rural delivery network consists of both public postal services and private delivery companies, emphasizing the need for a balanced approach to service provision [20][21] - New metrics for rural delivery services focus on accessibility, stability, and quality, ensuring that services effectively support agricultural and industrial product distribution [9][21] Group 5: International Delivery Service Capabilities - Improving international delivery service capabilities is critical for expanding market reach and enhancing resilience, aligning with China's status as a major global economy [10][22] - The article notes that two Chinese companies have entered the Fortune Global 500, and seven are in the China 500, indicating growing international competitiveness [10][22] - Strategies for enhancing international logistics include strengthening capabilities across the delivery process and optimizing organizational models for cross-border e-commerce [11][23] Group 6: Service Industry Capability Enhancement - Enhancing service capabilities is identified as a core driver for the transformation and value enhancement of the postal and express delivery industry [24] - The industry is urged to integrate logistics services with modern industrial systems, becoming an integral part of the supply chain rather than merely fulfilling logistics demands [24][25] - The focus on developing supply chain logistics and transitioning to comprehensive logistics providers is expected to create high-value service opportunities and support national modernization efforts [24][25]

Group 1 - The core viewpoint of the article highlights the explosive growth in consumer demand for New Year goods, with Cainiao's food industry order volume increasing by over 35% year-on-year as the Spring Festival approaches [2] - Cainiao is ensuring rapid stocking, shipping, and delivery of New Year goods through measures such as the layout of front warehouses and upgrades in warehouse automation [2] - During the Spring Festival, Cainiao's self-operated warehouse network will continue to provide reliable delivery services for over a hundred brand merchants and consumers in major cities across the country [2] Group 2 - Both online e-commerce live streaming and offline snack retail stores are experiencing a surge in orders, with some brands like "Bottle Planet" seeing order volumes increase fourfold compared to normal days [2] - The sales growth during the New Year festival for physical stores is reported at 30%, with popular items including nuts, meat, chocolates, and gift boxes [2] - Cainiao's supply chain is leveraging its nationwide direct-operated warehouse network and intelligent capabilities to achieve faster delivery of New Year goods through smart distribution [2] Group 3 - The company has enhanced warehouse efficiency by adding automated packing machines, sealing machines, and conveyor belts, and has equipped automatic assembly lines for gift box assembly to meet demand [2] - The integration of resources from multiple logistics companies allows for the selection of the most cost-effective delivery routes [2] - Cainiao's multi-channel service enables unified inventory management and scheduling, significantly reducing operational complexity for merchants [2]

Group 1: Automotive Industry Developments - The State Council of China is promoting innovation in the automotive circulation and consumption sector, focusing on pilot cities and supporting the development of the automotive aftermarket [2] - The Ministry of Transport is implementing measures to ensure charging needs for electric vehicles during the Spring Festival, with plans to install 20,000 new charging guns by the end of 2025 [3] - The National Development and Reform Commission indicates that self-driving travel will remain high during the Spring Festival, with a focus on increasing transport capacity and service guarantees [4] Group 2: Company-Specific News - Toyota Motor Corporation aims for global sales of 11.32 million vehicles in 2025, marking a 4.6% increase and maintaining its position as the world's top automaker for six consecutive years [8] - Tesla plans to cease production of the Model S and Model X by the second quarter of 2026 to focus on the development of its Optimus robot, with a projected investment of $20 billion in robotics and autonomous driving this year [9] - Hyundai Motor Company reports a record sales revenue of 186.25 trillion KRW (approximately 906.5 billion RMB) for 2025, despite a 19.5% decline in operating profit [10] - Carvana is accused of inflating net profits by over $1 billion due to significant accounting irregularities and undisclosed related-party transactions [11] - Foton Motor expects a net profit of approximately 1.33 billion RMB for 2025, representing a year-on-year increase of about 1551% [14] - Jiushi Intelligent and Cainiao have reached a strategic integration agreement for their unmanned vehicle businesses, with Cainiao becoming a shareholder in Jiushi [15] - SANY Heavy Truck and Longxin Technology have signed a strategic cooperation agreement to build a nationwide energy ecosystem for heavy trucks [16]

作为快递行业降本增效的关键技术，末端无人物流车备受资本市场关注，成为多家产业链相关企业当前 投入布局的重点。新石器、白犀牛、九识等L4级无人驾驶技术企业在2025年都获得多轮融资。南都记 者梳理注意到，这些企业的投资方中普遍都出现了大型互联网公司的身影，反映出头部互联网平台正通 过对无人物流的加速投入，参与即时配送市场的竞争。 据市场预测，2027年全球无人配送车市场规模将突破数百亿美元，我国无人物流车市场规模将占全球市 场份额的40%以上。预计未来三到五年，物流行业将有超过20万台的快递无人车部署。国家邮政局在1 月初的2026年全国邮政工作会议上进一步明确，出台加快推广应用无人配送技术政策文件，深化无人 车、无人机等在行业试点应用。 据介绍，目前，九识智能积累了近亿公里级的真实公开道路数据，拥有成熟的算法模型；而菜鸟无人车 团队多年来在视觉语言模型及世界模型领域积累了技术优势。双方有望通过实现大规模落地数据与前沿 技术的结合，增强在L4级自动驾驶赛道中的竞争力。 九识智能称，本次战略整合通过资产注入与现金投资的组合方式，进一步增强了九识智能在L4级无人 驾驶领域的技术储备与供应链体系。据了解，此次战略合作 ...

新京报贝壳财经讯（记者程子姣）1月29日，九识智能与菜鸟联合宣布，双方已就无人车业务达成深度 战略整合。菜鸟以自身无人车业务注入、现金投资等方式，成为九识股东，支持九识打造RoboVan（无 人驾驶货车）超级航母。这标志着双方正式开启在RoboVan领域的深度协同。 此次战略合作后，菜鸟自身不再直接生产和销售无人车，将发挥物流场景和生态优势，加大无人车在物 流领域的应用。九识将获得"菜鸟无人车"品牌授权，开启双品牌运营。 校对 柳宝庆 编辑 袁秀丽 ...

Core Viewpoint - After nearly 10 years of investment in autonomous vehicle development, the company has made a significant decision to integrate its autonomous vehicle business with Jiushi Intelligent, marking the beginning of deep collaboration in the autonomous vehicle sector [1][3]. Group 1: Strategic Integration - The company has injected its autonomous vehicle business and made a cash investment to become a shareholder of Jiushi Intelligent, supporting the creation of the RoboVan super carrier [1]. - Following this integration, the company will no longer directly produce and sell autonomous vehicles but will leverage its logistics scenarios and ecosystem advantages to enhance the application of autonomous vehicles in logistics [3]. - Jiushi Intelligent will operate under a dual-brand strategy, with the "Cai Niao Unmanned Vehicle" brand being authorized for use by Jiushi, while maintaining its identity as an Alibaba-invested incubated enterprise [3]. Group 2: Market Position and Product Development - The company has achieved breakthroughs in 2024, transitioning its autonomous vehicle work scenarios from closed and semi-closed areas to public roads for last-mile delivery, with its L4-level autonomous vehicle GT entering mass production [4]. - The company has launched new models, including the upgraded GT Pro and the budget-friendly GT-Lite, and has been actively involved in various applications such as heavy load, short-distance, cold chain delivery, and police patrols [4]. - Jiushi Intelligent, established in 2021, focuses on L4 RoboVan and aims to have over 16,000 autonomous vehicles operating by the end of 2025, covering more than 300 cities in China [4][5]. Group 3: Industry Outlook - The demand for logistics autonomous vehicles is significant, with the potential to reduce costs and improve efficiency for express logistics companies, applicable in various fields such as express delivery, takeaway, B2C retail, and fresh delivery [6]. - The average price of mainstream logistics autonomous vehicles is around 50,000 yuan, with a business model based on vehicle sales and FSD service fees [6]. - The integration of the two companies is seen as a key milestone in moving from "single-point breakthroughs" to "system integration" in the autonomous driving industry, with expectations for a win-win development in different market dimensions [6].

本报讯 （记者梁傲男）1月29日，九识智能与菜鸟无人车联合宣布，双方已就无人车业务达成深度战略 整合。菜鸟以自身无人车业务注入、现金投资等方式，成为九识智能股东，支持九识打造RoboVan超级 航母。这标志着双方正式开启在RoboVan领域的深度协同。 此次战略合作后，菜鸟自身不再直接生产和销售无人车，将发挥物流场景和生态优势，加大无人车在物 流领域的应用。九识智能将获得"菜鸟无人车"品牌授权，开启双品牌运营。 本次战略整合通过资产注入与现金投资的组合方式，实现了双方资源的最优配置，进一步增强了九识智 能在L4级无人驾驶领域的技术储备与供应链体系，标志着整合后的九识智能已成为无人驾驶货运领域 唯一的"超级航母"。 整合完成后，九识智能将进行双品牌运营。"菜鸟无人车"品牌将由菜鸟授权给九识使用，并保持作为阿 里巴巴投资孵化的生态企业身份。 九识智能CEO孔旗表示："此次整合是自动驾驶产业从'单点突破'迈向'系统集成'的关键里程碑，将为公 司注入更广阔的全球化视野。" 菜鸟集团CEO万霖表示："双方将保持紧密的生态伙伴关系，共同探索智慧运力的新路径。" 同时，菜鸟无人车的管理和技术负责人也将加入九识智能，深度参与 ...

Group 1 - The core viewpoint of the article highlights the explosive growth in consumer demand for traditional and new-style Chinese New Year goods, with a reported order volume increase of over 35% in the food sector of the global supply chain managed by Cainiao [1] - Major brands such as Want to Come Snacks, Meijian Qingmei Wine, and Lays are leading the surge in sales, with traditional snacks like nuts and chips also experiencing double-digit growth year-on-year [1] - Cainiao is enhancing its logistics capabilities through the establishment of front warehouses and automation upgrades to ensure rapid stocking, shipping, and delivery of goods during the festive season [1] Group 2 - The article notes that the Bottle Planet's Chongqing warehouse has seen a fourfold increase in order volume compared to normal days, with live-streaming sales during the New Year festival exceeding expectations [3] - The Wanchen Group, which owns multiple snack brands, reported a 30% increase in sales during the New Year festival, with high demand for nuts, meat, chocolates, and gift boxes [4] - Cainiao's supply chain management is leveraging its nationwide network and smart distribution capabilities to ensure timely delivery of goods, with enhancements in warehouse efficiency through the addition of automated packaging and sorting equipment [4]

这一合并，不仅是两家头部企业的强强联手，更被业内视为无人货运赛道从"群雄逐鹿"迈向"生态竞争"的关键转折点。 九识智能是RoboVan赛道的定义者与规模化冠军，拥有从车规级芯片、核心算法到整车平台的全栈自研能力，产品已在300多个城市实现近2万台的部署， 完成了扎实的商业化验证。 菜鸟则背靠全球领先的智慧物流网络与阿里生态资源，不仅在通用大模型、世界模型等前沿AI技术上储备深厚，更拥有对复杂物流场景的深刻理解和全 球化的运营底蕴。 根据双方披露的信息，菜鸟将以现金和资产入股的方式，成为九识智能的战略股东，共同组建一个更具竞争力的联合体。整合后，双方的无人车车队规模 将突破2万台，覆盖全国超300个城市，一举成为全国规模最大的公开道路运营RoboVan(无人驾驶轻型商用车)车队。 "菜鸟不仅是全球最大的物流场景需求方，更是具备技术基建的同行者，以及无人能及的生态连接器。"周清如此评价合作伙伴。菜鸟无人车业务中心总经 理李尚青则强调，双方寻求的是"共同定义行业和未来的合伙人"。 值得一提的是，这并非一次简单的业务叠加，而是一次指向"智慧物流新基建"的深度重构。在全球物流行业面临成本攀升、劳动力短缺与效率瓶颈的当 ...