大型科技股多数下跌，闪迪跌超4%，英特尔、英伟达、谷歌跌超1%。 | 名称 | 涨跌幅 ▲ | 现价 | | --- | --- | --- | | 闪进 | -4.26% | 603.455 | | 脸书(META PLATFORMS) | -1.69% | 638.810 | | 英特尔(INTEL) | -1.69% | 45.695 | | 英伟达(NVIDIA) | -1.21% | 184.680 | | 谷歌(ALPHABET)-A | -1.03% | 305.820 | | 留校(CISCO) | -1.07% | 74.200 | | 亚马逊(AMAZON) | -0.80% | 197.995 | | 苹果(APPLE) | -0.77% | 259.715 | | 博通(BROADCOM) | -0.55% | 329.365 | | 高通(QUALCOMM) | -0.45% | 137.840 | | 特斯拉(TESLA) | -0.22% | 416.135 | | 微软(MICROSOFT) | -0.16% | 401.190 | | 奈飞(NETFLIX) | -0.07% ...

以下文章来源于36氪汽车 ，作者徐蔡钰 樊舒琪 36氪汽车 . 看懂汽车产业新百年。36氪旗下智能电动车产业报道公号。 趋势不可逆，底线不能退。 文 ｜ 徐蔡钰 樊舒琪 编辑 ｜ 李勤 杨轩 来源｜ 36氪汽车（ID：EV36kr） 封面来源 ｜ 视觉中国 "速成车"踩刹车 2026年一开年，监管部门再一次收紧了对汽车开发的要求。这让不少"老汽车人"松了一口气。 一名头部车企的软件总工告诉36氪，在他十余年的从业生涯里，从未经历过去几年的激进时刻： 原本需要适配两年才能上车的新架构，现在10个月就得上车；之前机械验证要做的两次冬测试、两次夏测，被压缩成了一次冬测、一次夏测。 原本要验证4个月的整车控制软件，现在2个星期就可以上车。 他这种内行人才知道的隐忧还有：看似测试环节都在，但压缩时长伴随着高强度加班，实际操作中，需要测200次的项目最后可能只测了30次；测完10 次，员工便可能说已经测过100次了。 "有些问题就会测不出来，其中可能包含高安全相关问题。比如经常车卖出去，门把手出不来等等B类问题还有一堆。" 因为智能电动车普遍的特点是可以空中升级，不少车交车时，一些软件还未开发完成，公司就寄希望于后续推出 ...

Group 1 - The Chinese new energy vehicle (NEV) market faced a significant downturn at the start of 2026, with major automakers experiencing substantial sales declines, including BYD, which saw a year-on-year decrease of approximately 30% and a month-on-month drop of 50% [1][3][6] - In January 2026, nationwide retail sales of passenger cars reached 1.544 million units, reflecting a year-on-year decline of 13.9% [1][2] - The decline in sales is attributed to multiple factors, including the expiration of tax incentives, preemptive demand exhaustion, and rising cost pressures, marking the end of an era of easy growth for the NEV industry [1][6][12] Group 2 - The new tax policy implemented on January 1, 2026, which reduced the exemption on NEV purchase tax, has led to a significant drop in consumer demand as buyers rushed to purchase vehicles before the policy change [6][9][11] - Major brands like Leap Motor, Xiaomi, and NIO also reported significant month-on-month sales declines, with some brands experiencing drops exceeding 60% [3][5] - The competitive landscape is shifting towards a "survival of the fittest" scenario, where automakers must focus on technology, cost control, and efficiency to remain viable [12][14] Group 3 - Consumers are advised to consider various factors when deciding the optimal time to purchase a vehicle in 2026, including policy changes, market conditions, and technological advancements [18][21] - The first quarter of 2026 may present opportunities for consumers due to significant inventory pressures on dealers, potentially leading to aggressive promotional offers [21][23] - The introduction of new technologies, such as semi-solid batteries and advanced driving systems, may influence consumer decisions between purchasing older models at discounts or new models with cutting-edge features [23]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 10.2 based on a 2026 PE of 18 times [1][3][7]. Core Insights - The year 2026 is projected to be the year of mass production for the company's steer-by-wire (SBW) technology, aligning with the trend towards autonomous driving and industry upgrades [2][3]. - The average selling price (ASP) of steering systems is expected to increase from C-EPS at RMB 1,000 to R-EPS at RMB 2,000, and further to SBW at RMB 4,000 [2]. - The company is the exclusive supplier of SBW systems for Tesla's robotaxi and is also supplying for the Li Auto L9 Livis, both set for mass production in the first half of the year [2]. - The new national standard for automotive steering systems, effective from July 1, 2026, has clarified the legal status of SBW, enhancing safety requirements and eliminating the mandatory mechanical connection between the steering wheel and the steering system [3]. Financial Summary - Sales revenue is projected to grow from USD 4.207 billion in FY 2023 to USD 5.425 billion in FY 2027, with a compound annual growth rate (CAGR) of approximately 9% [5]. - Net profit is expected to increase significantly from USD 37 million in FY 2023 to USD 222 million in FY 2027, reflecting a growth rate of 22% [5]. - The gross margin is anticipated to improve from 9% in FY 2023 to 13% in FY 2026 and FY 2027 [5]. - The price-to-earnings (P/E) ratio is projected to decrease from 63.4 in FY 2023 to 10.5 in FY 2027, indicating a more attractive valuation over time [5].

Core Insights - The company has introduced new features in its driver assistance system, including intersection speed and lane memory functions, allowing users to set preferences via voice commands [2] - The upgrade enhances user interaction with features like voice saving of parking spots and obstacle detection during reverse maneuvers, significantly improving convenience [4] - The company is expanding its AI capabilities with the introduction of an art frame feature for users of the 2022 and 2023 L series, enabling the generation of static or dynamic screensavers [7] - The smart cockpit upgrade focuses on enriching audio-visual entertainment, supporting local media playback and various voice commands for seamless user experience [10] - In charging services, the company has added real-time status display for supercharging stations and remote charging preconditioning features in its app to enhance charging efficiency [11] - The company emphasizes continuous evolution based on user needs, integrating safety, comfort, and emotional engagement into its technological innovations [13]

"疏解"带来的是增量和提升 新春将至，在北京城市副中心运河西岸步行街，游人倚在亲水栏杆处赏河景、品美食、饮咖啡，感受千 年运河与现代化新城的古今交融。 在北京市发布的2026年300项重点工程中，落地城市副中心的文旅融合发展项目占半壁江山，已完成地 下结构施工的顶点公园正冲刺年内亮相，新型海洋主题公园北京海昌海洋公园将在2027年开门迎客…… 北京城市副中心内生经济活力不断增强。 走一走科创园区、胡同小巷、老街集市，就能感受到北京这座城市的变化： 中轴线铺展庄重大气、纲维有序，京腔京韵、一砖一瓦藏着历史的厚重；人形机器人与智能网联汽车加 速"奔跑"，尽显科创浪潮先锋锐气；年货摊位热闹红火，胡同深处安静祥和…… "确保率先基本实现社会主义现代化取得决定性进展，努力在全国发挥示范作用"——沿着习近平总书记 指引的方向，立春启序，乘势而上，今日之北京自觉走在前、作示范，奋力谱写中国式现代化的首都新 篇章。 翻看今昔北京地图会发现，一些地址上的建筑换了名称。这是北京坚定不移疏解非首都功能，进一步优 化首都功能和空间结构布局的生动注脚。 这些年，北京一般制造业企业退出超过3000家，区域性专业市场和物流中心疏解提升约1 ...

Group 1 - The core viewpoint of the article highlights Huawei's AITO brand, which aims to achieve a significant upgrade over the next five years, focusing on user needs, high-quality product development, and enhancing customer satisfaction [2] - AITO's sales target is to sell an additional 1 million vehicles within two years, aiming for a total of 2 million units sold, which represents a significant acceleration compared to the first million sold over five years [2] - The AITO M9 model has become a market leader in the 500,000 yuan segment, with 70% of sales in this category attributed to the M9, breaking the dominance of traditional luxury brands [2] Group 2 - The Chinese electric vehicle market is experiencing high concentration, with the top ten companies accounting for 85.6% of total sales, indicating a challenging environment for smaller brands [3] - AITO's success in the high-end market demonstrates that a differentiated technology approach can disrupt the existing market structure [3] - Key growth areas for the Chinese electric vehicle industry include smart electric vehicles, AI technology, and digital platforms, supported by government policies and innovation [5] Group 3 - AITO faces challenges in achieving its ambitious sales target, as the high-end market has limited capacity, requiring rapid iteration of existing models and expansion into new categories [7] - The rapid evolution of smart technologies necessitates stringent supply chain management, particularly for critical components like chips and lidar [7] - The high-end market for electric vehicles (priced above 300,000 yuan) still has significant growth potential, with a penetration rate exceeding 40% [8] Group 4 - The alignment of electric vehicle features with consumer preferences is stronger among Chinese brands, leading to a projected market share of over 65% for domestic brands by 2030 [10]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 10.2 based on a 2026 PE of 18 times [1][3][7]. Core Insights - The year 2026 is projected to be the year of mass production for the company's steer-by-wire (SBW) technology, aligning with the trend towards autonomous driving and industry upgrades [2][3]. - The average selling price (ASP) of steering systems is expected to rise from C-EPS at 1,000 RMB to R-EPS at 2,000 RMB, and further to SBW at 4,000 RMB, indicating a significant market shift [2]. - The company is the exclusive supplier of SBW systems for Tesla's robotaxi and is also supplying for the Li Auto L9 Livis, both set for mass production in the first half of the year [2]. - The new national standard for automotive steering systems, effective from July 1, 2026, legitimizes SBW technology and emphasizes safety requirements, which is expected to alleviate compliance concerns for automakers [3]. Financial Summary - Sales revenue is projected to grow from USD 4.207 billion in FY 2023 to USD 5.425 billion in FY 2027, with a compound annual growth rate (CAGR) of approximately 9% [5]. - Net profit is expected to increase significantly from USD 37 million in FY 2023 to USD 222 million in FY 2027, reflecting a growth rate of 46% in FY 2026 [5]. - The gross margin is anticipated to improve from 9% in FY 2023 to 13% in FY 2026, indicating enhanced operational efficiency [5]. - The price-to-earnings (P/E) ratio is projected to decrease from 63.4 in FY 2023 to 10.5 in FY 2027, suggesting a more attractive valuation over time [5].

2月13日，香港恒生指数收跌1.72%，恒生科技指数跌0.90%。 | 名称 | 涨跌幅 - | 现价 涨跌 | | --- | --- | --- | | 腾讯音乐-SW | -9.23% | 59.000c -6.000 | | 美团-W | -3.18% | 82.150c -2.700 | | 百度集团-SW | -3.07% | 135.800c -4.300 | | 理想汽车-W | -2.23% | 72.300c -1.650 | | 昨日昨日 | -2.20% | 240.600c -5.400 | | 携程集团-S | -2.10% | 419.800c -9.000 | | 阿里田-W | -2.02% | 155.400 c -3.200 | | 京东集团-SW | -1.85% | 106.400 c -2.000 | | 快手-W | -1.58% | 68.450 c -1.100 | | 商汤-W | -1.49% | 2.640c -0.040 | | 小鹏汽车-W | -1.00% | 69.350c -0.700 | | FMW HAND | -0.81% | 97.75 ...

2月13日，香港恒生指数收跌1.72%，恒生科技指数跌0.90%。 | 名称 | 现价 | | --- | --- | | 恒生指数 | 26567.12 -465.42 -1.72% | | 恒生科技 | 5360.42 - - 48.56 -0.90% | | 恒生生物科技 | 15755.94 - -60.70 -0.38% | | 恒生中国企业指数 | 9032.71 - -142.47 -1.55% | | 恒生综合指数 | 4078.75 -65.65 -1.58% | 科网股再度下跌，腾讯音乐跌超9%，美团、百度集团跌超3%，理想汽车、哔哩哔哩、阿里巴巴跌超2%，京东集团、快手等跌超1%。 | 名称 | 涨跌幅 ▲ | 现价 涨跌 | | --- | --- | --- | | 腾讯音乐-SW | -9.23% | 59.000c -6.000 | | 美团-W | -3.18% | 82.150c -2.700 | | 百度集团-SW | -3.07% | 135.800c -4.300 | | 理想汽车-W | -2.23% | 72.300c -1.650 | | 峠唾酢唾-W | -2. ...