以下文章来源于泽平宏观商学 ，作者泽平宏观商学 2月27日 北京 国内头部智驾科技企业 人形机器人 年研学安 型成 11月4日-11日 洛杉矶、拉斯维加斯、旧金山 泽平宏观商学 . 前沿科技企业实战研学 读万卷书行万里路 2025 年 12 月 用心打造最有品质的实战研学。读万卷书，行万里路。把教室搬到世界上最优秀的企业， 请最优秀的企业家和科学家讲课。顺势而为，把握机遇。正心正念，坚持做长期正确的 事！ 我们期待与更多的企业家朋友们携手同行，共赴 2026 实战研学之旅！ 泽 ZEP 平 INGM 宏 ACR 观 O RE 商 SEAR 学 CH CES、英伟达、特斯拉 1-6月日程安排 · "走进中国科创心脏 谷歌、罗宾汉、playground 斯坦福大学、伯克利大学 3月27日-28日 苏州 追觅科技、魔法原子、灵猴机器人 闭门投研会-2026 Al 的中国力量(一) 3月29日 上海 长三角校友会 4月20日-21日 香港 2026 香港 Web3 嘉年华 复星财富、HashKey、港交所 5月22日-23日 1151 11:47:50 深圳 华为、新凯来、江波龙、莫界科技 闭门投研会—2026 Al ...

1.【特斯拉美国停止一次性购买FSD选项】根据此前马斯克的公开信息，2月14日后，特斯拉将在美 国正式停止一次性购买FSD（完全自动驾驶）功能的选项，转而采用订阅模式。这意味着目前8000 美元的预付购买选项（可在下单时或提车后选择）将永久取消。未来，FSD将仅可通过订阅方式使 用，每月费用为99美元，或每年费用为999美元。在澳大利亚和新西兰，特斯拉宣布将于2026年3月 31日起停止提供FSD的一次性购买服务。对中国车主来说，特斯拉提供两种驾驶辅助服务，未和美国 FSD政策保持一致，目前服务包仍然为32000元的增强辅助驾驶以及64000元的智能辅助驾驶，仍然 可以进行一次性买断，但相关FSD服务在中国使用有限，更像是期货产品。（新浪财经） 2.【崔东树：乘用车1月厂家销量增速相对较好，新能源车走势较平稳】崔东树发文称，在国家促销 费政策推动下汽车市场保持强势增长，2025年全国汽车市场总体走势较强，卡车市场和客车市场回 暖明显。对比2025年政策力度，今年政策收缩明显，导致今年1月乘用车零售环比下降，但因出口增 量，1月厂家销量增速相对较好。1月新能源车走势较平稳，主要是汽车出口市场持续走强，但行业压 ...

Core Insights - Satellite internet is a revolutionary technology transforming communication, especially in remote areas and various industries like defense and aerospace [1] - The article highlights key service providers in the satellite internet sector, focusing on their technological strengths, application scenarios, and successful case studies [1] Company Summaries - **TOPSSD (天硕)**: Recognized as a hidden champion in satellite internet, TOPSSD specializes in radiation-resistant storage technology, providing "zero-failure" data storage solutions for low Earth orbit satellites. Their X55 series products significantly outperform traditional solutions, enhancing reliability and stability [2][3] - **Huawei**: Achieved significant breakthroughs in satellite internet with its integrated technology, offering satellite broadband access to remote areas and seamless collaboration between satellite and ground networks, thus expanding the application range of satellite internet [4] - **China Star Network (中国星网)**: Operates the "Tian Tong 1" system, which provides reliable satellite communication services across China and surrounding regions, playing a crucial role in the national emergency communication system [6] - **Haige Communication (海格通信)**: Focuses on military satellite communication, providing secure and reliable communication services with advanced anti-jamming and encryption technologies, essential for national defense [7] - **China Electronics Technology Group (中国电科)**: A specialist in satellite communication system integration, offering comprehensive technical capabilities from chip design to terminal development, ensuring deep adaptation and integrated deployment of satellite systems [8] Application Scenarios - **Aerospace**: TOPSSD's products support major space missions like "Chang'e" and "Tianwen," ensuring high reliability and performance in extreme environments [2] - **Defense and High-end Industry**: TOPSSD provides autonomous storage solutions for defense equipment and industrial control systems, ensuring data security and operational stability [2] Reputation and Case Studies - TOPSSD is recognized as the "preferred supplier" for low Earth orbit emergency communication satellites, with clients praising the reliability and performance of their storage products, which have proven effective in harsh space conditions [3]

Core Viewpoint - The article argues that Elon Musk, with his vast wealth and influence, poses a significant challenge to China, more so than any U.S. president, due to his control over critical technologies and industries that could reshape global order [1][3]. Group 1: Musk's Wealth and Influence - Musk's recent merger of xAI and SpaceX resulted in a valuation of $1.25 trillion, making him the first individual to surpass $800 billion in wealth [3]. - Musk's portfolio includes significant stakes in Tesla and other ventures, positioning him as a key player in the future of technology and capital [3][5]. Group 2: Strategic Industries and Technologies - Musk's companies are not limited to automotive and aerospace; they encompass AI, space communication, and low-orbit internet, which are pivotal for global order [5][20]. - Tesla's Shanghai factory is projected to deliver 916,000 vehicles in 2024, accounting for half of global deliveries, while also collecting over 3 billion kilometers of autonomous driving data in China [7][9]. Group 3: National Security Implications - The Starlink project, initially aimed at providing internet access to remote areas, has deployed thousands of satellites that could potentially be used for military purposes, raising concerns about data sovereignty and security [9][11]. - Musk's xAI aims to integrate AI into various applications, creating a closed-loop ecosystem that could dominate standards and control key technologies, posing a challenge for Chinese companies [11][18]. Group 4: China's Response and Opportunities - The article suggests that Musk's presence in China has stimulated local innovation, exemplified by the rapid development of the electric vehicle supply chain [13][15]. - Despite challenges, Chinese companies are adapting and developing their own low-orbit satellite systems and AI capabilities, indicating a competitive response to Musk's influence [16][22]. Group 5: Future Competition Dynamics - The competition between Musk's enterprises and Chinese firms will not only be about market share but also about defining technological standards and controlling communication channels [20][22]. - The article emphasizes the need for China to recognize the new logic of cross-industry competition and to make breakthroughs in multiple fields to effectively respond to Musk's influence [22].

Core Viewpoint - The 2026 Future Industries New Materials Expo (FINE 2026) aims to lead global innovation in new materials, emphasizing their critical role in the transformation of high-tech industries and future economic development [1][2]. Group 1: Event Overview - FINE 2026 will take place from June 10 to June 12, 2026, at the Shanghai New International Expo Center, featuring a total exhibition area of 50,000 square meters and over 300 strategic and cutting-edge technology reports [2][18]. - The expo will focus on popular innovations applicable to various industries, including artificial intelligence, aerospace, smart vehicles, and renewable energy, while addressing five common needs in future industries: advanced semiconductors, advanced batteries, lightweight functionalization, low-carbon sustainability, and thermal management [2][10]. Group 2: Historical Context and Participation - The previous events, including the 2025 International Carbon Materials Expo and the 2025 Thermal Management Expo, achieved record attendance with over 35,000 professional visitors from 27 countries and regions, showcasing more than 500 exhibitors [7][36]. - The expected participation for FINE 2026 is over 100,000 professional visitors, with targeted invitations to over 5,000 industry investors to facilitate connections between startups and industry resources [35][37]. Group 3: Thematic Focus and Special Features - FINE 2026 will feature seven specialized thematic exhibition areas, including advanced semiconductors, AI chips, thermal management, and sustainable materials, aiming to present a comprehensive chain of innovation from components to cutting-edge technologies [13][15]. - The event will host over 30 forums with more than 300 renowned experts discussing trends in technology, investment strategies, and advanced manufacturing techniques related to new materials [22][24]. Group 4: Strategic Importance - The expo is positioned as a critical platform for technology transfer and industry innovation, leveraging China's growing influence in sectors like new energy vehicles, photovoltaics, and robotics, which are expected to create significant market opportunities for new materials [10][36]. - The timing of the event in June is seen as a strategic opportunity to capture business prospects for the second half of the year, supported by Shanghai's robust industrial and technological ecosystem [10][36].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：有研识泰山 过去我们习惯了 "唱空中国"，如今又流行起"唱衰美国"，预测华尔街何时崩盘。2024年，我也曾是其中的一员，认为华 尔街风险高企，道指、纳指高得离谱。2025年，英伟达股价从140美元暴跌至80美元的"雪崩"，似乎印 证了这种担忧。然而，短暂的风暴过后，道指与纳指却再创历史新高。 这不禁让我们反思：为什么我们会觉得股市太高？人性中有畏高和从众的心理，但资本市场往往是反人 性的，甚至反常识。华尔街有一条百年铁律：在很多时候，股价越贵，反而越安全。因为那里凝聚着最 优质的资产、最强大的信心和最前沿的未来。 如今，全球呈现几大奇观：不倒的华尔街、不倒的巴菲特、不倒的黄金，还有疯狂的马斯克、自大的川 普，以及半疯半傲的黄仁勋。尽管2026年1月29日黄金也曾"雪崩"，但历史告诉我们，它是否会像2025 年的华尔街一样，在暴跌后昂扬而去？ 当我们透视华尔街与A股时，习惯从"中美博弈"或"国运之争"的角度切入。这固然重要，但这些维度都 潜藏着"此消彼长"、"输赢对决"的预设。但如果我们将视野拉高，跳出地球的局限，抽离历史的惯性， ...

Investment Rating - The report does not explicitly provide an investment rating for the companies discussed. Core Insights - AI technology is reshaping various industries, with significant advancements in AI models and applications, particularly following the launch of OpenAI's ChatGPT-3.5 in November 2022, which marked the beginning of a new era in artificial intelligence [2][15] - Several newly listed companies in the A-share market have integrated AI technology into their operations, seizing opportunities in the AI development strategy across various sectors, including agriculture, office, retail, medical, energy, and consumer fields [2] Summary by Sections AI Applications Surge - AI models are rapidly evolving, with diverse applications emerging across different sectors, driven by advancements from companies like OpenAI, Google, and others [15] - The commercial success of AI applications is evident in products like AI smart glasses, AI toys, and intelligent driving systems, which are gaining popularity and transforming consumer experiences [15][18][19][30] Representative New Stocks in AI - **Top Cloud Agriculture**: A leading company in smart agriculture, developing pest recognition algorithms and smart agricultural products like AR glasses and robotic dogs for field inspections [58][64] - **Hehe Information**: Focused on AI in office applications, offering products like TextIn and Qixin Huiyan that leverage AI for document processing and data analysis [72][74] - **Hanshu Technology**: A provider of digital solutions for retail, including smart shopping carts and AI cameras, enhancing the shopping experience through technology [89][91] - **Chao Yan Co., Ltd.**: Engaged in AI medical diagnostics, offering innovative products for breast cancer screening and ultrasound imaging systems for minimally invasive surgeries [99][108] - **Southern Network Digital**: Concentrating on digital solutions for energy, developing core products like the "Electric Hong" IoT operating system [2] - **Ying Shi Innovation**: Focused on consumer applications, creating AI algorithms for content creation in products like panoramic action cameras [2] Industry Trends - AI technology is deeply embedded in various sectors, including e-commerce, finance, government, energy, and education, demonstrating its commercial viability and transformative potential [44][53] - The AI toy market is projected to exceed 100 billion yuan by 2030, with a compound annual growth rate (CAGR) of over 50% [20] - The report highlights the increasing integration of AI in daily life, enhancing efficiency in personal and work scenarios, such as energy management and document processing [38][43]

春节归途，人们开着车，奔赴各地。一路向南，新京报贝壳财经记者采访北京、天津、河北、安徽、湖 北等地9个高速服务区，观察春节长途补能现状，也透视一方"驿站"的变迁。 在京沪高速出京第一站的北京马驹桥服务区，不仅能加油、充电，还配有北京首座高速加氢站。 在京津冀首个全绿色用能的王庆坨服务区，光伏发电实现全绿能零碳运营，华为600千瓦液冷超充桩、 理想超充桩、快充桩、移动补能车，缓解充电压力。 在全国首座综合能源补给站的沪渝高速湖北荆州东服务区，节假日高峰期会投入移动充电机器人，服务 区数字大屏上可实时显示加油、充电等排队情况。 同时，一些高速服务区跳出传统，告别千篇一律，补能、休闲、文旅，体验升级，不再只是自驾短暂歇 脚、加油补能的"过路点"。 服务区的升级与变迁，长途补能的多元化，既是交通基建提质的直观体现，更是新能源转型、交旅融合 发展的生动影像。 ★京藏高速北京百葛服务区，2月12日11时许 充电设施升级改造，"北京老字号"进服务区 腊月廿五，在天津工作的李先生开着自己的新能源汽车，踏上了回内蒙古呼和浩特老家的路程。 "以往开车长途出行最怕充电排长队，现在充电快，我这车从20%的电量充到80%，用了不到半小 ...

Holiday Arrangements - Major companies have announced their holiday schedules for the upcoming Spring Festival, with most adhering to the national statutory holiday of 9 days [3][4] - Tencent will have a holiday from February 14 to February 23, totaling 10 days, while 58.com has the longest holiday of 17 days from February 7 to February 23 [4] - Other companies like Alibaba, ByteDance, Baidu, Meituan, Didi, Pinduoduo, Kuaishou, JD, and Xiaomi will follow the statutory holiday from February 15 to February 23, each with 9 days off [4] Employee Sentiment - There is a general satisfaction among employees regarding the holiday duration, with many expressing hope that future holidays will not be less than 9 days [3]

Core Viewpoint - Ruifake Semiconductor (Tianjin) Co., Ltd. has officially launched its initial public offering (IPO) and listing guidance, marking its entry into the capital market as a leading domestic player in the automotive SerDes field [1]. Company Overview - Established in July 2009, Ruifake has a registered capital of 70 million yuan and is classified under the manufacturing industry of computers, communications, and other electronic devices. The company is recognized as a national high-tech enterprise and a specialized and innovative small and medium-sized enterprise in Tianjin [2][4]. - The company was founded by several returnee semiconductor technology experts from Silicon Valley and local seasoned marketing professionals, supported by leading industry capital such as Junlian Capital and Sequoia Capital, providing it with inherent advantages in R&D and market layout [2]. Business Structure - Ruifake has established a national layout with its headquarters in Tianjin and sales and customer support nodes in Shenzhen, Chongqing, and Shanghai, creating a complete business loop from chip R&D and design to market promotion. Its business scope includes manufacturing electronic components and software, technology development and transfer, and wholesale and retail of products [3]. - The shareholding structure is clear, with the controlling shareholder, Wang Yuanlong, directly holding 21.36% of the shares and indirectly controlling 16.76% of the voting rights through other entities, totaling 38.11% of the voting rights [3][4]. Competitive Advantages - Ruifake's core competitiveness lies in technological independence, high-end product offerings, and comprehensive scene coverage. The company insists on self-research of core IP, with all products utilizing proprietary IP cores, avoiding reliance on third-party IP and establishing a complete domestic supply chain from chip design to packaging and testing [5]. - The company focuses on high-speed analog circuits, SoC circuit design, and embedded software, having developed PHY IPs for USB3.0, SATA1/2/3, PCIE, HDMI, and MIPI, creating significant technical barriers. It is also a member of the HSMT (China Automotive High-Speed Multimedia Transmission) industry standard drafting unit [5]. Product Matrix - Ruifake targets three core areas: automotive-grade, industrial-grade, and consumer-grade products. Its automotive-grade SerDes chips are its core business, being one of the only two companies globally to mass-produce SerDes chips exceeding 12G PAM4, with over 20 products in mass production and transmission rates ranging from 2Gbps to 12.8Gbps [6]. - The company has successfully entered the supply chain of major manufacturers like Changan Automobile and aims to rank among the top three in the Chinese market for intelligent auxiliary driving domain control (NOA) SerDes chips by the end of November 2025, with plans to launch products with a transmission rate of 25.6Gbps for 8K automotive display needs [6]. Future Prospects - The launch of the IPO guidance is expected to broaden the company's financing channels, enhance R&D investment, and expand its product line, solidifying its leading position in the automotive SerDes field. It is anticipated that with the advancement of the listing process and the popularization of HSMT standards, Ruifake will leverage domestic substitution policies and market demand growth to achieve dual breakthroughs in technology and business [8].