香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及C類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而C類普通股持有人則每股可投八票，惟法律或 《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東 及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存 託股代表一股A類普通股）於美國紐約證券交易所上市，股份代號為NIO。 蔚來集團 （於開曼群島註冊成立以不同投票權控制的有限責任公司） 1 2025年第四季度預計實現的經調整經營利潤（非公認會計準則）主要歸因於(i)本公 司於2025年第四季度銷量持續增長；(ii)有利的產品組合推動汽車毛利率優化；及 (iii)本公司持續推行全面降本增效措施。 （股份代號：9866） 內幕消息 本公告根據《香港聯合交易所有限公司證券上市規則》第13.09(2)(a)條以及香港法 例第571章 ...

本次更新还引入了基于NWM的增强车道居中辅助，新增支持在城区路口根据交通信号灯及箭头指示进 行左/右转辅助。新增的"NWM人机共驾"模式允许驾驶员在城区道路实时干预辅助驾驶的行驶方向。此 外，系统增加了全向误加速抑制辅助(MAI)与倒车时对后方立柱、矮墙等障碍物的通用障碍物预警 (GOA)功能。 在智能座舱方面，新增行业首个车端灾害预警；新增AR增强模式下支持转向盲点影像与智能窄道影像 显示等。 凤凰网科技讯2月5日，蔚来汽车开始推送Cedar雪松系统1.4.0版本更新，此次升级主要面向旗舰车型 ET9与全新ES8，涵盖智能辅助驾驶、智能座舱等四大板块，共包含超过80项新增与优化功能。 在智能辅助驾驶方面，基于"蔚来世界模型NWM"的点到点全域领航辅助功能得到增强。城区道路新增 效率换道，优化了变道果断性与路口通过能力；高速场景则提升了上下匝道成功率及施工路段避让能 力。新增的非固定车位收藏功能允许车辆在抵达目标区域前沿途自动搜寻车位并泊入，同时支持预约遥 控泊入。 ...

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report On February 3, the overall capital market remained stable; the bond market was mainly fluctuating, with short - term bonds being weak and medium - and long - term bonds being slightly strong; the main indexes of the convertible bond market rose collectively, and most convertible bond issues increased; the yields of U.S. Treasury bonds of different maturities showed divergent trends, and the yields of 10 - year government bonds of major European economies generally increased [1][2]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News**: On February 3, the 2026 Central No. 1 Document was released, proposing reforms in rural collective property rights, support for new rural collective economies, and measures to control village - level debt. The central bank will conduct an 800 billion yuan 3 - month term buy - out reverse repurchase operation on February 4, resulting in a net investment of 100 billion yuan. The central bank Shanghai Head Office emphasized continuous financial reform and opening - up, and promoted free - trade zone financial reform [4][5]. - **International News**: On February 3 (local time), the U.S. House of Representatives passed a government funding bill, and the partial government shutdown is expected to end. However, the U.S. Department of Homeland Security only has funds until February 13, and there is still a risk of a more limited funding shortage [7]. - **Commodities**: On February 3, international crude oil and natural gas futures prices rose. WTI March crude oil futures rose 1.72% to $63.21 per barrel, Brent April crude oil futures rose 1.56% to $67.33 per barrel, COMEX gold futures rose 6.94% to $4975.30 per ounce, and NYMEX natural gas prices rose 3.49% to $3.377 per ounce [8]. 3.2 Capital Market - **Open - Market Operations**: On February 3, the central bank conducted a 7 - day reverse repurchase operation of 105.5 billion yuan at a fixed interest rate of 1.40%. With 402 billion yuan of reverse repurchases maturing on the same day, the net withdrawal of funds was 296.5 billion yuan [10]. - **Funding Rates**: On February 3, the capital market was generally stable. DR001 decreased by 4.76bp to 1.371%, and DR007 increased by 0.66bp to 1.497%. Other funding rates also showed different degrees of change [11][12]. 3.3 Bond Market Dynamics - **Interest - Rate Bonds**: On February 3, the bond market fluctuated, with short - term interest - rate bonds being weak and medium - and long - term bonds being slightly strong. As of 20:00 Beijing time, the yield of the 10 - year Treasury bond active bond 250016 decreased by 0.40bp to 1.8110%, and the yield of the 10 - year China Development Bank bond active bond 250215 remained unchanged at 1.9580%. Multiple bonds were issued on the same day, with different issuance scales, winning bid yields, and multiples [14][15]. - **Credit Bonds**: On February 3, there were no credit bond transactions with a price deviation of more than 10%. Several companies had credit - related announcements, including debt repayment difficulties, litigation, debt restructuring, and issuance cancellations [16][18]. - **Convertible Bonds**: On February 3, the A - share market rose, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising 1.29%, 2.19%, and 1.86% respectively. The main indexes of the convertible bond market also rose collectively. The trading volume of the convertible bond market was 97.548 billion yuan, an increase of 12.465 billion yuan from the previous trading day. Most convertible bond issues increased. Tomorrow (February 5), Haitian Convertible Bonds will start online subscriptions, and Shangtai Convertible Bonds will be listed [18][19][23]. - **Overseas Bond Markets**: - **U.S. Bond Market**: On February 3, the yields of U.S. Treasury bonds of different maturities showed divergent trends. The 2 - year U.S. Treasury bond yield remained unchanged at 3.57%, and the 10 - year U.S. Treasury bond yield decreased by 1bp to 4.28%. The 10 - year inflation - protected Treasury bond (TIPS) break - even inflation rate increased by 1bp to 2.36% [22][24][25]. - **European Bond Market**: On February 3, the yields of 10 - year government bonds of major European economies generally increased. The 10 - year German government bond yield increased by 2bp to 2.89%, and the yields of 10 - year government bonds of France, Italy, Spain, and the UK increased by 1bp, 1bp, 2bp, and 1bp respectively [26]. - **Chinese - Issued U.S. Dollar Bonds**: As of the close on February 3, the prices of Chinese - issued U.S. dollar bonds showed different degrees of change, with some rising and some falling [28].

蔚来(NIO.US)盘前涨2.48%，报4.55美元。消息面上，蔚来旗下乐道汽车全国换电站电池翻倍计划，今 日顺利完成。据悉，本次计划累计向全国换电网络增投8,295块全新电池包，乐道电池包总数已超15,000 块，平均每座换电站储备6—7块电池，全力满足春运高峰期的用户换电需求，并为后续快速增长的用户 规模长期提供便捷的补能体验。(格隆汇) | NIO 蔚来 | | | | --- | --- | --- | | 4 44 1 J -0.110 -2.42% | | 收盘价 02/04 15:59 美东 | | 4.550 t 0.110 +2.48% | | 盘前价 02/05 04:17 美东 | | 二 24 4 5 8 0 月 0 | | ● 快捷交易 | | 最高价 4.545 | 开盘价 4.545 | 成交量 3837.56万 | | 最低价 4.380 | 昨收价 4.550 | 成交额 1.7亿 | | 平均价 4.438 | 市盈率ITM 亏损 | 总市值 109.82亿 (…) | | 振 幅 3.63% | 市盈率(静) 亏损 | 总股本 24.73亿 | | 换手率 2.16% | ...

科网股午后反弹，联想集团、地平线机器人涨超3%，小米集团、百度集团、蔚来涨超2%，美团、比亚 迪股份等涨超1%，京东集团、腾讯控股、阿里巴巴等均翻红。 2月5日，香港恒生指数收涨0.14%，恒生科技指数涨0.74%。 | 名称 | 现价 | 涨跌 涨跌幅 | | --- | --- | --- | | 恒生指数 | 26885.24 | 0.14% 37.92 | | 恒生科技 | 5406.13 | 39.69 0.74% | | 恒生生物科技 | 15241.98 | 85.78 0.57% | | 恒生中国企业指数 | 9093.34 | 44.96 0.50% | | 恒生综合指数 | 4111.43 | 4.14 0.10% | | 名称 | 涨跌幅 ▲ 现价 | | --- | --- | | ASMPT | -6.60% 96.300c | | 兆易创新 | -4.47% 290.800c | | 上海复旦 | -3.34% 46.280 c | | 天数智芯 | -3.05% 168.300c | | 农机未营体 | -2.73% 99.600c | | 壁仞科技 | -2.68% 31.98 ...

新浪科技讯 2月5日下午消息，乐道汽车宣布全国换电站电池翻倍计划顺利完成。本次计划累计向全国 换电网络增投8，295块全新电池包，乐道电池包总数已超15，000块，平均每座换电站储备6-7块电池， 满足春运高峰期的用户换电需求。 责任编辑：何俊熹 基于蔚来十年纯电技术与充换电网络的积累，乐道L90、L60已拥有超过13万用户。截至目前，蔚来能 源在全国已布局充换电站8，626座，其中换电站3，728座、充电站4，898座。此外，蔚来能源已布局高 速公路换电站1，019座，平均180公里一座换电站，打通9纵11横16大城市群高速换电网络，连通全国超 550城。 基于蔚来十年纯电技术与充换电网络的积累，乐道L90、L60已拥有超过13万用户。截至目前，蔚来能 源在全国已布局充换电站8，626座，其中换电站3，728座、充电站4，898座。此外，蔚来能源已布局高 速公路换电站1，019座，平均180公里一座换电站，打通9纵11横16大城市群高速换电网络，连通全国超 550城。 责任编辑：何俊熹 新浪科技讯 2月5日下午消息，乐道汽车宣布全国换电站电池翻倍计划顺利完成。本次计划累计向全国 换电网络增投8，295块全新 ...

转自：中国质量报 多家车企1月销量出炉 出口成拉动销量重要因素 □ 本报记者 岳 倩 近日，多家车企陆续披露新年首月销量数据。整体来看，1月车企销量呈现出同比稳健上升、环比回落 的特征，新能源车与燃油车、新势力与传统品牌的市场表现呈现出结构性分化趋势。在国内存量竞争日 趋白热化的背景下，出口成为车企拉动整体销量、对冲国内市场波动的增长极。 据了解，车企往往选择在年底刺激销量，大部分车企2025年12月的销量基数较高。此外，1月为传统汽 车销售淡季，叠加新能源汽车购置税补贴退坡、以旧换新和报废补贴规则修改等政策换挡影响，因此， 大部分车企出现"环比下滑"的趋势符合市场规律。 传统车企的销量数据显示，有燃油车业务板块的车企在一定程度上对冲了风险，1月表现相对稳健；同 时，海外市场已经成为销量的重要增长极。 央国企方面，上汽集团实现整车批售32.7万辆，同比增长23.9%，环比下降约18.03%；海外销售10.5万 辆，同比增长51.7%。广汽集团销售汽车11.66万辆，同比增长18.47%，环比下滑37.79%，海外销量同比 增长68.59%。 民营企业方面，吉利汽车销量为27.02万辆，同比增长1.29%，环比 ...

2026年2月3日，港股科技股经历"黑色午间"。 外资为何突然不计成本地抛售？ 一份神秘的传闻名单正在市场疯传。 2026年2月3日，星期二，一个普通的交易日，却在午间前后上演了令无数投资者心跳骤停的一幕。 港股科技板块毫无征兆地集体"闪崩"，龙头腾讯控股盘 中跌幅一度超过5%，快手更是暴跌近7%。 短短几个小时，恒生科技指数跌幅超过4%，整个板块市值蒸发以数千亿港元计。 市场恐慌情绪迅速蔓延至A 股，引发连锁跳水。 指数放量破位，个股争相跳水。 这不仅仅是一次调整，更是情绪、资金与政策预期的三重绞杀。 带你复盘惊心动魄的每一刻。 这一切发生得极其突然。 上午开盘时，市场虽显疲弱，但并未出现崩塌迹象。 转折点发生在临近中午的11点前后，抛售盘如潮水般涌出，尤其是外资持股 集中的大型科技公司，成为被集中抛售的对象。 交易软件上的分时图，变成了一条条陡峭向下的直线。 从具体的个股表现来看，这是一场无差别的下跌。 被称为"定海神针"的腾讯控股，股价从上午的平稳走势，在午前突然放量下挫，最低时跌幅达到5.18%， 单日市值缩水超过3300亿港元。 以快手、哔哩哔哩为代表的短视频及内容平台公司跌幅更为惨烈，快手暴跌6. ...

Core Insights - The concept of "world model" has become a trendy term in the intelligent driving sector, with various companies like Xpeng, NIO, and Huawei adopting different terminologies for similar technologies [2][3][4] - World models are seen as a crucial component in the development of "physical world AI," enabling artificial intelligence to understand and replicate real-world dynamics [3][4] - The current application of world models in the intelligent driving industry is primarily cloud-based, with no direct implementation in vehicles yet [6] Group 1: Industry Trends - The shift from rule-based systems to AI-driven models in intelligent driving has led to a unified approach, where perception, prediction, and planning are integrated into a single network [7] - Despite the advancements, the transition to end-to-end models has revealed shortcomings in traditional simulation tools, necessitating the development of more sophisticated simulation environments [10][11] - The introduction of world models aims to address the limitations of existing simulators by providing a more comprehensive and realistic virtual environment for testing and validation [10][11] Group 2: Technical Challenges - The effectiveness of AI-driven models is hindered by the "black box" nature of end-to-end systems, making it difficult to diagnose errors and ensure reliability [9][10] - Current world models in the industry are still in the early stages, with limitations in generating realistic and diverse scenarios for training purposes [16][18] - The challenge lies in ensuring that generated scenarios accurately reflect real-world conditions, as inaccuracies can lead to poor model performance in practical applications [17][18] Group 3: Future Directions - Companies are exploring various approaches to enhance world models, with some opting for more controllable methods like 3D Gaussian reconstruction [14][15] - The ultimate goal is to develop world models that can support decision-making processes in vehicles, moving beyond their current use as training and validation tools [19] - Achieving a high level of accuracy and reliability in world models is essential for their deployment in real-world driving scenarios, which remains a significant hurdle for the industry [19]

Market Overview - The three major indices showed mixed results, with the Dow Jones increasing by 0.53%, while the Nasdaq and S&P 500 decreased by 1.51% and 0.51% respectively [1] - The market displayed a divergence in performance among bank stocks and technology stocks, with Chinese concept stocks hitting recent lows [1] Banking Sector - Bank stocks continued their strong performance but showed signs of divergence, with First Citizens Bank rising by 3.43% and Zions Bank increasing by 2.33% [3] - Major banks like Bank of America and U.S. Bancorp saw gains of over 1%, while Goldman Sachs fell by 2.74% and Morgan Stanley dropped by 1.55% [3] Technology Sector - The technology sector exhibited weakness and divergence, with significant declines in stocks such as Super Micro Computer down by 17.31%, Tesla down by 3.78%, and Nvidia down by 3.41% [3] - Conversely, Apple managed to rise by 2.6% and Qualcomm increased by 1.16% [3] Chinese Concept Stocks - Chinese concept stocks continued to decline, closing down by 1.95% and reaching recent lows, with Bilibili dropping by 6.56% and NetEase down by 5.41% [3] - Other notable declines included Tencent Holdings down by 4.12% and Baidu down by 4.77%, while Li Auto and Beike saw gains [3] Gold Market - COMEX gold experienced fluctuations, closing up by 0.32% at $4986.4 per ounce, after hitting a low of $4867.7 and a high of $5113.9 during the trading session [3]