以下文章来源于泽平宏观商学 ，作者泽平宏观商学 泽平宏观商学 . 前沿科技企业实战研学 读万卷书行万里路 014> 盲盒:头部智能驾驶企业 上午 头部智能驾驶企业 当前正处于从 L2 到 L4 自动驾驶迭代、从汽车向 通用机器人跨越的历史拐点。智驾芯片及解决方案市 场正以接近 50% 的年复合增长率奔向万亿规模。公司 凭借国产替代与技术普惠的双重红利，占据了中国智 驾市场的"半壁江山"。 在物理AI加速落地浪潮与国产替代加速的双重β 下,公司作为国产中大型算力芯片头部企业及具备软 硬一体能力的供应商，推动汽车从"功能"迈向"智 能"，让机器更懂人类，让出行更安全、更自由。 天工机器人:北京人形机器人创新中心 国家战略级平台,定义全栈自主新高度 北京人形机器人创新中心于2023年11月成立,是 国内首个省级人形机器人创新中心，也是国内首家具 身智能软硬件全栈科技公司,全面覆盖人形机器人大 脑、小脑、本体与数据的研发攻关并且构建了良好的 开源生态。 目前已推出自主研发的全国产化"具身天工"系 列人形机器人和"天轶"系列轮式人形机器人，可覆 盖工业制作、特种作业、物流分拣、商业导览等多元 场景,在人形机器人半马、运 ...

Group 1: Market Overview - Gold prices surged past $5,000, driven by deepening geopolitical tensions and a weakening dollar, prompting investors to seek safe-haven assets [2][20] - The Dow futures were down 0.00%, S&P 500 futures down 0.07%, and Nasdaq futures down 0.18% [3][21] - The Nikkei index in Japan fell by 1.75%, and European stock index futures also declined by 0.15% [4][22] Group 2: Geopolitical Factors - Increased U.S. sanctions on Iran have heightened market anxiety, maintaining high oil prices and driving investment into gold, which reached a historical high [4][22] - The U.S. has intensified pressure on Iran, which has contributed to the rise in gold prices, with gold up 1.8% to $5,074, and silver rising 4.6% to $107.67 [5][23] Group 3: Currency Movements - The Japanese yen strengthened against the dollar, rising nearly 1% to 154.23, amid speculation of potential currency intervention by the U.S. and Japan [4][22] - The dollar index fell by 0.2%, reaching a four-month low of 96.996, following a significant drop of 0.8% the previous Friday [7][24] Group 4: Federal Reserve and Economic Outlook - The Federal Reserve is expected to maintain interest rates during its upcoming meeting, amidst political pressure and ongoing investigations into Chairman Jerome Powell [9][25] - The market anticipates that the Fed will resist calls for accelerated rate cuts, with the focus on Powell's future policy direction [9][25] Group 5: Corporate Earnings and Stock Movements - Major tech companies, including Microsoft, Meta Platforms, and Tesla, are set to report earnings this week, with expectations of testing the resilience of large-cap tech stocks [11][28] - Silver mining stocks saw pre-market gains, with Silvercorp Metals up 5.5% and Endeavour Silver up 5.4% [12][29]

汽车行业竞争正在进入下半场，标志是"智驾"和"算力"。基于这个背景，车规级内存已成为关乎新车交 付与品牌竞争力的关键资源。 汽车所需的内存主要涵盖车规级DRAM（动态存储器，类似内存）、NAND（静态存储器，类似硬 盘）、NOR Flash（多用于智驾系统）以及HBM（用于AI大模型的高带宽内存）。随着辅助驾驶全面进 入端到端大模型阶段，应用场景日益复杂，车企对内存的容量、性能及稳定性要求与日俱增。 现状是，全球内存市场高度集中，三星、SK海力士、美光三大巨头占据了90%以上的份额。尽管三大 巨头在2023年至2024年间均强调了汽车业务的战略地位，但在现实利益面前，汽车行业在内存供应市场 上的议价权其实处于弱势。 AI行业的爆发正在"虹吸"全球内存产能。自2025年底起，云服务商和人工智能运营商对内存的需求飙 升，各大内存制造商优先将产能倾斜给规模更大、利润更高的AI客户。相比之下，汽车行业在全球内 存市场份额占比不足10%，在争夺产能时显得力不从心。 富国银行近期报告指出，预计明年全球内存需求将增长约26%，而供应仅增长约21%，供需缺口将扩大 至14%。 蔚来汽车CEO（首席执行官）李斌的观点是："内存 ...

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The Chinese new energy vehicle (NEV) industry is transitioning from scale expansion to quality improvement and technological innovation, with a projected sales volume of 16.49 million units by 2025, maintaining its position as the global leader for ten consecutive years [9][10] - The safety development of NEVs is evolving into a comprehensive system that includes vehicle safety, functional and software safety, data and network security, and scenario usage safety, indicating a shift from single technical risks to systemic risk management [16][17] - The report emphasizes the importance of safety as a foundational pillar for user safety, brand reputation, technological innovation, and sustainable industry development [17][24] Summary by Sections Chapter 1: Introduction - The NEV industry in China is leading globally in terms of scale, technological iteration speed, and market penetration, with a complete supply chain in key areas such as batteries, motors, and electronic controls [9][10] - The focus of national policies has shifted from initial subsidies to long-term institutional governance, emphasizing infrastructure improvement and smart network promotion [14][15] Chapter 2: Safety Technology and Standards - The passive safety technology in China's NEVs is rapidly developing, focusing on vehicle structure, restraint systems, battery protection, and accident rescue [44] - The standard system for passive safety is being upgraded to meet new challenges posed by electrification and intelligence, with a complete safety system established for occupant protection and rescue mechanisms [49][50] Chapter 3: Public Safety Awareness - There is a gap between public perception of NEV safety and actual industry developments, with consumers increasingly concerned about battery thermal runaway and data privacy [41][43] - The report highlights the need for scientific recognition and education to bridge this gap and promote rational consumer behavior [41][43] Chapter 4: Challenges in International Markets - The report discusses the differences in safety awareness and regulatory standards across major international markets, emphasizing the need for compliance and adaptation strategies for Chinese NEV brands [46][50] Chapter 5: Consensus and Strategic Recommendations - The report outlines strategic recommendations for regulatory bodies, industry organizations, and enterprises to enhance safety governance and consumer education [78][84] - It emphasizes the importance of building a dynamic regulatory framework and improving detection and verification capabilities across the entire supply chain [80][82] Chapter 6: Summary and Outlook - The NEV safety landscape is entering a systematic deep-water zone, with a shift from passive safety to predictive safety expected in the future [99][100] - The report anticipates that safety will become a core competitive factor in the industry, with consumer awareness and behavior playing a crucial role in enhancing safety standards [104][105]

一款被小米捧在手心、工艺拉满的熔岩橙配色，因为"敢买的人太少"下架，小米创始人雷军连发三个泪目表情，直言"很帅，但敢买 的人太少"。 当初小米推出熔岩橙的时候，那可是寄予了厚望！雷军在发布会上喊过，开着熔岩橙的SU7去三里屯，绝对能"炸街"。 当时网上的赞美声铺天盖地，"这是最贴小米的配色""颜值封神""回头率直接拉满"，多少人喊着"必冲""等提车"，结果真到掏钱的时 候，多数人却沉默了。让我们喊好和让我们掏腰包那是两码事，喊归喊，买归买，拎得清。 在不同光线下看，呈现的效果完全不一样：地库里是纯正饱满的橙；阳光下就像流动的岩浆，泛着星空般的闪烁光泽，车身线条都显 得更立体了。 小米集团总裁卢伟冰亲自入手了熔岩橙版YU7为它站台，可见小米对这款配色的重视。 7000块的选装价，虽然比普通颜色贵，但对比它的工艺，其实不算漫天要价，毕竟成本摆在那儿。 就是这么一款"颜值正义"的配色，最终却栽在了"叫好不叫座"的现实里。数据不会说谎：熔岩橙的选装率只有约8%，大定量占比仅 0.7%。 小米为了这抹橙，也是下了血本。官方说它用的是三层喷涂工艺，底层是高饱和的红橙浆；中层是半透明的金属珠光层；外层再罩上 高光泽清漆。 ...

Core Insights - Since 2025, multiple automotive companies have chosen to collaborate with Huawei and Momenta, although some self-research companies also partner with them, the core intelligent driving systems remain primarily self-developed [2] - The intelligent driving landscape is dominated by Huawei and Momenta, while self-research companies maintain significant market presence due to their terminal sales advantages [2] User Base Distribution - In the domestic intelligent driving market, Huawei, Momenta, and self-research companies lead in user numbers, while other factions have relatively dispersed and low user concentration [3] - From January to November 2025, Huawei's HI model achieved a deployment of 134,100 vehicles, accounting for 19.76% of third-party suppliers [3] - By the end of 2025, Huawei's QianKun intelligent driving system had accumulated over 5.42 billion kilometers of assisted driving, successfully avoiding 2.12 million potential collisions [3] - Momenta's city NOA deployment reached 414,400 vehicles, representing 61.06% of third-party suppliers during the same period [3] Market Share and Collaboration - From January 2023 to October 2024, Momenta achieved a market share of 60.1% in the city NOA third-party intelligent driving market, with 8 out of the top 10 global automotive companies collaborating with Momenta [4] - Self-research companies include BYD, Li Auto, Xiaomi, Tesla, and NIO, with BYD's "Tianshen Eye" system activated in 94.13% of its models [4][11] Technological Pathways - Huawei's intelligent driving system boasts a full-stack self-research capability, integrating chips, software algorithms, and sensors into a cohesive technology ecosystem [7] - Huawei's ADS system features a "chip-algorithm-cloud" architecture, enhancing data processing efficiency and system stability [7] - Momenta employs a data-driven innovation model, utilizing an "end-to-end large model" for scalable production, achieving significant breakthroughs in technology [10] Business Strategies - Huawei adopts a dual-track strategy of binding with leading automotive companies while expanding into the mid-to-low-end market [8] - Momenta's open cooperation strategy lowers the entry barrier for automotive companies, with over 130 models in mass production [10] Technical Route Characteristics - Different technical routes exist within the intelligent driving ecosystem, each with its advantages and disadvantages, leading to a diverse market landscape [14] - The pure vision route is cost-effective but struggles with recognizing unusual obstacles and performs poorly in extreme weather [14] - The multi-sensor fusion route, while providing precise measurements, incurs high hardware costs and complex data calibration [14] - End-to-end and modular routes reduce cumulative errors but face challenges in model interpretability and training costs [15]

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The primary market issuance of Chinese offshore bonds declined last week, with 6 new bonds issued, totaling approximately $1.906 billion. The secondary market showed a slight increase, and US Treasury yields fluctuated upward [1][2][3] Summary by Directory 1. Primary Market - The issuance volume of the primary market for Chinese offshore bonds declined last week, with 6 new bonds issued, totaling approximately $1.906 billion. MTR Corporation issued two green bonds totaling A$2 billion, the largest issuance scale last week, and Shui On Land issued a $300 million bond with a coupon rate of 9.75%, the highest - priced new bond last week [7] 2. Secondary Market 2.1 Chinese US - dollar Bond Index Performance - The Chinese US - dollar bond index (Bloomberg Barclays) rose 0.15% week - on - week, and the emerging market US - dollar bond index rose 0.20%. The investment - grade index was at 203.1452, up 0.15% for the week, and the high - yield index was at 161.8156, up 0.18% for the week. The Chinese US - dollar bond return index (Markit iBoxx) rose 0.11% week - on - week, with the investment - grade return index at 244.9461, up 0.1% for the week, and the high - yield return index at 243.7889, up 0.21% for the week [9][14] 2.2 Performance of Chinese US - dollar Bond Industries - Different industries showed different trends. The telecommunications and healthcare sectors led the rise, while the real estate and non - essential consumer sectors led the decline. For example, the telecommunications sector's yield decreased by 45.5bps, and the healthcare sector's yield decreased by 40.2bps. The real estate sector's yield increased by 19.6Mbps, and the non - essential consumer sector's yield increased by 98bps [19][24] 2.3 Performance of Chinese US - dollar Bonds by Different Ratings - Investment - grade names generally rose, with the A - grade weekly yield down 5.0bps and the BBB - grade weekly yield down 2.7bps. High - yield names mostly fell, with the BB - grade yield down 6.6bps, the DD+ to NR - grade yield up about 7.9bps, and the non - rated name yield up 6.7Mbps [21] 2.4 Hot Events in the Bond Market Last Week - Fanhai Holdings failed to repay interest - bearing debts totaling 34.06 billion yuan as of December 31, 2025. Sunac China Holdings had new overdue borrowings and 19 new acts of dishonesty [25][26] 2.5 Rating Adjustments of Entities Last Week - Sichuan Huixing Industrial Investment and Development Co., Ltd.'s long - term issuer credit rating was BBB -; Qingdao Haifa Group's international long - term issuer credit rating was upgraded from A to A+; Ganzhou Urban Construction Investment Group's issuer rating was A - with a positive outlook; Moody's maintained the rating and stable outlook of Bohai Bank; Moody's adjusted the rating outlook of Yuexiu Real Estate Investment Trust Fund to stable; Moody's downgraded Wanda Commercial's family rating to Ca with a negative outlook; Fitch confirmed the long - term foreign and domestic currency issuer rating of Qingdao Huatong Group as BBB+ with a stable outlook [28][29] 3. US Treasury Bond Quotes - The report provides quotes for 30 US Treasury bonds with maturities over 6 months, including details such as code, maturity date, current price, yield to maturity, and coupon [30] 4. Macro Data Tracking - As of January 23, the 1 - year US Treasury yield was 3.5083%, down 2.66bps from the previous week; the 2 - year yield was 3.594%, up 0.8bps; the 5 - year yield was 3.8245%, up 0.93bps; the 10 - year yield was 4.2252%, up 0.23bps [35] 5. Macro News - The final annualized quarter - on - quarter growth rate of the US GDP in Q3 2025 was 4.4%, higher than the initial value. Trump reached an agreement framework on Greenland issues, and related tariffs will not take effect. Most economists expect the Fed to keep the benchmark interest rate unchanged this quarter. The US national debt increased by about $2.25 trillion in 2025. The IMF raised the economic growth forecasts for China and the world in 2026. The Bank of Japan kept the benchmark interest rate at 0.75%. South Korea's GDP grew 1% year - on - year in 2025. China's GDP in 2025 grew 5% year - on - year. The central bank governor said there is still room for reserve requirement ratio cuts and interest rate cuts this year. Three departments extended the tax incentives for innovative enterprise CDRs. The Ministry of Finance said the fiscal expenditure in 2026 will only increase. Six departments extended the tax incentives for community family services. Nine departments issued opinions to promote the high - quality development of the pharmaceutical retail industry. The shipment volume of Chinese foldable mobile phones increased 9.2% year - on - year in 2025. Housing prices in Chinese cities generally declined in December 2025. The extension proposal of "21 Vanke 02" was approved [34][35][36]

Market Overview - The Hang Seng Index closed up 0.06% at 26,765.52 points with a trading volume of 261.7 billion [2] - The Hang Seng Tech Index fell by 1.24% to 5,725.99 points, with a trading volume of 57.2 billion [2] - The Hang Seng China Enterprises Index decreased by 0.15% to 9,147.21 points, with a trading volume of 85.4 billion [2] - The overall market saw a mixed performance with tech stocks experiencing a notable decline [2] Technology Sector Performance - Major tech stocks experienced significant declines, with XPeng Motors down over 4% and other companies like SMIC, Kuaishou, Baidu, and NIO dropping over 3% [2][3] - Specific stock performances include: - XPeng Motors: -4.17% to 73.60 [3] - NIO: -3.79% to 36.02 [3] - SMIC: -3.27% to 75.55 [3] - Kuaishou: -3.26% to 78.60 [3] - Baidu: -3.12% to 155.50 [3] Precious Metals Sector Performance - The precious metals sector showed strong gains, with China Silver Group surging over 19% and China Gold International rising over 8% [4] - Notable stock performances in the precious metals sector include: - China Silver Group: +19.12% to 0.81 [4] - China Gold International: +8.08% to 235.40 [4] - Laopuqin Gold: +7.80% to 849.50 [4] - Chifeng Jilong Gold: +7.44% to 42.76 [4] - Shandong Gold: +4.51% to 48.22 [4]

1月26日消息，据蔚来官微，当地时间1月22日，蔚来在匈牙利迎来重要里程碑——位于布达佩斯的NIO AutoWallis Showroom正式开业。这是蔚来在匈牙利落地的首家国家总代理门店，标志蔚来在匈牙利市 场迈出重要一步。 蔚来表示，随着新展厅的落成，AutoWallis将在匈牙利正式开展蔚来和firefly萤火虫品牌车型的销售与 服务业务，进一步夯实蔚来在中欧市场的布局，把高端智能电动出行带给更多匈牙利用户。 1月26日消息，据蔚来官微，当地时间1月22日，蔚来在匈牙利迎来重要里程碑——位于布达佩斯的NIO AutoWallis Showroom正式开业。这是蔚来在匈牙利落地的首家国家总代理门店，标志蔚来在匈牙利市 场迈出重要一步。 责任编辑：李思阳 蔚来表示，随着新展厅的落成，AutoWallis将在匈牙利正式开展蔚来和firefly萤火虫品牌车型的销售与 服务业务，进一步夯实蔚来在中欧市场的布局，把高端智能电动出行带给更多匈牙利用户。 责任编辑：李思阳 ...

2026 年 1 月 26 日 股指期货 IC 和 IM 将震荡偏强 黄金、白银、锡期货价格再 创历史新高 黄金、白银、铂、钯、锡、碳酸锂、燃料油 期货将震荡偏强 丁二烯期货将偏强宽幅震荡 陶金峰 期货投资咨询从业资格号：Z0000372 邮箱：taojinfeng@gtht.com 【正文】 【声明】 本报告的观点和信息仅供风险承受能力合适的投资者参考。本报告难以设置访问权限，若给您造成不 便，敬请谅解。若您并非风险承受能力合适的投资者，请勿阅读、订阅或接收任何相关信息。本报告不构 成具体业务或产品的推介，亦不应被视为相应金融衍生品的投资建议。请您根据自身的风险承受能力自行 作出投资决定并自主承担投资风险，不应凭借本内容进行具体操作。 【期货行情前瞻要点】 通过宏观基本面分析和黄金分割线、水平线、日均线等技术面分析，预期今日期货主力合约行情走势大概率如 下： 、 期 货 行 情 前 瞻 研 究 期货研究 | 热卷 | HC2605 | 震荡整理 | 3318 | 和 | 3329 | 元/吨 | 3297 和 | 3289 | 元/吨 | | --- | --- | --- | --- | --- | -- ...