股 票 研 具身模型 Pi 06 鲁棒性大幅提升，国内人 形初创百亿估值俱乐部增加至 6 家 机器人行业周报 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 李启文(分析师) | 021-38038435 | liqiwen@gtht.com | S0880524060001 | 本报告导读： 请务必阅读正文之后的免责条款部分 究 行 业 Pi 最新的具身智能基础模型 Pi 06 在洗衣与打包场景中取得优异成绩， 英伟达 DreamDojo 破除机器人实操训练数据不足瓶颈，千寻智能、智平 方、因时机器人等多家具身智能企业完成大额融资。 投资要点： [Table_Report] 相关报告 机器人《阿里、小米相继发布开源具身智能大模 型，人形机器人"大脑"有望突破》2026.02.22 机器人《春晚上的机器人：技术跃迁与产业拐 点》2026.02.21 机器人《马斯克将 Optimus 上升至星级 ...

纳指跌1.18%！美股重挫，英伟达领跌，中概股普跌 熬夜看美股的朋友，昨晚估计都没睡踏实。前半夜还在盼着AI龙头再冲一波，后半夜直接被大盘砸懵，三大指数集体走弱，科技股成了重灾区，连 常年坚挺的英伟达都罕见大跌，整个市场一片绿油油，看得人心里拔凉拔凉。 本来以为只是小幅震荡调整，没想到跌得这么干脆利落，纳指直接跌超1%，芯片股、科技股全线躺平，中概股也没能独善其身，跟着一起回调。多 少投资者本想赚点海外市场的收益，结果一夜之间账户缩水，关灯吃面的段子又在投资圈里刷屏。 一、美股全线翻车！纳指跌1.18%，科技股集体躺平 据纳斯达克交易所官方数据，美东时间2月26日，纳斯达克综合指数单日大跌1.18%，收盘报22878.38点，单日蒸发273.7点，科技股成为下跌绝对主 力，把整个美股市场都拖入调整行情。标普500指数同步下跌0.54%，只有道琼斯指数勉强微涨0.03%，勉强维持一点面子。 大跌的核心原因很简单，利好出尽+资金获利了结。英伟达最新财报业绩亮眼，但市场早已提前透支涨幅，高位筹码松动，资金集中出逃。同时， 公司大额长期采购承诺引发市场对成本与需求持续性的担忧，双重压力下，股价直接大幅跳水。 英伟达作 ...

【 】 国泰海通证券 证券研究报告 2026年乘用车: 以高端、出海为矛破局 2026/ 02/28 行业评级: 增持 姓名：刘一鸣 (首席分析师) 邮箱：liuyiming@gtht.com 电话:15216799596 证书编号: S0880525040050 姓名:张觉尹 (分析师) 电话：19945659915 姓名： 潘若婵 (分析师) 邮箱: zhangjueyin@gtht.com 邮箱: panruochan@gtht.com 一电话:17278286860 证书编号：S0880525040057 证书编号：S0880525110006 01 02 03 04 2 2025年乘用车市场分析 请参阅附注免责声明 3 / 总量： 2025年乘用车内需与出口稳健增长 01 2025年，国内乘用车批发销量达2379.7万辆，同比+6%，在政策支持与消费复苏驱动下保持韧性增长。 2025年，中国实现乘用车出口573.1万辆，同比+21%，受益于自主品牌加速海外市场扩张与国产新能源车竞争力提升。 图: 乘用车国内批发销量（万辆） 300 238 240 227 250 202 201 198 172 22 ...

Core Insights - The collaboration between Bohai Bank and XPeng Motors marks a significant step in the integration of financial technology with the automotive industry, focusing on supply chain financial services [1][2] - The automotive industry is transitioning from "scale expansion" to "value creation," with new energy vehicles being a strategic focus for national development [1] - XPeng Motors is positioned as a key player in this transformation, leveraging its self-developed technologies and commitment to supply chain ecosystem development [1] Company Collaboration - Bohai Bank and XPeng Motors have established a strategic partnership to create a supply chain financial service platform, successfully executing their first business transaction in Guangzhou [1][2] - The partnership utilizes the "Bohai Bank E-Chain" system for real-time data interaction, embedding financing processes into enterprise transaction scenarios [2] - Bohai Bank offers customized financing solutions with competitive costs, enhancing the financial accessibility for small and medium suppliers within the automotive supply chain [2] Product Development - The "CheXiaoYi" product is central to this collaboration, featuring a modular structure that includes "Financing Easy," "Flexible Treasure," and "Settlement Pass" [3] - Bohai Bank has served 28 leading automotive enterprises with a total credit support nearing 40 billion yuan by the end of 2025 [3] - The bank's digital transformation efforts have led to significant growth in supply chain finance, with an annual funding scale approaching 330 billion yuan, reflecting a year-on-year increase of over 27% [3] Future Outlook - Bohai Bank plans to continue optimizing its supply chain financial product structure and enhance system responsiveness to meet the actual needs of real enterprises [3] - The bank aims to replicate the success of "CheXiaoYi" in other manufacturing sectors, contributing to cost reduction and efficiency improvements in the industry [3]

智通财经记者 | 张熹珑 起步相对滞后的具身智能产业，成为今年广州布局的核心重点。 2月25日-26日，广州市及各区高质量发展大会相继举办。广州市委书记冯忠华会上提到，到2035年"再造一个新广州"，实现这一目标，需要发展智能汽车、 集成电路等新兴产业和具身智能、深海深空等未来产业，形成更多新兴支柱产业。 具身智能的城市竞争，本质是本土龙头的话语权之争。北京、上海、深圳、杭州已分别跑出松延动力、智元、优必选、宇树科技等原生标杆，凭链主企业构 建起完整产业生态，锁定赛道先发优势。而广州在这场竞速中，始终面临原生龙头的缺位，无本土第一梯队整机企业托底，成为其产业追赶路上的核心掣 肘。 起步滞后的广州，如何打赢这场产业追赶战？ 车企跨界 依托深厚的汽车产业基础，广州人形机器人赛道呈现鲜明的"车企跨界"特征。 2月25日，行业首个人形机器人全链条量产基地——广棠科创城具身智能产业园在广州天河区落地，核心意向合作单位为小鹏汽车（09868）。其一期工程将 建设高标准机器厂房、动力站房及相关配套设施，为小鹏高阶人形机器人产业化提供关键载体与基础支撑。 同日，天河区人民政府和小鹏汽车正式签署战略框架合作协议。天河区委书记谭 ...

Core Viewpoint - The company, Zhongchao Innovation, anticipates a significant increase in net profit for the year 2025, projecting between RMB 20.25 billion and RMB 21.93 billion, representing a year-on-year growth of approximately 140% to 160% due to sustained high growth in its leading technology products across various sectors [1] Group 1: Financial Performance - The company expects a net profit of approximately RMB 20.25 billion to RMB 21.93 billion for 2025, marking a year-on-year increase of about 140% to 160% [1] - The annual global installed capacity of the company's power batteries reached 62.8 GWh, a year-on-year increase of 52.6%, securing a position among the top four globally with a market share of 5.3% [1] Group 2: Product and Market Development - In the passenger vehicle sector, the company has established deep collaborations with major clients such as XPeng, Leap Motor, Geely, and Toyota, achieving significant growth in high-end vehicle markets and expanding its product offerings [2] - The company’s 5C ultra-fast charging battery has become the largest delivery volume product globally, while its "top-tier all-round" cylindrical semi-solid-state battery has achieved high energy density and ultra-fast discharge capabilities [2] Group 3: Commercial Vehicle and Energy Storage Solutions - The company has successfully implemented its "Zhiyuan" all-scenario solution in the commercial vehicle sector, leading to exponential growth in vehicle installation and new model announcements [3] - In the energy storage sector, the company has introduced new products in the "Zhijiu" series, achieving record high shipment volumes and project deliveries, while expanding its market presence in Europe and the Middle East [3] Group 4: Industry Outlook - Industry analysts indicate that the global energy transition and electrification trends are accelerating, leading to long-term growth in the demand for power batteries and energy storage [3] - The company has built a unique competitive advantage through its strong technical foundation, comprehensive product layout, and deep partnerships with leading enterprises, positioning itself as a leader in driving high-quality development in the global new energy industry [3]

金融股与科技股领跌，标普500指数和纳斯达克指数创下一年来最大月度跌幅。 *银行与科技承压 *10年期国债收益率自去年11月底以来首次跌破4% *现货黄金连续第七个月录得上涨 美国股市周五收低，金融股与科技股双双承压，投资者在人工智能扰动、通胀数据不及预期和地缘政治风险升温等多重不确定性中选择减仓。标普500指数 与纳斯达克指数录得一年来最大单月跌幅，三大股指周线亦明显走弱。 截至收盘，道琼斯工业指数下跌521.28点，跌幅1.05%，收于48977.92点；标普500指数下跌29.98点，跌幅0.43%，收于6878.88点；纳斯达克指数下跌210.17 点，跌幅0.92%，收于22668.21点。 本周，道指累计下跌1.31%，单周跌幅为去年11月中旬以来最大，同期纳指下跌0.95%，标普500指数下跌0.44%。 在2月份，道指小幅上涨0.17%，勉强实现连续第10个月上涨。纳指下跌3.38%，标普500指数下跌0.87%，均为2025年3月以来最大月度跌幅。 【热门股表现】 经济数据方面，美国劳工统计局周五公布数据显示，1月生产者价格指数（PPI）经季节性调整后环比上涨0.5%，高于市场预期的0.3% ...

纳斯达克金龙中国指数收跌1.81%，报7277.39点。热门中概股里，蔚来收跌4%，阿里跌2.6%，新东方、理想、京东、文远知行、拼多多、小鹏、小米等跌 超1%，大全新能源涨0.6%，金山云涨7%。 美股三大指数集体收跌，道指跌1.05%，纳指跌0.92%，标普500指数跌0.43%。美国KBW银行指数跌近5%，创去年4月来最大单日跌幅。大型科技股多数下 跌，英伟达跌超4%，苹果跌逾3%，微软跌超2%，特斯拉、Meta跌超1%；奈飞涨超13%，创2023年10月以来最佳单日表现；谷歌涨超1%，亚马逊小幅上 涨。高盛跌逾7%，摩根士丹利跌超6%，富国银行、花旗集团跌超5%，美国银行跌超4%。戴尔科技涨约22%，创2024年3月份以来最大单日涨幅。Block涨 近17%，创2022年以来最大单日涨幅。 ...

Market Overview - The US stock market closed lower on Friday, with both financial and technology stocks under pressure due to multiple uncertainties including AI disruptions, disappointing inflation data, and rising geopolitical risks [2][3] - The S&P 500 and Nasdaq indices recorded their largest monthly declines in a year, with all three major indices showing significant weekly weakness [2] Index Performance - The Dow Jones Industrial Average fell by 521.28 points, a decline of 1.05%, closing at 48,977.92 points; the S&P 500 dropped by 29.98 points, down 0.43%, closing at 6,878.88 points; the Nasdaq decreased by 210.17 points, a 0.92% drop, closing at 22,668.21 points [2][3] - For the week, the Dow fell 1.31%, marking the largest weekly decline since mid-November last year, while the Nasdaq and S&P 500 dropped by 0.95% and 0.44%, respectively [3] Sector Performance - The technology sector continued to drag down index performance, with Nvidia experiencing a significant drop of 4.2%, following a previous day's decline of 5.5%, indicating investor caution regarding the uncertainty of AI-related capital expenditures and return cycles [3] - Other notable stock movements included Tesla down 1.49%, Microsoft down 2.24%, and Apple down 3.21%, while Google-A, Amazon, and Google-C saw slight increases [3][4] Economic Data - The US Labor Department reported that the Producer Price Index (PPI) for January rose by 0.5% month-over-month, exceeding market expectations of 0.3%, with a year-over-year increase of 2.9%, still above the Federal Reserve's 2% inflation target [5] - Core PPI, excluding volatile food and energy prices, increased by 0.8% month-over-month, significantly higher than the expected 0.3%, and up from 0.6% in December [5] Market Sentiment - Market sentiment remains cautious as higher-than-expected inflation data exacerbates weak sentiment and may delay expectations for a dovish shift from the Federal Reserve this year [6] - Defensive sectors such as consumer staples, healthcare, and utilities showed relative strength, while cyclical growth sectors faced significant pressure [6] Individual Stock Highlights - Netflix shares surged by 13.8% after exiting the Warner Bros. Discovery acquisition battle, gaining investor support [7] - Dell Technologies saw a significant increase of 21.9%, as the company projected that AI-optimized server business revenue would double by fiscal year 2027 and committed to increasing shareholder returns [8] Bond Market - Despite the hot inflation data, the bond market saw buying interest, with the 10-year US Treasury yield falling by 5.5 basis points to 3.962%, marking the first drop below 4% since late November [8]

Core Insights - The Guangzhou high-quality development conference highlighted significant urban development initiatives, including a landmark land transaction valued at over 20 billion yuan, which has led to a re-evaluation of "Guangzhou value" [2][7]. Land Transaction Details - The Ma Chang land parcel was sold for 23.6 billion yuan after intense bidding, with a premium rate of 26.6%, marking it as the second-highest total price for a land deal in Guangzhou [2][3]. - The land covers approximately 194,500 square meters, with a total construction area of 567,000 square meters, and is designated for mixed-use including residential, commercial, and educational purposes [3][5]. Economic Impact - The Ma Chang project is expected to contribute approximately 34.6 billion yuan to GDP annually, generate 4.5 billion yuan in new tax revenue, and create 60,000 jobs once fully developed [2][3]. - The project is part of a broader strategy to enhance Guangzhou's economic landscape, with 57 major projects signed at the conference, totaling an investment of 130.5 billion yuan across various advanced sectors [11]. Urban Development Strategy - The Ma Chang area is positioned as a strategic hub within the "Pearl River New Town—Financial City—Pazhou" triangle, aiming to elevate the city's status as a world-class urban center [2][3]. - The development will include high-end commercial spaces, luxury retail, and a central sports park, reflecting a shift towards integrating urban living with cultural and recreational facilities [5][8]. Industry Trends - The transaction signifies a shift in Guangzhou's real estate market, indicating a stabilization and renewed confidence among developers, as evidenced by the high participation rate in the bidding process [7][8]. - The city is transitioning from "incremental expansion" to "quality enhancement," focusing on urban renewal and sustainable development practices [8][9]. Future Projections - Guangzhou's GDP has reached 3.2 trillion yuan, with ongoing population inflow and industrial upgrades, suggesting a robust economic outlook [8][11]. - The city aims to develop a smart construction industry projected to exceed 500 billion yuan by 2030, further supporting urban renewal initiatives [10].