Core Viewpoint - The core viewpoint of the article emphasizes that the future of mobility will be defined by intelligence rather than traditional mechanical or energy forms, highlighting the strategic direction of Xiaopeng Motors over the past decade [2][3]. Group 1: Company Evolution and Strategy - Xiaopeng Motors was founded by a diverse team of engineers with a vision that diverges from traditional automotive definitions, focusing on "AI-defined" mobility [3]. - The company shifted from a technology-driven approach to a consumer-centric model, recognizing the importance of understanding user needs [3]. - Global expansion has been a priority, with Xiaopeng establishing a presence in over 50 countries, differentiating itself from competitors focused solely on the domestic market [4]. Group 2: Competitive Landscape - The Chinese electric vehicle (EV) market is characterized by intense competition, which drives innovation and keeps companies competitive [5]. - Chinese consumers are more receptive to new technologies, which accelerates innovation cycles compared to Western markets [5]. - The robust supply chain in China, built over years of industrial accumulation, is a critical factor enabling Chinese EVs to stand out globally [5]. Group 3: Addressing Over-Competition - Competition is viewed as healthy and necessary for industry development, but there are concerns about extreme competitive practices leading to "involution" [6]. - Companies must focus on differentiation through innovation and strong branding to avoid being consumed by over-competition [6]. - Xiaopeng aims to establish a unique brand identity and leverage global expansion to mitigate the risks of excessive competition [6]. Group 4: Brand Differentiation - Xiaopeng focuses on aspects that are hard to replicate, such as advanced smart driving technologies, to build its brand [7]. - The company has been a pioneer in introducing features like highway autonomous driving and has positioned itself as a technology-centric brand for future mobility [7]. Group 5: Globalization Efforts - Xiaopeng began its global journey early, starting with markets in Northern Europe, and has learned to adapt its business models to different markets [8]. - The company has successfully established itself as a leader in the high-end Chinese EV segment in Europe, with a focus on long-term brand building and local partnerships [9]. Group 6: Future Outlook and Technological Expansion - The company believes that the future of mobility extends beyond vehicles to include diverse solutions like robotics and AI, which could be larger markets than the current automotive sector [13]. - Xiaopeng's capabilities in AI and autonomous driving naturally lead to opportunities in the robotics field, leveraging existing technologies [13]. Group 7: Entrepreneurial Spirit and Leadership - The entrepreneurial spirit and ambition of Chinese leaders are seen as key advantages in navigating the rapidly evolving landscape of the EV industry [15]. - Successful entrepreneurs in the EV sector often have prior experience in other industries, which provides them with confidence and resources to tackle complex challenges [15].

2025年，中国新能源汽车渗透率已突破50%，市场从"增量扩张"迈入"存量博弈"，短期营销与政策红利 逐渐消退，竞争重心回归企业自身——技术的厚度、创新的力度，以及智造与供应链的协同效率。唯有 构建持续进化的"技术体系力"，方能在红海中开拓属于自己的蓝海。 数据显示，赛力斯新能源汽车2025年12月销量60,981辆，同比增长63.40%，首次突破6万辆大关；1-12 月累计销量达472,269辆，同比增长10.63%。作为新质生产力代表的赛力斯，正是以"技术体系力"实现 高质量发展的生动样本。 据悉，赛力斯深耕电动化、智能化核心技术，先后落地了赛力斯魔方技术平台2.0、赛力斯超级增程、 赛力斯超级工厂、赛力斯智能安全体系等一系列技术成果，助力问界汽车实现热销。一系列技术成果背 后，是赛力斯在研发上的"重仓押注"。数据显示，2024年赛力斯累计研发投入高达70.53亿元，而2025 年仅上半年研发投入就达到51.98亿元，同比劲增154.9%。这种聚焦长期价值的投入，不仅为问界产品 领先与品牌向上筑牢根基，也为中国豪华新能源车领域树立了"技术立身"的标杆。 赛力斯魔方技术平台2.0 开启"AI定义汽车"新时代 ...

在技术与产品层面，双方优势高度互补：舍弗勒在集中式整车电气架构及 SDV 领域拥 有完整的产品生态与硬件实力，已形成功能域控制器、区域控制器、车辆运动控制器、中央 控制器等核心产品矩阵；东软睿驰则具备成熟的整车软件平台创新能力。此次合作将强化双 方软硬件深度协同，精准匹配本土客户在交付周期、成本控制、服务响应等方面的综合需 求，构建 "深度立足中国市场、以中国方案走向全球" 的生态协同新范式。 展望未来，双方将持续深化智能汽车软件平台与系统层面的协同创新，推动 SDV 解决 方案在更多产品与应用场景中规模化落地；同时，围绕数字孪生、人工智能、AI 定义汽车 等前沿领域探索技术突破与场景应用，助力汽车产业向更智能、高效、可持续的方向转型发 展。 软件定义汽车不仅是汽车产业的技术演进方向，更驱动着产业协作模式的深刻变革。东 软睿驰相关负责人表示，此次与舍弗勒的战略合作，是双方长期技术交流与实践合作的升级 深化。未来，东软睿驰将持续发挥自身在整车软件平台领域的核心优势，与舍弗勒携手以 "中国速度" 和创新基因推动 SDV 解决方案的成熟化落地，为本土及全球车企打造兼具竞争 力与持续演进能力的产品方案。 舍弗勒作为专 ...

2026 年 1 月 5 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 全球市场观察 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 26,338 | 2.76 | 2.76 | | 恒生国企 | 9,169 | 2.86 | 2.86 | | 恒生科技 | 5,736 | 4.00 | 4.00 | | 上证综指 | 3,969 | 0.00 | 0.00 | | 深证综指 | 2,531 | 0.00 | 0.00 | | 深圳创业板 | 3,203 | 0.00 | 0.00 | | 美国道琼斯 | 48,382 | 0.66 | 0.66 | | 美国标普 500 | 6,858 | 0.19 | 0.19 | | 美国纳斯达克 | 23,236 | -0.03 | -0.03 | | 德国 DAX | 24,539 | 0.20 | 0.20 | | 法国 CAC | 8 ...

CES 2026凸显芯片巨头战略分野：英伟达重心转向工业AI与机器人，而AMD与英特尔则坚守并升级传统PC市场。展会 焦点已从消费电子转向人形机器人、AI定义汽车及卷轴屏等颠覆性硬件的产业化竞速，中、美、韩厂商在各赛道展开激烈 角逐。 硬·AI 作者 |叶慧雯 编辑 | 硬 AI 2026年消费电子展（CES）将于1月4日至9日在美国拉斯维加斯举行，CES一向是科技企业发表年度新品 的重要舞台，展品涵盖即将上市的产品，以及仍处于概念阶段、未必投产的装置。 芯片巨头的策略在CES 2026将出现显著分化，英伟达的重心明显不在传统的消费级显卡市场。 中国阵营（成本与量产）： 宇树和智元继续主导成本控制。宇树或展示G1量产版在工厂流水线的 操作；智元将展示X2、A2等全系列产品及灵巧手等核心部件。 美国阵营（技术标杆）： 波士顿动力的全电动Atlas将进行首次公开演示，直接对标特斯拉 Optimus，展示商业化潜力。 韩国阵营（产业链抱团）： 韩国将展示"K-Humanoid"联盟，由三星投资的Rainbow Robotics领 衔。展品包括轮式底盘工业级人形机器人HMND 01 Alpha（身高220厘米，载荷1 ...

近日，问界M8累计交付突破15万辆，连续稳居40万级豪华车销量冠军。问界的持续热销不仅有良好的 市场与用户的口碑的发酵，更源于其对技术创新的长期坚守与投入。例如，近期发布的赛力斯魔方技术 平台2.0，正以向着"AI定义汽车"演进的前瞻架构，重塑行业技术竞争格局。 智能底盘具备随心操控、驾乘舒适、融合智能、安全冗余四大特点，可支持更高阶智能驾驶功能，通过 道路预瞄、弯道预测及多电机冗余控制，实现随心操控与安全冗余。全新升级的EEA架构全面支持大模 型，从"分散指挥"转向"中央统筹"，让车辆感知更敏锐、决策更聪明、执行更高效，真正实现从软件定 义到AI定义的进化。 全景智慧方面，赛力斯魔方技术平台2.0深度整合鸿蒙生态与小艺智能体，赋予车辆"能听、会看、懂思 考"的拟人化能力，推动车辆从"出行工具"向"智慧伙伴"进化。智慧空间采用模块化设计，支持多车 型、多尺寸平台化开发，覆盖九大出行场景，满足家庭、商务与户外等多样化需求。智能安全体系涵盖 乘员保护、车身结构安全、健康环境管理及数据隐私守护，构建全方位守护体验。 在当下的新能源汽车市场，整车平台不仅是车企实现产品快速迭代的关键支撑，更是技术竞争的核心高 地。赛力 ...

Industry Information - The 2025 Globalization and Sustainable Development Forum for the automotive industry released three key industry consensus points, emphasizing the integration of electric intelligence with ESG responsibilities, the importance of safety and user value in smart vehicles, and the necessity of sustainable development as a core requirement for the automotive industry [7] - Wuhan's 14th Five-Year Plan suggests accelerating the development of emerging industries such as embodied intelligence, high-end chips, quantum technology, and brain-computer interfaces [8] - As of November 2025, the total number of electric vehicle charging infrastructure in China reached 19.322 million, a year-on-year increase of 52.0%, with public charging facilities accounting for 4.625 million [9][10] - The total investment for the EVE Energy headquarters and Jin Yuan Robot AI Center project is approximately 1 billion yuan, focusing on sodium battery products and AI robotics [12] - Guangzhou aims to create a trillion-level smart connected new energy vehicle industry cluster as part of its 14th Five-Year Plan [13] - The "Shenzhen-Hong Kong Automotive Fast Pass Plan" has been officially implemented, streamlining the import process for electric vehicles [14] - The National Energy Administration is promoting the construction of charging piles in rural areas to support the growth of electric vehicles [15] - Huawei's ADS MAX 4.1 upgrade significantly enhances the experience in urban congestion scenarios [16] - The first batch of L3-level autonomous driving vehicle special license plates has been issued in Beijing, marking a milestone in the commercialization of autonomous vehicles [16] - By 2026, over 10,000 charging guns will be built in highway service areas across the country [16] - The National Energy Administration reported a 60.2% year-on-year increase in electricity consumption for charging and swapping services in November 2025 [18] - The first automotive intelligent chassis testing report was released, with BYD's Yangwang U7, NIO ES8, and Zhijie R7 recognized as benchmark models [20] - Hunan's electric vehicle exports exceeded 10 billion yuan for the first time, with a year-on-year growth of 105.3% [22] - Guangzhou's new energy vehicle production increased by 22.6% in the first 11 months of 2025 [22] - A total investment of 7.47 billion yuan was signed at the Ningde lithium battery new energy industry promotion conference, with an expected annual output value of 12.14 billion yuan [27] - The annual export of new energy vehicles from the Xiangyang Comprehensive Bonded Zone exceeded 10,000 units for the first time, marking a 350% year-on-year increase [27] - Inner Mongolia's Chifeng City has built 3,453 charging piles during the 14th Five-Year Plan period [29] Policy Information - The Guizhou Qiannan Prefecture government issued a plan for high-quality energy industry development from 2025 to 2027, focusing on expanding charging infrastructure [30] - The Henan Sanmenxia government released a plan for the construction of charging facilities in residential areas [31] - The Jiangsu province is adjusting its electric vehicle charging fee subsidy policy for 2026 [32] - The National Development and Reform Commission emphasized the need to regulate competition in the new energy vehicle, lithium battery, and photovoltaic industries to avoid "involution" [23][24]

此刻，我们立足承前启后的交汇点，"十四五"即将圆满收官。回顾2025年，在多重压力之下，中国经济 再次走过了"很不平凡"的一年，并展现出强大韧性和活力。 刚刚闭幕的中央经济工作会议深刻指出，做好2026年经济工作，要"坚持稳中求进工作总基调"，在政策 取向上，"要坚持稳中求进、提质增效"，着力稳就业、稳企业、稳市场、稳预期，推动经济实现质的有 效提升和量的合理增长，保持社会和谐稳定，实现"十五五"良好开局。 启新程，当乘势而上，更须砥砺前行。站在"十五五"新程待启的关键时点，如何看待2026年的经济形 势？2026年经济工作怎么干？新京报贝壳财经推出《看2026：十五五·启新程》专题报道，汇聚监管部 门、知名学者和领军企业家，解读政策脉络，洞察趋势变化。2026，我们携手出发。 2025年收官，广汽集团（601238）"番禺行动"迎来一周年关键节点。在"找准了路子，见到了果子"后， 广汽的目标是在"十五五"再造一个"新广汽"。 掌舵广汽近一年，广汽集团党委书记、董事长冯兴亚近期接受新京报贝壳财经记者独家专访表示，预 计"十五五"期间，汽车行业将迎来产业重构、行业竞争从单一产品竞争转变为生态体系的竞争、全球产 ...

近一周(12月19日至12月25日)机构调研个股有160多只，领益智造调研机构数最多。 6股获超50家机构调研 近一周，6股获超50家机构调研。其中，领益智造(002600)有107家机构调研，其中包括33家基金公司、 9家证券公司、19家私募、9家保险公司等。近日公司发布公告称，将以8.75亿元取得对东莞市立敏达电 子科技有限公司(以下简称"立敏达")的控制权。 公开资料显示，立敏达为英伟达AVL/RVL认证供应商。另外，今年8月，立敏达加入由英特尔牵头的通 用快接头互插互换联盟，与其他品牌的产品实现"互插互换"，为数据中心客户提供了更大的灵活性和选 择空间。 此前，领益智造曾在互动易回复称，公司已成功晋升为AMD核心供应商，以及是谷歌供应商。通过取 得立敏达控制权，领益智造一跃成为覆盖"英伟达+谷歌+英特尔+AMD"散热+电源的公司。 值得一提的是，领益智造还是苹果公司的重要供应商。华安证券近期发布研报称，公司作为苹果多个零 部件的主要供应商之一，有望持续受益于客户创新。 普利特、光庭信息、上汽集团、安孚科技等个股均获超50家机构调研。 普利特在调研中表示，公司持续关注着机器人产业的快速发展，高度重视新材 ...

6股获超50家机构调研 近一周，6股获超50家机构调研。其中，领益智造（002600）有107家机构调研，其中包括33家基金公 司、9家证券公司、19家私募、9家保险公司等。近日公司发布公告称，将以8.75亿元取得对东莞市立敏 达电子科技有限公司（以下简称"立敏达"）的控制权。 公开资料显示，立敏达为英伟达AVL/RVL认证供应商。另外，今年8月，立敏达加入由英特尔牵头的通 用快接头互插互换联盟，与其他品牌的产品实现"互插互换"，为数据中心客户提供了更大的灵活性和选 择空间。 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！ 此前，领益智造曾在互动易回复称，公司已成功晋升为AMD核心供应商，以及是谷歌供应商。通过取 得立敏达控制权，领益智造一跃成为覆盖"英伟达+谷歌+英特尔+AMD"散热+电源的公司。 近一周（12月19日至12月25日）机构调研个股有160多只，领益智造调研机构数最多。 上汽集团在调研中透露，公司下属华域汽车与清陶能源合资成立的清陶动力主要产品为半固态电池、全 固态电池，客户主要为上汽乘用车等整车企业。清陶动力的全固态电池产线已在上海安亭实现全线贯 通，今年年底将实现 ...