Group 1: CES Overview and Trends - Las Vegas hosts over 22,000 commercial events annually, contributing more than $10 billion in revenue, with CES being the most significant event [1] - CES has evolved through various technology trends over the past 15 years, including the rise of drones, smart home devices, and AI [2] - The focus of CES 2026 shifted to embodied AI and humanoid robots, indicating a transition from novelty to serious commercial discussions [2] Group 2: Rise of Chinese Companies - Chinese exhibitors have significantly increased in presence and quality at CES, moving from peripheral displays to central exhibition halls [3][4] - In 2019, Chinese exhibitors peaked at approximately 30% of total participants, and over 1,300 Chinese companies participated in the latest CES, reaffirming their dominance as the largest foreign presence [3] - Chinese companies have transitioned from low-cost manufacturing to showcasing core technologies, with over 40% of CES 2026 Innovation Awards going to Chinese firms [4][5] Group 3: Lenovo and Hisense's Strategic Moves - Lenovo hosted its Tech World conference at the Sphere, marking a significant event for the company and showcasing its industry position [6] - The presence of major tech leaders at Lenovo's event highlighted its status as a leading consumer electronics company [6] - Lenovo became the official technology partner for the FIFA World Cup 2026 and 2027, emphasizing its commitment to global sports marketing [7][9] Group 4: Robotics and AI Developments - Humanoid robots emerged as a key focus at CES 2026, showcasing advancements in AI and commercial viability with costs reaching around $20,000 [10] - The competition in the robotics sector is intensifying among China, the U.S., and South Korea, with each region adopting different strategies for ecosystem integration [11] - Chinese robotics companies are increasingly entering the global market with a focus on commercial applications, moving beyond mere technology demonstrations [12][13] Group 5: Market Dynamics and Future Outlook - The robotics industry is shifting from feasibility to long-term deployment, with Chinese firms leveraging their manufacturing capabilities for sustained operations [13][14] - Companies like UBTECH and Yush Robot are achieving significant milestones in production and government contracts, indicating a stable demand in the early market [14] - The evolution of Chinese companies from supporting roles to industry leaders reflects a broader trend of defining industry standards and enhancing brand recognition [14]

该行维持对禾赛2025年营收预测不变，上调2026年营收预测6.4%至45.3亿元，首次引入2027年营收预测 60亿元。该行维持对其"跑赢行业"评级，考虑到智驾及机器人板块估值中枢上移，上调港股目标价至 241.1港元，上调美股目标价至31.56美元。 中金发表报告指，禾赛本月在CES 2026上展示最新激光雷达技术成果，并更新交付量、产能规划、战 略合作等经营情况。量产交付能力领先行业；国内外产能稳步推进。L3车型获工信部准入许可，激光 雷达单车数量有望提升。Robotaxi、机器人等下一代物理AI浪潮袭来，激光雷达成关键引擎。 ...

Core Viewpoint - Hesai-W (02525) has shown a significant increase in stock price, rising over 3% and reaching 214.6 HKD, with a trading volume of 58.83 million HKD, indicating positive market sentiment towards the company following its recent developments at CES 2026 [1] Group 1: Company Developments - Hesai-W showcased its latest lidar technology achievements at CES 2026, highlighting its leading mass production and delivery capabilities in the industry [1] - The company is steadily advancing its domestic and international production capacity, with L3 vehicle models receiving approval from the Ministry of Industry and Information Technology, which is expected to increase the number of lidar units per vehicle [1] Group 2: Industry Trends - The emergence of next-generation physical AI applications, such as Robotaxi and robotics, positions lidar as a critical driving force in the industry [1] - Nvidia's CEO unveiled the open-source VLA (Vision-Language-Action) model platform, which is expected to enhance the ecosystem for autonomous driving [1] - With the continuous expansion of Nvidia's autonomous driving ecosystem and the gradual increase in penetration rates for high-level autonomous driving and Robotaxi, there is an anticipated rapid growth in demand for advanced driving-related components, including smart driving chips, lidar, domain controllers, and line control braking/steering systems [1]

机构：中金公司 研究员：邓学/李诗雯/任丹霖/荆文娟/朱镜榆/司颖 公司动态 公司近况 2026 年1 月，禾赛科技在CES 2026 上展示最新激光雷达技术成果，并更新了交付量、产能规划、战略 合作等经营情况。 评论 量产交付能力领先行业；国内外产能稳步推进。公司2025 年全年交付量超160 万台，截至1 月5 日公司 已获24 家主机厂超120 个车型的量产定点。公司规划年产能将由2025 年的200 万台提升至2026 年的400 万台、实现翻倍增长，公司预计泰国曼谷伽利略工厂将在2027 年初投产。我们认为，公司在手订单充 沛、国内外产能拓展积极，有望带动未来出货量及收入高增。 L3 车型获工信部准入许可，激光雷达单车数量有望提升。2025年12 月15 日，工信部首次批准L3 级有 条件自动驾驶车型在指定区域上路通行试点。我们认为，L3 车型或将加速渗透，单车搭载的激光雷达 数量有望提升至3-6 颗，2026 款阿维塔12、岚图泰山等车型均标配4 颗激光雷达。禾赛在CES 2026 上展 示了由超远距激光雷达ETX与纯固态近距补盲激光雷达FTX组成的新一代L3 车规激光雷达解决方案， 已获得首个乘 ...

基于此协议，依托远景端到端全栈技术能力，及CdV的陆上风电开发经验，双方将以AI赋能的全链条可再生能源解决方案，联合推动 深化风机的本地化供应链，带动设备制造、工程服务、技术培训等全产业链协同，以及储能系统、绿氢、可持续航空燃料等新能源产业 链在巴西的转移发展，并吸引更多国际资本和技术进入巴西市场，为巴西打造全球绿色能源枢纽注入强劲动能。 据了解，CdV公司正通过聚焦企业合同、自主发电和数据中心、绿氢等新市场来实现收入多元化。"远景卓越的全栈技术、在物理AI领 域 的 成 功 实 践 ， 以 及 对 巴 西 战 略 市 场 的 长 期 投 入 是 CdV 选 择 远 景 作 为 合 作 伙 伴 的 重 要 原 因 。 "Ca s a dos Ve nt os 公 司 执 行 董 事 Luc a s Ar a ri pe表示，除了建设高质量、稳定可靠的高性能风场，此次合作还将加速新兴产业发展，并为后续技术交流及产业协同奠定坚持基 础，助力巴西能源转型，并通过创造绿色就业岗位，带来持久的社会经济效益。" 2025年12月3 1日，全球领先的绿色科技企业远景科技集团（以下简称"远景"）与巴西最大新能源开发商、可再生 ...

Core Insights - The main focus of the article is on NVIDIA's introduction of the Vera Rubin AI computing platform at CES 2026, highlighting its transition from a chip manufacturer to an AI infrastructure company [2][9]. Group 1: Rubin Platform Overview - The Rubin platform is NVIDIA's first AI platform that integrates six chips, including Vera CPU and Rubin GPU, and has fully entered production [4][5]. - The Rubin GPU shows significant performance improvements over the previous Blackwell GPU, with NVFP4 inference performance increasing to 50 PFLOPS (5 times), training performance to 35 PFLOPS (3.5 times), and HBM4 memory bandwidth to 22TB/s (2.8 times) [5]. - The design of the Vera Rubin NVL72 system allows for faster assembly of computing nodes, reducing assembly time from 2 hours to 5 minutes, while the system operates at 100% liquid cooling [7]. Group 2: AI Infrastructure and Storage Solutions - The introduction of the BlueField-4 DPU supports a new AI storage infrastructure, addressing the growing memory requirements for complex AI tasks [6]. - NVIDIA aims to become a major player in the storage market, not by building storage systems but through partnerships with companies like HP and Dell [6]. Group 3: Open Source Models and AI Applications - Open source models are gaining traction, with 25% of tokens generated from these models, and NVIDIA is leading the open source model ecosystem [2][8]. - The company has expanded its open source model ecosystem across six domains, including biomedical AI and robotics, showcasing the rapid advancement of open source models [8][10]. - The concept of "Physical AI" is emphasized, with NVIDIA's Cosmos model enabling AI to understand physical laws and perform reasoning tasks [9][10].

Core Insights - Xiaopeng Motors announced the commencement of physical AI's implementation and mass production phase at the 2026 global product launch, marking a significant transition from "technological exploration" to "practical application" [1] - The company revealed plans for four major physical AI applications and confirmed that the mass production version of its humanoid robot has completed initial debugging, set to begin mass production in 2026 [1] Group 1: Development and Technology - Xiaopeng Motors has been developing robotics for seven years, initially focusing on quadruped robots due to technological limitations, but shifted to humanoid robots as large model capabilities advanced [3] - The upcoming humanoid robot, IRON, features 82 degrees of freedom for movement and is equipped with three Turing AI chips, providing a computing power of 2250 TOPS [5] - IRON utilizes a high-level brain capability combination of "VLT+VLA+VLM" to achieve advanced intelligence in operations, walking, and interaction [5] Group 2: Market Position and Future Outlook - Xiaopeng's approach contrasts with traditional software-driven robots, focusing instead on AI-driven integration that allows for greater adaptability and generalization across various scenarios [5][7] - The company anticipates that the robotics industry will transition from early exploration to large-scale commercial applications between 2028 and 2038, with significant growth expected as technology matures [6][7] - The CEO expressed confidence that the market for robotics could reach $20 trillion, suggesting that sales could surpass those of automobiles in the future [7]

当地时间1月8日，芯片技术公司Arm Holdings高管在CES消费电子展上向媒体透露，公司已完成重组， 正式成立物理AI部门，将原有的汽车与机器人业务合并管理。Arm高管认为，机器人技术是一个具有长 期增长潜力的市场。物理AI部门技术负责人德鲁.亨利(Drew Henry)说，"物理AI可以从根本上提高劳动 效率，节省时间，并可能因此对GDP产生显著影响。"Arm首席营销官阿米.巴达尼(Ami Badani)表示， 该部门计划增聘专门负责机器人技术的员工。 ...

开年第一周就玩这么大的。 刚刚，小鹏汽车一口气发了四款新车，包括小鹏P7+纯电版、超级增程版，小鹏G7纯电版、超级增程版，以及2026款小鹏G6和G9的纯电版。 因为P7+和G7的超级增程版都是全新产品，相当于小鹏连发了6款新产品。 车型太多，价格直接看下面这张图: 作为小鹏汽车2026年的第一场发布会，除了讲新车，何小鹏还剧透了接下来的规划，两大关键词：物理AI和全球化。 全球化不难理解，小鹏汽车也要出海了，更关键的是接下来，2026年小鹏汽车将迎来物理AI的落地和规模化量产，正式开始从"技术探索"向实践应用的跨 越。 比如，2026年第一季度第二代VLA就要上车，Robotaxi也开启运营，机器人和飞行汽车也要在2026年实现规模量产。 2026年，小鹏汽车会很忙。 左手二代VLA，右手VLM 发布会前半场，何小鹏把重点放在了技术上。 首先是第二代VLA，按照何小鹏的说法，第二代VLA会像人类一样真正理解物理世界，是实现全场景L4自动驾驶的最优解，或者说是面对物理世界无限 复杂性的最优解。 在其看来，在端到端小模型的加持下，也许能开好80%的道路，但剩下20%的场景将使其永远无法实现真正的自动驾驶。 而第 ...

近日，工业和信息化部、中央网信办、国家发展改革委等八部门联合印发《"人工智能+制 造"专项行动实施意见》（下称《实施意见》），提出 到2027年，我国人工智能关键核心技术 实现安全可靠供给，产业规模和赋能水平稳居世界前列。 《实施意见》旨在加快推进人工智 能技术在制造业融合应用,打造新质生产力，全方位、深层次、高水平赋能新型工业化。 新年伊始，多部门就联合印发人工智能相关文件，这也进一步向外界传递出一个清晰信号： 人工智能正加速走出实验室和屏幕的限制，走进工厂车间、走进我们的生活场景 ，成为重塑 真实物理世界的核心驱动力。 当前，能够明显看到的趋势是，我们正处于一个由"数字AI"向"物理AI"跃迁的关键节点。过去 几年里，大众对人工智能的认知，大多还是停留在大语言模型、创意生成等纯数字化的软件领 域，但随着技术的深度演进，AI的触角已经深刻延伸至制造业的肌理。 今天的人工智能，已经不再仅是数据，也不是简单用来"闲聊"的数字玩具，而是一种生产工 具。展望未来，AI对经济的影响，有望出现从"局部盆景"到"全面森林"的跨越。在这个进程 中，中国制造有先发优势，也应当加速起跑。 出品丨21财经客户端 21世纪经济报道 ...