【导读】景林资产四季度减持英伟达，增持谷歌、拼多多 私募巨头景林资产海外主体景林资产管理香港有限公司（以下简称景林香港公司），近日向美国证券交 易委员会（SEC）提交了截至2025年四季度末的美股持仓数据。 根据13F文件，截至2025年12月31日，景林香港公司四季度末在美股市场合计持仓总市值为40.45亿美 元，较三季度末的44.41亿美元下降了8.92%。 从调仓动向来看，去年四季度景林香港公司新买进了1只证券，加仓了5只证券，同时清仓了3只证券， 减持了10只证券。其中，景林香港公司大幅削减了对英伟达的持仓，同时将谷歌母公司Alphabet提升至 第一大重仓股。 记者从渠道获悉，景林资产认为，AI对各行各业的渗透和改造才刚刚开始，未来的巨头现在可能还是 刚起步的AI原生公司。 | 2025-12-31 | | | --- | --- | | 13F Activity | | | Market Value | $4.04b, Prior: $4.44b | | Inflows (Outflows) as % of Total | (-3.3728)% | | MV | | | New Purchases ...

Core Viewpoint - Jinglin Asset has reduced its holdings in Nvidia while increasing its positions in Google and Pinduoduo, reflecting a strategic shift in its investment focus towards companies with strong growth potential in the AI sector [1][9]. Holdings Summary - As of December 31, 2025, Jinglin Asset's total market value in US stocks was $4.045 billion, down 8.92% from $4.441 billion at the end of the previous quarter [2][10]. - The company made one new purchase, added to five stocks, sold out of three stocks, and reduced holdings in ten stocks during the fourth quarter [2][10]. - The top ten holdings accounted for 82.85% of the total portfolio, indicating a concentrated investment strategy [2][11]. Major Adjustments - Significant reductions included 1.5409 million shares of Nvidia, which represented over 60% of its previous holdings, and 229,100 shares of Meta, dropping it from the top position to the second [3][11]. - Conversely, Jinglin Asset increased its stake in Alphabet (Google) by 929,700 shares, making it the largest holding [4][11]. - The firm also initiated a position in Broadcom, acquiring 245,800 shares, highlighting its focus on companies closely tied to AI technology [3][11]. Sector Focus - The AI industry remains a core focus for Jinglin Asset, with the belief that the penetration and transformation of AI across various sectors are just beginning [7][8]. - The company continues to express confidence in the Chinese consumer and e-commerce sectors, as evidenced by the increased holdings in Pinduoduo, which saw an addition of 611,300 shares [6][15]. - In the transportation sector, there was a notable reduction in holdings, including a significant cut in shares of the autonomous driving company WeRide and a complete exit from Uber, indicating a cautious stance in this area [6][15]. Investment Strategy - Jinglin Asset emphasizes a balanced investment approach, focusing on companies with strong customer loyalty, pricing power, and product differentiation [17]. - The firm aims to build a globally diversified investment portfolio by selecting companies with reliable valuations and cash flows, adapting to the high volatility in the market [8][17].

内容概要：智能驾驶域控制器（ADCU）是汽车产业智能化与电子电气架构演进的核心产物，它作 为"车载大脑"，通过高性能计算平台集中整合并统一调度原先分散的感知、决策、规划与执行功能，是 推动高阶自动驾驶落地的关键枢纽。近年来，国家通过一系列政策从可靠性提升、标准制定、AI融合 及成果转化等多维度为行业发展提供了强有力的支持。伴随技术迭代与场景渗透，智能驾驶域电子市场 稳步增长，域控制器市场更是呈爆发式扩张，从单一功能单元演进为集中式决策平台，受多传感融合、 厂商自研布局等因素驱动活力充沛。数据显示：2020-2024年市场规模从9.8亿元飙升至167.4亿元， 2025-2026年我国智能驾驶域控制器市场规模预计将从290.3亿元增长至447.6亿元。未来行业将向架构深 度融合、全产业链自主可控、场景赋能与模式创新三大方向进阶，依托技术与生态升级，持续强化在整 车智能化中的核心枢纽价值，发展空间广阔。 上市企业：德赛西威（002920.SZ）、经纬恒润（688326.SH）、比亚迪（002594.SZ）、零跑汽车 （09863.HK）、蔚来-SW（09866.HK） 相关企业：华为技术有限公司、北京地平线信息技 ...

据介绍，天海电子的数字化、智能化转型并非简单的"机器换人"，而是人与机器的高效协同：机器人承 担重复性高、精度要求严格的工序，有效降低人为误差；技术工人则专注于程序调试与细节把控，将实 操经验与智能设备深度融合。这一模式使得生产成本显著降低、生产效率大幅提升，产品关键环节实现 100%在线监测，产品合格率稳定保持在99%以上。 当前，智能驾驶已成为行业热点。在智能驾驶产业链中，车载以太网线束作为核心零部件发挥着关键作 用，万兆以太网已从"可选项"升级为"必需品"。与此同时，汽车厂商对电子零部件的技术含量、可靠性 及集成化水平提出了更高要求。 "我们精准对接市场需求，推出了万兆以太网总成新产品，并同步新增了2条以太网线束自动化生产 线。"天海电子高速事业部研发经理张震华介绍，"该产品相当于智能驾驶通信的'高速公路'，为智能驾 驶提供高可靠性、高性能、低成本、轻量化的通信解决方案。" 2月2日，在位于鹤壁经济技术开发区的天海汽车电子集团股份有限公司（以下简称"天海电子"）生产车 间内，天海电子高速事业部的万兆以太网总成产品自动化生产线正井然有序地运转。与传统车间的嘈杂 迥然不同，这里数十台搭载高精度视觉系统的机械 ...

Core Insights - BMW Group has announced its strategic plan for the Chinese market in 2026, emphasizing a significant product launch year with approximately 20 new models across its BMW, MINI, and BMW Motorrad brands to cater to consumer demands for driving pleasure and personalization [2] Group 1: Product Launches and Innovations - The new generation BMW iX3 long-wheelbase version will debut at the Beijing Auto Show this year and is set to launch in the second half of the year, designed specifically for the Chinese market with local consumer needs integrated [2] - The new generation BMW iX3 will feature advanced technologies including BMW's next-generation electric drive technology, "Heart of Joy" driving control system, and panoramic iDrive, along with deep integration of HUAWEI HiCar and a smart driving system developed in collaboration with Momenta [2][4] - In addition to the iX3, BMW plans to upgrade several mid-size to large models in 2026, including special editions for the Year of the Horse for models like the BMW 3 Series, X3, 5 Series, and X5 [3] Group 2: Market Performance and Localization - In 2025, BMW delivered approximately 2.464 million vehicles globally, with China remaining its largest single market, delivering over 625,000 BMW and MINI vehicles, supported by strong sales of core models [4] - BMW has established the largest R&D system outside Germany in China, with significant investments in innovation bases and software companies, and has deployed its AI platform "GAIA" at scale in the country [4] - The company has invested over 116 billion yuan in its Shenyang production base, which has begun trial production of the new generation BMW iX3, and plans to launch a sixth-generation battery project this year [4] Group 3: Leadership Changes - Christian Ach, the current head of the German market, will become the President and CEO of BMW Group Greater China starting April 1, 2026, marking a strategic move to deepen BMW's commitment to the Chinese market [5]

Group 1: Market Positioning - The company leverages unique advantages to create products that are superior to competitors, maintaining a leading position in the market [2][3] - The diverse and tiered product matrix, along with flexible cooperation models, covers a vast majority of customer needs, supporting the company's market leadership [3] Group 2: Quality Management - The company has integrated 14 advanced international management systems, including IATF16949 and ISO26262, forming a comprehensive digital management system from R&D to customer service [4] - It is the first enterprise to receive the "National Quality Award" and has won various quality awards, demonstrating its commitment to high-quality product delivery [4] - The company operates a leading laboratory with dual recognition (CNAS and A2LA), covering extensive testing capabilities in electrical, mechanical, environmental reliability, EMC, and failure analysis [4] Group 3: Robotics Domain Control - The company has established strategic partnerships with several renowned robotics firms and launched the AI Cube, an AI computing terminal for robotics [5] - The AI Cube aims for "zero defects" and enhances the durability and reliability of key robotic components, improving their intelligence in complex environments [5] - The company provides technical services for rapid model adaptation, optimization, and computational acceleration, aiding clients in enhancing large model inference speed [5]

Core Insights - Shenzhen has officially surpassed 600 listed companies with the recent IPOs of Zhuozheng Medical and Dazhu CNC on February 6, marking a significant milestone in the city's financial landscape [1] Group 1: Market Performance - Zhuozheng Medical's stock closed at 80.8 HKD per share, up 34.89%, while Dazhu CNC's stock closed at 113 HKD per share, up 17.95% on their first trading day [1] - The total market capitalization of Shenzhen's listed companies exceeds 19 trillion CNY, with domestic companies accounting for 12.59 trillion CNY, maintaining the second position among major cities in China [3] Group 2: Company Growth and Innovation - The emergence of star enterprises has driven the growth and quality of Shenzhen's listed companies, with notable examples including Beixin Life, Dapu Micro, and Huike Co., which have achieved significant milestones in their respective sectors [3] - Shenzhen's listed companies reported a cumulative operating revenue of 5.2 trillion CNY and a net profit of 457.8 billion CNY for the first three quarters of 2025, reflecting year-on-year growth of 7.36% and 3.98% respectively, with manufacturing contributing 99.87% to revenue [3] Group 3: Technological Advancements - Approximately 80% of newly listed companies in Shenzhen are from the Sci-Tech Innovation Board and the Growth Enterprise Market, indicating a strong focus on hard technology [5] - Shenzhen's strategic emerging industries have a research and development intensity of 7%, with BYD leading with over 54 billion CNY in R&D investment, and a significant number of companies exceeding 10% in R&D intensity [5] Group 4: Industry Expansion - Shenzhen has seen a continuous expansion of its overseas listing landscape, with 38 new companies listed abroad in the past three years, raising a total of 29.57 billion HKD in initial public offerings [3] - The city is actively promoting the development of frontier industries, with companies like UBTECH and Huichuan Technology making strides in robotics and automation, contributing to the transformation of traditional manufacturing into smart production [6]

Core Insights - Deep Blue Automotive conducted winter testing in extreme cold conditions in Inner Mongolia, with temperatures reaching -30°C, to evaluate the performance of six vehicle models: S09, S07, S05, L07, L06, and G318 [1] Group 1: Vehicle Performance and Technology - The winter test focused on core scenarios such as complex road handling and safety in extreme environments, with the L06 model showcasing excellent stability through Ferrari-like magnetorheological suspension [3] - The S07 model utilized Dynamic Torque Distribution (DMC) technology to ensure safe driving on icy roads [3] - The S05 model introduced a world-first micro-core high-frequency pulse heating technology, raising battery temperature by 20°C to enhance power output and reduce charging time [5] Group 2: Intelligent Driving Capabilities - The S09 model is equipped with Huawei's Qian Kun ADS 4, enabling precise front vehicle dynamic recognition and navigation assistance, while the L06 features the self-developed DEEPAL AD Max with full-scenario intelligent driving capabilities [6] - Both models demonstrate Deep Blue's technical strength in intelligent driving and its ability to integrate top global resources with in-house development [6] Group 3: Winter Performance and Charging Solutions - The entire range of Deep Blue vehicles addresses winter challenges such as slow charging and reduced range, with the S09 offering a pure electric range of 310 km and a comprehensive range of 1210 km, along with 5C ultra-fast charging that allows 30%-80% charge in just 10 minutes [6] - The L06 and S07 long-range versions utilize end-pulse charging technology and heat pump air conditioning to maximize winter range stability while keeping the cabin warm [6] - Other models like S05, L07, and G318 are equipped with 3C ultra-fast charging technology, ensuring charging from 30%-80% in under 15 minutes, providing reliable energy replenishment for long winter trips [6] Group 4: Company Positioning and Industry Response - Deep Blue Automotive's chairman, Deng Chenghao, addressed industry skepticism regarding winter testing, emphasizing the importance of real performance validation in extreme low-temperature conditions [7] - He highlighted that the testing of vehicle stability, power performance, and safety must be verified through extreme scenarios to ensure user confidence [7]

Market Overview - The three major U.S. stock indices closed lower on February 5, with the Dow Jones down 1.2%, the Nasdaq down 1.59%, and the S&P 500 down 1.23%. Notable tech stocks like AMD and Qualcomm fell over 8%, while Microsoft dropped nearly 5% [2][5] - International oil prices also saw a decline, with WTI crude oil down 2.89% at $63.26 per barrel, and Brent crude down 2.85% at $67.48 per barrel [6] - Gold prices fell significantly, with spot gold down 4.11% at $4766.2 per ounce, and COMEX gold futures down 3.37% at $4787.3 per ounce. Silver prices also dropped, with spot silver down 20.05% at $70.91 per ounce [6][12] Company News - NIO (蔚来) announced it expects to record its first quarterly adjusted operating profit between approximately RMB 700 million (about $100 million) and RMB 1.2 billion (about $172 million) in Q4 2025 [18] - Meituan (美团) announced the acquisition of Dingdong Fresh for an initial price of $717 million (approximately RMB 50 billion), aiming to enhance its fresh food delivery capabilities [20] - Ideal Auto (理想汽车) is preparing to launch the new Ideal L9, which is positioned as a "robotic vehicle" and aims to integrate advanced technology [22] - Infineon Technologies announced a price increase for certain products effective April 1, 2026, due to ongoing supply constraints and rising costs [24] - China Unicom (中国联通) has received approval to begin commercial trials for its Beidou short message service, marking a significant step in satellite communication integration [25] Regulatory and Policy Updates - The Chinese government has implemented a "zero tariff" policy for imported goods for residents of Hainan Free Trade Port, allowing purchases up to RMB 10,000 per year [3][11] - The Shanghai Futures Exchange has adjusted the price fluctuation limits and margin requirements for gold and silver futures contracts, effective from February 9 [12][13]

昨日收盘价89.14；当日收盘价：90.11 当日开盘价88.50；交易量25.84万手 换手率1.02%；放量幅度1.09% 3日涨幅-1.93%；5日涨幅-4.50% 成交额：31.84亿；总市值：8216亿 较过去一年的平均收盘价-0.60%；较过去一年的日均交易量-0.99% 比亚迪2月5日放量上涨1.09% 90.11 +0.97 +1.09% ｜事件正负面性质分析 截止2月5日，此事件匹配的到全网舆情信息总量为46641条，正面信息32868条，占比70.5%，负面信息 479条，占比1.0%，中性信息13294条，占比28.5%，事件舆论呈现出显著正面的倾向。 ｜渠道传播分析 该事件全网传播篇次为46641条，事件主要传播渠道为今日头条平台，传播篇次5153条，占比11.05%。 ｜事件影响分析 销量领先影响（利好）：比亚迪在中求数研的车企销量排名中以460.2万辆的绝对优势登顶，显示了其 在新能源汽车市场的领导地位这将增强投资者对比亚迪的信心，提升其股价。 "2025比亚迪新能源汽车 表现亮眼"舆情分析 2025年，中国新能源汽车行业格局变化，比亚迪表现突出。在中求数研的车企销量排名中，比亚迪 ...