2026年甫一开局，商用车产业资本动态频发，融资、股权收购、合资合作等大动作不断。从新能源重卡的融资热潮，到自动驾驶领域的 独角兽崛起；从企业间的强强联合出海，到商用车后市场服务的资本青睐，每一项动态都预示着行业正迈向新的发展阶段。 究竟是哪些企业在引领行业变革风向标？它们这些大动作，将对市场格局产生怎样的影响？下面就跟随小编一起来看看吧！ DeepWay深向：融资11.77亿元！冲刺港股IPO 2026年，商用车行业第一个资本市场的"重磅消息"来自DeepWay深向。 1月27日，DeepWay深向宣布完成Pre-IPO轮融资，总募集金额达11.77亿元。本轮融资由普华资本领投，ABC Impact、欣旺达、前 海淏天、瀚棠置业、临沂国科、长兴创强基金、山东国控资本、联想创投、大湾区基金、光跃投资、红山基金共同投资。本轮融资资金 主要用于集团主营业务的运营和发展，进一步夯实其在智能新能源重卡领域的领先地位。 截至2025年6月，DeepWay深向已累计交付约6400辆新能源重卡，在全球正向定义新能源重卡市场排名前列。本次融资顺利完成，体 现了资本市场对DeepWay深向在新能源重卡领域技术实力、市场潜力与战 ...

以下文章来源于汽车公社 ，作者崔力文 汽车公社 . 速度 深度 态度 马斯克塑造的商业帝国， 正面临最严峻的管理挑战。 文 ｜ 崔力文 编辑 ｜ 王越 来源｜ 汽车公社（ID：iAUTO2010） 封面来源 ｜ IC photo 身为车圈的流量制造机，特斯拉身上从来不缺新闻。 而不久前，随着第一辆无人驾驶出租车Cybercab，位于美国得克萨斯超级工厂正式下线，今天文章的主角无疑又朝着它野心勃勃 的"Robotaxi愿景"，狠狠迈出了一大步。 在马斯克眼中，该业务板块的成败与否，将直接决定整个公司到底能冲向多高的位置。甚至在资本市场的估值逻辑中，该业务板 块的权重占比，已经超越了整车业务板块。 可以预见的是，特斯拉今年很大一部分精力，将放在Cybercab的大规模量产与顺利商业化上。 但就在这个关键当口，该车型的负责人却突然跑路了。 根据相关爆料来看，Cybercab项目经理维克多・内奇塔已宣布离职。从职业履历来看，这位高管完全是特斯拉的"嫡系中的嫡 系"。 于2017年以实习生身份加入，曾亲身参与Model 3的落地与扩产工作。彼时，恰逢马斯克口中著名的"产能地狱"阶段。即便如此， 内奇塔还是挺了过来。 在 ...

Core Viewpoint - The automotive industry's shift towards "intelligentization" is accelerating, with a focus on chip technology as a critical battleground for competitive advantage in autonomous driving and AI applications [1][4]. Group 1: NIO's Strategic Moves - NIO's subsidiary, Anhui Shenqi Technology Co., Ltd., completed its first round of equity financing, raising over 2.2 billion RMB, with a post-investment valuation nearing 10 billion RMB [3]. - The financing will support the continued research and development of high-end, competitive chip products, aiding NIO's long-term strategy in autonomous driving and embodied intelligence [3][5]. - NIO retains a 62.7% stake in Shenqi, while external investors hold 27.3%, and 10% is held by management incentive entities, allowing NIO to maintain control over core technologies [3][6]. Group 2: Technological Advancements - The Shenqi NX9031 chip is the world's first mass-produced 5nm automotive-grade high-performance driving chip, showcasing significant technological advancements [6]. - The NX9031 features over 50 billion transistors, a 32-core CPU architecture, and a self-developed ISP capable of processing 6.5G pixels per second, with a latency of less than 5ms [7]. - NIO's strategy of self-research and development in chip technology aims to reduce costs significantly, with each vehicle potentially saving 10,000 RMB by replacing multiple purchased chips with a single self-developed chip [7]. Group 3: Industry Trends and Competition - The automotive industry is undergoing a transformation where AI technology is becoming essential, shifting from an optional to a mandatory focus for companies aiming to be leaders in the sector [9]. - Major players like Xpeng and Li Auto are restructuring their organizations to enhance their AI capabilities, indicating a broader trend of traditional automakers evolving into AI technology companies [9][10]. - The competition for AI chips is intensifying, as companies recognize that the core competitiveness of vehicles is shifting from traditional components to AI-driven capabilities [10][11]. Group 4: Future Prospects - The successful financing of Shenqi reflects a revaluation of technology investments in the automotive sector, emphasizing the importance of high-barrier, long-cycle technology [12]. - The ability of Shenqi to maintain stable supply to NIO while expanding into new markets, such as embodied robotics, will be crucial for its future success [12]. - The automotive AI competition is set to escalate in 2026, with NIO positioning itself at the forefront of this evolution through its advancements in chip technology [12].

瑞财经 吴文婷3月2日，卡尔动力宣布完成超1亿美元B轮融资，本轮融资由地平线与高榕创投联合领 投，红旗投资、峰尚资本、东方嘉富等重磅联合投资，部分老股东超额跟投。 本次融资资金将主要用于加速干线货运的无人规模化拓展，通过打造"运输机器人+物流操作系统"的智 慧运输体系，构建覆盖全域的智能运力网络。 公开资料显示，卡尔动力由滴滴自动驾驶孵化，成立于2021年2月，并于2023年独立运营。 作为行业内首家实现干线无人货运商业化闭环的企业，卡尔动力已率先跑通从技术到商业的全链条验 证，无人商业化进程位居行业第一梯队，累计货运量达12亿吨公里。目前，公司已率先实现大宗干线无 人商业化运营，成功闭环运营了首个无人干线运输的正向盈利样板间。 而卡尔动力CEO韦峻青，本科毕业于清华大学自动化系，获得美国卡内基梅隆大学电子与计算机工程系 车辆驾驶行为学和轨迹规划领域博士学位，有着近20年自动驾驶行业经历。 韦峻青曾任滴滴自动驾驶CTO，安波福自动驾驶全球副总裁，自动驾驶公司Ottomatika创始人（被Aptiv 收购）。 ...

Stock Recommendations - Kingsoft Office (688111.SH) is positioned to benefit from AI developments despite recent stock price adjustments, with an expected EPS growth from 3.56 in 2024 to 4.57 in 2026[5] - Shengyi Technology (600183.SH) anticipates significant growth driven by server PCB upgrades and new AI customer acquisitions, with EPS projected to rise from 0.74 in 2024 to 2.37 in 2026[5] - Tuojing Technology (688072.SH) maintains a leading position in thin film deposition equipment, with EPS expected to increase from 2.48 in 2024 to 5.96 in 2026[5] Automotive Sector Insights - Bertly (603596.SH) is expected to benefit from the focus on autonomous driving, with an EPS forecast of 2.85 in 2026, reflecting a growth trajectory[6] - Yinlun (002126.SZ) is projected to see EPS growth from 0.96 in 2024 to 1.49 in 2026, supported by economic recovery in construction machinery and heavy trucks[6] Market Performance Overview - The weighted return of the gold stock portfolio in February 2026 was 6.47%, outperforming the Shanghai Composite Index, which rose by 1.09%[12] - Silver Wheel (002126.SZ) had the highest monthly increase at 32.15%, while Hongyuan Electronics (603267.SH) rose by 22.52%[12] Risk Factors - Potential risks include overseas policy changes and individual company operational risks, which could affect performance and earnings volatility[8]

北京商报讯(记者魏蔚)3月2日，小马智行宣布，公司第七代Robotaxi(自动驾驶出租车)于2026年2月在深 圳实现月度单车运营盈利转正。2025年11月，小马智行在广州已达成该目标。截至2月28日，第七代 Robotaxi当月单车单日平均净收入338元，单车日均订单量23单。 小马智行的单车运营成本涵盖了车辆与自动驾驶套件折旧、充电费用、日常维保、远程协助运营、保险 费用、地勤人员人力成本，以及停车与网络基础设施支出。小马智行第七代自动驾驶系统采用100%车 规级零部件，物料成本(BOM)较上一代降低约70%。截至2026年2月16日，小马智行在深圳的Robotaxi年 内付费订单量超2025年全年总量。春节假期期间，单车日均付费订单26单，2025年全国Robotaxi单车日 均15单(从年初至公司11月香港上市期间)。 ...

文远知行 20260226 摘要 文远知行 Robotaxi 车队规模已超 1,000 辆，公开运营集中在北京、广 州、阿布扎比等地，目标 2030 年达到"几万辆"规模，并计划与 Uber 合作，至 2027 年仅在中东部署就达到 1,200 辆规模，相当于约 6 倍扩 张。 Robotaxi 商业化收入模式包括车辆销售和运营收入，以销售 1 万辆 Robotaxi 为例，预计可实现 15 亿美元收入，利润率 30%时净利润约 4.5 亿美元。盈利能力释放的核心在于利用率提升，国内利润率预估 30%出头，阿联酋 50%多，欧美高端市场 60%以上。 主力车型 GXR 成本约 4 万美元，传感器配置 8 个激光雷达，域控采用 英伟达两片"4X"芯片，算力 2000 TOPS。通过规模效应和采购阶梯价， 短期降本目标为 25%左右，主要在套件侧，例如激光雷达和摄像头等。 L4 级别 Robotaxi 仍需高精地图，开城周期约为几周，以阿布扎比为例， 初期覆盖约 50%城区用时两周多。国内主要制约来自政策端，开放通常 为稳步推进，短期不太可能"一下子全放开"。 Q&A 文远知行目前在全球的运营覆盖、牌照获取、L4 ...

证券研究报告 2026年03月01日 汽车零部件 禾赛-W(02525.HK)公司深度报告： 乘具身智能之东风，激光雷达由"上车"走向"泛机器人" | 表现 | 1M | 3M | | --- | --- | --- | | 禾赛-W | 6.2% | 51.1% | | 恒生指数 | -1.8% | 2.6% | 请务必阅读报告附注中的风险提示和免责声明 2 评级：买入(首次覆盖) 陈梦竹(证券分析师) 詹广鹏(证券分析师) S0350521090003 S0350524030005 chenmz@ghzq.com.cn zhangp03@ghzq.com.cn 最近股价走势 -50% -38% -27% -16% -5% 6% 2025/09/16 2025/11/16 2026/01/16 禾赛-W 恒生指数 | 市场数据 | 2026/02/27 | | --- | --- | | 当前价格（港元） | 219.60 | | 52周价格区间（港元） | 116.30-244.00 | | 总市值（百万港元） | 34,508.43 | | 流通市值（百万港元） | 34,508.43 | | 总股本（ ...

行 业 研 究 / 行 业 点 《春晚机器人亮相、首台 Cybercab 下 线，继续看好 AI 应用方向 —— 2026/2/9-2026/2/15 汽车周报》 2026/02/23 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 邵翼 A0230524120001 2026 年 03 月 01 日 小鹏比亚迪新技术发布，投资进入 事件催化密集期 行 业 及 产 业 看好 ——2026/2/24-2026/3/1 汽车周报 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 评 证 券 研 究 报 告 汽车 shaoyi@swsresearch.com ⚫ 观点：①小鹏 VLA 2.0 下周发布，有望重归智驾 top 榜，推荐小鹏、理想，关注小马智 行等。②比亚迪技术发布会在即，有望解决高速+冬季用车痛点，巩固全系产品竞争， 推荐比亚迪。③英伟达 GTC 预热，全 ai 战略引燃智驾+机器人+工业 ai，推荐恒勃、银 轮、隆盛、福达、岱美，关注拓普、三花等。④我国养路费 2009 年并入成品油消费 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The military strike by the US against Iran and the closure of the Strait of Hormuz have profound impacts on the global oil transportation market, potentially leading to supply chain disruptions and increased oil transportation costs [3][15] - Tesla's Cybercab, designed for fully autonomous driving, has been launched, marking a significant step towards the original dedicated era of Robotaxi services [3][17] - A strategic partnership between Youjia Innovation, Didi, and Wall Street Technology aims to advance the large-scale deployment of driverless logistics vehicles, filling a market gap for vehicle-grade autonomous logistics [3][32] - The pre-sale ticket prices for economy class flights during the 2026 Spring Festival have shown a year-on-year increase, indicating stable industry performance as demand is released [3][34] - Uber has launched the Uber Air service supported by Joby, integrating ground and air travel booking, which validates the commercial viability of eVTOL [3][41] Industry Dynamics - The Baltic Air Freight Price Index has decreased month-on-month and year-on-year, while domestic air freight flights have seen a decline [4][44] - The shipping and port sector has experienced an increase in domestic shipping rates, while dry bulk freight rates have also risen [4][52] - The express logistics sector reported a 2.30% year-on-year increase in business volume and a 0.70% increase in revenue as of December 2025 [4] - The average number of international flights operated daily in the last week of February 2026 was 1992.86, reflecting a month-on-month increase of 3.73% and a year-on-year increase of 19.22% [4] - The number of trucks passing through national highways decreased by 40.04% from February 9 to February 15 [4] Investment Recommendations - Focus on opportunities in the shipping sector, particularly oil transportation, dry bulk, and container shipping due to geopolitical tensions, with recommendations for China Merchants Energy Shipping and COSCO Shipping [5] - Consider investments in low-altitude economy and autonomous driving sectors, recommending CITIC Offshore Helicopter and monitoring Cao Cao Mobility [5] - Explore investment opportunities in the travel sector driven by increased demand during the Spring Festival, recommending Air China, China Southern Airlines, and China Eastern Airlines [5] - Look into international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Pay attention to investment opportunities in the highway sector, recommending Sichuan Chengyu Expressway and other major expressway companies [5]