点击上图▲立即收听 " 在这些演讲中，物理 AI 、混合 AI 、空间智能等几大焦点，并非割裂，而是一个协同进化的生态系统。 " 文 /巴九灵（微信公众号：吴晓波频道） 正如黄仁勋在演讲中反复强调的那样："AI竞赛已经开始，所有人都在努力达到下一个水平。" 对此， 资深科技自媒体人 庄明浩表示，CES本来是消费电子展，但看英伟达和AMD，尤其是黄仁勋的演讲，其实基本上已经完全没有针对"消费 市场"的内容描述，全部都是当前AI叙事下，数据中心所需要的GPU，以及所谓"物理"世界极限这样的宏大命题，我们人类的消费品似乎真的已经 不那么重要了。 而随后四天，当主舞台的灯光逐渐暗下，展馆的大门一扇扇打开，CES的正式展期才刚刚开始。据报道，超250万平方英尺的展区，吸引了全球超 过4000家参展企业和十几万参会者。机器人、AI PC、智能眼镜等最热门的科技产品，都将在此亮相。 拉斯维加斯，飞机已落地，开年第一周，许多人奔赴CES，一年一度的科技春晚拉开序幕。 CES 2026开幕 这几日的焦点，在人和他们说的话。 中国企业的身影同样密集。既有联想、海信、TCL等老牌厂商，也有宇树科技、智元、云深处等机器人公司，在洗地 ...

Group 1: Humanoid Robots Sector - The humanoid robot sector is currently in a bottom rebound phase, driven by Tesla's leadership in the global "physical AI" industry transformation [1] - Tesla's Optimus V3Q1 release and clear Gen3 mass production plans are key catalysts for the sector's improving sentiment [1] - Market expectations are focused on Tesla's potential to achieve a million-unit production line by the end of 2026, with further validation needed from new catalysts or production progress [1] Group 2: Heavy Truck Industry - The heavy truck industry is closely tied to macroeconomic conditions, replacement demand, and subsidy policies, with a mid-term upward trend anticipated [2] - By 2026, natural scrapping and replacement demand for National IV and V trucks is expected to support domestic sales of around 700,000 units, with total sales projected to remain around 1.1 million units [2] - The significant stock of over 4 million National V trucks will sustain upward pressure on domestic sales, while export potential could reach nearly 700,000 units, indicating further growth opportunities [2] Group 3: Power Grid Investment - The investment in power grid infrastructure during the "14th Five-Year Plan" period is projected to reach 3.8 trillion yuan, driven by the need for high-quality development in the face of increasing renewable energy integration [3] - The guidance from the National Development and Reform Commission and the National Energy Administration emphasizes the importance of optimizing resource allocation and addressing system stability challenges [3] - Key areas of focus include ultra-high voltage, smart grid technology, and interconnected systems [3]

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！ 中信建投证券研究 文|程似骐 陶亦然 许琳 朱玥 许光坦 黎韬扬 任宏道 王介超 马博硕 特斯拉正引领全球"物理AI"产业变革，人形机器人作为其核心支柱之一，与智能驾驶共享FSD端到端大 模型等技术底座，开启"数据-算法-硬件"闭环迭代。本周板块情绪持续回暖，催化一方面来自特斯拉 Optimus V3 Q1发布在即、Gen3量产规划明确，另一方面，产业节奏进入实质兑现期。我们认为板块处 于底部反弹阶段，市场持续博弈特斯拉2026年底百万台产线落地前景，预期上修有待新催化或量产进展 验证。 本周事件：Optimus V3 发布预期叠加国内产业落地提速，产业链整合与场景应用双线突破。 1）特斯拉Optimus V3预计2026年Q1发布，Gen3设计定型与规模量产计划明确，其FSD端到端大模型、 自研AI5/AI6芯片等技术持续构建物理AI核心壁垒。 2）2025 年 12 月 29 日，优必选发布公告，公司创始人、董事会主席兼 CEO 周剑承诺自当日起 12 个月 内，不减持其持有的 7057.435 万 H 股优必选股份。此次禁售承诺旨 ...

| 2026年1月7日星期三 | NO.1商务部：2024年至2025年全国二手汽车交易3968.6万辆 据央视新闻报道，1月6日下午，商务部副部长盛秋平在国新办新闻发布会上介绍，2024年至2025年，全 国报废汽车回收1767.3万辆，年均增速45.8%；二手汽车交易3968.6万辆。2024年至2025年，我国实现 汽车以旧换新1830万辆，其中新能源汽车占比近60%。 点评：未来两年我国将大力推动汽车回收与二手汽车交易，报废汽车回收和二手车交易量显著增长，显 示出汽车行业的巨大转型需求。这一政策预示着传统汽车产业链的重构，同时为新能源汽车市场带来积 极刺激。以旧换新新能源汽车的占比近60%，相关企业在技术创新和生产能力方面的调整将可能带来更 多的投资机会。 NO.2 英伟达发布开源模型Alpamayo 首搭车型一季度上路 1月6日，据英伟达官网消息，在2026CES（2026年国际消费电子展）展会上，英伟达发布了NVIDIA Alpamayo系列开源AI模型、仿真工具及数据集，旨在推动安全可靠的推理型辅助驾驶汽车开发。 NVIDIA创始人兼首席执行官黄仁勋表示："物理AI的ChatGPT时刻已然到来， ...

Group 1 - The company achieved a record high in total deliveries and gross margin in Q3 2025, with total revenue reaching 20.38 billion yuan, a year-on-year increase of 101.8%, and a significant reduction in net loss to 380 million yuan. Total delivery volume reached 116,007 units, a year-on-year increase of 149.3%, and the gross margin exceeded 20% for the first time, reaching 20.1% [1] - The company has launched a "dual power" strategy to address user range anxiety, introducing the first range-extended model, the X9 EREV, which features a 63.3 kWh battery and a conversion rate exceeding 3.6 kWh/L, achieving a pure electric range of 452 km. Additional range-extended versions of key models such as G6, G7, and P7i are expected to be launched in Q1 2026, along with four new models including two SUVs on the MONA platform [1] - The company is expected to enter a strong product cycle with the launch of range-extended and new models, leading to a continuous increase in vehicle sales [1] Group 2 - The company is transitioning to a "physical AI" company, showcasing its commitment and specific path at the 2025 Technology Day. The core technology, VLA 2.0, is a second-generation visual-language-action model that enhances reasoning efficiency by 12 times and improves average takeover mileage in complex scenarios by 13 times. This model is planned for full deployment on Ultra models in Q1 2026 and is expected to extend to robotics and other embodied intelligence fields [2] - The company announced the launch of China's first fully self-developed front-mounted mass-produced Robotaxi, with plans to introduce three models in 2026 and begin trial operations in H2 2026. Despite a gap in operational experience compared to industry leaders, the innovative "fully shared + private" business model may allow the company to secure a position in the billion-level mobility market [2] - The humanoid robot IRON is set to achieve mass production by the end of 2026, with initial trials in commercial scenarios such as guiding and shopping. The AI technology developed for the humanoid robot will also benefit the autonomous driving sector, creating a positive feedback loop [2] Group 3 - Revenue forecasts for the company from 2025 to 2027 are projected to be 75.8 billion, 132.1 billion, and 166.3 billion yuan, with year-on-year growth rates of 85.4%, 74.3%, and 25.9%, respectively. The net profit attributable to the parent company is expected to be -1.55 billion, 2 billion, and 6.13 billion yuan [3]

Core Insights - The 2026 Consumer Electronics Show (CES) is a significant market sentiment catalyst, especially for the tech sector, with a focus on AI commercialization and sustainable revenue models [1] - NVIDIA's presence at CES is not just about new product launches but emphasizes the pathways for AI business models to materialize [1] Group 1: AI Commercialization - The demand for AI chips remains strong, but investor interest is shifting from concerns about computing power shortages to the timing and methods of AI revenue generation [1] - Companies are increasingly looking for AI systems that are deployable, controllable, and sustainable rather than just the most powerful models [2] - Lenovo and NVIDIA's collaboration on hybrid AI solutions is a key observation point at CES, focusing on providing a complete package for enterprises [2][3] Group 2: NVIDIA's Business Model Transition - NVIDIA's strategy is evolving from merely selling GPUs to offering comprehensive solutions that include hardware, software, and support, which could stabilize revenue streams [3] - The focus for investors is shifting towards the clarity of product forms, real application scenarios, and transparent pricing models [3] - If these aspects are addressed at CES, NVIDIA's data center business may transition from being driven by computing supply to being driven by enterprise AI applications, potentially leading to a revaluation of its business [3] Group 3: RTX Series Evolution - The RTX series, traditionally tied to gaming cycles, is expected to evolve as AI capabilities become standard features in new PCs, shifting demand from gaming to productivity [4][5] - If RTX becomes a default capability in PCs, it could lead to structural changes in sales patterns and valuation for NVIDIA [6] Group 4: Physical AI and Omniverse - NVIDIA's physical AI initiatives, while significant, have been slow to commercialize, with potential applications in robotics, autonomous vehicles, and industrial automation [7] - The launch of the Alpamayo platform at CES aims to enhance the reasoning capabilities of autonomous vehicles, marking a step towards practical applications of physical AI [7][8] - Investors are looking for real-world use cases and clear business models for physical AI, which could signal a shift towards scalable commercial applications [8][9] Group 5: Overall Market Sentiment - The overarching theme at CES 2026 is the transition from discussions about AI capabilities to embedding AI into products, processes, and revenue models [9] - The focus will likely shift from whether demand is overheated to which business lines can deliver sustainable results post-CES [9]

Market Overview - The Shanghai Composite Index achieved a 13-day consecutive rise, reaching a ten-year high on January 6, with a closing increase of 1.5% [1] - The total trading volume in the Shanghai and Shenzhen markets was 260.2 billion, indicating a significant increase in market activity [1] - Over 4,100 stocks in the market rose, with more than 100 stocks hitting the daily limit for two consecutive days [1] Sector Performance - Major sectors that saw significant gains included brain science, non-ferrous metals, and large financial institutions, with respective increases of 21, 11, and 12 stocks [2] - The technology sector, particularly AI and robotics, continued to drive market enthusiasm, with notable performances from companies like Samsung Electronics and TSMC [4][5] Global Market Trends - Asian stock markets experienced substantial gains post-New Year, driven by improved economic expectations and a surge in technology stocks [2] - The KOSPI index in South Korea rose by 5.65%, while Japan's Nikkei 225 increased by 4.33%, reflecting a broader regional trend of recovery [5] Investment Shifts - A significant amount of fixed-term deposits, approximately 32 trillion yuan, is set to mature in 2026, leading to a "deposit migration" phenomenon as investors seek higher returns [6] - Insurance products, particularly dividend insurance, are becoming attractive alternatives for low-risk investors, contributing to a surge in the insurance sector's stock prices [6] Policy Developments - A new policy encouraging large state-owned insurance companies to increase their investments in A-shares is expected to inject thousands of billions into the stock market annually [7] - This policy aims to channel a portion of new insurance premiums into the stock market, providing a crucial source of incremental capital [7] Technological Innovations - At CES 2026, advancements in AI and robotics were highlighted, including the introduction of a household humanoid robot named Neo, which signifies a new era in home automation [8] - The launch of a mass-producible all-solid-state battery by Donut Lab was announced, showcasing significant improvements in energy density and charging speed compared to traditional lithium-ion batteries [10] AI Developments - NVIDIA's CEO Huang Renxun announced breakthroughs in AI technology, emphasizing the transition from digital intelligence to physical AI, supported by new hardware architectures and memory storage solutions [11][12] - The introduction of the Rubin GPU, which significantly enhances processing capabilities and reduces inference costs, marks a pivotal advancement in AI computing [13][20] Industry Applications - The emergence of GPU-native databases is transforming data processing in AI applications, allowing for more efficient handling of high-concurrency requests [26][28] - Companies like Demingli are focusing on full-stack self-research capabilities, enhancing their competitive edge in the storage market through proprietary technology [30][33] Aerospace and Navigation - The company Hezhong Shizhuang is actively participating in the commercial aerospace sector, leveraging its high-precision positioning technology for rocket recovery and satellite applications [34][36] - Their self-developed chips and systems are crucial for providing real-time precise positioning in complex environments, enhancing the reliability of aerospace operations [36]

当地时间1月5日，2026国际消费电子展（CES）拉斯维加斯展会现场，英伟达创始人兼CEO黄仁勋发表 主题演讲，抛出重磅行业判断：物理人工智能（Physical AI）的"ChatGPT时刻"已经到来。AI技术将正 式从虚拟屏幕走向物理世界，机器人产业迎来规模化变革的关键节点。 开源生态的协同扩张成为本次发布的核心亮点。英伟达与Hugging Face达成深度合作，将GR00T系列模 型及Isaac Lab-Arena框架整合至LeRobot开源机器人库，实现200万英伟达机器人开发者与1300万 Hugging Face AI构建者的生态联通。双方适配的Hugging Face Reachy 2人形机器人可与NVIDIA Jetson Thor硬件无缝协作，桌面机器人Reachy Mini则支持与NVIDIA DGX Spark联动，开发者可直接调用相关 模型开展端到端开发。据悉，英伟达2025年已在Hugging Face贡献650个开源模型和250个数据集，相关 资源下载量在开源社区遥遥领先。 现场，黄仁勋表示，发布了多款机器人"大脑"的开源基础模型。同时宣布，包括波士顿动力、 Caterpillar、 ...

在以人工智能为主题的2026年CES（国际消费电子展）正式开幕前夕，科技巨头亮出重磅布局。1月6 日，英伟达推出由6款新芯片组成的Rubin平台，聚焦物理AI与超大规模AI工厂建设，发力自动驾驶和 机器人领域，拥抱物理AI；AMD推出覆盖AI芯片、AI PC等系列产品，英特尔也推出了新一代处理器。 英伟达Rubin平台量产 英伟达创始人兼首席执行官黄仁勋在CES开幕演讲上展示了新一代已量产的AI平台Rubin，并推出用于 医疗健康、机器人和辅助驾驶的开放模型。 据介绍，Rubin是英伟达首个采用极致协同设计、集成六款芯片的AI平台，提供50 Petaflops的NVFP4推 理性能；相比Blackwell，Rubin NVFP4推理性能提升5倍、训练性能提升3.5倍、HBM4内存带宽提升2.8 倍，单GPU NVLink互连带宽翻倍。该平台将生成token的成本降低至上一代平台的约十分之一。 作为配套，英伟达推理上下文记忆存储平台可提升长上下文推理性能，实现每秒token数提升5倍、单位 总拥有成本性能提升5倍、能效提升5倍。 AMD提出千倍AI性能提升目标 AMD董事会主席兼CEO苏姿丰博士发表CES 20 ...

1月6日至9日，全球消费电子展（CES）在拉斯维加斯迎来它的年度高光时刻。但与往年不同的是，2026年的CES不再是单纯的硬件参数竞赛或概念炒作盛 宴，而是一场关于"AI具身化"的终极演兵。作为AI时代的探路者，英伟达在今年CES上并未发布任何新的消费级显卡，但出乎意料地提前发布了下一代AI芯 片平台"Rubin"，打破了英伟达通常在每年3月GTC大会上集中公布新一代架构的传统。这暗示着，今年CES不仅是消费电子的盛会，更是一场关于未来生活 方式的社会实验。在赌城的霓虹灯下，科技产业正在进行一场豪赌。 - 0 2 1 FINERAL CONCELLER 0 1971 & 114 40 rests 20 t t a for for the form to the state of the states of the state The Banks 1- Amal A Franch on Samp T Terlan Industralia STER THE THE 7 Mark of and O BOLE FOR / n Vera Rubin已投产 此次在CES上提前披露Rubin，主要是为了尽早向生态伙伴提供工 ...