Market Performance - On January 6, A-shares saw all three major indices rise, with the Shanghai Composite Index increasing by 1.50% to 4083.67 points, marking a ten-year high [1] - The market's total trading volume exceeded 2.83 trillion yuan, an increase of over 260 billion yuan compared to the previous trading day, with more than 4100 stocks rising [1] - The Shanghai Composite Index recorded a 13-day consecutive rise, setting a historical record, surpassing the previous 12-day record held for 33 years [1] Sector Performance - The commercial aerospace sector continued to surge, with over ten constituent stocks hitting the daily limit, including Lushin Investment, which achieved six limit-ups in eight days [1] - The brain-computer interface concept maintained its strong performance, with stocks like Sanbo Brain Science and Meihao Medical achieving consecutive limit-ups [1] - The financial sector collectively rose, with Huayin Securities and Dazhihui hitting the daily limit [1] - The intelligent driving sector also showed strength, with multiple stocks like Wanjitech and Luchang Technology hitting the daily limit [1] - The chemical sector saw gains, with stocks such as Zhongtai Chemical and Luhua Technology hitting the daily limit [1] - The non-ferrous metals sector was active, with companies like Luoyang Molybdenum and Zijin Mining reaching historical highs [1] Market Outlook - Factors supporting the current bull market remain unchanged, including policy support and a shift of household savings to the capital market, with increasing foreign investment interest in China's technological innovation [2] - Goldman Sachs has recommended overweighting Chinese stocks for 2026, predicting a 15% to 20% annual increase in the Chinese stock market for 2026 and 2027 due to significant valuation discounts compared to global peers [2] - The market is expected to transition from a cross-year trend to a spring offensive, with increased credit issuance in January likely to bring additional funds into the capital market [3] - The overall sentiment suggests that 2026 will be a year of significant opportunities, with expectations of improved market performance and investor sentiment [3] Policy Environment - Future policies may include more proactive fiscal measures and moderately loose monetary policies, with the Federal Reserve expected to continue its rate-cutting cycle, creating favorable conditions for China's central bank [5] - In a declining interest rate environment, equity assets are likely to perform well, and the renminbi is expected to appreciate, attracting more foreign capital into Chinese assets [5] Investor Sentiment - The spring offensive has begun, and investors are encouraged to maintain confidence and patience, focusing on quality stocks or funds to capitalize on the slow bull market opportunities [6] - The number of new A-share accounts has continued to rise, reflecting the market's vitality, with 27.44 million new accounts opened in 2025, a 9.75% increase from 2024 [6]

截至午间收盘，沪指报4095.54点，涨幅0.29%，成交7617亿元；深证成指报14071.35点，涨幅0.35%， 成交10734亿元；创业板指报3332.74点，涨幅0.41%，成交4972亿元；科创50指数报1445.48点，涨幅 1.13%，成交564亿元。 热点板块 盘面上，电子化学品、煤炭开采加工、半导体、存储芯片、可控核聚变、减肥药等板块和概念股涨幅居 前；IT服务、小家电、白酒、互联网保险、跨境支付、无人零售等板块和概念股跌幅居前。 机构观点 新华财经北京1月7日电A股三大指数1月7日早盘集体收涨，沪指震荡拉升，创业板指则冲高回落。沪深 两市半日成交额1.84万亿，较上个交易日放量538亿。盘面上，半导体产业链集体走强，光刻机、光刻 胶方向领涨，南大光电、国风新材等多股涨停；可控核聚变板块表现活跃，中国核建、王子新材、弘讯 科技、国机重装、中国西电涨停；稀土永磁板块拉升，中稀有色、格林美等涨停。下跌方面，脑机接口 概念高开低走，麦澜德、诚益通等跌超8%；数字货币、跨境支付板块有所调整，四方精创、翠微股 份、拉卡拉、京北方纷纷下挫。 市场监管总局、国家网信办联合发布 《直播电商监督管理办法》 ...

全球领先工业科技企业安波福于2026年国际消费电子展（CES 2026，展期1月6日-9日） 重磅亮相，集中展示其智能边缘解决方案的核心实力。该方案通过将先进计算与人工智能技 术部署于数据产生源头，实现设备实时感知、决策与执行的全链路赋能，并可在设备全生命 周期内持续迭代优化性能，为交通出行、机器人、航空航天等多个关键领域解锁AI驱动的 创新解决方案。相较于传统集中式云系统，边缘端本地数据处理模式不仅大幅提升响应速 度，更实现了系统层面的性能跃升。 安波福智能系统执行副总裁贾韦德·汗（Javed Khan）表示："CES 2026是我们展示核心 技术实力的重要舞台，在这里我们全面呈现安波福在实时感知、决策与执行领域的领先能 力。这些技术已在全球数百万辆行驶车辆中得到充分验证，如今我们正将其成功拓展至机器 人、航空航天等关键任务应用领域，为汽车及各类智能互联设备打造更安全、更具适应性、 更智能的使用体验。" 数字座舱创新：安全与个性化体验的双重升级 CES 2026现场，安波福同步发布最新数字座舱技术解决方案，聚焦乘用车与商用车的安 全提升与舱内体验优化。依托在用户体验、ADAS及中间件领域的独特技术积淀，该方 ...

Core Insights - Xiaomi Auto has launched the new generation SU7 with pre-sale prices starting at 229,900 yuan for the standard version, 259,900 yuan for the Pro version, and 309,900 yuan for the Max version, reflecting price increases of 14,000 yuan for the standard and Pro versions, and 10,000 yuan for the Max version compared to the previous model [1][3] - The new SU7 is expected to be officially launched in April 2026, with an upgrade option available for existing SU7 owners who have not yet received their vehicles [1] - The new SU7 features advanced technology including laser radar and 4D millimeter-wave radar, along with a flagship chip providing 700 TOPS computing power for precise environmental recognition in all conditions [3] Delivery and Performance - Xiaomi's SU7 has achieved significant delivery milestones, with over 360,000 units delivered in just 21 months, averaging more than 17,000 units per month [3] - As of January 1, 2025, Xiaomi Auto reported that its monthly delivery volume exceeded 50,000 units for the first time, following three consecutive months of deliveries over 40,000 units [3] - The total cumulative delivery for 2025 has surpassed 410,000 units, with a target of 550,000 units set for 2026 [3]

Core Viewpoint - The launch of the new generation Xiaomi SU7 marks a significant step for Xiaomi in the electric vehicle market, with strong initial demand and a focus on safety and technology upgrades [1][2]. Group 1: Product Launch and Demand - The new generation Xiaomi SU7 is set to be released in April 2026, with a starting price of 225,900 yuan [1]. - The initial response to the SU7 has been remarkable, with over 50,000 orders placed within 27 minutes and nearly 89,000 orders within 24 hours [1]. - The SU7 is projected to top the sales chart for electric sedans priced above 200,000 yuan in 2025, establishing its benchmark status in the electric sedan market [1]. Group 2: Safety and Design Enhancements - The new generation SU7 will undergo comprehensive upgrades in design quality, comfort, safety, assisted driving, and battery life [1]. - Safety is a top priority, with the new SU7 adhering to the "China-Europe five-star" safety standard and utilizing upgraded materials, including 2200Mpa ultra-high-strength steel for its body structure [1][2]. - The battery pack features enhanced protection with a bulletproof coating and a 1500Mpa anti-scratch bottom beam to improve safety in complex road conditions [2]. Group 3: Intelligent Driving and Performance - The new generation SU7 will come standard with advanced driving assistance hardware, including laser radar and 4D millimeter-wave radar, supported by a flagship chip with 700 TOPS computing power for precise environmental recognition [2]. - The range of the new SU7 has been improved, with the standard version increasing from 700 km to 720 km, the Pro version from 830 km to 902 km, and the Max version from 810 km to 835 km, making the Pro version the longest-range electric sedan currently available [2]. - The new SU7 will be available in three versions with pre-sale prices of 229,900 yuan for the standard version, 259,900 yuan for the Pro version, and 309,900 yuan for the Max version [2].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **Robotaxi industry**, highlighting the involvement of major players like **NVIDIA**, **Xpeng Motors**, and **Horizon Robotics** in the transition from L2 to L4 autonomous driving technology [1][2][4]. Market Segmentation - The **overseas Robotaxi market** is divided into four main regions: **North America**, **Europe**, **Middle East**, and **Southeast Asia**. Each region has distinct characteristics affecting the Robotaxi business model and growth potential [1][5]. North America - Dominated by **Uber** and **Lyft**, creating a duopoly with low tolerance for non-local companies. **Waymo** is the largest Robotaxi operator with commercial operations in place [5][10]. - The market has evolved through three phases: spontaneous development (2010-2013), price wars (2014-2017), and regulatory establishment (2018-present) [9]. Europe - Characterized by fragmented regulations and varying local market conditions. Local companies have advantages due to regulatory differences [5][13]. - The profitability of Robotaxis is higher in developed areas like the UK and UAE, with per kilometer prices reaching approximately **$66** [8]. Middle East - High customer spending, strong policy support, and significant infrastructure investment make it an ideal testing ground for Robotaxis. Chinese companies like **WeRide** and **Pony.ai** have made notable progress [5][17]. Southeast Asia - Infrastructure challenges and a low tolerance for four-wheeled vehicles hinder growth. Singapore is expected to lead in commercial deployment, but overall growth remains limited [5][18]. Market Projections - By **2030**, the projected Robotaxi penetration rates are as follows: - **China**: 5% - **North America**: 20% - **Europe**: 5% - **Middle East**: Rapid growth expected - **Southeast Asia**: Low penetration [7]. Key Players and Business Models - **NVIDIA** is positioned as a leading player in the autonomous driving ecosystem, enhancing the transition to L4 technology [2]. - **Xpeng Motors** is highlighted as a key player in the Hong Kong market, while **Horizon Robotics** is noted for its role in the hardware segment [4]. - Traditional automakers have struggled in the ride-hailing market due to conflicting interests and slow adaptation to market changes [14]. Financial Insights - In high-price areas of Europe, the gross profit per vehicle is estimated at **$55,000** in the UAE, **$16,000** in the UK, and **$17,000** in the US [3][8]. Regulatory Environment - North America has stringent regulations limiting non-local companies, while Europe has a more fragmented regulatory landscape that can benefit local players [6][13]. Future Outlook - The European shared mobility market is expected to reach **$55 billion** by **2025**, with the Robotaxi market projected to grow to **$6 billion** by **2030** [16]. Conclusion - The Robotaxi industry is poised for significant growth, particularly in North America and the Middle East, driven by technological advancements and evolving regulatory landscapes. However, challenges remain in Europe and Southeast Asia due to regulatory fragmentation and infrastructure limitations [1][5][17].

Summary of Conference Call on NVIDIA and the Smart Automotive Sector Industry Overview - The conference call focuses on the smart automotive sector, particularly the advancements in autonomous driving technology led by NVIDIA in collaboration with Mercedes-Benz [1][2]. Key Points and Arguments - **NVIDIA and Mercedes-Benz Collaboration**: This partnership signifies a major advancement in the autonomous driving field, with a clear production timeline set for 2026. Testing will begin in the U.S. in Q1 2026, followed by deployment in Europe in Q2, and expansion into Asia later in the year. By the end of 2026, the vehicles are expected to have urban operational vehicle (OV) capabilities, positioning NVIDIA as a potential third-party leader in the global autonomous driving market [1][2]. - **Impact on Competition**: The collaboration is expected to have a significant demonstration effect in overseas markets, potentially attracting more automotive companies to accelerate their efforts to catch up with Tesla. This will intensify competition in the Chinese market and promote the development of Robotaxi services, which is particularly crucial for non-Chinese markets where competition is currently limited [1][3]. - **Investment Recommendations**: - For H-shares, the focus should be on XPeng (closest to Tesla's model) and Horizon Robotics (best mapping). Additionally, companies like Pony.ai and WeRide, which are purely focused on L4 Robotaxi, are highlighted for their potential. - For A-shares, Desay SV Automotive is noted as the best mapping object, while Qianli Technology is recognized as the only company actively engaged in Robotaxi-related business. Other small to mid-cap stocks like Beijing Junzheng and Dazhongnan are also recommended for investment [1][4]. Future Catalysts - Key future catalysts that may influence the smart automotive sector include: - The introduction of L3/L4 national standards - Full domestic rollout of Tesla's Full Self-Driving (FSD) technology - Launch of new models by XPeng and iterations of the second-generation Vehicle Operating Architecture (VOA) - Doubling of sales targets by companies like Pony.ai, LoBot, and WeRide - Continued progress by third-party players like Horizon Robotics and Momenta in L4 development - The implementation of electrification policies, which will alleviate overall concerns and shift the focus of autonomous driving to B-end applications [1][5]. Market Outlook for 2026 - The outlook for the smart automotive sector in 2026 is increasingly centered on L4 autonomous vehicle scenarios, particularly the Robotaxi market, which is expected to be the largest and most accommodating for various players. Since September, numerous catalysts, including Tesla's record highs and new model launches from XPeng, indicate that the industry is in a phase of positive development. Investors are advised to closely monitor NVIDIA, Tesla, and related mapping stocks like XPeng, Horizon Robotics, Pony.ai, and WeRide, while keeping an eye on upcoming policies and technological advancements to seize investment opportunities [1][6][7].

Group 1 - The core announcement is that Xiaomi's SU7 will soon undergo its first facelift, with the new generation model expected to launch in April and pre-orders starting today [1] - The current SU7 model has delivered over 360,000 units in just 1 year and 9 months, averaging over 17,000 units per month, making it a top-selling vehicle in the over 200,000 yuan segment [1] - The new generation SU7 will have a starting price of 229,900 yuan for the standard version, 259,900 yuan for the Pro version, and 309,900 yuan for the Max version [4] Group 2 - The new generation SU7 features enhanced safety with a 2200MPa ultra-strong steel embedded roll cage, nine airbags, and two additional rear side airbags [4] - It is equipped with advanced technology including laser radar, 700 TOPS computing power, 4D millimeter-wave radar, and Xiaomi's end-to-end driving assistance [5] - The Pro version offers a CLTC range of up to 902 km, while the Max version can gain 670 km of range with just 15 minutes of charging [5] Group 3 - The new model includes aesthetic upgrades such as new colors and wheel designs, and all versions are equipped with the V6s PLUS super motor for improved performance [8] - The Pro and Max versions feature closed dual-chamber air suspension and variable damping shock absorbers [8] - Interior redesign includes a new dark night black color scheme and a two-tone steering wheel, with a 1,000 yuan deposit required for pre-orders [8]

Core Insights - Nvidia has launched the new open-source VLA model Alpamayo at the CES conference, which will first be integrated into the new Mercedes-Benz CLA model [1] - The unveiling of Nvidia's global L4 autonomous driving and Robotaxi ecosystem indicates that the "chip + algorithm" integrated model is becoming the mainstream supply path for advanced intelligent driving [1] - The industry is entering a critical acceleration phase for commercial operation of L4 autonomous driving, with a resonance of trends both domestically and internationally, presenting opportunities for valuation recovery from technology development to scale profitability [1] Industry Overview - The Hang Seng Hong Kong Stock Connect Automotive Theme Index consists of 40 stocks related to the automotive industry within the Stock Connect range, covering leading companies in the Hong Kong automotive sector and core companies in the intelligent supply chain [1] - Investors can track investment opportunities in the intelligent driving industry chain through products like the E Fund Automotive ETF (159121) [1]

Group 1 - The core point of the article highlights that Suoling Co., Ltd. has achieved a four-day consecutive limit-up in stock trading, indicating strong market interest and performance [1] - The stock reached a trading limit at 9:25 AM with a transaction volume of 73 million yuan and a turnover rate of 1.06% [1] - The controlling shareholder's concerted action participant, Tanghe Holdings, successfully bid for and purchased 37.5 million shares of the company, having fully paid the auction transaction amount [1] Group 2 - The company's business includes in-vehicle intelligent terminals and autonomous driving systems, linking it to developments in the smart driving sector [1]