【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].

以下文章来源于AGI接口 ，作者宋思杭 AGI接口 . AI卷起的财富风暴。 | | 泡沫究竟有多大？ | | --- | --- | | 出品｜虎嗅科技组 | | | 作者｜宋思杭、陈伊凡 | | | 编辑｜苗正卿 | | | 头图｜视觉中国 | | "AI硬件100"是虎嗅科技组推出针对AI硬件、具身智能等新兴赛道的创新栏目，这是本系列的第「01」篇文 章 泡沫已现。 近期，有多个具身智能赛道相关投资人、创业者在过去半年明确告诉虎嗅：大部分具身智能整机厂商正面 临"订单饥渴"——在B、C两端，真实的市场需求或已经不足以消化2025年年内生产出的机器人了。 一个更深层的隐患是，众多在2025年拿到投资的知名具身智能项目、部分已经发展至行业中腰部体量的具 身智能公司，正在面临"商业模式"困局：在订单不足的情况下，公司并不具备健康的"现金流造血能力"。 一位知名投资人向虎嗅直言："目前，具身智能行业，真正在买单的，是投资机构、投资入股的互联网大 厂，简言之现在不存在ToB或者ToC，本质上是ToLP。"该投资人进一步表示，除了宇树、智元等少数头部 公司探索出了较为成熟的商业化模式，绝大部分公司2026年的存活逻 ...

Core Viewpoint - Elon Musk is significantly influencing the Chinese A-share photovoltaic sector, with his comments on solar energy and its potential to provide substantial power, which has led to a surge in stock prices within the sector [2][3][4]. Group 1: Market Reaction - On January 23, 2026, following Musk's remarks at the World Economic Forum, 24 photovoltaic stocks in China hit their daily limit up, with the photovoltaic index rising by 7.46% [2]. - Two weeks later, Musk's interest in Chinese photovoltaic companies, including JinkoSolar and TCL Zhonghuan, further ignited stock price increases, with many stocks reaching their daily limit up again [3]. - The excitement surrounding Musk's "space photovoltaic" vision has injected new vitality into the previously stagnant A-share photovoltaic market [3][4]. Group 2: Industry Context - The photovoltaic industry is currently facing challenges, with nearly 70% of A-share photovoltaic companies reporting losses due to low prices in the supply chain [8]. - Despite some companies showing signs of recovery, the overall market sentiment remained negative, as indicated by a 4.10% decline in the Wind photovoltaic index during a week of earnings announcements [8]. - Musk's "space photovoltaic" concept has shifted the focus of the industry from terrestrial applications to potential space-based solutions, which could represent a new growth avenue for the sector [12]. Group 3: Future Prospects - Analysts predict that the "space photovoltaic" market could become a significant growth area, with estimates suggesting a market size of approximately 295 billion RMB by 2030, which is ten times the current scale [15]. - Musk's plans for deploying 100GW of solar power in space could potentially open up vast opportunities for new technologies and applications in the photovoltaic sector [15]. - However, the current competitive landscape and the need for immediate solutions to existing challenges in the industry remain pressing concerns [16].

"公司有9台机器人、10台机器狗，但最近完全不够用。"陈警连续打了几个电话后，随 便吞了几口饭。他告诉记者，从1月中旬开始，公司的租赁业务翻了一倍。最忙的一天，武 汉就有5场活动。有客户2月10日的活动需要20台机器狗，他正想办法拆借。 "今年春节，我们可能没法休息了。"陈警介绍，除夕一场商业拍摄的订单刚刚敲定，广 东的商家正在沟通大年初一、初二的活动安排。最远的档期已排到元宵节——湖南一家景区 为举办活动预订了机器人表演。 近日，长江日报记者走访发现：年关将至，机器人可能是"最忙日结工"，日薪多在5000 元左右，订单已排到年后。它们频频出现在企业年会、商场展销、文旅推广等各类活动现 场，参与主持、表演节目、做讲解员。 订单已排到年后 2月1日上午，2026年水果湖新春邻里嘉年华活动现场，2台机器人身着黑金配色的亮片 流苏外套和黑色皮质阔腿裤，跳了一曲《火力全开》。灵活的身姿、精准的动作，赢得观众 连连喝彩。 表演刚结束，现场指挥机器人表演的王子阳就被大家团团围住。"公司搞活动，租半天 可不可以？""年会有个颁奖环节，机器人能不能做？" 这2台机器人属于峰客（武汉）科技有限公司（以下简称峰客），王子阳是该公 ...

特斯拉 V3 即将落地，有望成为明星产品， 行业发展加速 ——机器人产业跟踪 核心观点 投资建议与投资标的 近期我们看到特斯拉持续预热第三代机器人，我们认为产业发展有望迎来提速，行业的 景气度也将随之提升。向前看，我们预计行业将进入产能扩建，而在扩产过程中，我们 认为供应商的制造和管理优势非常重要，因此制造和经营能力领先的企业更具投资机 会。相关标的：拓普集团(601689，买入)、三花智控(002050，买入)、五洲新春 (603667，买入)、恒立液压(601100，未评级)、震裕科技(300953，买入)。 风险提示 厂商生产不及预期、场景需求落地不明确导致低于预期、国家政策变化导致行业发展放 缓、行业融资不及预期、模型发展和数据采集慢于预期、订单执行效果低于预期、产品 降价风险。 机械设备行业 行业研究 | 动态跟踪 国家/地区 中国 行业 机械设备行业 报告发布日期 2026 年 02 月 06 日 看好（维持） 杨震 执业证书编号：S0860520060002 香港证监会牌照：BSW113 yangzhen@orientsec.com.cn 021-63326320 | 顺应人形机器人拟人化趋势， ...

Group 1 - The core viewpoint of the article is that Donghua Energy is progressing with its Maoming 10,000-ton T1000-grade carbon fiber project, which is expected to enhance its market position in advanced materials [1] - The carbon fiber and composite materials produced by the company are characterized by lightweight, high-temperature resistance, and high modulus and strength, making them suitable for various applications [1] - Key application areas for the carbon fiber products include humanoid robots, aerospace, wind turbine blades, and lightweight automotive components [1]

Core Viewpoint - Tesla's financial performance in 2025 shows a significant decline in both revenue and profit, with a focus on the company's future capital expenditures and new business ventures as potential growth drivers [4][6][18]. Financial Performance - In Q4 2025, Tesla's revenue decreased by 3.1% year-on-year, totaling $948.27 billion for the year, a decline of 2.9%. The net profit attributable to shareholders fell over 60% in Q4, with an annual profit of $3.794 billion, down 46.5% [6]. - Tesla's current price-to-earnings ratio exceeds 400, indicating a high valuation despite the profit drop. The stock price fell 3.45% on the first trading day post-earnings but recovered the next day [6][7]. Impact of Bitcoin - In Q4 2025, Tesla's net profit was $840 million, down $1.477 billion, significantly impacted by Bitcoin price fluctuations. The company held 11,509 Bitcoins, with a fair value drop from approximately $1.315 billion to $1.074 billion, leading to a $240 million loss in fair value adjustments [9]. - For the entire year, Tesla's net profit of $3.794 billion was affected by a $670 million loss from Bitcoin price declines, contrasting with a $600 million gain in 2024 [9][10]. Non-GAAP Profit Analysis - Excluding Bitcoin price changes, Tesla's Non-GAAP net profit for 2025 was $5.858 billion, down about 30% year-on-year, primarily due to the "Inflation Reduction Act" affecting regulatory credit sales and a significant increase in R&D expenses [10][11]. - The decline in regulatory credit sales from $2.763 billion to $1.993 billion negatively impacted profits by approximately $800 million, while R&D expenses rose over 40%, increasing the R&D expense ratio from 4.6% to 6.8% [10]. Automotive Business Performance - Tesla's global vehicle deliveries in 2025 totaled 1.6361 million, a decline of 8.6%. The automotive sales revenue was $658.21 billion, down 9.19% year-on-year, driven by an increase in lower-priced vehicle sales and promotional discounts [13][14]. - The U.S. market saw a significant drop in sales due to the "Inflation Reduction Act," while the Chinese market remained relatively stable with a 4.8% decline in retail sales [15][16]. Capital Expenditure Plans - Tesla plans to exceed $20 billion in capital expenditures for 2026, which is 2.3 times the $8.53 billion spent in 2025 and 1.35 times the net cash flow from operating activities of $14.75 billion [18]. - This expenditure will primarily support AI projects and the development of various production lines, including those for Robotaxi and humanoid robots [18][20]. Future Outlook - The aggressive capital spending raises concerns about future profitability, as it could lead to significant depreciation expenses impacting net profits [19]. - Tesla's focus on AI infrastructure and new business ventures like Robotaxi and humanoid robots is seen as essential for long-term growth, with cash flow management becoming a critical factor for stock price movements [24].

Group 1 - Elon Musk emphasizes that the future of AI deployment will be in space rather than on Earth, predicting that within 36 months, space will become the cheapest location for AI deployment due to limitations on Earth's energy expansion [2][13][14] - SpaceX aims to achieve an extreme goal of launching Starship 10,000 to 30,000 times annually, with each launch carrying 100 to 150 tons, which is essential for scaling AI computing power in space [2][21] - Musk forecasts that in five years, the annual increase in AI computing power in space will surpass the cumulative total of all AI computing power on Earth, potentially reaching hundreds of gigawatts [14][21] Group 2 - The current global electricity supply is nearing a plateau, with most countries outside of China experiencing stagnant or minimal growth, making energy a bottleneck for large-scale data centers outside of China [5][9] - Space offers advantages for solar energy generation, including continuous power without atmospheric interference, leading to a cost of electricity in space that is one-tenth of that on Earth [7][13] - The physical constraints of building new data centers on Earth, which can take 30 to 36 months, further highlight the need for space as a viable alternative for AI infrastructure [8][10] Group 3 - Musk's vision includes utilizing lunar resources, such as silicon and aluminum, to manufacture solar panels and cooling structures on the Moon, while transporting complex chips from Earth [3][23] - The Moon could serve as a launch point for AI satellites, with a projected capacity of one petawatt (1 million gigawatts) annually, representing true scalability for AI in space [23] - SpaceX's ultimate goal remains Mars, but commercial viability must be established at each stage, starting with orbital data centers [3][24] Group 4 - The semiconductor industry faces challenges in scaling production, particularly in storage chips, which are critical for AI applications, leading Musk to plan for a dedicated storage chip factory [25][26] - The U.S. manufacturing sector is at a structural disadvantage compared to China due to population size and labor intensity, necessitating a shift towards automation and robotics for competitive advantage [27][28][30] - The development of humanoid robots, like Optimus, is seen as a strategic move to enhance manufacturing capabilities and reduce reliance on human labor in high-intensity jobs [32][34][35]

E系列机器人则搭载高性能力控机器人关节，具备高扭矩密度、高力矩带宽等特点，峰值扭矩达 150N*m，支持接入灵巧手，并开放二次开发接口，为用户提供自定义算法控制的广阔空间。 在完善其产品技术与定价策略的同时，松延动力表示，其已面对消费终端，开始稳步推进各区域、各行 业销售体系的搭建工作。构建直销渠道、依托电商平台打通消费者链路的同时，公司已经开始拓展线下 渠道，目前已经发展了地区渠道代理商50家，与多家解决方案商建立合作。 A股上市公司中，利亚德通过旗下子公司北京虚拟动点科技有限公司与松延动力达成战略合作；风语筑 与松延动力达成战略签约，聚焦新文旅场景机器人解决方案；松延动力与慧辰股份达成战略合作，双方 就松延动力旗下新款小布米人形机器人达成1000台订单签约。 松延动力成立于2023年9月，是拟于马年春晚登台的机器人企业之一。1月29日，中央广播电视总台与松 延动力联合宣布，松延动力成为总台《2026年春节联欢晚会》人形机器人合作伙伴。 目前，松延动力构建了覆盖多元需求的人形机器人产品矩阵，包括N系列、E系列、轮式机器人W1以 及"小布米"系列。 作为全球首个实现多场景连续空翻的机器人，N2机身小巧，身高1 ...