Investment Rating - The industry investment rating is "Overweight" [1] Core Insights - The report highlights significant advancements in the automotive and autonomous driving sectors, particularly with NVIDIA's release of the Alpamayo model and its strategic shift towards becoming a full-stack autonomous driving ecosystem leader [5][18] - The semiconductor industry is witnessing consolidation, with Huahong Semiconductor planning to acquire a majority stake in Huali Micro, which is expected to enhance long-term capacity and technology collaboration [6][24] Automotive & Autonomous Driving - NVIDIA has introduced the Alpamayo model, a reasoning-capable end-to-end autonomous driving AI, which utilizes the Cosmos world model for training and simulation, addressing the scarcity of real-world data [14][21] - The company is implementing a global deployment plan with Mercedes-Benz as a key partner, aiming to create an inclusive open business ecosystem [21] - Hesai Technology plans to double its production capacity for lidar sensors from 2 million units in 2025 to 4 million units in 2026, with a new factory in Bangkok expected to start production in early 2027 [21][22] Electronics - Huahong Semiconductor's acquisition of a 97.4988% stake in Huali Micro for a total consideration of 8.27 billion yuan is aimed at expanding production capacity, adding 38,000 wafers per month in 65/55nm and 40nm processes [6][26] - The acquisition is part of a broader strategy to enhance technology and production capabilities in the semiconductor sector [24][27] Weekly Data Update - The Hang Seng Technology Index and the Hang Seng Index experienced slight declines of 0.9% and 0.4% respectively, while the electronics index rose by 4.0% [6][28] - The report notes a significant increase in net buying through the Hong Kong Stock Connect, amounting to 29.32 billion yuan, indicating strong investor interest [28][37] Investment Recommendations - In the automotive and autonomous driving sector, companies such as Pony.ai, Horizon Robotics, and XPeng Motors are recommended as beneficiaries of the advancements in AI and autonomous driving technologies [7][36] - For the electronics sector, the report suggests focusing on companies like Samsung, SK Hynix, and Micron, which are expected to benefit from rising NAND and DRAM prices [7][39]

在2026年美国拉斯维加斯的国际消费类电子产品展览会(CES)上，一个明显的变化正在发生。如果说过 去两年舞台中央属于大语言模型（LLM），那么今年的聚光灯正在快速转向机器人与物理人工智能。 在与海达里的交流中，一个反复被强调的关键词是：物理AI的瓶颈不在模型，而在感知。 即便拥有最先进的AI算法，如果机器人"看不清"现实世界，本质上仍处于"失明"状态。 阿克塞尔罗德对第一财经提及，可编程光学半导体带来的改变，体现在三个层面：第一，传感器性能的 数量级提升。在体积、成本和耐用性显著优化的同时，传感器的可靠性与效率同步提升，为机器人在复 杂环境中的长期运行提供基础条件。第二，传感器的"软件化"。同一颗光学芯片，可以通过软件配置模 拟出多个"虚拟传感器"，在不同视角、分辨率和扫描策略之间动态切换。这对算法开发者意义重大—— 硬件不再限制算法创新。第三，与仿真平台形成闭环。Lomotive的技术可无缝对接英伟达Omniverse等 仿真环境，使开发者能够在虚拟世界中反复优化传感器布局与光学参数，再将成果迁移到现实系统中， 形成"硬件—模拟—算法"的协同演进。 这正是物理AI从实验室走向真实世界所必需的工程基础。 越 ...

Core Insights - The CES 2026 showcased over 4,112 companies from more than 150 countries, with a significant focus on technology that is now tangible and experiential rather than just conceptual [2] - The event highlighted advancements in physical AI, emphasizing the importance of real-world applications and emotional connections between humans and robots [4][6][8] Company Highlights - **Sentigent Technology**: Focuses on outdoor companion robots that utilize AI to build emotional connections with users, starting with simple tasks to gain trust before tackling more complex responsibilities [4][15] - **New Stone Technology**: Specializes in B2B logistics with the launch of the RoboVan product family, addressing the "last 100 meters" delivery challenge. The company has deployed over 16,000 L4 autonomous vehicles, covering nearly 80 million kilometers [6][10][19] - **Agile Intelligence**: Concentrates on developing dexterous hands for robots, emphasizing the importance of tactile sensors and flexibility in robotic applications. The company aims to invest long-term in this technology to enhance human-robot interaction [8][16] Industry Trends - The trend towards physical AI is expected to grow, with companies focusing on practical applications that enhance daily life and reduce the burden of undesirable tasks on humans [9][14] - Data collection and real-world human interaction are seen as critical for the advancement of robotics, particularly in the context of human-like capabilities and decision-making [12][18] - The global landscape for robotics is shifting, with significant participation from Chinese companies at CES, indicating a strong potential for collaboration between the US and China in AI and robotics [18][19] Future Vision - The panelists expressed a vision for the next decade where robots will take over tedious and dangerous jobs, allowing humans to engage in more meaningful activities. This shift is expected to enhance quality of life and foster emotional connections with robots [23][27] - There is a belief that advancements in AI will lead to robots becoming trusted companions in households, capable of performing various tasks as they learn and evolve [15][27]

Core Viewpoint - Samsung's semiconductor foundry business is crucial for its overall strategy, facing challenges and opportunities as it transitions from 3nm to 2nm technology, aiming to regain market share against TSMC [1][2][21] Group 1: Historical Context and Challenges - Samsung entered the foundry market in 2005 with minimal revenue, initially overshadowed by TSMC's nearly $10 billion revenue [1] - The company achieved a significant milestone in 2014 by producing 14nm FinFET technology, surpassing TSMC at that time [1] - However, Samsung faced setbacks with its 5nm node due to yield issues and misrepresentation, leading to a loss of trust among fabless companies [1][2] Group 2: Transition to 2nm Technology - Starting in 2024, Samsung is focusing all resources on 2nm technology, shifting its strategy to prioritize stability and yield improvement [3] - The new 2nm process utilizes an upgraded MBCFET architecture, improving transistor performance by 11% to 46% and reducing leakage by approximately 50% [3][4] - Initial yield rates for the 2nm process were low, starting at 30% in February 2024, but improved to 40% by April 2024 [4] Group 3: Production Capacity and Market Strategy - By 2025, Samsung's 2nm yield stabilized between 50% and 60%, meeting commercial production requirements [5] - The company plans to establish a 2nm production line in its Taylor, Texas facility, aiming for a monthly output of 21,000 wafers by the end of 2026 [5] - Samsung is diversifying its 2nm product roadmap to cater to various markets, including high-performance computing and automotive electronics [5][6] Group 4: Strategic Shift to Physical AI Market - Samsung is pivoting towards the emerging physical AI market, where competition is less established compared to the data center AI market dominated by TSMC [7][8] - The company aims to leverage its flexible pricing and supply strategies to attract clients in the cost-sensitive physical AI sector [8] - Automotive semiconductors are identified as a key entry point for Samsung into the physical AI market, with significant partnerships already established [9][10] Group 5: Customer Ecosystem and Competitive Positioning - Samsung is restructuring its customer base to include a wider range of clients, moving away from reliance on a few large customers [12][13] - The company is enhancing its support systems and technical teams to improve responsiveness and service quality for diverse clients [15] - Samsung's vertical integration across semiconductor manufacturing, packaging, and memory production provides a competitive edge in total cost of ownership (TCO) [19][20] Group 6: Differentiation Strategy - Samsung is focusing on niche markets where TSMC has less presence, such as mature process technologies and advanced packaging solutions [17][18] - The company has established partnerships to enhance its capabilities in mature process nodes, particularly in automotive and aerospace applications [18] - Samsung's advanced packaging solutions, including the SAINT series, aim to improve performance and reduce power consumption, further solidifying its market position [19][20]

谷歌市值自2019年以来首次超越苹果；英伟达发布Rubin平台6颗芯片。 点评：两家公司的上市或许也会改写格局，最明显的是，曾经热议的"大模型六小龙"逐渐淡出，"AI双 雄"的说法出现了。一位押注了大模型的投资人认为，两家公司的上市不仅为赛道"定了价"，另一方 面"市场地位会完全不一样"。 商务部回应审查Meta收购Manus：须符合中国法律法规 美国科技巨头Meta斥资20亿美元收购中国AI初创公司Manus的交易正面临变数。有消息称，中国商务部 相关部门正在评估该交易是否违反了中国的技术出口管制规定。1月8日，中国商务部在北京举行例行新 闻发布会，就此事中国商务部新闻发言人何亚东回应表示，企业从事对外投资、技术出口、数据出境、 跨境并购等活动，须符合中国法律法规，履行法定程序。商务部将会同相关部门对此项收购与出口管 制、技术进出口、对外投资等相关法律法规的一致性开展评估调查。 点评：Manus由中国创业者肖弘及其团队创立，在去年一季度仅凭一段演示视频就一夜爆火，体验码一 度被炒作到数万元。随即公司估值迅速膨胀，并在1个月后敲定了一笔7500万美元的融资，估值5亿美 元。在去年6月，Manus将总部迁移至新 ...

Group 1 - The article highlights the impressive technological innovations showcased at the CES, particularly emphasizing NVIDIA's CEO Jensen Huang's presentation on the imminent arrival of physical AI [1] - Huang's engaging offline discussions following his main presentation are noted for their personality and interest [2] - The article recommends several insightful readings, including Huang's full speech at CES 2026, which covers three key topics and introduces a "chip monster" [3] Group 2 - The article mentions a bullish consensus among private equity firms regarding a return to 4000 points in the market, focusing on identifying "uncrowded growth" opportunities and capturing "low-hanging fruit" [3] - It references insights from Duan Yongping's 2025 sharing, stressing the importance of investing in good companies and the necessity for individuals to understand and learn about AI [3] - Liu Yuhui's latest commentary on the "G2 competition" era emphasizes the significance of edge intelligence, gold, and commodities as major beta factors [3] - The article notes that key variables include monetary policy, with Ray Dalio's latest review predicting a long-term return of only 4.7% for the US stock market [3]

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。 看好具备构建大脑能力的领跑公司及产业链。相比于快速上量，我们认为国家也在引导大脑能力的建 设。近期国家发改委提到要着力防范重复度高的产品"扎堆"上市、研发空间被压缩等风险；支持企业、 高校、科研机构等围绕"大小脑"模型协同、云侧与端侧算力适配、仿真与真机数据融合等技术进行攻 关，解决产业卡点堵点问题。我们认为两类领跑型公司具有投资机会，第一类是特斯拉核心产业链，特 斯拉官宣在自研世界模型中训练Optimus，第二类是具有垂直场景的本体公司，场景应用有利于数据和 模型的积累。 人形机器人在近期CES 展中大放异彩，我国产业链快速发展，具有极强的竞争力。向前看，我们认为 简单机器人的量产对投资的影响会边际变弱，但AGI 的叙事有望边际变强，看好具备构建大脑能力的 领跑公司及产业链，包括特斯拉核心产业链和具有垂直场景的本体公司。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 ...

转自：嘉兴日报 2026年美国拉斯维加斯消费电子展（CES）9日落下帷幕。本届展会上，人工智能（AI）依然是最醒目 的关键词。但与往年不同，今年的展示重心已从"模型能力"转向"产品能力"，从技术秀场转向可规模化 落地的应用。记者在现场观察到，AI正在从概念化走向工程化和产业化，端侧AI和物理AI成为技术突 破的核心方向。 AI成为"系统级能力" （来源：嘉兴日报） 与以往以概念展示为主不同，今年亮相的机器人展品明确瞄准具体应用场景，更加注重实际应用能力。 记者在展馆看到，多款机器人在模拟的仓储、零售和公共服务环境中连续运行，能够自主规划路线、识 别物品并完成多步骤操作。 在物流和仓储场景中，机器人承担分拣、搬运和货架补货等任务；在制造场景中，它们执行高重复度或 高风险工序；在服务场景中，机器人化身讲解员、送餐员、咖啡师、茶艺师等，提供情绪价值及稳定、 精细的服务体验。 走进CES展馆，一个明显变化是，围绕AI的讨论不再集中于模型规模、算力指标或技术路线之争，而更 多聚焦于AI"能做什么""如何嵌入现有系统""怎样实现规模化部署"。 展会上，大模型仍是基础，但不再是展台中心。取而代之的，是大量可实际运行的AI设 ...

1. 逾50万亿定期存款迎到期潮，"存款搬家"再定价资产配置 。国信证券测算，若2025年年末存 款到期结构与年中相近，2026年到期的定期存款规模约57万亿元；在存款利率进入"1%时代"背 景下，这轮到期资金再配置方向成为机构与投顾关注的主线。 2. 银行理财开年"固收+"继续当主力，但产品货架开始更强调多资产与分散 。市场报道指出，2026年银行 理财进入全面净值化新阶段，新发产品仍以封闭式固收类为主，占比仍偏高，"固收+"被视作规模增长的重 要引擎之一。 3. 公募基金销售费用新规落地 。新版《公开募集证券投资基金销售费用管理规定》自2026年1月1日起施 行，强化对短期交易行为的约束：对股票型、混合型等场外基金，持有不足7天/30天/180天的赎回费率分别 不低于1.5%/1.0%/0.5%，并优化为赎回费全额计入基金财产。 4. 公募基金仓位"高低切换" 。随着公募仓位新一轮布局切换的窗口正式开启，数字经济或成为基金开年后 角逐的重点。多位基金经理认为，新年赛道行情变化，反映公募在不同赛道间的"高低切换"与"多退少 补"，也预示着基金对AI技术从"修路"（算力基础设施建设）向"开店通车"（应用落地变 ...

当前，人工智能行业正深陷 "GPU 竞赛" 的热潮，在2026年CES（国际消费电子展）现场随处可见对云 端 AI 应用的热议，"人均GPU 数量" 成为衡量技术实力的热门指标，从企业到国家层面都在追逐算力的 堆砌。 美西时间1月6日-8日，钛媒体CES 2026「Talk to the World」系列论坛在拉斯维加斯举办。会上，加州大 学伯克利分校Vive 增强现实中心创始执行主任Dr. Allen Yang提出了一个清醒而关键的观点：我们应超 越云端，将目光投向物理世界，探寻物理 AI 的下一个 "AlphaGo时刻"。 作为伯克利 Vive 增强现实中心创始执行主任，Dr. Allen Yang主导着 AR/VR、元宇宙及赛车自动驾驶三 大创新方向。过去四年，他带领伯克利 AI 赛车队连续征战 CES 自动驾驶挑战赛，并在 2025 年斩获头 对头超车项目冠军。这些扎根物理场景的实践让他深刻意识到，物理 AI 与依赖云端数据的大型语言模 型有着本质区别，其真正的 "分水岭时刻" 尚未到来。 他指出，虽然以AlphaGo和大型语言模型为代表的AI已取得里程碑式突破，但物理AI仍亟待属于自己 的"分水岭时 ...