前言 《百亿基金内参》打破机构信息壁垒，为您提供一线基金经理的深度研判与实时资金动向。每周深度访 谈还原投资逻辑，日常内参追踪机构调仓信号，助您看透表象、提前布局、掌握核心投研方法。告别滞 后与碎片信息，直达决策核心。 【本期重点】 ★台积电引爆信心！大幅上调AI收入指引，半导体景气度获验证 ★主题退潮后谁接力？业绩扎实的"出海"方向有望扛旗 本期会谈，邀请数位买方机构的基金经理，对大盘、政策、以及后市投资机会等进行深度交流。 点击付费阅读，打通与百亿基金经理的信息差！ ★AI大战进入"赚钱"阶段：紧跟巨头，关注传统板块升级 ★AI Agent：巨头必争的下一代入口，或是全年确定性主线 ★新焦点浮现！自动驾驶：技术突破+政策助推，或成下一风口 ★先进封装从"可选"到"必选"，国内企业迎来价值重估 ...

2026年初的国际消费电子展(CES)落幕，但展会上关于自动驾驶的竞速讯号却持续回荡。英伟达发布新 一代具备思维链推理能力的自动驾驶模型，并宣布L4级Robotaxi服务测试时间表；Uber联合合作伙伴展 示量产合作车型，计划部署上万规模车队。一系列动态清晰地揭示：全球L4级自动驾驶竞赛的焦点， 已从实验室的技术演示，转向"量产落地与商业运营"的实战关键赛段。 在这场关乎未来出行形态的全球竞速中，中国并非旁观者，而是深度参与者与创新策源地之一。历经多 年扎实的技术积累与审慎的渐进式试点，中国自动驾驶产业正依托全球最复杂的城市道路场景、最完整 的本土供应链体系，以及一套积极务实且以安全为底线的产业政策，迈入以"安全可靠"为根本前提的规 模化商用探索新阶段。从百度"萝卜快跑"在多个城市有序扩大运营范围，到小马智行在特定区域开展全 无人化测试，中国头部企业正在将技术能力转化为真实的出行服务。与此同时，以移动出行平台身份切 入赛道的企业，如哈啰，也通过发布明确的前装量产车型规划与商业路线图，加入了这场以尖端技术突 破与规模化运营能力"双轮驱动"的商业化冲刺。一幅多元主体参与、多技术路径并行的中国自动驾驶产 业全景图正 ...

凤凰网科技讯 1月21日，特斯拉官方已宣布，其免费FSD功能转移计划将于2026年3月31日正式终止。 在此之前，车主可将已购的自动驾驶套件免费转移至另一辆特斯拉车辆。有报道称，与以往作为季度末 促销手段不同，此次调整被外界视为该计划的永久性结束。 不久前，特斯拉刚确认2月14日后将取消FSD套件的一次性买断选项，仅提供订阅选项。特斯拉首席执 行官埃隆 马斯克暂未披露这一决策的具体原因。 对于特斯拉来说，这是一次重大转变。该公司最早在2016年末以5000美元的价格开始销售其自动驾驶系 统，随后多次提价，目前为8000美元，并在2021年推出了按月订阅的选项。 有特斯拉车主表示："这很让人反感，特别是现在几乎所有功能都变成了订阅服务。" ...

证券日报网讯1月21日，君逸数码（301172）在互动平台回答投资者提问时表示，广东光宏精密的精密 光学元组件可应用于激光雷达领域，其生产的光学透镜等核心器件，能为激光雷达提供光束调控、信号 传输等关键功能，适配自动驾驶、测绘等场景需求。光宏精密的光学产品具备高性能、高稳定性特性， 理论上可拓展至卫星光学系统相关领域，目前正积极推进技术验证与市场拓展。具体进展请以公司公告 为准。 ...

格隆汇1月21日｜华鑫证券研报指出，锐明技术25年业绩高增，无人巴士加速落地。公司2025年前三季 度累计实现归母净利润2.74亿元，按照25年净利润中值3.85亿元测算，Q4单季度预计实现归母净利润约 1.11亿元，环比Q3净利润0.71亿元大幅提升，单季改善幅度显著。全年净利润同比维持在约30%高速增 长区间，业绩节奏符合预期。公司依托高价值量产品持续开拓新客户，并在存量终端客户中提升渗透 率，驱动收入与利润同步增长。另外，公司新开发AI大模型，从车队级别为客户提供数据与智能化增 值服务，毛利率高达60%以上，有望在26年贡献增量利润。凭借在公交领域的经验积累，公司强势切入 无人巴士领域，正在重点推进Robobus项目的落地应用。考虑到公司辅助驾驶业务高速发展、自动驾驶 属性强化，给予"买入"投资评级。 ...

本周以来，智能驾驶板块有所回调，但资金借震荡进行中长期布局的意愿依然明显。其中，智能驾驶 ETF（516520）2026年以来（26/1/5-26/1/20）持续获得资金青睐，12个交易日中有9个交易日获资金加 仓，区间累计"吸金"5.25亿元，这一规模已达到其2025年全年净流入总额的1.5倍。资金的持续涌入推动 基金规模、份额攀升至12.12亿元、8.86亿份，相较年初分别上涨88%、77%，具有规模较大、流动性表 现较优的特征。（截至25/12/31智能驾驶ETF基金规模、份额分别为6.45亿元、5.02亿份，2025年智能驾 驶ETF净流入3.34亿元，数据来源：交易所、Wind，截至26/1/20） 行业层面，智能驾驶正进入以AI大模型为核心驱动的新阶段。2026年以来，L3级智驾法规落地进程推 进、硬件成本持续下探、AI大模型加速开源赋能以及Robotaxi等商业化探索深化，共同为板块注入了持 续的成长动力。（资料来源：人民网《XX汽车获得首块L3级自动驾驶专用正式号牌》-25/12/21；数据 来源：Wind） 展望未来，自动驾驶或正临近规模化发展的关键节点。麦肯锡研究预计，2025-2027年 ...

其他车企不想要FSD 凤凰网科技讯北京时间1月21日，据《商业内幕》报道，传统汽车制造商在取得特斯拉全自动驾驶系统 (FSD)授权问题上犹豫不决，这被埃隆.马斯克(Elon Musk)称之为"不可理喻"。但是，近期一系列的行业 动向表明，他们的这种犹豫其实具有战略考量。 最近几周，更多汽车制造商发布了自主研发自动驾驶系统关键模块的路线图，而非将技术外包。由于汽 车技术被视为塑造品牌的重要组成部分，特斯拉的授权方案反而难以推销。 例如，电动汽车创业公司Rivian正在通过为自动驾驶计算机设计专属芯片来深化垂直整合。在去年12月 初的Rivian自动驾驶与AI日活动上，Rivian CEO RJ.斯卡林奇(RJ Scaringe)甚至提出了进军自动驾驶出租 车业务的构想。 自研的好处 福特在拉斯维加斯国际消费电子展(CES)上宣布，计划在2028年前开发出适用于公共道路的"免看驾 驶"系统(不用盯着路面)。该公司表示，内部开发可以降低30%的成本，同时对软件的集成和部署拥有更 多控制权。 "要实现系统整合，我无法依赖这么多供应商，"福特电气工程负责人保罗.科斯塔(Paul Costa)表示，"我 们需要自研这些技 ...

公司评论 第一上海研究部 research@firstshanghai.com.hk 2026 年 1 月 19 日 星期一 【公司评论】 特斯拉（TSLA）：周报 852-25321957 Jinglin.li@firstshanghai.com.hk Robotaxi：特斯拉选择三星为其提供 5G 调制解调器 1 月 15 日，据 TheElec 报道，三星系统 LSI 部门已完成为特斯拉开发的专用车用 级 5G 调制解调器，目前正处于测试阶段，预计将于今年上半年开始供货，首批部 署计划用于特斯拉在德克萨斯州的 Robotaxi 出租车队。车载 5G 调制解调器（Aut omotive 5G Modem）负责让车辆与互联网、其他车辆、设施进行高速、低延迟的数 据交换，提供了超视距感知，对于自动驾驶系统至关重要。 FSD：FSD 服务转向订阅制模式；发布 FSD v14.2.2.3 1 月 14 日，马斯克在 X 上发帖证实特斯拉将停止一次性购买 FSD 系统渠道，并将 仅提供按月订阅的模式。马斯克表示特斯拉停止销售 FSD 功能的日期为 2 月 14 日。 目前在美国 FSD 的订阅模式为每月 99 美元 ...

Core Viewpoint - SK Hynix announced a record year-end bonus of over 136 million KRW (approximately 640,000 RMB) per employee, attributed to a historic labor agreement and strong company performance, with projected operating profits nearing 45 trillion KRW (approximately 212.7 billion RMB) by 2025 [2][3]. Group 1: Record Bonuses and Labor Agreements - The significant bonuses are a result of a historic labor agreement that removed the previous cap on profit-sharing, allowing 10% of annual operating profits to be allocated to the bonus pool [3]. - The total bonus pool is expected to reach 4.5 trillion KRW (approximately 21.3 billion RMB), with an average of 136 million KRW per employee based on the company's workforce of 33,000 [3]. Group 2: Market Dynamics and Stock Performance - The memory market is reportedly in a "super bull market," surpassing previous highs due to increased demand from sectors like smart cars and AI, with prices for DDR5 memory rising over 300% since July 2025 [4]. - SK Hynix's stock price surged from approximately 204,000 KRW at the end of 2024 to about 760,000 KRW by the end of 2025, marking a 275% increase, making it one of the best-performing chip stocks globally [4]. Group 3: Automotive Memory Business Growth - The automotive memory segment has seen significant growth, driven by the rapid development of smart vehicles and the increasing demand for high-performance memory to support advanced features like autonomous driving [5][6]. - SK Hynix has strategically positioned itself in the automotive memory market, leveraging its technological advancements and securing ASIL-D certification, which is crucial for automotive safety standards [6]. Group 4: Technological Innovations and Collaborations - SK Hynix is focusing on both traditional memory technology and innovative AI-driven memory solutions for automotive applications, enhancing performance and reliability [6][7]. - Collaborations with major players in the autonomous driving sector, such as Waymo, are expanding, indicating a growing market for HBM technology in automotive applications [7]. Group 5: Future Market Outlook - The demand for memory is expected to continue rising, particularly in the context of AI and smart automotive technologies, with significant implications for market competition and pricing strategies [8]. - The memory market is dominated by three major players—Samsung, SK Hynix, and Micron—who collectively hold over 90% market share, indicating a highly concentrated competitive landscape [8][9].

Group 1: Electric Equipment and New Energy - The German government announced a €3 billion subsidy for families purchasing electric vehicles, providing up to €6,000 per household, aimed at boosting the electric vehicle industry and supporting lithium battery demand [2] - The report recommends companies in the lithium battery supply chain, including CATL, Yiwei Lithium Energy, and others, due to expected performance growth driven by increased lithium battery demand [2] Group 2: Automotive Industry - Key changes in the automotive industry include rising costs from storage chips and copper, Bosch's performance challenges reflecting European supply chain transitions, and Canada's reduction of tariffs on Chinese electric vehicles to 6.1%, creating opportunities for Chinese automakers in North America [3] - The report suggests focusing on automakers with comprehensive industry chain advantages and global expansion strategies [3] Group 3: Basic Chemicals - The demand for yellow phosphorus is expected to improve due to growth in downstream phosphoric acid and new energy materials, with high sulfur prices enhancing the competitiveness of thermal phosphoric acid [4] - Domestic production capacity for yellow phosphorus is strictly controlled, leading to a favorable supply-demand dynamic that may benefit integrated companies in the phosphorus industry [4] Group 4: Consumer Sector - In December, China's retail sales increased by 0.9% year-on-year to CNY 4.5 trillion, with a focus on durable goods like automobiles and home appliances [6] - The report highlights structural opportunities in high-growth sectors, recommending investments in domestic brands, technology consumption, and high-dividend stocks [6] Group 5: Fixed Income - The ABS market is expected to recover in 2026, with a shift in supply structure and increased activity in consumer finance and real estate ABS [7] - The report anticipates a gradual recovery in financing demand, although total ABS issuance may not see significant growth [7] Group 6: Utilities - China's electricity prices have been declining, while the U.S. faces electricity shortages, leading to a divergence in electricity stock valuations between the two countries [8] - The report recommends undervalued power operators, as stable coal prices could support electricity prices and valuations in the sector [8] Group 7: Key Companies - TCL Electronics announced a strategic partnership with Sony to enhance its global leadership in home entertainment, projecting a 45%-60% increase in adjusted net profit for 2025 [10] - Yanjing Beer expects a 50%-65% increase in net profit for 2025, driven by operational improvements and market strategies [11] - Sony's strategic partnership with TCL aims to streamline its home entertainment business, focusing on high-growth areas and enhancing operational efficiency [12] - Xingyu Co. is advancing its Micro-LED technology through a strategic partnership, aiming to accelerate the commercialization of this technology [13] - China Duty Free Group plans to acquire DFS assets to strengthen its position in the Hong Kong and Macau markets, enhancing its competitive edge [15]