未经许可，不得转载或者引用。 投资要点 政策支持催化无人矿卡落地，Robox优质细分赛道渗透加速。 采矿行业存在事故频发、工作环境恶劣且偏远、劳动力老化、经济效益下滑等行业痛点，其中 安全性是采矿行业的基本诉求。为减少采矿行业事故发生率，国家政策全面推进矿山无人化/ 少人化，明确到2026年煤矿智能化产能占比不低于60%，各项政策的颁布加快无人驾驶技术在 矿山运输领域的应用。露天煤矿无人矿卡作为智驾技术在细分赛道的应用之一，其系统实现基 于中心云、区域云、路侧以及车端等多源数据融合，与主流智驾技术存在一定差异化，是优质 的RoboX细分赛道。 露天煤矿是无人矿卡的优先落地场景。 露天煤矿因各功能区域划分清晰，矿卡行驶路线多为固定环线或点对点路线，是无人矿卡的理 想落地场景。2023年国内矿卡保有量约为10万台，其中露天煤矿矿卡年需求量约为3万台，根 据产量占比计算，我们预计国内年产千万吨级露天煤矿的无人矿卡潜在总需求量约为2.1万辆； 据弗若斯特沙利文预计，2030年国内无人矿卡市场规模将达到301亿元。当前国内无人矿卡市 场玩家主要包括主机厂、方案商及IT厂商三类，其中智驾方案商为核心玩家，包括易控智驾、 ...

下单到安全员下车，整体周期最少接近 3 个月，各项条件完备情况下可 缩短至 1-2 周，但适用规模较小。 Q&A 无人矿卡在实际落地中通常有哪些定价与合作模式？客户会如何在"购买套件/ 技术交付、购买整车、租赁、工程运营"等不同模式之间选择？未来模式占比 可能如何变化？ 矿山无人化运营方专家交流 20260226 摘要 无人驾驶矿卡行业呈现多方协作模式，包括矿方直接采购、主机厂与科 技公司租赁合作，以及无人驾驶科技公司主导的工程运营模式，易控智 驾正从工程运营向技术交付转型，而西迪智驾侧重纯技术交付。 技术服务收费通常与质保期绑定，单车三年服务费主流区间为 60 万 ~65 万元，折算至每吨约 0.7 元。工程运营报价随合同期限延长而降低。 报价差异主要取决于单车可分摊的年运输规模，煤矿场景报价较低，金 属矿较高，骨料矿因减产导致单位报价更高。 煤矿车辆在无人矿卡存量中占比高，易控和西迪均超过 80%。单车三年 服务费从 65 万~70 万降至 60 万~65 万，主要受硬件成本下降和行业 竞争加剧驱动，但软件定制化需求和交付成本限制了价格的进一步下降。 行业运输效率持续提升，从 2023 年的 70%~75 ...

格隆汇2月13日丨长久物流(603569.SH)在投资者互动平台表示，公司主营业务目前不涉及无人驾驶技术 研发或制造业务。国家治超政策发布后，部分主机厂开始与公司接触，报价逐步开始做涨幅调整。 ...

格隆汇2月13日丨长久物流(603569.SH)在投资者互动平台表示，公司主营业务目前不涉及无人驾驶技术 研发或制造业务。国家治超政策发布后，部分主机厂开始与公司接触，报价逐步开始做涨幅调整。 ...

Group 1 - The core message highlights the successful demonstration of Baidu's fully autonomous driving service "萝卜快跑" (LuoBo Kuaipao) during the World Government Summit in Dubai, showcasing China's advancements in autonomous driving technology [2][3] - Sheikh Hamdan, the Crown Prince of Dubai, personally experienced the service, emphasizing the importance of autonomous driving in Dubai's future transportation strategy and the recognition of Chinese technology [2][4] - The event marked a significant milestone in the globalization of Chinese autonomous driving, as "萝卜快跑" was the only designated fully autonomous vehicle fleet at the summit, providing rides to global leaders and industry figures [3][4] Group 2 - "萝卜快跑" has accelerated its expansion in the Middle East, having signed a cooperation agreement with the Dubai Roads and Transport Authority to deploy over 1,000 fully autonomous vehicles [6] - By October 2025, "萝卜快跑" had achieved over 240 million kilometers in total autonomous driving mileage globally, with more than 140 million kilometers driven without safety personnel, covering 22 cities and completing over 17 million orders [8] - The company aims to support Dubai's goal of achieving 25% automated transportation by 2030, positioning itself as a benchmark for Chinese autonomous driving companies in international markets [8]

Core Insights - The meeting between Pony.ai and Changjiu Logistics focused on the commercialization of autonomous driving technology in logistics scenarios [1] - Pony.ai, established in 2016, is a leading global player in autonomous driving, with operations in Robotaxi, Robotruck, and technology licensing [1] - Changjiu Logistics is a pioneer in the automotive logistics sector in China, collaborating with over 60 automotive brands and more than 80 major manufacturers [1] Company Overview - Pony.ai has achieved full autonomous driving commercialization and operates in various regions including Europe, East Asia, and the Middle East [1] - Changjiu Logistics owns over 2,400 self-owned middle-axle car carriers, emphasizing its significant presence in the automotive logistics industry [1] Meeting Focus - The discussion centered on the technical and commercial feasibility of applying Pony.ai's autonomous heavy trucks in specific scenarios [1] - The goal is to enhance the digital transformation of Changjiu Logistics' fleet, improving operational efficiency and safety [1]

特斯拉（TSLA）周五早盘上涨4.1%。在2025年利润下降46%并停产Model S/X以改造弗里蒙特生产线用 于生产人形机器人后，该公司表示2026年资本支出将增加一倍以上至约200亿美元，用于资助无人驾驶 技术和Optimus机器人。 责任编辑：张俊 SF065 特斯拉（TSLA）周五早盘上涨4.1%。在2025年利润下降46%并停产Model S/X以改造弗里蒙特生产线用 于生产人形机器人后，该公司表示2026年资本支出将增加一倍以上至约200亿美元，用于资助无人驾驶 技术和Optimus机器人。 责任编辑：张俊 SF065 ...

Core Viewpoint - Tesla is shifting its focus from electric vehicles to robotics, planning to invest $20 billion this year to support this transformation, indicating a significant pivot in its business strategy [1][2]. Group 1: Financial Performance and Investment Plans - Tesla's capital expenditure decreased by 24% to $8.6 billion last year, but it is projected to more than double to over $20 billion by 2026 as the company transitions towards artificial intelligence and robotics [1][3]. - The automotive revenue, which constitutes about 70% of Tesla's business, is expected to decline by 10% in 2025 due to the lack of new electric vehicle models and increased competition, particularly from BYD in China and Volkswagen and BMW in Europe [2]. Group 2: Product Development and Future Vision - Tesla plans to end production of the Model S and Model X, which accounted for less than 3% of total deliveries last year, to repurpose the Fremont factory for producing the Optimus robot [2][4]. - Elon Musk envisions that Optimus could eventually make Tesla a $25 trillion company, with 80% of its value derived from robotics [2]. Group 3: Technological Challenges and Competition - The company faces significant competition in both robotics and autonomous driving, with rivals like Waymo and Baidu expanding their services [5]. - Tesla is also planning to establish a large-scale chip manufacturing facility, TeraFab, to ensure it can meet its hardware needs and mitigate geopolitical risks [6]. Group 4: Expansion of Services - Tesla aims to expand its Robotaxi fleet in the U.S. and is testing a fully autonomous ride-hailing service in Austin, Texas, with plans to extend this service to seven additional markets [4].

特斯拉计划今年投入200亿美元，用于精简电动汽车产品线，并将资源向机器人和人工智能（AI）领域 倾斜。这是该公司一系列调整的一部分，推动基本盘从汽车制造进一步转型。 周三公布的资本支出计划规模约为华尔街预期的两倍，将用于支持多家工厂的产能扩张、扩大新兴的无 人驾驶出租车业务、构建人工智能基础设施。特斯拉还宣布计划停产Model S和Model X车型，并将这些 工厂产能用于生产Optimus人形机器人。 "我们正在进行非常非常大的投资，"首席执行官埃隆·马斯克在特斯拉发布第四季度业绩后的电话会议 上说道。 马斯克 这些引人注目的举措还包括一项向马斯克的xAI初创公司投资20亿美元的新协议，以及关于可能建设半 导体制造工厂的讨论。这些举措凸显了特斯拉的雄心，力图以削弱汽车销售业务为代价，向人工智能、 无人驾驶技术和机器人方向转型。特斯拉的汽车销售业务已经连续两年下滑，并将在2026年面临更多挑 战。 推荐阅读：马斯克称特斯拉需要自建芯片厂 现有供应商无法满足需求 推荐阅读：马斯克称特斯拉需要自建芯片厂 现有供应商无法满足需求 尽管许多新业务线仍遥遥无期，而且前景不明朗，但投资者普遍支持此次转型。无论是电动汽车销 ...

Core Viewpoint - The company has developed over 2,000 automotive connectors and components, covering various systems including smart cockpits, advanced driver assistance systems, engines, and vehicle connection systems [1] Group 1: Product Development - The company has a comprehensive product range that includes smart cockpit, advanced driver assistance, engine, three-electric systems, and overall vehicle connection systems [1] - The company is leveraging Time-Sensitive Networking (TSN) technology to participate in the development of advanced driver assistance technologies [1] Group 2: Autonomous Driving - The company is involved in the development of technologies related to autonomous driving, specifically inquiring about participation in Level 3 (L3) autonomous driving technology development [1]