两说 2026年达沃斯论坛上，加拿大总理马克·卡尼的演讲引发了广泛的共鸣。他认为，在大国竞争加剧、地 缘冲突不断、国际组织影响力减弱的动荡环境中，世界正在经历一场痛苦的断裂而非转型。 作为这样一个多变的环境中的稳定力量，中国会在这场论坛上受到怎样的关注与期待？要在暗流涌动的 国际市场环境当中行稳致远，中国企业出海要做好怎样的准备？人工智能被视作这场变革中的重要力 量，它的资产价值和短期潜力有被高估吗？ 本期东方卫视《两说》节目，听来自2026年达沃斯论坛专家学者和企业家们的声音，解读世界秩序重构 当中的关键变量。 看企业出海 要给世界带来正向的中国影响力，企业的出海是一大关键。对此，麦肯锡中国区主席倪以理特别强调了 中国企业在2025年对抗不确定性时所展现出的韧性，是去年我国市场最终平稳向好的关键。他也进一步 提出，中国企业应该继续从"世界工厂"向"世界企业"转变，加强创新，输出好的IP和想法。 禾赛科技联合创始人、CEO李一帆总结了过去几年的出海经验：如果自己的产品素质过硬、在成本上 有优势，那么关税并不会成为客户选择你的障碍。但同时他也提出，成本不能成为企业在国际上站稳脚 跟的唯一因素，要用技术创新来打造 ...

两说 2026年达沃斯论坛上，加拿大总理马克·卡尼的演讲引发了广泛的共鸣。他认为，在大国竞争加 剧、地缘冲突不断、国际组织影响力减弱的动荡环境中，世界正在经历一场痛苦的断裂而非转型。 作为这样一个多变的环境中的稳定力量，中国会在这场论坛上受到怎样的关注与期待？要在暗流 涌动的国际市场环境当中行稳致远，中国企业出海要做好怎样的准备？人工智能被视作这场变革中的 重要力量，它的资产价值和短期潜力有被高估吗？ 本期东方卫视《两说》节目，听来自2026年达沃斯论坛专家学者和企业家们的声音，解读世界秩 序重构当中的关键变量。 世界局势复杂多变 中国作为重要稳定力量受到期待 普华永道全球主席康慕德说，他们在调研当中发现，只有30%的CEO认为在2026年仍然看得到增长路 径——主要原因在于正在发生的变化规模和速度都前所未有。这种变化主要来自两个维度：地缘政治和人 工智能。 在对投资者的建议方面，渣打集团财富管理及零售银行业务与东盟、南亚、大中华及北亚行政总裁徐 仲薇认为，即使市场存在波动，只要的资产配置合理、投资组合分散，并且符合自身的风险承受能力，就 不用过度恐慌。瑞银财富管理全球首席投资总监马克·海菲尔也指出，当今投资 ...

Core Viewpoint - The article emphasizes that AI is reshaping the manufacturing ecosystem, transitioning from traditional manufacturing to intelligent manufacturing, which is seen as a key direction for industrial technological transformation and optimization [2]. Group 1: AI and Manufacturing Transformation - The Chinese government is focusing on smart manufacturing as a primary strategy to leverage AI technology across the entire production chain and lifecycle, aiming for technological innovation and product upgrades while maintaining scale advantages [2]. - The ongoing discussions at the Shanghai meetings highlight the importance of building a modern industrial system during the "14th Five-Year Plan" period, which includes promoting the digital and green transformation of traditional industries and developing new emerging industrial clusters [2]. Group 2: Opportunities and Challenges - China has a significant opportunity in the AI-driven transformation of the physical world due to its extensive manufacturing experience and data resources, which are crucial for competing in the AI landscape [3]. - However, challenges arise from the need to balance maintaining existing manufacturing capacity with the integration of AI technologies, requiring a willingness to restructure traditional manufacturing logic and supply chains [3]. Group 3: Institutional and Economic Reforms - The transformation driven by AI necessitates not only operational and technological upgrades but also a fundamental restructuring of the economic and social systems, emphasizing the need for institutional reforms to create a more flexible environment for innovation [3]. - Recent adjustments in VAT input tax by the Ministry of Finance are seen as a positive step towards fostering a more conducive environment for market participants [3]. Group 4: Learning from Successful Practices - Learning from successful industrial layouts in various regions is crucial, as exemplified by Shanghai's introduction of Tesla, which has helped establish a competitive international supply chain for electric vehicles [4]. - The experience gained from these practices is valuable for advancing China's manufacturing into intelligent manufacturing and leveraging AI technologies [4]. Group 5: Open Economic Environment - The success of China's electric vehicle industry is attributed to the establishment of a free and open economic environment, which has facilitated the integration of global technologies and standards [6]. - In the era of physical AI, the competition will increasingly depend on market openness, technological openness, and institutional inclusiveness, making these factors essential for survival and development [6]. Group 6: Future of AI in Manufacturing - The article suggests that the future of manufacturing will involve AI agents as a service, which presents new challenges regarding product safety, technical standards, and compliance with local laws [6]. - The transition to a physical AI era will require a shift in thinking from merely using AI as a tool to creating a robust institutional framework that supports decision-making, tolerance for failure, and innovation [7].

Core Viewpoint - China is entering the AI era in the physical world, necessitating a reconstruction of institutional frameworks, a reset of business strategies, and a transformation of consumer behaviors [1][5]. Group 1: AI in Manufacturing - The Chinese government emphasizes that smart manufacturing is the main direction for driving technological transformation and optimization in the industry, focusing on leveraging AI across the entire production chain [2]. - The ongoing discussions at the Shanghai meetings highlight the need to build a modern industrial system during the 14th Five-Year Plan, aiming for the digital and green transformation of traditional industries and the development of new pillar industries [2][4]. - By 2026, China aims to leverage AI to become a leader in future industries, which is crucial for securing a position in the AI-driven economy [2][3]. Group 2: Opportunities and Challenges - China possesses extensive manufacturing experience and data, which are strategic resources for competing in the AI landscape, but faces challenges in balancing existing production capacity with the need for AI-driven transformation [3]. - The transformation requires a willingness to embrace trial and error, as well as a decisive approach to restructuring traditional supply chains [3]. Group 3: Institutional and Economic Reforms - The shift towards AI in the physical world demands a reformation of the economic system, particularly in incentive mechanisms, to foster a more flexible environment for innovation [3]. - Recent adjustments in tax policies, such as changes to VAT input tax credits, are seen as positive steps towards creating a conducive environment for innovation [3]. Group 4: Learning from Successful Practices - Learning from successful industrial layouts in various regions is crucial, as exemplified by Shanghai's introduction of Tesla, which has helped develop an international supply chain for the new energy vehicle industry [4]. - The competitive advantage of China's new energy vehicle sector has been built on an open market environment, which is essential for the future of AI in manufacturing [4]. Group 5: Market Dynamics in the AI Era - The future of manufacturing will increasingly rely on AI agents, which present new challenges in terms of product safety, technical standards, and compliance with varying legal frameworks [4]. - The competitive landscape in the AI era will depend heavily on market openness, technological accessibility, and inclusive institutional frameworks, making openness a fundamental requirement for survival and growth [4].

登录新浪财经APP 搜索【信披】查看更多考评等级 金融市场瞬息万变，投资与经济政策深刻影响全球。我们为您带来昨夜今晨的财经新闻，涵盖股市动 态、经济数据、企业财务和政策更新，帮助您全面把握金融世界。 商务部新闻发言人就中国诉美《通胀削减法》世贸争端案专家组发布裁决答记者问 世贸组织专家组裁定美国《通胀削减法》中清洁能源补贴措施违反世贸规则，驳回美方相关抗辩，并要 求其取消违规措施。中方对此客观公正的裁决表示欢迎和赞赏，强调自身是世贸规则和国际经贸秩序的 坚定维护者，敦促美方尊重裁决，尽快纠正错误做法，以维护国际贸易的稳定有序发展。 一纸提名引爆史诗级抛售：现货白银一度跌36% 金价失守5000大关 特朗普提名凯文·沃什为下任美联储主席的消息，引发市场对美联储独立性担忧缓解的预期，推动美元 走强。这直接导致贵金属市场遭遇史诗级抛售，现货白银价格一度暴跌超36%，黄金价格也失守5000美 元大关，最高跌幅超过12%。分析师指出，此轮暴跌由"货币贬值交易"逻辑受挑战、杠杆仓位被迫平仓 以及市场对集中持仓的重新评估共同导致。 涉嫌信息披露违法违规，两家公司被证监会立案调查 证监会于1月30日对宝馨科技及其实际控制人马 ...

Core Insights - Horizon Robotics aims to establish itself as a leader in the AI-driven physical world, focusing on both automotive and robotics sectors, and is transitioning from hardware sales to ecosystem solutions [1][4][12] - The company has set ambitious targets for its solution business, projecting a 250% year-on-year growth by mid-2025, with authorized services expected to reach 738 million [2][12] - Horizon's HSD Together model emphasizes a tiered open approach, allowing automotive companies to customize solutions while reducing costs, distinguishing it from competitors like Huawei [2][10] Company Strategy - Horizon Robotics has developed partnerships with major industry players, such as Continental and Volkswagen, to secure long-term orders and access global automotive markets, aiming to create a closed loop of "chips-algorithms-ecosystem" [3][12] - The company is focused on providing comprehensive solutions rather than just components, enabling smaller automotive firms to quickly adopt advanced driving capabilities without extensive R&D [2][5] Financial Performance - Horizon's revenue model currently relies heavily on chip sales, raising questions about the future proportion of ecosystem service fees in its overall revenue [1][12] - The company reported R&D expenditures of 2.3 billion yuan, a 62% increase from the previous year, indicating a significant investment in technology development [8][12] Market Positioning - Horizon Robotics positions itself as a key player in the AI ecosystem, aiming to make advanced technology accessible to a broader audience, as emphasized by its CEO [12][13] - The company faces challenges in balancing cost, safety, and competitive pressures while striving to maintain its leadership in both the automotive and robotics sectors [13] Challenges and Concerns - There are concerns regarding the safety of low-cost intelligent driving solutions, particularly in relation to sensor redundancy and computational power [7][10] - The open nature of the HSD Together model raises questions about the potential for technology replication and competition among automotive partners [7][10] - Horizon's dual focus on both intelligent driving and robotics may lead to resource dilution, impacting its ability to maintain leadership in both areas [8][12]

Group 1: IPO Updates - Seyond Holdings Ltd. (图达通) officially listed on the Hong Kong Stock Exchange on December 10, 2025, under the stock code "2665" [3] - The company, founded in 2016, is a leading provider of high-performance lidar solutions, ranking second globally in cumulative sales revenue for ADAS lidar solutions from 2022 to 2024 [3] - In the first three quarters of this year, 图达通 delivered approximately 181,131 units of automotive-grade lidar, representing a year-on-year growth of 7.7% [5] Group 2: Financial Performance and Market Position - 图达通 achieved a gross margin of 12.9% in the first five months of this year, indicating a positive shift towards profit-driven growth [5] - The company has established a complete product matrix covering both high-end and mass-market segments, with significant delivery achievements validating its high performance and reliability [4] - 图达通's CEO emphasized the importance of lidar technology in the development of AI in the physical world, suggesting a vast market potential for the company [5] Group 3:希迪智驾 (Xidi Zhijia) IPO Plans - 希迪智驾 plans to officially list on the Hong Kong Stock Exchange on December 19, 2025, under the stock code "3881," with an IPO market value exceeding 11.5 billion HKD [6] - The company has secured cornerstone investors, including major financial institutions, with total subscriptions exceeding 546 million HKD [6] - As of June 30, 2025, 希迪智驾 had a backlog of orders valued at approximately 584 million RMB and had delivered 304 autonomous mining trucks [7] Group 4: Financial Growth and Market Ranking - From 2022 to 2024, 希迪智驾's revenue grew from 31 million RMB to 410 million RMB, with a compound annual growth rate of 263.1% [8] - The company's gross margin improved from -19.3% in 2022 to 24.7% in 2024, indicating a positive trend in profitability [8] - By 2025, 希迪智驾 ranked third in the autonomous mining truck solutions market in China, with a market share of approximately 5.2% [8] Group 5: 鸣鸣很忙 (Mingming Hen Mang) Listing Notification - 鸣鸣很忙 received a notification for its overseas listing on the Hong Kong Stock Exchange, planning to issue up to 76,666,400 shares [10] - The company reported a retail sales volume of 41.1 billion RMB in the first half of this year, with revenue of 28.12 billion RMB and an adjusted net profit of 1.034 billion RMB [11] - As of June 30, 2025, 鸣鸣很忙 had a cash balance exceeding 2.394 billion RMB, reflecting strong financial health and efficient asset management [11]

Summary of Key Points from the Conference Call Industry Overview - The conference covered updates on the robotics, finance, and insurance industries, with a focus on the global embodied intelligence market and its future outlook [1][3][30]. Robotics Industry Insights - A comprehensive report on embodied intelligence predicts the market will reach $25 trillion by 2050, up from $100 billion in 2025, indicating a growth of 250 times over 25 years [7]. - The humanoid robotics market is expected to reach $7.5 trillion by 2050, with autonomous vehicles projected at $5.6 trillion, and service robots at $5 trillion [7]. - Key components in the robotics sector are forecasted to see significant growth: cameras (95x), radar (300x), lidar (300x), motors (260x), and batteries (1400x) over the next 25 years [9][10]. Humanoid Robots - The average price of humanoid robots in the U.S. is projected to decrease from $180,000 to $75,000 by 2050, while demand is expected to grow cautiously, with an estimated 5,000 units in 2024 [11][12]. - In China, the humanoid robot market is expected to double from 7,000 units in 2023 to 15,000 units in 2024, with a long-term outlook of 30-40% of global demand by 2050 [14][15]. Market Adoption and Challenges - A survey of 86 executives indicated a high willingness to adopt humanoid robots, with 62% expecting to test them by 2027. However, concerns about product maturity and cost sensitivity were noted [16][17]. - 92% of respondents believe humanoid robots should not exceed 200,000 RMB in price, with 50% preferring a price below 100,000 RMB [17]. Automotive Industry Insights - The report predicts that the number of L4/L5 autonomous vehicles will increase from 3 million in 2030 to nearly 700 million by 2050, with China leading in growth [20][21]. - By 2050, China is expected to have over 165 million L4/L5 autonomous vehicles, accounting for about 25% of the global market [22]. Challenges and Opportunities - The focus is shifting from whether autonomous vehicles can operate to whether they can be profitable, with significant attention on safety, cost, and operational efficiency [23][24]. - The development of electric vertical takeoff and landing (eVTOL) aircraft is anticipated to create a new low-altitude economy, with China expected to lead in commercial operations by 2030 [26][27]. Insurance Industry Insights - The report on Ping An Insurance highlights three major market opportunities: continuous growth in household wealth, increasing demand for healthcare and retirement services, and the integration of insurance products with financial services [31][32]. - Ping An's stock has seen a 60-70% increase, outperforming the market, despite concerns about real estate exposure and the need for risk management [34][35]. Financial Performance and Outlook - The insurance sector is expected to benefit from a recovering real estate market, with Ping An's asset management division projected to return to profitability by 2027 [38][39]. - The company is also leveraging AI applications and technology to enhance its service offerings, maintaining a strong capital position [40][41]. Fund Management Industry Insights - The public fund industry in China has seen AUM exceed 38 trillion RMB, with a projected growth rate of 10-11% in the coming years [48][55]. - The industry is undergoing a transformation towards healthier fee structures, with a significant reduction in reliance on sales-driven models [53][54]. Future Growth Drivers - The growth of household financial assets and the increasing demand for diversified investment options are expected to drive the public fund market [56][57]. - The report suggests that the public fund sector will continue to gain market share in the non-deposit portion of household financial assets, with a rebound in equity allocations anticipated [59][60]. Conclusion - The conference provided a comprehensive overview of the robotics, automotive, insurance, and fund management industries, highlighting significant growth opportunities and challenges ahead. The insights gathered will be crucial for investors looking to navigate these evolving markets.

Summary of Key Points from Conference Call Records Industry Overview Embodied Intelligence Market - The global embodied intelligence market is projected to reach $25 trillion by 2050, growing from approximately $100 billion in 2025, indicating a 250-fold increase over 25 years [3][1] - Key segments include humanoid robots ($7.5 trillion), autonomous vehicles ($5.6 trillion), service robots ($5 trillion), aircraft and drones ($4.7 trillion), and non-humanoid robots ($2.2 trillion) [3][1] Humanoid Robots in China - The humanoid robot market in China is expected to double by 2026, with potential sales reaching 50 million units by 2050, accounting for 30%-40% of global demand [1][7] - Current testing willingness among enterprises is high, with 62% expected to test humanoid robots by 2027 [1][8] - Price sensitivity is significant, with most enterprises preferring prices below 200,000 RMB, and 50% wanting prices under 100,000 RMB [1][9] Autonomous Driving - China is leading in the autonomous driving sector, with L4/L5 vehicles expected to exceed 165 million units by 2050, representing about 25% of the global market [1][10] - The focus in 2026 will shift to the profitability of autonomous ride-hailing services [1][11] Low-altitude Economy - China is making strides in the eVTOL (electric Vertical Take-Off and Landing) sector, expected to be the first country to achieve large-scale commercial operations by 2030, supplying over 60% of global demand [1][12] Company Insights Ping An Insurance - Ping An is benefiting from the growth in resident wealth, increasing demand for retirement and healthcare services, with a projected compound annual growth rate (CAGR) of 8% from 2024 to 2030 [4][15] - The asset management sector is gradually recovering from losses, with expectations of profitability by 2027 [4][15] - The company is reducing real estate exposure and optimizing asset structure to mitigate risks associated with declining property prices [4][15] Public Fund Industry - The public fund industry is facing transformation pressures, with expected management scale growth of 10%-11% in the coming years, driven by increasing resident financial assets [4][21] - The industry has seen a decline in income by 28% despite a 28% increase in management scale from 2021 to 2024 [4][19] - The sales channel income is shifting from being heavily reliant on sales volume to being more performance-based [4][20] Key Components and Growth Projections Core Components for Embodied Intelligence - Significant growth is anticipated in key components: visual cameras (95x), radar and lidar (300x), motors (260x), bearings (200x), and batteries (1,400x) [5][1] Market Dynamics - The public fund industry is expected to see a rebound in equity allocation, with a projected recovery in the proportion of actively managed equity products [4][26] - The shift towards mixed products is anticipated, with a focus on fixed income to meet the demand for stable returns among domestic investors [4][28] Conclusion - The embodied intelligence and autonomous driving sectors present substantial growth opportunities, particularly in China, while Ping An Insurance is well-positioned to capitalize on demographic trends and market demands. The public fund industry is undergoing significant changes, with a focus on performance-based income and a shift in investment strategies.

Core Viewpoint - Xiaopeng Motors is expected to report significant growth in Q4 2025, with revenue forecasts ranging from 21.734 to 34.034 billion RMB, representing a year-on-year increase of 35.0% to 111.3% [1][7]. Financial Performance Expectations - Q4 revenue is projected between 21.734 billion and 34.034 billion RMB, with a year-on-year growth of 35.0% to 111.3% [1][7]. - Net profit is anticipated to range from -0.62 billion to 1.643 billion RMB, showing a year-on-year increase of 95.3% to 223.5% [1][7]. - Adjusted net profit is expected to be 0.94 billion RMB, reflecting a year-on-year change of 106.8% [1][7]. Analyst Predictions - The average revenue forecast is 25.236 billion RMB, indicating a 56.7% year-on-year growth [3][8]. - The median revenue forecast stands at 23.659 billion RMB, with a year-on-year increase of 46.9% [3][8]. - Various securities firms have provided differing estimates, with Dongwu Securities predicting 24.034 billion RMB in revenue and a net profit of 1.23 billion RMB [3][8]. Business Strategy and Developments - Xiaopeng Motors plans to launch seven new models in 2026, covering both pure electric and extended-range vehicles, marking a new phase in the C-end smart vehicle sector [5][10]. - The Robotaxi project is expected to commence trial operations in late 2026, potentially transforming the trillion-yuan mobility market [12][10]. - A deepened collaboration with Volkswagen is anticipated, with plans to jointly launch two full-size electric models in 2026 [13][10]. - The IRON robot is set to enter mass production and will be piloted in commercial service scenarios, showcasing the company's capabilities in the smart robotics field [13][10]. - The A868 flying car has entered the testing phase, with global deliveries planned for the second half of 2026 [14][10]. Recent Performance Highlights - In Q3 2025, Xiaopeng Motors achieved a revenue of 20.38 billion RMB, a year-on-year increase of 101.8%, with a gross margin of 20.1% [6][14]. - The company expects to achieve profitability in Q4, with an adjusted net loss reduced to 1.5 billion RMB [6][14]. - The automotive segment reported a revenue of 18.05 billion RMB, with a record delivery of 116,000 units [6][14]. - Overseas deliveries increased by 125%, with local production capabilities established in Austria and Indonesia [6][14].