21世纪经济报道新质生产力研究院综合报道 早上好，新的一天又开始了。在过去的24小时内，科技行业发生了哪些有意思的事情？来跟21tech一起 看看吧。 【巨头风向标】 英伟达官宣涉CPO两大合作 豆瓣就错误发放满200减200优惠券致歉 英伟达和Coherent宣布达成战略协议，旨在推进先进光学技术的前沿发展，包括制造能力和研发。这项 非独家协议包括英伟达数十亿美元的采购承诺，以及未来获取先进激光和光网络产品的渠道和产能使用 权。此外，英伟达还将向Coherent投资20亿美元，以支持其研发、未来产能和运营，助力相干公司在美 国建立制造能力。此外，NVIDIA还宣布与Lumentum达成多年战略协议，以加速先进光学技术的创新， 包括研发，从而实现下一代人工智能基础设施和系统设计。这项非独家协议包括英伟达数十亿美元的采 购承诺以及未来先进激光组件的产能使用权。此外，英伟达还将向Lumentum投资20亿美元，以支持其 研发、未来产能和运营，助力该公司在美国新建晶圆厂，扩大其制造能力。 小米机器人进汽车工厂"实习" 小米集团创始人、董事长兼CEO雷军3月2日宣布了小米机器人业务的最新进展：小米人形机器人已经开 始 ...

2026 年 3 月 3 日 星期二 每日大市点评 昨日港股下跌。恒生指数及国企指数分别收报 26,059.85 点及 8,701.91 点，下跌 2.1%及 1.8%。港股成交合共 3,577 港 元，较上周五的 2,884 亿港元，下跌 24.0%，或反映投资者轮动交易情况。分类指数方面，能源、原材料、公用事业业指 数分别上升 4.0%、3.1%、0.1%；医疗保健、金融、非必需性消费则分别下跌 3.4%、3.3%、3.1%。蓝筹个股方面，信义玻 璃(868 HK)及中国宏桥(1378 HK)领涨，分别上升 12.4%及 7.2%；京东健康(6618 HK)及汇丰控股(5 HK)领跌，皆分别下跌 5.2%。 近日美国及以色列攻击伊朗，这无疑加深地缘政治危机，以及影响石油及天然气等传统能源供应。WTI 原油价格上涨至 70 美元近月高水平，虽然如此，仍远低于 2022 年俄乌军事冲突爆发时候的 100 至 115 美元水平。黄金价格则上升至今年初 的 5,300 美元高水平。在此次战争情况下，相关港股板块表现出传统投资逻辑。"三桶油"上升 2.6%-5.6%，金矿股例如 招金矿业(1818 HK)上升 6. ...

Core Insights - The automotive industry's shift towards "intelligentization" is accelerating, particularly in the chip sector, as evidenced by NIO's announcement of a successful financing round for its chip subsidiary, Anhui Shenji Technology Co., Ltd, raising over 2.2 billion RMB with a post-investment valuation nearing 10 billion RMB [1][11] - The financing round attracted a mix of local state-owned enterprises and industry capital, indicating strong confidence in the semiconductor sector and NIO's strategic direction in autonomous driving and embodied intelligence [1][2] - NIO retains a 62.7% stake in Anhui Shenji, while external investors hold 27.3%, with 10% allocated for management incentives, allowing NIO to maintain control over core technologies while alleviating financial pressure [1][3] Company Developments - Anhui Shenji's financing comes at a pivotal moment as the global supply chain is being reshaped and AI technology is rapidly advancing, positioning car-mounted chips as strategic assets for automakers [2][6] - The "Shenji NX9031" chip, the world's first mass-produced 5nm automotive-grade high-performance driving chip, exemplifies NIO's commitment to self-research and development, avoiding reliance on ARM's public licenses [3][4] - The NX9031 chip features over 50 billion transistors, a 32-core CPU architecture, and a self-developed ISP capable of processing 6.5G pixels per second, providing significant cost advantages and performance improvements for NIO vehicles [4][5] Industry Trends - The automotive industry is undergoing a transformation where AI capabilities and chip performance are becoming the core competitive advantages, moving beyond traditional vehicle components [8][9] - Major players in the automotive sector, including Xpeng and Li Auto, are also investing heavily in chip development, indicating a broader industry trend towards self-reliance in AI technology [7][10] - The successful financing of Anhui Shenji reflects a revaluation of technology investments in the automotive sector, highlighting the strong market demand for advanced semiconductor capabilities [11]

Core Viewpoint - The automotive industry's shift towards "intelligentization" is accelerating, with a focus on chip technology as a critical battleground for competitive advantage in autonomous driving and AI applications [1][4]. Group 1: NIO's Strategic Moves - NIO's subsidiary, Anhui Shenqi Technology Co., Ltd., completed its first round of equity financing, raising over 2.2 billion RMB, with a post-investment valuation nearing 10 billion RMB [3]. - The financing will support the continued research and development of high-end, competitive chip products, aiding NIO's long-term strategy in autonomous driving and embodied intelligence [3][5]. - NIO retains a 62.7% stake in Shenqi, while external investors hold 27.3%, and 10% is held by management incentive entities, allowing NIO to maintain control over core technologies [3][6]. Group 2: Technological Advancements - The Shenqi NX9031 chip is the world's first mass-produced 5nm automotive-grade high-performance driving chip, showcasing significant technological advancements [6]. - The NX9031 features over 50 billion transistors, a 32-core CPU architecture, and a self-developed ISP capable of processing 6.5G pixels per second, with a latency of less than 5ms [7]. - NIO's strategy of self-research and development in chip technology aims to reduce costs significantly, with each vehicle potentially saving 10,000 RMB by replacing multiple purchased chips with a single self-developed chip [7]. Group 3: Industry Trends and Competition - The automotive industry is undergoing a transformation where AI technology is becoming essential, shifting from an optional to a mandatory focus for companies aiming to be leaders in the sector [9]. - Major players like Xpeng and Li Auto are restructuring their organizations to enhance their AI capabilities, indicating a broader trend of traditional automakers evolving into AI technology companies [9][10]. - The competition for AI chips is intensifying, as companies recognize that the core competitiveness of vehicles is shifting from traditional components to AI-driven capabilities [10][11]. Group 4: Future Prospects - The successful financing of Shenqi reflects a revaluation of technology investments in the automotive sector, emphasizing the importance of high-barrier, long-cycle technology [12]. - The ability of Shenqi to maintain stable supply to NIO while expanding into new markets, such as embodied robotics, will be crucial for its future success [12]. - The automotive AI competition is set to escalate in 2026, with NIO positioning itself at the forefront of this evolution through its advancements in chip technology [12].

瑞财经 吴文婷3月2日，卡尔动力宣布完成超1亿美元B轮融资，本轮融资由地平线与高榕创投联合领 投，红旗投资、峰尚资本、东方嘉富等重磅联合投资，部分老股东超额跟投。 本次融资资金将主要用于加速干线货运的无人规模化拓展，通过打造"运输机器人+物流操作系统"的智 慧运输体系，构建覆盖全域的智能运力网络。 公开资料显示，卡尔动力由滴滴自动驾驶孵化，成立于2021年2月，并于2023年独立运营。 作为行业内首家实现干线无人货运商业化闭环的企业，卡尔动力已率先跑通从技术到商业的全链条验 证，无人商业化进程位居行业第一梯队，累计货运量达12亿吨公里。目前，公司已率先实现大宗干线无 人商业化运营，成功闭环运营了首个无人干线运输的正向盈利样板间。 而卡尔动力CEO韦峻青，本科毕业于清华大学自动化系，获得美国卡内基梅隆大学电子与计算机工程系 车辆驾驶行为学和轨迹规划领域博士学位，有着近20年自动驾驶行业经历。 韦峻青曾任滴滴自动驾驶CTO，安波福自动驾驶全球副总裁，自动驾驶公司Ottomatika创始人（被Aptiv 收购）。 ...

Stock Recommendations - Kingsoft Office (688111.SH) is positioned to benefit from AI developments despite recent stock price adjustments, with an expected EPS growth from 3.56 in 2024 to 4.57 in 2026[5] - Shengyi Technology (600183.SH) anticipates significant growth driven by server PCB upgrades and new AI customer acquisitions, with EPS projected to rise from 0.74 in 2024 to 2.37 in 2026[5] - Tuojing Technology (688072.SH) maintains a leading position in thin film deposition equipment, with EPS expected to increase from 2.48 in 2024 to 5.96 in 2026[5] Automotive Sector Insights - Bertly (603596.SH) is expected to benefit from the focus on autonomous driving, with an EPS forecast of 2.85 in 2026, reflecting a growth trajectory[6] - Yinlun (002126.SZ) is projected to see EPS growth from 0.96 in 2024 to 1.49 in 2026, supported by economic recovery in construction machinery and heavy trucks[6] Market Performance Overview - The weighted return of the gold stock portfolio in February 2026 was 6.47%, outperforming the Shanghai Composite Index, which rose by 1.09%[12] - Silver Wheel (002126.SZ) had the highest monthly increase at 32.15%, while Hongyuan Electronics (603267.SH) rose by 22.52%[12] Risk Factors - Potential risks include overseas policy changes and individual company operational risks, which could affect performance and earnings volatility[8]

北京商报讯(记者魏蔚)3月2日，小马智行宣布，公司第七代Robotaxi(自动驾驶出租车)于2026年2月在深 圳实现月度单车运营盈利转正。2025年11月，小马智行在广州已达成该目标。截至2月28日，第七代 Robotaxi当月单车单日平均净收入338元，单车日均订单量23单。 小马智行的单车运营成本涵盖了车辆与自动驾驶套件折旧、充电费用、日常维保、远程协助运营、保险 费用、地勤人员人力成本，以及停车与网络基础设施支出。小马智行第七代自动驾驶系统采用100%车 规级零部件，物料成本(BOM)较上一代降低约70%。截至2026年2月16日，小马智行在深圳的Robotaxi年 内付费订单量超2025年全年总量。春节假期期间，单车日均付费订单26单，2025年全国Robotaxi单车日 均15单(从年初至公司11月香港上市期间)。 ...

文远知行 20260226 摘要 文远知行 Robotaxi 车队规模已超 1,000 辆，公开运营集中在北京、广 州、阿布扎比等地，目标 2030 年达到"几万辆"规模，并计划与 Uber 合作，至 2027 年仅在中东部署就达到 1,200 辆规模，相当于约 6 倍扩 张。 Robotaxi 商业化收入模式包括车辆销售和运营收入，以销售 1 万辆 Robotaxi 为例，预计可实现 15 亿美元收入，利润率 30%时净利润约 4.5 亿美元。盈利能力释放的核心在于利用率提升，国内利润率预估 30%出头，阿联酋 50%多，欧美高端市场 60%以上。 主力车型 GXR 成本约 4 万美元，传感器配置 8 个激光雷达，域控采用 英伟达两片"4X"芯片，算力 2000 TOPS。通过规模效应和采购阶梯价， 短期降本目标为 25%左右，主要在套件侧，例如激光雷达和摄像头等。 L4 级别 Robotaxi 仍需高精地图，开城周期约为几周，以阿布扎比为例， 初期覆盖约 50%城区用时两周多。国内主要制约来自政策端，开放通常 为稳步推进，短期不太可能"一下子全放开"。 Q&A 文远知行目前在全球的运营覆盖、牌照获取、L4 ...

证券研究报告 2026年03月01日 汽车零部件 禾赛-W(02525.HK)公司深度报告： 乘具身智能之东风，激光雷达由"上车"走向"泛机器人" | 表现 | 1M | 3M | | --- | --- | --- | | 禾赛-W | 6.2% | 51.1% | | 恒生指数 | -1.8% | 2.6% | 请务必阅读报告附注中的风险提示和免责声明 2 评级：买入(首次覆盖) 陈梦竹(证券分析师) 詹广鹏(证券分析师) S0350521090003 S0350524030005 chenmz@ghzq.com.cn zhangp03@ghzq.com.cn 最近股价走势 -50% -38% -27% -16% -5% 6% 2025/09/16 2025/11/16 2026/01/16 禾赛-W 恒生指数 | 市场数据 | 2026/02/27 | | --- | --- | | 当前价格（港元） | 219.60 | | 52周价格区间（港元） | 116.30-244.00 | | 总市值（百万港元） | 34,508.43 | | 流通市值（百万港元） | 34,508.43 | | 总股本（ ...

行 业 研 究 / 行 业 点 《春晚机器人亮相、首台 Cybercab 下 线，继续看好 AI 应用方向 —— 2026/2/9-2026/2/15 汽车周报》 2026/02/23 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 联系人 邵翼 A0230524120001 2026 年 03 月 01 日 小鹏比亚迪新技术发布，投资进入 事件催化密集期 行 业 及 产 业 看好 ——2026/2/24-2026/3/1 汽车周报 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 评 证 券 研 究 报 告 汽车 shaoyi@swsresearch.com ⚫ 观点：①小鹏 VLA 2.0 下周发布，有望重归智驾 top 榜，推荐小鹏、理想，关注小马智 行等。②比亚迪技术发布会在即，有望解决高速+冬季用车痛点，巩固全系产品竞争， 推荐比亚迪。③英伟达 GTC 预热，全 ai 战略引燃智驾+机器人+工业 ai，推荐恒勃、银 轮、隆盛、福达、岱美，关注拓普、三花等。④我国养路费 2009 年并入成品油消费 ...