鸿海（2317.TW）：董事长调研反馈 ——AI 服务器强劲爬坡；研发实力与全球布局巩固领先市场地位；买入评级 核心观点 我们于 2 月 25 日在台湾接待了鸿海董事长。 管理层对 AI 服务器业务爬坡、电动汽车机会增长以及智能手机 EMS 业务的领先市场地位持积极态度。 我们看好鸿海在 AI 服务器领域的领先市场地位，智能手机业务将受益于形态变化，推动公司增长。 鸿海（2317.TW）：董事长调研反馈 ——AI 服务器强劲爬坡；研发实力与全球布局巩固领先市场地位；买入评级 核心观点 我们于 2 月 25 日在台湾接待了鸿海董事长。 管理层对 AI 服务器业务爬坡、电动汽车机会增长以及智能手机 EMS 业务的领先市场地位持积极态度。 我们看好鸿海在 AI 服务器领域的领先市场地位，智能手机业务将受益于形态变化，推动公司增长。 正如我们在鸿海深度报告中强调的，我们对鸿海 / 富士康持积极态度，基于以下三点： 1/ 强劲的研发实力、全球生产布局和规模效应，巩固其在 AI 服务器领域的领先源头 信息加微ss62897市场地位； 2/ 智能手机形态因素变化驱动终端需求，鸿海 / 富士康的份额和美元价值提升； 3/ 未 ...

马斯克预测，AI最快将在2026年底超越人类智能，而特斯拉的人形机器人Optimus最早将于2027年底面向公众销售。他的讲话直接推动特斯拉股价当日大 涨超过4%，刷新两周多来的收盘高位。 马斯克曾公开表示这个达沃斯论坛"听起来无聊"，质疑其必要性。2022年，他曾在社交媒体上发帖称："达沃斯论坛是怎么回事？他们是想当地球的老板 吗？"然而这次，他罕见地出现在达沃斯论坛现场，来看看他都说了什么。 本文转载自公众号留学生日报。 2026年1月22日，马斯克罕见地出现在达沃斯论坛现场与贝莱德CEO拉里·芬克进行了30多分钟对话。 "如果我们拥有几乎免费的人工智能和无处不在的机器人，全球经济将会出现爆炸式增长，其规模将前所未有。"马斯克在对话中抛出了一系列震惊科技界 与资本市场的重磅消息。 软件方面，Optimus深度复用特斯拉电动车FSD的纯视觉感知系统和神经网络算法。根据计划，Optimus V3原型机预计在2026年第一季度亮相，目标于 2026年底前后启动量产。 与机器人进展相呼应的是特斯拉的另一项核心AI技术——完全自动驾驶（FSD）。马斯克直言，自动驾驶"是一个已解决的问题"，并给出了明确的推广节 奏。 ...

彭博社报道认为，此行反映了卡尼以贸易为导向的外交政策。今年1月，卡尼访问了中国、卡塔尔、瑞 士，并与中国就电动汽车进口事宜达成协议，加拿大将给予中国电动汽车每年4.9万辆的配额，配额内 享受6.1%的最惠国关税待遇，配额数量将按一定比例逐年增长。此举受到国际媒体广泛关注，国际律 师协会25日发文称，这可能是特朗普第二任期内加拿大应对挑战的最佳例证。 卡尼频繁出访的背后是难以缓和的美加经贸关系。尽管上周美国最高法院裁定大规模关税政策违法，但 加拿大官员表示，该裁决不影响对钢铁、铝和汽车的特定行业关税，这些关税仍然有效。此外，加拿 大、美国和墨西哥的北美自由贸易协定（USMCA）今年夏天面临重新谈判，尽管加墨两国都希望维持 USMCA，但特朗普政府对此并不热衷，官员们暗示华盛顿更倾向于达成单独的双边协议。 不过，加拿大想要在经贸层面摆脱对美国的依赖并非一件短期内能够完成的事情。加拿大财经媒 体"BNN彭博社"近日报道称，加拿大将继续与美国进行贸易，只是贸易的成本和难度将会增加。该媒体 以能源行业举例称，能源出口将继续向南流动，除非新的石油管道获批并建成，但这需要时间，且新设 施需要更多投资。 【环球时报驻加拿大特 ...

Core Viewpoint - Innovation-driven development is essential for building a modern industrial system and promoting high-quality growth in the real economy, with Guizhou leveraging its mineral resource advantages to expand its digital and intelligent industries [1] Group 1: Traditional and Emerging Industries - Guizhou is focusing on both traditional industries, which are revitalizing, and emerging industries, which are establishing a strong market presence [1] - The "new three samples" from Guizhou, namely lithium batteries, electric vehicles, and photovoltaic glass products, are gaining rapid growth and making significant strides in both domestic and international markets [1] Group 2: Technological and Industrial Innovation - The integration of technological innovation and industrial innovation is crucial for the high-quality development of both traditional and emerging industries [1] - Guizhou is cultivating new advantages in industries such as intelligent computing, data standards, and is making progress in future industries like low-altitude economy and hydrogen energy [1] Group 3: Environment for Growth - Creating a favorable environment for the transformation and upgrading of traditional industries and the growth of emerging industries is essential for fostering new business formats, scenarios, and models [1]

来源：环球 《澳大利亚人报》播客节目，原题：中国是如何遏制疯狂的交通噪声的 中国政府采取激励措施与实施 严格新规相结合的方式，大幅度降低了城市街道的交通噪声污染。《澳大利亚人报》记者尤尼·巴山在 一档播客节目中，讲述了他在中国首都北京的感受。 鉴于北京是一个常住人口超过2000万的大城市，在这么短的时间内（就大幅降低交通噪声），这是一种 非同寻常的转变。 当来到北京后，我很快就注意到，发生这种转变（大幅降低交通噪声）并非偶然现象，这在很大程度上 是中国的规划设计和政策鼓励的结果。中国通过不同政策措施做到这一点，包括鼓励人们购买和使用电 动汽车，采取机动车尾号限行等。 我身后是位于北京闹市区的一条6车道交通干道，车流量很大，但几乎听不到噪声，人们走在路上很容 易相互交谈。这在很大程度上是因为中国人一直在升级他们驾驶的车辆，逐渐将传统燃油车更换为电动 汽车，尤其是在北京。 尽管我刚到中国不久，但仍然能够感受到的一点是，只要中国政府下定决心办一件事，就能以惊人的速 度完成，过去如此，未来同样可期，这着实令人振奋。（王会聪译） 我很惊讶的是，北京的街道太安静了，我正尝试适应这种新环境。马路上车水马龙，但你听不到车流发 ...

Core Insights - Stellantis is considering acquiring electric vehicle technology from its Chinese partner, Leap Motor, to reduce costs for its mass-market European brands such as Fiat, Opel, and Peugeot [1] Group 1: Strategic Partnerships - Stellantis is looking to expand its joint venture with Leap Motor to access more advanced battery and electric vehicle powertrain technologies [1] - Currently, Stellantis sells models from Leap Motor, such as the C10 SUV, through its dealer network in Europe [1]

在电动汽车普及的今天，充电早已成为车主日常最关注的话题之一。但很多人也发现，家用的充电桩大多是慢充，插枪后往往需要几个小时才能将电池 充满；而高速服务区的快充桩，只需30分钟左右就能将电池从20%充至80%，补能效率天差地别。更让人疑惑的是，这两种充电方式的核心区别之一，在于 快充用的是直流电，慢充用的是交流电，这是为什么呢？ 能量转换差异 电动汽车充电技术的演进催生了快充（直流DC）与慢充（交流AC）两种主流充电方式，这种差异本质上源于电能转换效率、车载充电机功率限制与电 池特性保护等多个因素。 慢充为"交流充电"，其核心特点是充电桩本身不进行交流电到直流电的转换，仅负责将电网中的交流电稳定输出，转换工作由电动汽车自带的车载充电 机（OBC，On-Board Charger）来完成，转换后的直流电再输入动力电池进行充电。这也是慢充速度慢的核心原因。 快充为"直流充电"，其核心特点与慢充完全相反。交流电到直流电的转换工作，不是在车内完成，而是在充电桩内部完成。快充桩内置的大功率整流模 块、DC/DC转换模块，能够直接将电网中的交流电转换成高压直流电，无需经过车载充电机，直接将直流电输入动力电池进行充电。这种设 ...

Core Viewpoint - Investing in Elon Musk's companies, such as Tesla, SpaceX, and xAI, is more about betting on his vision for future growth rather than just financial fundamentals. The current example of "Musk faith" is SpaceX, where investors are not only looking at today's satellite broadband empire and rocket launch business but are also paying a premium for long-term visions like a million satellites and advanced AI systems in space [1]. Group 1: SpaceX's IPO and Valuation - SpaceX is considering an IPO in June, potentially raising up to $50 billion, which could be the largest IPO in history, with a valuation reaching $1.5 trillion, close to Tesla's $1.6 trillion [1]. - The merger of Tesla, SpaceX, and xAI is seen as creating a "super business empire" for Musk, which could significantly influence market perceptions and valuations [1][3]. Group 2: AI and Infrastructure Development - The bottleneck for global AI data centers is shifting from AI chips to power systems and deployment, with Musk's vision of placing data centers in space powered by solar energy entering an engineering trial phase [2]. - Musk's plan includes launching one million satellites, each with 100 kW of power, to add 100 GW of AI computing capacity annually, which could lead to a significant leap in AI capabilities [2]. Group 3: Market Position and Competition - SpaceX has established a profitable position in satellite communication and rocket launches, with an EBITDA of approximately $8 billion and total sales of around $15-16 billion, with Starlink contributing 50-80% of total sales [5]. - The market for satellite broadband is becoming crowded, with competitors like Amazon planning to launch thousands of satellites, which could challenge Starlink's market position [8][9]. Group 4: Financial Metrics and Valuation Challenges - Analysts estimate that Starlink could generate about $16 billion in sales and $11 billion in EBITDA this year, leading to a valuation of around $700 billion based on its revenue contribution [11]. - To support a $700 billion valuation, Starlink would need to achieve approximately $39 billion in EBITDA by 2030, which is significantly higher than some optimistic forecasts [12][15]. Group 5: Investor Sentiment and Future Outlook - The "Musk faith" allows for high valuations based on futuristic visions rather than current business metrics, but the sustainability of these valuations will depend on the realization of these visions and the company's ability to navigate competition and regulatory challenges [17]. - The upcoming IPO of SpaceX is likely to follow a pricing strategy that combines its current market position with long-term sci-fi narratives, but any delays in technology deployment or increased competition could lead to volatility in its valuation [17].

Group 1 - A new generation of entrepreneurs, referred to as "弄潮儿" (Nong Chao Er), is emerging in China, focusing on advanced technology sectors such as artificial intelligence and robotics, which are pivotal for the country's future technological leadership [1][2] - These entrepreneurs differ from previous successful individuals, with a significant emphasis on education; many hold degrees from top Chinese universities, particularly in science and engineering [1] - The opportunities in China's economy have shifted, now primarily favoring those who can master advanced technologies, leading to a competitive talent market where high salaries are concentrated among top engineers [1] Group 2 - The "弄潮儿" are concentrated in specific regions such as Beijing's Yizhuang National Innovation Park, Shenzhen, and Hangzhou, where their offices reflect a Silicon Valley style, supported by local government initiatives [2] - Government support is highlighted as a crucial factor for these companies, with local officials providing assistance in research, office space, and participation in international conferences [2] - In December of the previous year, China announced the launch of a national venture capital guidance fund with a fiscal contribution of 100 billion yuan, showcasing the government's deep involvement in fostering technological advancements [2]

2026年2月20日，美国最高法院作出判决，认定总统依据国际紧急经济权力法推行的大规模进口关税超出法定范围。这一裁决直接导致此前针对中国商品的 部分额外税率回落，白宫随即依据1974年贸易法第122条，从2月24日起对全球进口征收10%临时关税，并表示可能调整至15%。 这一最新变动再次凸显特朗普在贸易领域的长期坚持。他通过关税施压，希望迫使贸易伙伴让步，缩小美国贸易逆差。这样的做法延续了他四十多年的固定 思路，而目标早已从当年的日本转向如今的中国。 四十多年前，美国汽车工业和电子制造业正遭受日本商品的猛烈冲击。日本汽车每年数百万辆涌入美国市场，录像机等家电产品占据大量货架。美国企业却 发现，向日本出口几乎处处受阻，尽管没有明文禁令，但实际交易难以展开。 与日本当年的处境相比，中国的情况存在本质区别。日本当时作为美国盟友，在政治军事经济领域存在深度关联，决策空间受到限制。中国则始终保持独立 自主的对外政策，拥有庞大的外汇储备、完整的产业体系和多元贸易伙伴网络。 中国早已将出口市场分散到欧洲、东盟、非洲等地，同时大力推进国内技术升级和内需增长。这种布局让中国在面对外部压力时具备更强的缓冲能力，不会 轻易接受导致 ...