" 我们正处于从「车+AI」到「AI+车」的历史转折点。千里科技与 吉利等多方角色组成的车BU联盟，或将成为一个车圈协同共生的新 物种。 " 作者丨李雨晨 智驾的江湖，从今年开局就已是硝烟弥漫。 在比亚迪2月初以"全民智驾"的口号擂响战鼓不到一个月，吉利即不甘示弱地予以回应，以一场信息密度极高 的AI智能科技战略发布会，向行业投下数枚"核弹"。在这场发布会上，不仅让行业将目光锁定吉利这家顶尖车 企的智能化转型，更让其背后的神秘玩家浮出水面，这就是千里科技。 在本次发布会上，千里科技董事长印奇出人意料地亮相。他以吉利AI科技生态的一员，作为唯一的合作伙伴 演讲嘉宾现身发布会现场。更加重磅的是，基于千⾥科技与吉利汽⻋集团的深度技术合作，全新的"千⾥浩 瀚"智驾系统正式推出。未来，吉利银河的全系产品都将搭载千⾥浩瀚。 就在发布会前的24小时，千里科技突然发布公告，宣布与吉利、路特斯等缔结《⻋BU投资框架协议》，同意 成立合资公司进军智驾业务领域。在智驾赛道，虽然千里科技还是一个鲜为人知的名字，但其掌舵人印奇一直 是AI行业的风云人物。他在2011年创立旷视科技，被喻为国内"AI四小龙"之一。去年11月，印奇开始转战 ...

Group 1: Market Overview - The A-share market experienced a broad-based rally led by technology, with the Shanghai Composite Index rising by 1.55%, the Sci-Tech 50 up by 2.67%, the Shenzhen Component increasing by 2.19%, and the ChiNext Index gaining 1.61% during the week [1][9] - Daily trading volume reached a new high of 1.70 trillion yuan, indicating strong market activity concentrated in high-growth sectors such as AI, smart driving, and robotics [1][9] Group 2: Technology Sector Insights - The technology sector is driven by dual forces of AI computing power and data elements, with storage chips entering a price increase cycle, benefiting companies like Jiangbolong, which is positioned as a leader in the storage industry [2][21][22] - The connector market is also poised for growth, with companies like Hongrida benefiting from the demand for AIoT upgrades and increased orders from smart terminals [3][24] Group 3: High-end Manufacturing - The smart driving industry in China is rapidly developing, supported by policy initiatives and technological advancements, with expectations that by 2025, the penetration rate of high-level autonomous vehicles will exceed 70% [4][25] - The industry is witnessing a shift towards domestic chip production and the formation of a cloud-integrated ecosystem, with companies like BYD pushing advanced smart driving technology to more affordable models [4][25] Group 4: Mechanical and Industrial Automation - Increased infrastructure investment and domestic demand recovery are driving growth in the mechanical and industrial automation sectors, with a focus on intelligent and electric technologies reshaping the industry landscape [6][26] Group 5: Innovative Pharmaceuticals - The innovative drug sector is highlighted for its investment value, with Chinese pharmaceutical companies leveraging low-cost production and efficient R&D to enhance their global market share [7][27] - The sector is experiencing a shift towards original drug development, supported by policy reforms that accelerate the growth of biotech companies [7][27]

2、华为大动作，AI医疗行业涨超3%，会是后市主线吗？如何借道基金布局？ 3、韩国人狂买中国股票，2月，韩国投资者投资中国股票的月度交易额环比增长近两倍。从外资流入看A股后市机会。 摘要 1、今天，A股三大指数一波三折，午后拉升，小幅收跌，港股跳水，跌超2%。 以前看美股脸色，现在跟港股学，交卷时间还比人家早了…… 真话白话说财经，理财不说违心话 --这是第1313 篇白话财经- - （图片来源：东方财富APP，统计截至2025/3/10，不作投资推荐） 受到港股跳水影响，今天A股小幅收跌，不过有超3200只个股上涨，AI医疗、光伏、煤炭等板块涨幅居前。 （图片来源：东方财富APP，统计截至2025/3/10，不作投资推荐） 机构分析认为，两会后，伴随各项经济数据落地，部分投资者或逐渐由预期转向现实，市场波动或显著加大。中长期来看，科技仍然是市场主线。 AI医疗板块爆发 虽然今天A股指数表现低迷，但个股涨多跌少，AI医疗行业爆发，涨超3%。 （图片来源：东方财富APP，统计截至2025/3/10，不作投资推荐） 消息面上， 华为已正式组建医疗卫生军团，重点构建AI辅助诊断解决方案体系，推动医疗大模型在临床场景 ...

Investment Rating - The report indicates a strong investment trend in the automotive sector, particularly in the areas of intelligent driving and humanoid robots, suggesting a bullish outlook on the ROBO+ sector [3]. Core Insights - The report highlights the launch of Geely's "Qianli Haohan" intelligent driving system, which supports L3 level autonomous driving, emphasizing the integration of AI and driving technology [1][8]. - Uber and Waymo have initiated their partnership by launching Robotaxi services in Austin, marking a significant step in autonomous ride-hailing [1][9]. - The report identifies "embodied intelligence" as a key focus area, with humanoid robots expected to become a major growth sector alongside electric vehicles over the next 5 to 20 years [2][16]. Summary by Sections Intelligent Driving - Geely's "Qianli Haohan" system aims to enhance the safety and usability of intelligent driving through advanced AI capabilities [1][8]. - Uber's collaboration with Waymo is set to provide autonomous ride-hailing services, reflecting the competitive landscape in the autonomous vehicle market [1][9]. - Hyundai has partnered with Avride to develop autonomous ride-hailing services using the Ioniq 5 model, indicating a growing trend in the deployment of autonomous vehicles [1][10]. - The supply chain for intelligent driving is expected to see explosive growth, particularly in high-performance chips, lidar, and optical components [3]. Robotics - The report notes that humanoid robots are gaining attention during the Two Sessions, with government initiatives aimed at fostering future industries, including embodied intelligence [2][16]. - The "Humanoid Robot Standardization White Paper" has been released, outlining the current state and future direction of standardization in the humanoid robot sector [2][24][25]. - The establishment of the Chengdu Robotics Industry Association aims to promote high-quality development in the robotics sector, indicating a collaborative effort to enhance the industry [2][26]. - The report emphasizes the importance of humanoid robots in various applications, with significant potential for market growth and technological advancements [2][16]. Investment Recommendations - The report suggests focusing on the ROBO+ sector, particularly in intelligent driving and humanoid robots, as these areas are expected to reshape the automotive industry [3]. - Key players in the supply chain, including Horizon Robotics in chips and leading companies in lidar and optical components, are highlighted as potential investment opportunities [3]. - The report encourages investment in companies that demonstrate strong capabilities across the five competitive factors in the automotive sector [3].

策略研究/策略点评 择时而入，乘势而上 ——2025 年政府工作报告点评 ◼ 核心观点 ◼ 投资建议 我们看好新质生产力背景下科技创新的长期趋势，投资有望围绕"人 工智能+"的方向逐级展开，从商业化落地进程和技术发展节奏角度， 建议持续关注智能驾驶/人形机器人/卫星互联网（低空经济）赛道。 ◼ 风险提示 财政支持力度不及预期、战略性新兴产业发展不及预期。 | 分析师： | 唐文卿 | | --- | --- | | E-mail： | tangwenqing@yongxi | | | ngsec.com | | SAC编号： | S1760524050001 | | 相关报告： | | 《3 月金股：政策暖风 科技慢牛》 ——2025 年 03 月 02 日 《2 月金股：创新崛起，生态重塑》 ——2025 年 02 月 05 日 《务天时，则财生》 ——2025 年 01 月 11 日 大力提振消费和提高投资效益是扩大内需、拉动经济增长的主动力和 稳定锚。在提振消费方面，中央安排 3000 亿元超长期特别国债支持以 旧换新政策。同时，通过多渠道促进居民增收、创新消费场景、扩容 服务消费等措施，释放消费潜力， ...

Investment Rating - Industry Rating: Overweight [1] - Previous Rating: Overweight [1] - Rating Change: Maintained [1] Core Insights - DeepSeek represents the transition of domestic AI technology from catching up to leading, indicating a potential revaluation of Chinese tech assets [1] - The selected "Big 7" Hong Kong tech stocks include Alibaba, Tencent, Xiaomi, Meituan, SMIC, BYD, and Horizon Robotics, based on industry influence and technological innovation capabilities [1] Summary by Company Alibaba - Alibaba is one of China's largest tech companies, with a business scope covering e-commerce, cloud computing, local services, and international digital commerce [12] - The core competitiveness lies in the "data-technology-scenario" closed loop, with significant advantages in AI model training due to massive consumer behavior data [12][13] - Collaboration with Apple to develop localized AI features for the Chinese version of the iPhone may lead to a revaluation of Alibaba's cloud and AI business [13] Tencent - Tencent is a leading player in China's internet ecosystem, with a strong "social + content" super-ecosystem that forms a solid barrier to entry [2][14] - Future growth is expected to be driven by innovations powered by AI technology, with applications in enterprise services and consumer-facing products [15] Xiaomi - Xiaomi is a leading consumer electronics and smart manufacturing company, focusing on smartphones, smart hardware, and IoT platforms [3][17] - The company has connected 822.2 million IoT devices, showing a 25.6% year-on-year growth, and aims to deepen its "human-vehicle-home" ecosystem strategy [17][18] - The automotive sector is expected to become a second growth curve, with AI integration enhancing user experience and creating new revenue streams [18] Meituan - Meituan is a super platform in China's local service sector, focusing on the digitalization of various scenarios including food delivery and travel [4][19] - The company's competitive edge lies in its super app ecosystem and instant delivery system, which creates a high-frequency traffic entry point [19][20] - Future growth will benefit from structural upgrades in the local service market and technological innovation [20] SMIC - SMIC is a leader in China's integrated circuit manufacturing, focusing on both mature and advanced process chip production [5][22] - The company has a strong manufacturing capability and localized supply chain, which positions it well to meet the growing semiconductor demand [22][23] - Future growth is expected to be driven by the continuous demand for semiconductors and technological upgrades [23] BYD - BYD is a global leader in the new energy vehicle sector, with a projected sales volume of over 4.27 million vehicles in 2024 [6][24] - The company has significant advantages in technology, cost, innovation, and distribution channels, which solidify its leadership position [24][25] - The "smart driving equality" strategy is expected to deepen BYD's leadership in the automotive industry [25] Horizon Robotics - Horizon Robotics is a leading supplier of advanced driver-assistance systems (ADAS) and high-level autonomous driving solutions [7][27] - The company has a competitive advantage through software-hardware collaboration, high efficiency, and an open ecosystem for customized development [27][28] - Future prospects include a strong entry into the high-performance computing market with its J6P chip, marking a significant leap in capabilities [29]

Group 1: Nvidia Performance - Nvidia reported revenue of $39.331 billion for FY2025Q4, a year-on-year increase of 78%, exceeding analyst expectations of $38.05 billion [2] - Non-GAAP net profit for FY2025Q4 was $22.066 billion, up 72% year-on-year [2] - Gross margin slightly declined to 73% in FY2025Q4 from 74.6% in FY2025Q3 and 76% in FY2024Q4 [2] - Nvidia expects revenue of $43 billion (± 2%) for FY2026Q1, surpassing analyst expectations of $41.78 billion, with an adjusted gross margin forecast of 71% (± 0.5%) [2] - The company delivered $11 billion worth of Blackwell chips in FY2025Q4 [2] Group 2: AI Developments - Anthropic launched the latest model Claude 3.7 Sonnet [3] - Alibaba Cloud's Qwen team introduced a new inference model system called "Deep Thinking (QwQ)" [3] - DeepSeek released open-source DeepEP code [3] - Tesla's Full Self-Driving (FSD) entered the Chinese market, and Xiaomi launched its all-scenario intelligent driving, indicating a focus on AI application deployment [3] Group 3: Investment in AI Infrastructure - Alibaba plans to invest over 380 billion yuan (approximately $53.5 billion) in cloud and AI hardware infrastructure over the next three years, exceeding the total investment of the past decade [4] - This investment marks the largest scale in the history of private enterprises in China for cloud and AI hardware infrastructure [4] - Tencent's AI-native application "Yuanbao" surpassed ByteDance's "Doubao" to become the second on the Apple App Store free list, with downloads exceeding 2 million [4] Group 4: Semiconductor Market Outlook - NAND Flash contract prices are expected to start rising in Q2 2025 due to manufacturers actively reducing production to maintain supply-demand balance [5] - Apacer Technology anticipates a shortage of DDR4 and DDR5 memory in the market by the end of 2025 [5] - If DeepSeek drives demand for AI Edge, DDR5 demand may exceed expectations in 2025, stabilizing or moderately increasing prices [5] Group 5: Robotics and Manufacturing Investments - The Chongqing Economic Information Committee announced the first batch of "challenge" projects in the embodied intelligent robot sector, with companies like Siasun and Changan Automobile included [6] - Chongqing aims for an artificial intelligence industry scale of 20 billion yuan (approximately $2.8 billion) by 2025 [6] - Apple announced plans to invest over $500 billion (approximately 3.6 trillion yuan) in the U.S. over the next four years, including a new advanced manufacturing facility in Houston to produce servers supporting Apple Intelligence [6]

以下文章来源于大马哈投资 ，作者我叫大马哈 大马哈投资 . 雪球2021年度基金影响力用户，做专业靠谱有深度的基金研究 长按扫码即可免费加入 熟悉我的朋友都知道 ， 我是小盘股的忠实粉丝 ， 一直以来的主要逻辑是觉得小盘股的长期业绩 表现并不比大盘股差 ， 然后在小盘股中比较容易用量化手段做出超额 ， 所以我配置了不少小盘 指数增强基金以长期持有 。 当然 ， 今天我在这里同大家聊小盘股则并非出于上述长期投资逻辑 ， 而是小盘股的业绩弹性出 发 ， 在偏暖的市场行情中有望给投资者带来更为更高的业绩锐度 。 从投资逻辑来说 ， 小盘股属于高风险偏好品种 ， 在市面情绪不佳时小盘股往往跌幅更大 ， 在市 场情绪较好时小盘股往往也会有着更高的涨幅 。 尽管2019年以来随着大盘蓝筹风格的崛起这一现 象已有所弱化 ， 但2019年以前这一现象是非常明显的 。 在2013-2015年的 " 互联网+ " 行情期间 ， 小盘股可谓风头正劲 ， 2012年12月4日至2015年6月12 日 ， 期间沪深300上涨152.99% ， 中证500上涨319.98% ， 中证1000上涨426.39% 。 尽管过去几年这一现象不 ...

靳玉志说，高阶智驾需要同时具备高速和城区领航能力。 2024 年下半年，中国新能源车智驾渗透率超过 10% 这一重要拐点，市场有从业者认为 2025 年将是某种意 义上的 "全民智驾元年"。 今年 2 月起，多家车企陆续发布 "全民智驾" 战略。比如长安要把激光雷达搭载到售价 10 万元级别的车型 上，比亚迪则推出覆盖 7 万至 20 万元价位段的天神之眼 C 系统，目标实现 "高阶智驾人人可享"。 这些车企大力推动 "全民智驾" 普及，主要原因之一是智驾终于撕下 "炫技工具" 的标签，成为用户购车决 策的刚性需求。不过，由于智能驾驶行业还在快速发展和迭代，对于广大用户来说，究竟什么是高阶智 驾，多数人没有准确认知。 放眼行业，推动全民智驾分两种路线：一种是在技术上由中阶向高阶推进，以智驾搭载量来推进智驾普 及；一种是像华为乾崑这样，先猛攻高阶智驾，用高阶智驾的普及，确保用户爱用、敢用，再将高阶能力 不断下放，以用户体验为核心推动智驾普及。 2 月 17 日，华为车 BU CEO 靳玉志在央视新闻《中国经济引力场》直播节目中称，华为乾崑是全民智驾 的发起者、推动者和引领者，并提出了他对于 "高阶智驾" 的定义 ...

盘后涨停复盘 全天成交额进一步放量至1.96万亿元，为25年新高。大盘平开高走，在午后有所下跌，尾盘回暖，涨跌 家数4169:1088。 作者 | 韦三甲 编辑 | 小白 2月7日，全天成交额进一步放量至1.96万亿元，为25年新高。大盘平开高走，在午后有所下跌，尾盘 回暖，涨跌家数4169:1088。 涨停家数83，上个交易日90，涨停封板率下滑显著至65%，午后炸板数量上升。涨停排队资金降至7 2.98亿元。 冀凯股份全天多次炸板，收盘的时候封上了涨停，晋级13天11板，属于二波之后新高。今天属于一个 栏板，全天还手率26.6%，也属于历史绝对高位。 新炬网络一字板涨停晋级7连板，换手率更是低至0.72%，下个交易日获得高溢价概率大。若能再次 晋级也将为高连板个股打开新高度。 每日互动尽管今日冲击4连板失败，但还是凭借高涨幅成功挑战异动，10日涨幅128.23%。但其52.3 9%的超高换手率需要警惕。 竞业达今日低开后走势并不理想，但在收盘前急速拉升至涨停，实现4天3板。 近日华为云、阿里云、腾讯云、百度智能云、360数字安全、云轴科技等多个平台宣布上线DeepSeek 大模型，用户可以在各大平台上调用 ...