市场热点或将延续短线"补涨、兑现"，然后布局中期主线的逻辑推进。中期看，今年迈入量产爆发阶段 的人形机器人、商业航天、自动驾驶等科技主线，或更具市场共识。尤其春晚人形机器人爆火后，其实 际销售也在大增，在估值逐渐夯实后有望迎来新一轮机会。 机构看后市 东方证券：维持市场将冲击4200点判断，算力产业链和电力基建仍值得关注 东方证券表示，短期来看，节前A股跟随海外资产调整后已释放了一定的风险，国内宏观和产业层面的 密集催化将陆续出现，对相关板块形成向上指引，我们继续维持市场冲顶4200的判断。 光大证券：预计后市成交活跃度将继续回升，震荡格局有望逐渐打破 光大证券表示，持币过节资金有望逐步重新回归市场，预计后市成交活跃度将继续回升。短线市场情绪 或延续改善，赚钱效应提升。中期行情有望逐渐打破节前的震荡格局，迎接新一轮春季躁动行情。 A股三大股指集体高开，沪指涨0.15%，创业板指涨0.15%。盘面上，金属板块表现活跃，湖南白银、白 银有色涨超2%；AI应用、影视院线等板块跌幅居前。 东莞证券：A股进入具备配置价值的区间，重点关注红利、电力设备等板块 东莞证券表示，历史数据显示，A 股在春节后往往迎来高胜率窗口， ...

Group 1 - The core theme of the Guangdong conference is the collaborative development of manufacturing and service industries to explore new paths for high-quality development [1] - Guangdong's manufacturing sector accounts for 1/8 of the national manufacturing value added and approximately 1/3 of the province's GDP, establishing it as a global manufacturing hub [1] - The manufacturing industry in Guangdong is transitioning towards intelligent, green, and integrated development, aiming to move from low-value assembly to high-value design and sales [1] Group 2 - The historical evolution of developed economies shows that manufacturing and service industries have always evolved dynamically and collaboratively, leading to deeper industrial division and tighter integration [2] - The rapid development of information technology since the 1990s has empowered manufacturing through service-oriented manufacturing and the integration of digital and physical economies [2] - The current technological revolution and industrial transformation necessitate a strong collaboration between manufacturing and services, leveraging advancements in AI, bio-manufacturing, and quantum communication [2] Group 3 - Guangdong has unique advantages in the global technological revolution, with the Guangdong-Hong Kong-Macao Greater Bay Area being a leading region in both mechanical and AI technologies [3] - The manufacturing sector in Guangdong includes leading industries such as home appliances, mobile phones, and automobiles, which need to collaborate with intelligent technologies to enhance their competitive edge [3] - A supportive market environment is essential for the collaborative innovation of manufacturing and services, requiring regulatory frameworks that facilitate new products, business models, and technological innovations [3]

美国《外交事务》杂志近日刊登了纽约大学全球事务中心副院长卡罗琳·基桑的文章，作者在对比中美两国能源政策之后指出，中国正朝着实现能源 主导权的方向迈进。 江苏扬州，渔光电一体化太阳能光伏发电项目 作者表示，北京的成功常被简单归因于规模效应与政府补贴，但这种说法忽略了中国在此过程中所采取的战略协调性和创新举措。事实上，中国已将 相关产业整合为一个紧密协同的生态系统，具备制定全球标准的能力。中国将原材料、中间组件与成品的制造布局在同一区域，往往相距仅数小时车 程。这种供应链集聚效应降低了成本、加快了生产速度，让中国企业在速度与价格上全面领先。如今，美国大型数据中心开发商也试图效仿。 中国的供应链集聚也是区域协同规划、基础设施持续投资的结果。中国将清洁能源制造业视为战略产业，在提供补贴的同时，也将资本投向研发、工 业园区、电网基础设施与人才培养。创新与生产同步规模化，让新技术得以快速从实验室走向工厂。企业为追求规模与效率激烈竞争，整个生态系统 的竞争力随之大幅提升。 美国《外交事务》报道截图 作者在文章中指出，过去二十年，中国从一个依赖油气进口、战略上弱势的能源大国，转型为全球清洁能源领导者。中国将能源与电气化视为国 ...

特斯拉(TSLA.US)已正式向加利福尼亚州政府提起法律诉讼，旨在推翻该州机动车辆管理局(DMV)此前 关于其自动驾驶系统涉嫌"虚假广告"的行政裁决。这场长达数年的监管博弈近日再度升级，特斯拉在向 法庭提交的诉状中坚称，DMV认定其在营销"Autopilot"及"Full Self-Driving"(FSD)功能时存在误导性陈 述的结论毫无事实依据。 法院于12月裁定DMV胜诉，认定相关术语具有误导性并建议吊销许可证，不过监管机构最终减轻了处 罚并给予特斯拉整改时间。面对监管压力，特斯拉在2026年初采取了折中措施，通过修改官方描述并增 加"Supervised(受监督)"后缀等手段，于2月17日通过了DMV的合规审查，暂时化解了牌照被吊销的危 机。 由于加州是特斯拉全球最大的消费市场之一，且具有显著的行业监管示范效应，此次法律反击的结果将 直接影响到全球自动驾驶行业的合规标准。 然而，特斯拉显然并不打算接受"虚假宣传"的法律标签，并在最新的诉讼中反驳称，公司在用户手册及 激活界面中已提供了充分的风险警示。据Electrek分析，特斯拉此举意在消除潜在的法律隐患，保护其 品牌声誉并为即将到来的Robotaxi ...

自动驾驶板块的 Robotaxi 计划同样提速，今年将正式启动网约车试点运营，基于 GX 平台打造的车型搭载 4 颗自研图灵 AI 芯片，以 3000TOPS 超强算力 支撑纯视觉方案。 何小鹏预判，2027-2028 年 Robotaxi 将进入快速增长期，为企业带来收入与市值的双重跃升，据悉，大众汽车已成为小鹏第二代 VLA（视觉 - 语言 - 动 作） 模型的首发客户。 前沿业务高歌猛进的同时，核心整车业务与全球化战略同步发力。 2 月 24 日，小鹏汽车 CEO 何小鹏发布以 "稳进破局，2026 共赴物理 AI 新十年" 为主题的开工信，明确将 2026 年定义为小鹏具身智能从"能做"到"能量 产"的分水岭，宣布人形机器人、飞行汽车、Robotaxi 三大前沿 AI 业务将在今年全面落地量产。 在这场关乎未来的战略布局中，三大业务的量产计划成为核心亮点。飞行汽车 "陆地航母" 已完成试产线下线，历经零下 35 摄氏度极寒测试验证。 累计全球订单超7000台，其中中东地区订单达600台，位于广州的智造工厂具备"万辆级"年产能。 今年将实现规模化量产与交付，将率先开启个人低空出行的商业化探索。 人形机器 ...

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - In February 2026, China began soliciting public opinions on the L3 strong standards, completing the draft of "Safety Requirements for Autonomous Driving Systems of Intelligent Connected Vehicles" on February 5, 2026. The public consultation for this and four other mandatory national standards started on February 12, 2026, and will end on April 13, 2026. This strong standard primarily targets L3 and L4 levels of autonomous driving, replacing the recommended standard GB/T 44721-2024 [4] - The proposed implementation date for the L3 strong standard is July 1, 2027. The standard includes mandatory (GB) and recommended (GB/T) classifications, with violations of the mandatory standard leading to legal consequences. The L3 strong standard has completed the drafting phase and is currently in the public consultation stage, followed by review, approval, and publication [4] - Earlier, China approved L3 vehicles for road testing, with two models from Changan and BAIC Blue Valley receiving approval for road access trials on December 15, 2025. These models will undergo the next phase of road testing, with specific requirements set by the Ministry of Industry and Information Technology [4] - Investment recommendations include: 1) Vehicle manufacturers: Jianghuai Automobile, Xpeng Motors-W; 2) Component suppliers: Bertley, Coboda, Nexperia, Horizon Robotics-W, among others. Attention is also recommended for Huayi Technology [4] Summary by Sections - **L3 Strong Standards**: The draft for L3 strong standards has been completed and is open for public consultation, with a focus on safety requirements for autonomous driving systems [4] - **Implementation Timeline**: The strong standard is set to be implemented by July 1, 2027, following a series of approval processes [4] - **Road Testing Approvals**: Two L3 models have been approved for road testing, indicating progress in the industry [4] - **Investment Opportunities**: Specific companies are recommended for investment based on the ongoing developments in autonomous driving policies [4]

（编辑 袁冠琳） 证券日报网讯 2月24日，运达科技在互动平台回答投资者提问时表示，公司参股企业扬斯科技的L4级自 动驾驶物流机器人的研发与量产工作正按既定规划推进。该新业务发展受技术、市场、供应商、客户等 多重因素影响，业务进展存在不确定性，短期不会对公司业绩产生直接影响。请投资者注意风险，具体 进展请以公司公开披露信息为准。 ...

一件衬衫成衣，近80%的工序由智能设备完成；咖啡机器人从接单到出品，全过程仅需1分钟；22580架 无人机组成飞行造景亮相春晚，刷新吉尼斯世界纪录……丙午马年首个工作日，广东省高质量发展大会 在广州召开，聚焦"制造业与服务业协同发展"主题，"广东智造"创新热潮与之同频共振。 如今，制造业与服务业之间的边界正在被技术打破。广州极飞科技股份有限公司在制造端研发农业无人 飞机、农机自驾仪等智能硬件，服务端又搭建起物联网平台，在泰国、越南等国落地应用。洲明科技深 耕光显领域二十余载，从最初仅生产LED屏、照明产品，到现在成为"硬件、软件、内容、交互"一体化 光显解决方案的服务商。 具身智能机器人卖爆米花、AI饮品机器人入驻旅游景点……随着AI赋能千行百业，硬核技术也走进日 常服务场景。文远知行旗下量产自动驾驶出行服务车辆（Robotaxi）GXR已于广州黄埔开启24小时示范 运营。文远知行方面告诉南都N视频记者，"广东是创新企业的'最佳合伙人'，这里拥有全球最完整的汽 车供应链，智能网联、车路协同企业众多，让企业能快速成长。" 连日来，南都N视频多方寻访，对话广东智能制造发展浪潮中的创新主体，看两业协同发展、打造智能 ...

当前，物流行业对效率提升与成本控制的需求日益迫切，无人物流车凭借24小时不间断运营、人力成本 节约等突出优势，成为解决行业痛点的关键方案。但目前市场仍缺乏规模化、车规级的成熟产品，本次 合作将有效弥补这一市场空缺，形成强大的规模效应。 目前，小竹无人车已在深圳华强北、农批市场以及长沙九城集团等多类复杂场景完成实战应用验证，充 分彰显其在高难度、高动态环境下的泛化能力与可靠性。凭借过硬的产品实力，小竹无人车已斩获玛斯 特500台、新吉奥800台等多个批量合作订单，市场认可度持续攀升。此次三方战略合作，更是佑驾创新 在无人物流领域规模化应用的重要突破，将进一步扩大其在赛道内的市场影响力。 根据合作协议，三方将以"优势互补、协同发展、共创共赢"为宗旨，精准切入无人物流市场的核心需 求，构建起从技术研发、整车量产到市场落地的全链条协同体系。 佑驾创新将严格对标国家及行业车规级认证标准，全面负责无人物流车核心技术落地，为车辆安全可靠 运行筑牢技术根基；壁虎科技将主导无人物流车底盘系统研发，为整车性能提供坚实硬件支撑；地上铁 将依托丰富市场资源与运营经验，深度参与产品定义，为产品功能、性能、外观及成本控制提供实操性 建议 ...

Group 1 - The core viewpoint of the news is the strategic partnership formed between Youjia Innovation, Dizhantian Green Technology, and Bihuo Technology to develop and deliver 3,000 autonomous logistics vehicles that meet automotive-grade standards [2][3] - The collaboration aims to leverage each company's strengths in operational management, research and development, and L4 autonomous driving technology to enhance the efficiency and cost-effectiveness of logistics operations [2][3] - Youjia Innovation will lead the integration of the intelligent driving system and chassis system, ensuring compliance with national and industry certification standards for the autonomous logistics vehicles [2][3] Group 2 - Dizhantian will contribute its deep understanding of logistics scenarios to define the product, providing insights on functionality, performance metrics, design, and cost control [3] - Bihuo Technology will focus on the development of the chassis system, managing the entire process from component selection to performance validation and production [2][3] - The partnership aims for large-scale deployment of autonomous logistics vehicles across various scenarios, enhancing logistics efficiency and creating a replicable model for cost reduction and efficiency improvement in the industry [3]