当前时点智能汽车板块投资建议： 继续坚定看好2026年L4 RoboX主线！ 未经许可，不得转载或者引用。 投资要点 本周智能汽车行情复盘： 我们编撰的智能汽车指数-2.0%，智能汽车指数（除特斯拉）-3.4%，智能汽车指数（除整 车）-3.0%。 截至2026年2月27日，智能汽车指数PS(TTM）为14.2x，该估值位于2023年初以来 96%分位数；智能汽车指数（除特斯拉）PS(TTM）为6.0x，该估值位于2023年初以来83%分位 数；智能汽车指数（除整车）PS(TTM）为10.0x，该估值位于2023年初以来81%分位数。智能 汽车指数标的 曹操出行、中邮科技、开勒股份、伯特利、浙江世宝-H 涨幅前五。 本周行业核心变化： 1）广州宣布全域开放无人驾驶应用场景；2）Waymo加速扩张，在美国新增达拉斯、休斯顿等 四城向公众开放无人驾驶出租车服务，运营城市总数达到10个；3）阿联酋阿布扎比正式启动 特斯拉自动驾驶道路测试，旨在评估技术表现并验证安全性。 B端软件标的>C端硬件标的。H股优选【小鹏汽车+地平线机器人+小马智行/文远知行+曹操/黑 芝麻智能】；A股优选【千里科技+德赛西威+经纬恒润】 下 ...

证券研究报告 智能汽车主线周报： Waymo运营城市扩大至10城，看好智能化 证券分析师 ：黄细里 执业证书编号：S0600520010001 联系邮箱：huangxl@dwzq.com.cn 2026年3月2日 请务必阅读正文之后的免责声明部分 核心结论 注：若无特殊说明，"本周"均代表2026.2.9-2026.2.13 2 ◼ 本周智能汽车行情复盘：我们编撰的智能汽车指数-2.0%，智能汽车指数（除特斯拉）-3.4%，智能汽车指数 （除整车）-3.0%。截至2026年2月27日，智能汽车指数PS(TTM）为14.2x，该估值位于2023年初以来96% 分位数；智能汽车指数（除特斯拉）PS(TTM）为6.0x，该估值位于2023年初以来83%分位数；智能汽车指 数（除整车）PS(TTM）为10.0x，该估值位于2023年初以来81%分位数。智能汽车指数标的曹操出行、中邮 科技、开勒股份、伯特利、浙江世宝-H涨幅前五。 （ ◼ 本周行业核心变化：1）广州宣布全域开放无人驾驶应用场景；2）Waymo加速扩张，在美国新增达拉斯、 休斯顿等四城向公众开放无人驾驶出租车服务，运营城市总数达到10个；3）阿联酋阿布扎 ...

Core Viewpoint - The withdrawal of the proposal by New York Governor Hochul to allow commercial autonomous taxi services outside New York City is a setback for Waymo, which is looking to expand its autonomous fleet this year [1] Group 1: Proposal Withdrawal - New York Governor Hochul has retracted a proposal that would have permitted companies like Waymo to apply for licenses to test autonomous taxi services outside of New York City [1] - The proposal was initially introduced in a policy preview report last month, indicating a potential expansion for autonomous vehicle services in the state [1] Group 2: Company Response - Waymo expressed disappointment over the governor's decision but remains committed to bringing its services to New York and plans to work with state legislators to advance the issue [1]

美国纽约州州长霍楚尔撤回了一项提案，该提案原本允许在纽约市以外地区提供商业无人驾驶出租车服 务，这对Alphabet(GOOG.O)旗下的Waymo公司来说是一个打击，因为该公司正寻求在今年积极扩大其 无人驾驶车队。霍楚尔上个月在一份政策预览报告中提出的这项提案，将允许Waymo等自动驾驶汽车 公司申请许可，试运行无人驾驶服务。州长办公室证实已决定撤回该计划。Waymo表示："虽然我们对 州长的决定感到失望，但我们致力于将我们的服务带到纽约，并将与州立法机构合作推进这个问题。" ...

Group 1: Waymo Financing - Waymo, Google's autonomous driving company, announced the completion of a $16 billion financing round, achieving a post-money valuation of $126 billion, marking one of the largest single financings in the autonomous driving sector in recent years [2] - The financing was led by Dragoneer Investment Group, DST Global, and Sequoia Capital, with participation from several other notable investors [2] - Waymo disclosed that its annual order volume is expected to more than double year-on-year by 2025, reaching 15 million rides, with a cumulative order volume exceeding 20 million rides to date [2] Group 2: Tencent Research - Tencent's Mix Yuan team, in collaboration with Fudan University, released a new language model evaluation benchmark called CL-bench, focusing on the core bottlenecks in context learning capabilities of current models [4] - The research highlights that existing models perform poorly in real-world tasks that require immediate contextual information, such as understanding new game rules or synthesizing information from experimental logs [4] - CL-bench aims to measure a model's ability to learn new knowledge from provided context and apply it correctly [4] Group 3: Alibaba's Qwen3-Coder-Next - Alibaba Qianwen launched Qwen3-Coder-Next, an open-source language model designed for programming agents and local development [5] - The model is built on the Qwen3-Next-80B-A3B-Base architecture, utilizing a hybrid attention and MoE framework [5] - It significantly reduces inference costs while enhancing programming and agent capabilities through large-scale executable task synthesis and reinforcement learning [5] Group 4: Xiaomi's Research Achievements - Xiaomi's founder Lei Jun announced that multiple research papers from the Xiaomi team have been accepted at the prestigious ICLR 2026 conference, covering areas such as multimodal reasoning, reinforcement learning, and end-to-end autonomous driving [6] - Key research includes frameworks for reinforcement learning, GUI agents, and world model generation [6] Group 5: Fujian Precision Engineering and CATL - Fujian Precision Engineering announced a joint capital increase in its subsidiary Jiangxi Shenghua with CATL, reducing its stake from 79.57% to 64.37%, while CATL's stake will increase from 18.74% to 33% [7] - This move is part of a broader strategic partnership aimed at enhancing Jiangxi Shenghua's capabilities in lithium iron phosphate production and international market expansion [7] Group 6: ByteDance Land Acquisition - ByteDance's subsidiary Beijing Yun Yue Chang Shi Technology Co., Ltd. acquired a commercial land parcel in Haidian District for 2.8 billion yuan during a recent land auction in Beijing [9] Group 7: Tianyi Space IPO - Tianyi Space, a leading commercial satellite company, has completed its IPO counseling registration with Guotai Junan Securities, focusing on SAR satellite constellation operations and data services [13] - The company has successfully acquired thousands of imaging data for applications in urban safety and disaster management [13] Group 8: Beijing Human Shape Robotics Financing - Beijing Human Shape Robotics Innovation Center completed its first round of market-oriented financing, raising over 700 million yuan from various investment institutions [14] - The funds will be used for the iteration and promotion of core platform technologies [14] Group 9: Kairong High-Tech Acquisition - Kairong High-Tech announced plans to acquire a 70% stake in Jinwangda through a combination of stock issuance and cash payment, making Jinwangda a subsidiary of the listed company [15] - Jinwangda specializes in precision transmission components used in various industrial automation applications [15]

彭博此前报道称，Alphabet将以130亿美元参与这一轮投资。Waymo在2月2日的公告中确认，其母公司 Alphabet参与了此次融资，但未透露具体出资条款。 Alphabet公司旗下自动驾驶公司Waymo表示，以1260亿美元的估值募集了160亿美元资金，新一轮融资 反映其迅速崛起为无人驾驶出租车服务领域的先行者。 Waymo 2月2日公告，本轮融资由新投资者红杉资本、DST Global和Dragoneer Investment Group领投。最 新估值为包含本次募集资金额的投后估值。 Waymo在自动驾驶网约车领域已建立明显的商业领先优势，目前在美国约六个城市运营着完全无人驾 驶、并向乘客收费的出行服务。该公司计划今年在美国国内加快扩张并进军英国。 彭博行业研究估计，Waymo的单车成本大约为特斯拉无人驾驶车辆的两到三倍，这一因素目前制约了 其车队规模的扩张。编辑/陈佳靖 ...

特斯拉CEO马斯克在达沃斯表示，到明年年底，将开始向公众销售人形机器人。下个月将在欧洲获得自 动驾驶许可；到今年年底，无人驾驶出租车服务将在美国境内得到非常广泛的应用。特斯拉一度涨 1.8%，创盘中新高。 ...

Core Insights - Tesla CEO Elon Musk announced that the company will begin selling humanoid robots to the public by the end of next year [1] - Next month, Tesla is expected to obtain autonomous driving permits in Europe [1] - By the end of this year, Tesla's autonomous taxi service is projected to see widespread application across the United States [1] - Tesla's stock rose by 1.8%, reaching a new intraday high [1]

Market Overview - US stock market indices reached historical highs before the Christmas holiday, with the S&P 500 closing at 6932.05 points, up 0.3%, the Dow Jones Industrial Average at 48731.16 points, up 0.6%, and the Nasdaq Composite at 23,613.31 points, up 0.2% [2] - The market is currently experiencing low trading volumes, and investors are watching for the continuation of the "Santa Claus rally" [2] 2026 Market Predictions - Wall Street analysts predict the S&P 500 index will reach between 7100 and 8100 points by 2026, with an average target of 7490 points, indicating an approximately 8% upside from current levels [3] - The anticipated growth is driven by the AI boom and potential interest rate cuts from the Federal Reserve, alongside expected corporate earnings growth [3] - However, concerns about inflation, high valuations, and trade tensions could lead to market corrections [3] Gold and S&P 500 Predictions - Ed Yardeni, a prominent market analyst, forecasts that both the S&P 500 index and gold prices could reach 10,000 points and $10,000 per ounce, respectively, by the end of the decade [4] Individual Stock Movements - The global precious metals market has rebounded, with silver prices rising 5% to $75.39 per ounce, marking a historical high, and gold reaching $4530 [5] - Mining stocks saw pre-market gains, with notable increases in companies like Coeur Mining (CDE.US) up 2.72% and First Majestic Silver (AG.US) up 2.67% [5] - Biohaven Pharmaceuticals (BHVN.US) shares fell nearly 16% after its experimental depression drug failed to meet mid-stage trial goals [5] - Waymo, Google's autonomous driving division, temporarily suspended services in San Francisco due to flood warnings [6] - Analyst Dan Ives set a target price of $250 for Nvidia (NVDA.US), citing the company's significant potential in the AI sector [6] - Xpeng Motors (XPV.US) officially entered the Mauritius market, following its expansion into Qatar [6]

Market - The U.S. stock market and several global financial markets will be closed on December 25, 2025, with trading resuming on December 26. Investors are advised to manage their unexecuted orders and plan their capital turnover accordingly, as market volatility may increase after the holiday [2]. Macro - The number of mentions of blockchain in SEC filings surged to approximately 8,000 by August 2025, remaining high until November. The increase is largely attributed to the successful launch of multiple spot Bitcoin ETFs in early 2024, leading traditional asset management firms to expand their cryptocurrency product lines [4]. - Trump is actively participating in Republican House primary endorsements, testing his influence ahead of the midterm elections. Polls indicate that the Democratic Party leads the Republican Party by about 6 percentage points, while Trump's support has increased by 3.5 percentage points compared to the previous month [5]. - Ukraine has extended its import ban on Russian goods for another year, affecting various products including food and industrial goods. This decision reflects ongoing tensions and has been in place since 2015, with multiple extensions [6]. - Ukraine confirmed the use of British missiles to strike a large Russian oil refinery, indicating increased external involvement in the Russia-Ukraine conflict and potentially escalating tensions further [7]. - The former Brazilian president Bolsonaro has nominated his son Flávio as a candidate for the 2026 presidential election, despite his own legal troubles and current restrictions on participating in elections [8]. - Ukraine has established a legislative working group to prepare for post-war elections, with its first meeting scheduled for December 26, 2025. The group aims to ensure the smooth conduct of elections and referendums [9]. - Ukrainian President Zelensky discussed peace negotiations with U.S. envoys, emphasizing the need for effective steps to end the conflict and achieve lasting peace [10][11]. - Russia successfully launched a Soyuz-2.1a rocket carrying a spacecraft, showcasing its capabilities in space exploration [12]. - The Central Bank of Egypt has cut its benchmark interest rate by 100 basis points, marking the fifth rate cut in 2025, reflecting the latest inflation assessments [13]. Company - Waymo has temporarily suspended its self-driving taxi service in San Francisco due to a flood warning, which follows a previous service halt caused by power outages [15]. - Despite Wall Street's concerns about Palantir's high valuation, retail investors have poured billions into the stock, with net purchases expected to reach nearly $8 billion in 2025, making it one of the top securities for retail investment this year [16]. - Goldman Sachs is struggling to manage bad investments in its private lending subsidiary, with asset values declining for seven consecutive quarters. The company is attempting to restructure its loans and improve new loan quality, but old loans still represent a significant portion of its portfolio [17]. Comment - The Russian Foreign Ministry spokesperson stated that Europe is not considering peace in Ukraine, suggesting that Western support for Ukraine is aimed at prolonging the conflict [19]. - Since the U.S.-EU trade agreement, the EU's spending on U.S. oil and gas imports has decreased by 7% year-on-year, raising doubts about the feasibility of the $750 billion energy purchase commitment [20]. - Gold futures have surged nearly 71% this year, potentially marking the largest annual increase in 46 years, driven by geopolitical uncertainties and declining bond yields [21]. - Moody's chief economist predicts that the Federal Reserve may implement multiple rate cuts in 2026, as the economy remains in a delicate balance with rising unemployment and inflation concerns [22]. - The artificial intelligence market may face a split in 2026, as concerns about a potential bubble grow amid significant volatility in tech stocks [23].