研究早观点 2026 年 3 月 3 日 星期二 市场走势 资料来源：常闻 国内市场主要指数 邮箱：penghaochen@sxzq.com 【今日要点】 【行业评论】煤炭：行业周报（20260223-20260301）-地缘冲突有望继 续推升煤炭价格 【行业评论】汽车：2026 年度策略-短期承压不改长期趋势；趋势为王 抓住确定性 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 4,182.59 | 0.47 | | 深证成指 | | 14,465.79 | -0.20 | | 沪深 | 300 | 4,728.67 | 0.38 | | 中小板指 | | 8,847.90 | 0.14 | | 创业板指 | | 3,294.16 | -0.49 | | 科创 | 50 | 1,464.77 | -1.56 | | 资料来源：常闻 | | | | 分析师： 彭皓辰 执业登记编码：S0760525060001 研究早观点 【今日要点】 【行业评论】煤炭：行业周报 ...

汽车 2026 年度策略 领先大市-A(维持) 汽车板块近一年市场表现 资料来源：常闻 短期承压不改长期趋势；趋势为王抓住确定性 2026 年 3 月 2 日 行业研究/行业年度策略 投资要点： 合金多行业应用持续开拓-镁合金月报 （202601） 2026.2.12 【山证汽车】多重驱动、多点爆发；镁 合 金 时 代 加 速 到 来 - 轻 量 化 专 题 2026.1.19 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 贾国琛 执业登记编码：S0760525120001 邮箱：jiaguochen@sxzq.com 2025 年我国汽车产销量平稳增长，2026 年虽然短期承压但不改长期向 好趋势。2025 年，我国汽车产销量为 3453.1 和 3440 万辆，分别同比+10.4% 和+9.4%。2026 年 1 月，因为新能源汽车购置税、以旧换新等政策调整，乘 用车销量，特别是新能源汽呈车现销一量定压力，但我们认为中国汽车行业 整体平稳发展的趋势没有改变。国内市场，内需政策仍然会有力支持汽车行 业发展，在北京、上海等限购地区与三四线城市，汽车消费仍有释放空间。 ...

【山证汽车】多重驱动、多点爆发；镁 合 金 时 代 加 速 到 来 - 轻 量 化 专 题 2026.1.19 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 贾国琛 执业登记编码：S0760525120001 汽车 2026 年度策略 领先大市-A(维持) 汽车板块近一年市场表现 资料来源：常闻 合金多行业应用持续开拓-镁合金月报 （202601） 2026.2.12 邮箱：jiaguochen@sxzq.com 短期承压不改长期趋势；趋势为王抓住确定性 2026 年 3 月 2 日 行业研究/行业年度策略 投资要点： 2025 年我国汽车产销量平稳增长，2026 年虽然短期承压但不改长期向 好趋势。2025 年，我国汽车产销量为 3453.1 和 3440 万辆，分别同比+10.4% 和+9.4%。2026 年 1 月，因为新能源汽车购置税、以旧换新等政策调整，乘 用车销量，特别是新能源汽车销量呈现一定压力，但我们认为中国汽车行业 整体平稳发展的趋势没有改变。国内市场，内需政策仍然会有力支持汽车行 业发展，在北京、上海等限购地区与三四线城市，汽车消费仍有释放空间。 ...

Core Viewpoint - The emergence of Chasing Technology as a "smart technology ecosystem strategic partner" at the CCTV Spring Festival Gala signifies a shift in competition among Chinese tech companies from single products to system ecosystems, indicating a reshuffling period for ecosystem brands [2][3][16]. Group 1: Brand Presence and Market Position - Chasing Technology showcased its full-scene ecological matrix at CES and the Spring Festival Gala within two months, highlighting its rapid brand exposure [2][15]. - The company operates in over 120 countries and regions, serving more than 42 million households, with leading market shares in various countries for its robotic vacuum and washing machine products [4][17]. - In the global market, Chasing Technology holds the top market share in robotic vacuums in 30 countries, with over 40% market share in 11 of those countries, and over 70% in washing machines in nearly 20 countries [4][17]. Group 2: Industry Trends and Technological Advancements - The transition from single product competition to ecosystem competition is becoming a new form of competition among Chinese tech companies, as evidenced by trends observed at CES 2026 [6][19]. - The reusability of underlying technology is crucial for companies to build ecosystems, with Chasing Technology's core technologies being applicable across multiple product categories, significantly reducing the marginal costs of expanding into new categories [20][21]. - The company has filed over 10,000 patents globally, with more than 3,000 granted, showcasing its extensive technological capabilities that extend from robotic vacuum algorithms to smart driving systems [20]. Group 3: Consumer Experience and Market Strategy - As companies shift to ecosystem competition, the focus is on delivering a consistent smart experience rather than just comparing individual product specifications [8][22]. - Chasing Technology maintains a leading market share in the high-end segment of the cleaning appliance market, with significant shares during major sales events [23]. - The company's strategy contrasts with traditional Chinese appliance companies that often entered markets based on cost advantages; instead, it targets high-end markets first to establish brand recognition before scaling through technology reuse [10][24]. Group 4: Future Outlook and Industry Implications - The recognition of Chasing Technology at a national level reflects a broader trend in Chinese manufacturing, where the next decade will favor companies that can balance high-end technology with accessibility for everyday consumers [11][24]. - The ability to deliver high-end experiences to a broader market without diluting innovation is becoming a critical competitive factor in the industry [9][22].

Group 1 - The chairman of Changan Automobile, Zhu Huarong, stated that smart cars are developing the ability to "think" like experienced drivers, thanks to real-time data processing and deep learning algorithms [2] - Tesla's CEO Elon Musk reiterated that the Cybercab will enter initial production in April 2026, emphasizing confidence in the aggressive production timeline [2] - Apple is reportedly integrating the AppleTV app into the CarPlay system, allowing users to watch content while parked, requiring an iPhone login for access [2] Group 2 - Leap Motor's second model, the B10, has entered the Australian market, with Stellantis' Rick Clayton claiming it is the most "European-style" SUV from China [2]

Core Viewpoint - The company Dreame Technology is gaining attention for its generous employee benefits, including customized gifts and bonuses, which have led to positive employee sentiment and public interest [1][4][6]. Group 1: Employee Benefits - Employees at Dreame Technology receive various benefits, such as customized 1-gram gold gifts, year-end bonuses, and holiday gift packages [1][6]. - The company provides insurance for employees and their families, along with additional perks like late-night snacks and special gifts during important holidays [6][10]. - The CEO, Yu Hao, emphasizes the importance of real benefits for employees and their families, stating that the company's most valuable asset is its people [8][10]. Group 2: Company Initiatives - Yu Hao has actively engaged with employees and the public through social media, promoting events and giveaways, including a lottery for 1-gram gold and a special trip for outstanding employees [10]. - Dreame Technology is planning to host a large-scale annual meeting in collaboration with CCTV, featuring performances from well-known artists [10]. - The company, founded in December 2017, focuses on high-end technology products across various categories, including smart appliances and personal care devices [10].

Core Insights - Li Auto's chairman, Li Xiang, outlined the company's strategy to evolve into an embodiment intelligence enterprise, viewing the ultimate form of automobiles as robots [1] - The company has undergone significant organizational restructuring to support this strategic shift, including the establishment of new teams focused on software and humanoid robots, and the reorganization of its autonomous driving department [1] - Li Auto aims to become a leader in the embodiment intelligence sector within the next 3-5 years, indicating a long-term vision for the integration of AI into its business model [1] Company Strategy - The strategic shift towards embodiment intelligence is not merely a departmental reorganization but a critical move to position Li Auto in the competitive landscape of AI-driven automotive technology [1] - The company is responding to a new wave of AI competition, with Li Xiang asserting that the competition in the mid-to-high-end automotive market will fundamentally revolve around embodiment intelligence [1][2] - Li Auto's transition aligns with broader industry trends, as other automakers also explore the integration of robotics into their vehicles, indicating a growing market for "car + robot" solutions [2] Industry Context - Beijing's supportive policies and initiatives, such as the "Beijing Embodiment Intelligence Technology Innovation and Industry Cultivation Action Plan (2025-2027)," provide a conducive environment for companies like Li Auto to innovate and grow [2] - The automotive industry is entering a phase where growth must come from new avenues, with embodiment intelligence emerging as a significant direction for transformation [2] - The inherent advantages of automotive companies in the embodiment intelligence space stem from the shared core architecture of perception, decision-making, and execution between smart vehicles and intelligent robots [2] Challenges and Considerations - The transition to embodiment intelligence faces multiple challenges, including high costs of advanced technologies and the need for a mature commercial framework [3] - Current cash flow for companies like Li Auto still primarily comes from their core automotive business, highlighting the need for a balanced approach during the transition [3] - The development of embodiment intelligence requires long-term investment and patience, as the path to commercialization and product differentiation is still evolving [3]

2月8日，"赶科普大集 过科学新年"活动在湖北省十堰市竹山县城关镇桃花源街区女娲广场举行，活动设置智能机器人、科技助农、智能汽车等十个科普 体验区，现场观众可与机器人近距离互动，感受科技魅力。 转自：经济日报 章磊摄（中经视觉） （来源：经济日报） ...

Core Viewpoint - The article discusses the emergence of a new entrepreneurial era driven by AI and global expansion, emphasizing the importance of mentorship and investment in early-stage startups [5][6][38]. Group 1: AI Super Trend - The current era is identified as a "ChatGPT moment," marking a significant opportunity for entrepreneurship that could last for approximately 15 years [6][10]. - The belief is that future great companies will likely be founded by small teams today, capitalizing on the AI revolution [7][10]. Group 2: Coaching Camp Initiative - The Coaching Camp aims to support early-stage entrepreneurs by providing mentorship, investment, and resources, focusing on three main areas: AI applications, technology expansion, and smart manufacturing [13][14]. - The initiative is described as "spending money to support" entrepreneurs, with investment serving as an entry ticket for selected startups [21][24]. Group 3: Technology Expansion - The focus on "technology" in global expansion is due to China's leading position in several sectors, including consumer electronics, AI, and robotics, which allows companies to enter international markets without engaging in price wars [25][27]. - The article highlights that Chinese companies can leverage their technological advantages to create value in overseas markets [27][30]. Group 4: Entrepreneur Selection Criteria - The selection process for entrepreneurs emphasizes the importance of the founder's qualities, including judgment, execution ability, and resilience [31][33]. - The initiative seeks entrepreneurs who are genuinely passionate about their projects and have a clear understanding of their motivations for starting a business [36][38]. Group 5: Funding and Support Structure - The Coaching Camp plans to allocate a fund of 60 million yuan (approximately 8.5 million USD) to support around 10 promising teams, focusing on AI applications, technology expansion, and smart manufacturing [40]. - The application process for the first cohort will open on December 28, 2025, with a deadline for submissions by April 15, 2026 [40].

Core Viewpoint - The construction of underwater data centers is expected to reshape the future of smart cars by addressing the increasing computational demands of the automotive industry, particularly in the context of autonomous driving and vehicle-to-everything (V2X) communication [4][9]. Group 1: Underwater Data Centers - The Guangdong Province has issued an action plan to promote the integration of the digital economy with the marine industry, including the exploration of underwater data centers [3]. - Underwater data centers utilize advanced technologies to ensure the safe operation of servers under high pressure, connecting to shore stations via underwater optical cables for stable power supply and high-speed data transmission [7][8]. - These centers can significantly reduce operational costs by over 40% due to lower cooling requirements and do not occupy valuable land resources, addressing the scarcity of land in urban areas [8]. Group 2: Computational Demands of Smart Cars - Smart cars, especially those with Level 3 autonomous driving capabilities, require substantial computational power, processing data at rates of several gigabytes per second [5]. - Traditional land-based data centers face limitations in energy consumption and land availability, making them less suitable for the growing demands of the smart automotive sector [6]. Group 3: Benefits of Underwater Data Centers for Smart Cars - Underwater data centers can provide low-latency computing support, reducing data transmission delays to an average of 14 milliseconds, which is critical for real-time decision-making in autonomous driving [9]. - The integration of underwater data centers with offshore wind power can create a sustainable ecosystem that supports the smart automotive industry while promoting carbon neutrality [10]. - Future developments may lead to a "vehicle-road-cloud-sea" collaborative smart transportation system, enhancing traffic flow optimization and personalized travel services [10].