1）日联科技 公司是国内领先的工业 X 射线智能检测设备及核心部件供应商，在 核心部件、AI 软件、检测设备等方面建立了核心技术壁垒。2025 年 上半年公司新签订单同比增长近一倍，前三季度收入同比增长 44.0 1%，归母净利润同比增长 18.83%，净利润增速不及收入增速主要因 新增生产基地建设、股份支付等费用的影响。看好公司后续订单向收 入转化、费用影响减弱后的利润弹性释放。 2）康斯特 商业航天加速发展，AI 基建景气持续 【】【】 机械设备[Table_Industry] [Table_ReportDate] 2026 年 01 月 11 日 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 机械设备 投资评级 看好 上次评级 看好 [Table_Author] 王锐 机械行业首席分析师 执业编号：S1500523080006 邮 箱：wangrui1@cindasc.com [Table_Author] 韩冰 机械行业分析师 执业编号：S1500523100001 邮 箱：hanbing1@cindasc.com 信达证券股份 ...

IT之家 1 月 7 日消息，埃隆・马斯克做客彼得・戴曼迪斯主持的《Moonshots》播客节目时，不仅给出 了一系列大胆预测，还坦诚分享了诸多观点。这场时长近三小时的对话内容包罗万象，从人工智能、人 形机器人，到地缘政治与未来职场，均有深入探讨。 2. 人工智能领域的中美竞争态势 他探讨了中美两国在人工智能发展领域的战略竞争格局，并指出，未来数十年间，地缘政治格局将决定 人工智能领域的发展路径与主导力量。 3. 就业市场的未来走向 马斯克谈及人工智能与自动化技术对就业结构的重塑作用，预测这两项技术在大幅提升生产力的同时， 也可能对传统工作模式造成冲击。 4. 清洁能源转型之路 清洁能源在未来经济中的核心地位是本次对话的反复提及的主题，马斯克再次强调，扩大可持续能源的 生产与储能规模至关重要。 5. 人形机器人时代即将来临 IT之家附十大核心要点： 1. 通用人工智能（AGI）研发时间表预测激进 马斯克详细阐述了通用人工智能的可能问世时间，认为其落地速度或将超出多数人的预期，同时着重强 调了这项技术兼具变革性潜力与潜在风险。 6. 特斯拉 Roadster："最后一代人类驾驶汽车" 在核心议题之外，马斯克还提 ...

Group 1 - The core viewpoint of the article highlights the significant inflow of funds into the Industrial Mother Machine ETF (159667), with a net inflow of 18 million units during the trading session and over 250 million yuan in the past 20 days, driven by the ongoing interest in humanoid robots [1] - The article mentions that robots are seen as the ultimate carrier of AI and are expected to become a major battleground in the competition between China and the United States [1] - It is noted that Tesla's V3 version is expected to evolve towards lightweight, compact, high integration, and high stability, with a potential release in Q1 2026, followed by mass production [1] Group 2 - The Industrial Mother Machine ETF (159667) tracks the CSI Machine Tool Index (931866), which selects 50 listed companies involved in the manufacturing and servicing of machine tools and key components from the Shanghai and Shenzhen markets [1] - The index aims to reflect the overall performance of listed companies related to the machine tool industry and includes components and production equipment necessary for humanoid robots [1] - Domestic companies such as Yushu, Zhiyuan, Leju, Yundongchu, and Galaxy General are accelerating capital operations, with upcoming listings expected to catalyze the sector [1]

年华演出现场。 贵阳日报融媒体记者 覃伟 摄 本报讯 2025年12月31日，作为元旦系列活动重头戏之一，"爽爽贵阳·爱乐之城"2026路边音乐会跨年嘉 年华在贵阳国际会展中心北广场盛大举行，演出持续超10小时。著名歌唱家陈思思、王二妮、张英席等 及多位省内外艺术家登台，融合音乐、文化、科技与温情，近百个节目将"爱生活、爱家乡、爱祖国"的 演出主题与贵阳"五个文化"化作动人旋律，结合精品咖啡、精酿啤酒、精美餐饮、精彩文创贵阳特 色"四精"，陪伴市民游客在歌声与欢笑中共同迈向2026年。 此次活动的热浪在当日下午便已开始涌动，精心策划的"国风NPC快闪""非遗NPC快闪"接连上演，身着 华美汉服的青年与演绎屯堡地戏的表演者走进观众区进行互动，迅速点燃了观众的热情。 晚上7点，《2025贵阳路边音乐会金曲回溯》串烧瞬间点燃全场，拉开了"爱生活"篇章。随后，《歌声 不断酒不断》唱出了贵州各民族的热情；折耳根乐队以《我们的时光》《弥渡山歌》等歌曲，将本土情 怀与乐队精神巧妙融合；情景歌舞《走过咖啡屋》不仅表演悦目，更亮出了贵阳"精品咖啡"文化的动态 名片。 当"爽爽贵阳新十景"主题活动在舞台上正式发布，"爱家乡"篇章 ...

谈及具身智能机器人的全球供应链，吴晓波提到，六大类核心组件5000个零部件，中国占比为65% 。 基于此，吴晓波预测，特斯拉人形机器人量产的工厂大概率会建在中国。 新浪科技讯 12月28日晚间消息，2025吴晓波科技人文秀举行，知名财经作家吴晓波发表演讲。 吴晓波称，"具身智能在未来会成为中国产业经济增长非常重要的产业能力。" 吴晓波表示，未来中国将会有四个10万亿级市场，分别是新能源汽车、房地产、养老银发和具身智能机 器人。 谈及具身智能机器人的全球供应链，吴晓波提到，六大类核心组件5000个零部件，中国占比为65% 。 基于此，吴晓波预测，特斯拉人形机器人量产的工厂大概率会建在中国。 吴晓波称，"具身智能在未来会成为中国产业经济增长非常重要的产业能力。" 责任编辑：郭栩彤 新浪科技讯 12月28日晚间消息，2025吴晓波科技人文秀举行，知名财经作家吴晓波发表演讲。 吴晓波表示，未来中国将会有四个10万亿级市场，分别是新能源汽车、房地产、养老银发和具身智能机 器人。 责任编辑：郭栩彤 ...

Core Viewpoint - The automotive industry is at a crossroads, with the end of the electric vehicle (EV) boom and the dawn of automotive intelligence, presenting three main investment opportunities: AI smart vehicles, AI robots, and traditional vehicle segments [7][14]. Weekly Sector Performance - This week's sector performance ranked SW motorcycles and others at +1.1%, SW commercial passenger vehicles at +0.9%, SW auto parts at +0.3%, SW automobiles at -0.1%, SW passenger vehicles at -1.4%, and SW commercial freight vehicles at -1.7% [4][13]. - The top five stocks covered this week with the highest gains were Jingwei Hengrun-W, Asia-Pacific Shares, Junsheng Electronics, Desay SV, and BAIC Blue Valley [4][13]. Research Achievements - The team released several reports this week, including the 2026 automotive strategy report, the first coverage report on Minshi Group, the November Shenzhen test drive report, and the heavy truck monthly report [5][13]. Key Industry Changes 1. On December 15, Changan Automobile's Deep Blue brand received approval for L3-level autonomous driving capabilities, and BAIC New Energy's Arcfox Alpha S (L3 version) was also approved for autonomous driving [6][13]. 2. Saudi Red Sea Global Group and SIXT purchased nearly 200 Yutong pure electric buses, with the first batch of 90 now operational in the Red Sea region [6][13]. 3. On December 16, XPeng Motors obtained a road test license for L3-level autonomous driving in Guangzhou, allowing testing on designated high-speed road sections [6][13]. Current Automotive Sector Configuration - The automotive sector is transitioning, with the electric vehicle boom nearing its end and a shift towards automotive intelligence. Investment opportunities include: - **AI Smart Vehicle Focus**: - Robotaxi and Robovan models leading the way, with key players like Tesla, XPeng Motors, and Qianli Technology [7][14]. - Downstream applications include integrated models, technology providers, and the transformation of ride-hailing services [7][14]. - **Upstream Supply Chain Focus**: - Key players in vehicle manufacturing and core suppliers, including testing, chips, domain controllers, sensors, and more [7][14]. - **AI Robot Focus**: - Preferred components from companies like Top Group, Junsheng Electronics, and others [7][14]. - **Traditional Vehicle Focus**: - Opportunities in buses (Yutong), heavy trucks (China National Heavy Duty Truck Group, Weichai Power), and motorcycles (Chunfeng Power, Longxin General) [10][14].

Investment Rating - The report maintains a positive outlook on the automotive sector, particularly highlighting the approval of L3 autonomous driving products by Changan Automobile and BAIC's Arcfox Alpha S [1][2]. Core Insights - The automotive industry is entering a new phase where the benefits of electrification are tapering off, while the focus shifts towards intelligent vehicles and robotics innovation [3]. - Key investment opportunities are identified in AI smart vehicles, with a focus on Robotaxi and Robovan applications, as well as C-end vehicle sales [3]. - The report anticipates a significant increase in L3 and L2+ intelligent driving penetration rates by 2025, driven by major players like Tesla, Huawei, and XPeng [51][52]. Industry Performance - The automotive sector showed mixed performance this week, with the motorcycle and other segments performing best, while passenger vehicles saw a decline of 1.4% [2][15]. - The report notes that the automotive sector ranked 21st in A-shares and 20th in Hong Kong stocks this week [7][9]. Key Changes in the Industry - Recent approvals for L3 autonomous driving capabilities for Changan's Deep Blue and BAIC's Arcfox Alpha S mark significant advancements in the industry [2][3]. - The report highlights the procurement of nearly 200 Yutong electric buses by Saudi Arabia's Red Sea Global Group and SIXT, with the first batch already in operation [2][3]. Investment Recommendations - The report suggests focusing on AI smart vehicle investments, particularly in Robotaxi and Robovan sectors, as well as C-end vehicle sales [3]. - Key companies to watch include Tesla, XPeng, and various suppliers in the automotive supply chain, such as Desay SV and Geely [3][62]. Market Valuation - The report indicates that the overall price-to-earnings (PE) ratio for the automotive sector remains stable, with commercial passenger vehicles and auto parts seeing an increase in PE [33]. - The report also notes that the global vehicle valuation price-to-sales (PS) ratio is holding steady, with A-share vehicles maintaining stability [41].

Group 1 - The 2026 Capital Market Strategy Conference held by Huizheng Finance focused on analyzing policy trends, dissecting track values, and exploring new investment opportunities amid global economic changes, attracting over 1.07 million online viewers [2] - The conference emphasized the importance of understanding long-term cyclical trends and embracing new industrial opportunities in the context of China's economic resilience amid global slowdowns and trade protectionism [3] - The storage industry is expected to experience three major trends: long-duration, intelligent, and market-oriented, driven by dual carbon goals and AI capabilities, with significant growth anticipated over the next five years [4] Group 2 - The A-share market is projected to follow a clear bullish path in 2025, with funds continuing to migrate towards high-value assets in 2026, focusing on cyclical sectors benefiting from policy support [5] - The commercialization of embodied intelligence is nearing a turning point, with 2026 expected to be a year of value realization for AI applications across various sectors, including industrial manufacturing and healthcare [6] - Investment logic is shifting towards long-term value, with a focus on sectors like quantum computing, commercial aerospace, and satellite communication, requiring patience for commercialization [7] Group 3 - The semiconductor industry faces both challenges and opportunities, with significant advancements in lithography equipment and a clear path for third-generation semiconductors to collaborate with 5G and new energy vehicle technologies [8] - The investment strategy should focus on technology breakthroughs and practical applications in sectors like industrial robotics, new energy storage technologies, and semiconductor materials, which show high certainty [8] - The market is experiencing structural differentiation, with a focus on core fundamentals and balanced asset allocation to avoid blind following of trends [9]

2025年12月14日，汇正财经2026年度资本市场策略会在上海成功举办。会议以"解析政策脉络・拆解赛道价值・共探投资新机"为核心，集结宏观经济专家、 金融机构首席、私募合伙人等业内人士，深度解读全球经济变局下的中国机遇，聚焦新质生产力与资本市场改革红利，线上各直播平台观看人次超107万， 为投资者奉上一场兼具深度与实操性的思想盛宴。 "十五五"把握长周期趋势，拥抱新产业机遇 著名经济学家马光远指出，2025年全球经济增速放缓与贸易 保护主义扰动下，中国经济"顶压前行、向新向优"的韧性尤为可贵。"稳中求进、以进促稳"的总基调为经济发展筑牢根基，积极财政政策与适度宽松货币政 策的精准协同，正在用发展确定性对冲外部不确定性。 马光远强调周期认知是投资决策的核心。他指出，要聚焦政策支持的新兴产业、未来产业及新基建 领域。 储能赛道三大趋势升级，万亿空间加速释放 汇正财经首席策略师杨首骏深入拆解储能赛道，提出2026年储能行业将迎来"长时化、智能化、市场 化"三大趋势。他指出，在"双碳"目标与AI算力爆发的双重驱动下，储能作为新能源"源网荷储"的关键环节，政策支持与市场需求形成共振，未来五年有望 保持较高增速。 杨首 ...

2025年12月14日，汇正财经2026年度资本市场策略会在上海成功举办。值此"十四五"圆满收官、"十五五"开局启航的关键节点，会议以"解析政策脉络・拆 解赛道价值・共探投资新机"为核心，集结宏观经济专家、金融机构首席、私募合伙人等业内人士，深度解读全球经济变局下的中国机遇，聚焦新质生产力 与资本市场改革红利，线上各直播平台观看人次超107万，为投资者奉上一场兼具深度与实操性的思想盛宴。 "十五五"下把握长周期趋势，拥抱新产业机遇 著名经济学家马光远指出，2025年全球经济增速放缓与贸易保护主义扰动下，中国经济"顶压前行、向新向优"的韧性尤为可贵。"稳中求进、以进促稳"的总 基调为经济发展筑牢根基，积极财政政策与适度宽松货币政策的精准协同，正在用发展确定性对冲外部不确定性。 马光远强调周期认知是投资决策的核心。他指出，中国经济正处于 "告别过去、迈向新周期" 的关键阶段，形不好不代表势不好，摒弃对过去增长模式的执 念，聚焦政策支持的新兴产业、未来产业及新基建领域。 储能赛道三大趋势升级，万亿空间加速释放 汇正财经首席策略师杨首骏深入拆解储能赛道，提出2026年储能行业将迎来"长时化、智能化、市场化"三大趋势。 ...