摘要 Ark 报告指出无人配送是 2025 年重点行业，新石器、白犀牛等公司获 顺丰投资，销售额显著增长，主要客户为邮政和三通一达，行业机会巨 大。 AI 与机器人技术在信息流（如 deep seek、豆包）、物流（如新石器、 白犀牛的 RoboVan）和人流（Robotaxi）方面显著提升效率，并具备 劳动力替代功能。 机器人时代 AI 替代生产力的核心在于职业化能力，而非外形或泛化能力。 Robovan 作为无人物流车，在无人物流领域更具快速落地潜力。 L3 自动驾驶依赖海量数据训练，趋近普通司机水平；L4 自动驾驶构建 仿真世界模型，通过强化学习达到专业司机水平，更适用于法规和安全 约束。 Robotaxi 替代职业司机，运营模型包括车辆、安全员成本和单价； Robovan 替代快递员，解决最后一公里配送，降低成本 50%，算法要 求和容错率更高，商业模式更易实现。 Q&A 近年来，robotaxi 和 Robovan 行业的发展趋势如何？ 去年（2024 年）萝卜快跑出圈后，小马智行和文远知行也相继上市。今年 （2025 年）6 月，特斯拉奥斯汀工厂将发布相关产品。此外，今年（2025 年）初 Ark ...

Investment Rating - The report indicates a positive outlook on Chinese assets, suggesting a bullish stance on both A-shares and Hong Kong stocks, while also recommending investment in US bonds as a hedge against global risks [26][27][29]. Core Insights - The emergence of AI technologies, particularly represented by "deep sick," is expected to significantly transform various sectors, including manufacturing and finance, leading to increased investment opportunities [2][3][12]. - The report emphasizes the importance of embracing change and innovation, particularly in the context of AI, which is anticipated to drive substantial growth in cloud computing and computational power over the next five years [3][12]. - There is a strong belief in the potential of Chinese companies in the AI sector, as evidenced by the high number of patents and research publications, indicating a competitive edge in global technology [6][7][8]. Summary by Sections Section on AI and Investment Opportunities - The report highlights that AI will create vast demand across industries, with a projected growth rate of 50% annually over the next five years, leading to a potential 500-fold increase in related assets [3][12]. - Companies are encouraged to integrate AI into their operations to enhance efficiency and decision-making capabilities, which is seen as crucial for maintaining competitiveness in the global market [12][13]. Section on Chinese Assets - The report asserts that Chinese assets are undervalued and presents a compelling investment case, particularly in light of recent policy shifts that favor domestic markets [26][27]. - It is noted that the manufacturing sector in China is poised for significant upgrades, transitioning towards higher quality and intelligence, which will enhance global competitiveness [12][13]. Section on US Economic Outlook - The report discusses the current state of the US economy, indicating that while it remains strong, there are signs of a bubble in the stock market, suggesting caution for investors [14][21]. - The potential for a shift in US monetary policy, particularly with the possibility of a more dovish Federal Reserve leadership, could lead to lower interest rates, impacting investment strategies [20][21]. Section on Market Strategies - The report recommends a diversified investment strategy that includes Chinese equities and US bonds to mitigate risks associated with global economic uncertainties [26][27]. - It emphasizes the need for investors to adapt to the evolving landscape shaped by AI and technological advancements, suggesting that those who embrace these changes will find significant opportunities [12][29].