Core Viewpoint - The automotive industry is experiencing a pivotal moment in smart technology, with autonomous driving capabilities becoming a key competitive factor for car manufacturers. The report anticipates a threefold turning point in technology, user acceptance, and business models for smart driving, favoring quality domestic car companies with advanced smart layouts and positive product and brand cycles [1]. Group 1: Market Performance - In January, the overall performance of the car market was subdued, with a total retail market size of approximately 1.8 million vehicles, a month-on-month decrease of 20.4% but a slight year-on-year increase. The retail sales of new energy vehicles are expected to reach 800,000 units, with a penetration rate of 44.4% [1]. - Five sample new force car companies (excluding Xiaomi and Aion) delivered a total of 130,772 vehicles in January, representing a year-on-year increase of 17.5% but a month-on-month decrease of 28.0%, outperforming the industry average [1]. Group 2: Company-Specific Performance - **Leap Motor**: In January, delivered 32,059 vehicles, a year-on-year increase of 27.4%. The strong performance is attributed to the competitive pricing of models C10 and B01. The company plans to launch its first flagship SUV D19 in April 2026 [2]. - **Xpeng**: Delivered 20,011 vehicles in January, a year-on-year decrease of 34.1% and a month-on-month decrease of 38.0%. The company plans to launch multiple new models in 2026, including the P7+ starting at 186,800 yuan [3]. - **NIO**: Delivered 27,182 vehicles in January, a year-on-year increase of 96.1%. The company is set to deliver its 60,000th ES8 on February 1, 2026, and has launched a new version of its NWM model [4]. - **Li Auto**: Delivered 27,668 vehicles in January. The company has expanded its retail and service network significantly, with 547 retail centers and 3,966 charging stations across the country [4]. - **Zeekr**: Delivered 23,852 vehicles in January, a year-on-year increase of 99.7%. The company plans to launch its second model, Zeekr 8X, in the first half of this year [4]. - **Xiaomi**: Delivered over 39,000 vehicles in January, with plans to launch the new generation SU7 in April 2026 [5][6]. Group 3: Technological Advancements - The era of intelligent driving is accelerating, with companies like Xpeng and those associated with Huawei continuously iterating and promoting smart driving technologies. The advancements are expected to lower the hardware barriers for smart driving, making it accessible in the mainstream market under 200,000 yuan, thus providing a competitive edge against joint venture brands [7].

汇兑：套保对冲净资产损失 毛利率之外，汇率波动导致的外币净资产/负债头寸折算差额，是财务费用科目下汇兑损益的主要来源; 具体而言，货币性净资产在升值中产生汇兑损失，净负债则产生汇兑收益。过往三轮年度级人民币升值 周期中，家电主要公司汇兑多为损失;从最新披露25H1外币货币性项目看，主要公司中仅海尔智家及海 信家电为净负债，汇兑受益升值，其余公司均为净资产。经营角度，龙头外汇套保比例较高，有效对 冲，实际影响或集中于外销型小电公司。 智通财经APP获悉，国联民生证券发布研报称，拐点在望，维持家电行业"推荐"评级。名义汇率升值对 出口修复斜率及外销盈利虽有牵制，龙头品牌议价、海外产能、外汇套保平滑波动，影响有限;此外， 板块陆股通敞口较高，或受益于升值助推的外资流入。标的方面：①推荐高质量且高股息的白电龙 头;②推荐份额及盈利中枢提升的彩电龙头;③推荐领跑全球的扫地机龙头;④推荐份额提升、积极外拓。 国联民生证券主要观点如下： 量价：美元价汇率弹性较大 自下而上，外销量价是汇率影响的首要路径;升值阶段，出口厂商或上调美元均价维持本币出厂价稳 定，或以人民币价格消化升值影响，前者影响份额，后者影响盈利。过往汇率周期 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 國聯民生證券股份有限公司 呈交日期: 2026年2月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01456 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 442,640,000 | RMB | | 1 | RMB | | 442,640,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 442,640,000 | RMB | | 1 | RMB | | 442,640,000 | | 2. 股份分類 | 普通股 | ...

致：香港交易及結算所有限公司 公司名稱: 國聯民生證券股份有限公司 呈交日期: 2026年2月4日 | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601456 | 說明 | 上海證券交易所 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,237,952,806 | RMB | | 1 | RMB | | 5,237,952,806 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 5,237,952,806 | RMB | | 1 | RMB | | 5,237,952,806 | 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 I. 法定/註冊股本變動 | ...

智通财经APP获悉，国联民生证券发布研报称，在传统对话范式下，单次交互仅需少数几次模型调用； 但在工作流范式下，一个任务往往横跨计划、检索、工具调用、校验纠错及外部系统写入等多个阶段。 相较基础聊天，面向复杂任务的agent服务可能会消耗数十倍多的token，模型单位成本的重要性在不断 提升。Agent时代，大模型正从"聊天工具"进化为"自主员工"。掌握核心算法与行业接口的大模型厂商 有望深度受益于万物智能化的红利，建议关注"大模型双子星"MiniMax-WP(00100)与智谱(02513)。 国联民生证券主要观点如下： 事件：截至2026年2月2日，Clawdbot在代码托管平台GitHub上的星标数量已超过13万个，官网累计访问 量突破200万人次，成为近期增长最快的开源技术项目之一。以及近期出现的"AI-only社区"如 Moltbook，该平台在极短时间内聚集了百万个代理账号规模，这类交互天然对应更高的请求密度与更频 繁的API触发。其最直接的外显变量是API调用频次与token吞吐的阶跃式抬升。在Clawdbot创始人Peter Steinberger的力荐下，国内AI独角兽MiniMax旗下擅长 ...

为什么空间态势感知系统越来越重要？ 国联民生证券指出，空间态势感知系统越来越重要的核心在于近年来卫星发射的"井喷式"发展。近年 来，随着低地球轨道(LEO)内卫星数量的增加，太空交通拥堵和碰撞风险已成为全球航天界关注的重大 问题。 在低轨空间容量有限的背景下，全球提交的星座计划越来越多，发生节奏或倾向于加速。火箭残骸长期 滞留轨道、部分运营商机动时不共享轨迹预测、某些国家进行反卫星测试，这些行为都显著加剧了太空 碎片和碰撞威胁。传统地面雷达系统观测频率有限，轨道预测不确定性较大，尤其受空间天气影响，预 警往往滞后。在此背景下，能显著提高低地球轨道(LEO)卫星运行的安全性和可持续性的SSA技术自然 得到各国重点关注。 近期SpaceX Stargaze系统的引用，或为马斯克"百万卫星计划"保驾护航 与传统的地面系统相比，Stargaze的探测能力或提高了几个数量级。Stargaze 使用近3万个星体跟踪器收 集的数据，每个跟踪器都对附近的物体进行持续观测，最终使整个星体群每天探测到约3000万次飞掠事 件。在得到数据后，该系统将自主检测轨道物体的观测结果并汇总，并整合到一个空间交通管理平台 中，该平台能够识别 ...

Group 1: Cement Industry - The demand for cement in developing countries is steadily increasing, with a favorable competitive landscape, leading to significantly higher profit per ton compared to domestic markets. Companies actively expanding into overseas markets are expected to perform better [1] - The domestic cement market is expected to face pressure in Q4 2025, while overseas performance is anticipated to be stronger. Non-operating projects may impact profits [1] - Cement prices and profits are expected to stabilize in 2025, with a slight seasonal rebound in Q4 2025 due to a temporary increase in coal prices. However, year-on-year pressure on prices and profits is expected in Q4 2025 [1] Group 2: Glass Industry - The float glass industry is experiencing a bottoming out phase, with weak downstream demand leading to continued losses. Some small to medium enterprises are reducing production, resulting in a slight decrease in capacity [2] - The photovoltaic glass segment is expected to see a decrease in volume but an increase in price in Q4 2025, leading to significant pressure on revenue and profits. The demand for photovoltaic glass is expected to be impacted by earlier demand surges [2] Group 3: Glass Fiber Industry - The glass fiber sector is projected to experience high growth in revenue and profits in 2025, driven by strong demand in wind power and thermoplastics. Domestic net demand for glass fiber is expected to reach 5.48 million tons in 2025, a year-on-year increase of 19% [3] - High-end electronic fabric is expected to see a simultaneous increase in both price and volume, benefiting companies with a first-mover advantage. The price of 7628 electronic fabric is projected to be 4.1 yuan per meter in 2025, a year-on-year increase of 9% [3] Group 4: Renovation and Building Materials - The renovation and building materials sector is expected to face continued pressure in 2025, with significant declines in housing starts, completions, and sales. The year-on-year declines for these metrics are projected to be 21%, 18%, and 8%, respectively [4] - The competitive landscape in the renovation and building materials sector is intensifying, with many companies exploring new business avenues to maintain resilience in performance [4]

我们认为，短期情绪波动不改长期发展前景，公司自身业绩拐点已至，生态壁垒不断加深，国产算力龙 头长期竞争力持续提升！ 业绩拐点：2025年全年业绩高增 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 寒武纪股价今日出现波动。公司也于今日发布声明，否认网传组织小范围交流、出具营收指引数据 等信息为不实内容，并表示研发经营进展顺利。 公司预计2025年营收60亿元-70亿元，同比增速近500%；归母净利润18.5亿元-21.5亿元（24年-4.52亿 元），扣非归母净利润16亿元-19亿元（24年-8.65亿元）。 公司受益于行业算力需求持续攀升，凭借产品竞争力拓展市场、推动应用场景落地，带动营收大幅增 长，实现整体盈利扭亏。 生态壁垒：深度适配国产头部大模型 以DeepSeek为例，公司对其进行了深度适配优化： 在大模型训练方向，寒武纪重点支持DeepSeek V3/V3.1、等MoE类模型训练。基于原生FP8的计算能 力，新增DeepSeek等系列网络FP8的训练支持。 针对DeepSeek V3.2-Exp模型，寒武纪实现发布即适配的支持，并与合作伙伴同步开源适配代码。 风险提示：需 ...

Group 1: RoboX Industry Insights - RoboX is accelerating its industrialization, transitioning from technology validation to large-scale deployment, driven by strong policy support and urgent demand for cost reduction and efficiency improvement [1] - Since 2020, the Chinese government has introduced numerous supportive policies, enhancing institutional guarantees for RoboX's development [1] - The penetration rate of L2 and above intelligent functions in passenger vehicles is rapidly increasing, leading to significant cost reductions in core components like lidar and computing chips [1] - The demand for intelligent driving solutions is fueled by multiple factors, including cost reduction, safety enhancement, and labor shortages, positioning RoboX as a core driver of this industrial transformation [1] Group 2: Robotaxi Market Dynamics - Robotaxi's core advantage lies in its significant cost reduction, with operational costs expected to be $0.2 per km by 2027, a 50% decrease compared to traditional ride-sharing platforms [2] - The reduction in human error is anticipated to significantly lower accident rates, enhancing safety, with the global market projected to reach a trillion-dollar scale by 2030 [2] - The decline in hardware costs and improved operational efficiency are key factors driving the commercialization of Robotaxi, with Tesla entering the market using a pure vision approach [2] - Full autonomous commercialization is gradually being implemented in major cities in China, transitioning from technology validation to a commercial closed loop [2] Group 3: Robovan Demand and Supply - The demand for Robovan is driven by labor shortages and high costs in last-mile delivery, making it a critical solution for various high-frequency scenarios [3] - The price of unmanned delivery vehicles is expected to drop significantly from 500,000-600,000 yuan to around 20,000 yuan due to economies of scale in core components [3] - The penetration rate of L2 and above functions in passenger vehicles is projected to exceed 90% by 2030, facilitating the mass production of essential components [3] - Policy support is accelerating with the introduction of hard indicators for deploying unmanned vehicles, promoting the transition from demonstration to large-scale application [3] Group 4: Robotruck Commercialization - Robotruck applications are primarily in closed environments like ports and mines, as well as trunk logistics, with the market size expected to reach a trillion yuan [4] - The successful implementation of L4 in closed scenarios demonstrates the capability for high-intensity operations, while trunk logistics is becoming a core commercial direction [4] - Robotruck utilizes a "virtual driver" to significantly reduce the operating costs of electric tractors, enhancing its commercial viability [4] - National support is clear, but local authorities remain cautious due to the high accident risks associated with heavy trucks, with integrated vehicle-road-cloud trials expected to accelerate cross-province collaboration [4]

此次获奖是行业对公司投教创新价值的充分肯定，更是对团队深耕投教事业的莫大鼓舞。未来，国联民 生证券将持续聚焦投教创新赛道，以科技赋能精准服务，用协同合力拓宽普惠边界，不断完善投教体 系，为筑牢资本市场健康发展根基注入持久动力！ 本次评选依托海量金融数据，经权威专家评审，含金量十足。荣誉背后，是公司构建的"产品赋能+活 动提质+体系升级"立体化投教生态的实力彰显。产品创新上，秉持"内容创新为核、技术赋能为翼"理 念，深耕AI投教应用，针对青少年金融启蒙、大学生专业实践、普通投资者风险教育等不同需求，打 造差异化内容，实现从"普适教育"到"精准滴灌"的升级，让服务更具针对性与实效性。 活动创新层面，采用多元场景融合模式，打造"民民之中 与你相豫"体验官、财商教育社会实践、"26°C 服务驿站"等原创活动栏目，以趣味互动+实用内容的创新形式，强化投教工作的主动性与普惠性，既 提升了投资者参与度，又夯实了投教实效；体系建设上，搭建政校企协同、行业联动的公益平台，联合 监管、公安、高校、律所等多方力量，共建产研学及反诈宣传教育基地，深化跨界合作，打造投资者服 务新范式。 近日，同花顺（300033）主办的"共同发声 价 ...