Market Overview - The US stock market experienced a significant decline, with the Dow Jones Industrial Average dropping 669.42 points (1.34%) to close at 49,451.98 points, the Nasdaq Composite falling 469.32 points (2.03%) to 22,597.15 points, and the S&P 500 decreasing by 108.71 points (1.57%) to 6,832.76 points [1][2][3] Market Sentiment - Over 4,100 stocks declined, indicating widespread market panic as investors rushed to sell assets, particularly in the tech and growth sectors. The VIX index surged, reflecting heightened risk aversion [2][3] Sector Performance - The sell-off affected nearly all sectors, with notable declines in precious metals and semiconductor stocks. The precious metals sector saw significant drops, with gold futures down 3.08% and silver futures plummeting 10.62% [4][5][6][8] - The Philadelphia Semiconductor Index fell by 2.5%, with individual stocks like AEHR Test Systems down 17.58% and Intel down over 3% [8][10] Major Companies - Apple Inc. experienced a substantial drop of 5.00%, resulting in a market cap loss of over $120 billion, attributed partly to regulatory concerns [12] - Other major tech companies also faced declines, with Tesla down 1.62%, Amazon down 2.20%, and Meta Platforms down nearly 3% [12] Financial Sector - Bank stocks fell across the board, with JPMorgan Chase down over 2%, Goldman Sachs down over 4%, and Citigroup down over 5%, driven by concerns over AI disrupting traditional wealth management [13][14] Economic Indicators - Recent economic data, including a drop in initial jobless claims and lower-than-expected existing home sales, contributed to market anxiety about potential economic overheating and prolonged high interest rates [24][25][26] Global Market Impact - The sell-off in the US markets had a ripple effect on global markets, with European indices also closing lower after initially opening higher, indicating a widespread sentiment of fear [18][19][20] AI Concerns - The market's decline was exacerbated by fears regarding the disruptive impact of AI technologies on various industries, leading to significant stock price drops in sectors perceived to be at risk [21][22][30] Storage Chip Sector - In contrast to the overall market trend, storage chip stocks saw gains, with companies like SanDisk and Seagate Technology rising significantly, reflecting a belief that AI's growth will increase demand for data storage [29]

Market Overview - On February 13, 2026, a significant asset sell-off occurred in global financial markets, particularly impacting U.S. stock indices. The Dow Jones Industrial Average fell by 669.42 points (1.34%) to close at 49,451.98, while the Nasdaq Composite Index dropped 469.32 points (2.03%) to 22,597.15. The S&P 500 Index also declined by 108.71 points (1.57%) to 6,832.76 [1]. Commodity Market Impact - The sell-off extended to the commodity markets, with gold and silver experiencing substantial declines. COMEX gold futures fell by 3.08% to $4,941.4 per ounce, while COMEX silver futures plummeted by 10.62% to $75.01 per ounce [2][3]. Technology Sector Reaction - Major technology companies were severely affected, with Apple’s stock price dropping by 5%, resulting in a market value loss of over $120 billion (approximately 800 billion RMB). Other tech giants like Microsoft, Amazon, Tesla, Meta, and Nvidia also saw significant declines [3][4]. Chinese Concept Stocks - The Nasdaq Golden Dragon China Index, which includes many Chinese concept stocks, fell by 3% on the same day, indicating a collective sell-off in this sector. Over 40 Chinese concept stocks experienced substantial declines, with Tencent Music down 10.57% and Alibaba down 3.40% [3][4][6]. Employment Data Influence - The catalyst for this market turmoil was a strong U.S. employment report released on February 11, showing a non-farm payroll increase of 130,000 in January, significantly above the expected 70,000. This led to a shift in market expectations regarding Federal Reserve interest rate cuts, with the probability of a March rate cut dropping from 19.6% to 6% [5][6]. Capital Expenditure Concerns - Major tech companies announced aggressive capital expenditure plans for 2026, with Alphabet projecting $175 billion to $185 billion and Amazon estimating $200 billion, both nearly doubling their 2025 expenditures. This raised investor concerns about the return on such investments, especially as many companies reported record profits but saw stock price declines [10][11]. Market Sentiment and Volatility - The market's fear and volatility increased sharply, with the VIX index rising significantly. The sell-off was exacerbated by algorithm-driven trading, which triggered stop-loss orders and led to extreme price movements [15][16][17]. Global Market Impact - The financial turmoil that began in Wall Street quickly spread to global markets, with Asian and European stock markets opening lower in response to the U.S. declines [18].

Core Viewpoint - Li Auto has established a new humanoid robot department, appointing Zhan Yifei, a senior algorithm expert from the autonomous driving team, as the head, indicating a strategic shift towards robotics following advancements in autonomous driving technology [4][6]. Group 1: Organizational Changes - Zhan Yifei, who previously worked on key technologies such as BEV algorithms and world model architecture, will now oversee the research and productization of the humanoid robot business [4][6][7]. - The new humanoid robot department was created two weeks prior to Zhan's appointment, with the former head, Lang Xianpeng, transitioning out of the role [4][6]. Group 2: Technological Background - Zhan Yifei's experience includes significant contributions to the BEV algorithm, which is crucial for autonomous driving perception systems, and the world model, which enhances AI's understanding of physical world dynamics [7][8]. - The technology overlap between autonomous driving and humanoid robots is substantial, allowing Li Auto to leverage its existing algorithms, data assets, and engineering experience in the new robotics field [8]. Group 3: Strategic Direction - Li Auto's CEO, Li Xiang, has emphasized that embodied intelligence is a key direction for AI development, positioning humanoid robots as the next major product category after smart vehicles [7]. - The company has restructured its autonomous driving department, merging parts with the intelligent space department and creating the new humanoid robot department to better align with future technological advancements [8].

Market Overview - The three major indices showed mixed performance, with the Dow Jones up 0.10% to 49,500.93 points, the S&P 500 up 0.05% to 6,836.17 points, and the Nasdaq down 0.22% to 22,546.67 points [3] - All three indices recorded weekly declines, with the S&P 500 down 1.4%, the Dow down 1.2%, and the Nasdaq down 2.1% [3] Economic Indicators - The U.S. Bureau of Labor Statistics reported that the January CPI rose 2.4% year-over-year and 0.2% month-over-month, both below market expectations [3] - The core CPI, excluding volatile food and energy prices, increased by 2.5% year-over-year and 0.3% month-over-month, aligning with market expectations [3] - Phil Blancato, Chief Market Strategist at Osaic, indicated that this data could pave the way for interest rate cuts and inflation control if the trend continues [3] Sector Performance - Concerns over AI disruption led to market sell-offs, affecting various sectors including software, real estate, trucking, and financial services [6] - Financial stocks such as Charles Schwab and Morgan Stanley fell by 10.8% and 4.9%, respectively, while software company Workday dropped 11% and commercial real estate firm CBRE fell 16% [6] - The media sector was also impacted, with Disney down approximately 3% and Netflix down 6% [7] Technology Stocks - Major tech stocks mostly declined, with Nvidia down 2.21%, Apple down 2.27%, Microsoft down 0.13%, Google down 1.06%, and Amazon down 0.41% [7] - Tesla saw a slight increase of 0.09%, while Oracle rose by 2.34% and Netflix increased by 1.33% [7] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 0.10%, with Alibaba down 1.89%, JD.com down 1.38%, and Pinduoduo up 0.06% [7] - NIO remained flat, while Xpeng rose by 1.36% and Li Auto fell by 1.81% [7]

Core Viewpoint - The article discusses the strategic shifts within Li Auto, particularly focusing on the leadership changes and the implications for its autonomous driving and AI initiatives. It emphasizes the importance of Li Xiang's judgment on the AI industry's development and the need for effective organization of talent to achieve the company's vision [1][2][5]. Group 1: Leadership Changes and Organizational Structure - Zhan Yifei will take full responsibility for the research and productization of the robotics business, while Lang Xianpeng will be leaving the company [1]. - The restructuring of Li Auto's autonomous driving departments from 3 to 11 is seen as a secondary issue, with the primary challenge being the alignment of production factors and Li Xiang's vision [2]. - The merger of the autonomous driving and smart cockpit departments reflects a shift in Li Xiang's approach, emphasizing integrated design over traditional software and hardware separation [2][3]. Group 2: Strategic Direction and Market Position - Li Auto's strategy is compared to Tesla's VA (Value Added) approach, suggesting that while both strategies have their merits, the VA route may carry less risk due to Tesla's pioneering efforts [3]. - The article notes that regardless of whether Li Auto adopts a VA or VLA (Value Learning Architecture) approach, both have their rationales, and the company may continue to evolve its viewpoints [3][4]. - The potential for Li Auto's autonomous driving technology to enhance user value is considered highly probable, with a clear direction towards improving data utilization and model performance [3]. Group 3: Talent Management and AI Development - The ability to effectively recruit and organize suitable talent is crucial for Li Auto's success, with over 50% of significant technological breakthroughs expected to come from new graduates [9]. - Li Xiang's learning ability and decision-making quality are highlighted as critical factors in determining the company's future success in the AI sector [5][9]. - The article emphasizes that the departure of older team members is less significant than Li Xiang's capability to harness the intellectual resources of new talent [9].

随着春节假期临近，各地返乡流与旅游流叠加，新能源汽车出行需求呈爆发式增长。作为关键节点之一 的充电服务压力陡增，对保障响应速度与服务品质提出了更高要求。 2月13日，蔚来、极氪、理想等多个新能源汽车品牌工作人员向《证券日报》记者表示："这个春节，公 司不打烊，24小时道路救援已就位。" 据交通运输部发布的信息，新能源汽车的充电保障备受关注，也是近几年节假日、春运交通运输服务保 障的重点。截至2025年底，全国高速公路服务区已建成电动汽车充电枪7.15万个，其中2025年新增2万 个，高速公路服务区充电服务保障能力有了明显提升。 面对春节电动出行高峰，各家新能源汽车公司纷纷打响"续航保卫战"——加速充电网络布局、升级服务 保障，用技术与服务缓解车主长途补能焦虑。 2月10日，小米集团创始人、董事长兼CEO雷军透露，小米汽车2026年春节假期出行暖心服务已就位， 即日起至3月3日(元宵节)，小米汽车支持所有车主24小时免费道路救援。 同日，理想汽车宣布，第4000座理想5C超充站——京哈高速凌海服务区站正式上线。目前，理想汽车 已建成拥有22173根超充枪的自建超充网络，覆盖全国31个省份、289个城市。其中，全 ...

Investment Highlights - The main contradiction in C-end automotive intelligence has shifted from coverage to experience optimization in 2026. Major intelligent driving manufacturers and solution providers have achieved urban NOA (Navigation on Autopilot) experiences in complex scenarios such as roundabouts and U-turns, and have improved advanced functions like parking and ETC passage. The primary optimization direction moving forward will be the handling capability of Corner Cases to enhance the driving experience for passengers and safety operators [2][7]. Road Testing Overview - This report conducted both large-sample concentrated road tests and small-sample in-depth road tests. It qualitatively and quantitatively evaluated the intelligent driving experiences of six manufacturers/solution providers: Horizon, Li Auto, Qianli Zhijia, Qingzhou Zhihang, WeRide, and Xpeng, based on dimensions such as scenario implementation, takeover frequency, and comfort. Due to subjective scales, actual road conditions, and the trust level of safety operators in intelligent driving, the report does not rank the intelligent capabilities of specific manufacturers/solution providers [3][7]. Performance Improvement - Compared to 2025, all major manufacturers have improved their intelligent driving capabilities in Q1 2026, while third-party suppliers have also demonstrated excellent implementation results. The self-research camp of manufacturers is expected to continue iterating. Li Auto and Xpeng have developed mature self-research solutions that cover full-scene NOA on public roads and some internal roads, showing improvements in static and dynamic lateral perception, scenario understanding, and Corner Case handling. Li Auto's OTA 8.2 iteration has made AD Max smoother, reducing driving jolts and stabilizing responses. Xpeng's XOS 5.8.5 version can achieve three-point U-turns and autonomously learn from parking to parking, with VLA 2.0 expected to launch after the Spring Festival, enhancing reasoning efficiency and response speed [4][7]. Third-Party Supplier Performance - Third-party intelligent driving suppliers have shown impressive results. Their solutions have been launched to cover all external public roads seamlessly, with roundabouts and U-turns executed without interruptions. Horizon's HSD demonstrated smooth performance, achieving a full hour of deep road testing with zero takeovers (with one intervention for acceleration). Qianli Zhijia's G-ASD solution on the Zeekr model significantly reduced takeover rates. Qingzhou Zhihang utilized a single J6M chip (with 128 TOPS computing power) to achieve mass production of urban NOA, which is the lowest computing power among urban NOA models. WeRide's solution won the championship at the China Intelligent Driving Competition in Taizhou, showcasing excellent lane selection logic with no safety takeovers [4][7].

Core Insights - The company has introduced new features in its driver assistance system, including intersection speed and lane memory functions, allowing users to set preferences via voice commands [2] - The upgrade enhances user interaction with features like voice saving of parking spots and obstacle detection during reverse maneuvers, significantly improving convenience [4] - The company is expanding its AI capabilities with the introduction of an art frame feature for users of the 2022 and 2023 L series, enabling the generation of static or dynamic screensavers [7] - The smart cockpit upgrade focuses on enriching audio-visual entertainment, supporting local media playback and various voice commands for seamless user experience [10] - In charging services, the company has added real-time status display for supercharging stations and remote charging preconditioning features in its app to enhance charging efficiency [11] - The company emphasizes continuous evolution based on user needs, integrating safety, comfort, and emotional engagement into its technological innovations [13]

Group 1 - The core point of the article is that Li Auto has appointed Zhan Yifei, a senior algorithm expert in autonomous driving, as the head of its humanoid robot department, which reports to the head of the smart vehicle group, Ma Donghui [1] - The humanoid robot department was newly established two weeks ago, with the former senior vice president of autonomous driving R&D, Lang Xianpeng, as its head [1] - Zhan Yifei has transitioned from the autonomous driving department to the new robot department, indicating a strategic shift in the company's focus towards robotics [1] Group 2 - The robot team at Li Auto has begun to establish its hardware and software technology [1] - Since the formation of the new team in January, Lang Xianpeng and Zhan Yifei have been frequently traveling to understand the dynamics of the robotics industry [1]

Core Viewpoint - Li Auto's intellectual property team, in collaboration with law enforcement and market supervision authorities, successfully dismantled a counterfeit charging pile production and sales operation, highlighting the company's commitment to protecting its brand and consumer rights [1][2]. Group 1: Enforcement Action - A special enforcement action led to the discovery of a counterfeit charging pile production site, where infringing products, 16 counterfeit trademark stickers, 3 counterfeit seals, and related molds were seized [1][2]. - The operation was initiated after the intellectual property team identified key leads on February 1 and reported them immediately, leading to a police raid on February 6 that secured core evidence of infringement [1][2]. Group 2: Criminal Activity and Sales - The involved parties admitted to operating four online stores where they produced and sold counterfeit products, with total sales exceeding 100,000 yuan, indicating significant illegal activity [1][2]. - The actions of the involved individuals have been classified as criminal offenses, and the case is currently under further investigation [1][2]. Group 3: Consumer Advisory - Li Auto advises consumers to purchase charging pile products only through official sales channels and encourages reporting any suspected counterfeit products via a designated email [1][2]. - The company emphasizes its ongoing commitment to using legal measures to combat infringement and protect consumer rights and brand reputation [1][2].