智通财经APP获悉，招商证券发布研报称，马斯克在达沃斯论坛上表示Tesla和SpaceX将在三年内在美 国分别建设100GW光伏产能。本轮北美光伏扩产，将给相关国产辅材、设备及头部制造公司带来价值 重估，尤其需要重视辅材机会，其持续性强，且技术路线分歧较小。其中地面辅材确定性高，太空辅材 市场空间大;同时，部分掌握核心专利的主链公司也有望受益。 招商证券主要观点如下： 马斯克在达沃斯论坛上表示Tesla和SpaceX将在三年内在美国分别建设100GW光伏产能 北美地面扩产预计沿用中国成熟技术路线和辅材供应链，而太空设备、辅材需要针对性开发、设计，价 值量将明显高于地面。本轮北美光伏扩产，将给相关国产辅材、设备及头部制造公司带来价值重估，尤 其需要重视辅材机会，其持续性强，且技术路线分歧较小。 北美地面光伏将给中国相关供应链带来机会，太空方案还在迭代 据产业反馈，SpaceX目前方案有可能倾向P-HJT路线，钙钛矿及钙钛矿叠层也在积极尝试，预计HJT与 钙钛矿装备厂会受益。同时，考虑太空复杂环境，超薄硅片和组件封装对相关环节提出更高要求。北美 地面光伏，从经济性出发可能选择N型TOPCon，但专利、工艺掌握在中 ...

Core Insights - Tesla is shifting its focus from electric vehicles and energy storage to becoming a technology-enabled services business driven by artificial intelligence, with the Optimus robot at the forefront of this transformation [1][2] Group 1: Optimus Development and Capabilities - Tesla's humanoid robot, Optimus Gen 3, has demonstrated advanced dexterity, including fine motor skills such as tearing paper towels and folding laundry [4] - The company aims to produce 1 million Optimus bots per year at its Fremont factory, although the robot is currently in the research and development phase and is only deployed within Tesla's factories for learning purposes [6] - Production of Optimus is expected to begin "probably the end of this year," according to CEO Elon Musk [7] Group 2: Market Position and Valuation - Tesla's current market capitalization stands at $1.6 trillion, with a forward price-to-earnings (P/E) multiple of 202, indicating a high valuation relative to projected earnings [7] - There is a debate on whether Tesla stock is overvalued or undervalued, as no company has successfully deployed physical AI at a global scale, making it difficult to benchmark Optimus [8] - The potential for Tesla's stock to soar exists if the company successfully executes its vision for Optimus, but there are significant risks if the product fails to scale [9]

1月份， 特斯拉 在欧盟、英国和欧洲自由贸易联盟（EFTA）的市场份额降至0.8%，而 比亚迪 为 1.9%；特斯拉纯电动汽车（BEV）市场份额为4.3%。 ...

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard. Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences. At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000 ...

Core Insights - Generative AI is viewed as a transformative technology by Amazon's CEO Andy Jassy, indicating its potential to significantly enhance customer experiences across the company [1] - Elon Musk predicts that by 2040, humanoid robots could create a market worth $250 trillion, representing a major shift in the global economy driven by AI innovation [2][3] - Major firms like PwC and McKinsey acknowledge the potential of AI to unlock multi-trillion-dollar opportunities, reinforcing the optimistic outlook on AI's economic impact [3] Company and Industry Analysis - A breakthrough in AI technology is seen as a catalyst for redefining work, learning, and creativity, leading to increased interest from hedge funds and top investors [4] - There is speculation about an under-owned company that may play a crucial role in the AI revolution, suggesting that it could be a significant investment opportunity [4][6] - Prominent figures in technology and finance, including Bill Gates and Warren Buffett, recognize AI as a major technological advancement with the potential for substantial social benefits [8]

责任编辑：于健 SF069 欧洲汽车行业协会（ACEA）周二发布的数据显示，今年1月欧洲新车销量自去年6月以来首次出现同比 下滑，受德国、法国、比利时和波兰等主要市场销量下降的影响。 下降最严重的是挪威，该国1月份的新车注册量与 2025 年同期相比下降了约 76%。 包括欧盟成员国、英国、瑞士、挪威和冰岛在内，欧洲1月份新车销量同比下降了3.5%，至961382辆汽 车。 其中，汽油车销量同比下降了约 26%，在法国降幅尤其显著，达 49%，在德国则下降了 30%。它们在 欧洲市场的份额从近三分之一降至略超过五分之一。 与此同时，纯电动汽车、插电式混动汽车和混合动力汽车的销量分别增长了约 14%、32% 和 6%，它们 的总销量占欧洲1月新车注册量的 69%，较 2025 年 1 月的 59%有所上升。 大众、BMWYY>宝马、雷诺和丰田的注册量分别下降了 3.8%、5.7%、15%和 13.4%，而比亚迪的注册 量飙升了165%。 斯特兰蒂斯和梅赛德斯的销量分别增长了 6.7% 和 2.8%。 美国汽车制造商特斯拉则继续呈下滑趋势，其销量同比下降了 17%，连续第 13 个月销量出现萎缩。 欧洲汽车行业协 ...

Investment Rating - The report maintains a positive outlook on the photovoltaic equipment industry, indicating a recovery and growth trajectory for 2026, driven by space computing applications and increasing overseas ground demand. Core Insights - The photovoltaic equipment sector is characterized by both growth and cyclical attributes, with supply, demand, and technological factors resonating together [2]. - The industry is expected to enter a recovery phase in 2026, following a significant adjustment in 2025, where leading equipment manufacturers have strengthened cash flow management and reduced operational risks [5]. - The emergence of space computing applications is anticipated to expand the long-term growth potential of the photovoltaic sector, transitioning from ground energy to orbital energy systems [5]. - Overseas demand, particularly from the U.S. and the Middle East, is projected to be a significant source of incremental growth in 2026, with U.S. solar installations remaining robust and local manufacturing policies enhancing supply chain security [5]. - A new round of technological iterations is seen as a key variable for capacity reset amid supply-demand imbalances, with advancements in HJT technology expected to drive structural expansion [5]. Summary by Sections Section 1: 2025 Industry Fundamentals and 2026 Outlook - The fundamentals of leading photovoltaic equipment manufacturers are expected to bottom out in 2025, with a positive outlook for 2026 driven by recovery in equipment orders [5]. - The report highlights the importance of cash flow management and risk control among leading manufacturers, with adjustments in payment models to mitigate risks during industry downturns [9][10]. Section 2: Space Computing Applications - The report discusses the significant reduction in launch costs due to advancements in reusable rocket technology, which is expected to facilitate the deployment of space data centers powered by photovoltaic energy [38]. - The U.S. and China are leading in the planning and deployment of space computing capabilities, with ambitious goals for satellite constellations and data centers [41][42]. Section 3: Overseas Ground Demand - The U.S. market is highlighted as a key area for growth, with local manufacturing policies and high installation rates driving demand for photovoltaic equipment [5]. - The report notes that Middle Eastern countries are also increasing their solar installation plans, providing further opportunities for growth [5]. Section 4: Domestic Policy Changes and Technological Iteration - The report emphasizes the need to monitor domestic policy changes and the ongoing technological advancements within the industry, which are crucial for maintaining competitiveness [5]. Section 5: Investment Recommendations - The report recommends focusing on leading companies in the HJT technology space, such as Maiwei Co., Jinsheng Electric, and Aotwei, as well as those specializing in automation and thin silicon wafer cutting equipment [5].

又一家特斯拉浙江供应链公司即将上市。 1月9日，新剑传动启动上市辅导。 新剑传动与三花智控、拓普集团并称"T链"（即特斯拉）浙江三巨头，其中三花和拓普已经上市。 如果新剑传动此次上市成功，三巨头将在A股集结。 2025年，新剑传动创始人单新平豪掷26亿元，锚定行星滚柱丝杠——马斯克擎天柱机器人的关键部件。 一家年收入不到2亿元的公司，却要投26亿元扩产，到底是什么给了他勇气？ ● 单新平 1997年，国企改制潮席卷而来，32岁的单新平接到通知：他所在的临安手表螺钉厂改制搬迁，自己成了下岗职工。 多年后回忆起那一刻，单新平反而觉得，这是老天爷给了自己换赛道的机会。 此前的11年里，他从一名退伍兵，一路干到生产营业科科长。那是一份令人羡慕的"铁饭碗"，每天与毫米级的螺钉打交道，供货给欧米茄、劳力士等国际大 牌。 饭碗没了，就自己造一个。 1999年，单新平揣着28万元全部积蓄，回到老家浙江昌化，创办了浙江新剑精密制品有限公司。 厂房选在一座废弃的敬老院——外墙斑驳，屋顶漏雨，他和工人们自己粉刷修缮。三台旧车床，就是全部家当。 创业头几年，新剑做的还是老本行：手表螺钉。靠着精度，他们再次打入瑞士名表供应链。可单新平 ...

【东北计算机】20260222 【马斯克：特斯拉 FSD 已能识别人类手势信号】 1. 马斯克：特斯拉 FSD 已能识别人类手势信号。 （来源：IT之家） —————————————— —————————————— （来源：IT之家） 东北计算机赵宇阳（SAC:S0550525050001）/ 赵骁翔 / 廖岚琪 / 万陈鹏 【东北计算机】20260222 【马斯克：特斯拉 FSD 已能识别人类手势信号】 1. 马斯克：特斯拉 FSD 已能识别人类手势信号。 ...

人形机器人板块复盘： 2024年9.24以来人形机器人板块呈现单边上涨，小幅回调趋势，核心催化包括华为机器人入局，宇树登上春晚等 等；展望26年，我们认为板块会逐步收敛，一方面特斯拉Optimus从实验室阶段正式走向量产，因此需要关注量产 确定性标的，其次预期差我们认为来自于一些新技术方向（提升效能or大幅降本） 【人形机器人】2026年度策略——"以正和，以奇胜"，重视机器人规模化量产元年【东吴机械】 【人形机器人】2026年度策略——"以正和，以奇胜"，重视机器人规模化量产元年【东吴机械】 人形机器人板块复盘： 2026年策略展望：以正和，以奇胜： 1）以正和：特斯拉Optimus迭代顺利，26年开启大规模量产元年，因此确定性方向主要包括Tier1&丝杠&减速机等 环节，供应链逐步进入缩圈状态。 此外国产链方面宇树、智元等头部玩家有望在26年批量上市。 2）以奇胜：机器人弹性标的需关注技术迭代&降本方向。 ①灵巧手方向：自由度提升、寿命提升、降本和提升灵巧度是四大核心驱动力，具体变化包括导入行星滚珠丝 杠，冷镦降本工艺，电子皮肤等；②电机方向：高转矩密度与紧凑结构的轴向磁通电机加速渗透；③轻量化方 向：随 ...