证券研究报告 汽车 行业定期报告 hyzqdatemark 2026 年 03 月 15 日 投资评级： 看好（维持） 李泽 SAC：S1350525030001 lize@huayuanstock.com 陈嵩 SAC：S1350525070005 chensong@huayuanstock.com 板块表现： Robotaxi 系列跟踪 1:政策&主要参与者商业 化进展更新 ——汽车行业周报（20260308-20260315） 证券分析师 投资要点： 风险提示：1）法规进展不及预期；2）竞争格局恶化；3）技术路线迭代风险。 请务必仔细阅读正文之后的评级说明和重要声明 政策端-海外：美国正积极推动《自动驾驶法案 2026》落地，该政策允许无方向盘 车辆上路、放开年度车队投放规模上限、解决各州针对 Robotaxi 的立法权分置问题， 监管机制从"代码监管"转化为"案例监管"，有望系统性解决产业规模商业化过 程中遇到的几个核心问题，或将有力推动全球 Robotaxi 商业化进程加速。 联系人 政策端-国内：26 年 2 月，工信部发布《智能网联汽车 自动驾驶系统安全要求》征 求意见稿，国内 L3/L4 相关 ...

“Elon Musk, you’ll say I’m wrong, but in the short term it will be very difficult to have a camera-only autonomous car like Tesla. Camera, LiDAR, and radar is the right solution.”https://t.co/kEfuNGXvGW ...

Core Viewpoint - Stock splits are often perceived as positive catalysts for share prices, making them more accessible to retail investors, but fundamentally, they do not change the underlying business dynamics [1] Group 1: Stock Splits and Performance - Since 2020, five of the Magnificent Seven stocks (Apple, Amazon, Alphabet, Nvidia, and Tesla) have executed stock splits, while Meta Platforms has never split and Microsoft's last split was in 2003 [2] - The post-split performance of these stocks has been mixed, with only two (Alphabet and Tesla) outperforming the S&P 500 since their respective split dates [3][4] - The total returns from each split date through March 13 show that only Alphabet and Tesla's initial splits delivered market-beating returns, while Apple, Amazon, and Nvidia lagged behind the S&P 500 [4] Group 2: Outperformers - Alphabet's 20-for-1 split on July 18, 2022, resulted in a 176.5% return, significantly outperforming the S&P 500's 82.7% gain, driven by its strong search franchise and growth in YouTube ad revenue [5] - Tesla's five-for-one split in 2020 produced a 135.5% gain, coinciding with increased EV adoption and advancements in autonomous driving technology [7] Group 3: Laggards and Potential Recovery - The remaining splitters (Apple, Amazon, Nvidia, and Tesla's 2022 follow-on) have underperformed, raising questions about their potential for recovery [9] - Apple's return of 99.6% since its 2020 split trails the S&P by six percentage points, but emerging AI features could provide new momentum [10] - Amazon's post-2022 split return of 66.4% is nearly four points behind the market, yet AWS AI workloads and e-commerce efficiency gains may act as catalysts for a rebound [10] - Nvidia's 48% gain since its June 2024 split is weak compared to the S&P's 86.6%, but its position as an AI hardware leader suggests potential for future growth [10] Group 4: Factors Influencing Future Performance - The potential for recovery among lagging stocks depends more on execution in AI, cloud, and autonomous technologies rather than the splits themselves [11] - While splits may lower psychological barriers for investors, sustained outperformance will be determined by earnings power and competitive positioning [11]

Core Insights - The investment in Tesla has yielded significant returns, with the stock price increasing approximately 2,780% since the initial purchase in June 2014 [8][10] - The perception of Tesla has shifted over time, with initial enthusiasm giving way to skepticism regarding product launches and the influence of CEO Elon Musk's behavior [4][5][11] Investment Performance - The initial investment in Tesla stock in June 2014 was followed by additional purchases in 2019, with the stock underperforming the S&P 500 in the early years [1][2] - A strategic decision was made to sell portions of the stock in 2021 and 2022, resulting in a 1,900% return on one batch and a 1,480% gain on the final shares sold [5][6] Market Context - Tesla's current market capitalization stands at $1.5 trillion, with a gross margin of 18.03% [8] - The stock has experienced a price range over the past 52 weeks from $214.25 to $498.83, indicating volatility in its trading history [8] Company and Leadership Dynamics - The narrative surrounding Tesla is heavily influenced by Elon Musk, whose actions and statements have led to mixed perceptions among investors [10][11] - The company's innovative aspirations, such as robotaxis and AI advancements, continue to attract bullish sentiment from some analysts [8][9]

单击或点击此处输入文字。 26 年是人形机器人 0-1 兑现的重要节点。特斯拉链预计 26Q1 第一代量产产品发布，26H1 供应链大批量产线建设完 成，26M8 开启大规模量产。国产链头部本体出货量规模有望从数千台跨越到数万台，应用场景主要来自于二开、导览、 巡检等。在这个阶段，龙头公司供应链、技术都会趋于收敛。全球将会迈入机器人"军备竞赛"，重点关注五大方向： (1)特斯拉链的收敛:特斯拉链已经迭代 4 年，目前硬件供应链趋于收敛的拐点。围绕确定性和空间，重点关注:拓普 集团、三花智控等。(2)技术迭代与收敛:看好电驱动新技术(谐波磁场电机、GaN)、灵巧手(电子手套、新型基材)、新 材料(peek)、高端轴承等相关标的。(3)海外其他供应链的机会:苹果、谷歌、OpenAl、Figure 等都陆续迈入 0-1，重 点关注银轮股份以及电子链标的相关机会。(4)国内本体和应用垂类机会:宇树、智元、乐聚、银河通用等陆续上市， 关注供应链以及本体标的翔楼新材、柯力传感等。(5)围绕长期确定性，布局"优质格局"的标的:重点关注奥比中光等。 3 月 11 日，2026 第三届中国具身智能机器人产业大会暨展览会/202 ...

以下文章来源于华尔街见闻Max ，作者张雅琦 华尔街见闻Max . 华尔街见闻姊妹号，直击全球市场风暴，助力投资者决策。 特斯拉正迈出自主掌控AI芯片供应链的关键一步。 据媒体14日报道，特斯拉首席执行官马斯克周六表示， 公司代号"Terafab"的AI芯片晶圆厂项目将在七天内正式启动。 这一表态标志着特斯拉从芯片设计向自 主量产迈进，对其自动驾驶战略的意义不容低估。 马斯克曾在去年特斯拉年度股东大会上警告称，即便以最乐观的情景推算，现有供应商的芯片产能依然无法满足公司需求，并由此断言特斯拉"可能不得不"自 建晶圆厂。Terafab的即将落地，正是这一判断的直接延伸。 对于市场而言，这意味着特斯拉的资本支出重心将进一步向硬件基础设施倾斜，同时也可能重塑AI芯片代工市场的竞争格局。 截至发稿，特斯拉未就媒体的置评请求作出回应，项目的具体规模、选址及投资额等细节尚未披露。 供应瓶颈倒逼自建产能 马斯克推动自建晶圆厂的核心逻辑，源于对外部供应商产能天花板的深切忧虑。 他去年在股东大会上明确表示： "即便我们以最乐观的情景推算供应商的芯片产量，依然远远不够。" 他将这一设想中的工厂命名为"Terafab"——"就像 ...

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 believed to be 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] - The article hints at a specific AI stock that could be a game-changer, encouraging investors to explore this opportunity before it becomes widely recognized [9]

当地时间3月14日，特斯拉CEO马斯克表示，特斯拉的人工智能芯片制造项目Terafab将在七天后启动。 马斯克透露，芯片工厂类似特斯拉超级工厂，但规模要大得多。 来源：第一财经 寿司郎回应消费者吃出金枪鱼寄生虫卵 往期推荐 多家黄金品牌宣布：调价！ 关注" 新华网财经 "视频号 更多财经资讯等你来看 ...

How it started vs. how it’s going.Crazy to see what SpaceX has become @elonmusk https://t.co/XnUa6xSrE3 ...

Tesla Semi hauling a huge load. https://t.co/HtxbG2OxCU ...