（图为特斯拉Model X。夏治斌/摄影） 中经记者 夏治斌 石英婧 上海报道 北京时间1月29日，特斯拉发布2025年第四季度及全年财报。数据显示，特斯拉全年总营收为948.27亿 美元，同比下降3%，首次出现年度营收下降。盈利端同样承压，特斯拉全年GAAP净利润37.94亿美 元，同比下降46%，非GAAP净利润59亿美元，同比下降26%。 《中国经营报》记者注意到，尽管亚太市场交付量创下新高、Model Y完成持续迭代，但受行业竞争加 剧、高端车型需求疲软等多重压力影响，特斯拉的整体销量仍陷入低迷，这也成为其业绩下滑的主要诱 因。2025年，特斯拉电动车全年交付163.6万辆，同比下滑8.6%；对应的汽车业务收入695.26亿美元， 同比降幅达10%，成为拉低公司总营收的主要板块。 值得注意的是，尽管传统汽车业务面临挑战，特斯拉在储能、超充网络、自动驾驶订阅服务等领域的表 现仍具亮点。2025年第四季度，特斯拉储能装机量创下历史新高，超充桩净增超3800根，智能辅助驾驶 系统的月度订阅量实现翻倍增长。与此同时，特斯拉正在得州超级工厂打造Cortex 2算力集群，2026 年 上半年，得州超级工厂的本地算 ...

Core Viewpoint - Tesla is undergoing a significant pivot from traditional automotive models to a focus on physical AI, including autonomous driving and humanoid robots, marking a new phase in its growth [2][4]. Valuation Insights - Tesla's valuation remains challenging, with a market capitalization exceeding $100 billion and trading at over 150 times forward earnings, indicating a disconnect between stock price and near-term fundamentals [4][5]. - The market is currently placing less emphasis on near-term earnings, suggesting that Tesla's stock may remain elevated due to strong retail and technical support [5][6]. Robo Taxi Development - The primary focus for Tesla this year is on scaling the commercialization of its robo taxi service, with efforts to expand operational design domains (ODD) and compete against established players like Waymo [8][13]. - Tesla's potential cost advantage in the robo taxi market is significant, as its vehicles could be priced around $30,000 compared to competitors like Waymo, which costs between $100,000 to $150,000 per vehicle [13]. Humanoid Robot Progress - The humanoid robot initiative is still in the research and development phase, with initial production of the Gen 3 version expected later this year, but the market remains cautious until more concrete advancements are demonstrated [9][15]. - Tesla's AI capabilities and supply chain advantages are seen as key factors that may support its humanoid robot ambitions, despite competition from other players in the market [16][17].

Elon Musk just made Tesla Inc's (NASDAQ:TSLA) most ambitious pivot yet. From cars to robots, AI chips, and autonomy—Musk is framing humanoid robots as a macroeconomic force, not a sci-fi side bet.On Tesla's fourth quarter earnings call, Musk said Optimus robots could "move the needle on US GDP significantly." He basically signalled that Tesla sees humanoid AI hardware as its next platform-scale product.From EVs To Robots: A Factory-Scale PivotTesla plans to wind down Model S and X production to free up fact ...

摩根大通：将特斯拉(TSLA.US)目标价从150美元下调至145美元。 ...

1月29日，挪威央行投资管理（Norges Bank Investment Management）正式发布 2025 年年度投资报告。 数据显示，全球最大主权财富基金之一的挪威政府全球养老基金（Government Pension Fund Global，GPFG）在2025年实现15.1%的整体回报率，基金规模 于2025年12月31日达到21.268万亿挪威克朗（约合15.47万亿人民币）。 从基金规模变动细节来看，2025年基金会计收益达2.362万亿克朗（约1.72万亿人民币），但受挪威克朗对多国主要货币升值影响，汇率因素导致基金价值 缩水。同时，扣除管理费用后的资金净流入为319亿克朗，多重因素共同作用下，基金全年规模净增1.526万亿克朗。 从资产类别表现来看，权益类投资成为基金收益的核心驱动力。2025年，基金股票投资回报率高达19.3%，显著跑赢其他资产类别。其中，科技、金融及 基础材料板块表现尤为突出，贡献了权益投资的主要收益。挪威央行投资管理首席执行官尼古拉・丹根（Nicolai Tangen）在声明中强调："2025年基金交 出了极具说服力的成绩单，科技、金融与基础材料领域的优质股票持续 ...

中航协意见稿：国内航班不得付费选座 为引导公共航空运输企业合理制定选座服务产品，切实保护旅客合法权益，1月29日，中国航空运输协会发布《公共航空运输企业航班预留座位规则（征 求意见稿）》（以下简称：意见稿），旨在规范航司行为、提升信息透明度、满足各类旅客需求。其中拟规定：国内航班经济舱免费可选座位比例最低为 70%，国际及地区航班经济舱免费可选座位比例最低为65%。付费预留座位，即旅客通过支付费用方式可选择的座位，仅限国际及地区航班，国内航班不 准许开展付费选座。 意见稿将经济舱座位分为"免费可选座位""预留座位"两类。"预留座位"又分为"运行保障性预留座位""增值服务性预留座位"（含权益 类预留座位、付费预留座位）。其中："运行保障性预留座位"通常不提供线上提前免费选择，其释放由运行部门根据航班实际保障情况进行控制。付费预 留座位仅限国际及地区航班。 使馆回应中国博士生意大利失联：正敦促警方搜救 有银行积存金业务活期利率降至0 1月29日，现货黄金强势拉升，突破每盎司5500美元关口，延续近日的上攻态势。金价持续上涨也引发银行接连调整积存金业务。近日，两家银行均发布 公告，调整积存金业务定存利率，有银行活期 ...

Key Takeaways Tesla's Q4 EPS rose to $0.50, surpassing estimates, while revenues fell 3% Y/Y to $24.9B.Vehicle deliveries dropped 16% Y/Y to 418,227, with Model 3/Y at 406,585 units.Energy revenues surged 25% Y/Y to $3.8B, offsetting some declines in automotive sales.Tesla (TSLA) reported fourth-quarter 2025 earnings per share of 50 cents, which beat the Zacks Consensus Estimate of 45 cents but decreased from the year-ago figure of 73 cents. Total revenues of $24.9 billion missed the Zacks Consensus Estimat ...

Core Insights - Tesla's energy storage business significantly mitigated the impact of a poor earnings report, with a 45% decline in profit compared to 2024, primarily due to reduced electric vehicle sales [1] - The company achieved a record deployment of 46.7 gigawatt-hours of energy storage products in 2025, marking a 48% increase from the previous year [2] - Energy storage now accounts for nearly 25% of Tesla's gross profit, with the Megapack alone contributing $1.1 billion to the storage business's total gross profit of $3.8 billion for the year [2] - The gross margin for energy storage products stands at 29.8%, nearly double that of Tesla's automotive sales [3] Financial Performance - Tesla's storage and energy generation revenues increased by 26.5% to $12.8 billion [2] - The company anticipates recognizing $4.96 billion in deferred revenue from ongoing projects in 2026, more than double the amount recognized in 2025 [4] Market Dynamics - The One Big Beautiful Bill Act (OBBBA) has phased out tax credits for residential energy storage systems, although commercial tax credits for larger products will continue [7] - Despite a decrease in the average selling price of the Megapack, sales volumes increased, indicating heightened competition in the energy storage market [7] - Tesla remains optimistic about the future of its storage business, citing opportunities for energy storage products to stabilize the grid and provide additional power capacity as AI infrastructure drives load growth [9]

Market Overview - S&P 500 slipped 0.01% to 6,978.03, while Nasdaq Composite rose 0.17% to 23,857.45, and Dow Jones Industrial Average inched up 0.02% to 49,015.60 in muted post-Fed trading [1] - Federal Reserve held interest rates steady at a range of 3.5%-3.75%, with expectations of two rate cuts later this year, potentially starting in June [4] Company Performance - Badger Meter experienced an 11.00% drop to $146.32 due to a revenue miss [2] - Tesla reported earnings after market close, beating estimates but showing a decline in revenues [2] - Meta surged in after-hours trading after exceeding analyst expectations, while Microsoft slipped despite better-than-expected results, likely due to concerns over high AI spending [5] - C3.ai rose 4.21% to $13.13 on merger headlines [3] Industry Insights - Upcoming earnings from major tech companies will provide insights into the development of the AI market, amid concerns of elevated prices and potential corrections in 2026 [6]

Company Overview - Proactive is a financial news publisher that provides fast, accessible, informative, and actionable business and finance news content to a global investment audience [2] - The company has a team of experienced and qualified news journalists who produce independent content [2] Market Focus - Proactive specializes in medium and small-cap markets while also covering blue-chip companies, commodities, and broader investment stories [3] - The content delivered includes insights across various sectors such as biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto, and emerging digital and EV technologies [3] Technology Adoption - Proactive is recognized for being a forward-looking technology adopter, utilizing decades of expertise and experience among its content creators [4] - The company employs automation and software tools, including generative AI, while ensuring that all published content is edited and authored by humans [5]