□本报记者万宇 刚刚过去的2025年，对于人工智能领域而言，是硬件落地、场景开花的关键一年。在众多细分赛道中， 机器人产业尤为引人注目。从实验室里的惊艳展示，到工厂车间中的高效分拣，机器人正逐步从科幻走 向现实。 在广发新动力基金经理刘玉看来，这场浪潮才刚刚开始。由其管理的广发新动力从2025年四季度开始重 点关注人形机器人，包括与特斯拉等头部企业深度绑定的供应链标的、技术迭代带来的新增部件需求， 以及国产供应链的成长机会。 "投资创新产业就像是一场需要专业、耐心和定力的长跑。"刘玉说，"我们无法精准预测浪潮的每一个 波纹，但我们相信潮水的方向，是在奔向那由智能机器重新定义生产效率与生活方式的未来港口。这场 航行必然伴有风浪，但唯有驶向深海，才能发现新大陆。" 远景：从"1-10"到"10-100"的跨越 回顾2025年，刘玉认为，机器人产业经历了数个里程碑式的突破。产业进入量产元年，国内机器人产量 超预期，已达到上万台级别。机器人不再仅仅是视频中跳舞、空翻的表演者，而是在物流分拣、工业巡 检甚至家庭服务中承担实际任务的工作者。 更关键的是，成本拐点的出现为产业规模化扫清了障碍。"核心零部件的国产化突破成为降 ...

Core Insights - Tesla and Lucid Motors are both electric vehicle makers but operate under significantly different business models and strategies [1] - Tesla has successfully expanded its customer segments and geographical reach, while Lucid aims to achieve similar growth in the future [1] Market Entry Strategies - Both companies see potential in markets like India and Saudi Arabia, which currently have low EV adoption but optimistic consumer bases [2] - Tesla's entry into India contrasts with Lucid's approach in Saudi Arabia, highlighting their differing strategies [2] Lucid Motors' Developments - Lucid opened a manufacturing plant in Saudi Arabia in September 2023, with the Public Investment Fund (PIF) holding a nearly 60% stake [4] - The plant is expected to begin full-scale production by 2026, aiming for an annual capacity of 150,000 vehicles by 2029 [4] Market Opportunities - Saudi Arabia's Vision 2030 plan aims to diversify its economy away from oil, creating a favorable environment for EV manufacturers [5] - Lucid is leveraging local production to avoid high import tariffs and establish its brand early in the market [6] Competitive Challenges - Tesla faces challenges in India due to high import duties, leading to a starting price of nearly $70,000 for the Model Y and necessitating discounts to clear inventory [6]

Core Insights - Bank of America analyst John Murphy warned in mid-2024 that General Motors and Ford should consider exiting the Chinese market due to the rapid advancement of subsidized Chinese automakers in technology and pricing for electric vehicles [1] - The current state of China's automotive market is characterized by a severe price war, which is negatively impacting foreign automakers [2] Group 1: Market Dynamics - Chinese brands are intensifying their competition and expanding beyond their borders, with full-electric vehicle exports increasing by 67% to 1.65 million vehicles in 2025 [4] - The global automotive industry is witnessing a shift, as Tesla has lost its position as the largest seller of EVs, facing challenges such as the end of the federal EV tax credit and an aging product lineup [5] - BYD, a leading Chinese EV manufacturer, reported selling 2.26 million EVs globally in 2025, marking a 28% increase from 2024, with a growing share of sales occurring outside China [6] Group 2: Strategic Responses - U.S. automakers are aware that Chinese vehicles will eventually enter the U.S. market, and they are preparing by adjusting their offerings, such as Tesla's introduction of a more affordable Model 3 sedan priced at approximately $37,000 [7] - The rise in Chinese vehicle exports is accompanied by a fierce price war domestically, indicating a challenging environment for both local and foreign competitors [8]

Group 1 - Major companies such as Tesla (TSLA), Microsoft (MSFT), Meta Platforms (META), and Apple (AAPL) are set to report earnings in a significant week for the stock market [5] - President Donald Trump has threatened to impose 100% tariffs on Canadian goods if a trade deal with China is reached, marking a notable shift in trade policy [5] - The stock market is facing multiple challenges including a Federal Reserve meeting, a federal funding deadline, and severe winter weather [6] Group 2 - The stock market experienced fluctuations with the Dow Jones and small-cap stocks declining, while Nvidia and Amgen are nearing buy points [8] - Boeing's stock is expected to rise ahead of its Q4 results, and three data storage stocks are highlighted in the earnings spotlight [10] - Tesla has removed some safety monitors from its robotaxis, and Elon Musk has issued a warning regarding Full Self-Driving (FSD) technology [10]

Ah, the stock market. A bastion of rational thought, predictable trends, and calm, measured reactions. Or, at least, that’s what the textbooks tell us. In the era of Donald J. Trump, however, investors have learned to embrace a new paradigm: the art of the geopolitical whiplash. It’s a market where a single Truth Social post can send indices plummeting faster than a lead balloon, only for a vague “framework deal” to send them soaring again, leaving analysts scrambling to coin new acronyms for the chaos. Wel ...

Wednesday's unprecedented earnings convergence from Tesla (TSLA), Microsoft (MSFT), Meta (META), ServiceNow (NOW), Lam Research (LRCX), and ASML (ASML), followed by Apple (AAPL) Thursday, represents the week's most critical corporate event cluster. Microsoft's Azure cloud growth, AI monetization through Copilot, and commentary about data center capital expenditure sustainability will be crucial for validating the AI infrastructure investment thesis. Meta's results will test whether massive Reality Labs loss ...

Market Overview - The S&P 500 index has started 2026 with an increase of about 1 percent, following three consecutive years of double-digit returns [1][6] - The current valuation of the S&P 500 is above 22 times expected earnings, significantly higher than its long-term average of 15.9, indicating that earnings expectations must be met [1][2] Earnings Expectations - S&P 500 earnings are projected to rise by more than 15 percent in 2026, with a focus on whether companies are beginning to see returns from AI-related investments [2][6] - A significant portion of the S&P 500, including major companies like Apple, Microsoft, Meta Platforms, and Tesla, is set to report quarterly results, which will be crucial for market sentiment [6] Sector Performance - The technology sector, particularly AI-related stocks, faced skepticism late in 2025 regarding the returns on substantial investments in data centers and infrastructure, which had previously driven the bull market [2][6] - On a recent trading day, the S&P 500 rose slightly by 2.26 points, while the Dow Jones fell by 285.30 points, and the Nasdaq increased by 65.22 points, indicating mixed performance across major indices [5][6] Geopolitical Factors - Investors are closely monitoring potential geopolitical developments and policy proposals from the Trump administration, particularly regarding the nomination of a new Federal Reserve chair [3][6]

以下文章来源于泽平宏观商学 ，作者泽平宏观商学 泽平宏观商学 . 前沿科技企业实战研学 读万卷书行万里路 2025 年 12 月 用心打造最有品质的实战研学。读万卷书，行万里路。把教室搬到世界上最优秀的企业， 请最优秀的企业家和科学家讲课。顺势而为，把握机遇。正心正念，坚持做长期正确的 事！ 我们期待与更多的企业家朋友们携手同行，共赴 2026 实战研学之旅！ 泽 ZEP 平 INGM 宏 ACR 观 O RE 商 SEAR 学 CH 国内头部智驾科技企业 人形机器人 年研学安 型成 11月4日-11日 1-6月日程安排 · 2月27日 北京 洛杉矶、拉斯维加斯、旧金山 CES、英伟达、特斯拉 谷歌、罗宾汉、playground 斯坦福大学、伯克利大学 3月27日-28日 苏州 追觅科技、魔法原子、灵猴机器人 闭门投研会-2026 Al 的中国力量(一) 3月29日 上海 长三角校友会 4月20日-21日 香港 2026 香港 Web3 嘉年华 复星财富、HashKey、港交所 5月22日-23日 1151 11:47:50 深圳 华为、新凯来、江波龙、莫界科技 闭门投研会—2026 Al 的中国力量(二) ...

中经记者 郝亚娟 张漫游 上海 北京报道 近日，特斯拉中国正式推出限时超长期购车方案"特悠享"，罕见在中国市场提供长达7年的超低息贷款 服务，两家银行作为贷款银行。 《中国经营报》记者采访了解到，传统新车贷款期限普遍在1—5年。信用卡行业专家葛亮分析称，推出 7年期汽车金融贷款，对银行提出三方面考验，一是风险评估与定价难题，二是盈利与成本管理的挑 战，三是资金期限匹配的压力。银行贷款资金主要来自短期存款，而7年期贷款是长期资产，这种错配 可能给银行带来流动性管理压力。 政策松绑 其次是盈利与成本管理压力。葛亮分析称，长期限产品通常对应较低利率水平，在一定程度上压缩银行 利息收入空间，同时长期贷款的账户管理、风控跟踪等运营成本更高。 此外，资金期限匹配问题也不容忽视。葛亮指出，银行贷款资金主要来源于短期存款，而7年期汽车贷 款属于长期资产，期限错配可能加大银行的流动性管理压力。 惠誉博华结构融资部副总监郑飞进一步指出，贷款期限由5年延长至7年，对商业银行的产品设计能力提 出了更高要求。银行需要更精准地识别目标客户，判断其是否具备长期稳定的还款能力，同时还要评估 车辆价值在更长贷款周期内持续下降，对借款人还款行为 ...

Group 1 - The Federal Reserve is expected to pause interest rate cuts in its upcoming meeting, with a 95.6% probability of maintaining current rates and only a 4.4% chance of a 25 basis point cut [1] - Bitcoin has experienced a significant decline, with a 7.3% drop this week, bringing its year-to-date gains close to zero, while Ethereum has fallen below $3,000 [1][2] - Gold and silver have seen explosive growth in January, reaching historical highs as they attract safe-haven investments amid the downturn in cryptocurrencies [2] Group 2 - The U.S. job market shows mixed signals, with a cooling trend that may suppress financial market performance, while inflation remains persistent, as indicated by the PCE data showing a 2.8% year-over-year increase [5] - The GDP data released indicates a better-than-expected performance, but underlying details suggest a distorted economic rhythm due to tariff policies, with personal consumption contributing 2.34% to GDP [6][7] - The AI investment boom has led to fluctuations in fixed asset investment growth, with recent trends showing a decline in growth rates, impacting future economic potential [7] Group 3 - Following the earnings report from META, AI stocks have faced significant sell-offs, with the information sector index dropping 7.5%, while other sectors like industrials and materials have seen gains [9] - The U.S. government debt has reached $38.65 trillion, with plans to increase military spending by over 50%, raising concerns about fiscal sustainability and potential impacts on international relations [10] - The upcoming earnings reports from tech giants will be crucial in determining the future adjustments in the stock market, as geopolitical issues and inflation trends continue to influence market dynamics [12][13]