已有二手车商跟进免息政策 2026年1月6日，特斯拉推出了限时5年0息或7年超低息金融特惠方案后，在河南经营二手车生意的张家玮（化名）在自己的个人社交平台上更新了一条动 态，视频中他大呼"天塌了"，身后的展厅内摆放着二十余台特斯拉二手车。 "（特斯拉7年超低息政策）带来的最直接影响是价格对比失衡。"许建认为，购车者心里都会算一笔账，购买一辆二手Model Y需要全款支付十几万元，而 购买新车选择低首付方案，只需首付4.59万元。即使二手车价格更低，但金融方案完全改变了消费者的支付体验和感知门槛。 每经记者｜段思瑶 每经编辑｜程鹏 裴健如 许建（化名）的二手车展厅里，一辆2022款特斯拉Model 3的标价在过去20余天内被修改了两次，从最初的14.6万元降至如今的13.7万元。 近期，特斯拉率先推出限时"5年0息""7年超低息"金融特惠方案后，小米汽车、理想汽车、小鹏汽车、长城汽车、吉利银河、岚图等品牌迅速跟进，推出 或进一步强化了长达7年的低息购车金融方案，将新能源车的贷款周期延长了2至3年。 当低首付、长还款周期成为车企撬动销量的杠杆，二手车市场的连锁反应正在发生。作为在北京花乡经营了八年二手车生意的从业 ...

证券研究报告 行业研究 / 行业点评 2026 年 02 月 02 日 汽车 徐姝婧 S0820124090004 021-32229888-25517 xushujing@ajzq.com 行业及产业 特斯拉高资本支出引领车企 AI 布局转型 资料来源：聚源数据，爱建证券研究所 相关研究 《2026 年汽车行业策略：智能化+全球化驱动， 把握结构性机会》2026-01-28 《智能汽车产业深度研究：L3 车型产品准入， 智能汽车发展加速》2025-12-31 《L3 准入落地，华为系景气度提升——智能汽 车系列报告（八）》2025-12-30 《首批 L3 级自动驾驶车型获准入——智能汽 车系列报告（七）》2025-12-23 《高阶智驾准入，Robotaxi 商业化提速—— Robotaxi 产业深度报告》2025-12-23 吴迪 S0820525010001 021-32229888-25523 wudi@ajzq.com 爱建证券有限责任公司 ——智能汽车系列报告（九） 一年内行业指数与沪深 300 指数对比走势： 强于大市 投资要点： 事件：1 月 29 日，特斯拉发布 2025 年度报告。公司短 ...

One South Korean family saw their fortune swell past $800 million on paper — not from an IPO, not from real estate, not from crypto — but from a battery deal with Tesla. Less than two years later, the value of that contract was quietly revised down to just $7,386. Yes, from $2.9 billion to $7,386. A 99.9997% collapse. Behind the swing is L&F Co., a manufacturer of high-nickel cathode materials used in electric vehicle batteries. In February 2023, the company signed a supply agreement with Tesla and its ...

Key Takeaways Tesla expects capex to exceed $20B in 2026, up from about $8.5B last year and above the prior $11.3B peak.TSLA's spending targets six facilities and AI compute to scale self-driving, robotaxis and the Optimus robot.With nearly $44B in cash, Tesla plans to expand factories, grow robotaxis and scale Optimus.For a long time, Elon Musk has been emphasizing that Tesla (TSLA) is no longer just a car company. The company, which revolutionized the electric vehicle (EV) space, is now facing tough times ...

（原标题：美股前瞻 | 三大股指期货跌幅显著收窄，特朗普豪掷120亿美元启动"金库计划"） 1. 2月2日(周一)美股盘前，美股三大股指期货跌幅显著收窄。截至发稿，道指期货跌0.09%，标普500指数期货跌0.38%，纳指期货跌0.66%。 2. 截至发稿，德国DAX指数涨0.91%，英国富时100指数涨0.64%，法国CAC40指数涨0.60%，欧洲斯托克50指数涨0.47%。 3. 截至发稿，WTI原油跌4.75%，报62.11美元/桶。布伦特原油跌4.52%，报66.19美元/桶。 市场消息 美国打响关键矿产战略储备战，特朗普豪掷120亿美元启动"金库计划"。美国总统特朗普计划启动一项战略性关键矿产储备，并提供 120 亿美元的 种子资金，旨在美方努力削减对中国稀土及其他金属依赖的过程中，使制造商免受供应冲击。这项名为"金库项目"的合资计划，拟将 1.67 亿美元 的私人资本与美国进出口银行提供的 100 亿美元贷款相结合，汽车制造商、科技公司及其他制造商采购并储存矿产。描述该计划细节的高级政府 官员透露，这将是美国私营部门首个此类储备库。这代表了美方为积累工业经济(包括汽车、航空航天和能源领域)所需关 ...

Core Viewpoint - The company emphasizes providing actionable and clear investment ideas through independent research, aiming to help members outperform the S&P 500 and avoid significant losses during market volatility [1] Group 1 - The service offers at least one in-depth article per week focused on investment ideas [1] - Members have reportedly achieved better performance than the S&P 500 while mitigating risks associated with extreme market fluctuations in both equity and bond markets [1]

Core Insights - Tesla is phasing out the Model S and Model X, which have become less relevant in the current competitive EV market, to focus on more promising growth areas [1][3][5] Group 1: Model S and Model X Performance - Tesla has stopped reporting Model S and X sales separately since Q4 2023, grouping them with the Cybertruck under "other models," which accounted for only 50,850 vehicles in 2025, representing just over 3% of total sales of 1.64 million units [2][8] - Sales of "other models" fell nearly 40% year-over-year in 2025, while Model 3 and Model Y deliveries remained more stable with a decline of about 7% [3][8] - The Model S and Model X now generate less than 5% of Tesla's total revenues, making continued investment in these models unjustifiable [3][8] Group 2: Strategic Shift and Future Plans - Tesla plans to retool its Fremont plant to support the production of Optimus, its humanoid robot, potentially producing up to one million units per year [4][8] - The company is reallocating resources from low-return luxury models to areas with greater long-term growth potential, emphasizing a shift towards robotics, automation, and AI-driven platforms [5][6] - Tesla's capital expenditure for the year is projected to exceed $20 billion, focusing on humanoid robots, autonomous vehicles, and AI chip manufacturing [6][8] Group 3: Comparison with Competitors - Unlike General Motors and Ford, which are adjusting their production strategies to stabilize earnings by focusing on profitable gas-powered vehicles and hybrids, Tesla is exiting low-impact models entirely [10][8] - This strategic exit allows Tesla to free up capital and factory capacity to concentrate on autonomy, robotics, and AI-driven growth [10][8]

审校：汪皓 在财富Plus，网友们对这篇文章发表了许多有深度和思想的观点。一起来看看吧。也欢迎你加入我们，谈谈你的想法。今日其他热议话题： 查看《第二波"TikTok难民"来了》的精彩观点 1月 28日收盘后公布的特斯拉（Tesla）第四季度业绩，以及随后财报电话会上描绘的愿景，不知为何让埃隆·马斯克收获了相当不错的评 价。华尔街分析师普遍称赞这份成绩单"超出预期"，而投资者似乎也没有过度失望，次日开盘股价仅小幅走低。 马斯克有点像一位可以 自编自评的剧作家：即便剧本拙劣，他仍能撰写出花团锦簇的剧评，足以让观众忘记自己刚刚忍受了一场多么混乱的演出。 具体而言， 这家电动汽车厂商的首席执行官承诺大举转向无人驾驶出租车Cybercab和自主机器人，并将带领特斯拉实现"建设一个富足非凡的世 界"的使命，成功转移了公众和资金对财务数据的关注。但如果深入剖析，实际数据的糟糕程度令人震惊。特斯拉公布的GAAP（通用会 计准则）净利润为37.9亿美元，较2023年150亿美元的峰值暴跌75%。究其原因，在过去两年中，电动汽车业务营收下滑16%，与此同 时，整体运营支出却增长了44%。这抵消了电池业务和充电站等服务业务的强劲 ...

Even with the more recent turbulence, shares of Tesla (NASDAQ:TSLA) have been making up for lost time in the past six months, up close to 40%. ...

智元机器人将举办全球首个大型机器人晚会"机器人奇妙夜"；SpaceX与XAI就合并事宜进行深入谈判。 ④卡莱特推出Mica P100产线机器人； ⑤中兴通讯上线Co-Claw企业版； ⑥天准星智推出基于Jetson T4000的具身大脑域控制器； ⑦Soul App开源实时数字人生成模型SoulX-FlashTalk。 ①特斯拉最新人形机器人2026年底前启动量产； ②智元机器人将举办全球首个大型机器人晚会"机器人奇妙夜"； ③SpaceX与XAI就合并事宜进行深入谈判； ...