特斯拉股价盘前上涨3.1%，此前这家电动汽车制造商的盈利超出预期，得益于强于预期的利润率。该 公司称，将向其首席执行官埃隆·马斯克创立的私营人工智能公司xAI投资20亿美元，并将把部分汽车制 造业务转为制造机器人。Evercore的分析师写道，受该公司出人意料的资本支出影响，其自由现金流将 转为负值。这些分析师表示，该公告导致该股盘前涨幅小幅收窄。他们表示，该公司高利润率的可持续 性也不明朗。 ...

Core Viewpoint - The energy storage industry is experiencing significant differentiation among listed companies, with most companies forecasting profitability for 2025, while only one company, 东方日升, is expected to incur losses due to price pressures in the photovoltaic supply chain [2] Group 1: Tesla - Tesla's energy business achieved a gross profit of $12.8 billion in 2025, representing a year-on-year increase of 26.6%, driven by strong demand for its Megapack and Powerwall products [3] - The company anticipates further growth in energy deployment with the introduction of new products, although management warns of potential short-term profit margin pressures due to increased competition and policy uncertainties [3] Group 2: 南网储能 - 南网储能 expects a net profit of between 1.667 billion and 1.727 billion yuan for 2025, marking an increase of approximately 5.41 billion to 6.01 billion yuan compared to the previous year, with a year-on-year growth rate of 47.98% to 53.31% [4] - The company is also expanding its project portfolio, including a 720MW/1440MWh battery storage project set to be operational by mid-2026 [6] Group 3: 智光电气 - 智光电气 forecasts a turnaround with a net profit of 110 million to 160 million yuan for 2025, a significant increase of 133.69% to 149.01% compared to a loss of 326 million yuan in the previous year [7] - The growth is attributed to rapid development in the energy storage sector and improved performance of independent energy storage stations [7][9] Group 4: 远东股份 - 远东股份 anticipates a net profit of 45 million to 65 million yuan for 2025, indicating a turnaround from previous losses, driven by improvements in its smart battery business [10] - The company plans to expand its core technology products and services related to energy and AI [10] Group 5: 东方日升 - 东方日升 expects a loss of between 2.3 billion and 2.9 billion yuan for 2025, primarily due to challenges in the industry cycle [11] - The company aims to enhance its value proposition through integrated solutions in the photovoltaic and energy storage sectors [11] Group 6: 新特电气 - 新特电气 projects a net profit of 40 million to 50 million yuan for 2025, recovering from a loss of 48.51 million yuan in the previous year, driven by growth in its energy storage business [12] - The company is leveraging its expertise in special transformers to expand into energy storage system integration [12] Group 7: 赣锋锂业 - 赣锋锂业 forecasts a net profit of 1.1 billion to 1.65 billion yuan for 2025, recovering from a loss of 2.074 billion yuan, largely due to gains from stock price increases and strategic investments [13] - However, the company still anticipates losses when excluding non-recurring items, indicating ongoing challenges in its core lithium product business [13] Group 8: 多氟多 - 多氟多 expects a net profit of 200 million to 280 million yuan for 2025, recovering from a loss of 308 million yuan, driven by increased demand in the energy storage and electric vehicle markets [14] - The company is actively promoting its battery products for energy storage applications and has achieved significant production capacity [14]

Core Viewpoint - Tesla's 2025 financial report reveals a significant decline in revenue and profit, indicating ongoing challenges in the automotive market while the company shifts focus towards humanoid robots and AI technology [2][10]. Financial Performance - Tesla's total revenue for 2025 was $94.827 billion, a year-on-year decrease of 2.93% - The net profit attributable to shareholders was $3.794 billion, down 46.79% year-on-year - Global vehicle deliveries totaled 1.6361 million units, reflecting an 8.6% decline compared to the previous year, marking the second consecutive year of delivery decreases [2]. Market Trends - UBS had previously lowered Tesla's fourth-quarter delivery forecast for 2025 from 435,000 to 415,000 units, indicating a 16% year-on-year drop and a 17% quarter-on-quarter decline [3]. - Tesla's delivery volumes have fluctuated across major markets, including the U.S., Europe, and China, with significant declines noted [4][5]. - In China, retail sales fell by 4.8% year-on-year, while in Europe, market share dropped from 1.8% to 1.2%, with sales in key markets like Germany and France plummeting by over one-third [5]. Strategic Shifts - Tesla is transitioning its core business from vehicle sales to "Transportation as a Service" (TaaS), with plans to launch autonomous taxi services and a platform for vehicle owners to monetize their cars [10]. - The production of Model S and Model X will be phased out, with the Fremont factory being repurposed for humanoid robot production, targeting an annual capacity of 1 million units [10]. Technological Investments - Tesla's R&D expenditures have increased significantly, particularly for Full Self-Driving (FSD) technology, which is expected to impact short-term profits [6]. - The company anticipates capital expenditures exceeding $20 billion in 2026, far surpassing the $1.4 billion in free cash flow for 2025, indicating a "burn cash for future" strategy [6]. Future Outlook - Elon Musk predicts that Tesla's humanoid robots will outperform human surgeons within three years and emphasizes the potential for AI to revolutionize various sectors, including healthcare and education [8][12]. - The success of Tesla's upcoming projects, including CyberCab and Optimus, will be crucial for the company's future, with the potential to significantly impact the U.S. GDP [12].

21世纪经济报道记者 郑植文 上海报道 特斯拉再次站在了历史的分水岭上。这一次，挑战前所未有：特斯拉交出了历史上首次年度营收下滑的 成绩单。 北京时间2026年1月29日，特斯拉正式发布2025年第四季度及全年财报。 2025年，特斯拉的"基本盘"汽车业务面临显著压力。2025年特斯拉全球生产电动车约 165.5 万辆、交付 163.6 万辆，分别同比下降6.7%、8.6%，全年总营收948.27亿美元，同比下滑3%；净利润为37.94亿美 元，同比大幅下降46%。 在自动驾驶领域，特斯拉首次披露了FSD（全自动驾驶）付费用户数约为110万，占其累计车辆销量的 12%。这一数据虽然显示出一定的用户基础，但也表明其渗透率仍有巨大提升空间。公司正坚定地从一 次性买断模式转向订阅制，以期获得更稳定、可持续的软件收入。在运营层面，特斯拉已在奥斯汀取消 了Robotaxi服务的安全员，并计划在今年年底前将服务扩展到美国四分之一到一半的地区（取决于监管 批准），覆盖数十座城市。马斯克断言，从长远看，未来其自动驾驶出租车Cybercab的年产量将超过其 他所有车型的总和。 机器人业务则面临着更严峻的现实挑战与更高的未来期望 ...

Group 1: Market Performance - Major indices futures showed positive movement with Dow futures up 0.08%, S&P 500 futures up 0.17%, and Nasdaq futures up 0.23% [1] Group 2: Company Earnings Reports - Meta reported Q4 2025 revenue of $59.893 billion, a 24% year-over-year increase, exceeding analyst expectations of $58.42 billion; net profit was $22.768 billion, up 9%, with diluted EPS of $8.88, up 11% [2] - Microsoft reported Q2 2026 revenue and profit above expectations, with Azure cloud revenue growing 38% year-over-year, matching analyst forecasts; however, growth slowed by 1 percentage point from the previous quarter [3] - IBM's Q4 2025 revenue was $19.69 billion, a 12% increase year-over-year, with software revenue at $9.03 billion, up 14%, and consulting revenue at $5.35 billion, up 3.4%; free cash flow grew 23% to $7.55 billion [5] Group 3: Strategic Changes and Investments - Tesla announced plans to halt production of Model S and Model X to make way for Optimus robot production lines, despite a 3% year-over-year revenue decline to $24.901 billion in Q4 2025 [4] - Amazon confirmed layoffs of approximately 16,000 corporate positions, marking the second round of significant layoffs since October, totaling 30,000 positions or about 10% of its corporate and tech workforce [6] - Nvidia, Microsoft, and Amazon are reportedly in discussions to invest up to $60 billion in OpenAI, with Nvidia considering up to $30 billion, Microsoft planning under $10 billion, and Amazon potentially exceeding $10 billion [7] Group 4: Regulatory Issues - Deutsche Bank's Frankfurt office was raided by German prosecutors in connection with a money laundering investigation, with the bank cooperating with authorities [8]

Market Overview - U.S. stock futures rose on Thursday following a mixed close on Wednesday, with major benchmark indices showing positive movement [1] - The Federal Reserve maintained the federal funds rate at 3.5%–3.75%, pausing its easing cycle after three rate cuts last year [1] Federal Reserve Insights - Fed Chair Jerome Powell emphasized a data-driven approach to decision-making, avoiding political criticisms during a press conference [2] - The 10-year Treasury bond yielded 4.26%, while the two-year bond was at 3.58%, with an 86.5% likelihood of unchanged interest rates in March according to CME Group's FedWatch tool [3] Stock Performance - Dow Jones increased by 0.15%, S&P 500 by 0.27%, Nasdaq 100 by 0.37%, and Russell 2000 by 0.26% [3] - Microsoft (MSFT) shows a weak price trend across all time frames but maintains a good quality ranking [3] - Tesla (TSLA) has a stronger long-term price trend but a weak short-term trend with a poor value ranking [4] - Meta Platforms (META) maintains a strong price trend across all time frames with a good quality ranking [5] - International Business Machines (IBM) shows a stronger price trend across all time frames with a solid quality ranking [6] - Apple Inc. (AAPL) is projected to post quarterly earnings of $2.67 per share on revenue of $138.42 billion, with a stronger long-term price trend but weak short and medium-term trends [8] Sector Performance - Energy and information technology stocks closed higher, while real estate, consumer staples, and health care sectors recorded the largest losses on Wednesday [9] Analyst Insights - BlackRock maintains a constructive economic outlook, citing "immutable economic laws" as stabilizers against extreme policy shifts [10] - The firm expects the Federal Reserve to adopt a "wait-and-see" stance, leaving interest rates unchanged due to mixed economic signals [11] - BlackRock remains overweight on U.S. equities, viewing the "AI buildout" as a significant structural driver, while forecasting record U.S. investment-grade bond issuance of $1.85 trillion this year [11] - Increased leverage among mega-cap tech firms is noted, with a preference for high-yield bonds over investment-grade bonds due to potential vulnerabilities in the financial system [12] Commodities and Global Markets - Crude oil futures rose by 2.55% to approximately $64.82 per barrel, while Gold Spot increased by 1.88% to around $5,519.32 per ounce [14] - Bitcoin (BTC) traded 1.57% lower at $87,847.25 per coin [14] Economic Data - Upcoming economic data includes initial jobless claims, delayed U.S. trade deficit report, and revised U.S. productivity data [15]

扫码可订阅产业日报 欢迎加入 睿兽分析会员 ，解锁 AI、汽车、智能制造 等相关 行业日报、图谱和报告 等。 1.【享界全系升级华为ADS 4.1】1月29日，享界汽车宣布，享界全系升级华为乾崑智驾ADS 4.1， eAES性能增强（支持通用障碍物），支持eAES防夹心、三点式掉头等。具体升级车型覆盖享界S9纯 电 2024款、享界S9增程 2025款、享界S9纯电/增程 2026款、享界S9T 增程/纯电款。（新浪科 技） 2.【货拉拉综合抽佣率降至10.9%，平台为订单设置抽佣上限】货拉拉1月29日公布平台降抽佣、订 单补贴及高峰服务费算法规则。内容显示，平台针对用户出价单、顺路单、拼车单等特定订单类型以 及100公里以上订单等实行降抽。同时，为每笔订单设置抽佣上限，未使用减佣卡司机的抽佣金额上 限为100元/单，使用减佣卡司机的抽佣金额上限则为50元/单。货拉拉披露，2025年平台综合抽佣 率已从2023年的12.2%降低至目前的10.9%。（每日经济新闻） 3.【2025年特斯拉电动车亚太市场交付量创新高】1月29日，特斯拉正式发布2025年第四季度及全 年财报。特斯拉电动车与储能业务全年表现亮眼，全 ...

Core Viewpoint - Elon Musk announced that Tesla plans to build and operate a semiconductor manufacturing facility called "TeraFab," which will require billions of dollars in investment and signifies an expansion beyond its core electric vehicle business [1][5]. Group 1: TeraFab Project - The TeraFab will be a large-scale factory covering various aspects of semiconductor production, including logic circuits, memory, and packaging, with production based in the United States [1]. - Musk emphasized the necessity of TeraFab to avoid potential capacity bottlenecks in the next three to four years, as existing suppliers like TSMC and Samsung cannot meet Tesla's demand [1][2]. - The factory is expected to have a production capacity that exceeds 100,000 wafers per month, positioning Tesla among the largest semiconductor manufacturers globally [5]. Group 2: Financial Considerations - Tesla is projected to spend over $20 billion on capital expenditures this year, with funding sources for the TeraFab and other infrastructure projects still under consideration [3]. - The company has over $44 billion in cash and investments, which will be utilized alongside other financing options, including potential bank loans [3]. Group 3: Industry Challenges - Building a semiconductor factory involves significant economic costs, with advanced facilities requiring hundreds of billions in fixed costs and a lengthy timeline from construction to full operation [2][6]. - The complexity of semiconductor manufacturing is often underestimated, as it requires extensive engineering expertise and a deep understanding of various processes [6][7]. - The industry faces challenges in achieving high yield rates for new manufacturing processes, which are critical for market stability and profitability [8].

Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk has shared that the company would need to scale up its "TeraFab" in-house chip-building efforts amid an AI push during its earnings call.Chips Are The ‘Limiting Factor' For Tesla's GrowthOn Wednesday, Musk was asked about Tesla's chip-building efforts during the earnings conference. Musk said that the AI5 Chip design was currently "the number one most critical thing to get done." However, he said that chip production remains a "limiting factor for Tesla's growth" in th ...

押注AI与自动驾驶 当地时间1月28日，特斯拉最新披露，受电动车市场竞争加剧及自身优势减弱影响，公司2025年第四季 度利润同比下降61%。 与此同时，特斯拉宣布将向埃隆·马斯克的私人人工智能公司xAI投资20亿美元，引发市场对其战略重心 转移的关注。 电动车销量下滑 财报显示，特斯拉2025年第四季度营收同比下降3%，至249亿美元；2025年全年营收为948亿美元，同 比下降3%。销量方面，第四季度电动车销量同比下滑16%；全年共售出164万辆汽车，同比下降9%，明 显落后于中国车企比亚迪（002594）去年约226万辆的电动车销量。 随着在美国、中国等核心市场面临日益激烈的竞争，特斯拉在全球电动车市场的主导地位正在被削弱。 产品结构老化和政策环境变化又进一步放大了压力。 多国政府逐步减少电动车补贴，削弱了消费者购车动力。去年秋季，特斯拉宣传多年的低成本新车型仅 推出了"减配版"的Model Y和Model 3。尽管取消了部分配置，但售价降幅有限，在缺乏补贴的情况下竞 争力受到质疑。 此外，马斯克还宣布将逐步结束高端车型Model S和Model X的生产。这两款车型销量长期低迷，其位于 加州弗里蒙特的工 ...