特斯拉称，这款新版Optimus将包含"相比2.5版本的重大升级，包括我们最新的手部设计"。公司正在为 第一条生产线做准备，该产线将于"2026年底前启动"。马斯克还预测，Optimus不仅将用于特斯拉工 厂，还将作为家庭助手甚至外科医生使用。 今天上午，人形机器人板块探底后，盘中迎来直线拉升，科大讯飞（002230）涨停，三维天地 （301159）等个股大涨。 当地时间周三盘后，特斯拉公布了好于预期的第四季度财报业绩，股价盘后上涨。值得一提的是，在财 报中，特斯拉表示，其面向量产的第三代Optimus人形机器人将于2026年第一季度亮相。 国内人形机器人行业最近也是催化不断，"我要上春晚"成为行业内近期的热词，魔法原子、银河通用、 宇树科技三家机器人公司接连官宣，与中央广播电视总台2026年春节联欢晚会达成合作。去年宇树机器 人在春晚扭秧歌出圈，引发市场极大关注，人形机器人板块走出一波大行情。 国信证券表示，马斯克对机器人产业进展的预期，表明行业的安全性和功能范围将在两年内实现极大程 度提升，机器人能力的提升也将带来需求端的爆发。持续看好人形机器人的长期投资机会，建议从价值 量和卡位上把握空间和确定性，从股 ...

Core Viewpoint - Tesla Inc. will cease production of the Model S and Model X, marking the end of its premium vehicle offerings as part of a strategic shift towards autonomous technology [1][2]. Group 1: Production Changes - CEO Elon Musk announced during the Q4 earnings call that production of the Model S and Model X will be halted, with plans to stop production in the next quarter [2]. - The Fremont facility will transition from producing the Model S and X to manufacturing the Optimus humanoid robot, aligning with Tesla's focus on an autonomous future [3]. Group 2: Sales Performance - Since their introduction, Tesla has delivered approximately 730,000 to 740,000 units of the Model S and Model X combined [2]. - The Cybertruck has faced challenges, with a reported 48% decline in sales in 2025, indicating difficulties in moving units off showroom lots [4]. Group 3: Emotional Response - Musk expressed a sense of sadness regarding the discontinuation of the Model S and X, stating that while they will no longer be in production, they will still exist in the fleet [5]. Group 4: Financial Investments - Tesla announced a $2 billion investment in Musk's artificial intelligence company xAI, with the deal expected to be finalized in Q1 2026, pending regulatory approval [6]. - Following the earnings call, Tesla's stock price increased by 2.01%, reaching $440.13 during overnight trading [6].

Core Viewpoint - Tesla's Q4 financial report showed a decline in revenue and profit, but exceeded expectations in gross margin and earnings per share, leading to a nearly 4% increase in stock price post-announcement [2] - Elon Musk focused on AI, Robotaxi, and the humanoid robot Optimus during the earnings call, indicating a strategic shift away from traditional automotive discussions [2] Group 1: Tesla's Financial Performance - Q4 revenue and profit decreased, but gross margin and earnings per share were higher than expected [2] - The stock price reacted positively, increasing by nearly 4% after the earnings report [2] Group 2: Optimus Robot Development - Musk announced that Optimus V3 will be released in a few months, showcasing significant improvements over V2.5 [2] - Production of Model S and Model X is expected to cease as the Fremont factory is repurposed for Optimus production, with a long-term goal of achieving an annual production capacity of one million robots [2] Group 3: T Chain Developments - T Chain companies have seen a mix of positive news, including contracts and project confirmations, but overall performance has been weak due to a lack of significant catalysts [3] - Recent downward trends in T Chain stocks were noted, particularly on January 26, with some stocks hitting their daily limits [3] Group 4: Market Sentiment and Future Outlook - The market is awaiting the release of Optimus V3 as a potential catalyst for T Chain stocks [5] - Key T Chain companies are focusing on North American communications and have received positive feedback from recent engagements [5][6]

国际金价周三强劲上涨，一个交易日内接连冲破多道整数关口，创盘中和收盘历史新高。纽约白银期价 周三追涨黄金，当天涨超7%。 此外，美联储周三结束1月议息会议并宣布维持利率不变，会后发布的政策声明称，美国经济活动稳步 扩张，就业市场出现企稳迹象，并重申通胀压力略为高企。 28日美国三大股指涨跌不一 当地时间周三，美联储午盘后公布1月利率决议，微软、Meta和特斯拉三家科技巨头盘后密集发布财 报，投资者谨慎交易，美国三大股指全天小幅波动。受部分AI行业公司财报利好推动，标普500指数周 三一度短暂站上7000点整数关口，创盘中历史新高。午盘后，美联储宣布"按兵不动"并释放"鹰派"信 号，标普500指数转跌，美国三大股指周三涨跌不一。截至收盘，道指微涨0.02%，标普500指数微跌 0.01%，纳指涨0.17%。 符合预期 美联储1月议息会议"按兵不动" 货币政策方面，美联储周三结束1月议息会议并宣布维持利率不变，给去年下半年累计下调利率75个基 点的降息周期按下暂停键，符合市场预期。美联储会后发布的政策声明称，美国经济活动稳步扩张，就 业市场出现企稳迹象，并重申通胀压力略为高企。 声明暗示，美联储认为美国经济基本面 ...

行政总裁马斯克(Elon Musk)称，特斯拉将停产Model S和Model X，将生产线转移到制造人形机器人 Optimus，Optimus第一代产品线正在铺设中。CyberCab、Semi、Megapack3亦处于2026年规划的轨道之 上，集团将在多个产品铺开六条新的产品线，同时将进一步投资清洁交通基础设施。此外，特斯拉与 xAI达成框架协议，将投资20亿美元购买xAI的系列E优先股。 格隆汇1月29日｜特斯拉(Tesla)公布，第四季经营利润录得14.1亿美元，优于分析员预期的13.2亿美元； 经调整后每股盈利报0.5美元，好过市场估计的0.45美元；经营收入录得249亿美元，低过分析员预期的 251.1亿美元，按年跌3%。第四季毛利率报20.1%，高于分析员预期的17.1%。自由现金流(FCF)录得14.2 亿美元，少过市场估计的15.9亿美元。季末现金、现金等价物及投资总额达440.6亿美元。 集团表示，全年经营收入将从2024年的977亿美元，降低至948亿美元，跌幅为3%，创下公司有史以来 首次年度收入下滑，业绩下滑的部分原因是车辆交付量下降和监管信贷收入减少。 ...

Production - The S/X production line will cease next quarter, with the Fremont factory being converted to produce 1 million Optimus robots annually [1] - Future vehicle models will be designed for full autonomy, eliminating steering wheels and pedals [1] FSD and Robotaxi - Tesla has launched a paid, driverless Robotaxi service in Austin, with over 500 operational vehicles in the Bay Area and Austin, experiencing exponential monthly growth [1][32] - FSD coverage is expected to reach 25-50% of the U.S. by year-end, pending regulatory approval [1][31] - Nearly 1.1 million FSD users exist, with 70% opting for a one-time purchase; the transition to a subscription model will impact automotive gross margins in the short term [1][12] Chips - Elon Musk is dedicating significant time to the AI5 chip, which is currently a core bottleneck for Tesla; the AI6 chip is expected to launch within a year [1][33] - The company plans to build its own TerraFab facility to mitigate geopolitical risks associated with chip production [1][33] Optimus - Optimus 3 will be released in a few months, showcasing advanced capabilities such as learning new tasks through observation, voice, and video [1][28] - Production of Optimus robots will begin this year, with significant output expected by year-end [1][11] Energy Storage - Tesla plans to launch Megapack 3 and Megablock by 2026, anticipating continued global deployment growth [2] - The company is significantly increasing capital expenditures, projected to exceed $20 billion for six major factories and AI capabilities [2][19] Financial Overview - Tesla's cash and investments exceed $44 billion, with plans to utilize internal funds initially [2][20] - The company aims for a record annual revenue of $12.8 billion from energy storage by 2025, reflecting a 26.6% year-over-year increase [11][13] Market Competition - China is identified as a strong competitor in manufacturing and AI, often underestimated by external observers [3][40] Company Mission - Tesla's mission has been updated to "Amazing Abundance," reflecting optimism for a future of universal high income rather than basic income [4][5] - The company aims to enhance safety and reduce costs while ensuring environmental protection and access to quality healthcare [5]

Core Viewpoint - Tesla's Q4 2025 earnings report indicates a strategic shift from traditional electric vehicle manufacturing to becoming a "physical AI company" focused on autonomous driving, AI, and robotics, despite facing challenges in traditional EV sales and core automotive revenue [3][19]. Financial Performance - Total revenue for Q4 2025 was $24.901 billion, a decrease of approximately 3% year-over-year, slightly exceeding analyst expectations [5]. - Non-GAAP EPS was $0.50, higher than the market expectation of around $0.45 [6]. - GAAP net profit was $840 million, reflecting a year-over-year decline of about 61% [7]. - Gross margin improved compared to the previous year, with reports indicating an overall gross margin of approximately 20.1%, suggesting effective cost management [8]. Business Segment Performance - Automotive revenue was approximately $17.69 billion, down about 11% year-over-year, remaining the primary revenue source [9]. - Energy generation and storage revenue was approximately $3.837 billion, showing a year-over-year growth of about 25%, marking one of the few growth highlights [10]. - Management noted growth in software and services revenue (including FSD), although specific figures were not disclosed [11]. Production and Delivery - Q4 production was approximately 434,358 vehicles, with deliveries around 418,227 vehicles, both showing a decline compared to the previous year [12]. - Total deliveries for 2025 were approximately 1,636,129 vehicles, representing a year-over-year decline of about 8-9%, marking the second consecutive year of annual sales decline [13]. Business Highlights and Strategic Directions - Tesla has made progress in its autonomous driving initiatives, with some Robotaxi service vehicles in Austin, Texas, operating without human safety supervisors [15]. - The company is advancing the Cybercab, a vehicle designed for autonomous driving, with mass production expected to start in 2026 [15]. - Tesla announced an investment of approximately $2 billion in Elon Musk's AI company xAI to enhance the integration of AI with autonomous driving and robotics [16]. - The company is progressing with the production line for the Optimus humanoid robot, expecting to achieve mass production and initial market deployment in 2026 [17]. Management Statements - CEO Elon Musk reiterated the company's strategic shift towards autonomous driving, AI, and robotics, emphasizing that Cybercab will have fully autonomous capabilities and is expected to be deployed commercially in multiple U.S. cities by 2026 [19]. - CFO Vaibhav Taneja acknowledged the short-term pressures on the automotive business but noted improvements in overall profitability and revenue quality through a diversified business mix and cost control measures [21]. - The CFO confirmed that capital expenditures for FY 2026 are expected to significantly increase (over $20 billion), focusing on autonomous driving, AI infrastructure, and robotics production line expansion [22]. Investor Q&A Summary - Management indicated that the competitive landscape in the global electric vehicle market and the reduction of certain incentives are contributing to short-term sales pressures, but the company aims to improve profitability by increasing the revenue share from high-margin software subscriptions and energy and AI/robotics businesses [24]. - Tesla plans to continue testing and deploying Robotaxi and Cybercab while engaging with regulators to advance broader commercial applications of autonomous driving, emphasizing safety and regulatory compliance [25]. - The company confirmed that the production line for Optimus is underway, with mass production expected in 2026 [26]. - The CFO clarified that the 2026 capital expenditure is projected to rise significantly, primarily for AI infrastructure, autonomous driving technology, and robotics production expansion [27].

据科创板日报， 今日凌晨，特斯拉正式披露财报，第四季度营收249.0亿美元，同比减少3.1%，预估251.1亿美元；全年实现营收约967亿 美元，同比下滑3%，首现年度营收下滑。 营收下滑的根源在于核心汽车业务的萎缩。2025年第四季度，特斯拉累计交付418227辆汽车，同比下降16%；全年累计交付量为 1636129辆，同比下降8.6%，首现年度交付量下滑。 特斯拉汽车业务明显下滑 在最近几个季度，特斯拉的汽车销售一直表现不佳，因为该公司在全球各地面临着激烈的竞争，尤其是在中国市场，特斯拉面临了来自比亚 迪、小米等众多国产电动品牌的挑战。 值此背景下，马斯克似乎下定决心"弃车保帅"。 其宣称，2026年资本支出将"非常大"；预计下季度将开始逐步停止Model S和Model X的 生产，弗里蒙特工厂转型为生产Optimus人形机器人，预计今年年底实现Optimus的大规模量产 。 该设想也在财报会议上得到了验证，特斯拉透露，公司正精简其汽车产品线，同时规划今年投入200亿美元，以转向机器人技术和自动驾驶 领域。特斯拉今年计划在提升产能的同时改造部分工厂，构建人工智能基础设施， 并扩大Optimus人形机器人 ...

相关产品：机器人ETF易方达（159530），联接A/C（020972/020973） 机器人ETF易方达（159530）跟踪国证机器人产业指数，人形机器人权重占比达到77%，高于同类指 数。截至2026年1月28日，机器人ETF易方达为跟踪国证机器人产业指数中规模最大的ETF产品，规模 达到168.22亿元，具备充足的流动性。 MACD金叉信号形成，这些股涨势不错！ 事件：特斯拉业绩会对Optimus相关情况进行更新。原型机方面，业绩会文件表示将于2026Q1推出 Optimus V3，马斯克亦于业绩会上表示数月内推出V3。量产节奏方面，特斯拉将把弗里蒙特工厂Model S/X生产空间用于生产Optimus、远期产能规划100万台，且首次写入产能进度表。竞争格局方面，马斯 克表示中国将成为人形机器人市场特斯拉的主要竞争对手，但Optimus将在智能、机电灵活性和手部设 计方面领先。 机构解读：特斯拉Optimus Gen3产能规划升级，或为A股人形机器人产业链注入催化。一方面，量产时 间的进一步明确，或有望拉动上游核心零部件的需求放量，国产供应商或有望兑现业绩。另一方面，对 中国整机厂商竞争力的肯定，进一步 ...

Core Insights - Tesla is ending production of the Model S and X, marking a significant shift in its strategy towards future products and technologies [1][7] Financial Performance - The Model S and X account for less than 5% of Tesla's overall revenue, indicating a decline in their financial significance as the EV market becomes more competitive [2] Manufacturing Strategy - Tesla plans to retool its Fremont factory for the production of the Optimus humanoid robot, aiming for a potential output of one million units per year [3][7] Strategic Focus - The decision to phase out the Model S and X reflects Tesla's pivot towards autonomy and robotaxis, moving away from traditional EV offerings [3][6][7] Future Outlook - Investors should monitor Tesla's progress in three key areas: Tesla Energy growth, robotaxi expansion, and Optimus production, as these will significantly influence stock performance [6]