Tesla's board of directors has pushed in all its chips on Elon Musk. Now investors must decide whether to back the biggest bet in company history. ...

Core Viewpoint - Elon Musk's proposed compensation package, potentially worth up to $1 trillion, is set to be voted on by Tesla shareholders, with significant implications for his control and influence over the company [1][5]. Group 1: Compensation Package Details - Musk's new pay package includes 12 tranches of stock options that will vest over seven and a half years, contingent on meeting aggressive performance milestones [1]. - If approved, Musk's ownership stake in Tesla would increase to approximately 25% [1]. - The package has drawn mixed reactions, with some arguing it is excessive and dilutive to shareholders, while others believe it is necessary to retain Musk's leadership [10][6]. Group 2: Shareholder Reactions and Concerns - Norway's $1.9 trillion sovereign wealth fund, which holds a 1.2% stake in Tesla, plans to vote against Musk's compensation package, citing concerns over its size and potential dilution [5]. - Independent proxy advisers Glass Lewis and ISS have also recommended against the package, labeling it excessive and not issued by an impartial board [10]. - Some investors express concern about the total size of the award and the lack of mitigation for key person risk associated with Musk's leadership [4]. Group 3: Board Dynamics and Governance - Tesla's board members, who are up for reelection, face criticism for their own compensation, which has been described as excessive [11]. - The board's decision-making process regarding Musk's compensation has been questioned, with allegations of a lack of impartiality [10]. - Tesla chair Robyn Denholm has advocated for the approval of Musk's package, emphasizing the risk of losing his leadership if he does not feel adequately compensated [9][8]. Group 4: Broader Context and Future Implications - Musk's focus on multiple ventures, including SpaceX and his AI startup xAI, raises questions about his commitment to Tesla [15]. - There is speculation about a potential investment or partnership between Tesla and xAI, which could further complicate shareholder interests [16][17]. - The upcoming shareholder vote is expected to be contentious, reflecting broader concerns about governance and executive compensation in public companies [18].

" 我们暂时无法生产出足够灵活的机器人手。 " 这是特斯拉内部传出的消息。 据知情人士透露，由于灵巧手技术尚未突破，特斯拉已缩减今年生产数千台 Optimus 机器人的计划。马斯克 曾高调宣布将在 2026 年底建成百万台产能的 Optimus 生产线，但现在，一只 " 手 " 正牢牢掐住特斯拉人 形机器人落地的咽喉 ， 拖住了其落地应用 。 而在地球的另一端，一家名为因时机器人的中国公司，却 早在 5 年前就已实现 灵巧手 的 规模化量产与商业 化落地 。 2024 年因时机器人五指灵巧手出货量已近 2000 ，而这一数据今年仅用半年就刷新为 4 000 台 ， 毫无疑问 成为全球仿人五指灵巧手的领跑者 。据悉，因时机器人灵巧手月销量已超千台，预计全年可达 万台级别， 这一规模不仅在国内灵巧手企业中位居第一， 全球范围内也难有企及， 标志着中国在灵巧手领 域已具备产业化输出能力。 人形机器人的 " 手 " ，远不止是机械的延伸 ， 它是整个人形机器人系统中技术密度最高、制造难度最大的 部件。特斯拉 Optimus Gen2 亮相时，其灵活的手指运动曾引发轰动 ， 然而 ， 从演示到量产， 特斯拉 Optim ...

当地时间11月4日，据智通财经援引外媒报道，全球规模最大的主权基金之一、挪威政府全球养老基金 明确表示，在即将召开的特斯拉年度股东大会上，将对特斯拉CEO埃隆·马斯克的"万亿美元薪酬方 案"投出反对票。 该基金是全球同类基金中规模最大的一家，同时也是特斯拉的第七大单一股东。官网 显示，该基金持有特斯拉1.14%的股份。该项投资的价值约为1183亿挪威克朗（约合117亿美元）。 （东方视频 巢思远） ...

经观新科技 经济观察网 当地时间11月5日，挪威主权财富基金（Norges Bank Investment Management，简称NBIM） 宣布，将在特斯拉（Tesla）即将举行的年度股东大会上投票反对首席执行官埃隆·马斯克（Elon Musk） 提出的1万亿美元（约合人民币7万亿元）薪酬方案。这一决定犹如一记重拳，砸向了本已剑拔弩张的特 斯拉公司治理战场。作为全球最大主权财富基金、管理着约2万亿美元资产的NBIM，是特斯拉第六大 外部投资者，持有公司1.12%的股份，其反对立场不仅直接挑战马斯克的"天价激励"，还可能引发更多 机构投资者倒戈，导致11月7日股东投票的结果扑朔迷离。 NBIM在声明中直言不讳地指出，该薪酬方案"规模过大、稀释股东权益，且未有效缓解关键人物风 险"。基金还将反对特斯拉两位董事会成员的连任——薪酬委员会成员凯瑟琳·威尔逊-汤普森（Kathleen Wilson-Thompson）和伊拉·埃伦普雷斯（Ira Ehrenpreis），并否决公司整体股票激励计划。该基金强 调，尽管认可绩效导向的结构，但这些问题"不可忽视"，凸显了欧洲投资者在环境、社会与治理 （ESG）原则下的严格 ...

Investment firm Gerber Kawasaki's co-founder Ross Gerber says that Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk's trillion-dollar pay package would dilute the company's share value.Check out the current price of TSLA here.$275 Million Per Day Dilution, Says Ross GerberTaking to the social media platform X on Tuesday, Gerber said that the stock dilution would be "the equivalent of $275,000,000 a day if/when the pay package passes."Dilution ConcernsGerber's concerns about dilution are also shared by Norway's sovere ...

目前，特斯拉已在得克萨斯州奥斯汀运营 Robotaxi 项目，并在加州湾区运营网约车平台。 然而，本周二，特斯拉首次发布了"Robotaxi 高级保险理赔专员"这一全新职位。IT之家注意到，该职位描述指出，受聘者将"统筹管理公司各业务板块的企 业保险、风险管理及担保计划"，并"在特斯拉 Robotaxi 及网约车运营的事故报告与理赔流程管理中发挥关键作用"。 此举表明，特斯拉正着手为未来全面承担自动驾驶事故责任做准备。这一责任节点将出现在公司正式推出完全自动驾驶车辆之时 —— 具体而言，包括无方 向盘的 Cybercab 及 Robotaxi 项目，同时也涵盖搭载 FSD 系统的乘用车。 IT之家 11 月 5 日消息，此前，特斯拉虽已为 Robotaxi 项目招聘部分员工，但绝大多数岗位均与"车辆操作员"相关，即担任安全监督员或验证车辆驾驶员 （Validation Vehicle Drivers）的人员，部分招聘信息曾暗示 Robotaxi 业务或将拓展至新城市。 ...

Group 1 - The robotics sector remains under pressure, with the Robotics ETF (159213) experiencing a slight decline of 0.83%, marking five consecutive days of weakness, although it showed signs of recovery today with a low-open high-close candlestick pattern [1] - The Robotics ETF (159213) saw a net inflow of 5.4 million yuan, indicating a strong buying trend as funds continue to flow into the ETF despite market declines [1] - The China Securities Robotics Index (H30590) fell by 0.62%, with mixed performance among constituent stocks, including notable gains from Guomao Co. (+4.66%) and Tianzhun Technology (+3.65%) [3][4] Group 2 - The robotics industry is experiencing significant growth, with revenue projected to increase from 106.1 billion yuan in 2020 to 237.89 billion yuan by 2024, effectively doubling in size [6] - In the first three quarters of this year, the industry revenue grew by 29.5%, with industrial robot production reaching 595,000 units and service robot production hitting 13.5 million units, both exceeding the total production targets for 2024 [6] - The 2025 China Robotics Industry Development Conference is scheduled to take place from November 10 to 12 in Shanghai, organized by the China Machinery Industry Federation [6] Group 3 - Recent developments include Leju Intelligent's registration for IPO guidance in Shenzhen, marking it as the second humanoid robot company to pursue listing on the A-share market [7] - Gigastar Legend announced a sales contract with Adata Technology for 1,000 quadruped robots, valued at over 20 million yuan, with Utree Technology responsible for the product's technology and production [7] - Utree Technology has established a significant barrier in the quadruped robot sector through self-developed hardware and software, achieving over 70% localization of core components [8] Group 4 - The humanoid robot industry is on the verge of a breakthrough, with Tesla's Gen3 model and potential mass production expected to support market optimism [9] - The industry is anticipated to enter a phase of validation and consolidation, with a focus on key players that have clear advantages in the supply chain [9] - Global tech giants are increasingly investing in humanoid robotics, indicating that the industry is approaching a critical mass for production [9]

报告表示，在市场增长的背景下，宁德时代的影响并非表面所见那般负面。假设特斯拉储能业务增速与 该行预测的2026-2030年美国储能市场19%复合年增长率持平，纳入三星电子和LG能源解决方案的供应 合同后，宁德时代剩余储能供应量对应2026-2030年复合年增长率仍达14%，且2030年市场份额或达 85%，具重要意义。此外，由于当前市场因关税不确定性，对宁德时代美国市场机会的预期几乎为零， 短期影响亦将极为有限。 中信里昂发布研报称，韩国电池制造商第二次获特斯拉(TSLA.US)储能系统(ESS)供应订单，看似对宁 德时代（300750）(03750)不利，但随着全球储能市场的强劲增长，仅靠宁德时代难以满足市场需求， 需更多供应商共同参与。该行认为，对宁德时代更重要的催化因素是若美国关税或政策环境改善，其在 美国市场取得突破，将显著提振市场信心。该行维持集团目标价685港元，并重申"跑赢大市"评级。 ...

新力量 New Force 第一上海研究部 research@firstshanghai.com 总第 4896 期 2025 年 11 月 5 日 星期三 研究观点 【公司研究】 新东方（EDU.US/9901.HK）经调整经营利润率提升，加码股东回报计划 中国神华 (1088，买入）： 业绩承压但韧性凸显，一体化优势与资产注入构筑长期 价值 【公司评论】 特斯拉（TSLA）：周报 腾讯控股（700.HK）：周报 【行业评论】 数字货币周报 评级变化 | 公司 | 代码 | 评级 | 目标价(港元） | | | 2025年EPS(港元) | | | 2026年EPS(港元) | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 新 旧 新 | 旧 | 变动 | 新 | 旧 | 变动 | 新 | 旧 | 变动 | | 新东方（美元） | EDU | 买入 买入 74.50 | 59.60 | 25% | 0.230 | 0.250 | -8% | 0.300 | 0.300 | 0% | | 中国神华 | 1 ...