温馨提示 ： 点击下方图片，查看运营团队最新原创报告（共260页） 说明： 欢迎约稿、刊例合作、行业交流 ， 行业交流记得先加入 "机器人头条"知识星球 ，后添加（ 微信号：lietou100w ）微 信； 若有侵权、改稿请联系编辑运营（微信：li_sir_2020）； 正文： Optimus V3进厂在即，发包、定点等利好下，T链们却迎来一波下行行情！ 先说两个夸张小作文（新段子和老段子）：1）鉴于 （R） 及其 Tier2标的们 皆大幅下行，关于其产品出问题的 消息疯传；2）鉴于 （T） 大幅下行，行贿传闻再起。 伴随上周末诸多利好（V3进厂、新一轮审厂、核心标的利好等）下，周一（1月26日）却迎来一波大幅下行， 多 个核心标的迎来跌停， 运营微信群又是被信息轰炸的一天 （其实每天都是，各类一手资讯云集，只是今天更多是观点分 享）。 1月以来， T链们陆续开启北美行， 特斯拉发包中， 核心标的越发明朗，但由于缺乏官方"爆点"利好催化， 更多 是核心标的行情且持续性差， 虽整体走势较弱，但板块一直呈现上行趋势；本月最大的催化则是来自于特斯拉 Q4财报电话交流会（北美1月28日），结果周一一波大幅下行打的措手 ...

Core Viewpoint - Elon Musk's proposal for "space solar power" at the Davos Forum presents a significant opportunity for the solar industry, which has been struggling with overcapacity, to potentially access a new market [1][2]. Group 1: Space Solar Power Feasibility - The concept of space solar power (SSP) is not new, with research ongoing for decades by organizations like NASA and the European Space Agency [5]. - Recent advancements in commercial space have shifted energy system demands from "hundreds of watts" to "tens and hundreds of kilowatts" [6][7]. - Musk's initiative aims to establish 100 GW of solar capacity in the U.S., with a portion dedicated to space and data centers, equating to about a quarter of the U.S. global electricity supply [9]. Group 2: Technical Requirements for Space Solar Power - The development of space solar power is not merely an extension of terrestrial solar power but requires a different evaluation system focused on power, reliability, and manufacturability [15]. - Three main technological routes are emerging: III-V multi-junction systems, low-cost silicon modifications, and perovskite-based systems [16][18][21]. - The III-V multi-junction cells are preferred for their high efficiency and controlled degradation in space, while silicon modifications aim for lightweight and radiation-resistant solutions [16][18]. Group 3: Beneficiaries in the Space Solar Power Industry - The initial beneficiaries in the space solar power supply chain will be companies that provide foundational substrates and core epitaxy technologies [25]. - As projects scale, the focus will shift towards equipment and production lines, with companies capable of modular and automated production gaining a competitive edge [27]. - The differentiation in technology accumulation will lead to varied revenue outcomes, with only a few companies becoming significant players in the space energy system contracting [30].

Summary of Key Points from Tesla Inc. (TSLA) Conference Call Company Overview - **Company**: Tesla Inc. (TSLA) - **Industry**: Automotive, specifically focusing on electric vehicles (EVs) and autonomous driving technology Core Insights and Arguments 1. **Insurance Pricing Strategy**: Lemonade announced a new insurance plan that offers a 50% reduction in per mile rates for Tesla vehicles when Full Self-Driving (FSD) is enabled, which could make Tesla's insurance costs competitive with traditional OEMs [2][8] 2. **FSD and Robotaxi Operations**: Tesla's strategy involves leveraging its AI technology and data from its fleet to scale robotaxi operations and increase vehicle sales. The CEO indicated that FSD technology could enable a return to a 50% growth rate by the end of 2026 [1][21] 3. **Performance Milestones**: The CEO's compensation plan includes targets such as reaching 10 million active FSD subscriptions and selling 20 million total vehicles [1] 4. **Insurance Cost Analysis**: The average insurance quote for a Tesla Model Y was approximately $275, compared to $175 for a RAV4 and $225 for a Mustang Mach-E. This indicates that newer EVs, including Tesla, have historically been more expensive to insure due to higher repair costs [3][5] 5. **Impact of FSD on Insurance Costs**: If FSD is used for all driving, the estimated insurance cost under the new Lemonade plan would be around $200 per month, although actual usage may vary [5][6] 6. **Market Dynamics**: The insurance industry is beginning to recognize the safety benefits of autonomous driving technology, which may lead to lower insurance costs for vehicles equipped with such technology [6][10] 7. **Robotaxi Safety Monitor Removal**: Tesla has removed the safety monitor from some robotaxi vehicles in Austin, indicating progress in its autonomous operations, although the scale of this effort remains small [16][20] 8. **Competitive Landscape**: Tesla faces increasing competition in the EV market, with companies like Waymo expanding their operations. This competition may impact Tesla's profit growth potential [21][22] Additional Important Insights 1. **Long-term Insurance Trends**: The report suggests that while the introduction of Lemonade's insurance plan is significant, it is unlikely to materially change the overall growth expectations for the auto insurance industry in the medium term [10] 2. **Market Share Considerations**: Lemonade's current market share is limited, which may reduce the immediate impact of its new insurance offering on the broader market [11][12] 3. **Future Projections**: The report includes forecasts for Tesla's revenue and earnings, projecting a market cap of $1.6 trillion and revenue growth to $124.3 billion by 2027 [23] This summary encapsulates the key points discussed in the conference call regarding Tesla's strategic initiatives, market positioning, and the evolving landscape of the automotive and insurance industries.

智通财经APP获悉，美国银行全球研究团队表示，美股财报季第二周交出了稳健但难言亮眼的成绩单， 整体趋势保持平稳，并未出现加速向好的态势。 在新一轮财报披露相对清淡后，美银指出，标普500指数成分股中已有64家公司发布业绩(约占指数总盈 利的18%)，各项业绩指标与上周相比基本持平。 结合已披露业绩和分析师预测值的综合测算，市场对四季度每股收益的普遍预期为同比增长约7%，与 上周持平。美国银行则预计，四季度每股收益最终同比增幅将接近11%，并指出相关上行风险仍存。 本周财报披露节奏将显著加快，超过100家标普500成分公司(约占指数总盈利三分之一)计划公布业绩， 本周也将成为本次财报季第二繁忙的一周。科技板块将成为财报季的焦点，微软(MSFT.US)、Meta Platforms(META.US)、特斯拉(TSLA.US)和苹果(AAPL.US)均将陆续披露业绩。 已披露财报的企业中，约70%实现每股收益超预期，这一比例高于财报季第二周64%的历史平均水平， 但远低于上一季度79%的超预期率。美银强调，企业盈利超预期幅度的整体均值约为7%，略低于上一 财报季同期8%的水平。 ...

Tesla, Inc. (NASDAQ:TSLA) is one of the stocks in focus as Jim Cramer shared his weekly game plan. Cramer highlighted that the upcoming quarter report will define the “new narrative” that Tesla is not “just a car company,” as he remarked: A bunch of the Mag Seven stocks have been underperforming, at least until today, when they roared. Still, Microsoft, Meta, and non-club company Tesla have turned into stocks that are very difficult to own except for select days… Next, repeat after me, Tesla’s a robot com ...

特朗普再发关税威胁。 当地时间1月26日（周一），美股三大指数集体收涨，纳指涨0.43%，道指涨0.64%，标普500指数涨 0.5%。苹果、Meta Platforms和微软等公司普遍上涨，这几家公司均将在本周公布财报。具体来看，微 软、Meta Platforms和特斯拉将于当地时间周三公布财报，苹果紧随其后于当地时间周四公布。 其他消息方面，美国总统特朗普26日在社交媒体上宣布，由于韩国国会仍未批准两国政府此前达成的贸 易协议，美国对韩国汽车、木材、药品的进口关税以及其他"对等关税"的税率将从15%提高至25%。 银行股普涨，夏威夷银行涨超6%，阿莱恩斯西部银行、摩根士丹利、高盛、富国银行、摩根大通、花 旗集团、瑞银集团均涨超1%，美国银行、美国制商银行、齐昂银行小幅上涨。 美股医保概念股盘后普跌，截至发稿，CVS盘后跌超9%，哈门那盘后跌超12%，联合健康盘后跌超 9%。有消息称，白宫提议2027年医疗保险向保险公司支付的费率不变，低于市场预期。 大型科技股涨跌互现 大型科技股涨跌互现。思科涨超3%，苹果、甲骨文涨近3%，Meta涨超2%，阿斯麦、谷歌-A、IBM涨超 1%；英特尔跌超5%，AMD、特 ...

Both indexes hit their highest levels in more than a week and registered their longest string of advances since December. Gains in a handful of mega-cap names did most of the heavy lifting for the S&P 500, with Apple, Microsoft , Alphabet, Meta and Broadcom offering the ‌benchmark's top boosts. Apple, Meta, ‌Microsoft and Tesla are slated to report quarterly results later this week, setting up a key test for a rally powered by euphoria around AI. Investors will look for signs of measurable payoffs from Liv ...

Group 1 - Tesla's CEO Elon Musk predicts that Optimus, Tesla's humanoid robot, will surpass the best human surgeons within three years on a large scale [1] - Meng Qinghu, a professor at Southern University of Science and Technology, disagrees with Musk's assertion, stating that it is impossible to achieve such advancements in three to five years due to limitations in data and hardware capabilities [1] - Meng emphasizes that current AI models, particularly in robotics, are still limited in their ability to perform complex tasks autonomously and require significant improvements in precision and dexterity compared to humans [1] Group 2 - There is a common misconception that large models, such as ChatGPT and others, are capable of performing complex physical tasks, while in reality, they are primarily effective in text generation [2] - Meng clarifies that the current AI models are primarily two-dimensional and lack the three-dimensional understanding necessary for advanced image processing, which contributes to their limitations in physical interactions [2] - The development of "scene intelligence" is proposed as a more practical approach for AI applications, focusing on solving specific problems efficiently with minimal computational resources [3] Group 3 - Meng argues that achieving general artificial intelligence (AGI) requires transforming all scenarios into intelligent systems, which is currently hindered by a lack of high-quality data [4] - He suggests that the term "scene intelligence" should replace "general models," as it can address specific issues immediately, while general models remain constrained by data and hardware limitations [4] - Meng predicts that the capability for robots to perform surgeries successfully may take five to ten years, likely involving a combination of humanoid robots and AI agents working alongside human experts [4]

⑥美油主力合约收跌0.39%，报60.83美元/桶；布油主力合约跌0.26%，报64.9美元/桶； ⑦纽约尾盘，美元指数跌0.48%报97.0244，离岸人民币对美元跌2.5个基点报6.9490； ⑧伦敦基本金属多数上涨，LME期锌涨2.78%报3351.0美元/吨，LME期铝涨0.84%报3195.5美元/吨， LME期铜涨0.52%报13183.0美元/吨，LME期铅涨0.49%报2036.0美元/吨，LME期镍跌0.89%报18590.0美 元/吨，LME期锡跌4.09%报54495.0美元/吨； ⑨美债收益率集体下跌，2年期美债收益率跌0.18个基点报3.588%，3年期美债收益率跌0.27个基点报 3.654%，5年期美债收益率跌0.17个基点报3.819%，10年期美债收益率跌0.99个基点报4.211%，30年期 美债收益率跌2.13个基点报4.801%； ⑩欧债收益率集体下跌，英国10年期国债收益率跌1.5个基点报4.496%，法国10年期国债收益率跌5.8个 基点报3.434%，德国10年期国债收益率跌3.9个基点报2.865%，意大利10年期国债收益率跌4.7个基点报 3.464%，西班牙 ...

Core Insights - The article discusses the recent sales performance and customer behavior regarding the Tesla Model 3, highlighting a decline in customer traffic and the impact of new financing policies on sales [2][15]. Group 1: Market Performance - Customer traffic for Model 3 is slightly lower compared to Model Y, approximately a 30-70 split [2]. - There has been a decrease in customer visits compared to the previous two months, attributed to increased purchase costs and lack of supportive policies [2]. - The best-selling variant is the standard rear-wheel drive version, priced at ¥235,500, accounting for over 70% of sales [4]. Group 2: Financing Policies - A new 7-year low-interest loan policy has been introduced, with an annualized rate of 0.7%, aimed at making financing more accessible [8]. - An insurance subsidy of ¥8,000 has also been recently announced, potentially enhancing the attractiveness of the purchase [8]. - The five-year interest-free financing option remains popular, but there are challenges in securing loans for customers with lower credit profiles [14]. Group 3: Customer Profiles and Preferences - The customer demographic is diverse, with no clear defining characteristics, including students, unemployed individuals, and business owners [10]. - New customers are generally more receptive to purchasing, as they have not been subjected to previous aggressive sales tactics [18]. - Customer decision-making is influenced by total cost and delivery time rather than specific subsidies or tax policies [17]. Group 4: Sales Challenges - There are difficulties in selling certain configurations of the Model 3, particularly the Performance version, due to higher prices and lack of attractive financing options [6]. - Despite the introduction of new policies, there has not been a noticeable increase in sales, indicating potential disconnect between policy changes and consumer behavior [15]. - Sales representatives face challenges in securing loans for customers with high debt or credit issues, complicating the sales process [14].