当地时间2月13日，美股三大指数集体震荡，红绿交替。截至发稿全线转跌，道指跌0.03%，纳指跌0.31%，标普500指数跌0.03%。 | 纳斯达克 | 道現斯 | 标普500 | | --- | --- | --- | | 22528.17 | 49435.63 | 6830.69 | | -68.98 -0.31% | -16.35 -0.03% | -2.07 -0.03% | 备受关注的科技"七巨头"齐跌，英伟达跌近2%，特斯拉、微软、谷歌、亚马逊、苹果、Meta跌幅均在1%以内。前两天大涨的存储概念也走低，闪迪跌超 3%，美光跌超1%。 | | P | 阿里巴巴 | 157.275 | -0.92% | | --- | --- | --- | --- | --- | | ▲ 5 | | BABA | | | | 2 | | 英伟达 | 183.945 | -1.60% | | ▼ 1 | | NVDA | | | | 3 | S | 闪迪 | 611.320 | -3.01 % | | | | SNDK | | | | 4 | | 特斯拉 | 414.960 | -0.51% | | ▼2 | | ...

当特斯拉遇上业绩滑铁卢，营收、净利润、全球交付量均迎来历史性下滑，其核心管理层变动开始加速。 近日，特斯拉副总裁拉吉·杰加纳坦在LinkedIn平台发布离职声明，宣告结束长达13年的特斯拉职业生涯。而几乎同期，特斯拉的人工智能公司xAI也迎来 创始团队的集中"出走"。 公开信息显示，这位拥有23年工作经验的资深程序员，2012年从印度一家软件公司加盟特斯拉，初期负责服务器开发，保障数据中心与网络应用的稳定运 行。2018年起，他逐步晋升至云平台高级经理、总监等职，2025年1月正式升任副总裁，主管AI基础设施与信息安全等业务。 高管离职潮背后，是特斯拉自成立以来最严峻的业绩压力。 值得注意的是，2025年秋季，因北美销售主管特洛伊·琼斯离职，杰加纳坦被临时委任"救火"，兼任北美销售负责人一职，期间尝试推动客户服务自动化 改革，但未能扭转销售颓势——2025年特斯拉美国市场销量达58.9万辆，同比下滑7%。 2025年财报显示，特斯拉2025年全年营收948.27亿美元，同比下滑3%，为公司史上首次年度营收下滑；净利润37.94亿美元，同比暴跌46%；全球交付量 163.6万辆，同比下降8.6%，这是特斯拉连续 ...

Core Insights - The recent surge in the space photovoltaic sector, driven by Elon Musk's comments on the potential of solar energy for AI, has led to significant market fluctuations, with the Wind Space Photovoltaic Index rising nearly 40% in January before experiencing an over 8% decline from its peak due to clarifications from multiple companies [2][3] - The concept of space photovoltaics, while not new, is gaining traction as advancements in launch technology and cost reductions from companies like SpaceX make large-scale deployment more feasible [4][6] - Industry experts express skepticism about the immediate commercial viability of space photovoltaics, emphasizing that ground-based solar power will remain the primary energy source for the foreseeable future [2][5] Industry Trends - The potential market for space photovoltaics is vast, with estimates suggesting that launching 10,000 satellites annually could create a market worth 200 billion yuan for solar wings, and long-term projections estimate the market could reach 5.6 trillion yuan [3] - The rapid increase in SpaceX's launch frequency, from 31 launches in 2021 to a projected 167 in 2025, is expected to significantly lower launch costs, thereby facilitating the growth of the space photovoltaic sector [4] - Despite the optimism surrounding space photovoltaics, the industry remains cautious, with challenges such as high certification times for aerospace clients and the need for standardized supply chains and quality control systems [5][6] Technological Developments - The industry is focusing on developing new technologies such as P-type ultra-thin HJT batteries and perovskite-silicon tandem batteries, which are seen as potential solutions for the challenges faced in space photovoltaic applications [7] - Perovskite tandem batteries have shown laboratory efficiencies exceeding 35% and are significantly cheaper than traditional gallium arsenide batteries, making them a promising candidate for future space applications [7][8] - The integration of solar technology with aerospace initiatives is viewed as essential for Chinese companies to leverage their existing advantages in the photovoltaic supply chain and to participate in the global space race [9]

Core Viewpoint - The emergence of space photovoltaic technology, driven by Elon Musk's vision, presents both opportunities and challenges for the Chinese photovoltaic industry, with a focus on collaboration with domestic aerospace companies and the need for technological advancements in the sector [1][2][6]. Group 1: Market Dynamics - The space photovoltaic sector is projected to have a market potential of 5.6 trillion yuan, driven by the deployment of satellites and the integration of solar energy with AI capabilities [2][3]. - The Wind Space Photovoltaic Index saw a nearly 40% increase in January, but has since corrected by over 8% due to clarifications from multiple companies [1][2]. - The capital frenzy surrounding space photovoltaics has been influenced by Musk's statements at the Davos Forum, highlighting the importance of solar energy for AI [1][2]. Group 2: Technological Challenges - The high cost of satellite launches and limited capacity have historically constrained the scalability of space photovoltaics, but advancements in reusable rocket technology by SpaceX are changing this landscape [3][7]. - The industry remains cautious about the large-scale commercialization of space photovoltaics, citing the need for extensive testing and validation of technologies in extreme space environments [3][4]. - Current space photovoltaic solutions are primarily custom-made in small batches, necessitating the establishment of standardized supply chains and quality control systems [3][4]. Group 3: Strategic Collaborations - Chinese photovoltaic companies are encouraged to leverage their existing advantages in ground solar energy to collaborate with aerospace firms, aiming to capture opportunities in the space photovoltaic market [6][8]. - The integration of advanced technologies such as perovskite and heterojunction (HJT) solar cells is seen as crucial for the future of space photovoltaics, with potential applications in satellite energy systems [7][8]. - Companies are actively pursuing partnerships to test new technologies, with plans to replace traditional gallium arsenide solar cells with more efficient alternatives in upcoming satellite missions [6][7]. Group 4: Future Outlook - The global race towards space energy systems is intensifying, with initiatives like China's "Sunshine Plan" and the EU's SOLARIS plan emphasizing the importance of space photovoltaic stations [7]. - The next few years are expected to yield significant technological advancements in the photovoltaic sector, particularly in the development of P-type ultra-thin HJT cells and perovskite tandem cells [7][8]. - The Chinese photovoltaic industry is positioned to play a pivotal role in the future of space energy, given its comprehensive supply chain and competitive cost structure [8].

昨天晚上，也就是当地时间2月12日，我熬夜盯完美股和贵金属盘面，关掉电脑的那一刻，心里只有一个念头：这市场，真的太魔幻了。 不管你是炒美股、买黄金，还是哪怕只存了点银行理财，这段时间关注市场的朋友，估计都被这波大跌惊出了一身冷汗。打开财经群，全是哀嚎：有人说自 己抄底黄金，刚买入就跌了3%，一天亏掉大半年工资；有人重仓美股科技股，一夜之间账户缩水20%，连补仓的勇气都没有；还有人一脸懵圈，明明前几 天还听人说"黄金能涨到6000美元""美股会一直涨"，怎么突然就集体翻车了？ 说实话，我从业十几年，见过不少市场波动，但像2月12日这样，美股和贵金属同步"跳水"，而且跌幅这么狠的场景，也不算常见。更关键的是，这波大跌 不是偶然，背后藏着的逻辑，关系到我们每个人的钱袋子——哪怕你不炒股、不买贵金属，也得弄明白：为什么会跌？这波下跌和我们普通人有什么关系？ 接下来该怎么避坑？ 先给大家捋一捋，当地时间2月12日这一天，到底发生了什么。咱们不玩虚的，所有数据都来自央广网、证券时报、智通财经这些权威媒体，交叉验证过， 绝对真实可信，没有任何谣言和猜测。 先说美股，当地时间2月12日开盘后，美股三大指数就开启了"下跌模式" ...

Core Viewpoint - Tesla's recent attempts to transition towards artificial intelligence have highlighted its divergence from other tech giants, as its financial fundamentals deteriorate while its valuation remains high [1][3]. Group 1: Valuation and Financial Performance - Tesla's soaring valuation masks its weakening fundamentals, with the company being the only member of the "Magnificent Seven" to report a decline in actual profits over the past three years [1][3]. - The expansion of Tesla's valuation multiples is largely attributed to declining profit expectations rather than growth, indicating a significant disconnect between stock price and deteriorating fundamentals [1][3]. - Tesla's free cash flow is projected to turn negative for the first time since 2018 due to planned capital expenditures exceeding $20 billion by 2026, contrasting sharply with peers like Alphabet, which is expected to generate substantial free cash flow despite high spending [1][5]. Group 2: Cash Flow and Capital Expenditure - Over the past five years, Tesla's total free cash flow was approximately $27 billion, while other tech giants generated significantly higher cash flows, with each member of the "Magnificent Seven" creating more free cash flow in the past year than Tesla's total over five years [4][5]. - Tesla's planned capital expenditures for 2026, aimed at supporting its ambitions in autonomous driving and AI, will lead to a substantial negative cash flow, highlighting its financial strain compared to competitors [5][6]. Group 3: Profitability and Market Position - Tesla's operating profit margin is currently below 5%, while other tech giants have margins ranging from 11% to nearly 60%, indicating the challenges of building a tech giant on an automotive manufacturing base [7][8]. - Tesla's market share in the global automotive sector is only 1.8%, which limits its ability to leverage its position for higher profitability compared to its peers [7][8]. Group 4: Funding and Financial Strategy - Tesla has indicated to investors that it may require additional funding due to increasing cash consumption, raising concerns about CEO Elon Musk's broader business empire and potential restructuring [2][8]. - Historically, Tesla has engaged in 11 rounds of public equity financing, which is nearly equivalent to the total number of financings conducted by the other six tech giants combined, reflecting its reliance on external funding [8].

据美航空航天局介绍，4名宇航员此次太空任务时长约8个月，在此期间他们将开展多项科研实验，为未 来的月球和火星探索任务做准备，例如研究植物和固氮细菌的相互作用以提升在太空中的食物生产能力 等。 （文章来源：新华社） 美国太空探索技术公司的"龙"飞船13日从美国佛罗里达州发射升空，将4名宇航员送往国际空间站。 "龙"飞船于美国东部时间当天5时15分（北京时间18时15分）搭乘"猎鹰9"火箭从佛罗里达州卡纳维拉尔 角太空军基地发射升空。随后，飞船与火箭分离，继续飞往国际空间站。按计划，飞船将于美国东部时 间14日下午与国际空间站对接。 这次航天任务代号为"载人12号"，是载人"龙"飞船执行的第12期为国际空间站运送轮换宇航员任务。4 名宇航员分别是美国航空航天局宇航员杰茜卡·迈尔和杰克·哈撒韦，欧洲航天局宇航员索菲·阿德诺，俄 罗斯国家航天集团宇航员安德烈·费佳耶夫。 ...

兵马未动，粮草先行？ FSD全面入华尚无定期，但岗位招聘已经在悄悄准备。这不，特斯拉上海刚开放了新职位：智驾测试工程师。 工作职责指向了一个非常明确的核心，就是FSD——不但与特斯拉AI和车辆固件团队直接合作，还要对现有和即将推出的监管和评级协议进行测试…… 上一个与"智驾"相关的岗位——智驾功能安全测试师，现在已经撤下招聘信息，或许是已经招到了人选。 如今特斯拉在中国的数据中心、AI训练中心都已就位，FSD全面来临，怕是只等监管亮绿灯了。 特斯拉上海招聘智驾测试工程师 特斯拉上海官网招聘主页，更新了一个新的"智驾"岗位：智驾测试工程师。 从职责上看，这个岗位的定位其实已经超出了传统汽车测试岗位，综合能力要求很高： 岗位所属部门，是研发岗的自动驾驶Autopilot团队。虽然并没有清晰标注FSD，但处处指向的都是FSD。 其中有几个细节比较特别： 例如，工程师会"与特斯拉AI和车辆固件团队紧密合作，制定判断标准，实施解决方案"。也就是说，这个岗位直接介入FSD的算法迭代闭环。 测试工程师发现的问题，会进入AI训练的数据集筛选逻辑，甚至可能影响端到端神经网络的判断标准。这其实也能更好地为FSD的中国版本，搭建本 ...

Meanwhile, the Financial Times reported on Friday that President Trump plans to roll back some tariffs on steel and aluminum products.Fed Governor Stephen Miran said on Thursday that the central bank’s current monetary policy stance risks undermining U.S. economic growth that is otherwise being “underwritten” by a slew of Trump administration policies, including tax cuts. “The biggest risk I think to the economy is that we’re misconstruing just how tight monetary policy is,” Miran said.The Labor Department’ ...

Group 1: Tesla - Tesla is evolving from a vehicle delivery company to a vertically integrated AI platform focused on autonomy, robotics, and data [2] - The company is generating real-world driving data from 10 million vehicles, which is crucial for autonomous software development and AI-driven robotics [3] - CEO Elon Musk is building what is described as 'the biggest AI company in the world' through synergies with ventures like SpaceX and xAI [2] Group 2: Nvidia - Nvidia is positioned as a leader in AI chips, being 'four years ahead' of competitors, with a potential to reach a $10 trillion valuation [5] - The company is currently valued at around $4.5 trillion and trading at approximately 25 times forward earnings, with consensus estimates seen as too conservative [5] - Demand for Nvidia chips is surging, indicating a real infrastructure buildout in the AI sector, which differentiates it from the dot-com bubble [4] Group 3: AI Industry - The AI wave is expanding beyond semiconductors into sectors like healthcare, financial services, and energy, indicating the creation of a new economy [6] - The current phase of AI development is likened to being in Las Vegas in the 1950s or Dubai 30 years ago, suggesting significant growth potential [6] - Long-term perspectives are necessary to assess the transformational shifts brought by AI technology [6] Group 4: Market Dynamics - While competitors will emerge and market share dynamics will change, Nvidia and Tesla are expected to remain key benchmarks in the AI sector [7]