中信建投证券指出，展望2026年，全球流动性宽松格局进一步深化，国内金融市场政策红利持续增厚， 个人投资者入市的动力正在增强，A股市场增量资金有望覆盖更大基础。整体来看，支持牛市的核心逻 辑预计仍将延续甚至强化。综合商业化场景分析，预计具身智能远期市场规模超过万亿，人形机器人板 块关注核心从主题投资到量产预期。 2026年1月29日早盘，机器人板块走强，截至10:33，中证机器人指数强势上涨1.19%，成分股科大讯飞 上涨10.00%，派斯林上涨9.94%，天智航上涨6.89%，绿的谐波，中控技术等个股跟涨。 消息方面，1月29日，特斯拉（TSLA）在发布最新财报时表示，本季度将推出第三代人形机器人 （886069）Optimus，称这是其首个旨在大规模生产的设计。特斯拉（TSLA）正将加州弗里蒙特工厂的 Model S和Model X生产线替换为Optimus生产线，以实现年产百万台机器人的产能。 国内方面，据众擎机器人消息，近日，众擎机器人与穿越者双方达成深度战略合作，正式启动人形机器 人宇航员探索计划。众擎自主研发的具身通用智能体PM01将作为核心载体，携手穿越者向浩瀚太空发 起中国智造的探索之旅。 数 ...

Tesla Inc. (NASDAQ:TSLA) retained its Bitcoin (CRYPTO: BTC) through the fourth quarter, but reported paper losses on the holdings on WednesdayTesla Reports Unrealized Loss On BitcoinTesla held $1.008 billion in digital assets as of Dec. 31, down 23% from the previous quarter, according to the company's earnings report posted after the market close.The Elon Musk-led mobility giant reported paper losses of $307 million on its cryptocurrency holdings, reversing two consecutive quarters of paper profits.Tesla d ...

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating expected performance above the market benchmark by over 10% [5][11]. Core Insights - The report highlights significant advancements in commercial aerospace, humanoid robots, and AI infrastructure, with a focus on the potential for cost reductions and market growth in these sectors [2][3][4]. - SpaceX aims to achieve full reusability of its Starship rockets this year, which could reduce the cost of space access by 99%, bringing it down to below $100 per pound [2][18]. - Tesla plans to launch its humanoid robot, Optimus, to the public by the end of 2027, with expectations for enhanced capabilities in performing complex tasks and household chores [3][18]. - The report emphasizes the long-term investment opportunities in commercial aerospace, humanoid robots, and AI infrastructure, suggesting a focus on key players in these sectors [2][3][4]. Summary by Sections Commercial Aerospace - The report expresses optimism about the commercial aerospace sector, particularly due to breakthroughs in rocket transportation technology that could lead to a surge in demand for launches and payloads [2]. - Key players in the SpaceX supply chain and domestic commercial rocket companies like Landspace and CASIC are highlighted for their potential growth [2]. Humanoid Robots - The humanoid robot sector is expected to see significant demand growth as Tesla's Optimus robot is set to be released, with capabilities to perform complex industrial tasks by the end of 2026 [3]. - The report suggests focusing on core suppliers and companies with strong market positions within the Tesla supply chain [3][9]. AI Infrastructure - The report maintains a positive outlook on AI infrastructure, particularly in gas turbine and liquid cooling sectors, emphasizing the importance of energy supply for AI data centers [4]. - Key components in the gas turbine supply chain and liquid cooling systems are identified as critical areas for investment [4][9].

Core Insights - Tesla plans to exceed $20 billion in capital expenditures by 2026, more than double previous guidance, focusing on humanoid robotics, autonomous vehicles, and AI [1][13] - The company is transitioning from Model S and Model X production to a dedicated facility for Optimus robots, aiming for a long-term capacity of 1 million robots per year [3][5] - Optimus is positioned as a general-purpose humanoid robot, with significant implications for macroeconomic growth, although it remains in the R&D phase [5][6] Capital Expenditures and Financials - Capital expenditures for 2025 are projected at $9 billion, with a sharp increase expected in 2026 as investments ramp up in robotics and autonomy [13] - Tesla reported a total gross margin of 20.1%, the highest in over two years, with free cash flow totaling $1.4 billion [12] - Automotive margins improved sequentially to 17.9% from 15.4%, despite lower deliveries, supported by a shift in regional sales [14] Autonomous Driving and Optimus Development - Unsupervised autonomous driving is operational in Austin, Texas, with plans to expand to major U.S. cities by year-end, pending regulatory approval [8][9] - The company aims to allow vehicle owners to add their cars to an autonomous fleet, although financial impacts remain difficult to quantify [10] - Optimus production is expected to follow a "stretched-out" curve due to a new supply chain, with significant production volumes unlikely before the end of the year [4][7] Energy Revenue and Market Challenges - Energy revenue reached $12.8 billion for the year, up 26.6% year over year, but the company warned of potential margin pressures from tariffs and rising competition [14] - Chip supply constraints are identified as a medium-term challenge, particularly for Optimus, with considerations for a U.S. semiconductor fabrication facility [14]

Tesla Inc. is streamlining its vehicle portfolio while mapping out $20 billion of investment this year as it pivots to robotics and autonomous driving. The massive planned capital expenditure, announced during the company’s conference call, underscores Tesla’s ambitions to refocus its business. The EV maker is increasingly emphasizing the potential of artificial intelligence, driverless technology and humanoid robots to drive future growth as its traditional business of selling automobiles struggles.This ye ...

28 January 2026 | 5:27PM EST Equity Research Tesla Inc. (TSLA): 4Q25 First Take Results Tesla reported 4Q25 revenue of $24,901 mn (down 11% qoq and down 3% yoy) which was 1% below GS at $25,060 mn, 1% above the Street (FactSet) at 24,740 mn, and 2% above company compiled consensus at $24,493. Tesla reported the following by segment: n Automotive revenue of $17,693 mn (down 17% qoq and down 11% yoy) compared to GS at $17,436 mn, company compiled consensus at $17,292 mn, and the Street at $17,850 mn. Implied ...

特斯拉全年营收首次走跌！净利创5年新低，马斯克砍掉两款王牌车型主攻机器人。 车东西1月28日消息，就在刚刚，特斯拉2025年第四季度财报会上，CEO马斯克宣布，最后一批Model S、Model X车型将"体面退役"，在下个季度正式停 产。 在电动汽车销售不佳的情况下，特斯拉将全自动驾驶软件（FSD）、机器人出租车服务和Optimus机器人等项目视为引领未来行业变革的关键。 ▲特斯拉Model X 据悉，当前Model S和Model X都在加州弗里蒙特工厂生产，马斯克透露，停产之后，该工厂将转向生产Optimus人形机器人。 ▲特斯拉Model S 除了官宣停产两款王牌车型外，特斯拉2025年第四季度整场财报电话会基本围绕特斯拉在AI上的布局展开，马斯克用大量的篇幅介绍了Optimus人形机器 人、Robotaxi、FSD等方面的进展，对于汽车产销及毛利率目标等内容则有所淡化。 与此相对应的是，特斯拉刚刚交出了一份不算太好看的2025年财报。 2025年其全年营收下滑3%，达到948.27亿美元（约合人民币6587亿元），汽车业务全年营收下滑10%，达到695.26亿美元（约合人民币4830亿元），全年 净 ...

Indian shares are seen opening a tad lower on Thursday as the U.S. Federal Reserve kept its policy rate unchanged, as widely expected, after cutting it at three consecutive meetings during the final months of last year.There is some cheer on the economic front as new data showed India's industrial output growth accelerated unexpectedly in December to the highest level in over two years.Industrial production advanced 7.8 percent year-over-year in December, faster than the upwardly revised 7.2 percent gain i ...

在财报电话会上，马斯克表示，随着人工智能和机器人技术的发展，未来将实现"全人类高收入，富足 非凡"，而非"基本收入"。在实现这一目标的过程中，特斯拉将持续提高出行和人工智能相关产品的安 全性、降低商品成本，让人们无妥协地获得所需物品，同时保障优美的自然环境。他认为，最好的未来 是每个人都能拥有想要的一切，包括卓越的医疗服务。 目前特斯拉在全球已有超过900万车主。随着业务领域的拓展和产品技术的不断进步，特斯拉正快速进 化为一家涵盖自动驾驶和人形机器人、电动车、可持续能源的综合性科技公司。2026年1月21日，特斯 拉的公司使命正式更新为：建设一个富足非凡的世界。马斯克强调，自动驾驶的大规模推进和特斯拉 Robotaxi的发展，将从根本上改变交通运输的本质，同时人形机器人将可以把人类从枯燥重复的劳动中 解脱出来，有望进一步实现全社会的富足。 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，全球生产电动车约 165.5 万辆、交付163.6 万辆，Model Y 在多个市场蝉联销冠，亚太市场电动车交付量创历史新高；储能 装机量达46.7 吉瓦时，同比增长48.7%，其中第四季 ...

特斯拉计划今年投入200亿美元，用于精简电动汽车产品线，并将资源向机器人和人工智能（AI）领域 倾斜。这是该公司一系列调整的一部分，推动基本盘从汽车制造进一步转型。 周三公布的资本支出计划规模约为华尔街预期的两倍，将用于支持多家工厂的产能扩张、扩大新兴的无 人驾驶出租车业务、构建人工智能基础设施。特斯拉还宣布计划停产Model S和Model X车型，并将这些 工厂产能用于生产Optimus人形机器人。 "我们正在进行非常非常大的投资，"首席执行官埃隆·马斯克在特斯拉发布第四季度业绩后的电话会议 上说道。 马斯克 这些引人注目的举措还包括一项向马斯克的xAI初创公司投资20亿美元的新协议，以及关于可能建设半 导体制造工厂的讨论。这些举措凸显了特斯拉的雄心，力图以削弱汽车销售业务为代价，向人工智能、 无人驾驶技术和机器人方向转型。特斯拉的汽车销售业务已经连续两年下滑，并将在2026年面临更多挑 战。 推荐阅读：马斯克称特斯拉需要自建芯片厂 现有供应商无法满足需求 推荐阅读：马斯克称特斯拉需要自建芯片厂 现有供应商无法满足需求 尽管许多新业务线仍遥遥无期，而且前景不明朗，但投资者普遍支持此次转型。无论是电动汽车销 ...