Group 1 - Tesla's stock jumped 2.5% to $442.3 in pre-market trading [1] - The company's Q4 revenue saw a significant decline compared to Q3, attributed to a second consecutive year of declining electric vehicle deliveries, impacting revenue and automotive gross margins [1] - Despite the revenue drop, Tesla's EPS exceeded expectations, and its energy and services business continued to grow [1] Group 2 - Tesla announced the removal of human safety supervisors from some Robotaxi service vehicles in Austin, Texas, marking a step towards true autonomous driving [1] - The production plan for the Robotaxi-specific product Cybercab is on track for this year [1] - Tesla has reached an investment agreement of approximately $2 billion with xAI, shifting market narrative towards the long-term premium potential of "AI + robotics" [1]

硬·AI 作者 | 李 丹 编辑 | 硬 AI 特斯拉四季度营收由三季度的两位数同比大增转为下滑，电动车交付量连续第二年下滑，成为营收与汽车毛利承压的主要原因，但EPS盈利高于预期，能源与 服务业务继续放量，披露投资xAI、无人驾驶出租车Robotaxi等"物理 AI"相关业务的进展。 盘后公布财报后，股价盘后跳涨，盘后涨幅曾超过4%。盘后上涨更像是源于特斯拉短期的业绩并没有太差，长期的叙事——Robotaxi/Optimus/xAI方面继续给 估值提供想象空间。业绩电话会上，特斯拉高管称2026年全年资本支出将超过200亿美元。此后股价曾回吐盘后多数涨幅。 汽车业务拖累特斯拉四季度的总营收由增转降，但储能部署装机量创纪录，应被市场视为短期内对冲汽车端下行的"硬支撑"。更重要的是，特斯拉强调"物理 AI"的进展与AI领域相关投资。 Q4特斯拉营收同比由增转降3%、略低于预期、首次年度营收下滑，当季EPS盈利降17%仍强于预期，毛利率升破20%，储能部署增29%至新高14.2GWh；1月开始在奥斯汀限量提 供无安全监督员的Robotaxi；Cybercab、Semi卡车、储能系统Megapack 3均按计划今年 ...

2026 年 01 月 29 日 每日晨报 | 指数 | 开盘价 收盘价 | | 近一交易日% | 近20交易日% | | --- | --- | --- | --- | --- | | 上证综指 | 4,150 | 4,151 | 0.27 | 4.69 | | 深证成指 | 14,372 14,343 | | 0.09 | 5.95 | | 创业板指 | 3,360 | 3,324 | -0.57 | 3.13 | | 恒生指数 | 27,326 27,827 | | 2.58 | 7.63 | | 日经225 53,024 53,359 | | | 0.05 | 5.85 | | 富时100 10,208 10,154 | | | -0.52 | 2.15 | | 道琼斯工业 | 49,025 49,016 | | 0.02 | 1.14 | | 标普500 | 7,002 | 6,978 | -0.01 | 1.05 | | 纳斯达克 | 23,965 23,857 | | 0.17 | 1.63 | | 主要市场股指表现 | | | | | | 10.00 | 近一交易日% | | 近20交易日% ...

Market Overview - On January 28, the Shanghai Composite Index rose by 0.27%, the CSI 300 increased by 0.26%, the STAR Market 50 fell by 0.08%, the CSI 1000 rose by 0.21%, the ChiNext Index decreased by 0.57%, and the Hang Seng Index increased by 2.58% [3]. - The best-performing sectors on January 28 were non-ferrous metals (+5.92%), oil and petrochemicals (+3.54%), coal (+3.42%), building materials (+2.18%), and steel (+2.16%). The worst-performing sectors were comprehensive (-2.53%), media (-1.77%), national defense and military industry (-1.68%), beauty and personal care (-1.65%), and pharmaceuticals and biology (-1.56%) [3]. - The total trading volume of the A-share market on January 28 was 29,922.89 billion yuan, with a net outflow of 3.427 billion Hong Kong dollars from southbound funds [3]. Key Insights - The report discusses a strategy focused on Elon Musk's concept stocks and thematic index, highlighting that 2026 is seen as a pivotal year for the commercialization of Musk's technological ventures [4]. - Musk's companies, including Tesla, xAI, SpaceX, and Neuralink, are positioned in six key technology areas: AI, robotics, autonomous driving, commercial space, brain-computer interfaces, and new energy [4]. - The market's perspective is shifting from long-term valuation to actual considerations of order flow, revenue realization, and market penetration for Musk's business landscape [4]. - The investment theme is scored based on eight dimensions, with Musk's concept theme receiving a score of 95, indicating high ratings in all areas except valuation level [4]. - A stock pool of 78 beneficiaries related to AI, robotics, autonomous driving, commercial space, brain-computer interfaces, and new energy has been created, with a back-tested excess return of 127.44% compared to the Wind All A Index from early 2025 to the present, and 157.35% from April 9, 2025, to January 23, 2026 [4].

虽然特斯拉四季度营收由三季度的两位数同比大增转为下滑，但储能部署装机量创纪录，应被市场视为短期内对冲汽车端下行的"硬支撑"。更重要的 是，特斯拉强调"物理 AI"进展与对外投资。 Q4特斯拉营收同比由增转降3%、略低于预期、首次年度营收下滑，当季EPS盈利降17%仍强于预期，毛利率升破20%，储能部署增29%至新高 14.2GWh；1月开始在奥斯汀限量提供无安全监督员的Robotaxi服务；Cybercab、Semi卡车、新储能系统Megapack 3均按计划将今年开始量产； Optimus第一代生产线正在铺设，目标今年底开始量产；预计Q1完成20亿美元认购xAI股票交易。特斯拉股价盘后一度涨超4%。 特斯拉四季度营收由三季度的两位数同比大增转为下滑，电动车交付量连续第二年下滑，成为营收与汽车毛利承压的主要原因，但EPS盈利高于预期， 能源与服务业务继续放量，披露投资xAI、无人驾驶出租车Robotaxi等"物理 AI"相关业务的进展。 盘后公布财报后，股价盘后跳涨，盘后涨幅曾超过4%。盘后上涨更像是源于特斯拉短期的业绩并没有太差，长期的叙事——Robotaxi/Optimus/xAI方 面继续给估值提供想象 ...

Core Viewpoint - The company expects a negative net profit for the fiscal year 2025 due to challenges in the commercial vehicle engine market, including increased penetration of new energy vehicles and intensified competition [1]. Financial Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025, with an anticipated negative net profit [1]. - The company has communicated with its accounting firm regarding the performance forecast, and there are no discrepancies between the company and the accounting firm [1]. Reasons for Performance Changes - In 2025, the company faces ongoing challenges in the commercial vehicle engine market, leading to pressure on traditional business scale and profit margins [2]. - To capture market share, the company continues to invest heavily in research and development, which, combined with a high debt ratio from consecutive losses, results in significant financial burdens [1][2]. - The company has implemented various measures to improve operational quality, including optimizing product structure and managing costs, which have led to a reduction in losses compared to the previous year [2].

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 55.37 RMB and a fair value of 69.74 RMB [5][10]. Core Insights - The company is expected to achieve a significant increase in net profit for 2025, with a forecasted growth of 27.6% to 37.9%, reaching 370 to 400 million RMB. The non-recurring net profit is projected to grow by 24.9% to 36.0%, amounting to 340 to 370 million RMB [7][8]. - The company has established a new division focused on computing power support, which is anticipated to be a key growth area. The global demand for new generation computing center products is high, and the company aims to leverage its overseas production capabilities to meet this demand [8][9]. - The company has made progress in its European standard pre-installation business, having already launched its products in the European market, which is expected to create a significant annual revenue opportunity of 1 to 1.5 billion USD [8][9]. - In the autonomous driving sector, the company is promoting its Robobus solution for various applications, including public transport and logistics, indicating a strategic expansion into new market opportunities [9]. Financial Forecasts - The company’s projected revenues for 2025 to 2027 are 2.68 billion RMB, 3.51 billion RMB, and 4.36 billion RMB, respectively, with growth rates of -3.5%, 31.0%, and 24.1% [4][10]. - The net profit forecasts for the same period are 390 million RMB, 500 million RMB, and 620 million RMB, with growth rates of 33.5%, 30.2%, and 22.8% [4][10]. - The earnings per share (EPS) are expected to be 2.14 RMB, 2.79 RMB, and 3.43 RMB for 2025, 2026, and 2027, respectively [4][10].

Group 1 - In 2025, the Chinese automotive industry achieved a milestone with record production and sales, accelerated transformation towards connectivity and intelligence, and the approval of L3 autonomous driving for pilot testing [1][17] - The company, as a leading third-party vehicle networking service provider, contributed to the industry's deep advancement towards connectivity, intelligence, automation, and globalization through continuous innovation [1][17] Group 2 - The company's vehicle networking connections experienced significant growth, achieving a new high in core business scale, while global business layout accelerated with multiple partnerships with leading overseas automakers [2][18] - The company established the Robo X team to strategically focus on opportunities in the autonomous driving sector, particularly in Robotaxi and Robovan services, leading to new growth avenues through deep collaborations with top domestic autonomous driving manufacturers [5][21] Group 3 - In 2025, the company received multiple awards for its contributions to technology innovation and industry development, showcasing its commitment to high-quality development in the intelligent connected vehicle sector [7][27] - The company aims to continue its efforts in technology development and ecosystem expansion, supporting the collaborative growth of vehicle networking and autonomous driving sectors [16][32] Group 4 - The company is a wholly-owned subsidiary of Wanma Technology and is recognized as a high-tech enterprise in the vehicle networking field, providing comprehensive vehicle networking management services and solutions [16][32] - With a management capability of over 17 million intelligent connections, the company leverages its technological advantages in link aggregation and AI networks to meet the rapid commercialization needs of autonomous driving enterprises globally [16][32]

1月23日，轻舟智航（QCraft，以下简称"轻舟"）在北京举行QCraft DAY 2026活动。 迈向第七年的轻舟交出了一份扎实的成绩单：辅助驾驶搭载量突破100万台；行业首个单征程6M城市NOA正式上车，首发车型为"搭载AD Pro的理想汽 车L系列焕新版"；2026年轻舟城市NOA预计量产上车约50款；技术层面，轻舟重磅亮相VLA与世界模型统一架构，构筑L2与L4同一技术底座。基于此，"轻 舟乘风"也迎来2.0全新升级，正式发布大于500TOPS的解决方案，以"VLA+世界模型"解锁极致城市NOA体验；同时，轻舟宣布正式进军L4无人物流领域， 已多地开启部署运营，携手合作伙伴打造"量产即运营"新范式。 轻舟智航联合创始人、董事长兼CEO于骞博士发表了题为《将无人驾驶带进现实》的主题演讲。他提出，2026年是无人驾驶黄金十年新周期的开启之 年，也是进入"超人智能"时代的元年。于骞对新周期给出了"城市NOA接管将至'月'级别，自动驾驶专属保费低于人类驾驶保费50%以上"等8个趋势预测。于 骞讲到，"对于轻舟而言，我们凭借七年如一日的战略定力与务实不冒进的风格，坚定推进L2与L4双轮驱动路径，成功跨越量产' ...

近日，DeepWay深向完成Pre-IPO轮融资，总募集金额达11.77亿元。本轮融资由普华资本领投，ABC Impact、欣旺达、前海淏天、 瀚棠置业、临沂国科、长兴创强基金、山东国控资本、联想创投、大湾区基金、光跃投资、红山基金共同投资。本轮融资资金主要用于 集团主营业务的运营和发展，进一步夯实其在智能新能源重卡领域的领先地位。 DeepWay深向是全球首家通过正向定义打造智能新能源重卡解决方案,并实现批量交付的企业。公司坚持正向定义理念，采用"自有车辆 +自研智驾技术"一体化双轮驱动发展战略，在传统燃油车技术体系之外重新定义产品与研发架构，使车辆硬件与智能驾驶软件在底层实 现深度适配，以货运领域完全无人驾驶为终极目标。截至2025年6月，公司已累计交付约6400台新能源重卡，在全球正向定义新能源 重卡市场排名第一。 围绕无人驾驶这一长期目标，DeepWay深向选择了务实、渐进的发展路径，将有限的资源优先配置到可最先实现商业化落地的方向。公 司成立初期，先通过正向定义打造车辆，实现三电核心零部件自研，完成了新能源重卡的电动化革新；在此基础上推动组合辅助驾驶系 统的规模化应用，继而推动人机共驾的编队模式的部 ...