马斯克最近麻烦缠身。而股价持续回调的特斯拉，也再度迎来多个利空消息。 4月2日美股开盘，特斯拉一度跌超6%，截至发稿，股价翻红涨超2 . 6%。 特斯拉一季度交付不及预期 4月2日晚间，特斯拉公布第一季度全球交付数据。 特斯拉在2 0 2 5年第一季度交付了3 3 6 0 0 0辆汽车，同比下降1 3%。为自2 0 2 2年第二季度以来的最差季度表现。根据分析师预期，市场平均预计 特斯拉该季度销量将超过3 9万辆。 而就在两天前，特斯拉的股价刚刚录得自2 0 2 2年以来最差的季度表现。 根据Str e e tAc c o u n t的数据，投资者原本预期特斯拉将交付3 6万至3 7万辆汽车。特斯拉投资者关系团队向部分分析师发送的公司汇总预期显 示，平均交付预期为3 7 7 5 9 0辆。预测市场公司Ka ls h i于周二发布的预测为3 5 2 0 0 0辆。 2 0 2 4年第一季度，特斯拉报告的交付量为3 8 6 8 1 0辆，产量为4 3 3 3 7 1辆。 "交付量"是特斯拉报告中最接近"销售"的指标，但在公司向股东发布的信息中，并未给出明确定义。 特斯拉在荷兰、瑞典、丹麦的销量跌幅均超过5 0% ...

Core Viewpoint - Tesla's stock has faced significant declines following disappointing delivery numbers for Q1 2025, with analysts predicting further drops in stock price due to various challenges the company faces [1][2]. Group 1: Delivery and Production Challenges - Tesla's Q1 2025 delivery volume was 336,681 vehicles, falling short of the market estimate of 390,343 vehicles and down from 495,570 vehicles in the previous quarter [1]. - The production numbers for Model 3/Y were 345,454 vehicles, below the market estimate of 400,777 vehicles, while other models produced 12,881 units against an estimate of 16,335 [1]. - The company has seen a stock price decline of over 33% year-to-date, with a current market capitalization of $863.5 billion and a stock price of $268.46 per share [1]. Group 2: Analyst Predictions and Concerns - Wells Fargo's report indicates that Tesla's stock may continue to decline towards a target price of $130 per share, suggesting a potential drop of over 50% from current levels [1]. - Analysts predict a slowdown in delivery growth and price cuts will negatively impact Tesla's profitability, with a projected 25% decrease in earnings per share by 2025 due to reduced deliveries and pricing strategies [2]. - Expected declines in deliveries are significant, with forecasts indicating a 40% drop in Europe, a 14% drop in China, and a 3% drop in North America by 2025 [2]. Group 3: Product and Technology Concerns - The anticipated low-cost vehicle from Tesla, priced below $30,000, may not be released as soon as some investors hope, raising concerns about its impact on overall sales and profit margins [3]. - Analysts express skepticism regarding Tesla's autonomous driving technology, citing safety concerns and a lack of comprehensive testing compared to competitors using more advanced systems [3]. - Tesla's current valuation, with a price-to-earnings ratio of 96, is significantly higher than the average of 25 for other major tech companies, raising questions about its attractiveness as an investment [4].

Group 1 - NIO's stock increased by 2.17%, reaching $4.475 per share, with a total market capitalization of $9.355 billion as of March 25 [1] - For the fiscal year ending September 30, 2024, NIO reported total revenue of 46.028 billion RMB, representing a year-on-year growth of 19.51%, while the net profit attributable to shareholders was -15.526 billion RMB, showing a slight increase of 0.18% year-on-year [1] - NIO is scheduled to disclose its fiscal year 2024 annual report on March 21, prior to the market opening in the Eastern Time zone [1] Group 2 - NIO Group, established in November 2014, is a pioneer and leader in the high-end smart electric vehicle market, aiming to create a pleasant lifestyle for users [2] - The company focuses on designing, developing, manufacturing, and selling high-end smart electric vehicles, while promoting innovations in autonomous driving, digital technology, electric powertrains, and battery technology [2] - NIO has introduced several high-end smart electric vehicles, including the ES8, ES6, EC6, ET7, and ET5, with deliveries starting from 2018 to 2021 [2]

来源|每日经济新闻 、 央视新闻、证券时报、财联社 近期，全美多地频繁发生针对特斯拉经销店、特斯拉汽车及充电桩的蓄意破坏事件，一些地区还发生了抵制购买特斯拉汽车的抗议活动。 据CCTV国际时讯3月21日报道，美国东部时间3月20日深夜，美国总统特朗普在其创建的"真实社交"平台上发帖说，"那些破坏特斯拉汽车的人有很大可能 会被判入狱长达20年，包括（破坏行动的）资助者。"按美国媒体说法，特斯拉之所以成为打砸、纵火、抗议的对象，是因为马斯克在特朗普政府中扮演重 要角色，他操刀联邦政府大裁员，并支持欧洲极右翼政党和政治理念，这在美国和欧洲都引发一些民众的不满。 在回应一个关于"要求加强特斯拉美国和加拿大展厅和服务中心安保"的帖子下面，特斯拉CEO马斯克3月21日发文回应称，特斯拉线下门店已全面提升安保 级别，所有车辆均激活"哨兵模式"（Sentry Mode）。 3月20日，马斯克也曾在转发特斯拉帖子的时候表示，"特斯拉哨兵模式可以捕捉任何试图伤害它的人的视频。" 01 特朗普称破坏特斯拉汽车 的人可能面临20年监禁 当地时间3月20日，美国总统特朗普表示，那些破坏特斯拉汽车的人可能面临长达20年的监禁。 特朗普在 ...

Core Viewpoint - Bank of America believes that Uber and Lyft will play a crucial role in the autonomous driving industry as the technology rapidly develops [1] Group 1: Company Positioning - Uber and Lyft are expected to establish new partnerships with major automotive manufacturers to integrate autonomous vehicles into their ride-hailing services, unlike companies like Waymo and Tesla that are developing their own fleets [1] - These partnerships will help Uber and Lyft maintain competitiveness as autonomous driving technology becomes more widespread [1] Group 2: Future Outlook - Bank of America forecasts that Uber and Lyft could deploy autonomous vehicles between 2026 and 2027, leveraging their existing ride-hailing networks as a solid foundation for integration [1] - The companies are positioned to scale quickly once the technology matures [1] Group 3: Investment Ratings - Bank of America maintains a buy rating on both Uber and Lyft stocks, indicating confidence in their future performance [1] - Lyft is seen to have greater upside potential, with an average target price of $16.90 per share [1]

Group 1 - The core viewpoint of the article is that Hyundai Mobis has completed the internal design of automotive semiconductors for software-defined vehicles (SDV) and plans to start mass production, marking a significant step in the automotive semiconductor market [1][2]. - Hyundai Mobis aims to establish a research base in Silicon Valley by the end of this year to enhance its technological capabilities and secure automotive semiconductor technology [1][3]. - The company has developed semiconductors for key components such as electrification, electronics, and lighting, with plans to outsource production to Samsung Electronics [1][2]. Group 2 - The demand for automotive semiconductors is rapidly increasing due to advancements in autonomous driving technology and the shift towards electrification, with the number of semiconductors in mass-produced vehicles reaching up to 3,000 [2]. - Market research firm IDC predicts that the global automotive semiconductor market will grow from $41.182 billion in 2020 to $88.275 billion by 2027, with an average annual growth rate of approximately 12% [2]. - Hyundai Mobis is focusing on two areas: power semiconductors to improve electric vehicle range and performance, and system semiconductors for various vehicle functions [2].

将投中网设为"星标⭐"，第一时间收获最新推送 再看要求，理想的候选人具备不少于12年从事国际销售、业务发展或投资及贸易推广的全职工作经验，拥有与创新科技行业相 关的知识及经验尤佳。岗位职责足足列了11条，用一句话概括，就是吸引在地企业投资香港，带领团队共同实现绩效目标。这 位招商总监负责的地域范围与香港驻京办的服务范围相同，即北京、天津、河北、辽宁、吉林、黑龙江、内蒙古、新疆、甘肃 及宁夏。 都知道，近年来，招商引资越发成了发展地方经济的先进工具，而在这背后，撑起这个大市场的是数以万计的招商人员。借此 我跟招商人员了解了一下地方招商系统的薪资体系。"如果属于事业编或公务员的话，就是正常的体制内岗位待遇。如果是合 同制的员工，有的是参照公务员的待遇，有的还会成立专门的公司，设立一些考核标准，这一类招商人员的工资包含基本的薪 资、绩效和奖金，不同公司的待遇都不太一样。"一位苏州招引人员告诉我。 不过总体来说，招商其实就是销售工作。"一般要靠业绩，底薪都不会特别高。"这条招聘启示下面也有人评论道，"月薪应该 只是小头，整体年包应该在200万以上。"这还只是一个劳务派遣岗的薪酬。 这两年，香港的招商工作势头凶猛。据香 ...

Core Viewpoint - Tenstorrent is set to launch an AI chip service in Japan, aiming to reduce costs for AI developers by charging based on actual data processing volume, thereby expanding the market [1][2]. Group 1: Company Overview - Tenstorrent, founded in 2016 and led by Jim Keller, is collaborating with Rapidus to develop advanced semiconductor technology and human resources in Japan [1][5]. - The company plans to establish an operational base in Tokyo and aims to have around 40 designers by the end of 2025, with training conducted in the U.S. [5]. - Tenstorrent's AI chips are designed to be energy-efficient, with server prices being only one-third to one-half of similar products from Nvidia [2]. Group 2: Market Context - Japan faces a significant shortage of semiconductor engineers, with the number of semiconductor engineers dropping by approximately 60% from 1999 to less than 80,000 [6][7]. - The global chip design market is projected to reach $602 billion by 2033, indicating a 40% growth from estimates in 2024 [7]. - Tenstorrent's entry into Japan is expected to provide more opportunities for local engineers to engage in the design and development of advanced chips [7]. Group 3: Service Offering - The AI chip service will allow developers to use Tenstorrent's chips via the cloud and pay based on the amount of data processed, which is a novel approach compared to traditional server leasing [1]. - The cost of a single server can reach up to 10 million yen (approximately $68,000), making initial investments burdensome for startups [1].

Summary of the Conference Call Company and Industry Overview - The conference call focuses on the automotive industry, specifically highlighting the performance and outlook of the company, Seres, in 2025, which is expected to be the strongest product cycle year in history [2][4]. Key Points and Arguments - **Product Cycle and Market Share**: In 2025, high-end product planning is expected to increase by 8% to 14%. Strong domestic brands are anticipated to gain market share, while joint venture brands may drop below 20% market share [2][4]. - **Profitability of New Energy Vehicles**: New energy and emerging companies are projected to achieve quarterly profitability with monthly sales between 20,000 to 40,000 units [2][4]. - **Technological Advancements**: The automotive industry's technological attributes are significantly enhanced in 2025, particularly in autonomous driving and robotics. L3 level autonomous vehicles are expected to emerge, leading to an increase in vehicle stock valuations [2][5][6]. - **Valuation Projections**: The valuation of automotive stocks is expected to rise, with P/E ratios potentially reaching 25 times or higher. Price-to-sales (P/S) ratios are also expected to exceed the previous range of 1 to 2 times due to strengthened technological attributes [2][6]. - **Seres Financial Outlook**: Seres is projected to achieve a profit of approximately 12 billion yuan in 2025, corresponding to a P/E of 15 times. The market capitalization is considered to have a solid bottom at 180 billion yuan, with a difficult-to-break position at 780 billion yuan [2][7]. - **M8 Model Performance**: The pre-sale price of the Seres M8 model is 368,000 yuan, exceeding expectations, with 28,000 orders received within 12 hours. Monthly sales are expected to reach at least 15,000 units, indicating potential for high profitability [2][7][9]. - **Sales Recovery of Other Models**: After price reductions and enhancements, the M5 model's monthly sales are expected to recover from less than 2,000 units to between 3,500 and 5,000 units. The M9 model, equipped with more new technologies, is projected to increase sales from currently less than 10,000 units to over 12,000 units [2][8]. Additional Important Insights - **Investment Recommendation**: The company maintains a strong recommendation for Seres, with a target market capitalization of 300 billion yuan, indicating significant upside potential relative to current valuations [3][9]. - **Catalysts for Growth**: Recent catalysts for Seres include the upcoming launches of the M5 and M9 models, as well as the impressive pre-sale performance of the M8 model, which is expected to become a high-profit flagship product [8][9]. - **Potential in Robotics**: Although not officially announced, there is speculation that Seres may enter the robotics field, leveraging the strong technological synergies between automotive and robotics industries [7].

Core Viewpoint - Tesla's Full Self-Driving (FSD) system is finally being introduced to the Chinese market after multiple delays, but its impact on sales and market perception remains uncertain due to various challenges and competition from local automakers [1][4][12]. Group 1: FSD Introduction and Market Reaction - Tesla announced the rollout of the Chinese version of the FSD system, focusing on updates for urban Autopilot, cabin cameras, and map packages [1]. - Despite the announcement, Tesla's stock fell over 8% on February 25, indicating market skepticism about the FSD's potential impact [1][12]. - The FSD system has faced repeated delays in its introduction to China, with initial expectations set for 2023, but now pushed to 2025 [4][5]. Group 2: Challenges Faced by FSD in China - The FSD system is considered a "cut-down version" of the original, as it cannot collect and train on local road data due to regulatory restrictions [5][10]. - Challenges include differences in road conditions, data privacy concerns, and the acceptance of a subscription model by Chinese consumers [5][9]. - Local competitors have advanced their own autonomous driving technologies, making it difficult for Tesla to regain its previous market dominance [8][10]. Group 3: Sales and Market Share - In 2023, Tesla delivered 1.7892 million vehicles globally, with 657,000 units sold in China, marking an 8.8% increase year-on-year [12]. - However, Tesla's market share in China has declined to 5.4% in 2024, down 2.4% from the previous year, compared to a peak of 16.6% in 2021 [12][14]. - Tesla's aggressive pricing strategies, including significant price cuts and financing offers, indicate a push to boost sales amid increasing competition [13][14]. Group 4: Consumer Sentiment and Brand Image - Consumer perception of Tesla has been affected by CEO Elon Musk's controversial public image, with 60% of potential buyers indicating it influences their purchasing decisions [16][17]. - The FSD's subscription model may not resonate well with Chinese consumers, who are accustomed to free or bundled autonomous driving features [9][10]. - The overall effectiveness of the FSD system in the Chinese market remains to be seen, with early testers reporting mixed results [6][10].