导读 ： 荣耀进军机器人赛道；多家公司加速布局Robotaxi ； 解锁【第一财经智享会员】实时解读 市场动态，把握投资先机。 【第一财经智享会员专属】 【 今 日 速 读 】 精选行业研报，助您捕捉行业风口 【精选快读】 1 .荣耀进军机器人赛道，关注产业链带来的增量机遇 5月2 8日晚间，荣耀CEO李健在回应进军机器人赛道时表示，机器人无疑是公司重点关注的核心赛 道。"我们的核心思路围绕不同场景与用户需求展开，若特定场景需要与相关厂商合作，我们会以 开放姿态推进，同时，荣耀具备自主技术实力，包括长期积累的硬件研发能力与算法优势，这些自 主可控的技术足以支撑新产业的自主开发。" 2025.05.30 点击一键解锁 2. 国内外公司纷纷加码，Robotaxi商业化有望提速 近期，特斯拉、小马智行等多家国内外公司纷纷发布有关Ro b o t a x i的计划。 在当晚的荣耀4 0 0系列发布会上，荣耀展示了一款机器人，跑步速度已经达到4m/s，打破了之前的 机器人行业记录。 万联证券表示，人形机器人产业正处于技术突破与商业化落地的关键节点，政策支持、入局者不断 增加及AI大模型赋能共同推动行业加速发展，2 0 ...

Fourth Quarter Fiscal 2025 U-Haul Investor Update Forward Looking Statement The following information and the statements made during this presentation contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe futur ...

Group 1: Cheniere Energy and LNG Industry - The U.S. has become the largest liquefied natural gas (LNG) exporter, exporting 11.9 billion cubic feet per day (Bcf/d) in 2024, surpassing Qatar and Australia [2] - Cheniere Energy exported 2.33 trillion British thermal units (TBtu) in 2024, equating to 6.37 Bcf/d, and has a total production capacity of 45 million tonnes per annum (mtpa) across its terminals [3] - The current administration supports LNG growth, and Cheniere's CEO believes there is a strategic imperative to secure permits for future capacity expansion to over 90 mtpa [5] Group 2: GE Aerospace and Aerospace Industry - GE Aerospace is a market leader in commercial aerospace and defense engines, with its joint venture CFM International producing the LEAP engine, which powers the Boeing 737 MAX and is one of two options for the Airbus A320neo family [7] - GE's GE9X engine is the sole option for the Boeing 777X, and its GEnx engine dominates orders for the Boeing 787, indicating strong market presence [8] - The next generation of engines, RISE, is expected to achieve a 20% improvement in fuel efficiency over the LEAP, potentially ensuring GE's leadership in commercial aerospace engines for decades [9] Group 3: Tesla and Electric Vehicle Industry - Tesla's Model Y is the best-selling car globally and is set to improve sales with refreshed production lines in 2025 [10] - Upcoming catalysts for Tesla include the launch of its robotaxi in June 2025 and the mass production of the Cybercab in 2026, alongside lower-cost models [11] - Tesla has significantly reduced its cost of goods per vehicle, falling below $35,000 by the end of 2024, which enhances profit margins and competitiveness in the EV market [12][13] - CEO Elon Musk has positioned Tesla as a leader in the SUV market, and the company's advancements in EVs and robotaxis suggest a strong future in the industry [15]

Tesla’s sales in Europe plunged in April as the electric car maker faced backlash over Elon Musk’s political work and rising competition from China-based rival BYD.Tesla sold just 7,261 cars in the region last month – down from 14,228 units sold in the same month one year ago, according to data from the European Automobile Manufacturers Association.The April sales figures marked the fourth straight month of declines for Tesla in Europe. Sales have fallen by nearly 39% since the start of the year. 3 Elon M ...

ToplineTesla stock has soared 58% after CEO Elon Musk announced plans to leave DOGE. Can he restore the company’s brand value? If not, company shares are too high.WALNUT CREEK, CA - MAY 14: Matthew LeBrot is photographed with his Tesla cybertruck, bearing anti ... More Musk slogans, in a park near his home in Walnut Creek, California on May 14, 2025. Lebrot lost his job as a Tesla sales manager after calling for Elon Musk to step down from the company after Tesla posted huge losses. (Photo by Martin Klimek ...

来源|华尔街见闻 全球消费者对特斯拉品牌的兴趣持续下滑，华尔街投行瑞银维持"卖出"评级，特斯拉或正面临前所 未有的挑战。 据追风交易台消息，瑞银5月27日发布的2025年全球电动车消费者调查报告显示，全球消费者对特 斯拉品牌的兴趣持续下滑，在中国、美国和欧洲三大核心市场，特斯拉都面临品牌吸引力下降的困 境。 调查报告还指出，更令人担忧的是，特斯拉自动驾驶业务前景堪忧，盈利模式面临考验。 消费者对 自动驾驶功能的付费意愿有限，仅12%的受访者愿意为自动驾驶功能支付超过7600美元，而特斯拉 FSD目前售价8000美元。 瑞银调查显示，全球考虑购买特斯拉的消费者比例从去年的39%降至36%，作为消费者首选纯电品 牌比例从22%下滑至18%。深究背后原因，特斯拉在主要市场都面临本土化或传统豪华品牌的有力 挑战，马斯克的政治身份对品牌形象造成冲击。瑞银维持特斯拉目标价190美元，较当前股价存在 44%的下跌空间。 作为消费者首选纯电动车品牌的比例更是从22%大幅下滑至18%。 基于这一趋势，瑞银维持对特斯拉股票的"卖出"评级， 目标价190美元 ，较当前339.34美元的股价 存在44%的下跌空间 。今年以来，瑞银已 ...

Core Viewpoint - Global consumer interest in Tesla is declining, leading UBS to maintain a "sell" rating with a target price of $190, indicating a potential 44% downside from the current price of $339.34 [1][2] Group 1: Consumer Interest Decline - The proportion of consumers considering purchasing a Tesla globally has decreased from 39% last year to 36% [3] - Tesla's status as the preferred electric vehicle brand has dropped significantly from 22% to 18% [6] - In the U.S., Tesla retains about 48% of the electric vehicle market share, but its preferred brand status has plummeted from 38% to 29%, a decline of 9 percentage points [9] Group 2: Challenges in Key Markets - In China, Tesla's preferred brand status has fallen from 18% to 14%, being surpassed by BYD and emerging brand Xiaomi [11] - Tesla's technological leadership perception in China is eroding, with BYD now viewed as the technology leader [12] - In Europe, Tesla's brand consideration has dropped to 33%, being overtaken by Audi and BMW, with its preferred brand status declining from 20% to 15%, a drop of 4.6 percentage points [17][19] Group 3: Autonomous Driving Concerns - Only about 12% of consumers are willing to pay over $7,600 for Tesla's autonomous driving feature, while the current price for FSD is $8,000 [20] - The mismatch between pricing and consumer willingness to pay may hinder Tesla's software service revenue growth potential [24] Group 4: Market Pricing and Affordability - The starting price for Model Y is approximately $45,000 in the U.S., aligning with about 50% of consumers' budgets; in China, it is 263,500 RMB, fitting about 58% of consumers; while in Germany, the €45,000 starting price aligns with less than 37% of consumers' budgets [24]

Core Viewpoint - The ride-hailing industry in China is experiencing a bifurcation, with second-tier platforms pushing for IPOs while facing market saturation and profitability challenges [1][3]. Group 1: IPO Activity - On April 30, Cao Cao Travel updated its prospectus for an IPO on the Hong Kong Stock Exchange, having received approval from the China Securities Regulatory Commission [2]. - On May 9, Enjoy Travel, a subsidiary of SAIC Group, announced it had completed a C-round financing of 1.3 billion yuan, marking the largest single financing in the industry in nearly three years, and is accelerating its IPO process [2]. - Other second-tier platforms, such as T3 Travel and Shengwei Times, are also at critical junctures in their IPO plans, with T3's CEO indicating that the IPO timeline is imminent [5]. Group 2: Market Saturation and Profitability Issues - Shengwei Times' IPO prospectus became invalid due to ongoing losses and regulatory penalties, highlighting the profitability struggles within the industry [3]. - The market is characterized by a "pyramid" competition structure, with Didi holding over 70% market share, while other players are fragmented into four distinct factions [3][7]. - Cao Cao Travel's reliance on third-party platforms for 85% of its orders indicates a shift from self-sourced to aggregated orders, raising concerns about profitability [5][12]. Group 3: Dependency on Aggregation Platforms - The increasing dependency on aggregation platforms has led to a significant rise in commission payments, with Cao Cao's commission expenses growing from 322 million yuan in 2022 to 1.046 billion yuan in 2024 [17][18]. - The share of orders from third-party platforms for Cao Cao has increased from 49.9% in 2022 to 85.4% in 2024, indicating a shift in the operational model [14][15]. - User retention rates are declining, with Cao Cao reporting a drop in user retention to below 28% in 2023 due to increased reliance on third-party platforms [19][21]. Group 4: Differentiation Strategies - To achieve higher valuations, second-tier platforms are attempting to tell differentiated stories, such as Cao Cao's focus on customized vehicles leveraging its parent company, Geely's resources [22][23]. - Enjoy Travel is pursuing a mixed operation model that includes Robotaxi services, although its commercial progress has been slow [24][25]. - The competition in the autonomous driving sector is intense, with significant barriers to entry, and the success of these strategies remains uncertain [25][28].

推荐（维持） 高阶智驾渗透率持续提升，商业化进程提速 行业研究 计算机 2025 年 05 月 25 日 证 券 研 究 报 告 政策计算机行业周报（20250519-20250523） 华创证券研究所 证券分析师：吴鸣远 邮箱：wumingyuan@hcyjs.com 执业编号：S0360523040001 联系人：周志浩 邮箱：zhouzhihao1@hcyjs.com 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 336 | 0.04 | | 总市值(亿元) | 41,548.90 | 4.19 | | 流通市值(亿元) | 35,628.74 | 4.53 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | -1.7% | -2.5% | 30.2% | | 相对表现 | -4.2% | -3.0% | 23.6% | -16% 11% 39% 66% 24/05 24/08 24/10 24/12 25/03 25/05 2024-05-24~2025-05-23 ...

Group 1: Current Challenges Facing Tesla - Tesla is experiencing multiple challenges, including tariffs on imported vehicle parts, declining overseas sales, and backlash from CEO Elon Musk's political activities [1][10] - The company has a reputation for overpromising and underdelivering, which is contributing to a perception of untrustworthiness among investors [2][4] Group 2: Issues with Leasing Policy - Tesla ended a policy that prevented U.S. leasing customers from purchasing their vehicles at lease-end, originally intended to support robotaxi ambitions that have not materialized [3] - The company has been upgrading off-lease vehicles and reselling them at higher prices, which has disappointed customers and affected its brand image [4] Group 3: Cybertruck Performance - The Cybertruck has seen disappointing sales and a significant price drop, with average selling prices for Teslas falling 7.6% over the past year, compared to a 0.8% decline for all brands [6][7] - In March, the Cybertruck registered 2,170 units, falling short of Ford's F-150 Lightning by approximately 400 registrations, indicating a loss of market share [8] - Analysts suggest that Musk's political behavior has negatively impacted the Cybertruck's appeal, moving it away from initial promises of competing with gasoline trucks [9] Group 4: Future Outlook - Tesla faces a range of issues that could affect its future, including political backlash and uncertainty surrounding its robotaxi plans [10] - Despite current challenges, there is a belief that these issues may eventually resolve, which could benefit long-term investors [10]