中证报中证网讯(记者王雪青)7月31日晚间，长盛基金社保业务管理部基金经理杨秋鹏在"中证点金 汇"直播间表示，下半年继续看好人工智能板块，人工智能产业整体快速向前发展的趋势不变。不过， 需要关注市场的预期与实际产业进展的差异，进而评估市场风险和个股风险。 他同时提示，人工智能等科技板块的投资还是需要保持警惕。今年以来，因为流动性充裕，市场对于个 股估值的容忍度显著提升，光模块、PCB、国产算力中业绩增长最快或者预期增长最快的公司所对应的 估值都可以作为细分领域估值的锚。未来，如果这些公司的估值回调，可能会对整个板块造成较大的调 整压力。 杨秋鹏表示，下半年将重点关注机器人和Robotaxi的商业化进程。在机器人方向，密切跟踪细分领域的 技术路线变化，同时关注国内有场景和细分领域算法优势的公司。在Robotaxi方向，海外的商业化节奏 在加快，融合了Grok模型的特斯拉智驾产品能力进一步提升。国内L3级别自动驾驶加速落地，L2.5以 上高阶智驾渗透率超过20%，城区领航渗透率在10%-15%，车企的智驾算法逐渐成熟。整体来看，产业 的技术进展和推进力度一直在加速。 ...

Core Insights - Tesla has launched its ride-hailing service in the San Francisco Bay Area, but it is not being referred to as a robotaxi [1][2] - The service is invite-only and will initially operate with safety drivers behind the wheel, utilizing Tesla's Full Self-Driving technology [2][3] - Tesla has not yet applied for permits to test fully driverless taxis in California, although it holds a transportation charter permit for non-autonomous vehicles [8] Group 1 - Tesla's ride-hailing service is now available in the Bay Area and Austin, as confirmed by CEO Elon Musk [1] - The service's operating area includes the Bay Area, Fremont, and central San Jose, with invitations being sent out [1] - The company is charging for rides, and safety drivers are confirmed to be present during the initial phase of the service [3] Group 2 - California has strict regulations for autonomous taxi services, which differ from the less stringent rules in Texas [3] - Musk has ambitious goals for the robotaxi service, aiming for availability to about half of the US population by the end of the year [9] - Tesla has not yet sought the necessary permits for fully driverless taxis in California, according to the California DMV [8]

文远知行WeRide发布2025年第二季度财报：营收1.27亿元，同比增长60.8%；Robotaxi业务营收4590万 元，同比增长836.7%，创公司成立以来单季度新纪录；Robotaxi业务占二季度营收比例升至36.1%，创 2021年以来单季度历史新高。 ...

Waymo vs Robotaxi geofence https://t.co/GVYg7czkiPTesla Owners Silicon Valley (@teslaownersSV):BREAKING: Robotaxi rides are in the Bay Area. https://t.co/4kwdfjqDHf ...

BREAKING: Tesla Expansion for Bay Area covers 400 square miles or 75 miles in total.Lfg. https://t.co/Aw3BJtuyTbGrok (@grok):@teslaownersSV @JoshWest247 @JoeTegtmeyer @Tesla @robotaxi Tesla's Austin Robotaxi geofence currently spans about 42 square miles, centered around the city core. The Bay Area expansion covers roughly 400 square miles, stretching 75 miles from north of the Golden Gate to south of San Jose—making it nearly 10 times larger and far more ...

Group 1: AI-Driven PCB Industry Expansion - The PCB industry is experiencing significant growth opportunities driven by the global AI wave, leading to substantial capital expenditure increases for related companies [3] - Demand for high-end products such as HDI, IC substrates, and high-frequency boards is accelerating due to the needs of AI servers, 5G communication, and electric vehicles [3] - Key players like Chipbond Technology are focusing on high-end and international strategies, with PCB equipment sales expected to exceed 370 units in 2024, a 35% year-on-year increase [3] Group 2: Eco-Optics and Industrial Vision - Eco-Optics is a leader in the domestic industrial machine vision sector, providing high-efficiency and high-precision inspection solutions for PCB manufacturing [4] - The company’s products meet international standards in resolution, image modes, acquisition speed, and noise control, serving major domestic PCB inspection equipment manufacturers [4] - The electronic manufacturing sector is expected to see a significant increase in shipment volume in 2024, with higher gross margins compared to other business segments [4] Group 3: Tesla's Financial Performance and Future Outlook - Tesla reported Q2 2025 revenue of $22.496 billion, a 12% year-on-year decline, with a gross profit of $3.878 billion, down 15% [5][6] - The automotive segment saw a significant revenue drop of 16% to $16.661 billion, attributed to decreased sales, reduced carbon credit income, and increased competition [6] - The Robotaxi pilot program has begun, with expectations for significant financial impact by the end of 2026, while the launch of the Optimus 3 model is anticipated by the end of 2025 [7][8] Group 4: Revenue and Profit Forecasts for Tesla - Revenue projections for Tesla from 2025 to 2027 are $86.218 billion, $92.307 billion, and $96.104 billion, reflecting year-on-year changes of -11.7%, +7.1%, and +4.1% respectively [8] - Net profit forecasts for the same period are $4.883 billion, $6.205 billion, and $7.238 billion, with corresponding PS valuations of 12.2, 11.4, and 10.9 times [8] - The report suggests monitoring Tesla's future Robotaxi developments and the rollout of affordable models, with an initial coverage rating of "overweight" [8]

Group 1 - Citigroup reports increasing demand for quantitative funds seeking to enter China's A-shares market [2] - Deutsche Bank indicates that the European Central Bank's easing cycle has ended, with the next action being interest rate hikes [2] Group 2 - CICC suggests that U.S. steel prices may remain high in the short term, with a potential upward shift in the long-term average [3] - Guotai Junan estimates that the scale of childcare subsidies could reach an annual average of 100 billion, boosting demand in the dairy industry and others [3] - CITIC Securities highlights that the newly announced childcare subsidy plan will clearly benefit maternal and infant retail chains [3] - Huatai Securities notes that the new policies from WAIC in Shanghai will accelerate the development of Robotaxi [3] - Minsheng Fixed Income states that the short-term space for interest rate increases is limited, with the yield curve being influenced by long-term rates [3] - CITIC Securities continues to focus on issuers likely to obtain the first batch of stablecoin licenses and platforms that are deterministically involved in the creation of stablecoin usage scenarios [3]

格隆汇7月30日丨中科创达(300496.SZ)在投资者互动平台表示，在Robotaxi领域有相关业务合作。 ...

Core Viewpoint - The automotive industry is experiencing a significant shift in pricing strategies for advanced driving features, driven by the anticipated arrival of Tesla's Full Self-Driving (FSD) technology in China, leading to a price war among local manufacturers [1][3][16]. Group 1: Price Changes and Market Reactions - Since April 2023, a price collapse regarding advanced driving features has swept through the Chinese electric vehicle market, with many features that previously required substantial fees now being offered for free or at significantly reduced prices [2][4]. - Tesla announced a price cut for its FSD from $12,000 to $8,000 and introduced a subscription option at $99 per month, prompting immediate reactions from Chinese automakers [4]. - Following Tesla's announcement, Xpeng Motors declared that its XNGP feature would be free for all current MAX model owners, marking the beginning of a trend towards free advanced driving features [6]. Group 2: Industry Dynamics and Consumer Behavior - The automotive industry is witnessing a preemptive strike by local players to reshape the market dynamics before Tesla's FSD launch, indicating a strategic shift rather than a mere price reduction [3][17]. - A survey by Deloitte revealed that Chinese consumers prefer to pay a one-time fee for automotive features rather than subscribe, leading to a decline in willingness to pay for advanced driving technologies [9]. - The shift towards free features is seen as a way to attract users and gather valuable driving data, which is crucial for the development of autonomous driving technologies [12][10]. Group 3: Data as a Future Asset - The automotive industry's business model is evolving towards valuing data as a key asset, with companies betting on the long-term value of operational data over short-term software sales [13][17]. - The concept of "data loop" is emphasized, where real-world driving data collected from vehicles is essential for training AI models, positioning data as a critical resource for future innovations [12]. - The potential for data monetization is highlighted through models like Usage-Based Insurance (UBI), which can offer personalized insurance rates based on driving behavior, showcasing a direct financial benefit from data collection [15].

Lucid's deal with Uber is promising. But a Rivian partnership looks superior. To help Lucid scale up enough to produce this many vehicles, Uber also agreed to invest $300 million into the business. Around the same time, Lucid announced a 1-for-10 reverse stock split, but it's not clear how connected these two events are. While all of this looks promising on paper, there are two obvious problems. First, Uber's robotaxi division remains in its infancy. Whether it can actually grow big enough to acquire 20,000 ...