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]

Investment Rating - The report maintains a "Recommendation" rating for the computer industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [45]. Core Insights - The penetration rate of advanced driving assistance systems (ADAS) is expected to accelerate, enhancing the competitiveness of automotive manufacturers. By 2025, the penetration rate of L2 and above intelligent driving functions in China is projected to reach 62%, with high-speed NOA at 10.8% and urban NOA at 9.9% [8][20]. - The global layout of Robotaxi is accelerating, with significant progress in commercialization. Baidu's Robotaxi service, "萝卜快跑," achieved 1.4 million rides in Q1 2025, a 75% year-on-year increase, and plans to expand internationally [9][23]. - Automotive manufacturers are focusing on the iterative upgrade of intelligent driving assistance technologies, with several companies launching new models equipped with advanced sensors and computing platforms [10][29]. Summary by Sections Industry Weekly Viewpoint - The computer sector index decreased by 3.00% from May 19 to May 23, underperforming the ChiNext index by 2.12 percentage points [13]. Market Performance Review - The overall A-share market experienced a net outflow of 2,763.76 billion yuan, with the computer sector seeing a net outflow of 306.98 billion yuan during the same period [15]. Advanced Driving Assistance Systems (ADAS) - The competition in the ADAS market is intensifying, with a shift from price competition to enhancing product value and technological content. The focus is on rapid product launches and widespread coverage across different vehicle brands and models [19]. Robotaxi Commercialization - The report highlights the rapid expansion of Robotaxi services, with significant international deployments and partnerships, indicating a shift towards large-scale operations in the sector [27]. Investment Recommendations - The report suggests focusing on companies such as Horizon Robotics, SUTENG, Desay SV, and others, as the intelligent driving industry enters a new phase of "technology + regulation + commercialization" [34].

Investment Rating - The report maintains a "Recommendation" rating for the computer industry, expecting the industry index to rise more than 5% over the next 3-6 months compared to the benchmark index [45]. Core Insights - The penetration rate of advanced driving assistance systems (ADAS) is expected to accelerate, enhancing the competitiveness of automotive manufacturers. By 2025, the penetration rate of L2 and above intelligent driving functions in China is projected to reach 62%, with highway NOA at 10.8% and city NOA at 9.9% [8][20]. - The global layout of Robotaxi is accelerating, with significant progress in commercialization. Baidu's Robotaxi service, "萝卜快跑," achieved 1.4 million rides in Q1 2025, a 75% year-on-year increase, and plans to expand internationally [9][23]. - Automotive manufacturers are focusing on the iterative upgrade of intelligent driving assistance technologies, with several companies launching new models equipped with advanced sensors and computing platforms [10][29]. Summary by Sections Industry Weekly Viewpoint - The computer sector index decreased by 3.00% from May 19 to May 23, underperforming the ChiNext index by 2.12 percentage points [13]. Market Performance Review - The overall A-share market experienced a net outflow of 276.38 billion yuan, with the computer sector seeing a net outflow of 30.70 billion yuan during the same period [15]. Advanced Driving Assistance Systems (ADAS) - The competition in the ADAS market is intensifying, with a shift from price competition to enhancing product value and technological content. The focus is on rapid product launches and widespread coverage across different vehicle brands and models [19]. Robotaxi Commercialization - The report highlights the rapid expansion of Robotaxi services, with major players like Waymo and Tesla also advancing their commercial operations. The global market for Robotaxi is expected to grow significantly, driven by technological advancements and market openness [27]. Investment Recommendations - The report suggests focusing on companies benefiting from the acceleration of intelligent driving penetration, including Horizon Robotics, SUTENG, Desay SV, and others [11][34].

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]

Group 1: Market Overview - The 20-year U.S. Treasury auction results were poor, leading to a surge in long-term U.S. Treasury yields and a decline in U.S. stocks, with increased risk aversion and a rise in gold prices [1] - U.S. stock markets experienced their largest drop in a month, with the Dow Jones down 1.91%, S&P 500 down 1.61%, and Nasdaq down 1.41% [2] - The dollar has declined for three consecutive days, while gold prices increased by over 1% [2] Group 2: Corporate Developments - OpenAI made its largest acquisition ever, acquiring an AI hardware startup for $6.5 billion [3] - Amazon's CEO stated that tariffs have not affected consumer spending [4] Group 3: Domestic Economic Policies - Shanghai issued a plan to boost consumption, including subsidies for new digital products and support for green home appliances [5] - The National Financial Supervision Administration and other departments released measures to support financing for small and micro enterprises, facilitating their listing on the New Third Board [5] Group 4: Industry Insights - The first batch of immediate refund points for tax refunds upon departure has been launched in Beijing, stimulating inbound consumption [6] - In May, 130 domestic online games and 14 imported games were approved by the National Press and Publication Administration [7] - The first AI-generated content liability insurance was launched in Wuxi [8] - TrendForce reported that DDR4 product prices have increased more than DDR5 product prices [9] Group 5: Company Performance - Baidu reported a 42% year-on-year increase in net profit for Q1, with a 42% growth in intelligent cloud services and a 75% increase in orders for its "萝卜快跑" service [10] - Xiaopeng Motors achieved a total delivery volume of over 94,000 units in Q1, a year-on-year increase of 330.8%, setting a new quarterly delivery record [10] Group 6: Market Trends and Predictions - The China Computing Power Platform and Shanghai Computing Power Trading Platform were officially launched, integrating various functionalities to enhance digital economy transformation [14] - The "Beautiful Rivers and Lakes Protection and Construction Action Plan (2025-2027)" was released, focusing on improving water ecological environment quality [15]

Group 1 - Baidu's "萝卜快跑" provided over 1.4 million rides in Q1 2025, a 75% year-on-year increase, totaling over 11 million rides to date [1] - "萝卜快跑" expanded internationally by entering Dubai and Abu Dhabi, with public road testing already underway in Dubai [1] - WeRide reported Q1 2025 revenue of 72.44 million yuan, with a gross margin of 35.0%, and Robotaxi revenue of 16.1 million yuan, accounting for 22.3% of total revenue [1] Group 2 - The year 2025 is anticipated to be a pivotal year for Robotaxi mass production and commercialization, with companies like Xiaoma Zhixing, Momenta, and WeRide expected to benefit [2] - The B-end shared mobility market is rapidly expanding, with a predicted surge in Robotaxi sales around 2026-2027, and by 2030, shared mobility is expected to account for 6.0% of the domestic market [2] - Robotaxi is projected to replace traditional shared mobility and some private car markets, with an optimistic estimate that Robotaxi will capture about 36% of the B-end shared mobility market by 2030, targeting a market size of 200 billion yuan [2] Group 3 - Qianli Technology is closely tied to Cao Cao Mobility, with its Robotaxi business expected to move towards commercialization [3] - BAIC Blue Valley's product lineup includes the Extreme Fox Alpha T5 Robotaxi [4]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Apple Inc.**: Opening AI models to developers for new application development [5] - **Pharmaceutical Industry**: Focus on innovative drugs and partnerships [4] - **Robotaxi and Autonomous Driving**: Collaboration between Tencent Cloud and WeRide [7] - **New Energy and Consumption Sectors**: Focus on energy and consumer trends [3] Core Points and Arguments - **Apple's AI Initiative**: Apple is set to allow third-party developers to use its AI models, aiming to enhance application development and device appeal. This move is part of Apple's broader strategy to lead in generative AI [5][6] - **Growth of Low-Code Platforms**: The development of AI and low-code platforms is expected to significantly lower development barriers and enhance efficiency, with projections indicating that 65% of applications will be developed using low-code platforms by 2024 [5] - **Innovative Drug Sector**: A partnership between 3SBio and Pfizer for a PD-1/VEGF dual-specific antibody has been established, with an initial payment of $1.25 billion and potential total payments of up to $4.8 billion. This partnership is seen as a positive catalyst for the innovative drug sector [4] - **Market Trends**: The market is currently favoring merger and acquisition themes, with a notable focus on low-positioned new themes in energy and consumer sectors. The performance of leading companies in these areas will be crucial [3][2] Other Important but Possibly Overlooked Content - **Market Dynamics**: The market is experiencing a shift where high-positioned stocks are declining while new themes are emerging, indicating a potential rotation of capital [2] - **Robotaxi Development**: The partnership between Tencent Cloud and WeRide aims to commercialize L4 autonomous driving and expand into overseas markets, with expectations for significant growth in the Robotaxi sector by 2025 [7] - **Stock Market Movements**: Various companies are undergoing significant changes, including mergers, acquisitions, and stock price fluctuations, which could impact their future performance [12] - **Sector Performance**: Notable sector performances include Japanese concepts and cancer drugs, indicating a diverse range of investment opportunities [9]

5月9日，享道出行宣布，公司完成超过13亿元人民币的C轮融资，投资方包括上汽集团、产业基金和地 方政府等机构，并且公司已启动港股IPO计划。 从行业层面看，近年来，由于特斯拉、百度等国内外巨头的大力推动，Robotaxi在全球出行领域得到快 速推进。据高盛发布的研报称，预计到2030年，将有50万辆Robotaxi在中国10多个城市运营，预计到 2035年中国Robotaxi市场总规模可达470亿美元，且有望实现盈利，2026年开始在一线城市实现正毛利 率。 但这也导致企业的竞争和盈利压力变大，于是，自动驾驶行业公司开始掀起上市浪潮，以获得进一步发 展。除享道出行外，曹操出行等国内自动驾驶相关公司都在谋求港股上市。 据悉，这是国内出行行业近三年来单笔融资金额最大的一次融资。享道出行方面称，本次资本注入，标 志着享道出行"一站式智慧出行综合体"战略获得资本市场与地方政府的双重认可，享道出行也将在港股 IPO的赛道上开启加速度。 同时，享道出行还是国内首个车企背景L4级自动驾驶运营平台，从2021年底启动享道Robotaxi运营后， 已完成33万余次订单，未来出行的商业化运营已初步实现。去年6月，享道出行入选国内 ...

Core Insights - Tesla's sales in China are declining, with April sales at 58,459 vehicles, a nearly 6% decrease year-over-year and a 26% drop from March [1]. - In the first four months of 2025, Tesla's China sales have fallen over 18% year-over-year to 231,213 units [1]. - Local competitors like NIO, Li Auto, and XPeng are experiencing significant growth, contrasting with Tesla's struggles [5][6]. Sales Performance - Tesla's April sales in China were 58,459 vehicles, down nearly 6% from the previous year and down 26% from March [1]. - NIO delivered 23,900 vehicles in April, reflecting a 53% year-over-year increase [5]. - XPeng's deliveries reached 35,045 in April, marking a 273% year-over-year increase [6]. - Li Auto delivered 33,939 vehicles in April, up 31.6% year-over-year [6]. Market Position and Competition - Tesla is facing challenges from an aging product lineup and increasing competition, leading to weak delivery numbers across key markets [2][3]. - The recent refresh of the Model Y did not generate significant excitement, and public perception of Tesla has been negatively impacted by CEO Elon Musk's controversies [2]. - Local EV makers are gaining ground, with NIO, Li Auto, and XPeng all reporting strong sales growth [5][6]. Financial Outlook - Tesla's stock has lost over 30% year-to-date, and the company has not reaffirmed its 2025 delivery guidance due to ongoing global tariff uncertainties and weak performance in China [3][4][7]. - The Zacks Consensus Estimate for Tesla's 2025 earnings suggests a 22% year-over-year decline [11]. - Tesla trades at a forward price-to-sales ratio of 8.41, significantly higher than the industry average, and carries a Value Score of F [9].