Core Insights - The article emphasizes the importance of conducting personal in-depth research and due diligence before making investment decisions [3]. Group 1 - The analysis is intended for informational purposes and should not be considered professional investment advice [3]. - There is a clear disclaimer regarding the lack of stock or derivative positions in the companies mentioned, indicating no immediate plans to initiate such positions [2]. - The article expresses the author's personal opinions and does not reflect the views of Seeking Alpha as a whole [4].

增长前景黯淡，大幅下调2025-27年盈利预期 汇丰基于4月和5月实际交付数据以及历史6月季节性规律分析，预计特斯拉Q2交付量将环比持平。这一 预测较当前市场共识低15%，主要原因包括产品组合老化、竞争加剧以及品牌形象担忧等结构性问题。 汇丰警告特斯拉盈利将持续令人失望，Robotaxi规模化面临三重严峻挑战。 据追风交易台，汇丰银行在最新的报告中维持特斯拉"减持"评级，目标价120美元不变，暗示较当前股 价有63%的下行空间。 基于4月和5月实际销量数据以及6月历史季节性因素，汇丰预测第二季度交付量环比持平，较市场预期 低15%，运营收入面临8%的下行风险。 汇丰分析师Michael Tyndall指出，特斯拉销量疲软源于产品老化、竞争加剧和品牌形象担忧，新款 Model Y改款对提振销量的作用有限。 汇丰还大幅下调2025-27年交付和盈利预期，预期RobotaxiAI计算成本上升但短期内难以贡献收入和利 润。汇丰认为，在没有明确推出价格低于2.5万美元的更实惠车型迹象下，中期销量增长将保持温和。 尽管改款Model Y已经推出，但似乎未能有效阻止销量下滑趋势。汇丰预计Q2生产情况将好于Q1，汽 车业务毛 ...

Group 1: AI Market Overview - The artificial intelligence (AI) boom has significantly lifted the stock market since late 2022, with expectations of creating trillions of dollars in economic value over the coming decades [1][2] - Nvidia has been a major beneficiary of the AI trend, with its stock returning 956% since the start of 2023, and predictions suggest it will continue to outperform the broader market [2][12] Group 2: Market Valuation and Historical Performance - The S&P 500 currently trades at a forward price-to-earnings (P/E) ratio of just under 22, indicating that future growth has already been factored into the market [5] - Historical data shows that higher initial valuations for the S&P 500 often lead to lower returns over the subsequent decade, suggesting potential challenges for the broader market [6][7] Group 3: Nvidia's Competitive Position - Nvidia dominates the AI chip market with an estimated 92% market share, supported by its robust hardware and CUDA programming platform, which create a strong competitive moat [10] - The company is well-positioned to capitalize on emerging industries enabled by AI, such as humanoid robotics, which presents significant growth opportunities [11] Group 4: Future Growth Potential - Analysts project Nvidia's earnings to grow by nearly 29% annually over the long term, which supports its current P/E ratio of 47 and indicates room for continued investment returns [14] - Given the company's strong growth trajectory, Nvidia is expected to deliver double-digit annualized returns over the next decade, contrasting with the anticipated lower returns of the S&P 500 [15]

作者丨 机器之心 编辑丨 机器之心 点击下方 卡片 ，关注" 具身智能之心 "公众号 >> 点击进入→ 具身 智能之心 技术交流群 更多干货，欢迎加入国内首个具身智能全栈学习社区 ： 具身智能之心知识星球 (戳我) ， 这里包含所有你想要的。 恭喜获奖者。 RSS（Robotics: Science and Systems，机器人科学与系统会议）是机器人领域顶级学术会议，自 2005 年起每年举办一次，该会议旨在促进机器人领域的科学研究和 技术应用的发展。 今年大会已于 6 月 21 日至 25 日在美国洛杉矶举行。杰出 Demo 论文奖、杰出系统论文奖、杰出学生论文奖、杰出论文奖多个奖项已经公布。 地址：https://roboticsconference.org/program/awards/ 杰出 Demo 论文奖 论文标题：Demonstrating MuJoCo Playground 论文链接：https://www.roboticsproceedings.org/rss21/p020.pdf 论文主页：https://playground.mujoco.org/ 机构：UC 伯克利、Google ...

Core Insights - The event showcased over 50 robotics companies presenting innovative products, highlighting the practical applications of robots in various sectors such as industrial, medical, and service industries [9] - The robots demonstrated capabilities including inspection, cleaning, and interactive companionship, emphasizing the versatility and technological advancements in the robotics field [9][10] Group 1: Industrial Applications - Yushutech's quadruped robot has been successfully applied in intelligent power inspection and firefighting rescue scenarios [9] - Moxian Technology showcased a humanoid robot with advanced tactile sensors, enabling it to perform delicate tasks like grasping with high precision [9] Group 2: Service and Consumer Applications - The "Kirin Seat" flexible automatic charging robot from Wanxun Technology can simulate human arm movements for precise charging of electric vehicles, already deployed in automotive smart driving experiences [10] - The AI pancake-making robot from Yuanhu demonstrates an intelligent temperature control system, capable of preparing traditional Tianjin pancakes in just three minutes [10] - The Ropet robot pet from Mengyou Intelligent offers personalized interaction, learning from user engagement to develop unique personalities [10] Group 3: Environmental Applications - The "Ouka Whale Spirit" water surface inspection robot integrates multiple sensors for autonomous cleaning and monitoring of water bodies, effectively collecting debris and maintaining cleanliness [10]

Millions of people get cataract surgery every year. What if a robot could do it better than humans? https://t.co/hUI5HXteAl https://t.co/hUI5HXteAl ...

Core Insights - The article highlights the investment strategies and achievements of Paul Franke, a seasoned investor with 39 years of trading experience, emphasizing his contrarian stock selection style and algorithmic analysis for identifying investment opportunities [1]. Investment Strategy - Paul Franke developed a system called "Victory Formation," which focuses on supply/demand imbalances indicated by specific stock price and volume movements [1]. - The strategy recommends investors to maintain a diversified portfolio of at least 50 well-positioned stocks and to use stop-loss levels of 10% or 20% on individual investments to enhance market outperformance [1]. Focus Areas - The "Bottom Fishing Club" articles target deep value candidates or stocks showing significant positive technical momentum reversals [1]. - The "Volume Breakout Report" articles analyze positive trend changes supported by strong price and volume trading actions [1].

（图片来源：摄图网） 6月25日，AI芯片巨头英伟达股价再创历史新高，达到154.31美元，市值跃升至3.76万亿美元，成功重 登全球市值第一的宝座。背后是英伟达在AI领域的持续深耕以及市场对其AI芯片强劲需求的双重推 动。 在英伟达年度股东大会上，首席执行官黄仁勋指出，除了人工智能(AI)这一核心驱动力，机器人技术将 是英伟达最具发展前景的市场，并预测自动驾驶汽车将成为该技术首个主要的商业应用领域。他强 调："我们公司在各个领域都有很多增长机会，而其中人工智能和机器人技术是最大的两个，代表着数 万亿美元级别的增长机会。" 黄仁勋表示："我们很久以前就不再把自己仅仅看作一家芯片公司了。我们正在朝着这样一个目标努 力：未来将有数十亿个机器人、数亿辆自动驾驶汽车，以及数十万个机器人工厂，它们都可以由英伟达 的技术提供动力。" 从全球机器人行业的现状来看，2023年全球机器人行业市场规模超660亿美元，五年行业复合增速为 11.27%，呈现出蓬勃发展的态势。 目前，全球机器人行业竞争激烈，涵盖工业机器人、服务机器人、特种机器人等多个领域。其中，服务 机器人市场占比最大，超过50%。 | 图表3: 全球机器人领域领先 ...

Group 1 - CATL has officially entered the Robotaxi sector by investing in Hello Chuxing, which recently completed over 3 billion RMB in financing [3] - The newly registered company "Shanghai Zhaofu Intelligent Technology Co., Ltd." will focus on L4 autonomous driving technology development and commercialization [3] - The shareholders include Ant Group, Hello Chuxing, and CATL, indicating a strategic partnership aimed at advancing autonomous driving technology [3][4] Group 2 - Hello Chuxing has recruited a team of AI and autonomous driving experts to enhance its Robotaxi business, reflecting its commitment to deepening its mobility services [6] - Other companies, such as Cao Cao Mobility and SAIC's Xiangdao Mobility, are also entering the Robotaxi market, indicating a competitive landscape [6] - The collaboration aims to integrate CATL's battery technology, Ant Group's AI and payment ecosystem, and Hello's extensive user base to promote autonomous driving [8] Group 3 - CATL will provide an integrated intelligent skateboard chassis and long-life batteries, while Ant Group will contribute AI models and blockchain technology [8] - The commercial plan includes deploying 10,000 smart electric vehicles and 500 intelligent battery swap stations in 20 cities starting in Q3 2025 [8] - Hello Chuxing's CEO revealed that the first model will utilize CATL's chassis architecture, focusing on developing its own autonomous driving algorithms [10] Group 4 - CATL's investment strategy appears to be part of a larger vision to diversify beyond traditional battery markets into the Robotaxi and robotics sectors [11] - CATL has also invested in companies in the embodied intelligence field, indicating a broader interest in robotics and automation [13] - The embodied intelligence market in China is projected to reach 863.4 billion RMB in 2024, with significant growth expected in the coming years [15] Group 5 - The Robotaxi market in China is forecasted to grow from $54 million in 2025 to $12 billion by 2030, with a compound annual growth rate exceeding 96% [18] - CATL's cross-industry investments are seen as a proactive approach to seek new growth opportunities beyond its core battery business [18]

Asia Pacific Equity Research 23 June 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. S.F. Holding Co. Ltd - A/H How the leader stays ahead? May operation data sheds some light SF Holdings has defied expectations with its remarkable performance in the lo ...