"我认为我们极有可能走向一个令人兴奋、令人惊叹的丰饶时代。"在最新一次财报电话会上，马斯克依然像一位站在火箭发射台上的预言家，语调 高昂、充满憧憬。 未来仿佛已经近在眼前，但"地球引力"依然清晰可见。 北京时间1月29日，特斯拉发布2025年第四季度财报，将"丰饶时代"的愿景与一家汽车制造商正在承受的现实并排摊开：公司当季营收249.0亿美元， 同比减少3.1%；经营利润14.1亿美元，同比减少11%；自由现金流14.2亿美元，同比减少30%；毛利率20.1％；每股收益0.24美元，上年同期0.66美 元；第四季度调整后每股收益0.50美元，上年同期为0.73美元。 由于业绩好于预期，特斯拉盘后上涨近4%。但这份"超预期"，并未掩盖一个更具转折意义的事实——特斯拉自成立以来，年度总营收首次出现下 滑。 纵观2025全年，特斯拉总营收约948亿美元，下滑3%；净利润约38亿美元，近乎腰斩，同比暴跌46%。全球交付163.6万辆汽车，同比减少8.6%，其 中第四季度交付41.8万辆，同比减少约16%，这已是交付量连续第二年"开倒车"。 这两款车型确立了特斯拉作为主流规模化汽车制造商的地位，也为后续Model 3和 ...

特斯拉再次站在了历史的分水岭上。这一次，挑战前所未有。 北京时间2026年1月29日，特斯拉发布的2025年第四季度及全年财报显示，其"基本盘"汽车业务面临显 著压力。2025年，特斯拉全球生产电动车约165.5万辆、交付163.6万辆，分别同比下降6.7%、8.6%，全 年总营收948.27亿美元，同比下滑3%；净利润37.94亿美元，同比大幅下降46%。 不过，这份财报并非一片灰暗。通过严格的成本控制与卓有成效的区域结构优化，特斯拉在2025年第四 季度将整体毛利率逆势提升至20.1%，创近两年新高。同时，能源业务展现出强劲的增长韧性，全年营 收同比增长25%，储能装机量达46.7吉瓦时，同比增长48.7%，其中第四季度储能产品装机量达14.2吉瓦 时，环比增长13%，第四季度和全年储能装机量均创历史新高，成为稳固的第二增长支柱。 真正定义这个"分水岭"时刻的，并非这些财务数字的波动，而是特斯拉CEO埃隆·马斯克在财报电话会 上宣布的一系列足以重塑公司基因的激进决策。他正式将公司使命更新为"创造惊人的富足"，标志着特 斯拉的雄心已远远超越汽车制造，指向一个由人工智能和机器人定义的未来。为此，马斯克宣布了史 ...

2026年2月3日 星期1 5 ။ 디 LT 1 隔夜市场 美股三大指数集体收涨，道指涨1.05%，标普500指数涨0.54%，纳指涨0.56%，大型科技股涨跌不一，苹果涨超4%，谷歌、亚马逊涨超1%，英伟达跌超 2%，微软、Meta跌超1%。美国基建股、存储概念股涨幅居前，闪迪涨超15%，西部数据涨近8%，卡特彼勒涨超5%。加密货币、贵金属、能源股普跌， Robinhood跌超9%，Circle跌近8%，美洲白银公司跌超5%，Coinbase跌超3%。纳斯达克中国金龙指数收跌0.65%，热门中概股多数下跌。小鹏汽车跌超 8%，好未来跌逾4%，爱奇艺跌超4%，蔚来跌近4%，小马智行跌近4%，世纪互联涨近4%，金山云涨超3%，新东方涨近3%，满帮集团涨超2%，百胜中国 涨逾2%。 现货金银"V"型反转，现货黄金一度重回4800美元/盎司，截至北京时间周二凌晨5:25，暂报4665美元/盎司。现货白银跌幅收窄至2.3%后震荡下跌，截至北 京时间周二凌晨5:25，暂在80.00美元/盎司一线波动。 WTI原油期货价格收跌4.71%，报62.14美元/桶。布伦特原油期货收跌4.36%，报66.30美元/桶。美国天然气 ...

蒋光祥 近日，在市场行情的配合下，"工具基"迎来流量盛宴。所谓"工具基"，是指那些高度聚焦于AI算力、CPO、AI应 用、机器人等热门细分科技赛道，持仓集中、风格极致的主动权益基金。它们在互联网流量打法的助推下，短时 间内吸引了巨量申购资金，成为市场焦点。 "工具基"在资本市场上的崛起，是市场环境、产品创新与渠道变革共同作用的结果。如A股科技成长板块的结构性 行情或疾风骤雨，或波澜壮阔，为赛道投资提供了丰沃的土壤。部分一直苦苦寻求"弯道超车"的中小基金管理 人，敏锐地抓住了这一机遇。他们通过新发或改造老产品，对前沿细分赛道进行系统化布局，打造出一批辨识度 极高的"工具化"产品。这些产品凭借主动基金集中持仓的优势，追求超越ETF等指数基金的弹性表现，从而满足了 部分投资者对高锐度收益的渴望。 然而，真正让"工具基"实现"出圈"并引发巨量申购的，是互联网流量的放大效应。基金管理人将营销主战场转向小 红书、抖音、支付宝等年轻投资者聚集的互联网平台，不断强化产品的赛道标签。其中最具争议性的是一些互联 网"大V"通过实盘及调仓动态进行变相"带货"，吸引投资者跟投。这种模式实际上突破了产品必须和投资者风险偏 好匹配这一合 ...

Market Overview - A-shares experienced a significant decline on February 2, with the Shanghai Composite Index and ChiNext Index both dropping over 2% [2][4] - The market showed a broad-based decline, with 4,652 stocks closing lower, particularly in resource sectors such as metals, coal, oil, and chemicals [4][9] - The trading volume decreased significantly, with daily turnover dropping by 255.8 billion to 2.61 trillion [5] Sector Performance - Resource stocks were heavily impacted, with declines exceeding 5% in sectors like non-ferrous metals, steel, basic chemicals, coal, and oil [8][9] - The food and beverage sector, particularly liquor stocks, showed resilience, with several companies like Jinhuijiu and Youyou Food hitting the daily limit [6][7] - Banking stocks also performed relatively well, with several banks showing slight gains despite the overall market downturn [8] Market Sentiment and Factors - The decline was attributed to a combination of external market disturbances, profit-taking, and heightened risk aversion ahead of the holiday [3][11] - Analysts suggest that the market may need 3 to 5 trading days to stabilize, with a focus on whether the Shanghai Composite can hold above the 4,000-point mark [3][15] - The current market environment is characterized as a healthy technical correction rather than a trend reversal, with no signs of panic selling or liquidity crisis [12][14] Investment Strategy - Investors are advised to avoid high-volatility sectors in the short term and to wait for clear signs of market stabilization before gradually increasing positions in quality sectors [3][16] - There is a recommendation to focus on defensive sectors such as electric grid equipment and high-dividend blue chips, while avoiding emotional selling [15][17] - The market is expected to recover quickly post-holiday, supported by liquidity replenishment and policy expectations from the upcoming Two Sessions [15][17]

Group 1: Company Overview and Market Position - The company specializes in high-end CNC machine tools, robots, new energy vehicles, and core components, recognized as a national high-tech enterprise [2][3] - The company holds a 60% market share in mechanical drilling spindles and an 80% share in forming machine spindles within the PCB industry [3] - The expected net profit for 2025 is projected to be between CNY 128 million and CNY 165 million, representing a year-on-year growth of 54.40% to 99.03% [3] Group 2: Market Growth and Projections - The global PCB equipment market is expected to grow at a CAGR of 8.7%, reaching approximately USD 10.765 billion by 2029, with China's market projected to reach about USD 6.139 billion [4] - Drilling and exposure equipment are expected to maintain high growth rates of 10.3% and 10.0% CAGR, respectively, from 2024 to 2029 [4] Group 3: Technological and Product Advantages - The company has achieved "domestically leading, internationally advanced" technology levels, with some products filling domestic technical gaps and breaking foreign monopolies [5] - A unique integrated business chain has been established around spindle products, providing high-value solutions through a combination of machine, parts, and service [5] Group 4: Emerging Business Areas - In the commercial aerospace sector, the company has developed key components for rocket control systems and satellite propulsion systems, with small-scale applications already in place [6][9] - The robotics sector includes core components such as harmonic reducers and torque motors, with ongoing development and small batch orders from humanoid robot manufacturers [7][8] Group 5: Future Strategies and Risks - The company plans to focus on household applications for charging robots while cautiously exploring commercial markets [8] - Current business in commercial aerospace and robotics accounts for approximately 1% of total revenue, indicating a need for careful investment decisions [9] - The company is committed to maintaining a robust technical foundation and ensuring product delivery quality while exploring market opportunities [9]

四川省政协副主席谢商华代表政协四川省第十三届委员会常务委员会作提案工作报告。报告指出，四川 省政协十三届三次会议以来，广大委员、政协各参加单位和各专门委员会共提出提案1461件，截至2025 年12月31日，经审查立案的1255件提案全部办复。 王晓晖在讲话中指出，站在新的起点上，人民政协迎来更广舞台，必定更加大有作为。全省政协各级组 织要发扬优良传统，牢记政治责任，聚焦"十五五"规划制定和实施深入协商议政、积极建言献策、开展 民主监督，为推进四川现代化建设广泛凝聚人心、凝聚共识、凝聚智慧、凝聚力量。广大政协委员要切 实发挥主体作用，珍视政治身份，强化责任担当，当好党的政策的宣传者、群众利益的维护者、社会和 谐的促进者，在新时代新征程展现政协委员新担当新作为。全省各级党委要加强对政协工作的领导，积 极支持政协工作，大力践行和发展全过程人民民主，推动政协事业高质量发展。 结合四川"十四五"时期发展成效，四川省政协委员、民革绵阳市委会主委许小君表示，四川科技创新核 心动能凸显，规上企业研发投入、高新企业数量大幅增长，职务科技成果改革打通转化通道，创新链产 业链深度融合。此次上会，她重点关注人工智能和机器人领域，建 ...

联检科技公告，公司作为有限合伙人与常州力中投资管理有限公司等签署合伙协议，共同投资成立常州 力韧创业投资合伙企业(有限合伙)。合伙企业认缴出资总额为人民币6850万元，公司认缴出资1300万 元，占18.9781%。基金主要投资于智慧检测服务及高端装备、机器人及人工智能、智慧能源等领域。 ...

编号：2026-001 证券代码：001306 证券简称：夏厦精密 浙江夏厦精密制造股份有限公司 投资者关系活动记录表 答：公司正处于关键转型期，其中机器人业务的稳步推 进，为长期业绩增长提供支撑。依托在小模数精密齿轮 领域的深厚技术沉淀，公司在人形机器人部件领域已形 成精密齿轮、减速机、行星滚柱丝杠的产品布局。目前， 公司精密齿轮与减速机已实现对国内外多家知名机器人 企业供货；丝杠产品进入试样与小批量订单阶段。 | | 问题 4：公司目前在海外的产能布局情况如何？ | | --- | --- | | | 答：公司目前在的越南基地年产 100 万套精密传动结构 | | | 产品已小批量产，除服务东南亚电动工具客户外，正积 | | | 极对接机器人减速机订单，未来有望进一步打开国际市 | | | 场空间。 | | | 问题 5：公司在新产品新结构的研发是针对哪些产品？ | | | 答：公司目前积极拓展新的产品以应对市场需求和变化， | | | 新产品包括对机器人相关产品、具身智能关节模组以及 | | | 与公司现有产品相结合的机电一体相关产品的延伸，积 | | | 极应对市场和客户需求，打造公司的第二增长曲线。 ...

Overall Market Trends - The market experienced significant fluctuations, with the Shanghai Composite Index showing a decline of 0.44% last week, while the Hang Seng Index rose by 2.38% [3][4] - The overall market sentiment has shifted, with a noticeable rotation from small-cap stocks to undervalued large-cap stocks, particularly in the banking and consumer sectors [22][23] ETF Performance - Major ETFs such as the CSI 300 ETF saw a substantial decrease in scale, with the total assets of the top four CSI 300 ETFs shrinking from 1.19 trillion yuan to 570 billion yuan, a drop of over 50% [13][28] - The Gold ETF experienced a significant increase in scale, rising by 12.28% last week, making it the third-largest ETF in terms of scale [14][24] Sector Analysis - The banking sector showed resilience, with the Bank ETF increasing by 0.78% and the scale rising by 7.15% [22] - The consumer sector, particularly the liquor and food and beverage ETFs, saw a surge in trading volume, with the liquor ETF's trading volume increasing over 100% [22][23] - The agricultural sector is showing signs of recovery, supported by rising pork prices and favorable government policies [23] Global Market Context - Global indices such as the Nasdaq and DAX experienced declines, indicating a broader market fatigue after a prolonged period of growth [4][7] - The Fear and Greed Index indicated a drop to 78.99, reflecting a shift in market sentiment towards caution, although it remains in the greed zone [7][10] Fund Management Trends - Major fund management companies like E Fund and Huatai-PB saw significant reductions in their ETF scales due to major shareholders reducing their holdings [28] - Despite the overall decline in ETF scales, companies like Guotai and Huaan managed to grow their scales, benefiting from balanced industry allocations and strong gold ETFs [28]