导读：马斯克再一次游走于风险边缘——一边是特斯拉日渐萎靡的汽车业务，一边则是他压上特斯拉未 来的AI和机器人业务。 （文 / 观察者网 周盛明 编辑 / 高莘） 游走在风险边缘，压上身家和声誉，忍受现实的压力——马斯克似乎早已习惯在"逆风局"中找到实现目 标的快感。 作为特斯拉、SpaceX、xAI等多家公司的首席执行官，马斯克的创业过程展现出极端的风险偏好和近乎 于偏执的"赌徒"性格。 埃隆·马斯克 美联社 随着特斯拉2025年财报的公布，马斯克的这一性格再次显露无疑——虽然特斯拉的全年营收出现历史首 次下滑、净利润同比近乎腰斩，但马斯克毅然决然的宣布将Model S/X停产，并集中大量资金投资尚未 商业闭环的AI和机器人领域。 虽然交出了不甚如意的财报，但特斯拉的股价波动并不明显。如今，特斯拉的市值依旧高达1.35万亿美 元（约合人民币9.38万亿元），远远超过同类汽车公司——背后真正作为支撑的，正是马斯克给予投资 者的"对未来的希望"。 但是希望并不能给予商业化的回报。在"赌徒马斯克"的带领下，特斯拉再一次游走于风险边缘——一边 是特斯拉日渐萎靡的汽车业务，一边则是他压上特斯拉未来的AI和机器人业务。 ...

Core Viewpoint - The article highlights the investment strategy of Hu Zhongyuan, focusing on AI applications and robotics, while maintaining a cautious approach with a reduced equity position in his funds [1][4]. Fund Performance - Hu Zhongyuan manages a total of 33.2 billion yuan across five funds, achieving an annualized return of 26% over 6.8 years [6]. - The flagship fund, Huashang Runfeng Flexible Allocation Mixed A, has shown a remarkable return of 85.02% in 2025, significantly outperforming its benchmark and the CSI 300 index [11][12]. - The fund's net value has consistently increased, with a 4.28% growth in the current year [11]. Investment Strategy - The fund maintained an equity position below 45% during market downturns in 2022 and 2023, effectively controlling drawdowns [13]. - Starting in Q1 2024, Hu Zhongyuan increased the equity position to over 90%, but has since reduced it to around 50% in Q3 2025, indicating a strategic shift in response to market conditions [15]. - The top ten holdings have become more diversified, with the concentration of the top ten stocks decreasing from 45% to 23% [15]. Sector Focus - The fund is now focusing on AI application hardware and robotics, with investments spread across sectors such as electronics, communications, media, machinery, home appliances, automotive, electric power equipment, and medical devices [17]. - Recent adjustments include new positions in key consumer electronics companies, indicating a shift from upstream technology to downstream applications [17]. Key Holdings - The top ten holdings in Q4 2025 include new entries like Crystal Optoelectronics, GoerTek, and Luxshare Precision, reflecting a strategic pivot towards consumer electronics [17][19]. - The fund has also increased its stakes in companies involved in the robotics sector, such as Sanhua Intelligent Control and Top Group, while introducing new positions in Jiangsu Leili [19].

Group 1 - Tesla's stock jumped 2.5% to $442.3 in pre-market trading [1] - The company's Q4 revenue saw a significant decline compared to Q3, attributed to a second consecutive year of declining electric vehicle deliveries, impacting revenue and automotive gross margins [1] - Despite the revenue drop, Tesla's EPS exceeded expectations, and its energy and services business continued to grow [1] Group 2 - Tesla announced the removal of human safety supervisors from some Robotaxi service vehicles in Austin, Texas, marking a step towards true autonomous driving [1] - The production plan for the Robotaxi-specific product Cybercab is on track for this year [1] - Tesla has reached an investment agreement of approximately $2 billion with xAI, shifting market narrative towards the long-term premium potential of "AI + robotics" [1]

步科股份公告称，预计2025年年度实现归属于母公司所有者的净利润6800万元 - 8000万元，同比增加 39.08% - 63.63%；扣非净利润5500万元 - 6600万元，同比增加45.95% - 75.15%。2024年归母净利润为 4889.16万元，扣非净利润为3768.28万元。受益于机器人行业需求增长，公司机器人业务营收大幅提 升，且通过精细化运营管理控费增效，推动净利润快速增长。具体财务数据以年报为准。 ...

在交出一份并不积极的财报后，特斯拉却迎来了资本市场的正向回应。 北京时间1月29日，特斯拉发布2025年第四季度及全年财报。财报显示，2025年特斯拉全年营收为948.27亿美元，同比 下滑3%，这是特斯拉有记录以来首次年度营收下滑；归属于普通股股东的净利润为37.94亿美元，同比下降46%，其 中第四季度净利润仅为8.4亿美元，同比大幅下滑61%。无论是营收还是利润，均创下近年来最大幅度的下行。 这些下滑并不让人意外，多重因素下，特斯拉交付量下降的问题已经存在不短时间，汽车业务持续承压，外界早已有 心理准备。甚至特斯拉第四季度的总体毛利率、能源业务收入等指标还强于市场预期。 意料之外的是，在营收和利润双双下跌的情况下，公布财报后特斯拉股价跳涨，盘后涨幅曾超过4%。瑞穗证券分析师 Vijay Rakesh维持特斯拉买入评级，并将目标价从530美元上调至540美元。 2025年，特斯拉全年汽车交付量约163.6万辆，同比下降8.6%；第四季度交付量约41.8万辆，同比下滑16%。汽车业务 全年收入约695亿美元，同比下降约10%，在总营收中的占比继续下降。 特斯拉在财报中将汽车业务承压归因于多方面因素，包括交付 ...

Core Viewpoint - Tesla's financial report indicates a significant decline in total deliveries and revenue for 2025, marking the first revenue drop since its IPO, with net profit nearly halved. The company plans to gradually cease production of Model S and Model X starting next quarter [1][3][16]. Financial Performance - In Q4 2025, Tesla's revenue was $24.9 billion, a 3% year-over-year decline. Revenue from automotive-related businesses was $17.693 billion, down 11% year-over-year, with automotive sales revenue at $16.75 billion, also down 10% [10][12]. - The total annual sales for Tesla in 2025 reached 1.636 million units, a decrease of 8.6% year-over-year, marking two consecutive years of decline. However, deliveries in the Asia-Pacific region set a historical record [5][8]. - Tesla's GAAP net profit for 2025 was $3.794 billion, a 46% decrease from $7.1 billion in 2024, while non-GAAP net profit fell 26% to $5.858 billion [16][18]. Strategic Shift - Tesla is shifting its focus towards AI and robotics, with plans to transform production lines for Model S and Model X into facilities for the Optimus robot, aiming for an annual production target of 1 million units [23][25]. - The company is also set to begin mass production of the long-awaited electric semi-truck, Semi, in the first half of the year, and the new Roadster is expected to debut in April [27][29]. AI and Robotics Development - Tesla's FSD (Full Self-Driving) software has seen a 38% increase in paid users, reaching 1.1 million by the end of 2025. The company is actively expanding its Robotaxi fleet, with over 500 units deployed in select U.S. cities [32][36]. - The third-generation Optimus robot is expected to be released within months, featuring advanced capabilities for learning and task execution [40][42]. Financial Health - As of the end of 2025, Tesla's cash and investment balance reached a record $44.059 billion, a 21% increase from the previous year, supported by a positive free cash flow of $6.26 billion [20].

Core Viewpoint - The company, Tiantong Co., Ltd. (600330.SH), has signed a strategic cooperation agreement with JD Industrial during the 2025 World Intelligent Manufacturing Conference to enhance the supply chain for robot manufacturing by ensuring the supply of high-quality core components [1] Group 1: Strategic Cooperation - The agreement aims to build a digital highway linking the upstream and downstream of the industry through a smart supply chain [1] - The collaboration will support robot manufacturing companies by providing essential core components [1] Group 2: Product Application - The company's soft magnetic materials are critical components for module power supplies and sensors in robots [1] - These soft magnetic materials can also be used as magnetic cores in various electronic components such as motors, transformers, relays, inductors, and filters, which have extensive applications in robotic systems [1]

Group 1: New Energy Business - The company is expanding its new energy business from photovoltaic module manufacturing to investment in photovoltaic power stations and energy storage stations, with controllable construction costs and stable operational profitability [2]. - Currently, the company has two photovoltaic power stations in operation: one in Qinghai (80 MW) and another in Xuan Cheng Yang Liu Town (170 MW), and is actively pursuing further investments in new power stations [2]. Group 2: Robotics Business Development - The company plans to achieve core business indicators through the implementation of application scenarios, accelerating capacity deployment [3]. - The shield tunneling robot team is conducting specialized adjustments for shield cutter tools and will deploy four-legged robots for tunnel inspection and measurement at construction sites [3]. - The humanoid robot company, Star Dynamics, is in the process of team recruitment and is advancing the integration of interactive, guiding, and entertainment application scenarios [3]. Group 3: Long-term Equity Investments - Long-term equity investments primarily focus on PPP projects, such as the Ningbo Zhongxing Bridge project, where the government contributes 30% and the company contributes 70%, which is now in the government buyback period, ensuring stable returns [3]. - The company’s investment in the Hang Shao Tai high-speed rail project is approaching the reporting period, with expected increases in project yield as train operations ramp up [3]. Group 4: Capital Market Plans - The company plans to advance financing and equity incentive plans based on the performance of various business segments to enhance sustainable investment capabilities and recruit key business teams [3].

硬·AI 作者 | 李 丹 编辑 | 硬 AI 特斯拉四季度营收由三季度的两位数同比大增转为下滑，电动车交付量连续第二年下滑，成为营收与汽车毛利承压的主要原因，但EPS盈利高于预期，能源与 服务业务继续放量，披露投资xAI、无人驾驶出租车Robotaxi等"物理 AI"相关业务的进展。 盘后公布财报后，股价盘后跳涨，盘后涨幅曾超过4%。盘后上涨更像是源于特斯拉短期的业绩并没有太差，长期的叙事——Robotaxi/Optimus/xAI方面继续给 估值提供想象空间。业绩电话会上，特斯拉高管称2026年全年资本支出将超过200亿美元。此后股价曾回吐盘后多数涨幅。 汽车业务拖累特斯拉四季度的总营收由增转降，但储能部署装机量创纪录，应被市场视为短期内对冲汽车端下行的"硬支撑"。更重要的是，特斯拉强调"物理 AI"的进展与AI领域相关投资。 Q4特斯拉营收同比由增转降3%、略低于预期、首次年度营收下滑，当季EPS盈利降17%仍强于预期，毛利率升破20%，储能部署增29%至新高14.2GWh；1月开始在奥斯汀限量提 供无安全监督员的Robotaxi；Cybercab、Semi卡车、储能系统Megapack 3均按计划今年 ...

精达股份1月29日在互动平台表示，公司有部分产品应用于航空航天，有部分产品应用于机器人伺服电 机。 ...