视频版： 理想i6立项的时候，我跟他说我们要做一个这个世界上从来没有出现过的全新产品，2003年初我买了 人生中的第一辆车，大众POLO 1.4。21岁的我开着它不知天高地厚的和切诺基普拉多一起爬楼找楼 去承德坝上，那台车开了10多万公里，大大的拓展了我所能触及的世界。 文字版： 2005年我创办了汽车之家，我又买了一辆宝马325i，我经常开着它去金港的赛道日，去怀柔密云跑 山。掌握方向盘，就是掌控自己的命运，那种感觉和创业是一样的。后来我又买了很多车，我也造了 接近150万辆车，理想i6要成为最好的电动车，最好的人工智能终端，它既满足年轻人的需求，也必 须让40多岁的我可以重返20岁，年轻就应该掌控命运，与众不同。 补充阅读：《 32岁李想: 这十年我买过的车 》 加微信，进群深度交流理想实际经营情况与长期基本面。不是车友群。 ...

Financial Data and Key Metrics Changes - For Q4, the company reported approximately $8.3 billion in revenue, exceeding guidance by roughly $800 million, with core operating income at $519 million and core operating margin at 6.3%, a 50 basis point improvement year-over-year [9][10] - Core diluted earnings per share was $3.29, while GAAP diluted earnings per share came in at $1.99 [9][10] - Full-year adjusted free cash flow was over $1.3 billion, with a healthy balance sheet showing a debt-to-core EBITDA ratio of 1.3x and cash balances of approximately $1.9 billion [12][13] Segment Performance Changes - Regulated Industries revenue was $3.1 billion, with a year-over-year increase of approximately 3% and core operating margin expanding by 40 basis points to 6.5% [10] - Intelligent Infrastructure revenue reached $3.7 billion, $400 million above expectations, with a core operating margin of 5.9% [10][11] - Connected Living and Digital Commerce revenue totaled $1.4 billion, reflecting a year-over-year decline of approximately 14%, but core operating margin improved by 210 basis points to 6.6% [11][34] Market Data and Key Metrics Changes - The automotive and transportation market is experiencing a decline of 5% due to slowing demand for battery electric vehicles in the U.S. and Europe, while healthcare outsourcing is expected to enter a growth phase [49][50] - The company anticipates Intelligent Infrastructure revenue to grow by 18% in FY 2026, driven by AI-related demand across capital equipment and cloud infrastructure [54][55] Company Strategy and Industry Competition - The company is focusing on system-level integration across its segments, particularly in Intelligent Infrastructure, to enhance customer deployment speed and reduce costs [51][52] - A deliberate shift in the Connected Living and Digital Commerce segment is underway, moving away from lower-margin legacy consumer programs towards higher-margin automation and advanced technologies [7][56] Management's Comments on Operating Environment and Future Outlook - Management highlighted the resilience of the diversified model despite mixed dynamics across end markets, with strong performance in AI-related sectors offsetting weaknesses in automotive and renewables [36][60] - The company expects approximately 5% revenue growth for FY 2026, with core operating margin expanding to around 5.6% [57][58] Other Important Information - The company completed a $1 billion share repurchase authorization and plans to return 80% of annual adjusted free cash flow to shareholders [12][14] - The company is investing in AI and automation across its operations to enhance efficiency and competitiveness [44][46] Q&A Session Summary Question: Can you provide details on growth areas in AI? - The company expects 25% year-over-year growth in AI revenue, with significant growth in capital equipment and cloud infrastructure, while maintaining strong positions in existing markets [64][65]

Jabil (NYSE:JBL) Q4 2025 Earnings Call September 25, 2025 08:30 AM ET Company ParticipantsAdam Berry - SVP - IR & CommunicationsGreg Hebard - CFOSteve Borges - EVP - Global Business UnitsMatt Crowley - EVP - Global Business UnitsAndy Priestley - EVP - Global Business UnitsMike Dastoor - Director & CEOFrederic McCoy - EVP - Global OperationsFrank McKay - SVP, Chief Supply Chain & Procurement OfficerRuplu Bhattacharya - DirectorSteven Fox - Founder & CEOMelissa Dailey Fairbanks - VP - IT Supply Chain & Semico ...

京东同时将在10月在京东App16.0版本中发布智能搜索推荐功能"爱购"。京东表示通过自然语言交互精 准理解用户需求，为用户提供个性化购物体验。胡喜以购买冰箱为例，表示用户通过快慢思考的渐进式 交互输入家庭情况、空间尺寸、使用偏好等完整需求，系统就能智能生成包括产品推荐、可视化对比、 定制化详情页在内的完整解决方案。 双11即将到来，京东零售如何通过技术在双11大促中进行创新？胡喜对第一财经记者表示，双11本质是 运营驱动的场景，和常规模式有所不同。有一个可推进的方向是，双11需要大量场景化导购内容，而按 照新规划的模式，导购形式可以做到无限种，完全具备提前准备的条件。"例如京东内部已推出'话 题'功能，像'iPhone17'、'黑悟空'就是一个个话题，话题下会聚合诸多内容，这些内容又关联着对应商 品。未来，这些话题可以实现'清灰化'——用户点击后，能快速触发智能导购流程。基于此，双11期间 理论上能实现'无限导购'：只要能想到的场景，都可以覆盖。甚至未来通过智能体与大模型结合，能把 购物知识快速转化为导购内容。比如大模型会告知用户挑口红需考虑色号、肤色等因素，我们就能据此 快速生成导购模块，再通过用户的选择 ...

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2026 was $75.2 million, with earnings per share at $0.72, and net sales of $872.9 million, reflecting a year-over-year increase in performance [4][13] - Earnings increased from $28.4 million or $0.56 per share in the prior year quarter to $36.8 million or $0.72 per share in the current quarter [13][16] - Adjusted EBIT rose to $54.9 million, up $15.5 million from $39.4 million in the prior year quarter, primarily due to higher gross margin and increased equity earnings [17] Business Line Data and Key Metrics Changes - Automotive shipments increased by 17% year-over-year, with the Detroit Three OEMs experiencing a 5% production increase while Worthington's shipments rose nearly 13% [21][22] - Direct sales volume constituted 63% of the mix in the current quarter, up from 56% in the prior year quarter, with a 6% increase in direct sales volume compared to the previous year [20][21] - Toll processing volumes decreased by 22% year-over-year, attributed to softer market conditions and the closure of the Worthington Samuel Coil Processing facility [23][40] Market Data and Key Metrics Changes - Market pricing for hot rolled coil peaked at $950 per ton in March but has since declined to approximately $800 per ton due to softer demand [19] - The agricultural market faced challenges, with volumes down nearly 50% compared to the prior year quarter, while construction market shipments fell modestly by 3% [22] - The energy and container markets saw modest increases, contrasting with declines in other sectors [22] Company Strategy and Development Direction - The company is focused on electrical steel investments and margin-accretive growth, with production in Canada expected to start in early 2026 [8] - Expansion of the facility in Mexico is set to begin production soon, aimed at supplying electrical steel laminations for hybrid and electric vehicles [9] - The integration of AI into operations is a key part of the company's transformation strategy, aimed at improving efficiency and productivity [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the automotive market for the remainder of 2025, despite ongoing market uncertainties [6][21] - The company is positioned to capitalize on opportunities arising from supply chain shifts and customer complexities [6] - Management anticipates potential inventory holding losses in Q2 2026, estimating losses between $5 million to $10 million [20] Other Important Information - The company reported a cash outflow of $5 million from operations and a free cash flow outflow of $34 million, impacted by increases in working capital [24] - A quarterly dividend of $0.16 per share was announced, payable on December 26, 2025 [24] - The company ended the quarter with $78 million in cash and $233 million in outstanding debt, resulting in net debt of $155 million [25] Q&A Session Summary Question: Can you provide more details on the Sedum transaction and mezzanine financing structure? - The Sedum acquisition cost $60 million in cash, financed through ABL, with a unique mezzanine equity structure due to foreign currency involvement [28][30] Question: What is the outlook for automotive and opportunities for market share in 2026? - Management is cautiously optimistic, projecting a unit build rate of $15 million and identifying further opportunities for market share growth [31] Question: How does the company manage the impact of Section 232 tariffs on electrical steel laminations? - The company has seen little impact from tariffs, with strong demand and a significant portion of customers being USMCA compliant [33] Question: Will the closure of Worthington Samuel affect toll processing volumes? - The decline in toll processing volumes is primarily due to market conditions and the closure of the facility, with some customer program changes also contributing [40] Question: What are the expectations for volumes in fiscal Q2? - Normal seasonality is expected, with Q2 typically being 3% to 4% below Q1, and no significant demand triggers anticipated [42]

对于英伟达此次从"赋能者"到"亲自下场"的角色深化，盘古智库高级研究员江瀚在接受记者采访时分析 称，这背后或是英伟达技术闭环需求驱动的战略升级。 "此前作为芯片供应商，英伟达难以充分验证其芯片与复杂算法在实际运营中的协同效率。而亲自下场 可构建全技术栈闭环，借运营获取大量极端、长尾场景的真实数据，从而持续优化模型训练，反哺其技 术生态。"江瀚进一步表示。 近日，据36氪汽车报道，英伟达内部正在孵化Robotaxi（无人驾驶出租车）项目，引发市场关注。对 此，《每日经济新闻》记者尝试联系英伟达中国了解详情，但截至发稿，未获回应。 实际上，据《每日经济新闻》记者了解，此前，英伟达已经投资了包括文远知行等在内的Robotaxi企 业。 以国内企业为例，文远知行2025年一季度实现收入7244万元，但营业费用高达4.64亿元，其中研发费用 为3.26亿元；小马智行同期收入增至1.02亿元，营业费用也在扩大，其中研发费用增速最高，研发投入 3.45亿元，同比增长59.8%。 海外市场同样呈现出资本密集投入Robotaxi的特征。2024年7月，谷歌母公司Alphabet宣布将在未来几年 为自动驾驶汽车研发公司——Way ...

证券研究报告 2025 年 9 月 25 日 湘财证券研究所 ——2025 年四季度全球大类资产配置展望 | 1. | 《双维度视角下的资产配置 | | | --- | --- | --- | | 策略研究》 | | 2024.03.31 | | 2. | 《权益中性偏多，看好大宗商 | | | 品》 | | 2024.07.26 | | 3. | 《权益和商品积极看多》 | | | | | 2024.09.30 | | 4. | 《股市仍强略转弱，债市仍弱 | | | 略转强》 | | 2025.03.24 | | 5. | 《股市中性看多，债市关注长 | | | 久期》 | | 2025.06.29 | 分析师：仇华 证书编号：S0500519120001 Tel：(8621) 50295323 Email：qh3062@xcsc.com 策略研究 大类资产研究 股市韧中求进，债市稳中蓄势 证书编号：S0500521070002 Tel：021-50295325 Email： hechao@xcsc.com 分析师：李正威 证书编号：S0500522090001 Tel：021- 50295307 Ema ...

佐思汽研发布的《2025年英伟达汽车与AI业务分析报告》显示，英伟达在智能驾驶领域已形成智驾芯 片、智驾方案、仿真系统、端到端、大模型等比较完整的生态系统。 盖世汽车数据显示，在2024年国内智驾域控芯片市场，英伟达Drive Orin-X以210万颗装机量，占据 39.8%的市场份额。虽然在智驾域控芯片市场领先明显，对比消费芯片等市场，汽车业务营收体量在英 伟达整体营收中的占比不高。 对于英伟达此次从"赋能者"到"亲自下场"的角色深化，盘古智库高级研究员江瀚在接受记者采访时分析 称，这背后或是英伟达技术闭环需求驱动的战略升级。 "此前作为芯片供应商，英伟达难以充分验证其芯片与复杂算法在实际运营中的协同效率。而亲自下场 可构建全技术栈闭环，借运营获取大量极端、长尾场景的真实数据，从而持续优化模型训练，反哺其技 术生态。"江瀚进一步表示。 近日，据36氪汽车报道，英伟达内部正在孵化Robotaxi（无人驾驶出租车）项目，引发市场关注。对 此，《每日经济新闻》记者尝试联系英伟达中国了解详情，但截至发稿，未获回应。 Robotaxi行业持续升温 实际上，据《每日经济新闻》记者了解，此前，英伟达已经投资了包括文远知行 ...

国芯网[原:中国半导体论坛] 振兴国产半导体产业！ 不拘中国、 放眼世界 ！ 关注 世界半导体论坛 ↓ ↓ ↓ 这就需要革新AI设计工作，为此台积电联合Cadence、Synopsys两大EDA软件巨头，实现了AI驱动的芯片设计。 台积电3DIC方法论事业副总监Jim Chang提到这有助于提高台积电的技术能力达到最大化。根据他公布的数据，用AI开发只需要5分钟，而传统芯片工程 师需要2天时间。 事实上不止台积电一家尝试用AI设计芯片，谷歌等公司之前也有过类似的研发探索，AI都可以大幅提高工作效率。 9月25日消息，台积电表示，台积电联合Cadence、Synopsys两大EDA软件巨头，实现了AI驱动的芯片设计。 AI只需要5分钟，完成了传统芯片工程师需要2天时间完成的工作量。 考虑到AI能力现在还是爆发式提升，未来几年各大芯片公司使用AI设计芯片就不会是新闻了，肯定会有芯片设计工程师会受到影响，但这也会对工程师 大有裨益，就跟现在程序员使用AI辅助开发一样。 据报道，台积电3DIC方法论事业副总监Jim Chang提到这有助于提高台积电的技术能力达到最大化。 大家都知道当前的AI芯片对性能要求高，这也导致 ...

9月25日，在AI热潮下，以数字贸易见长的杭州，迎来了第四届全球数字贸易博览会（以下简称数贸 会）。 今年的展会上，"杭州六小龙"首次齐聚，成为全场焦点。来自国内外的4万余名专业客商汇聚于此，寻 找谁是"第七龙"的同时，他们更好奇，这批数字先锋究竟会如何重塑全球数字贸易格局？ 在15万平方米的展会现场，超1700家参展商携前沿技术、创新产品和重磅首秀亮相。《每日经济新闻》 记者看到，人工智能与丝路电商两大展区尤为火热，它们恰如中国数字贸易发展的双引擎，代表着自主 创新的"内生力"与世界互联的"朋友圈"，正为全球数字经济注入源源不断的新动能。 浙江数字贸易快速发展 与此同时，数贸会也加快推动浙江贸易结构优化升级。过去3年（2022~2024年），浙江省跨境电商进 出口规模年均增长超过20%，许多中小卖家通过网络实现"店开全球"。 今年5月，浙江制定了数字贸易改革创新发展实施方案，明确提出要建设现代化"数字贸易港"，完善以 数贸会为引领，以杭州、宁波、义乌为中心，全省其他城市特色化发展的"1+3+N"总体布局，力争到 2027年，全省数字贸易额达到1万亿元，努力建成全球数字贸易中心。 智能产品精彩纷呈 当前，数字 ...