特斯拉 20250724 摘要 特斯拉 Robotaxi 和机器人项目进展显著，Robotaxi 计划 2025 年 6 月 开始服务，并扩大 10 倍以上，数月内进入欧洲市场，2026 年实现规模 化量产。机器人项目 Optimus 预计第三季度发布新版原型机，并在股 东大会展示细节，2026 年启动量产。 特斯拉计划 2025 年下半年推出两款新车型：面向美国市场的 Model Y 减配版（预计 8 月推出）和面向中国市场的 Model Y 加长版（Model YL，预计 9-10 月推出），旨在为下半年销售提供支撑。 达尔美法案将于 2025 年 9 月 30 日终止对新电动车 7,500 美元联邦税 收补贴，以及二手车 4,000 美元抵免，促使特斯拉积极推出新车。 2025-2028 年美国还将实施新的个人所得税减免政策，允许每年最高 抵扣 1 万美元汽车贷款利息，但车辆需在美国组装。 特斯拉调整 2025 年资本开支至超过 90 亿美元，此前预计为 100 亿美 元，与收入放缓有关。公司探索 ToC 端商业化路径，展示机器人与人互 动能力和服务功能，如跳舞、调酒等。 Q&A 特斯拉在 2025 年 ...

Group 1 - The company in the precision reducer bearing industry has achieved an astonishing annual performance growth of 35,784% and holds over 80% market share, indicating a strong industry position [1][6] - The company's products have received exclusive certification from Tesla, showcasing its technical strength and product quality, and it has partnered with Huawei to develop joint modules, positioning itself in the emerging humanoid robotics market [3][4] - The global humanoid robot market is projected to reach 35 trillion RMB by 2050, with over 1 billion robots deployed, and China has emerged as a global leader in this field due to its unique hardware and software infrastructure [3][4] Group 2 - The company has broken international technology barriers in reducer technology, achieving significant cost advantages with prices around 1,500 RMB per unit, allowing it to rapidly expand its market share globally [4] - The company is recognized as the absolute leader in domestic RV reducer bearings, with a market share exceeding 80%, and has been acknowledged by Tesla as the exclusive supplier of precision bearings for its humanoid robots [6] - The company has reported a mid-year performance increase of 35,784% and has attracted investments from international giants such as Goldman Sachs and Barclays, acquiring over 2 million shares [6]