黄仁勋早几年在行业峰会上的一句大实话，现在成了AI圈的神预言："AI算力拼到最后，本质就是在拼能源。" 2026年的今天，马斯克带着Colossus 2超级计算机，把这句话彻底变成了现实。 当下AI圈卷得没边，大厂们动不动就晒模型参数、比运算速度，个个喊着要冲击AGI通用人工智能，可越往深做越明白，堆芯片说到底都是表面功夫。 能撑得起万亿级参数模型稳稳运转的，核心是极致稳定的能源供给和能效管理，而马斯克这头"算力巨兽"，直接把这套逻辑玩到了行业天花板，就连黄仁 勋都忍不住点赞，说它的建设速度是"超算圈的奇迹"。 不少人觉得Colossus 2就是台给xAI Grok模型服务的大号计算器，跟咱们车主一点关系都没有，其实压根不是这么回事。 这台全球首个100万千瓦级AI训练集群，是马斯克打造"汽车+AI+能源"生态的核心落子，未来3-5年汽车智能的行业上限，全看这头巨兽的"饭量"够不够 大。 马斯克做Colossus 2从来不是单一目标，三层环环相扣的打法，既戳中了行业的痛点，更藏着他对汽车智能未来的绝对掌控欲。 第一层布局，就是给下一代Grok 5模型"喂饱饭"，还顺带给特斯拉的车机装上了超强大脑。 xAI去年 ...

1.【保时捷中国回应"郑州中原保时捷中心疑似跑路"：正与警方和相关部门在现场核查事实】针 对"郑州中原保时捷中心疑闭店'跑路'"一事，保时捷中国回应记者称，对于此次事件给各位车主及消 费者带来的困扰与担忧致以最诚挚的歉意，将积极推动事件妥善处理，将消费者合法权益放在首 位。"我们高度关注保时捷授权经销商郑州中原保时捷中心出现经营异常情况，目前与警方和相关部 门正在现场核查事实。"近日，多位网友反映，郑州中原保时捷中心"人去楼空"，涉及金额从数万元 至数十万元不等。（财联社） 2.【深蓝董事长回应和小鹏对比】近日，有网友在社交平台发布自己在小鹏M03与深蓝L06之间的深 度对比试驾体验，并最终选择深蓝L06，由此引发了关于智能辅助驾驶新能源购车选择的讨论。对 此，深蓝汽车董事长邓承浩回应称，感谢用户对深蓝的认可，小鹏是可敬的友商，未来将继续专注于 以安全为基石的智能辅助驾驶研发。据悉，此前长安汽车在重庆被授予首块L3级自动驾驶专用正式号 牌"渝AD0001Z"，并于12月23日正式上路通行。（和讯网） 欢迎加入 睿兽分析会员 ，解锁 AI、汽车、智能制造 等相关 行业日报、图谱和报告 等。 3.【阿维塔回应南极 ...

Core Viewpoint - Elon Musk responded to a user praising Tesla's Full Self-Driving (FSD) experience, highlighting that Tesla vehicles can perceive and understand the world like humans, a capability not yet matched by other cars in the market [1] Group 1: Tesla's FSD Technology - Tesla's FSD is described as having the ability to interpret the environment similarly to human perception, which is a significant advancement in automotive AI [1] - Musk emphasized that the technology involves compressing photon input and associating it with actuator output, mirroring human cognitive processes [1] Group 2: Implications for AI Development - Musk suggested that the advancements in automotive AI are a pathway towards Artificial General Intelligence (AGI), indicating a broader vision for AI applications beyond just driving [1]

Core Insights - The company reported a revenue of 982 million yuan for the first half of 2025, representing a 10% year-on-year growth, and a net profit of 196 million yuan, which is a 28% increase [1] - The automotive industry in China continues to grow, with production and sales reaching approximately 15.62 million and 15.65 million vehicles respectively in the first half of the year, providing a favorable market environment for the company [1] Financial Performance - In 2024, the company achieved a total revenue of 1.882 billion yuan, a 17.8% increase from 1.598 billion yuan in 2023, with shareholder profit reaching 340 million yuan, a significant increase of 101.2% [3] - The gross profit margin improved from 42.47% in 2023 to 46.94% in 2024, indicating enhanced product profitability [3] - The return on equity surged from 15.79% in 2023 to 29.46% in 2024, reflecting a notable improvement in asset operational efficiency [3] - The operating cash flow per share increased from 0.39 yuan in 2023 to 0.94 yuan in 2024, indicating a significant improvement in cash flow [3] Asset and Liability Structure - The company's debt-to-asset ratio decreased from 52.07% in 2021 to 37.70% in 2024, with current and quick ratios reaching 2.10 and 1.73 respectively, showing enhanced solvency and financial stability [6] - However, the accounts receivable turnover period extended from 53 days in 2023 to 58 days in 2024, while the accounts payable turnover period decreased from 46 days to 36 days, suggesting a potential weakening of the company's bargaining power in the supply chain [6] - Cash and cash equivalents decreased from 620 million yuan at the end of 2023 to 548 million yuan at the end of 2024, which requires close monitoring given the company's rapid business growth [6] Strategic Transformation - The company aims to transition from a manufacturing entity to an intelligent enterprise, leveraging AI technology in the automotive sector to become a global leader in automotive AI [7] - The strategy includes enhancing overseas business scale, increasing super remote diagnostic transaction volume, and developing the company's AI capabilities [7] - The company has a strong foundation for this transformation, with 30 years of experience in the automotive diagnostics field and significant investments in R&D, with fixed assets growing from 478 million yuan in 2021 to 508 million yuan in 2024, and intangible assets increasing from 102 million yuan to 201 million yuan [7] - Nonetheless, the company faces challenges in executing this transformation, as sales and distribution expenses rose from 120 million yuan in 2021 to 254 million yuan in 2024, indicating intensified market competition [7]

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 1Q25业绩承压 1Q25总收入同比-9.2%/环比-24.8%至193.4亿美元，总毛利率同比-1.1pcts/环比持平至16.3%，R&D费用率同比 +1.9pcts/环比+2.3pcts至7.3%，SG&A费用率同比持平/环比+1.4pcts至6.5%，Non-GAAP归母净利润同比-39.2%/ 环比-55.7%至9.3亿美元（Non-GAAP单车净利润同比-30.1%/环比-34.8%至2,774美元）。我们判断，1Q25特斯 拉业绩承压主要受累于产线升级（Model Y新老产品交替）+欧美市场品牌危机等多方因素导致的销量回落影 响。 车端销量走低拖累盈利，储能业务毛利率再创新高 汽车业务：1Q25特斯拉全球交付量同比-13. ...