他表示，自己需要大约"25% 左右"的投票权，才能在特斯拉保持"强有力的影响力"，同时如果他"变得 疯狂"，仍可以被罢免。 马斯克发表上述言论之际，特斯拉高管正敦促股东支持将于 11 月 6 日举行的薪酬方案投票。若获通 过，这将成为企业史上规模最大的薪酬计划。 根据该计划，若马斯克达成一系列业绩目标，包括推动特斯拉市值达到 8.5 万亿美元（IT之家注：现汇 率约合 60.31 万亿元人民币），并完成 12 项"运营里程碑"，他将获得最高达 1 万亿美元（现汇率约合 7.1 万亿元人民币）的股票奖励。 这些目标涵盖：销售 1200 万辆汽车和 100 万台人形机器人，部署 100 万辆无人驾驶出租车，以及将公 司经调整后的年收益从 2024 年的 166 亿美元提升至 4000 亿美元。 一旦该薪酬方案获批，马斯克在特斯拉的持股比例预计将从目前的 13% 上升至近 29%，从而对公司拥 有更大的控制权。 这位首席执行官表示，他甚至不愿将这笔报酬称为"薪酬"（compensation），并坚称真正的核心问题在 于：他是否能保有足够的投票权，以掌控特斯拉在人工智能、无人驾驶出租车和人形机器人领域的下一 阶段发展 ...

23日早盘，两市主要股指盘中震荡下探，沪指再次失守3900点，创业板指、科创50指数等跌超1%，场 内近3900股飘绿。 截至午间收盘，沪指跌0.66%报3888.08点，深证成指跌0.87%，创业板指跌1.1%，科创50指数跌 1.63%，沪深北三市合计成交10582亿元。 盘面上看，半导体、医药、地产、石油、汽车等板块走低，煤炭板块强势拉升，传媒、旅游等板块上 扬，短剧游戏、航运概念等活跃。 东莞证券表示，当前市场风险偏好收缩，结构上呈现"高切低"特征。随着海外扰动影响减弱，国内即将 进入四中全会、三季报景气验证等积极因素密集催化的阶段，市场风险偏好有望提振。二十届四中全会 正在召开，预计会对新质生产力、反内卷、绿色发展等领域进行系统性部署，可能带来主题机会催化。 三季报业绩将验证新动能景气优势，市场聚焦景气线索，景气优势或将再度成为市场核心。 （文章来源：证券时报网） ...

"加美数十年日益紧密经济关系进程终结"，加拿大总理：正与中印重新接触 据英国路透社、美国彭博社等媒体报道，加拿大总理卡尼当地时间22日表示，加政府即将推出的首份预算将减少加拿大在经济与安全领域对美国的依赖， 并削减浪费性支出。他同时承诺未来十年将把加拿大对非美国市场的出口翻一番，并且正在与中印等国重新接触。 加拿大总理卡尼当地时间22日在渥太华大学向学生发表讲话。图源：外媒 "加美两国长达数十年日益紧密的经济关系进程已终结。"卡尼当天在渥太华大学向学生发表讲话时说，"我们昔日基于与美国的密切关系而获得的许多优 势，如今反而成了我们的软肋。" 路透社称，卡尼表示其政府的首份预算将兼顾"财政紧缩"与"大规模投资"，努力保护加拿大经济免受"美国新一轮保护主义所引发危机"的影响。 另据彭博社报道，为证明其贸易目标正稳步推进，卡尼还重点推介了加方上月与印度尼西亚签署的自由贸易协定，以及与阿拉伯联合酋长国在人工智能领 域、与欧盟在防务领域、与德国在关键矿产领域达成的合作和"基础性协议"。 "在深化与传统盟友合作的同时，我们正与全球重要经济体——印度与中国重新接触。"卡尼补充说。他还计划未来几天在东盟峰会和亚太经合组织会议 ...

Core Insights - The report from J.P. Morgan highlights that autonomous driving technology is becoming a decisive trend, with its maturity potentially outpacing the realization of zero-emission goals [2] - The global autonomous driving market is on the brink of explosion, with the penetration rate of high-level autonomous vehicles (Level 3 to Level 5) expected to rise from less than 5% in 2025 to approximately 15% by 2030, and around 45% by 2040 [2][3] Global Market Dynamics - The report outlines a tri-polar structure in the global autonomous driving landscape, focusing on the strategies of major players in China, the U.S., and Europe [4] - China is positioned as a future leader in Level 4/5 autonomous driving, with significant players like Baidu and Pony.ai leading the Robotaxi services [5] - The U.S. market exhibits a dual-track system, with companies like Waymo focusing on Level 4 Robotaxi technology, while Tesla leads in the consumer market with Level 2+ systems [6] - Europe leads in Level 3 consumer systems but lags in Level 4 Robotaxi development due to stringent regulations and public trust issues [7] Technological and Economic Challenges - The report identifies two core obstacles to achieving the autonomous driving vision: the need for technological maturity and a significant reduction in the costs of technology and hardware [3] - J.P. Morgan estimates that a Robotaxi must achieve at least 80% utilization to break even, highlighting the economic challenges in scaling deployment [3][15] Ecosystem and Competitive Landscape - The autonomous driving ecosystem consists of five key layers: OEMs, AV technology and software suppliers, fleet operators, financial stakeholders, and demand platforms [9] - Nvidia is currently the dominant player in the semiconductor space, with its "cloud-to-car" vertical integration providing a competitive edge [10] - Rideshare platforms like Uber and Didi are seen as essential participants in the autonomous driving ecosystem, facilitating demand and supply matching [11] Future Implications for Industries - The rise of autonomous driving will not only transform transportation but also disrupt related industries such as insurance [13] - The insurance industry is expected to shift from retail to commercial models due to the transfer of accident liability from drivers to manufacturers or technology providers [14] - The report warns that insurance companies heavily reliant on traditional retail models may face elimination risks as autonomous vehicle adoption increases [14]

| 申万行业 | 行业涨跌（%） | 成交额（亿元） | 比上日（%） | 领涨（跌）股 | 涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 煤炭 | 1.55 | 162.16 | 61.42 | 陕西黑猫 | 10.12 | | 石油石化 | 1.13 | 133.84 | 7.85 | 恒力石化 | 4.63 | | 公用事业 | 0.58 | 240.18 | 13.03 | 深圳能源 | 9.96 | | 社会服务 | 0.22 | 90.54 | 21.04 | 国缆检测 | 20.00 | | 交通运输 | 0.22 | 181.20 | 5.84 | 秦港股份 | 10.14 | | 银行 | 0.02 | 290.88 | 64.27 | 邮储银行 | 4.01 | | 家用电器 | -0.15 | 189.97 | -9.13 | 亿田智能 | -6.98 | | 非银金融 | -0.15 | 269.65 | -6.27 | 中油资本 | -2.85 | | 传媒 | -0.17 | 269.62 | 7.39 | 星辉娱乐 | -7.0 ...

Core Insights - Tesla reported a 12% year-on-year increase in total revenue for Q3 2025, reaching $28.1 billion, with free cash flow hitting a record $4 billion [2] - Adjusted net profit for Q3 2025 was $1.77 billion, a 29% decline compared to the previous year, with earnings per share at $0.39, down from $0.62 [2] - The company delivered a record 497,000 vehicles globally in Q3 2025, driven by a diversified product lineup, including the new Model Y L in China [3][4] Financial Performance - Total revenue for Q3 2025 was $28.1 billion, a 12% increase year-on-year [2] - Free cash flow reached $4 billion, setting a new record for the company [2] - Adjusted net profit was $1.77 billion, a decrease of 29% year-on-year, with earnings per share at $0.39 [2] Vehicle Production and Deliveries - Tesla produced approximately 447,000 electric vehicles in Q3 2025 and delivered 497,000, marking a historical high [2][3] - The introduction of the Model Y L in China significantly boosted sales, with the vehicle quickly becoming the most popular model in stores [3] - In September, Tesla's wholesale sales in China exceeded 90,000 units, a 2.8% year-on-year increase, with Q3 wholesale volume nearing 170,000 units, up 31% quarter-on-quarter [3][4] Market Expansion and Product Development - Tesla's Shanghai factory is ramping up production to meet demand in the domestic and Asia-Pacific markets [4] - The Model Y has become the best-selling vehicle in several European markets, including Norway, Switzerland, and Finland [4] - Tesla's global charging network expanded by over 3,500 superchargers in Q3, with an 18% year-on-year growth [4][5] Technological Advancements - Tesla is advancing its AI capabilities, focusing on autonomous driving and humanoid robots, with plans to release the third-generation humanoid robot in Q1 2026 [6][7] - The company has begun rolling out the FSD V14 version, enhancing the Robotaxi's capabilities [6] - Tesla is collaborating with Samsung to produce AI chips in the U.S. to support its AI training needs [7] Energy Storage Business - Tesla's energy storage segment achieved a record installation of 12.5 GWh in Q3 2025, with a gross profit of $1.1 billion [8] - The company introduced a new industrial energy storage solution, Megablock, aimed at simplifying deployment and integration [8] - Plans for a fourth-generation Megapack are underway, which will streamline the deployment process by integrating conventional substation components [8]

特斯拉表示，目前全球已有12%的特斯拉用户为智能辅助驾驶付费。截至2025年第三季度，特斯拉客户 累计使用智能辅助驾驶系统行驶了超96亿公里。 马斯克在财报电话会上还透露，Cybercab特斯拉赛博无人驾驶电动车将于2026年第二季度开始量产。特 斯拉将于2026年年底建成一条100万台产能的人形机器人生产线。 在马斯克看来，人形机器人生产重点在于制造出一只像人类手掌那样灵活多变、功能强大的机械手，并 能实现大规模量产。这对供应链具有巨大考验，目前，人形机器人行业尚没有成熟的供应链体系，特斯 拉必须实现高度垂直整合，深度介入到供应链生产中。 目前，特斯拉人形机器人已在特斯拉位于加州的工程总部中自由走动，基本实现全天候不间断运行。 转自：中国证券报·中证网 中证报中证网讯（记者 李嫒嫒）10月23日凌晨，特斯拉发布2025年第三季度财报，实现总收入281亿美 元，同比增长12%，超市场预期；净利润13.73亿美元，同比下滑37%；毛利率18%，相比今年前两个季 度均有所提升。特斯拉CEO马斯克在财报电话会上表示，预计到今年年底，奥斯汀大部分地区Robotaxi 运营将不再配备安全员，特斯拉对Robotaxi的部 ...

1.亚马逊计划用机器人代替60万岗位，实现75%运营自动化 据《科创板日报》援引《纽约时报》报道，亚马逊的机器人团队正计划实现75%运营流程的自动化，亚马逊 希望到2033年，其机器人能够取代美国超过60万个原本需要雇佣的岗位，尽管该公司预计在此期间产品销 量将增加一倍。 点评：自动化浪潮下，就业结构转型迫在眉睫。 2.娃小智董事长首次直播露面，称买30万元货送SUV 10月21日晚，娃小智董事长吴坚首次直播露面。他表示："我也希望娃哈哈能越做越好，也希望这个大小姐 的娃小宗也越做越好。中国那么大，我们大家一起好好地服务于消费者，服务于我们的经销商。"谈及招商 政策，娃小智董事长称："我们的门槛很低很低，没有代理费，没有加盟费。那么如果说你一次性采购，下 预付款30万元，你分期采购，那么我们会奖励一辆汽车（SUV），3年的免费权，3年以后送给你。"目前已 经锁定300个县区。 点评：营销玩噱头，合规底线不可越。 3.美政府雇员排队领救济食品 美国有线电视新闻网（CNN）22日发布的一段视频显示，自美国政府停摆后，众多领不到薪水的政府雇员 正排队领取救济食品，领救济品的队伍绕了小区一大圈。CNN报道称，这个设置 ...

智通财经APP获悉，港股恒生指数跌0.09%，跌24点，报25757点；恒生科技指数跌0.81%。港股早盘成 交1348亿港元。 内银股延续近期上涨，邮储银行(01658)涨超3%，大摩称后续多个催化剂支撑银行重估。 中国宏桥(01378)涨3.07%，大规模持续回购彰显信心，铝行业扰动抬头苗头初现。 中国重汽(03808)涨1.49%，9月重卡出口量达1.5万辆创新高，预计年内出口将突破15万辆。 芯片股延续跌势，美国拟限制关键软件出口，机构看好国内自主可控进程加速。华虹半导体(01347)跌 6%；上海复旦(01385)跌6.43%。 恒生创新药指数大跌4%。成份股中，药捷安康-B（02617）跌超5%；石药集团（01093）跌超5%。 苹果概念股跌幅居前。丘钛科技(01478)跌近4%，高伟电子(01415)跌3.3%。知名苹果分析师郭明錤表 示，iPhone Air需求低于预期，供应链已经开始降低出货与产能。 中铝国际(02068)回落逾8%，市场关注中铝力拓潜在交易案，公司海外经营经验丰富。 广和通(00638)上市次日再跌超8%，较招股价已跌近20%。 巨子生物(02367)反弹逾5%，控股股东增 ...

Group 1: Hong Kong Stock Market Highlights - China Hongqiao (01378) rose over 2% as the company continued its share buyback, spending HKD 7.5941 million to repurchase 300,000 shares [1] - Sands China (01928) increased by over 3% following its parent company Las Vegas Sands Corp.'s announcement of a 2.7% rise in adjusted property EBITDA for Q3 [1] - Aluminum Corporation of China International (02068) fell over 11% amid market focus on potential transactions involving Chalco and its rich overseas operational experience [1] - Giant Bio (02367) gained over 6% as its controlling shareholder increased holdings by 500,000 shares, with Citigroup suggesting the market overreacted to pre-sale performance [1] - Li Ning (02331) rose over 6% as the brand announced its entry into Meituan Flash Purchase on October 20 [1] - Semiconductor stocks continued to decline, with Huahong Semiconductor (01347) down over 6% and SMIC (00981) down nearly 1%, as the U.S. plans to restrict key software exports [1] - China National Heavy Duty Truck Group (03808) increased over 2% with September heavy truck exports reaching a record high of 15,000 units, expecting annual exports to exceed 150,000 units [1] Group 2: Steel and Banking Sector Performance - Steel stocks faced declines, with Maanshan Iron & Steel (00323) down over 3% and Angang Steel (00347) down over 2%, as seasonal demand fell short of expectations [2] - Chinese banks continued to rise, with Postal Savings Bank (01658) up over 3% and Agricultural Bank of China (01288) nearly 1%, supported by multiple catalysts for bank revaluation according to Morgan Stanley [2] - Gold stocks continued to decline, with China Silver Group (00815) down over 1% and Lingbao Gold (03330) down over 2%, following a significant drop in gold prices [2] Group 3: U.S. Stock Market Highlights - Mattel (MAT.US) fell 2.76% after reporting a 6% year-over-year decline in Q3 sales to USD 1.74 billion, below market expectations [3] - NIO (NIO.US) rose 0.59% as its L90 model achieved a record weekly delivery volume, with production capacity up 50% from the previous month [3] - Intuitive Surgical (ISRG.US) surged 13.89% due to a 22.9% year-over-year revenue increase driven by demand for its da Vinci robotic systems for minimally invasive surgeries [3] - Texas Instruments (TXN.US) dropped 5.60% as its Q4 revenue and profit forecasts fell short of Wall Street expectations [3] - Weibo (WB.US) increased 5.22% as it plans to announce its Q3 2025 financial results in mid-November, although its advertising business may face multiple pressures [3] - Barclays (BCS.US) rose 4.41% despite a 7% year-over-year decline in pre-tax profit for Q3 [4] - Google (GOOGL.US) increased 0.49% as it negotiates a cloud computing service contract with Anthropic, potentially worth several billion USD [4]