昨晚特拉斯发布25年Q3财报并召开业绩电话会，随后大摩和高盛都发布相关业绩点评研报，也基本上 代表了两种主流市场观点：可以接受和有些失望。 其中大摩发布了主题为《特斯拉第三季度业绩：普罗米修斯耸了耸肩》研报，重点强调：1.数据足够接 近预期，足以让市场共识大致保持不变。2.高质量结果：尽管第三季度在某些方面未达预期，但库存水 平降至仅10天的供应量，自由现金流表现强劲。3.汽车业务仅占收入的75%。随着服务/其他业务（同比 增长25%）和能源业务（同比增长44%）持续增长，特斯拉的收入来源正进一步向经常性收入多元化。 另一方高盛则对特斯拉Q3财报评价为好坏参半偏负面，虽然营收和总体毛利率略高于市场预期，但部 分关键指标（如汽车业务非GAAP毛利率、非GAAPEPS）低于预期，且Optimus3（人形机器人）相关 时间表延后，引发投资者担忧。高盛维持 "中性（Neutral）评级"，并将12个月目标价下调至400美元 （原425美元）。 下面我们重点就大家最关心的特斯拉人形机器人进展、时间表、指引以及对国内机器人产业链影响的部 分，给大家梳理分析一下，以期帮助大家投资机器人做到"心中有数"。 战略转向：特斯拉的 ...

Core Insights - The strategic cooperation agreement between China Automotive Technology and Research Center (CATARC) and Changan Automobile marks a new chapter in collaboration between two major state-owned enterprises [2][9] - Both parties express high expectations for the partnership, aiming to enhance their core functions and competitiveness in the automotive industry [3][9] Group 1: Strategic Goals and Focus Areas - CATARC aims to strengthen its capabilities in government think tank support, industry technical services, and automotive consumption guidance, focusing on intelligent connected new energy vehicles [5] - Changan Automobile is committed to becoming a world-class automotive group with global competitiveness and core technologies, emphasizing innovation in new energy and intelligent connectivity [7] - The cooperation will align with national automotive industry strategies and key tasks from the State-owned Assets Supervision and Administration Commission (SASAC), focusing on high-quality development and technological self-reliance [8] Group 2: Collaborative Framework and Mechanisms - The partnership will integrate both parties' innovative resources to address critical technologies and establish a collaborative system for joint research and development [8] - Plans include forming "innovation alliances," "central enterprise collaborative innovation laboratories," and "technology task forces" to enhance joint innovation and accelerate the application of technological advancements [8] - The collaboration aims to create a replicable model of strategic cooperation that enhances the automotive supply chain and industry capabilities [9]

Core Insights - The article discusses the transformation of the global gaming industry, particularly focusing on the challenges and opportunities for Chinese gaming companies in the international market. It emphasizes the need for long-term operational capabilities and innovative marketing strategies to succeed in a competitive landscape [3][4][5]. Industry Overview - The global gaming industry experienced rapid growth from 2011 to 2021, with a compound annual growth rate (CAGR) exceeding 9.7%, and the mobile gaming market in China growing nearly 145% during the same period [5][6]. - However, post-pandemic, the industry has entered a downturn, with global market growth projected to drop to 2% in 2024 and 3% in 2025 [6][9]. Market Dynamics - The competition in the gaming market has intensified, with players increasingly gravitating towards established service-based games, which accounted for over 60% of user engagement time in 2022 [7]. - Emerging markets, particularly in the Middle East, Africa, and Latin America, are showing significant growth potential, with mobile gaming revenue in Latin America reaching 48% of total gaming revenue [9][10]. Successful Strategies - Successful examples include Supercell's Brawl Stars, which achieved over $400 million in monthly revenue five years post-launch through effective long-term operations [3]. - Chinese gaming companies are adapting by utilizing advanced marketing tools, such as Google Ads and YouTube, to enhance user acquisition and retention [4][11]. Marketing Evolution - The traditional approach to user acquisition through low-cost downloads is becoming less effective, with a shift towards more sophisticated marketing strategies that focus on user value and engagement [13][14]. - Companies are increasingly integrating brand advertising into their marketing strategies to reach broader audiences and enhance user recognition [15][16]. Technological Advancements - The article highlights the role of AI and advanced advertising platforms, such as Google's Gemini, in reshaping the gaming landscape, enabling companies to better understand and target their audiences [17][18]. - The integration of AI in game development is expected to democratize the creation process, allowing more individuals to participate in game design [18]. Conclusion - The future of gaming globalization for Chinese companies lies in leveraging new marketing capabilities and technological advancements to create and sustain high-quality gaming experiences in emerging markets [10][18].

连续5日或以上主力资金净流出个股排名 证券时报·数据宝统计，截至10月23日收盘，沪深两市共653只个股连续5日或5日以上主力资金净流出。 从净流出持续时间来看，天马科技等连续27日主力资金净流出，排名第一；恩威医药连续19日主力资金 净流出，位列第二。从主力资金净流出总规模来看，北方稀土主力资金净流出金额最大，连续8天累计 净流出64.79亿元，比亚迪紧随其后，5天累计净流出41.38亿元。从主力资金净流出占成交金额的比例来 看，比亚迪占比排名居首，该股近5日下跌3.06%。（数据宝） | 600868 | 梅雁吉祥 | 7 | 4.36 | 8.12 | -10.21 | | --- | --- | --- | --- | --- | --- | | 300493 | 润欣科技 | 1 1 | 4.35 | 7.84 | -15.12 | | 600872 | 中炬高新 | 27 | 4.26 | 11.23 | -5.05 | | 002217 | 合力泰 | 1 1 | 4.14 | 9.05 | -8.73 | | 600436 | 片仔癀 | 5 | 4.09 | 12.39 | -8.00 | ...

智通财经APP获悉，日本最大的工会联合会(Rengo)将继续在明年的薪资谈判中争取至少 5%的工资涨 幅，而新任首相高市早苗也正努力保持该国的工资增长势头。根据周四公布的总体政策框架中的目标， 在今年晚些时候开始的谈判中，Rengo将争取实现总薪酬增长 5%或更高，其中包括基本工资上涨 3%。 一年前的年度谈判也设定过同样的目标，最终在 2025 年实现了平均 5.25%的整体涨幅。这些目标将于 11 月下旬正式确认。 日本央行将于下周召开议息会议，而接受调查的经济学家中仅有 10% 认为会加息。 尽管日本政府和工会都曾发出呼吁，但下一轮工资谈判仍面临诸多挑战。其中之一就是美国总统特朗普 实施的更高关税，这使得出口商的利润空间受到了挤压。由于美国加征了更高的关税，汽车行业的前景 看起来十分黯淡，这对通常作为年度工资谈判风向标的汽车行业来说是一个令人担忧的信号。据国际货 币基金组织称，日本汽车制造商已将北美地区的汽车价格下调了约 20%，以消化额外的成本，并且正 因贸易战而面临数十亿美元的损失，这威胁到了它们为员工提供足够补偿的能力。 随着面临诸多挑战，经济学家普遍预计，在接下来的一轮谈判中，工资涨幅将低于上一 ...

Group 1: Nuclear Fusion Industry - Nuclear fusion is defined as the process where two lighter atomic nuclei combine to form a heavier nucleus, releasing a significant amount of energy, making it a potential "ultimate energy" source due to its high energy density, relative ease of raw material acquisition, high safety, and zero carbon emissions [4] Group 2: Tesla (TSLA.O) - In Q3 2025, Tesla reported total revenue of $28.10 billion, a year-on-year increase of 11.6% and a quarter-on-quarter increase of 24.9% [4] - The gross margin decreased by 1.8 percentage points year-on-year but increased by 0.8 percentage points quarter-on-quarter to 18.0% [4] - Non-GAAP net profit attributable to shareholders was $1.77 billion, down 29.3% year-on-year but up 27.1% quarter-on-quarter [4] Group 3: Yingzi Network (688475.SH) - For the first three quarters of 2025, Yingzi Network achieved total revenue of 4.293 billion yuan, a year-on-year increase of 8.33%, and a net profit attributable to shareholders of 422 million yuan, up 12.68% [4] - In Q3 2025, the company reported revenue of 1.465 billion yuan, a year-on-year increase of 6.25%, and a net profit of 120 million yuan, up 28.73% [4] - The gross margin for Q3 was 43.71%, an increase of 1.7 percentage points year-on-year [4] Group 4: Hikvision (002415.SZ) - In Q3 2025, Hikvision reported revenue of 23.94 billion yuan, a year-on-year increase of 0.7%, and a net profit of 3.66 billion yuan, up 20.3% year-on-year [6] - For the first three quarters of 2025, total revenue reached 65.76 billion yuan, a year-on-year increase of 1.2%, with a net profit of 9.32 billion yuan, up 14.9% [6] Group 5: iFlytek (002230.SZ) - In the first three quarters of 2025, iFlytek achieved revenue of 16.99 billion yuan, a year-on-year increase of 14.4%, while the net profit was a loss of 66.68 million yuan, narrowing by 80.6% year-on-year [6] - In Q3 2025, the company reported revenue of 6.08 billion yuan, a year-on-year increase of 10.0%, and a net profit of 172 million yuan, up 202.4% year-on-year [6] Group 6: Tmall (6110.HK) - For the first half of the 2026 fiscal year, Tmall reported revenue of 12.30 billion yuan, a year-on-year decrease of 5.8%, and a net profit of 790 million yuan, down 9.7% [7] - The earnings per share (EPS) was 0.13 yuan, with a proposed interim dividend of 0.13 yuan per share, resulting in a payout ratio of 102.2% [7] Group 7: Action Education (605098.SH) - In Q3 2025, Action Education achieved revenue of 220 million yuan, a year-on-year increase of 27.9%, and a net profit of 80 million yuan, up 42.8% [8] - The company reported a significant recovery in enrollment rates, driving high growth in Q3 performance, with optimized product structure enhancing profitability [8]

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。 报告摘要 3Q25收入环比修复符合预期，Non-GAAP业绩表现不及预期 3Q25特斯拉总收入同比+11.6%/环比+24.9%至281.0亿美元，总毛利率同比-1.8pcts/环比+0.8pcts至18.0%，Non- GAAP归母净利润同比-29.3%/环比+27.1%至17.7亿美元（Non-GAAP单车净利润同比-34.2%/环比-1.8%至3,561 美元）。我们判断3Q25特斯拉Non-GAAP业绩不及市场预期主要由于1）关税拖累汽车、储能业务毛利率；2） 经营费用（股权激励费用）、重组及其他费用端的增加；3）高毛利率的积分收入、一次性FSD计提收入减少 等因素综合影响。 Model 3/Y新配置车型陆续上市，储能业务毛利率 ...

经济观察网据央视新闻客户端报道，截至10月22日，2025年汽车报废更新超340万份，置换更新超660万 份。 今年前三季度，报废汽车回收量734.5万辆，同比增长47.9%。据有关机构估算，累计可回收约710万吨 钢铁、92万吨铝、93万吨塑料，推动减碳超2100万吨。 ...

图2 威廉·高斯演讲照片 2025年10月17日，2025世界智能网联汽车大会"AI赋能 生态演进——探析技术新变革"主题论坛在京成功举办。论坛由工业 和信息化部装备工业发展中心党委书记、副主任柳新岩主持。 图1柳新岩主持照片 工业和信息化部科技司副司长杜广达作题为《推动人工智能产业高质量发展，高水平赋能智能网联汽车》的引导报告，介 绍了工业和信息化部在推动"人工智能+"技术创新、赋能应用、生态建设、安全保障等方面的举措成效，重点分析了"人工 智能+汽车"驾驶自动化、座舱智能化、"研产供销服"全环节智能化等方面的最新趋势，同时提出要统筹发展和安全，推 进"人工智能+汽车"安全防护关键技术攻关应用，完善"人工智能+汽车"标准体系，发挥标准"兜底线、促创新、强支撑"的 作用。 主题演讲环节，来自全球的研究机构、高校以及行业企业的专家围绕"人工智能+汽车"全方位赋能，分享汽车产品创新、研 发制造等领域的人工智能应用经验。 国际汽车工程学会政府和法规事务总监威廉·高斯（William Gouse）做题为《国际汽车工程学会人工智能实践（SAE International Artificial Intelligence ...

在大众眼里，李想无疑是个异常成功的企业家。 他携手其他合伙人直接创立了当年大火的泡泡网。 这一幕被记录下来广泛传播，李想也一度被贴上了"强势"的标签。 可是之后李想的一番话却揭开了事情背后的真相。 更在之后把目标对准汽车行业，直接带着理想汽车一路狂飙，在汽车市场中闯出一片天。 可谁能想到，之后李想会因为网上的一些传闻陷入舆论风波。 各种不实言论甚嚣尘上，一时间将李想推到了风口浪尖。 不过，好在官方及时出手，才让这场风波逐渐平息。 而李想的这番遭遇却也意外印证了雷军早前的那番话。 说到李想，可能大部分人首先想到的是他那堪称辉煌的创业经历。 但实际上，这位看似一帆风顺的企业家早前也曾因为一个举动被推到了风口浪尖。 2013年，李想在参加创业节目时，曾上演了一个"发脾气"名场面。 当时，在发现两方团队的巨大差距以及队友的离谱安排时，李想当场向节目组人员发起质问。 不仅如此，在和工作人员的交谈中，李想还一度大呼"听我讲完"。 他解释道，当时之所以发脾气是因为现场有选手弄虚作假，节目组减掉了这一部分才造成误解。 当然，在解释的同时，他也针对发脾气的行为进行了道歉。 此解释一出，不少人开始理解他当时的愤怒，同时大家也看到 ...