在过去的三季度，在交付量超预期，FSDV14上线等利好催化下，特斯拉股价上涨了40%。 期间，特斯拉为马斯克奉上万亿美元的天价薪酬，Robotaxi与Optimus这两大业务进度将成为 特斯拉未来市值上升最核心的因素。 当共识凝聚，马斯克画的饼却再一次推迟了。 营收、交付量创新高 仍暗藏隐忧 01 作者 |弗雷迪 数据支持 | 勾股大数 据（www.gogudata.com） 三季度，特斯拉交出营收创新高却利润承压的财报。 营收达281亿美元，同比增长12%、环比增长25%，超此前272.4亿美元预期；但净利润仅 13.73亿美元，同比暴跌37%。 从业务基底看，汽车业务营收212亿美元略超预期的209亿美元，49.7万辆交付量大幅超出卖 方44.4万辆预期，其中美国市场因为IRA补贴退坡掀起抢购潮、中国市场靠ModelYL三排版本 拉动。 储能业务增长也很快，收入34亿美元同比增44%，毛利率31%超预期的27%。服务和其他业 务收入34.8亿美元，同比增长25%。 但为什么净利润会同比下滑这么多？ 特斯拉给出几点原因，首先是公司费用上升显著。 本季度运营支出激增50%至34亿美元，其中研发费用高达16.3 ...

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。 （核心数据：高盛测算Optimus业务远期估值占比或达特斯拉整体的35%-50%） 电话会最震撼的转折，是马斯克用80%时间谈论AI和机器人，仅用20%讨论汽车业务。这种叙 事重心的迁移绝非偶然——特斯拉正在构建"现实世界AI"的三角生态：FSD自动驾驶算法作为 大脑，Dojo超算中心提供算力，Optimus机器人则化身物理世界的执行终端。 国金证券研报指出，特斯拉机器人战略呈现三级火箭架构：短期（1-2年）靠汽车业务输血， 中期（3-5年）形成FSD+Optimus技术协同，长期（5-10年）实现"机器人即服务"的订阅模 式。这种布局与苹果"iPhone+App Store"的生态打法异曲同工。 值得注意的是，马斯克首次将薪酬方案与机器人战略捆绑（11月6日股东大会将会投票）："如 果我没有20%以上的投票权，对建立机器人军队感到不安"。这番表态暗示，Optimus已从概 念验证阶段升级为公司级战略核心。 02 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 ...

10月21日，特朗普表态，说有信心和中国达成公正贸易协议。他提到访华计划基本定下，要在韩国和主 席见面，觉得会谈出好结果。但他重申，如果没协议，关税还是上155%。这个说法比前一天软点，但 威胁还在。股市反弹了点，道指涨0.5%。企业开始评估影响，电子和汽车行业最担心，因为依赖中国 部件。美联储主席沃勒说，政策还是紧缩，但数据受政府关门影响看不清，市场押注10月降息25基点概 率到77%。比特幣价格回稳到108000美元。黄金价格跌5%，有人说资金可能转到比特币当避险资产。 10月18日，中美官员通过电话和声明释放信号，表示要重启贸易磋商。美方官员说准备工作已经在进 行，焦点包括关税减免和市场准入。中国商务部也回应，愿意基于平等原则谈。这消息出来后，市场松 了口气，亚洲股市小涨，大家觉得可能又有转机。企业界盼着稳定，因为高关税让成本高企，影响利 润。农业州农民特别关注，因为大豆出口是中国采购大头，之前贸易战时他们损失惨重。 结果没到一天，10月20日，特朗普在白宫和澳大利亚总理阿尔巴内塞会晤时，又改口了。他说如果中美 领导人会晤谈不出公平协议，从11月1日起，对所有中国进口商品加征额外100%关税，总税率到 ...

在被问到为什么不去参加车展了时，他说，兰博基尼不仅没有参加中国的一线车展，也没有参加全球其 他地区的车展，中国市场是全球最后一个这么做的市场。 今年是兰博基尼入华20周年，兰博基尼官方在上海举办了入华20周年的品牌活动。会上发布了20周年纪 念版的限量车型Revueltd，全球仅此一台。会后我们参加了非常小范围的群访，采访了兰博基尼首席营 销和销售官Federico Foschini先生。 (作者：易思琳编辑：张明艳,视频编辑许婷婷,实习生陈嘉烁) 他强调，超豪华品牌不应该再依赖像车展这样的平台去展示自己，理由是车展品牌太多，大家很难科 学、深入地去跟媒体朋友、客户进行沟通。所以他们会选在车展日期的某一天，在周边举办一些小型的 活动。 ...

为什么兰博在激烈的市场竞争中还能保持高毛利？ 兰博基尼汽车公司首席营销和销售官Federico Foschini 先生告诉我们，兰博有意地在保留稀缺性，从来 不会对车型进行铺量。"很多台车涌入到一个市场里，会破坏这些市场当中的价值体系，导致很多车的 残值下降。通过保留稀缺性可以保证这些车型的价格，也可以让我们的商业模式可以更加长久地持续下 去。" ...

Core Viewpoint - Tesla reported strong financial results for Q3 2025, with total revenue of $28.095 billion, exceeding analyst expectations of $26 billion, and operating profit of $1.624 billion, slightly above the forecast of $1.58 billion. However, Non-GAAP EPS was $0.50, below the expected $0.55 [1][3]. Financial Performance - Total revenue for Q3 2025 was $28.095 billion, showing a significant increase compared to previous quarters [3]. - Year-over-year revenue growth rates varied, with Q3 2025 showing an 11.6% increase compared to the same quarter last year [3]. - Operating profit for Q3 2025 was $1.624 billion, reflecting a decline of 40% compared to the previous year [24][26]. - Gross margin for Q3 2025 was 18.0%, consistent with previous quarters [3]. Business Segments Automotive - Automotive revenue reached $21.205 billion in Q3 2025, reversing a trend of negative growth over the past three quarters [9]. - The average selling price per vehicle remained stable at $41,000, despite record delivery numbers [9][12]. - The surge in demand was attributed to the expiration of tax credits for electric vehicles, leading to a one-time spike in sales [14]. Energy - Energy storage business revenue hit a record $3.415 billion in Q3 2025, up 44% year-over-year [15]. - The deployment of Powerwall products reached a new high for six consecutive quarters, indicating strong market demand [15][16]. Autonomous Driving - Full Self-Driving (FSD) penetration rate remains low at 12%, with no significant progress reported in Europe and China [21]. - The rollout of Robotaxi services has slowed, with limited expansion in operational areas [21]. Robotics - The Optimus robot's production timeline has been pushed back, with the V3 prototype expected to be showcased in early 2026 [22]. Market Outlook - The fourth quarter is expected to be challenging for Tesla, with potential declines in demand following the recent sales surge [32]. - Increased tariffs are anticipated to impact automotive sales profits, with estimates suggesting a 5-6% reduction in overall sales profits [33]. - The outcome of Elon Musk's compensation plan negotiations is a significant concern for investors, as it could affect Tesla's strategic direction [33].

Investment Rating - The report maintains a "Buy" rating for Tesla, indicating a positive outlook for the company's stock performance in the near term [4]. Core Insights - Tesla's total revenue for Q3 2025 reached $28.1 billion, showing a year-over-year increase of 11.6% and a quarter-over-quarter increase of 24.9%. However, the Non-GAAP net profit was below market expectations, primarily due to tariff impacts on margins, increased operating expenses, and a reduction in high-margin income from credits and one-time FSD revenue [1][2]. - The automotive business saw a total delivery of 497,000 vehicles in Q3 2025, reflecting a 7% year-over-year and 29% quarter-over-quarter increase. The automotive revenue was $21.21 billion, with an average selling price (ASP) of approximately $42,000 [2]. - The energy storage business demonstrated strong growth, with installed capacity increasing by 81% year-over-year to 12.5 GWh and revenue rising by 44% to $3.42 billion, achieving a gross margin of 31.4% [2]. - The focus is shifting towards AI-driven initiatives, including Robotaxi and humanoid robots, with significant milestones expected in the coming years. The report highlights Elon Musk's recent stock purchases and the board's plans to grant him stock options based on performance targets related to FSD subscriptions and Robotaxi operations [3]. Summary by Sections Financial Performance - Q3 2025 total revenue was $28.1 billion, with a gross margin of 18.0%. Non-GAAP net profit was $1.77 billion, reflecting a year-over-year decline of 29.3% [1]. - The automotive segment's revenue was $21.21 billion, with a gross margin of 15.4% after excluding credit income [2]. - Energy storage revenue reached $3.42 billion, with a gross margin of 31.4% [2]. Future Projections - The report projects a decrease in Non-GAAP net profit for 2025 and 2026, with estimates of $6.0 billion and $8.7 billion respectively, but an increase for 2027 to $12.08 billion [4]. - The anticipated launch of new vehicle configurations and the ramp-up of energy storage production are expected to drive future growth [2]. Strategic Focus - The report emphasizes the transition towards AI technologies, particularly in autonomous driving and robotics, with significant developments expected in the next few years [3]. - The introduction of new models and the expansion of the energy storage business are seen as key drivers for Tesla's growth trajectory [2].

沪投资品（000102）指数十大成份股详情如下： 证券之星消息，10月23日，沪投资品（000102）指数报收于7184.98点，涨0.5%，成交649.17亿元，换手 率1.29%。当日该指数成份股中，上涨的有32家，德业股份以4.61%的涨幅领涨，下跌的有15家，恒立液 压以2.9%的跌幅领跌。 | 证券代码 | 股票简称 | 权重 | 最新价 | 涨跌幅 | 总市值(亿元) | 所属行业 | | --- | --- | --- | --- | --- | --- | --- | | sh601899 | 紫金矿业 | 6.33% | 29.70 | 0.85% | 7893.54 | 有色金属 | | sh600150 | 中国船舶 | 5.31% | 35.45 | -0.56% | 2667.83 | 国防军工 | | sh600111 | 北方稀土 | 4.99% | 49.75 | -2.05% | 1798.50 | 有色金属 | | sh600031 | 三一重工 | 4.92% | 22.68 | -1.48% | 1921.99 | 机械设备 | | sh603993 | 洛阳辑业 | ...

Core Insights - Tesla reported record revenue of approximately $28.1 billion for Q3 2025, a 12% year-over-year increase, driven by vehicle deliveries and strong performance in its energy business [1] - However, net profit (non-GAAP) fell to $1.77 billion, a 29% decline compared to the previous year, missing market expectations [1] - Key future growth drivers identified include AI technology, advanced driver-assistance systems, and humanoid robots [1] Automotive and Energy Business Growth - Tesla's automotive segment generated $21.2 billion in revenue for Q3, a 6% year-over-year increase, primarily due to record vehicle sales [2] - The automotive gross margin (excluding regulatory credits) was 15.4%, below analyst expectations of 16.3%, attributed to reduced electric vehicle prices and rising operational costs [2] - Global electric vehicle production reached approximately 447,000 units, with deliveries totaling 497,000 units in Q3 [2] - In China, the Shanghai Gigafactory delivered over 90,000 vehicles in September, with total sales exceeding 71,000 units, reflecting a 25% quarter-over-quarter increase [2] Energy Generation and Storage Performance - Tesla's energy generation and storage business saw a 44% year-over-year revenue increase, reaching $3.42 billion, making it the fastest-growing segment [3] - Energy storage product installations hit a record 12.5 GWh in Q3, with gross profit reaching $1.1 billion [3] - CEO Elon Musk announced a focus on developing the next-generation fixed energy storage product, Megapack 4, and plans to launch the Optimus V3 humanoid robot in Q1 next year [3] AI and Autonomous Driving Developments - Tesla is advancing in AI, robotics, and related services, with the rollout of the Smart Assist Driving V14 version and expansion of the Robotaxi service [3][4] - The company is actively collaborating with regulatory bodies in China, Europe, the Middle East, and Africa to launch its Full Self-Driving (FSD) system [6] - The production line for the humanoid robot is being installed, with a projected annual capacity of up to 1 million units by the end of 2026 [6] Challenges and Strategic Outlook - Potential challenges include regulatory approval for FSD, cost control in humanoid robot production, and fluctuations in global electric vehicle demand [6] - The AI strategy is seen as a transformative step for Tesla, evolving from an electric vehicle manufacturer to a provider of intelligent mobility and services [6]

德国联邦统计局数据显示，今年1月至8月，德国对美国出口额为1010亿欧元，同比下降6.5%。其 中，8月份出口仅为109亿欧元，环比下降2.5%，同比降幅达到20.1%，创下自2021年11月以来的新低。 同时，德国从美国进口634亿欧元，双边进出口总额为1644亿欧元。相比之下，德中经贸往来显现韧 性。今年前8个月，双边贸易总额达到1663亿欧元。 欧盟与美国7月底达成协议，自8月1日起，对大多数欧盟输美商品征收15%的关税。德国批发和外 贸协会主席迪尔克·扬杜拉表示，美国关税政策是导致德国对美出口下降的关键原因，美国市场对德国 汽车、机械及化工等传统出口商品的需求显著减少。 与此同时，德国工商大会调查显示，美国关税政策正加剧企业的不确定性，超过一半受访企业计划 减少对美贸易，约四分之一企业表示将暂停或取消在美投资。德国管理学家赫尔曼·西蒙指出，美国关 税政策使德国企业对美出口面临巨大挑战，如果失去在美市场份额，企业必须开拓其他市场。 新华社柏林10月23日电 题：从德国最大贸易伙伴更替看美关税冲击 新华社记者李函林 德国联邦统计局最新数据显示，2025年前8个月，美国已不再是德国最大的贸易伙伴，中国取而代 ...