特斯拉(TSLA.US)在推出"精简版"Model3与Model Y后，再度成为市场焦点。然而，这两款车型的售价 仍高于其曾向大众市场承诺的3万美元门槛。显然，电动汽车税收抵免政策的到期，已对车企形成更大 压力，促使其将提升产品性价比置于更重要的位置。 Deepwater Asset Management分析师Gene Munster对特斯拉的降价举措表示"赞赏"——此次Model Y价格 下调11%至4万美元，Model3价格则从3.9万美元降至3.7万美元。Munster认为，这一定价调整意味着， 华尔街所期待的特斯拉2026年16%交付量增长目标将更有可能实现。他指出："多数人原本预计特斯拉 会推出简配版Model Y，但实际推出的车型本质上与原版一致，仅在车身颜色和轮毂选择上有所限 制。" Camelthorn Investments顾问Shawn Campbell则表示，此次降价力度可能仍不足够。他在接受采访时 称："从长期来看，这一消息无法解决中国低成本竞争对手在全球市场带来的挑战。在我看来，特斯拉 需要推出一款售价低于3万美元的电动汽车。" Seeking Alpha投资团队负责人Daniel ...

Core Insights - Morgan Stanley's report highlights a divergence in the performance of the consumer sector within the S&P 500, with non-essential consumer goods up 5.06% and essential goods down 0.55% in the year-to-date [1] Group 1: Non-Essential Consumer Goods - Southwest Airlines (LUV.US) has seen a year-to-date decline of 3.7% and is rated "Underweight" by Morgan Stanley, with a Seeking Alpha quant rating of 2.91, due to overly aggressive Q4 earnings guidance and the highest valuation among analysts' coverage, projecting a P/E ratio of 13x by 2026 [1] - Rivian Automotive (RIVN.US) has experienced a slight year-to-date drop of 0.3% and is also rated "Underweight" with a quant score of 2.70, facing potential demand issues as federal EV tax credits expire in 2025 and changes in compliance penalties threaten its business model [2] - Krispy Kreme (DNUT.US) has seen a significant stock decline of 65.5%, rated "Underweight" with a quant score of 1.11, primarily due to a high-leverage balance sheet affecting U.S. business recovery and uncertainty in international asset restructuring [3] - Shake Shack (SHAK.US) has dropped 28.4% and is rated "Underweight" with a quant score of 2.86, as its high pricing strategy limits expansion potential, necessitating a balance between high ingredient costs and customer frequency [3] Group 2: Essential Consumer Goods - Brown-Forman (BF.B.US) has faced a year-to-date decline of 26.7% and is rated "Underweight" with a quant score of 1.78, as its core brand Jack Daniel's whiskey continues to lose market share amid structural pressures on global alcohol consumption, despite its stock trading at a 20% premium to peers [2] - Beyond Meat (BYND.US) has seen a drastic stock drop of 42%, rated "Underweight" with a quant score of 1.13, as its market share in plant-based meat continues to shrink, leading to ongoing losses and a deteriorating balance sheet [2]

撰文 / 杜 咏 芳 编辑 / 黄 大 路 设计 / 慕 衍 还记得特斯拉那个美好的"三步走"战略蓝图吗？ 第一步，造一辆昂贵的电动跑车（Roadster），证明电动可行；第二步，用这笔钱造一辆更便宜的车（Model S/X），扩大影响；第三步，用赚来的钱， 造一辆真正意义上的"平民电动汽车"，彻底改变世界。 多年来，特斯拉的车迷们都在等待第三步那辆终极神车的降临。 它被车迷们亲切地称为"Model 2"，一个传说中售价仅需2.5万美元，能让特斯拉进入寻常百姓家的革命性产品。 就在10月7日，它来了。但是，它并不是那辆万众期待的"Model 2"，甚至算不上是一辆新车，而是基于现有产品动的一次"减法手术"。 Model Y标准版与Model 3标准版同步登场，起售价分别为39990美元（约合 人民币 28.9万元）和36990美元（约合人民币26.8万元）。 美股开盘，特斯拉股价就像坐了过山车，最终收跌4.45%，市值蒸发约650亿美元（约合人民币4630亿元），反映出市场对这一产品策略的关注。 而这直白的市场信号，也让一个核心问题浮出水面：平价版特斯拉，究竟是特斯拉送给大众市场的诚意之作，还是其在增长焦虑与 ...

特斯拉(TSLA.US)为其主力车型Model Y运动型多功能车(SUV)与Model3轿车推出了低价版本，然而这 款新车在欧洲市场将面临一场硬仗，而欧洲恰恰是该公司最需要打开局面的区域。周二发布的Model Y 标准版售价3.999万美元，Model3售价3.699万美元。两款新车将进入的欧洲市场，早已挤满了经济型电 动汽车(EV)：欧洲本土及中国品牌已推出十余款售价低于3万美元的车型，且未来还将有更多竞品入 市。 数十款电动汽车扎堆涌入欧洲展厅 在欧洲市场，特斯拉将面临众多低价竞品的冲击：例如比亚迪海豚冲浪(BYD Dolphin Surf)起售价2.3万 欧元(约合2.683万美元)、达契亚春天(Dacia Spring)1.68万欧元、雪铁龙e-C3(Citroen e-C3)SUV2.33万欧 元，且未来还将有更多新车推出。 这一情况与美国市场形成鲜明对比——目前美国市场售价低于3万美元的电动汽车仅有日产聆风(Nissan Leaf)一款。 "该市场的竞争已进入白热化阶段。"研究机构AutoForecast Solutions副总裁萨姆.菲奥拉尼(Sam Fiorani) 表示。他补充称，欧洲市场上 ...

Macro News - The price of spot gold in London reached a historic high of $4000 for the first time on October 8 [2] - The U.S. Senate failed to pass a funding bill proposed by the Democrats, leading to a continued government shutdown [3][7] - The People's Bank of China reported that gold reserves reached 7.406 million ounces by the end of September, marking the 11th consecutive month of increases [13] - China's foreign exchange reserves stood at $333.87 billion at the end of September, reflecting a 0.5% increase from the previous month [14] Company News - Tesla launched a new version of the Model Y priced at $39,990, making it more affordable to counter the impact of the cancellation of U.S. electric vehicle subsidies. This new model is approximately 11% cheaper than the previous base version [4][19] - Cambrian Technology announced a private placement price of 1195.02 yuan per share, raising a total of 3.985 billion yuan for projects related to large model chip platforms and software platforms [20] Regulatory Updates - The State Council of China issued a notice to implement domestic product standards in government procurement, effective January 1, 2026. This policy aims to create a unified and competitive government procurement market, providing a 20% price evaluation preference for domestic products [6] - The China Securities Regulatory Commission (CSRC) held a meeting to discuss the "14th Five-Year" capital market planning, emphasizing the need for high-quality implementation of capital market reforms [15] - The CSRC proposed a draft to significantly increase the reward standards for whistleblowers reporting securities and futures violations, raising the reward amount from 1% to 3% of the penalties collected [16] Market Developments - The Beijing Stock Exchange will switch to new securities codes for all existing stocks starting October 9, 2025, with the new code being 920. This change is part of a broader initiative to enhance the trading environment [18] - Qualified foreign investors will be allowed to participate in ETF options trading on the Shanghai and Shenzhen stock exchanges, with the trading purpose limited to hedging [17] Investment Strategies - Goldman Sachs raised its gold price forecast for December 2026 to $4900 per ounce, up from a previous estimate of $4300, anticipating continued net purchases of gold by central banks in emerging markets [21]

近期，西班牙在欧盟支持对中国加征关税的投票中明确表态，称要通过这一举措保护本国企业。然而，随着中国的反制措施直接打击到西班牙的经济利益， 西班牙的态度发生了剧变。原本强硬的立场逐渐软化，西班牙开始寻求与中国加强合作，尤其是在电动汽车产业方面，甚至有地方官员直接来到中国，力图 吸引中国车企在西班牙投资建厂。 就在上个月，西班牙首相桑切斯宣布将访问中国，并且停留5天，计划访问北京和上海。西班牙政府表示，这次访问具有特殊意义，正值欧盟与中国在贸易 上的紧张局势中，桑切斯将与中国领导人进行会谈，探讨两国关系和双边贸易的未来发展。虽然西班牙政府并未透露详细的访问议程，但从随行的贸易部副 部长等高官来看，双方的经济合作无疑是此行的重点。 此前，欧盟对中国的电动汽车展开了反补贴调查，并决定对中国电动汽车征收高额关税。中国为保护本国企业权益，已向世贸组织提出申诉，并对欧盟某些 产品进行了反制措施。中国车企原本合作配合欧盟调查，但调查过程匆忙且不透明，最终得出的结论也并未证明中国电动汽车对欧洲市场构成实质性威胁。 欧盟的做法，引发了多国不满，尤其是西班牙。 尽管西班牙在投票中支持了这一关税政策，欧盟成员国中的其他国家，如意大利 ...

最近，加拿大毫不掩饰地对中国电动车出手，突然宣布对来自中国的电动车征收100%的关税，同时还对中国进口的钢铝产品加征25%的关税。这一举措让 很多人感到困惑，显得完全没有任何理由。 这背后到底是什么原因呢？我们从美国的回应中找到了答案。美国对这一行为的支持似乎暗示了加拿大的立场，甚至让人怀疑加拿大是否只是跟着美国的步 伐走。那么，面对这样的局面，中国又该如何应对呢？ 8月26日，加拿大正式宣布了这一决定，对来自中国的电动汽车征收100%的关税，并且对钢铝产品也加大了税收。显然，这项带有"歧视"性质的政策违反了 《1994年GATT协议》的相关规定。更令人质疑的是，加拿大这样做的理由站不住脚，因为中国的电动汽车和钢铝产品并没有对加拿大市场造成严重冲击。 如今，自由贸易趋势日益明显，所谓的"贸易保护主义"显然不再适用。加拿大对此的所谓"预防"措施，看起来更像是没有实质依据的行动。 实际上，双方在未发生"贸易转移"之前应该遵循贸易规定，维护全球市场的稳定。而加拿大所提及的"贸易转移"概念，也显然被他们过度扩展并用来为自己 的行为"辩护"。事实上，这样的行为看起来更像是为了迎合美国的做法。 美国在此前就曾对中国的电动 ...

加拿大在没有进行调查的情况下，决定对中国的电动汽车加征关税，甚至比美国和欧盟还要严苛，这引起了中国的强烈反对。中国表示，如果加拿大不顾证 据打击中国的出口贸易，中国也会采取强硬的反制措施。 对此，中国采取了四项反制措施，包括对加拿大的油菜籽和化工产品发起反倾销调查，依据是这些产品在中国市场上价格异常低，可能存在倾销行为。中国 还向世界贸易组织提出争端解决请求，要求通过合法途径维护中国企业的利益。此外，中国还对加拿大进行了全球首例反歧视调查，指责加拿大此举是为配 合美国的政策，将经贸问题政治化。 加拿大在此过程中未能提供确凿证据，反而指责中国的制造业侵犯劳工权益，破坏环境，而这些说法被视为毫无根据的借口。中国的电动汽车产业依托于创 新和良好的营商环境，不是通过低价倾销获得市场份额。 一些国家对此表示支持，挪威首相表示不赞成对中国电动汽车加征关税，并认为单边制裁无法解决问题，应该通过世贸组织解决争端。总体来看，中国的电 动汽车产业并不存在产能过剩的问题，全球市场需求仍然广泛。 I M 中国首次发起全球反歧视调查，并连续采取了多个反制措施，包括对加拿大的油菜籽和化工产品展开反倾销调查。不到48小时，加拿大便表示将加 ...

Market Overview - The U.S. stock market saw a collective decline on October 7, with the Dow Jones down 0.2%, Nasdaq down 0.67%, and S&P 500 down 0.38%[8] - Major tech stocks mostly fell, with Tesla dropping over 4% and Google down over 1%[8] - AMD shares rose nearly 4% after announcing a 6 GW computing power agreement with OpenAI, with the first 1 GW deployment planned for the second half of 2026[8] International Indices Performance - The FTSE Singapore Straits Index closed at 4472.26, up 1.14% for the day and 17.82% year-to-date[2] - The German DAX index increased by 0.03% year-to-date, reaching 24385.78[2] - The Nikkei 225 index rose 0.01% and has a year-to-date increase of 20.19%[2] Sector Highlights - Semiconductor stocks faced significant declines, with KLA down over 4% and ASML nearly 4%[8] - Cryptocurrency-related stocks also fell, with Strategy down over 8% and Coinbase down over 2%[8] - Bitcoin mining stocks saw gains due to rising Bitcoin prices, with CleanSpark up over 3% and Hive Digital up over 11%[8] Notable Company Developments - Dell raised its sales and profit growth forecast for the next two years, expecting a 7% to 9% increase by fiscal year 2030[8] - IBM shares rose 1.54% following a partnership with Anthropic for enterprise-level AI software[8] - Trilogy Metals surged over 210% after the U.S. government announced a plan to acquire 10% of the company as part of a $35.6 million investment[8]

Core Viewpoint - Tesla has launched its cheapest models, the Model 3 Standard and Model Y Standard, priced at $36,990 and $39,990 respectively, which are approximately $5,000 cheaper than previous models, but with downgraded features. The market reaction has been mixed, with Tesla's stock dropping by 4.45% following the announcement [2]. Group 1: Analyst Reactions - Gene Munster from Deepwater Asset Management praised the new lower-priced models, stating they will enhance Tesla's competitive edge against more affordable offerings from rivals [2]. - Dan Ives from Wedbush Securities expressed disappointment, noting that while the lower-priced models are anticipated, they still remain relatively high compared to competitors. He believes these models could boost demand, especially with the expiration of EV tax credits, but he expected more significant price reductions [5][7]. - Ross Gerber criticized the new models, suggesting they dilute Tesla's luxury brand perception and likened the company more to Toyota than a luxury brand like Mercedes. He argued that the price reduction might harm sales of higher-priced models [7][9]. Group 2: Market Implications - Seth Goldstein from Morningstar indicated that the introduction of more affordable models could help Tesla mitigate the impact of the expiring EV tax credits, potentially increasing delivery volumes by making the vehicles accessible to a broader consumer base [10].