Market Reactions - Gold prices experienced a significant drop, falling nearly 4% in a short period, while silver saw a decline of 6% [1][3] - The market reaction was triggered by a joint statement from European leaders supporting an "immediate ceasefire" in the ongoing conflict, which led to volatility in gold prices [1][4] Investment Trends - The stock market showed resilience, with major indices recovering from previous declines, indicating a positive trend in the A-share market [4][5] - The "trend force" and "policy force" in a low-interest-rate environment are expected to create favorable conditions for the stock market, contrasting with the struggling real estate sector [7] Sector Performance - The CPO sector is experiencing a surge due to increased demand for 1.6T optical modules driven by AI needs, leading to significant gains in related stocks [8][9] - Xiaomi is facing challenges with its stock price declining significantly, attributed to negative publicity and a need for a strategic marketing adjustment [11] Market Volatility - The volatility in gold and silver prices has been pronounced, with daily fluctuations exceeding 3% for gold and even larger for silver, indicating high sensitivity to external news [11][12] - Investors are advised to understand their reasons for buying and their risk tolerance, rather than reacting impulsively to market emotions [13]

（文章来源：证券日报） 证券日报网讯安凯客车10月23日在互动平台回答投资者提问时表示，截至2025年10月20日，公司股东总 户数为48434户。 ...

市场情绪较上月出现断崖式下跌（本月22.24，上月70.03；分数越低表示市场情绪越低迷）， 从前期的 "显著积极" 区间快速回落至 "低迷" 区间，各项情绪细分指标均呈现降温态势（2022年1月出现过类似情 况） ：两融分数从历史高位大幅下滑至历史中低位，杠杆资金活跃度显著下降；公募基金发行分数从历 史高位的骤降至历史低位，零售资金回流权益市场的节奏明显放缓，市场增量资金支撑减弱；波动率分数 从历史中高位回落至历史中低位，多空博弈较上月趋于缓和，市场波动有所收敛；涨跌停分数从历史中位 降至历史低位，市场赚钱效应明显减弱。 当前市场呈现出 "估值中枢上移、预期平稳、情绪大幅降温" 的分化格局，前期推动市场上行的情绪动力 有明显消退的迹象，板块轮动速度较此前有所放缓。我们建议投资者理性看待市场指标分化。在投资决策 中，均衡配置标的基本面质地、估值与业绩匹配度合理的领域，避免盲目追逐短期热点，在可理解、可承 受中追求收益。 需要说明的是，本报告评分指标基于沪深300指数，其风险收益特征更多反映权重股表现，与中小市值企 业存在差异，投资者在评估整体市场风险时需结合不同板块特征综合判断。 数据来源：中泰资管，数据截至 ...

特斯拉（TSLA.US）不只是新能源汽车的顶流，还是美股科技"七姊妹"之一，它的一举一动，都攥着全球投资者的注意力。 2025年第三季度，特斯拉（TSLA.US）营收超预期，本是个好消息。可盈利却掉了链子，股价也不给力。盘后股价一度跌近5%，最后收跌 3.78%。 为啥跌？ 原因很实在：一是赚钱能力没跟上；二是"特朗普后遗症"还在影响；三是新车型推进慢，市场等着等着就失望了。 更有意思的是，这边股价在往下走，那边马斯克在业绩会上却画了个大饼：要搞300万辆年产能，要推没方向盘的全新车型，还要造百万台 的"擎天柱"机器人，妥妥一个科技帝国蓝图。 一边是冷飕飕的现实，一边是热乎乎的愿景。现在的市场，到底更信哪一个呢？ 特斯拉分化业绩：增收不增利 2025年第3季，Model 3/Y交付量按年增长9.36%，至48.12万辆，高于同期产量43.58万辆，特斯拉汽车总体交付量同比增长7.39%，至49.71万 辆，创出新高，见下图。 这背后与特斯拉交出了亮眼的区域交付成绩单有关。大中华区、亚太区环比分别涨 33%、29%，北美跟涨28%，欧洲中东非洲也有25%的增 幅。 此外，管理层还透露，多个市场还创下新纪录：韩国 ...

Group 1 - Applied Digital signed a $5 billion AI factory lease agreement with a cloud computing service provider for a duration of 15 years, which will enhance its computing power to 600 MW across two sites in North Dakota [5][6] - General Motors (GM) introduced new technologies including "eyes-off" autonomous driving and a conversational AI system developed with Google, aiming to enhance convenience and safety for consumers [8][10] - Morgan Stanley estimates that Amazon could save up to $4 billion annually by automating its warehouses, with a projected savings of $2 billion to $4 billion by 2027 due to a 20% to 40% reduction in order fulfillment costs [15] Group 2 - Google announced a breakthrough in quantum computing with its Willow chip, which reportedly runs algorithms 13,000 times faster than the best supercomputers, indicating potential applications in medicine and materials science [16][17] - Microsoft is pushing for further integration of Windows and Xbox, launching the ROG Xbox Ally series handheld gaming consoles, which can run PC games natively and stream games from Xbox consoles, marking a strategic shift in its gaming business [18]

Core Viewpoint - Tesla's Q3 2025 earnings report shows a 12% year-over-year revenue increase, but a 37% decline in net profit, raising concerns about the sustainability of growth and future projects like Robotaxi and Optimus [4][12][36]. Financial Performance - Tesla's total revenue reached a record $28.095 billion, a 12% increase year-over-year, driven by strong delivery numbers of 497,000 vehicles, surpassing market expectations [9][12]. - The automotive segment generated $21.2 billion in revenue, a 6% increase year-over-year, but net profit fell to $1.37 billion from $2.17 billion, a 37% decline [12][11]. - Operating expenses increased by 50%, attributed to AI and other R&D projects, alongside rising tariffs and costs per vehicle [12][15]. Future Prospects - Investors are particularly focused on the rollout of Robotaxi and the production timelines for Cybercab and Optimus robots, but details remain vague [4][18]. - Musk stated that by the end of 2025, Robotaxi is expected to cover half of the U.S. population, but specifics on timelines and regulatory approvals are lacking [5][21]. - The Optimus robot's production timeline is also unclear, with Musk suggesting a potential release of V3 in Q1 2026, but emphasizing the challenges in manufacturing [25][27]. Market Reactions - Following the earnings call, Tesla's stock dropped nearly 5%, reflecting investor dissatisfaction with the lack of concrete plans and clarity on future projects [6][36]. - The introduction of "standard versions" of Model Y and Model 3 aimed at increasing competitiveness has not positively impacted stock prices, indicating market skepticism [14][31]. Regulatory and Competitive Landscape - Tesla is working with regulatory bodies in China, Europe, the Middle East, and Africa to gain approval for its Full Self-Driving (FSD) technology, but the focus on the Chinese market was notably minimal during the earnings call [30][29]. - The competitive landscape is intensifying, particularly in Europe, where Tesla's sales are declining due to increased competition from companies like BYD [12][31]. Executive Compensation Controversy - The upcoming vote on Musk's $1 trillion compensation plan has sparked controversy, with significant opposition from institutional investors citing dilution risks [32][34]. - Musk's emotional defense of the compensation plan during the earnings call highlights the tension between management and shareholders [36].

美东时间10月22日收盘后，特斯拉（NASDAQ:TSLA）公布了2025年第三季度财报。 营收创新高但利润下滑近三成 财报数据显示，今年三季度，特斯拉营收为281亿美元，同比增长12%，但净利润下滑29%至17.7亿美元（非美国通用会计准则下）。对于三季度营收的增长 原因，特斯拉方面称，主要受到汽车交付量、能源生产和存储业务及服务业务增长驱动。 按照业务划分来看，今年三季度，特斯拉核心汽车业务营收增长6%，至212亿美元，去年同期为200亿美元；能源发电与储能业务营收大增44%至34.2亿美 元，三季度装机量达12.5吉瓦时；包括车辆维修在内的服务和其他业务，营收为34.75亿美元，同比增长25%。 | FINANCIAL SUMMARY | | --- | | ($ in millions, except percentages and per share data) | Q3-2024 | Q4-2024 | Q1-2025 | Q2-2025 | | --- | --- | --- | --- | --- | | Total automotive revenues | 20,016 | 19,798 ...

可热闹看完，你有没有想过，到底谁在这场较量里"光着身子"硬撑，又谁真正攥着能定输赢的硬筹码？ 在这场关税战里，最惨的不是挑事的美国，而是那些盲目跟着站队的盟友，欧盟、日韩一个个把"讨好美国"写在脸上，最后却被夹在中间两头挨揍，活成了 真正的"夹心饼干"。 之前为了讨美国开心，对钢材加征50%关税还不够，10月9日欧洲议会又凑热度，通过决议要扩大对俄制裁，顺便把矛头对准中企。 可他们没料到，反击来得比预想中快得多，当天产业链端的资源管控就落地了，之前已经管着7种稀土金属，这次直接新增到12种，全球一共才17种稀土， 等于70%都被纳入管控。 比利时鲁汶大学给欧洲金属生产商协会做过研究，说要实现欧盟的"绿色协议"气候目标，到2050年得要35倍以上的锂，还有7到26倍的稀土金属。 你见过靠"祈祷攒信仰值"治国的政客吗？还想把自己的头像印在250美元纸币上，主要是美元从来没有活人头像的规矩，这操作连法理都站不住脚。 另一边，他的盟友们更热闹，欧盟跟着对华加码制裁，转头就被稀土卡了脖子，日韩想蹭美国的"保护"，结果自家车企、造船业先遭了殃。 这场关税战早不是正经贸易博弈了，满是魔幻荒诞的戏码。 可欧盟自己啥产能都没有 ...

10月23日，特斯拉发布2025年第三季度财报。特斯拉第三季度的收入和自由现金流双双创下新高纪录。 其中，总收入为281亿美元，同比增长12%，自由现金流达40亿美元。 特斯拉首席执行官马斯克表示，特斯拉具备现实世界人工智能所需的全部要素：人工智能能力、卓越的 机电工程能力，以及规模化生产的能力。特斯拉在现实世界人工智能领域处于领先地位。 电车交付量创历史新高 特斯拉2025年第三季度的交付报告显示，电动车和储能业务双双创出新高。特斯拉在该季度全球共生产 纯电动车约44.7万辆，交付量达49.7万辆。同期，特斯拉储能产品装机量达到12.5吉瓦时，上海储能超 级工厂产能释放持续助推业务增长。 马斯克表示，自动驾驶的大规模推进和无人驾驶网约车的发展，将从根本上改变交通运输的本质。人形 机器人和自动驾驶技术能够帮助创造一个没有贫困的世界，社会将迈向可持续富足。 值得关注的是，自Robotaxi无人驾驶网约车业务在奥斯汀首发以来，特斯拉已三次扩大运营范围，并预 计年底前将在内华达州、佛罗里达州和亚利桑那州开展运营。目前Robotaxi在奥斯汀累计里程超过25万 英里（40万公里），在加州湾区累计里程超过100万英里（ ...

特斯拉交了一份极其"分裂"的Q3成绩单。 一方面是创纪录的营收：营业收入和汽车交付量创下历史新高，营收高达281亿美元，同比增长11.6%；Q3还卖出了创纪录的49.7万辆车，数据好看到让 分析师的预估都显得有些保守。 但在财报发布后，资本市场并不买账。 股价在当天盘后交易中应声下挫，并在马斯克出席电话会议期间加速下跌，一度最大跌幅近5%，以当天收盘市值1.46万亿美元计算，特斯拉一天暴跌近 730亿美元，约合人民币5200亿元。 截至发稿，盘前交易股价仍然跌破3%。 究其原因，可能会有人认为是其"增收不增利"的局面导致，但更深入的原因，或许藏在马斯克在业绩会上的态度，他对拉胯的业绩避之不谈，反而对未来 继续画饼。 01 事儿多、钱少 不怪市场不买账，总的来看，特斯拉这份成绩单满足不了市场的期待。 好的一面是，单汽车业务营收就达到了212亿美元，增长了6%，去年同期为200亿美元，其中，来自汽车销售的营收同比增长8.1%至203.59亿美元，上一 次单就卖车的营收超过200亿元，还是2023年第四季度。 | Start It I had best been by to be hear hyll a | | | ...