智通财经APP获悉，周三，特斯拉(TSLA.US)涨逾3%，报339.78美元。消息面上，特斯拉首席执行官埃 隆·马斯克近日表示，特斯拉约80%的长期价值将来自其人形机器人"擎天柱"(Optimus)，而非传统汽车 业务。按照特斯拉的规划，人形机器人"擎天柱"预计将在 2026 年初投入商业化应用。但市场情绪存在 分歧：基于预测交易平台 Kalshi 的数据，用户认为特斯拉 Optimus 在 2027 年前上市的概率仅40%。 ...

1. Report Industry Investment Rating No information about the report industry investment rating is provided in the given content. 2. Core Viewpoints of the Report - The report believes that in 2025, convertible bonds are in a new upward cycle due to full economic clearance and economic recovery. For example, the social financing growth rate has continuously rebounded from 7.8% in November 2024 to 8.7% in April 2025, and the year - on - year PPI of production materials has basically bottomed out [5]. - The market's low increase this week may be related to the market's pre - pricing of "Sino - US tariff reduction". The market is expected to remain volatile in the short term as it has fully priced in factors such as Sino - US tariffs and policy stimuli, waiting for new variables [5]. 3. Summary by Relevant Catalogs Market Review - **Major Asset Performance**: The Shanghai Composite Index and the Wind All - A Index rose by 0.76% and 0.72% respectively, with the average daily trading volume of the whole market reaching 1.27 trillion yuan. The S&P 500 and the Nasdaq rose by 5.27% and 7.15% respectively. The price of London gold fell by 3.75% [2]. - **Convertible Bond Market Performance**: The CSI Convertible Bond Index rose by 0.32%. As of May 16, the median convertible bond price, conversion premium rate, and pure bond premium rate were 120 yuan, 30.98%, and 14.74% respectively. Industries such as finance, automobiles, and banks performed well, and the market style changed significantly [2]. - **Convertible Bond Terms**: Qianglian and Xuerong did not redeem their convertible bonds, while Runda, Yingbo, and Haoneng are expected to meet the redemption conditions. Jialian lowered the conversion price [3]. Market Dynamics - **Sino - US Trade Policy Adjustment**: On May 12, the Ministry of Commerce released a joint statement on the Sino - US Geneva economic and trade talks. The two sides suspended 24% of the additional tariffs (retaining 10%) and cancelled some additional tariffs, starting from May 14, 2025, with an initial implementation period of 90 days [3]. - **April Financial Data**: On May 14, the People's Bank of China released April financial data. The increment of social financing scale in April was 1.16 trillion yuan, a significant year - on - year increase of 1.22 trillion yuan. The year - on - year growth rate of the stock of social financing scale at the end of the month was 8.7%, up from 8.4% in the previous value [3]. - **Tencent's Q1 2025 Financial Report**: On May 14, Tencent released its Q1 2025 financial report. Q1 revenue reached 180 billion yuan, a year - on - year increase of 13%, and the net profit attributable to shareholders increased by 14% year - on - year to 47.8 billion yuan. The capital expenditure in Q1 2025 was 27.48 billion yuan, a year - on - year increase of 91%, accounting for 15% of the revenue [4]. - **Tesla's Humanoid Robot**: On May 13, Tesla's official Weibo released a video of the humanoid robot Optimus "dancing" and stated that the training code of the humanoid robot for "simulation to reality" was optimized [4]. - **Next Week's Focus Events**: Economic data, Huawei's humanoid robot press conference, Xiaomi YU7 press conference, etc. [4] Convertible Bond Views - **Market Performance and Outlook**: Despite the obvious positive factors of "tariff relaxation under Sino - US talks" and better - than - expected financial data, the Shanghai Composite Index and the CSI Convertible Bond Index only rose by 0.76% and 0.32% respectively. The low increase may be due to the market's pre - pricing of "Sino - US tariff reduction". The market is expected to remain volatile in the short term [5]. - **Recommended Targets**: Stable targets include convertible bonds such as Shangyin, Changyin, Hua'an, Lantian, and Wenshi; flexible targets include convertible bonds such as Zhongchong Zhuan 2, Daotong, Yinlun, Jizhi, Limin, Qianglian, Anji, and Dinglong [6].

Group 1 - The robot concept is gaining renewed market attention, with the robot ETF (159770) achieving a trading volume of over 370 million yuan on May 13, ranking first among similar products in the Shenzhen market [1] - The robot ETF (159770) has seen net inflows of over 430 million yuan in the past 20 trading days, with 14 days recording positive inflows [1] - The robot ETF (159770) has outperformed its benchmark with excess returns of 1.81% and 4.59% over the past year and three years, respectively, leading among similar ETF products [1] Group 2 - Financial analysts suggest that with increased domestic policy support and trends in the AI industry, the market may experience a short-term upward trend, focusing on high-performance sectors such as AI and export recovery opportunities [2]

Group 1: Market Trends and Economic Indicators - The trend of robot lightweighting is clear, with a particular focus on the application of PEEK materials, which is expected to develop further in the future [1][11] - The U.S. Consumer Price Index (CPI) for April increased by 2.3% year-on-year, down from 2.4% previously, while the core CPI remained stable at 2.8% year-on-year [5] - Major U.S. stock indices showed mixed results, with the Dow Jones down 0.64%, the Nasdaq up 1.61%, and the S&P 500 up 0.72% [2][3] Group 2: Corporate Developments - JD Group reported a first-quarter revenue of 301.1 billion yuan, a year-on-year increase of 15.8%, with net profit attributable to ordinary shareholders reaching 10.9 billion yuan, up from 7.1 billion yuan in the same period last year [6] - Zongyi Co. plans to acquire control of Jilai Microelectronics through cash investment or share acquisition, which is expected to constitute a significant asset restructuring [7] - Dongshan Precision announced its subsidiary DSG intends to acquire 100% of French GMD Group for approximately 1 billion euros (about 814 million yuan), aiming to enhance its presence in the global automotive industry [9] Group 3: Regulatory and Policy Changes - The State Council Tariff Commission announced a reduction in tariffs on U.S. imports from 34% to 10%, effective May 14, 2025, and a temporary suspension of a 24% tariff [3][4] - The Chinese government is addressing competition issues in the food delivery industry by requiring platforms like JD, Meituan, and Ele.me to comply with relevant laws and regulations to ensure fair competition [4]

据智通财经报道，5月13日晚间，特斯拉官方微博发布人形机器人擎天柱（Optimus）"跳舞"视频，并表 示其人形机器人优化"仿真到现实"（Sim-to-Real）的训练代码，通过强化学习完成训练。 山西证券表示，行业2025年进入量产元年，随着数据积累、大模型迭代以及硬件成本下降人形机器人大 规模走向工业以及家用场景值得期待。另外，在硬件层面，为以下几个维度以及值得重点关注： 1）以特斯拉为代表的主机厂采用旋转以及线性执行器并行的方案，线性执行器方案基于承载力以及寿 命等优势国内主机厂渗透率有望逐步提升。 另外，据媒体12日报道，企查查APP显示，近日，特斯拉有限公司申请注册"TESLAOPTIMUS"商标， 国际分类为服装鞋帽、健身器材、厨房洁具，当前商标状态均为注册申请中。 公司方面，据上市公司互动平台表示， 在特斯拉第一季度财报电话会议上，马斯克分享了Optimus项目的最新进展：我们在Optimus项目上取得 了良好进展。预计到今年年底，将有数千台Optimus机器人在特斯拉工厂中投入使用。我们还计划以比 历史上任何产品都更快的速度扩大Optimus的生产规模，目标是在尽可能短的时间内达到每年生产数百 ...

金十数据5月13日讯，特斯拉官方微博发布人形机器人擎天柱（Optimus）"跳舞"视频，并表示其人形机 器人优化"仿真到现实"（Sim-to-Real）的训练代码，通过强化学习完成训练。 订阅特斯拉动态 +订阅 特斯拉发布人形机器人擎天柱"跳舞"视频 ...