人形机器人Optimus

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特斯拉:伟大的公司,不合理的价格
美股研究社· 2025-10-10 12:53
特斯拉是一家富有远见的公司,但其当前估值远超基本面与增长前景所能支撑的水平。 尽管特斯拉面临盈利增长放缓、利润率压缩,以及来自全球汽车制造商日益激烈的电动汽车竞争, 其股票仍以高端科技公司的估值倍数交易。 自动驾驶、机器人技术和储能业务的大部分上行潜力已被提前纳入当前价格,留给新投资者的安全 边际微乎其微。 分析师将特斯拉股票评级定为 "强烈卖出",在当前市场环境下,更看好莫利纳医疗(MOH)、卡 骆驰(CROX)和赛 zzle(SEZL)等基本面更优、估值更合理的公司。 特斯拉(纳斯达克代码:TSLA)仍是最具颠覆性的汽车制造商,甚至可能是整个工业科技领域最 具颠覆性的企业之一。 它重新定义了电动汽车的可能性,从零搭建起全球供应链,并打造出一个 拥有 "粉丝式" 忠诚度的品牌。 即便其估值过高,这些核心优势也不会凭空消失。 问题不在于特斯拉是否会继续增长,而在于其未来增长的多少部分已被提前计入当前股价。特斯拉 的企业价值与销售额比率(EV/Sales)超过 15 倍,远期市盈率接近 300 倍 —— 投资者正以高 端科技公司的估值,为一家业务日益趋于大宗商品属性、面临价格竞争、资本支出密集且需承担自 动驾驶 ...
三花智控跌超6% 本周股价累跌近一成 A股午后跌幅扩大近8%
Zhi Tong Cai Jing· 2025-10-10 06:20
三花智控(002050)(02050)跌超6%,本周股价累跌近一成。公司A股午后跌近8%。截至发稿,跌 6.34%,报40.46港元,成交额6.13亿港元。 消息面上,据媒体近日报道,特斯拉原计划今年量产至少5000台人形机器人Optimus,后因工程师反对 下调至2000台。然而,因机器人手部和前臂设计存在严重技术难题,工程团队迟迟无法实现类人灵活操 作,公司已暂时停产并积压大量无手机体。值得一提的是,TeslaAI官方微博9月30日发文称,特斯拉正 在努力扩大人形机器人的规模,计划2025年底推出第三代,并在2026年开始量产。银河证券此前指出, 公司深度绑定特斯拉,是其人形机器人执行器总成的主力供应商。随着特斯拉机器人逐步实现量产,公 司相关业务收入有望快速增长。 ...
港股异动 | 三花智控(02050)跌超6% 本周股价累跌近一成 A股午后跌幅扩大近8%
智通财经网· 2025-10-10 06:17
消息面上,据媒体近日报道,特斯拉原计划今年量产至少5000台人形机器人Optimus,后因工程师反对 下调至2000台。然而,因机器人手部和前臂设计存在严重技术难题,工程团队迟迟无法实现类人灵活操 作,公司已暂时停产并积压大量无手机体。值得一提的是,TeslaAI官方微博9月30日发文称,特斯拉正 在努力扩大人形机器人的规模,计划2025年底推出第三代,并在2026年开始量产。银河证券此前指出, 公司深度绑定特斯拉,是其人形机器人执行器总成的主力供应商。随着特斯拉机器人逐步实现量产,公 司相关业务收入有望快速增长。 智通财经APP获悉,三花智控(02050)跌超6%,本周股价累跌近一成。公司A股午后跌近8%。截至发 稿,跌6.34%,报40.46港元,成交额6.13亿港元。 ...
异动盘点1010|泡泡玛特涨超2%,黄金股集体低开;法拉利跌近15%,百事可乐涨超4%
贝塔投资智库· 2025-10-10 04:33
Group 1: Hong Kong Stocks - Nocera Biotech (09969) fell over 8% after announcing a licensing collaboration with Zenas for three self-immune pipeline products [1] - Pop Mart (09992) rose over 2% as new products sold out immediately, with Morgan Stanley optimistic about the company's sales momentum [1] - Bluec (00325) increased over 8% after launching new "building block cars" and "building block figures" at the WF2025 exhibition [1] - Huaxin Cement (06655) rose over 7% after announcing a name change to "Huaxin Building Materials" and a restricted stock incentive plan [1] - Mixue Group (02097) gained over 5% after announcing an investment of nearly 300 million in the fresh beer industry, potentially opening up long-term growth opportunities [1] - CATL (03750) dropped nearly 6% as the cornerstone lock-up period is set to expire on the 19th of next month, with both Morgan Stanley and others downgrading the company's H-share rating [1] - Dazhong Public Utilities (01635) rose over 9%, stating that its operations are normal and previously mentioned its stake in Shenzhen Capital Group [1] - Jinli Permanent Magnet (06680) increased nearly 1%, forecasting a year-on-year increase of 157%-179% in net profit attributable to shareholders for the first three quarters [1] Group 2: Gold Stocks - Gold stocks opened lower collectively, with China Gold International (02099) down over 7%, Zijin Mining International (02259) down over 1%, Shandong Gold (01787) down over 6%, and Chifeng Jilong Gold Mining (06693) down over 6% due to easing geopolitical tensions leading to a pullback in precious metals [2] Group 3: US Stocks - AMBO Education (AMBO.US) surged 61.06% after announcing the launch of a real-time translation platform, WeSpeak, for enterprises [3] - CenturyLink (VNET.US) fell 3.13% as Goldman Sachs included it in a "strong buy" list for the Asia-Pacific region [3] - UiPath (PATH.US) rose 18.81% after announcing multiple collaborations with major tech companies like NVIDIA, OpenAI, Google, Microsoft, and Snowflake [3] - Tuniu (TOUR.US) decreased by 0.51%, despite a double-digit increase in user travel during this year's "Double Festival" holiday compared to last year [3] - Tesla (TSLA.US) fell 0.72% after reports that production of its humanoid robot, Optimus, has been paused [3] - Toyota (TM.US) dropped 2.97% after a recall of over 390,000 vehicles in the US due to software errors [3] - Lloyds Bank (LYG.US) decreased by 3.67% as it may need to increase provisions following a compensation plan for mis-sold auto loans [3] - Ferrari (RACE.US) fell 14.99%, reaching a six-month low as long-term profit guidance fell below expectations [4] - TSMC (TSM.US) decreased by 1.52%, projecting a consolidated revenue of approximately NT$330.98 billion for September 2025, a 1.4% decrease quarter-on-quarter but a 31.4% increase year-on-year [4] - PepsiCo (PEP.US) rose 4.23% with Q3 net revenue increasing by 2.7% to $23.94 billion, and core EPS of $2.29, both exceeding expectations [4]
华鑫证券-计算机行业点评报告:特斯拉(TSLA.O)
Xin Lang Cai Jing· 2025-09-28 09:01
Core Viewpoint - Tesla's Master Plan Part IV emphasizes the integration of AI and humanoid robots into its strategic vision, aiming to create products and services that promote "sustainable abundance" for humanity [1] Group 1: Master Plan IV Overview - The release of Master Plan IV marks another expansion of Tesla's business boundaries, building on the achievements of previous plans [2] - The first three Master Plans focused on electric transportation, clean energy integration, and accelerating sustainable energy economies, with the current plan extending to a holistic vision for a better world [1][2] Group 2: Humanoid Robots as a Key Focus - Humanoid robots, particularly the Optimus, are highlighted as a central element of the new plan, with Tesla positioning itself as a leader in this field [2] - CEO Elon Musk stated that 80% of Tesla's value could be derived from Optimus, indicating a strong belief in the potential of AI in physical environments [2] Group 3: Musk's Share Purchase - Musk's recent purchase of 2.57 million shares at a cost exceeding $1 billion demonstrates his confidence in Tesla's future [2] - This marks Musk's first public market purchase since 2020, reinforcing his commitment to the company's growth [2] Group 4: Board's Incentive Plan - The board's new performance award for Musk is larger and more comprehensive than previous plans, aiming to motivate long-term leadership [3][4] - The plan includes ambitious targets such as achieving an $8.5 trillion market cap and delivering 20 million vehicles by 2030 [5] Group 5: Investment Recommendations - Tesla's historical success in achieving the goals of its previous Master Plans suggests a strong potential for future growth, particularly in humanoid robots and autonomous driving [6] - Investors are encouraged to monitor Tesla's advancements in humanoid robot development, autonomous driving, and automotive business iterations [6]
三花智控“分羹”人形机器人资本盛宴,张道才家族坐收“渔利”
Huan Qiu Lao Hu Cai Jing· 2025-09-18 12:08
Core Viewpoint - The surge in the stock price of Sanhua Intelligent Control is attributed to the booming humanoid robot sector, with the company becoming a "star stock" in the capital market, reaching a market capitalization of 191.7 billion yuan [1][2]. Stock Performance - On September 18, Sanhua Intelligent Control's stock hit a record high of 46.09 yuan per share, closing at 45.55 yuan, marking an 8.71% increase [1][2]. - The stock has seen a cumulative increase of 72.21% since August and 95.83% since the beginning of 2025 [2]. - The Hong Kong stock also experienced a significant rise, with a peak increase of over 13%, closing at 40.92 HKD, and a market cap of 172.2 billion HKD [2]. Industry Context - The recent surge in the humanoid robot industry is linked to multiple positive developments, including Elon Musk's significant investment in Tesla and the company's ambitious goal of delivering 1 million humanoid robots within ten years [3]. - Tesla's "Master Plan 4" emphasizes AI and robotics, indicating a strong commitment to the humanoid robot sector, which has sparked investor enthusiasm across the market [3]. Company Background - Sanhua Intelligent Control has a history of diversification, initially starting with air conditioning and automotive components, and has recently ventured into humanoid robotics [4][9]. - The company has established a joint venture focused on harmonic reducers and plans to invest at least 5 billion yuan in a new robotics research and production facility [4]. Financial Performance - For the first half of 2025, Sanhua Intelligent Control reported revenues of 16.263 billion yuan, a year-on-year increase of 18.91%, with a net profit of 2.11 billion yuan, up 39.31% [12]. - The company's revenue from its refrigeration business accounted for 63.88% of total revenue, while the automotive parts segment contributed 36.12% [9][12]. Shareholder Composition - A significant number of funds hold shares in Sanhua Intelligent Control, with 838 funds collectively owning 460 million shares valued at 12.155 billion yuan [5][4]. Leadership Transition - The management of Sanhua Intelligent Control has transitioned from Zhang Daocai to his son Zhang Yabo, who has been involved in the company for many years and has taken on leadership roles since 2012 [10][11].
马斯克“巨硬计划”新动作曝光!从0建起算力集群,6个月完成OpenAI&甲骨文15个月的工作
Sou Hu Cai Jing· 2025-09-18 06:34
Core Insights - Elon Musk's "Macrohard" initiative has rapidly established a computing cluster capable of supporting 110,000 NVIDIA GB200 GPUs within six months, achieving a power supply scale of 200MW, which is a record compared to similar projects by OpenAI and Oracle that took 15 months [1][2][4] Group 1: Project Overview - The "Macrohard" project, which started in 2021, aims to automate the entire software development lifecycle using AI agents, including coding, design, testing, and management [2][4] - The Colossus II project, initiated on March 7, 2025, plans to deploy over 550,000 GPUs, with a peak power demand expected to exceed 1.1GW, and a long-term goal of expanding to 1 million GPUs [4][5] Group 2: Infrastructure and Power Supply - To meet the substantial power requirements, xAI has acquired a former Duke Energy power plant in Mississippi, which has been temporarily approved to operate gas turbines for 12 months [4][5] - xAI has partnered with Solaris Energy Infrastructure to lease gas turbines, with 400MW currently allocated to the project, and has invested $112 million in capital expenditures for this partnership [5] Group 3: Strategic Importance - The Macrohard initiative is becoming a crucial part of Musk's business strategy, positioning Tesla as an "AI robotics company," with 80% of its future value tied to robotics [6] - The AI software developed through Macrohard will enhance Tesla's autonomous driving algorithms and factory automation, while Tesla's extensive real-world data will provide valuable training data for the Macrohard project [6]
机器人概念“带飞”千亿拓普集团,实控人邬建树“闪电”套现8亿
Huan Qiu Lao Hu Cai Jing· 2025-09-17 12:47
9月17日,拓普集团股价延续上涨态势,盘中一度触及81.66元,创历史新高。截至收盘,股价涨幅收窄 至2.36%,报收79.00元/股,仍站稳历史高位。 拓普集团本轮股价大涨,或与机器人概念受到市场关注有关。近期,马斯克公开表示,特斯拉未来"约 80%的长期价值"将来自人形机器人Optimus。这一表态点燃了市场对机器人产业链的热情,也带动A股 相关概念股走强。 而天风证券在一份研报中指出,拓普集团是特斯拉人形机器人执行器的核心供应商。据集邦咨询统计, 执行器是人形机器人中成本最高的组成部分,约占整体成本的55%。 随着公司股价持续攀升,实控人邬建树的持股市值也大幅增长。以半年报披露的持股数据计算,邬建树 持股市值目前已达810.41亿元,较年初的497.22亿元显著增加。 与此同时,邬建树及其一致行动人开启了上市十年来的首次减持。根据公司公告,在8月29日至9月10日 期间,他们通过集中竞价交易方式合计减持公司股份1343万股,占总股本的0.77%。以区间均价65.80 元/股计算,此次减持合计套现约8.84亿元。 "分羹"特斯拉人形机器人红利 近日,拓普集团股价持续走强。截至9月17日收盘,该公司股价报收 ...
特斯拉转型人形机器人引争议 高估值与业绩压力并存
Huan Qiu Wang· 2025-09-13 02:07
Core Viewpoint - Elon Musk claims that approximately 80% of Tesla's long-term value will come from the humanoid robot Optimus, indicating a strategic shift from being an electric vehicle manufacturer to an artificial intelligence giant [1] Group 1: Financial Performance and Valuation - Tesla's projected earnings for 2025 are expected to decline by nearly 30% year-on-year, with the autonomous taxi business still years away from profitability and facing fierce competition from rivals like Waymo [3] - Tesla's price-to-earnings ratio remains high at 155 times, making it the most expensive stock among the "Magnificent Seven" in the U.S. stock market, significantly surpassing Nvidia's 31 times [3] - The company's revenue has shown almost no substantial growth over the past two years, raising concerns about its classification as a growth company [3] Group 2: Strategic Initiatives and Investor Sentiment - Musk's recent $1 trillion compensation plan is heavily reliant on the success of the Optimus project, which aims to sell 1 million AI robots within ten years [3] - Some investors believe Tesla's value lies not only in electric vehicle sales or financial data but also in long-term confidence in Musk's innovative capabilities [4] - The market perceives Tesla's valuation as a bet on Musk's ability to turn science fiction into reality, with the Robotaxi revolution yet to materialize [3]
【港股一周见】降息交易升温,黄金领涨港股
Xin Lang Cai Jing· 2025-09-07 12:32
Market Overview - The Hong Kong stock market saw all three major indices rise last week, with the Hang Seng Index up 1.36% to 25,417.98 points, the Hang Seng Tech Index up 0.23% to 5,687.45 points, and the Hang Seng China Enterprises Index up 1.22% to 9,057.22 points [1]. Capital Flow - The net inflow for the Hong Kong Stock Connect (Shanghai to Hong Kong) over the past five days was +16.62 billion, while the Shenzhen to Hong Kong net inflow was +16.44 billion. Over the past 20 days, the inflow was +44.23 billion for Shanghai and +67.03 billion for Shenzhen. For the last 60 days, the inflow reached +149.06 billion for Shanghai and +181.86 billion for Shenzhen [5]. Sector and Stock Performance - The technology sector exhibited mixed performance, with Alibaba (9988.HK) surging over 18% on Monday, driven by its announcement of a 380 billion capital expenditure and a robust growth target of 1 trillion GMV over the next three years. The integration of AI-driven e-commerce and cloud services further strengthened its narrative [5]. - The robotics sector remained active, with Tesla CEO Elon Musk emphasizing the strategic importance of the humanoid robot Optimus, increasing industry interest. In China, Yushu Technology is expected to submit its IPO application to the Shanghai Stock Exchange in Q4, boosting related high-end manufacturing and medical device stocks, including MicroPort Robotics (2252.HK), which saw a weekly increase of over 30% [5]. - The energy storage sector continued to rise, supported by policies and demand. The Ministry of Industry and Information Technology's action plan aims to improve product quality and industry structure in the photovoltaic and lithium battery sectors. The demand for energy storage systems is expected to grow significantly, with independent storage shipments projected to increase by nearly 30% year-on-year by 2025. Leading companies like Innovation航 (3931.HK) saw their stock price rise nearly 29% due to strong fundamentals and new partnerships [6]. Gold Market Insights - The U.S. non-farm payroll data released last Friday fell short of expectations, with only 22,000 new jobs added, leading to a rise in the unemployment rate to 4.3%. This has strengthened market bets on a potential interest rate cut by the Federal Reserve in September. Gold prices surged, reaching a historical high of over $3,600 per ounce, with Morgan Stanley raising its year-end target price to $3,800 [7]. AI Application Developments - The AI application sector has become a focal point, with the release of Google's new AI model, Nano Banana, which can generate 3D model images from photos. This has raised concerns about the impact on companies like Meitu (1357.HK), which saw its stock drop over 13% on Monday and a total decline of 17% for the week. However, Meitu's core strengths lie in its deep understanding of consumer needs and its focus on niche markets, which may provide resilience against competition from general models [8]. Upcoming IPOs - Two significant IPOs are worth noting: Hesai Group is launching a global offering and dual primary listing in Hong Kong, with a maximum price of HKD 228 per share, raising approximately $148 million. Zijin Gold International is expected to list in Hong Kong this month, aiming to raise over $3 billion, potentially becoming the second-largest IPO globally this year amid high gold prices [8]. Market Outlook - The quarterly review of the Hang Seng Index will take place on September 5, with changes effective from September 8, including the addition of China Telecom, JD Logistics, and Pop Mart. This may lead to increased trading volume and stock price volatility. Additionally, Apple's upcoming product launch event on September 9-10 is anticipated to boost confidence in the supply chain, potentially leading to a valuation recovery for related stocks [8].