自 2025 年 10 月 分析师将特斯拉（Tesla, Inc., TSLA）的评级下调至 卖出 以来，其股价基本横盘震荡。 此后，市场陆续迎来了两份关键 数据 —— 公司第三季度财报与第四季度交付量报告，而这两份数据均持续印证着分析师的空头观点。这些数据远不止表面的交付量下滑那么 简单。从 10 月至今，特斯拉股价维持不变的表现，对投资者而言，堪称一次难得的离场良机。 用 户 群 体 的 疏 远 与 核 心 人 物 风 险 我们不会深入探讨多头最看重的三大炒作概念 —— 完全自动驾驶（FSD）、人工智能与机器人技术。原因很简单，这三项业务至今均未产生 实质性的财务收益，依旧停留在投机阶段。 即便未来其中一项或多项业务能够取得成功，也必须正视一个现实：这些领域的竞争都异常激烈，而特斯拉在切入这些赛道时，已然因创始人 的政治立场卷入争议，导致品牌声誉受损，暴露出显著的 核心人物风险 。近年来，市场上一直流传着 "过度追求政治正确，终将反噬企业经 营" 的说法，而这一道理反过来同样成立。特斯拉因立场问题疏远了至少半数消费者，进而可能损害用户信任 —— 这对公司的发展而言，无 疑是一剂毒药。 【如需和我们交流可扫 ...

Group 1 - Tesla's first grid-side energy storage project in mainland China is expected to be operational this year, with a storage capacity of 300 MWh [1] - Tesla's energy storage business model involves sourcing battery cells from suppliers and assembling them into complete storage systems, with six suppliers including Panasonic, LG Energy, CATL, BYD, Xinwangda, and Yiwei Lithium Energy [1] - The energy storage system utilizes active balancing technology and targets the high-end market, indicating significant growth potential alongside the increasing photovoltaic market and future AI electricity demand [1] Group 2 - The estimated price for 1 GW of Tesla's energy storage system is approximately $500 million, with Tesla holding a 15% share of the global energy storage market in 2023 [1] - Based on IEA's 2030 installation forecasts, Tesla is projected to achieve $66 billion (approximately 473 billion RMB) in energy storage revenue [1] - PCB is identified as a core component in energy storage systems, essential for battery management systems (BMS), energy management systems (EMS), and storage inverters (PCS), indicating that PCB will grow alongside Tesla's energy storage business [1] Group 3 - Companies like Xidian New Energy and Haosen Intelligent are collaborating with Tesla, providing battery connection systems and maintaining long-term partnerships in the field of intelligent production lines for power lithium battery modules/PACK [2]