2.有人被拖欠工资！毫末智行北京总部已人去楼空，长城曾经的"亲儿子"倒下！ 3.辟谣！拓竹被曝完成新一轮融资？官方：消息不属实 要闻提示 NEWS REMIND 1.曝ASML为美国监控中国客户！官方否认 4.李想夫妇现身二手手机回收店 ，网友：百亿富豪真会过日子 5.雷军出手：个人斥资超1亿港元增持公司股票，持股比例增加至23.26% 6.国产GPU第一股来了！超480万户疯抢摩尔线程，中签率出炉 7.强制所有售后服务商停止小米和格力业务？美的否认 8.消息称苹果CEO库克暂时没有卸任计划 今日头条 HEADLINE NEWS 曝ASML为美国监控中国客户！官方否认 11月24日消息，近日，荷兰光刻机巨头ASML被曝曾向美国政府提议，愿意作为其耳目，监控中国客户。 对此，ASML出面澄清否认。 据悉，上述说法来自一本新书《世界上最重要的机器》，其中声称ASML CEO Peter Wennink在被指向 中国销售了过多DUV光刻机之后，提出ASML应被允许继续向中国客户提供服务，但同时工程师需汇报这 些中国公司内部的发展状况。事实上，任何公司向任何实体，其中包括国家政府提供客户数据的行为，都 可能违反多项数 ...

来源：环球市场播报 美乌寻求缩小和平方案分歧，特朗普暗示谈判取得进展 全球财经媒体昨夜今晨共同关注的头条新闻主要有： 美国和乌克兰官员周一试图缩小双方在结束乌克兰冲突计划上的分歧，此前他们同意修改一份被基辅及 其欧洲盟友视为克里姆林宫愿望清单的美国提案。 华盛顿和基辅在一份联合声明中表示，双方在周日日内瓦会谈后起草了一份"修订后的和平框架"。尽管 没有披露细节，但此次对话得到部分乌克兰盟友的谨慎欢迎。 乌克兰总统泽连斯基表示，乌克兰代表团周一从瑞士返回国内汇报与美方的会谈情况。 1、美乌寻求缩小和平方案分歧，特朗普暗示谈判取得进展 2、欧盟驳斥美国提议 拒以放宽数字监管换取钢铝关税下调 3 、苹果罕见裁员 在销售部门精简数十个岗位 4 、特斯拉FSD计划在欧遇阻：荷兰监管机构指其宣传存在误导性 5、亚马逊承诺投资500亿美元 为美国政府提升AI和超级计算能力 6、载人飞行出师不利后，NASA缩减波音Starliner任务数量 欧盟驳斥美国提议 拒以放宽数字监管换取钢铝关税下调 欧盟反垄断负责人排除放宽该集团科技监管规则的可能性，此前美国商务部长霍华德·卢特尼克称，布 鲁塞尔需要修改其数字法规，以达成降低钢铝关 ...

当人工智能的浪潮从虚拟世界涌向物理现实，汽车产业正站在这场变革的最前沿。自动驾驶领域技术路线纷繁复杂，"端到端"、"世界模型"、"VLA"等术语 层出不穷，业界对于何为"最优解"莫衷一是。 在由南方财经全媒体集团指导、21世纪经济报道主办的2025新汽车年度盛典上，南方财经全媒体集团编委会成员、集团客户端编委会执行总编辑、21世纪经 济报道编委会成员袁丁主持题为《汽车有"魂"，AI如何重塑用车体验？》的圆桌论坛，邀请到地平线副总裁吕鹏、千里智驾首席科学家秦海龙和场景实验室 创始人吴声三位业界专家，旨在穿透技术路线的迷雾，深入探讨AI如何超越工具属性，为汽车注入可进化、可感知的"灵魂"，从而彻底重塑人类的用车体 验。 场景实验室创始人吴声旗帜鲜明地指出，AI驾驶已超越"工具"范畴，正成为一种真实的生活方式，是通向AGI(通用人工智能)的最佳实践。 袁丁：当AI加速渗透物理世界，自动驾驶领域正处在充满分歧的路口。端到端、世界模型、VLA路线，哪条路线是自动驾驶的"最优解"？我们还要等待多久 才能迎来物理AI的曙光？吴声老师曾提出"AI场景革命元年"的概念，在汽车行业，AI场景应如何定义？目前是处于元年，还是已进入 ...

Core Viewpoint - The market is expected to refocus on investment opportunities in smart technology in Q4, driven by the ongoing AI trend and advancements in autonomous driving capabilities, particularly in Robotaxi applications [2][9]. Group 1: Q4 Smart Technology Outlook - The AI market has historically expanded into smart technology after each AI trend, with expectations for significant applications in the next 3-5 years [2][9]. - Key catalysts for smart technology in Q4 include the release of Tesla's V14 version, Xiaopeng's 2026 Robotaxi production plan, and the introduction of new autonomous vehicles by various companies [2][9]. Group 2: Comparison with Last Year - Similarities with last year's Q4 include the expansion of AI, but this year emphasizes the evolution of AI logic rather than the resonance between automotive and AI logic [3][10]. - The focus has shifted from hardware opportunities and consumer sales to software opportunities and breakthroughs in B2B applications [3][10]. Group 3: Investment Strategy - The preferred investment strategy favors Hong Kong stocks over A-shares, prioritizing software over hardware and B2B over B2C applications [4][10]. - Key investment targets include Xiaopeng Motors, Horizon Robotics, and Cao Cao Mobility, with a focus on various application perspectives such as Robotaxi and Robovan [4][10]. Group 4: Smart Driving Insights - In September, the penetration rate of smart driving in urban areas reached 23.0%, with Xiaopeng's smart driving penetration hitting a new high of 76.1% [11]. - The release of Tesla's FSD V14 and strategic adjustments by Xiaopeng are expected to enhance smart driving capabilities [11][12]. Group 5: Future Projections - The core task for automotive smart technology from 2025 to 2027 is to achieve a breakthrough in the penetration rate of new energy vehicles, targeting 50%-80% [21]. - By 2028-2030, Robotaxi is anticipated to achieve large-scale commercialization, marking a significant shift in the automotive industry [21].

Core Viewpoint - The article emphasizes that Xiaopeng Motors is making significant strides in technology, particularly in the fields of autonomous driving and humanoid robots, positioning itself as a leader in innovation rather than a follower in the industry [12][13][60]. Group 1: Innovation and Technology - Xiaopeng Motors has introduced the second-generation VLA (Vision Language Action) model, which enhances the interaction and decision-making process of AI systems, making them more controllable and efficient [21][22][27]. - The second-generation VLA allows for autonomous learning and understanding of the real world, leading to improved capabilities in driving assistance, such as recognizing human gestures and understanding traffic light logic [29][31]. - The company plans to implement "navigation-free autonomous driving" and "small road NGP" features, significantly enhancing the driving experience and increasing the average takeover mileage by 13 times [33][35]. Group 2: Market Position and Future Plans - Xiaopeng Motors aims to position itself as a "global embodied intelligence company," expanding its focus beyond automobiles to include Robotaxi, humanoid robots, and flying cars [47][48]. - The company is set to launch three Robotaxi models in 2026, with a focus on utilizing its high-performance Turing AI chips, which will enhance the capabilities of its autonomous vehicles [49][51]. - Xiaopeng's humanoid robot IRON is expected to achieve mass production by the end of 2026, showcasing advanced features such as 82 degrees of freedom and the use of solid-state batteries [67][69]. Group 3: Competitive Landscape - Xiaopeng Motors is compared to Tesla, with both companies focusing on AI as a core driver of their business models and aiming for similar timelines in the development of humanoid robots and Robotaxi [55][56]. - The article highlights that Xiaopeng has made earlier investments and advancements in flying cars and humanoid robots compared to Tesla, indicating a competitive edge in these emerging markets [63][65]. - The company is also adopting an open-source approach for its technologies, similar to Tesla's strategy in the past, which could lead to significant advancements in the global autonomous driving and humanoid robot sectors [76][79].

Group 1 - The core point of the news highlights the significant developments in various companies, including Tesla's approval of a massive compensation plan for Elon Musk and the performance of other tech stocks like Apple and SanDisk [1][2][3][4]. Group 2 - Tesla's stock rose nearly 2% following the approval of Elon Musk's compensation plan, which could be worth up to $1 trillion, receiving over 75% support from shareholders [1]. - The plan ties Musk's compensation to the company's stock price growth and requires him to hold shares for five years, aligning with shareholder interests [1]. - Musk also mentioned that Tesla's Full Self-Driving (FSD) has received "partial approval" in China, with full approval expected by early 2026 [1]. - SanDisk's stock increased nearly 8% after the launch of the world's smallest 1TB USB-C flash drive, which boasts read speeds of up to 400MB/s [2]. - Duolingo's stock continued to decline by over 1% after a significant drop of nearly 30% due to disappointing Q3 guidance, focusing more on user growth than short-term monetization [2]. - Morgan Stanley predicts that Apple's emerging robotics business could generate $130 billion in revenue by 2040, representing 30% of its current revenue [3]. - OpenAI's CEO stated that the company does not seek government bailouts for AI businesses, emphasizing market-driven outcomes [3]. - Ray Dalio warned that the U.S. economy may be entering the later stages of a "big debt cycle," with potential risks associated with the Federal Reserve's monetary policy [4].

Core Points - Tesla's shareholders approved an unprecedented executive compensation plan, allowing Elon Musk to potentially earn nearly $1 trillion in stock rewards over the next decade if the company's market value reaches $8.5 trillion [1][8][13] - The plan requires Musk to lead Tesla to achieve significant growth, including delivering 20 million electric vehicles and 1 million humanoid robots [10][14] - The approval reflects strong confidence from shareholders in Musk's ability to transform Tesla into a leading AI giant, with over 75% of shareholders voting in favor [8][17][44] Compensation Plan - The compensation plan is structured over a 10-year period with 12 phases, each tied to specific market value and operational targets [10][13] - Achieving the full reward is contingent on meeting ambitious goals, including a market value increase of over 500% from current levels [10][13] - If successful, Musk's ownership stake in Tesla could rise from 13% to nearly 29%, granting him significant control over the company [14][57] Market Reaction - Following the announcement, Tesla's stock price increased by 4.1%, reflecting a year-to-date gain of 77% [18] - Analysts predict that Tesla's market value could reach $3 trillion within the next 12 to 18 months, driven by advancements in autonomous driving and robotics [17][18] Robotics and AI Development - Tesla's humanoid robot, Optimus, is expected to begin mass production next year, with significant enhancements planned for future versions [21][25] - The economic impact of humanoid robots could potentially expand the global economy by 10 to 100 times, with a projected market size of billions of units [23][28] - Tesla aims to establish the fastest production ramp-up in history for complex manufacturing products, starting with a target of 1 million units annually [24][28] Full Self-Driving (FSD) Technology - Tesla's Full Self-Driving (FSD) technology is a core component of its business model, boasting a safety record significantly better than the average driver [29][31] - The company plans to eliminate safety drivers from its Robotaxi fleet by the end of the year, further integrating autonomous vehicles into everyday life [34] Chip Development - Tesla is developing its own AI 5 chip, designed specifically for its needs, which offers superior performance at a lower cost compared to competitors [38][40] - The company is also planning to build a large-scale semiconductor fabrication facility to meet its growing chip demands [41] Shareholder Sentiment - Despite some opposition from major institutional investors, a significant portion of Tesla's shareholder base remains supportive of Musk's leadership and vision for the company [46][56] - The approval of the compensation plan is seen as a bet on Musk's ability to drive innovation and growth at Tesla, with many investors believing it will ultimately benefit them [57][58]

Core Viewpoint - Tesla's shareholders have approved an unprecedented executive compensation plan that could allow Elon Musk to earn nearly $1 trillion in stock rewards over the next decade if the company's market value reaches $8.5 trillion, representing a growth of over 500% from its current valuation [2][8][14]. Group 1: Compensation Plan Details - Over 75% of shareholders voted in favor of the compensation plan, which is tied to ambitious performance targets [8][11]. - To fully realize the rewards, Musk must lead Tesla to deliver 20 million electric vehicles, 1 million humanoid robots, and 1 million operational Robotaxis [8][11]. - The plan is structured over a 10-year period with 12 phases, each with specific market value and operational goals [11]. Group 2: Market Impact and Predictions - Analysts predict that Tesla's market value could reach $3 trillion within the next 12 to 18 months, driven by advancements in autonomous driving and robotics [14]. - Following the approval of the compensation plan, Tesla's stock price rose by 4.1% to $462, marking a 77% increase year-to-date [14]. Group 3: Robotics and AI Development - Tesla plans to start mass production of its humanoid robot, Optimus, next year, with the potential to revolutionize various industries [17][20]. - The company aims to produce 1 million units annually, with production costs projected to be around $20,000 per robot [19][20]. - The humanoid robot is expected to significantly expand the global economy, with Musk suggesting it could increase economic output by 10 to 100 times [19]. Group 4: Technological Innovations - Tesla is developing a specialized AI chip, AI 5, designed to optimize performance for its robots, with significantly lower power consumption and cost compared to competitors [29][32]. - The company is also planning to build a large-scale semiconductor factory to meet its chip production needs [32]. Group 5: Shareholder Sentiment and Opposition - Despite the overwhelming support from shareholders, some major institutional investors opposed the compensation plan, citing concerns over excessive power concentration [36][42]. - Notable figures, including the Pope, have expressed concerns about the implications of Musk becoming the world's first trillionaire [36].

| | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比 | | --- | --- | --- | --- | --- | | | | 增减 | | 上年同期增减 | | 营业收入(元) | 194.984.598.000.00 | -3. 05% | 566, 265, 546, 000. 00 | 12.75% | | 归属于上市公司股东的净 | 7,822,640,000.00 | -32. 60% | 23, 333, 173, 000. 00 | -7. 55% | | 利润(元) | | | | | | 归属于上市公司股东的扣 除非经常性损益的净利润 | 6,890, 751, 000. 00 | -36. 65% | | | | | | | 20, 490, 492, 000, 00 | -11. 65% | | (元) | | | | | | 经营活动产生的现金流量 | | 1 | 40,845, 498, 000, 00 | -27. 42% | | 净额(元) | | | | | | 基本每股收益(元/股) | 0.85 | -36. 09% | 2.56 | ...

Core Insights - Tesla has unveiled a world simulator for generating realistic driving scenarios, which was presented by Ashok Elluswamy at the ICCV conference, emphasizing the future of intelligent driving lies in end-to-end AI [1][5][24] Group 1: World Simulator Features - The world simulator can create new challenging scenarios for autonomous driving tasks, such as vehicles suddenly changing lanes or AI navigating around pedestrians and obstacles [2] - The generated scenario videos serve dual purposes: training autonomous driving models and providing a gaming experience for human users [2][4] Group 2: End-to-End AI Approach - Elluswamy highlighted that end-to-end AI is the future of autonomous driving, utilizing data from various sensors to generate control commands for vehicles [5][8] - The end-to-end approach is contrasted with modular systems, which are easier to develop initially but lack the optimization and scalability of end-to-end systems [8][10] Group 3: Challenges and Solutions - One major challenge for end-to-end autonomous driving is evaluation, which the world simulator addresses by using a vast dataset to synthesize future states based on current conditions [11] - The complexity of real-world data, such as high frame rates and multiple sensor inputs, leads to a "curse of dimensionality," which Tesla mitigates by collecting extensive driving data to enhance model generalization [13][15] Group 4: Industry Perspectives - The industry is divided between two main approaches to end-to-end autonomous driving: VLA (Vision-Language-Action) and world models, with various companies adopting different strategies [24] - Tesla's choice of the end-to-end approach has garnered attention due to its historical success in the autonomous driving space, raising questions about the future direction of the technology [24]