特斯拉宣布，首辆赛博无人驾驶电动车Tesla Cybercab在美国得州超级工厂正式下线。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 风险提示及免责条款 ...

Group 1: Nvidia - Nvidia's stock rose by 2.4% with a trading volume of $37.199 billion, and Goldman Sachs set a target price of $250, anticipating Q4 revenue of $67.3 billion [1][11] - Goldman Sachs expects Nvidia to deliver a revenue "surprise" of $2 billion in Q4, with EPS forecasts exceeding market expectations by 5% and 9% for Q4 and Q1 respectively [1][11] - Analysts predict that the Rubin GPU will start shipping in Q3 2026, significantly increasing volume in Q4 and supporting strong growth until at least 2028 [1][11] Group 2: Tesla - Tesla's stock increased by 1.48% with a trading volume of $22.539 billion, and the company announced the mass production of the Tesla Cybercab at its Texas Gigafactory [2][12] - Tesla's Vice President revealed that the Full Self-Driving (FSD) technology rollout in mainland China is progressing, with a local training center established for adaptation [2][12] Group 3: Amazon - Amazon's stock fell by 0.76% with a trading volume of $18.912 billion, while STMicroelectronics announced a multi-year, multi-product collaboration with Amazon Web Services (AWS) [3][12] - The partnership positions STMicroelectronics as a strategic supplier of advanced semiconductor technologies for AWS, integrating high-bandwidth connectivity and energy-efficient solutions [3][12] Group 4: Microsoft - Microsoft's stock rose by 3.13% with a trading volume of $18.292 billion, but the company faced two downgrades in less than a week due to concerns over AI-related risks [3][13] - Melius Research downgraded Microsoft from "Buy" to "Hold," citing worries about capital expenditures and the performance of its Copilot AI software [3][13] Group 5: Micron - Micron's stock fell by 2.84% with a trading volume of $11.764 billion, as semiconductor research indicated that Micron may miss out on first-year orders for the Rubin architecture [4][13] - SemiAnalysis reported that Nvidia is likely to exclude Micron's HBM4 from initial production, favoring Korean suppliers instead [4][13] Group 6: SanDisk - SanDisk's stock decreased by 2.43% with a trading volume of $8.87 billion, but Bernstein raised its target price to $1000, reflecting a 72.4% increase from the previous target of $580 [5][15] - The new target price suggests a potential upside of about 50% from the current stock price, as SanDisk focuses on NAND flash memory and storage products [5][15] Group 7: AMD - AMD's stock rose by 3.63% with a trading volume of $8.255 billion, and the company appointed a new Chief Marketing Officer from Oracle [6][16] - Huatai Securities maintained a "Buy" rating for AMD with a target price of $300 [6][16] Group 8: Oracle - Oracle's stock increased by 9.64% with a trading volume of $7.721 billion, and DA Davidson upgraded its rating from "Neutral" to "Buy" based on reduced risks associated with its client OpenAI [6][16] - The report maintained a target price of $180 for Oracle, reflecting improved outlooks for the company's performance [6][16] Group 9: AppLovin - AppLovin's stock surged by 13.19% with a trading volume of $4.564 billion, driven by positive comments from multiple financial institutions regarding its business prospects [6][17] - The market sentiment is bolstered by AppLovin's AI-driven advertising engine, Axon, which is described as a leading machine learning advertising engine [6][17]

格隆汇2月9日｜据特斯拉微博消息，赛博无人驾驶电动车Tesla Cybercab将在得州超级工厂开启量产并 投入运营。 ...

Core Insights - Uber is positioning itself to lead the autonomous ride-hailing industry, which presents a multitrillion-dollar opportunity for the company [2][10] - The company reported $193.4 billion in gross bookings for 2025, with $85.4 billion paid to drivers, highlighting the significant cost associated with human drivers [4][5] - By automating rides, Uber aims to convert a large portion of driver costs into revenue and profit, enhancing its financial performance [6] Financial Performance - Uber's revenue for 2025 was $52 billion after deducting costs, with an adjusted non-GAAP profit of $5.2 billion [5] - The company has a gross margin of 32.89% and is trading at a price-to-sales (P/S) ratio of 3.1, which is lower than competitors like Tesla [8][12] - Based on adjusted earnings of $2.45 per share, Uber's price-to-earnings (P/E) ratio stands at 30.1, which is a discount compared to the Nasdaq-100 index [14] Market Position and Strategy - Uber has over 15 years of experience in managing ride-hailing logistics, which is crucial for the successful deployment of autonomous vehicles [8] - The company plans to offer autonomous trips in 15 cities by the end of 2026 and aims to be the largest player in the autonomous ride-hailing market by 2029 [10] - Over 20 companies developing autonomous vehicles are integrating with Uber's network, indicating strong partnerships and market potential [9] Competitive Landscape - The autonomous ride-sharing market is expected to be large and competitive, with companies like Tesla also entering the space [11] - Despite competition, Uber's established infrastructure and user base position it favorably within the industry [9][11] - The transition to autonomous vehicles is gradual, with current usage at only 0.1% of all ride-sharing trips worldwide [10]

Core Insights - Tesla is introducing a new, more affordable Model Y variant, starting at $43,630, which is $7,000 less than the Premium AWD version [1] - The new Model Y AWD trim has a range of 294 miles, making it the shortest range among Model Y options, while the recently introduced Standard RWD trim starts at $41,630 with a range of 321 miles [2] - The AWD version accelerates from 0 to 60 mph in 4.6 seconds, which is 2.2 seconds faster than the RWD model [3] Product Line Adjustments - Tesla has removed the "Standard" label from its entry-level Model 3 and Model Y, now referring to them as "Rear-Wheel Drive," while higher trims retain "Premium" and "Performance" designations [4] - The company is discontinuing the Model S and Model X, which have been the weakest sellers in its lineup, as part of a strategy to focus on future technologies like autonomy and robotics [5] Sales Performance - Tesla's overall vehicle sales have declined by 9%, with the company losing its global EV sales leadership to BYD and being surpassed by Volkswagen in Europe [6] - In 2024, Tesla sold a combined total of 50,850 units of the Cybertruck, Model S, and Model X, accounting for just over 3% of its total sales of 1,636,129 vehicles [6]

Core Viewpoint - Tesla stock experienced a notable increase of approximately 4% over the past 12 months, driven primarily by comments from CEO Elon Musk regarding the company's robo-taxi service [1] Company Summary - Tesla's stock price surged on Thursday, attributed to positive remarks from CEO Elon Musk about the potential of the company's robo-taxi service [1]

Core Viewpoint - The U.S. House of Representatives is set to review the "SELF DRIVE Act of 2026" on January 13, 2026, which proposes to increase the FMVSS exemption limit from 2,500 vehicles to 90,000 and establish federal priority, indicating a rare bipartisan consensus that may break a decade-long legislative deadlock [1] Group 1: Legislative Developments - The proposed legislation aims to enhance the framework for autonomous driving, potentially accelerating the commercialization of Level 4 (L4) autonomous driving technology [1] - The bipartisan agreement in Congress is seen as a significant step towards resolving long-standing legislative issues in the autonomous vehicle sector [1] Group 2: Industry Trends - Waymo has reached a weekly order volume of 450,000, while Tesla's Cybercab is expected to begin mass production in April, marking a period of scale expansion for Robotaxi commercialization in the U.S. [1] - 2026 is identified as a critical year for the global L4 autonomous driving industry, with the clarification of the federal legislative framework in the U.S. and the rollout of Level 3 (L3) pilot programs in China [1] Group 3: Investment Recommendations - The report suggests focusing on key players within the autonomous driving industry chain, given the anticipated acceleration in commercialization and legislative support [1]

Core Viewpoint - Nexteer is expected to achieve solid performance in 2H25, with revenue projected at approximately US$2.3 billion, reflecting a 7% year-over-year increase, driven by strong demand in the US and Europe, favorable foreign exchange conditions, and stable contributions from the Chinese market [1][2] Financial Performance - 2H25 net profit is anticipated to exceed US$70 million, marking a significant sequential increase from 1H25 and demonstrating ongoing profit recovery since 2024 [2] - The full-year 2025 revenue is expected to grow by around 7% year-over-year, supported by robust US pickup sales and favorable FX environment [2][9] - Net profit forecasts for 2025 and 2026 have been raised by 7-10% to US$137 million and US$160 million, respectively, due to stronger profit recovery [1][9] Regulatory Developments - China's new national standard for steering systems, effective July 2026, incorporates Steer-by-Wire (SbW) technology and removes the mandatory mechanical link requirement, facilitating the mass production and adoption of SbW systems [3][10] - This regulatory change is expected to accelerate the transition to higher-level autonomous driving functions and enhance the value content per vehicle [3][10] Technology and Market Position - The shift to SbW technology is projected to increase the average value per vehicle for suppliers, with mass production value for SbW systems estimated to exceed US$400-500 per vehicle, significantly higher than traditional steering systems [4][10] - Nexteer is set to commence mass production of two exclusive high-value SbW programs in 2026, including the Tesla Cybercab and Li Auto's refreshed L9, positioning the company favorably in the market [5][10] New Business Lines - Progress in Rear-Wheel Steering (RWS) is ahead of schedule, with production expected to start in 2026, while Brake-by-Wire commercialization is slightly delayed, with initial production now anticipated in 2027 [6] Shareholding Changes - Beijing E-town Capital has reduced its stake in Nexteer by 41.48 million shares since May 2025, but remains the second-largest shareholder, with the reduction viewed as a routine financial decision rather than a reflection of the company's fundamentals [7][8] Valuation and Market Outlook - The target price for Nexteer has been raised to HK$9.00, based on an 18x 2026E P/E, reflecting improved earnings visibility and the anticipated contributions from the commercialization of SbW technology [1][10] - The share price is currently trading at 14.3x 2026E P/E, which is lower than its historical average and that of local peers in the autonomous driving supply chain [9]

Core Viewpoint - 2026 is positioned as a pivotal year for Tesla, with CEO Elon Musk emphasizing the importance of new hardware and software developments that will shape the company's future [1][2]. Group 1: Major Bets for 2026 - Tesla's strategic focus for the year includes advancements in self-driving software, the launch of a fully autonomous robotaxi service, the introduction of humanoid robots, and the unveiling of a long-delayed new vehicle [2][11]. - Analysts highlight that Tesla's future success is increasingly dependent on the scalability of its AI-powered autonomy [2][3]. Group 2: Robotaxi Expansion - The Tesla Robotaxi service began limited operations in Austin, Texas, in June 2025, utilizing Model Ys and Model 3s without human drivers, although "safety drivers" were initially present [3][4]. - Current operational areas for Tesla's robotaxis include Phoenix, San Francisco, Los Angeles, Austin, and Atlanta, with a focus on regulatory approvals for full autonomy [4]. Group 3: Cybercab Production - Tesla's Cybercab, a purpose-built autonomous vehicle without a steering wheel or brake pedals, is set to begin volume production in April 2026 [5][6]. - The company claims a significant lead in consumer self-driving data, with over six billion miles driven using Full Self-Driving in supervised mode [6]. Group 4: Competition and Market Dynamics - Musk asserts that Tesla is five years ahead of competitors like Nvidia in self-driving technology [7]. - Despite Tesla's advancements, competition is intensifying, particularly from companies like BYD, which has surpassed Tesla in vehicle sales and is targeting lower price points in key markets [14][15]. Group 5: Challenges Ahead - Tesla has faced two consecutive years of sales declines, with 2026 potentially marking a third year of decline, compounded by the loss of federal tax credits for EV buyers [16][17]. - Analysts note that while Tesla's product lineup includes innovations, it may be perceived as stale compared to competitors, impacting its market position [18]. Group 6: Stock Performance and Investor Sentiment - Tesla shares reached a record high of over $481 in mid-December, reflecting a 12% increase over the past year, including a 50% surge in the last six months [19]. - Investors emphasize the need for Tesla to introduce an affordable entry-level EV to attract uncertain shoppers in a slowing EV market [19][20].

Core Viewpoint - The future of the electric vehicle (EV) industry is being debated, with Elon Musk advocating for robotaxis and autonomous driving, while competitors like Ford and General Motors focus on developing low-cost models [2][11][12]. Group 1: Tesla's Position - Tesla's management emphasizes that the future lies in autonomous electric vehicles, arguing that a regular $25,000 model is "pointless" compared to the cost efficiency of robotaxis [4][10]. - Musk claims that the cost per mile for a Cybercab robotaxi could be as low as $0.30, significantly cheaper than the average cost of over $2 for an internal combustion engine (ICE) taxi [8][9]. - Tesla is strategically positioned to benefit from both the robotaxi development and the production of lower-cost models, making it well-prepared for various market conditions [16][17]. Group 2: Competitors' Strategies - Ford is investing $5 billion in a universal EV platform to produce a $30,000 electric pickup truck by 2027, reflecting a focus on affordability in the EV market [11]. - General Motors has scaled back its EV plans due to disappointing sales and losses, indicating a shift towards more affordable EV options that Musk considers "pointless" [12]. - The sales performance of Tesla's Model 3 has grown nearly 18% through 2025, while competitors like Ford's F-150 Lightning have underperformed, highlighting differing market strategies [13]. Group 3: Market Dynamics - The debate on the future of EVs suggests that both low-cost models and robotaxis may coexist, with the timing of robotaxi rollouts and regulatory approvals being uncertain [14][13]. - Tesla's profitability in its EV business allows it to adapt to market conditions more effectively than its competitors, which may give it an edge in the evolving landscape of the EV industry [16][17].