中信证券：特斯拉机器人接近量产定型国内相关企业有望陆续受益

智通财经2025-12-03

智通财经APP获悉，中信证券发布研报称，9月以来，特斯拉(TSLA.US)发布宏伟蓝图第四篇章、为马斯克提供史上最大型激励计划、马斯克增持特斯拉股票等。马斯克在机器人业务上的精力加大，机器人的硬件定型与量产节点临近，Optimus V3将在2026年Q1发布并在2026年年底前开启量产。国产供应链在特斯拉机器人中扮演重要角色，解决大规模制造与降本难题。随着特斯拉机器人进入量产阶段，国内企业有望陆续...

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Yipeng
2025-12-03
Yipeng
纯骗局

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Plan）是马斯克为特斯拉制定的战略规划，明确公司的阶段性发展目标。过去发布的宏伟蓝图各个篇章，对应特斯拉历次阶段性里程碑。2025年9月，马斯克发布宏伟蓝图第四篇章，核心思想是通过整合人工智能、自动技术和大规模制造能力，加速世界向“可持续富足”（sustainable abundance）的转型。人形机器人作为将 AI 融入物理世界的重要载体，将成为特斯拉下一阶段的核心产品。马斯克在X平台上表示，特斯拉未来约80%的价值将来自于Optimus机器人。马斯克重心回归，Optimus V3即将发布。年初时，马斯克给出量产爬坡计划，量产节点相比此前有所上调，并且明确了2030年之前作为年产百万台量级时点。2025年6月，特斯拉Optimus项目负责人更换，特斯拉重新梳理量产规划，目前着手于对Gen 2版本的机器人设计进行优化，再从明年开始大规模量产Gen 3版本的机器人，对于2030年年产百万台规划保持不变。2025年9月以来，随着宏伟蓝图第四篇章以及董事提议新一轮薪酬激励的提出，马斯克的重心回归业务，表示自己在 Optimus 上投入的精力比任何其他事情都多。人形机器人在阿联酋国家媒体领导人会见以及《创：战神》首映礼上亮相，产品日渐成熟。根据马斯克在特斯拉2025Q3业绩交流会上的指引，Optimus 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中信证券：特斯拉机器人接近量产定型 国内相关企业有望陆续受益

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中信证券：特斯拉机器人接近量产定型国内相关企业有望陆续受益