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Johnsonk
05-19 16:23
这个**三年内必被捕
追觅俞浩:特斯拉代表不了汽车,历史上没挣多少钱
Johnsonk
05-13
$特斯拉(TSLA)$
上海三期地皮待批,准备生产机器人
Johnsonk
05-11
**报道
特斯拉(TSLA)盘初下跌1.87% 4月在华零售销量环比下降53.74%
Johnsonk
04-23
一般这种情况,下个月就要创新高
Johnsonk
04-21
热泵,几万?有具体的金额么?张口就来
Johnsonk
04-16
急成这样也是难为你了
Johnsonk
04-16
知道怕就行了 准备准备平仓吧
Johnsonk
04-07
当年没让他发行,记到现在
小摩绩前唱空特斯拉,警告股价恐暴跌60%
Johnsonk
02-27
你非要自己骗自己,那也没有办法
10城 VS 1城,3000辆 VS44辆!Waymo狂奔,特斯拉自动驾驶梦碎?
Johnsonk
02-17
体验过国内自动驾驶后,其他车企想实现,简直是在做梦
Johnsonk
02-17
假数据是张口就来
马斯克又翻车!特斯拉无人出租运营8个月可用率仅19%
Johnsonk
02-13
以后只有一个巨头,那就是特斯拉
利润率仅为同侪零头,特斯拉的“美股七巨头”标签还能贴多久?
Johnsonk
02-12
刹车失灵搞不动,就换一个思路继续黑
特斯拉国内频发断电故障引车主不满 官方回应态度遭质疑
Johnsonk
02-09
当年不是说必然倒闭么?怎么做成万亿市值的公司了?
特斯拉的机器人革命也救不了它了?
Johnsonk
02-04
FSD不能落地,是东大的损失
Johnsonk
01-31
三个在亏钱的空头表示很气愤,并骂了一句骗人[贱笑] [贱笑] [贱笑]
马斯克:特斯拉Optimus进行产能爬坡,将建设年产1000万台的产线
Johnsonk
01-28
准备准备,可以离职了
10项功能!特斯拉春节OTA大更新曝光:语音唤醒、酷狗音乐、微信互联都来了
Johnsonk
01-26
可笑
特斯拉的最大风险:归于平庸
Johnsonk
01-08
并且车主没买商业险
特斯拉辅助驾驶连续避让后追尾 车主:刹车没反应 车门和窗户打不开
Johnsonk
01-07
做的人越多,监管放的越快
去老虎APP查看更多动态
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15:13","market":"sg","language":"zh","title":"追觅俞浩:特斯拉代表不了汽车,历史上没挣多少钱","url":"https://stock-news.laohu8.com/highlight/detail?id=2636383393","media":"中国企业家","summary":" 在成为世界首富之前,追觅科技创始人俞浩先打破了一项世界纪录:社交媒体上最活跃的CEO。 这还不包括追觅员工、高管发布的内容,他要求所有员工开通所有社交媒体的账号,每天至少发3条视频。 视频中的俞浩,情绪起伏极大,几乎每句话都用叹号收尾。 转折发生在5月13日。 在更新最高频的时段,很多人担心,俞浩哪有时间管理公司。4月底,在苏州追觅中心,我们和俞浩进行了一场5个半小时的长谈。","content":"<html><body><div>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/300/w550h550/20260519/ab2b-a309b21b90967bab064fc2f2426c399a.png\"/><span></span></div>\n<p cms-style=\"font-L\"> 做企业不是开故事会,发展才能解释问题,发展才能解决问题</p>\n<p cms-style=\"font-L align-right\"> <font cms-style=\"font-L strong-Bold align-right\"><font cms-style=\"font-L strong-Bold align-right\">文</font><font cms-style=\"font-L strong-Bold align-right\">|</font><font cms-style=\"font-L strong-Bold align-right\">《中国企业家》<font cms-style=\"font-L strong-Bold align-right\">记者 </font></font><font cms-style=\"font-L strong-Bold align-right\"><font cms-style=\"font-L strong-Bold align-right\">李艳艳</font></font></font></p>\n<p cms-style=\"font-L align-right\"> <font cms-style=\"font-L strong-Bold align-right\">见习编辑</font><font cms-style=\"font-L align-right\"><font cms-style=\"font-L align-right\"><font cms-style=\"font-L align-right\"><font cms-style=\"font-L strong-Bold align-right\">|李原</font></font><font cms-style=\"font-L align-right\"><font cms-style=\"font-L strong-Bold align-right\"></font></font><font cms-style=\"font-L strong-Bold align-right\">编</font><font cms-style=\"font-L strong-Bold align-right\">辑</font><font cms-style=\"font-L align-right\"><font cms-style=\"font-L align-right\"><font cms-style=\"font-L strong-Bold align-right\">|何伊凡</font></font></font><font cms-style=\"font-L align-right\"></font></font></font></p>\n<p cms-style=\"font-L align-right\"> <font cms-style=\"font-L strong-Bold align-right\"><font cms-style=\"font-L strong-Bold align-right\"><font cms-style=\"font-L strong-Bold align-right\">头图摄影</font></font></font><font cms-style=\"font-L strong-Bold align-right\"><font cms-style=\"font-L strong-Bold align-right\"><font cms-style=\"font-L strong-Bold align-right\">|邓攀</font><font cms-style=\"font-L strong-Bold align-right\"><font cms-style=\"font-L strong-Bold align-right\"><font cms-style=\"font-L strong-Bold align-right\"><font cms-style=\"font-L strong-Bold align-right\"><font cms-style=\"font-L strong-Bold align-right\"><font cms-style=\"font-L strong-Bold align-right\"></font></font></font></font></font></font></font></font></p>\n<p cms-style=\"font-L\"> 在成为世界首富之前,追觅科技创始人俞浩先打破了一项世界纪录:社交媒体上最活跃的CEO。从5月6日到5月12日,一周之内,他发了409条抖音、376条视频号、291条小红书、393条微博,平均每天12条朋友圈。</p>\n<p cms-style=\"font-L\"> 这还不包括追觅员工、高管发布的内容,他要求所有员工开通所有社交媒体的账号,每天至少发3条视频。</p>\n<p cms-style=\"font-L\"> 视频中的俞浩,情绪起伏极大,几乎每句话都用叹号收尾。有时快意恩仇:“夸我们的人,都长得比较帅!骂我们的人,都长得比较丑!”有时咬牙切齿:“反正谁都不要随便招惹老子!我有仇必报!十倍还击!”</p>\n<p cms-style=\"font-L\"> 转折发生在5月13日。一篇文章引发广泛质疑后,他情绪明显低落。凌晨发视频,带了点说气话的味道,向所有觉得他狂、觉得他疯的人道歉:“我错了,你们都是对的,都是我的错,我打扰大家了。”末了又补一句:“我开始低调无激情带货。”自此之后,他的更新数量明显下降。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\">在更新最高频的时段,很多人担心,俞浩哪有时间管理公司。最不担心这个问题的,或许是他本人。</font><font cms-style=\"font-L strong-Bold color330\">接受《中国企业家》杂志采访时,他将公司管理基石定义为“爱与信任”,假定人是可信的,2000万以下的事都不需要他签字。在这个前提下,“一切变得轻松了”。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\"><font cms-style=\"font-L\">商业史上,创始人性格从来不是脚注,而是正文。4月底,在苏州追觅</font></font><font cms-style=\"font-L\"><font cms-style=\"font-L\">中心</font></font><font cms-style=\"font-L\"><font cms-style=\"font-L\">,我们和俞浩进行了一场5个半小时的长谈。</font></font></p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/119/w550h369/20260519/6d77-7b09820d05cd7ba74794f6277abdd375.png\"/><span></span></div>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\"><font cms-style=\"font-L\">追觅科技创始人俞浩与《中国企业家》副总编辑何伊凡4月底在苏州追觅中心对谈。</font></font><font cms-style=\"font-L\"><font cms-style=\"font-L\">摄影:邓攀</font></font></p>\n<p cms-style=\"font-L\"> 他瘦了,圆脸变成了利落的下颌线,颧骨收敛,双眼皮明显,眼型偏圆,鼻梁挺直,鼻头微翘,嘴角天然上扬,即使不说话,也仿佛在微笑——这种面部构造,让他在沉默时显得友善,开口时显得可信。他习惯注视别人,也习惯被注视,同时对这种注视始终保持着有礼貌的距离感。对所有质疑,他都有严密的自我逻辑闭环,看似不合理的事,在他解释中都是尽在掌握。</p>\n<p cms-style=\"font-L\"> 我们用很长时间回顾了他的童年,根据他的讲述,你可以找到他今天言行的草蛇灰线。</p>\n<p cms-style=\"font-L\"> 俞浩出生在江苏南通一个贫寒家庭,初中母亲曾带着他从村头借到村尾,凑不出50块钱。高中他拿到物理竞赛全国一等奖、保送清华,却仍被自卑感缠绕。他一度希望所有人都穿校服——因为校服是他最好的衣服。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">这段经历在他生命中至少留下了两个印记:</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">1.自己今天所拥有的一切,都是在资源紧缺的情况下所争取来的。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">2.如果假定世界是不可知的,则权威是可以挑战的。</font></p>\n<p cms-style=\"font-L\"> 但做企业不是开故事会,发展才能解释问题,也只有发展才能解决问题。</p>\n<p cms-style=\"font-L\"> 我们聊到了约翰·刘易斯·加迪斯的《论大战略》,该书核心观点为大战略是“将无限<a href=\"https://laohu8.com/S/000626\">远大</a>的抱负与必然有限的能力有效匹配的思维办法”。俞浩称“无比认同这句话”。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">他还举了书中狐狸与刺猬的例子,好战略既要像刺猬一样坚定,又要像狐狸一样多知,要在两者之间,找到既不偏离方向,又对变化保持敏感的中线。</font></p>\n<p cms-style=\"font-L\"> 可外界观感恰恰相反,觉得他背离了“抱负与能力相匹配”这条黄金中线。</p>\n<p cms-style=\"font-L\"> 追觅辐射业务跨度之大令人瞠目:除工业<span>机器人</span><span></span>、大家电、手机等勉强算“近缘业务”外,还包括汽车、芯片、算力卫星、固态电池、火锅、零食、奶茶、国际物流等。一度看起来,追觅的边界似乎取决于世界上有多少行业。</p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/163/w550h413/20260519/2f9e-7df8348153636dcad659e4a6a82e7ff4.jpg\"/><span></span></div>\n<p cms-style=\"font-L\"> 摄影:邓攀</p>\n<p cms-style=\"font-L\"> 俞浩的“理性狂妄”,可拆解为三个层面。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\"><font cms-style=\"font-L strong-Bold color330\">第一,组织上靠风险分散而非风险承担。</font></font><font cms-style=\"font-L\"><font cms-style=\"font-L\">通过独立BU的法律结构,避免单个项目失败时风险传导至追觅主体。</font></font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\"><font cms-style=\"font-L strong-Bold color330\">第二,管理上靠规律抽象。</font></font><font cms-style=\"font-L\"><font cms-style=\"font-L\">他号称能批量生产优秀创业人才,用物理学家的思维方式替代传统管理经验。</font></font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\"><font cms-style=\"font-L strong-Bold color330\">第三,传播上信号与操作分离。</font></font><font cms-style=\"font-L\"><font cms-style=\"font-L\">“狂”是对外信号,用来吸引资本和人才、制造话题、维持生态热度,“谨慎”才是对内操作。</font></font></p>\n<p cms-style=\"font-L\"> 但表达上的自圆其说,掩盖不了常识性挑战。俞浩面前仍至少横亘着四道坎。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">钱从哪来,能撑多久?</font></p>\n<p cms-style=\"font-L\"> 支撑这个故事的是一个多层嵌套的资金结构:主业清洁电器的造血能力、地方国资基金网络、资本市场获利。故事能讲下去的前提是,市场持续认可“追觅生态”的叙事溢价。</p>\n<p cms-style=\"font-L\"> 一旦叙事出现裂缝,200余个BU将同步承压。它们在法律层面与追觅主体独立,可当所有BU共享同一个募资管道、同一个品牌形象、同一个供应链底座时,股权隔离也无法阻断风险的系统性传导。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">主业优势是否会被稀释?</font></p>\n<p cms-style=\"font-L\"> 追觅产品叙事呈现“双轨并行”:在主业赛道用硬创新建立信誉,在跨界赛道用“发布即存在”维持故事。两类叙事的混杂,让外界难以辨别“追觅已经做到的”与“追觅计划做到的”。</p>\n<p cms-style=\"font-L\"> 追觅主业清洁电器本是健康业务,但行业增速出现放缓,石头、<span><a href=\"https://laohu8.com/S/603486\">科沃斯</a></span><span></span>等对手虎视眈眈,大疆也准备跨界进入。与此同时,主业需要供养的体系却在不断膨胀。</p>\n<p cms-style=\"font-L\"> 俞浩需要至少一个持续增长的“现金牛”,而非纸面上各BU的200%增长。他还要警惕另一种风险:防止当营销费用以数亿计涌出,研发团队的压力会从“如何做出更好的产品”,转向“如何配合营销节奏交出足够震撼的PPT”。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">如何面对流量反噬的风险?</font></p>\n<p cms-style=\"font-L\"> 暴雨不终日,通过极端断言、主动引战、强硬反击、拉黑批评、高频刷屏、全员视频动员令等,俞浩将个人流量逻辑推向了组织末端。流量策略的短期效果不可否认,但流量涌入并不等价于信任积累,而个人品牌与企业形象深度绑定会放大风险。</p>\n<p cms-style=\"font-L\"> 即使延续流量策略,也应该从“传播创始人语录”调整为“演示产品功能”,让用户从“围观豪言”变为“了解品牌”。在5月15日之后,他或许已意识到了这种风险。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">是否会出现管理失控?</font></p>\n<p cms-style=\"font-L\"> 业务膨胀之下,追觅的组织复杂度已经越来越高。俞浩坚信用物理学家式的“规律抽象”来管理公司。他相信信任和高度透明化能激发人性中最大的善,并蔑视传统管理工具。</p>\n<p cms-style=\"font-L\"> 但“高压+高激励”的极端组合,容易造成“三高”:用超高激励吸引野心勃勃的年轻人,用超高目标筛选执行者,再用高强度流动性维持进化压力。</p>\n<p cms-style=\"font-L\"> “规律抽象”能否管理组织?答案是:简单系统中可以,在万人级复杂系统中尚未获得验证。</p>\n<p cms-style=\"font-L\"> 以下为访谈节选,关于这四大类问题,俞浩有自己的看法,未来你可以结合他的“行”,来检验他今天的“言”。</p>\n<p cms-style=\"font-L\"> 评价俞浩和追觅,不应以“人类历史上第一个百万亿美金的公司生态”或者“重新发明地球”为参照——这个目标几乎不可能实现。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\"><font cms-style=\"font-L\">更合理的参照是:“一家硬件企业在时代浪潮下究竟应以何种方式、何种速度、何种边界,去触碰增长天花板。</font></font><font cms-style=\"font-L\"><font cms-style=\"font-L\">”</font></font></p>\n<p cms-style=\"font-L\"> 无论成败,他都已经写下了最极端、最大胆,或许也最具警示意义的一章。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">以下为《中国企业家》与追觅科技创始人俞浩的访谈实录(有删减):</font></p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/32/w550h282/20260519/10c2-b46aa305ed16519a10adaf26acb007c5.png\"/><span></span></div>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">谈人设:很多人只记得我说了“世界首富”</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你看起来瘦了很多。现在这个形象,是刻意管理过的吗?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:被逼的。去年我们签了张凌赫代言,他来苏州一个活动,现场来了数万人,因为安保风险,我们放了几千人进来。他坐我边上,我跟他拍个合影,结果换了五个拍摄角度都不行,因为他的脸只有我一半大。那时候我比现在还重30斤,受了好大的打击。</font></p>\n<p cms-style=\"font-L\"> 我妈非常反对我减肥,她说当老板就是要胖一点。可能在她那个年代,大家吃不太饱,通常老板要胖一点。可现在不是了,自律的那个人,才是最有钱的。瘦是一种自律和对自我要求高的表现。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:一个人对自己的祝福有很多种。但我从来没有见过一个企业家祝愿自己成为世界首富。你为什么在年会上说要“成为世界首富”?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:</font><font cms-style=\"font-L strong-Bold color330\">年会是个娱乐环节,有点像脱口秀,逗<a href=\"https://laohu8.com/S/00341\">大家乐</a>一乐,结果很多人只记得“世界首富”。</font></p>\n<p cms-style=\"font-L\"> 其次,为什么我会说“首富”这个词,是因为在今天,所谓“世界首富”,不再代表他有多少钱。当年洛克菲勒的资产在最巅峰时也就十几亿美元。今天的“首富”,代表的是社会对他的信任,愿意把剩余资源交给他去做更大的科技创新。</p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/103/w550h353/20260519/3658-56f6fc323f571631185e8a67ce24aac0.jpg\"/><span></span></div>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\"><font cms-style=\"font-L\">俞浩 </font></font><font cms-style=\"font-L\"><font cms-style=\"font-L\">摄影:邓攀</font></font></p>\n<p cms-style=\"font-L\"> 那次年会上的话,你可以认为一半是自我吐槽、自我消解。结果很多人只记得“世界首富”,我也讲了愿景、使命,用科技推动人类社会与文明的进步,但没人记住。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:一个伟大的企业,需要不断拓宽边界。但你现在切入的汽车、大家电、手机,都是卷得厉害的红海。既然要拓宽边界,为什么偏偏选这些?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\"><font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:我喜欢表达不一样的思考,这才有趣,一模一样的没啥意思。</font><font cms-style=\"font-L strong-Bold color330\">首先,红海理论和蓝海理论早就过时了。eVTOL</font></font><font cms-style=\"font-L\"><font cms-style=\"font-L strong-Bold color330\">(电动垂直起降飞行器)</font></font><font cms-style=\"font-L\"><font cms-style=\"font-L strong-Bold color330\">听起来是蓝海对吧?几百家公司在做。大家电听起来是红海,但真正做的就三五家。</font><font cms-style=\"font-L\">我们观念里有些知识,是很荒谬好笑的。追觅就像个小孩子,在戳穿“皇帝的新衣”。</font></font></p>\n<p cms-style=\"font-L\"> 我不认为大家电没有革新机会。人们总想给创新打标签,什么颠覆式创新、微创新,好像颠覆式就最高级。错,这是偷懒。颠覆是由若干个连续创新积累而成的。</p>\n<p cms-style=\"font-L\"> 马斯克搞了<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>,大家认为是颠覆式创新。那扯淡的,电动汽车早就有了。马斯克只是把铅酸电池换成锂电池,锂电池又是日本发明的,其实才多大点变化。</p>\n<p cms-style=\"font-L\"> 追觅就是把“N+X”拆成“N+1”的X次方,重复去做十次、二十次。你把今天的扫地机器人跟10年前的对比,压根不是一个物种。我认为扫地机器人的革新比电动汽车大多了。今天的扫地机比起2023年,丝毫不亚于<a href=\"https://laohu8.com/S/AAPL\">苹果</a>重新发明了手机。我们重新发明了扫地机,丝毫不亚于特斯拉对电动汽车的贡献。</p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/32/w550h282/20260519/1ddd-819bbb38e387374cf82a88ead9138c56.png\"/><span></span></div>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">企业争议:200个BU与N+1,逻辑是什么?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:除了汽车、家电、手机,你还设立了上百个BU,这背后的逻辑是什么?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:</font><font cms-style=\"font-L strong-Bold color330\">最主要的变化是,AI来了。人类生产力我笃信它会提高100倍。</font></p>\n<p cms-style=\"font-L\"> 造模型要花很多钱,而且迭代得很快。我相信用好AI更加重要,所以2021年开始我们变成了“AI驱动制造万物”。汽车在2021年投入的,我们早就做了,只是没对外说。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:看起来,这有点像是“撒网式”投机。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:我认为是组织架构的问题。我们怎么支撑这件事?说白了就是把它拆开。我们所有BU之间都要独立发展,就是为了防止某一块变成无底洞,把好业务拖垮。我不允许任何业务去拖累其他业务。</font></p>\n<p cms-style=\"font-L\"> 我给你算几笔账。我们的洗地机在中国市场最多就亏了一个亿,现在做到行业第一。还比如个护,2017年成立,每年几千万投入,而且一直有营收,我们实际累计投入也就一个亿左右,2025年全面盈利。</p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/163/w550h413/20260519/68ab-680d50ec09d96a28602b7aac27f0c4ab.jpg\"/><span></span></div>\n<p cms-style=\"font-L\"> 摄影:邓攀</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你所理解的外界对你的“误判”,为什么总是在你做新业务初期就会出现?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:很多人总是出发的时候,就试图把未来所有场景、路线设想好,我没有这样的执着。为什么大家一提做手机跟做汽车是危险的?因为越是有经验的人,越要在决定做之前,把怎么做想好了。可事实上,做手机是持续十年、二十年的过程,你有足够的时间去想你怎么取胜。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:在个别案例中,你这套模型可以成立。但当“N+1”的这个N进入到复杂度更高的领域时,我觉得是很难成立的。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:完全一样。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:造车的复杂度,应该是造扫地机器人的好几百倍吧。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:</font><font cms-style=\"font-L strong-Bold color330\">其实没那么大差距,今天扫地机大概1000个零件,汽车1万个零件,差一个数量级而已。</font><font cms-style=\"font-L\">我们太容易低估扫地机器人了,你知道我们的扫地机器人打过多少仗?我们有两个品牌,追觅跟MOVA,都在坚持高端,占领了全球高端市场超过50%的份额。汽车有几家能做到这样的市场占有率?有几家是盈利的?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:但汽车的N比扫地机器人的N大太多了,N越大,想把它提炼出来不就越难吗?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:我觉得不会。N不是反映零件数,而是当下全球市场的技术水平、供应链水平。今天中国供应链之强大,中国各家汽车厂之间有什么区别?电池都是<span><a href=\"https://laohu8.com/S/300750\">宁德时代</a></span><span></span>的,核心是“+1”的东西,N只要资源够就行了。我不担心汽车。像<a href=\"https://laohu8.com/S/XIACY\">小米</a>造车,一共花了大概170亿就盈利了。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你成立一个事业部的标准是什么?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:我们想做就成立。如果是团队发起的,我会帮他判断一下基本商业逻辑对不对。</font></p>\n<p cms-style=\"font-L\"> 大的一些事业部是我自上而下发起的。有些是团队发起的,比如智能戒指就是他们想做,这些其实我不太感兴趣,但他们商业逻辑可以闭环,团队也有信心,那就支持他们做。</p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/32/w550h282/20260519/4087-8579fb569d1547582c27b09e37351008.png\"/><span></span></div>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">来时路:5万块钱、三天没吃饭和一场生死战</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你的表达方式“狂”,跟你小时候的经历有关吗?你成长在什么样的环境?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:我家条件非常差,是村里最穷的。起因是我爸去上海做鱼货生意,他眼光不好,1995年左右亏了5万块。一直到我<a href=\"https://laohu8.com/S/301522\">上大</a>学,这笔钱都没能还上,欠着债,再也借不到钱,他一辈子就只能打零工了。</font></p>\n<p cms-style=\"font-L\"> 后来我爸卖猪头肉。早上4点起床,骑到镇上批发三个猪头,回来理毛、劈骨、下锅,忙到下午再骑车沿街叫卖,到晚上8点。他就一辆自行车,铁箱子50斤,加上肉100多斤,每天挣100块,365天几乎全年无休。我们家还没有冰箱,因此每天只能卖三个猪头,否则卖不掉的话没地方放。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">一个冰箱、一辆电瓶车、一个铺面,这些原始积累的坎,他永远跨不过去。</font><font cms-style=\"font-L\">所以你能理解我为什么说一个人从0开始,在15年内做到世界首富,才是社会巨大进步。因为我知道原始积累有多难。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你小时候帮家里干活吗?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:猪头肉的活儿没干,地里农活会帮,我家有两亩七分地。我家那时候穷到什么程度?房子虽然是楼房,但盖到一半没钱了,砖瓦是裸露的,墙壁里全是老鼠,睡觉能听到它们嗑花生的声音。下雨漏雨,风一吹窗户晃,台风来都担心房子倒掉。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">直到小学五年级我家才通上电,我就自己在墙上装电线,设计了一两个开关控制电路。后来初中才发现,那叫单刀双掷开关,而且我的方案比标准答案更省电线。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:父母对你的性格有什么影响?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:我爸性格很直爽,没什么真心朋友,全是酒肉朋友。我说这也是个本事,挺好的。我妈就啥事都往心里想,她就完全没有酒肉朋友。</font></p>\n<p cms-style=\"font-L\"> 我希望他俩结合一下,我跟人相处的时候希望轻松一点,酒肉朋友多一点。内里希望像我妈那样,考虑长远的事情。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你动手能力这么强,小时候有什么爱好?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:我小时候没有玩具,我的玩具都是我自己做的。有一次下雪,忽然看到了一个滑雪板,我就自己做滑雪板。上小学时,我又做了四驱车,自己绕线圈,自己造方程式赛车。轮子用最小的直径,电机是缝纫机的电机。</font></p>\n<p cms-style=\"font-L\"> 我没见过F1的方向盘,就设计成了一个横的加两个竖的方杆。我还做电动船,在马达上绕线圈,还模拟过水泥修路,把芦苇削成一根一根扎成钢筋,再把泥土混成混凝土,搭骨架。</p>\n<p cms-style=\"font-L\"> 我整个小学6年只吃过两次零食。一次是我爸给我带了4包“闲趣”牌饼干,2块钱一包。规定一天可以吃一包,我拎起一包就要去学校分给同学。还有一次是带了4个鸭梨,我带了一把尺,用那个尺把梨分给我隔壁的一个邻居吃。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\">但别人问我吃了什么,我都害羞个半天。</font><font cms-style=\"font-L strong-Bold color330\">但我有大把时间,特别是到了初中,读了大量人物传记。我是在<a href=\"https://laohu8.com/S/F\">福特</a>、爱迪生、莱特<a href=\"https://laohu8.com/S/002562\">兄弟</a>的故事里长大的,这些人像是我精神上的邻居,我很向往他们的故事。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">我性格其实是深度内向的“i人”。不是因为我做这些没有朋友,是因为我没有朋友才做这些。我跟村里的大部分人玩不太到一块去。</font></p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/131/w550h381/20260519/bf46-f3f811aa5eec80b990bca7e27320416d.png\"/><span></span></div>\n<p cms-style=\"font-L\"> 摄影:邓攀</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你学习成绩一直很好吧?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:我学习非常好,是超越常人的好。我幼儿园只上过一个月,嫌老师教太慢。5岁时算数,就把一个比我大5岁的表兄算哭了。后来我被调到镇上的中心小学,为了代表镇里去市里参加比赛。</font></p>\n<p cms-style=\"font-L\"> 但我性格确实偏内向。到高中,录取通知书上写,要带饭盒和1680元学费。报到那天,我妈都没准备。又去借,只凑了几百块。饭盒也没有,我也不知道去哪买,外面找了一圈也没找到。</p>\n<p cms-style=\"font-L\"> 其实食堂已经有餐盘了,录取通知书的要求过时了。但我不知道也不敢问,硬生生在宿舍饿了三天没吃饭。不是爱面子,就是害羞,有自卑心理。我最希望所有人穿校服,因为校服是我最好的衣服。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你后来的保送经历也很受人关注。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:我先是被保送到市重点高中,上了实验班。全市大概两个班,一共100个人。我刚去时,排班里第45名。第一次月考,就大概第15名了,到期中考试大概到第5名。到期末考试成了第1名,到毕业都是第1名。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">这是我一直以来的习惯。我在所有的环境中,其实资源都很稀缺。</font><font cms-style=\"font-L\">我在镇上的学校接触不到市里的教育资源。等我接触到了,马上就会考到第1名。所以我创业加入<a href=\"https://laohu8.com/S/01810\">小米</a>生态链时,一开始也是最后一名。三年后我就能做到销售第1名,给我点阳光我就灿烂。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:保送清华以后,你又做了些什么?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:我其实有很长时间,考虑不去清华了,想直接创业。</font></p>\n<p cms-style=\"font-L\"> 我们镇上有大量企业做电刷,就是电机的一个零部件。我就骑自行车去找,给他们打电话说我们要怎么合作。对方接我电话,也听不清这是谁要干什么,直到见面看到一个人骑着自行车来,特别搞笑。</p>\n<p cms-style=\"font-L\"> 其实我非常内向,打算创业前,那个电话就摆在那里,我半个小时都拨不出那个号码。但我很会逼自己,我会想,是从这个楼上跳下去痛苦,还是打那个电话痛苦?用那个方法倒逼拨通那个电话。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:到清华以后就如鱼得水了吗?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:头一两年还是非常痛苦,我一直在找生命的意义。有一个特别重要的时刻,就是大一末,我骑自行车在学校里转,走到朱自清写《荷塘月色》的湖下面,对着一棵树。</font></p>\n<p cms-style=\"font-L\"> 我好痛苦,我想我要是这棵树就好了,就不会像人这样痛苦。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\">后来我又想,树没有能力反抗,它连被砍了都无法反抗。我跟树最大的区别就是:我有行动能力。从那以后,对一切问题,我都能变成行动。</font><font cms-style=\"font-L strong-Bold color330\">从那以后,我也不玩游戏了。打游戏是为了体验,我要求自己,要获得现实生活中生命体验的乐趣,超过在游戏中的体验。</font></p>\n<p cms-style=\"font-L\"> 所以我大学做了很多事。我本来比较内向,就强行让自己去竞选学院学生会主席,后来还去校会当了副主席。之后,我又创建了“天空工场”,有13个院系的人加入。我们社团门口写着:你已经进入天空工场,请你忘掉平庸,忘掉低效,进入挑战极致的世界。</p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/163/w550h413/20260519/7021-b72689c7631e0fa36e1b6650b1735680.png\"/><span></span></div>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\"><font cms-style=\"font-L\">清华大学天空工场时期的俞浩</font></font><font cms-style=\"font-L\"><font cms-style=\"font-L\">。来源:受访者</font></font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">我去学了清华很多学科:生物芯片、深度学习、软件架构,甚至《资本论》。</font><font cms-style=\"font-L\">清华的好处是任何学科,都是最顶尖的老师。我还学了跳水,教我们跳水的是教郭晶晶、伏明霞的教练。</font></p>\n<p cms-style=\"font-L\"> 我还学了薛定谔的《生命是什么》,用物理学去理解生物学。学混沌、分形、湍流。虽然我学的流体学中有湍流科目,我们老师不太重视这个方向,我就自己去学。我去北大找陈飞教授去研究幂次律。幂次律本身是一个流体学概念,对我今天理解社会也有巨大帮助。</p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/32/w550h282/20260519/a6f3-67f8ba3e92d078bea3ebe6e59f46bc25.png\"/><span></span></div>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">谈创业试水:四年抑郁、光膀子搞设计</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:听说你真正意义上的第一次创业不太顺利?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:2011年我开始做Colorwork,是一个协同工具,有点像飞书加LinkedIn。赚不到钱。我迷信自己什么都要会,花了好几个月,把所有代码自己写一遍。后来一想,这不是CEO该干的事。</font></p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/86/w550h336/20260519/b145-02442aa2c35e258f553443b5ff10e3c9.png\"/><span></span></div>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\"><font cms-style=\"font-L\">俞浩首个创业项目Colorwork产品界面</font></font><font cms-style=\"font-L\"><font cms-style=\"font-L\">。来源:受访者</font></font></p>\n<p cms-style=\"font-L\"> 那时候我就认识了字节的人,两边工程师坐在一起,我看不上他们,感觉土巴巴的。他们团队50个人左右,我觉得大家都去做娱乐,我去搞一个工作系统,才是一个足够大的事情,是像Google那么大的事情,要不然我也得去制造汽车、火箭。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:2011年到2015年,正是移动互联网大发展,你却要去做硬件,判断逻辑是什么?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:第一,我本身更擅长做硬科技和硬件。第二,移动互联网已经被加了“移动”两个字,算一个细分品类。那时候我还总想着做特别大的事情,不愿意开发任何App。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\"><font cms-style=\"font-L strong-Bold color330\">我觉得我们受清华教育,要入主流、上大舞台、做大事,做个比苹果更小的公司那怎么行?</font><font cms-style=\"font-L\">一个A</font></font><font cms-style=\"font-L\"><font cms-style=\"font-L\">pp</font></font><font cms-style=\"font-L\"><font cms-style=\"font-L\">不就是在苹果手机上给人开发个软件吗?那怎么行呢?</font></font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你没想过去大厂上班吗?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:有过一秒钟吧,但一秒被否定掉了,虽然心里有点恐慌。因为一旦选择创业了,意味着从那以后开始,我不可能在某一项技术上搞得绝对尖端。创业也有可能会让我丢掉饭碗,有一点点恐慌。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你当时那么小一个团队,怎么攻克10万转电机的?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:当时戴森已经做到10万转,国内大部分公司只能做到2万转。主要有三点。</font></p>\n<p cms-style=\"font-L\"> 第一是团队构成。原来传统电机团队大部分是和制造相关的人才。我们组建的团队一半是清华的,一半是有行业经验的。当时电机已经是一个模组,不是单独的机械问题,有结构、电子、算法、流道风道模拟,是个复杂系统。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\">第二,我小时候的物理直觉起了非常大的帮助。</font><font cms-style=\"font-L strong-Bold color330\">有40个方案的时候,我可以迅速不需要做实验,排除掉38个方案,只验证那两个就可以了。如果我做工程师,我依然可以是个顶级工程师。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\">第三,</font><font cms-style=\"font-L strong-Bold color330\"><a href=\"https://laohu8.com/S/02998\">中国供应链产业</a>链在那时已经做好了准备,但其他人没意识到。</font><font cms-style=\"font-L\">我们是率先把电机这条高精度加工供应链跑通的。日本跟德国轴承精度高,而我们率先在中国做起了轴承线。所以,也是我们的工业基础到了。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:刚创业的时候你也有过一段光膀子干活的经历?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:2015年5月,我们开始在嘉定做硬件,有个供应链朋友给了我一间厂房。厂房没空调,夏天39度,厂房被晒得更热。大家就光着膀子干活,光着膀子搞设计。我朋友骂我:见过各种考验团队的办法,没见过用高温考验的。</font></p>\n<p cms-style=\"font-L\"> 那几年我有一种脱胎换骨的感觉。原来是想着一定要做出比苹果更伟大的项目,后来想的是,为了能活,做什么都行,给代驾的滑板车都做过。因为代驾每个城市有个群,你在群里做销售就行,不需要花营销费。我也会接外面的研发项目挣钱,这两年,我们用剩余的钱养出了高速数字马达。</p>\n<p cms-style=\"font-L\"> 但从2013年到2017年,我有接近四年的抑郁状态。自测中度抑郁,去医院开了药,吃了一片,醒的时候昏昏沉沉,就再也没吃了,后来全靠硬扛。但硬扛对我的智力应该造成了物理性损伤,不然我会反应更敏锐一些。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\">那是最苦的时候,但也是真正打基础的时候。</font><font cms-style=\"font-L strong-Bold color330\">从高中开始,我就强行给自己规定,每周必须想出一个新的想法出来。不管它对不对,每周要有一个发明。那时候还没有工具可以检验这事有没有前人发明过,但对我来说都是新的,就一直在不停地训练自己这样的思维。</font></p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/32/w550h282/20260519/9709-c6b133049fa1f03a293affe9c78b8b70.png\"/><span></span></div>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">谈米链生存法:“你们抱怨什么?让我进去猥琐发育”</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:后来加入了雷军的<a href=\"https://laohu8.com/S/81810\">小米</a>生态链,你跟雷军接触的多吗?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:不多,我其实一共只见过雷总一次,但我无数次说感谢他,比他们以为的更感谢。他真的治好了我的抑郁症。</font></p>\n<p cms-style=\"font-L\"> 小米投资我们以前,高速数字马达已经做出来了。小米问我估值,我说我要一个亿。小米、顺为一起投。其中有个非常好的投资人叫高雪,他说我认为你值这个钱,但小米内部有个规定,100万美金以下的投资我可以做决定。1亿估值要投资100万以上,就要通过小米高管委员会,要见到雷军。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">我说不要,那估值就7000万吧。小米、顺为就各投了100万美金,占20%的股份。为什么我不见雷总?不是不想见,因为这是我的生死钱,我不想为此增加不确定性。</font></p>\n<p cms-style=\"font-L\"> 我到现在还记得,接起那个电话的时候,我在上海,外面在下雨。投资人怕我不接受,但我一秒就同意了,没带一丝犹豫。</p>\n<p cms-style=\"font-L\"> 但从小米说要投,到真正合同签订的一刻,又过了半年时间,这半年是我最难熬的。不是账上没钱,是我没有发展。一个每年1000万收入的公司,跟我的<a href=\"https://laohu8.com/S/LI\">理想</a>隔了十万八千里。它只能养活团队,再这么做下去团队会散掉,大家来到这里不是为了那点工资。</p>\n<p cms-style=\"font-L\"> 晚上我一个人开着车,在上海的外环兜圈,找不到方向,找不到出入口。硬件的原始启动需要的资金很大,我不可能融到那么多钱。</p>\n<p cms-style=\"font-L\"> 所以加入小米之后,我好羡慕小米的那些生态公司,他只要做出好的产品就不愁卖了。对我来说,做好产品太简单了,可我不知道怎么卖,也没有钱生产出来。所以小米给我提供了这样的机会,我内心无比感谢。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你对小米生态链怎么评价?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:我们非常向往小米生态,它就像一个大棚,是帮助成长的。里面100多家生态公司,有点像大棚蔬菜。它只要把帘子稍微掀开一点点,让大家竞争。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\">那时候很多小米生态公司抱怨小米,说你怎么让我们竞争?</font><font cms-style=\"font-L strong-Bold color330\">我觉得你们都幸福成这样了,都在大棚里,还抱怨什么呢?什么时候把我移植到大棚里,我就“猥琐”发育。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:进去之后你对这种生态怎么适应的?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:刚进去时,我们一个米家项目都没有。前面的品类都被人做完了,我们第一款吸尘器只能上自主品牌,799元,续航一小时。结果是,小米第一次出现了生态链品牌卖不过自主品牌的情况。后来他们说,要不你也给米家做一款。</font></p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/767/w550h217/20260519/dde1-2fb266f812650d8510ef426836b07f33.png\"/><span></span></div>\n<p cms-style=\"font-L\"> 我一边把爆款给米家,一边自己赶紧研发下一代。我那时候假定,所有追觅都爆款,几个月之后都得送给米家,这样逼着自己往前跑。2019年我们做了5个亿,米家2.5亿,追觅自有品牌2.5亿。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\">其实真正的故事比这更复杂。</font><font cms-style=\"font-L strong-Bold color330\">我还做过一款更便宜的降配版。降配版只减少20元成本,售价减少200元,结果卖不掉。但从799元往上做到1399元,增加成本可能100元,售价能增加五六百元,却卖得很好。</font><font cms-style=\"font-L\">从那以后,我只允许往上迭代,不再允许往下迭代。人们对科技产品总是追求更高、更快、更强。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:当年在米链里,你跟其他生态链企业关系怎么样?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:还是存在不少竞争的。因为我们做完吸尘器,小米一看,扫地机是不是也可以看看?我们马上就做好准备了。2019年,我们拿了第一款扫地机器人的业务。后来又拿了吹风机、无叶风扇、智能垃圾桶。然后开始做滑板车,肯定影响到别人了。</font></p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/163/w550h413/20260519/22c2-9716d9c83b10915208e92cb31ab952f2.jpg\"/><span></span></div>\n<p cms-style=\"font-L\"> 摄影:邓攀</p>\n<p cms-style=\"font-L\"> 这导致有半年时间,我立不了米家的项。</p>\n<p cms-style=\"font-L\"> 后来五源资本刘芹要投资我们,我请他帮我约一下雷总。见雷总的时候,团队特别紧张,怕我去告状。结果我跟雷总从第3分钟起,全程聊高速电机、流体力学。他工程师的兴奋劲儿起来了,说我们可以一起开一个以流体力学为核心的发布会。</p>\n<p cms-style=\"font-L\"> 之后半年时间里,小米高管轮流到我们公司来。雷总在内部大会小会都提追觅,以至于每个人都觉得我跟雷总关系很好。其实我就见了那一次。因为我脸皮挺薄,不好意思老去耽误人家。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:听说那时你要刻意保持低调?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:可以说非常低调。一群新加入小米的企业要开大会,做自我介绍。每个企业自我介绍的时候都说自己各种牛。我会说,我们就是做电机的,多的什么都不说。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">我30岁的生日,是跟昌敬(<span><a href=\"https://laohu8.com/S/688169\">石头科技</a></span><span></span>董事长)一起过的,但他不知道。</font><font cms-style=\"font-L\">那天我去北京见小米,说石头创始人有点时间,你可以去见一下,我立即改签了机票。那天晚上月亮特别好,我跟他一起看<a href=\"https://laohu8.com/S/300256\">星星</a>、看月亮,其实内心焦虑得要死。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\">昌敬是个很好的人,石头也是很好的公司。但我得生存。</font><font cms-style=\"font-L strong-Bold color330\">他那时候已经三四百人,有几十亿收入了,在小米生态链各方面排第一。他如果想阻止我,我相信有很多办法。</font></p>\n<p cms-style=\"font-L\"> 其实我俩私人关系还是不错的,后面虽然联系不多。小米说让石头投我们一点,投500万,占几个点。我怎么可能要?这是未来的竞争对手。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">我们内部开了一整晚的讨论会,觉得没办法,小米实在让要,就要吧。后来石头看完说不投,我反而松了一口气。</font></p>\n<p cms-style=\"font-L\"> 2019年,小米邀请我们去参加生态会,我也不想去。那天昌敬迟到了大概40分钟。正好所有人自我介绍,快到我这里时,我悄悄走掉了,我不想让大家发现。</p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/32/w550h282/20260519/757a-76511eef7c4c605882bb20aced55f6e6.png\"/><span></span></div>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">谈“授权”:2000万以下不审批</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你之前微博、抖音都不怎么发,为什么这一年出现了如此陡峭的表达曲线?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:开始发视频其实是我自己的一种探索。我4月17日才发了抖音第一条自拍。因为打开一看,抖音美颜这么好看,我原来担心自己拍太丑了。微博也是,一个周末早上9点多起来我突然开始写。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\">我自己发微博,主要是为了解释百万亿美金到底是啥。人类财富每隔20年,最高市值的公司就会提高一个数量级。</font><font cms-style=\"font-L strong-Bold color330\">我们那时刚从CES回来,我就很高兴地把“追觅要成百万亿美金”发到了公司大群和朋友圈里,结果引发了很多讨论。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:所以你认为自己不是刻意高调,是在被动解释?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:也有主动的部分。我认为企业到了一个阶段,影响面已经超越自身,你的合作伙伴、社会需要理解你。</font><font cms-style=\"font-L strong-Bold color330\">走到今天,追觅和我,都需要对整个社会负责,对整个社会进行交代。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:追觅为什么要到硅谷开4天的发布会?(4月27日至30日,追觅在美国硅谷旧金山艺术宫举办了名为DREAME NEXT的全球发布会周)</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:追觅从成立第一天起,就是全球化公司,海外,包括北美,是我们非常重要的市场。我们之前也在德国、法国、新加坡等海外很多国家开发布会,但这次在硅谷规模比较大。我们也邀请了一些国内的朋友去美国,所以被很多人拿来放大解读。</font></p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/163/w550h413/20260519/1e14-e90e7e4825b83c334f1099e8bd114ffa.jpg\"/><span></span></div>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\"><font cms-style=\"font-L\">摄影:</font></font><font cms-style=\"font-L\"><font cms-style=\"font-L\">李艳艳</font></font></p>\n<p cms-style=\"font-L\"> 你要知道,我们在过去几年,办发布会的成本是从5万一场,逐渐升到20万一场、50万一场、100万一场,逐步积累了做大规模发布会的能力,现在才能做硅谷发布会。而且我们哪怕在5万元一场的时候,内部的要求也是ROI>10,这是我们成长必经的过程和结果。</p>\n<p cms-style=\"font-L\"> 至于硅谷发布会为什么要开四天?很简单,因为追觅旗下的BU比较多,而且我们希望可以给每一个品类足够的时间展示。就像小米发布会越来越长,讲汽车的话,留给手机、大家电的时间很少。追觅要求每个事业部的展示时间不得减少,把大家并在一起开,也是为了减少差旅费。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">如果非得说贴硅谷标签,是因为大家相信硅谷叙事。我们的技术与产品,已经成为行业里最好的,可以选择一个更容易被大家接受的场合面向全球发布,仅此而已。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你有一个观念叫“用试错来代替规划”。到现在为止,你成本最大的试错是什么?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:我们从不让一个业务无底线地烧钱。内部有个原则叫“小错不断,大错不犯”。不同阶段,我会规定不同的错误上限。最早单次不超过20万,现在单次不超过2000万。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》:</font><font cms-style=\"font-L\">意思是2000万元以下的事你可以不审批吗?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:</font><font cms-style=\"font-L strong-Bold color330\">追觅成立至今,没有一个流程必须经过我签字完才能推行下去。</font><font cms-style=\"font-L\">但团队慢慢形成一个默契:越是这样的,他们越把这个钱当成自己的。</font></p>\n<p cms-style=\"font-L\"> 有时候经常我说花花花,他们心里没底,问我这笔钱到底该花5000万还是一个亿。我会跟他们一起分析,但真正需要我审批的事,没有。</p>\n<p cms-style=\"font-L\"> 比如我什么时候知道张凌赫是我们代言人的,是在朋友圈里。我说我们怎么又多了个代言人,这谁啊?小伙子不错。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:2000万这个数字你是怎么算出来的?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:因为我在思考企业家精力问题。为什么很多企业到了后面一把手累得要死,团队又没有作为。一把手想放手,放手又一团乱?请问边界在哪里?很好解答,规定一个数就好了,这个数随着发展去变化。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\">2019年,追觅吹风机的每一条轮廓线都是我自己定的。因为那时候我只有几百万,我就盯到2000块。一条线影响我们卖不好了,可能就会决定生死。后来我们有几十亿了,我就把2000块钱变成了20万。</font><font cms-style=\"font-L strong-Bold color330\">到今天,我得假定我已经有几千亿了,那我能够看到2000万的事,已经很厉害了,对不对?</font></p>\n<p cms-style=\"font-L\"> 但大部分CEO没有这样一个清晰的数字,什么都要签字,一年里有半年都在签字,公司他也弄不明白。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:企业家要签很多字,本身没有对错,还是看公司发展情况怎么样。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:他们决策过于集中,假如你有2000亿,事实上需要你决策、你能管的大方向不超过10个。比如做电池是新能源未来10年的大方向,好多有2000亿的老板,就一股脑地扑向了电池。因为能容纳2000亿的赛道,就那么几个。</font></p>\n<p cms-style=\"font-L\"> 追觅是建立了一套分级授权机制,这才是为什么假定我有几千亿,我依然能管到2000万。这个模型的参数一直在调整,因此我们能发现无数细分的品类。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:但你还没有几千亿,就追觅这个规模来说,2000万还是一个很大的数字。风险是你能承受的吗?正常的财务流程,你还是要过手吧?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:不经过我。我怎么能浪费时间在流程上呢?不可能。</font><font cms-style=\"font-L strong-Bold color330\">我觉得我至少承担十个亿、几十个亿风险,都不是事。但我是非常保守的人,我依然把2000万作为条件。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:那到底什么事,才一定需要你来签字呢?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:法律法规需要。</font><font cms-style=\"font-L strong-Bold color330\">首先你要假定,你的团队是可以相信还是不可以相信的,这是一个基础哲学。我假定每个人是可信的,它有几个前提。</font><font cms-style=\"font-L\">第一,追觅对所有的贪腐极严,一旦发现任何苗头的贪腐,国家法律怎么规定就怎么处理。</font></p>\n<p cms-style=\"font-L\"> 第二,我要保证追觅的核心成员过得好,这样他们贪腐的概率就会很低。但如果碰了,就别指望我念旧情。在这样的系统下,我认为内部的人都是可信的。</p>\n<p cms-style=\"font-L\"> 基于可信之下,我一切就都变得很轻松了。他对这笔钱花得有没有信心?有就通过。他们会更多把我当成一个导师、教练,而不是让我变成运动员。</p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/32/w550h282/20260519/36d7-d9630f67dc15879b4d5349d70b5414e7.png\"/><span></span></div>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">谈管理:如何管理5万人?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:追觅现在有多少人了?2022年的时候,你们员工应该有过一次激增。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:追觅有超过5万名员工,其中研发和管理超过2.3万人。我们几乎每年人数都会翻一番。我们2025年从1万人变为2万人。2026年会增长得稍微多一点,员工规模会跟收入增长相匹配。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:这样的团队激增,对你来说管理上会有什么挑战?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:没有挑战,越来越轻松。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:这一点我觉得你过于理想化了,员工有什么事才会找你?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:</font><font cms-style=\"font-L strong-Bold color330\">是我去骚扰他们,要不然我躺那睡一个月,也不会有什么影响。他们自己决策,他们是主人啊。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:但在股权上,他们不是完整意义上的“主人”,和创业者还是有差别的。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:最重要的是,事能不能做成,成功了老板会不会亏待大家,就这两条。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:从法律风险上BU可以隔离,但叙事上BU要共享追觅和你的IP,完全意义上的隔离是做不到的。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:</font><font cms-style=\"font-L strong-Bold color330\">所以我们追求最大限度的隔离。我们采用多品牌,BU也有独立品牌。品牌一定程度上也是隔离的,但的确像你说的,做不到完全。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:用这种方式来管理一个几万人的公司真的可以吗?我比较怀疑。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:太可以了。因为我有200多个公司,那些CEO比我负责多了,他们把着事呢。我今天员工要发福利,发的钱还是各个BU自己赚的钱。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:是否有员工不认同你的管理方式?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:有的话我心里还安全一点,但我不会为此去改变策略。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你把公司管理基石定义为“爱与信任”,这听起来很理想主义。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:好多年前,有个人问,你妈妈是怎么培养你的?我顿时愣住了。她没培养我,但她就是无条件相信我。</font></p>\n<p cms-style=\"font-L\"> 高中的时候,我有一次犯错误,老师叫妈妈过来。一般妈妈见完之后,肯定会想揍死他吧。我妈妈还担心我,说你没吓着吧?这好像是个不合格的家长,但这件事激励了我,我那时候就下定决心,我一定要上清华。</p>\n<p cms-style=\"font-L\"> 后来,我发现爱与信任是非常大的动力,从那以后,我就把公司管理基石定义为爱与信任。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你发黄金、发红包、请全员吃夜宵,都是临时起意吗?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:有一次晚上,11点多了,忽然好想吃夜宵。我就在群里说,请大家吃夜宵吧,花了500万请全员吃夜宵,完全凭感觉。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\">我可能那一天感觉员工做得很好,就想给他涨2万。</font><font cms-style=\"font-L strong-Bold color330\">有一天我心情挺好,拉了接近10个、20个群,给员工涨薪。拉完一数,10分钟,又给我花出去几千万。但末位10%的淘汰还是要做的,这是冷酷的数学部分。</font></p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/21/w550h271/20260519/b46f-a3e374bde934efb71d4f9601021870c5.png\"/><span></span></div>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\"><font cms-style=\"font-L\">2024年5月27日23:07,俞浩在公司群里说想请大家吃夜宵</font></font><font cms-style=\"font-L\"><font cms-style=\"font-L\">。来源:受访者</font></font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你说过,一秒钟可以把股份全部分给员工。你真的这么想?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:等有一天我想明白了,一秒钟可以全部分给员工。胖东来不是把40亿分给大家了吗?我非常认可,我也一定会这么做。</font></p>\n<p cms-style=\"font-L\"> 我脑子已经无数次脑补过,回家种地的场景。我羡慕华盛顿解甲归田,回到自己的庄园去骑马。我觉得我最后一定是过上了自由自在的生活,不然钱是一个累赘。</p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/32/w550h282/20260519/f7f2-f9e922241845c363ce84ffee62c2e2d7.png\"/><span></span></div>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">谈“资金来源”:我们有比较多的危机感</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:那我们就来谈谈钱吧,你现在的资金来源主要是哪里?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:自有资金、经营利润,还有基金。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:基金应该更像CVC吧?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:跟一般的CVC不一样。追觅实际上是作为产业方,与<a href=\"https://laohu8.com/S/688257\">新锐</a>管理机构以及各地政府合作,设立了多个产业基金。</font></p>\n<p cms-style=\"font-L\"> 我们自己作为产业方,在产业链深度上比较有优势。我们在合作的产业基金投资的一些领域,上游软硬件、工业机器人、服务机器人等方向上,有完整的产业认知和项目储备。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你们在产能落地上具体是怎么布局的?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:我们的项目落地能力很成熟。在高速增长、已经成熟的业务,如扫地机、洗地机等,也是有新增产能落地需求的,比如与绍兴合作的扫地机器人生产基地。同时,那些孵化的项目,也有生产制造落地需求,比如我们的割草机项目,是和苏州吴中在合作。这些与地方政府产业链补强的招商诉求,是高度契合的。</font></p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/60/w550h310/20260519/bd56-c1c54b7fd60c09f9290d60685ea380cc.png\"/><span></span></div>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\"><font cms-style=\"font-L\">追觅扫地机器人绍兴生产基地内,工人正在组装产品</font></font><font cms-style=\"font-L\"><font cms-style=\"font-L\">。来源:受访者</font></font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你似乎一直对融资比较擅长,这方面是如何思考和决策的?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:因为我们有比较多的危机感。2021年,资本市场特别好,海外需求激增,我们的估值被拉高。但我觉得不对,还是准备过冬吧。</font><font cms-style=\"font-L strong-Bold color330\">我5月份启动融资,见了12家机构,9月30号完成打款,10月15号二级市场就开始转冷,晚一周可能都交付不了。</font></p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/32/w550h282/20260519/8698-2168f9bcdc99617a6699bd4031288823.png\"/><span></span></div>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">谈创新:天天把第一性原理挂在嘴边的,多数是挂羊头卖狗肉</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你说过“大部分人考虑的是现象,我思考的是规律”。能否展开讲一下?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:追觅走到现在,最重要的就是战略选择能力。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">我小时候给我妈出主意。那时候村里种棉花还是种大豆,我跟我妈说,反着种就行。别人家种棉花,我们就种大豆,别人家种大豆,我们就种棉花。本质是稀缺性,你应该种更稀缺那个。我妈照做了,果然有效果。</font></p>\n<p cms-style=\"font-L\"> 创业也要反着来,不然你的策略收益就很低。大部分人讨论的是现象,我们每每讨论的是规律。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你总爱讲第一性原理,你理解的第一性原理是什么?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:那些天天挂在嘴边的“第一性原理”,大多是挂羊头卖狗肉。马斯克说人是靠视觉的,所以汽车只用视觉,这叫第一性原理?放屁。他创业时雷达几十万美元一个,他用不起。他要是有<a href=\"https://laohu8.com/S/HSAI\">禾赛</a>的能力,他一定会说雷达是第一性原理。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">他没意识到雷达能从几十万降到2000块,然后觉得这是第一性原理,这不搞笑吗?</font></p>\n<p cms-style=\"font-L\"> 所以我们2017年做扫地机器人时,雷达和视觉一起做。一颗雷达大概120块钱,一个摄像头芯片30块。可处理视觉所需要的处理器规模更大,处理器和内存上要多增加200块。在扫地机上用视觉不仅不便宜,而且更贵。但视觉是被动信号,雷达是主动信号,数据要精准得多。</p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/163/w550h413/20260519/fe5d-7bd50acef7e5ceddf45ff936d0f9f220.jpg\"/><span></span></div>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\"><font cms-style=\"font-L\">在追觅科技园区测试的追觅割草机器人。</font></font><font cms-style=\"font-L\"><font cms-style=\"font-L\">摄影:邓攀</font></font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:沿着这个问题说,那你对创新本质的理解是什么?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:我2019年去过旧金山的禅修中心,就是乔布斯去过的那个。走进去看到:一个日式建筑让我们做禅修,出来一个住持是个老外,那个寺的名字是个中文名字。那一刻,我觉得荒谬极了。</font></p>\n<p cms-style=\"font-L\"> 但我也开始意识到,创新其实就是把东西mix到一起。你看乔布斯做iPhone,把欧洲的设计、日本的工匠精神、高精度工艺,和美国的<a href=\"https://laohu8.com/S/C76.SI\">创新科技</a>结合在一起。他很早就做禅修,从日本的<a href=\"https://laohu8.com/S/SONY\">索尼</a>获得了很多经验。</p>\n<p cms-style=\"font-L\"> 当时在硅谷往山上开车的时候,发现手机逐渐没信号了。你就立刻理解了为什么马斯克要做星链,因为他在南非出生,大学在加拿大,地广人稀,那可不就觉得星链是第一性原理吗。</p>\n<p cms-style=\"font-L\"> 但马斯克缺少精细加工的品位。你去看他的经历,没有日本、欧洲的东西,所以他的车糙得一塌糊涂。大家认为苹果代表手机,特斯拉代表汽车,我认为特斯拉代表不了。如果我们能把精细加工这部分做好,一定能做得比他更好。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:创新mix的尺度该怎么把握,怎么定义是mix还是大杂烩?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:规律是可知的,mix的规律是确定的。但你到底mix了什么,消费者要认。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\">这也是为什么我从去年开始,车一直在上测试。我可以冒着被说“抄袭布加迪”的风险,本质是因为他现在看到的和最后生产的那辆,根本不是一辆车。但通过这种方式,我能看到消费者的反馈,理解他们到底喜欢什么。</font><font cms-style=\"font-L strong-Bold color330\">我们会不断调整,直到他们都觉得好看、厉害、有点真东西。代价是我得提前开放信息,但这就是“世界不可知”的落地方法。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:创新太非主流了,风险也会增加吧?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:所以我们经常两种方案都做。没有哪种是绝对好的,要看工程问题怎么解决。</font></p>\n<p cms-style=\"font-L\"> 但这个思辨过程,让我们不迷信世界上只有硅谷的唯一答案。我也不觉得我是唯一答案,我也有可能错,所以我们都做。那些盲目相信马斯克一定对的人,才是狂妄的。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:所以你欣赏什么样的企业家?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:之前我就说过,山姆·<span><a href=\"https://laohu8.com/S/300825\">阿尔特</a></span><span></span>曼不如马斯克,马斯克不如乔布斯。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\">最直观的表现是经营。马斯克的这些业务,我怀疑加起来也没挣过钱。SpaceX去年大概亏了200亿美元。</font><font cms-style=\"font-L strong-Bold color330\">特斯拉历史上没挣多少钱,利润还在下滑。我们总是给他找很多理由,说他想做人形机器人,要做芯片,不做汽车了。都是扯淡,竞争得过,他一定会继续做的,就是竞争不过。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:我发现你对有愿景但是挣不到钱的公司,总是心存怀疑的。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:是的。市场有两种投票,市值是对未来的投票,挣钱是对企业交付产品对不对的投票。如果不挣钱,就表明你是错的。挣钱能力是一种交付,是这个组织经营结果的表现。</font></p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/32/w550h282/20260519/e772-a7cec3769b42dc901eeabe8aff9cb988.png\"/><span></span></div>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">谈理想与现实:小王子、星空与墓志铭</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:很长一段日子,你的微信头像都是小王子。这是为什么?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:小王子是我内心非常纯粹的一个追求。我抗拒虚伪,无论主观虚伪,还是人人虚伪而不自知。我希望寻找世界的真相,可能这也是很多人猜测我是“富二代”的理由之一。我的内心没有对世界的仇恨。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\"><font cms-style=\"font-L strong-Bold color330\">我伯父家里曾经也很穷。但我很小的时候就跟他说,“总有太阳从我们家门前经过的时候。</font></font><font cms-style=\"font-L\"><font cms-style=\"font-L strong-Bold color330\">”</font></font><font cms-style=\"font-L\"><font cms-style=\"font-L\">我上初中的时候还有同学给我家实名捐过款,一般这会让孩子有自卑心理,但我没有。同学们都非常喜欢我,非常宠我。上初三的时候,还有同学帮我洗衣服,你可以用“宠爱”来理解。</font></font></p>\n<p cms-style=\"font-L\"> 后来再难,也难不过小时候。我常常觉得,自己现在的努力,对不起当时的自己。如果我当时是那个小孩,我想好好疼爱他。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你是个容易动情的人吗?什么时候你会哭?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:基本都是被感动的。比如我们的汽车项目叫“星空计划”,其实在2011年就定下来了。那时候中国有雾霾,我们想,每造一辆新能源车就命名天上一个星座。等把星星造完了,天气应该好了。</font></p>\n<div><img src=\"http://n.sinaimg.cn/finance/crawl/59/w550h309/20260519/85d9-08b384075e1379f254e736c2fd39dd87.png\"/><span></span></div>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\"><font cms-style=\"font-L\">俞浩在清华大学期间研究自动驾驶汽车,项目名称是“skyMove(星空计划)”</font></font><font cms-style=\"font-L\"><font cms-style=\"font-L\">。来源:受访者</font></font></p>\n<p cms-style=\"font-L\"> 还有一个叫“星野”,跨越山海,为你而来。有段时间有点委屈,但你想到翻山越岭、穿过<a href=\"https://laohu8.com/S/600820\">隧道</a>,天上挂满星星,微风和煦,阳光扑面……你知道就是为了那一刻。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\">通常等到了那一刻的时候,我已经挥挥手,不带走一片云彩了。</font><font cms-style=\"font-L strong-Bold color330\">摩西最终也没到达应许之地,他想象带大家到那里,已经是最大的犒赏。等真到了,他就该跟众人告别了。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你说要把股份都给员工,所以你欣赏胖东来的于东来吗?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:你猜?我去年唯一一次去许昌,就是为了胖东来。我们跟胖东来的很多东西,表面上用词相反,内里确实高度一致。胖东来的员工是以一线销服为主,我们主要是研发人员为主。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你是因为认同他“快乐做事”的观念?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:我认同的是企业。首先,企业赚到钱分给员工,包括他退休了要把公司的钱分给员工,这个我非常认可。第二,要对用户、客户好。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">第三,他对员工有很多教育,但他跟追觅不一样,追觅更偏启发式。</font><font cms-style=\"font-L\">胖东来内部要学习胖东来语录,我们不能这样。动不动往墙上贴语录,员工会反感。追觅的教育都是我在漫不经心地分享朋友圈,有点像TED。</font></p>\n<p cms-style=\"font-L\"> 另外讲个细节,是我到现场才感受到的,别人买鱼担心里面有激素,但胖东来所有的鱼进货回来后,先在外面一个池子养14天。14天之后,体内的添加剂就排掉了。鱼会稍微瘦一点点,但卖得比外面贵10%。也就是说,他加了一个“排出添加剂”的动作,多卖10%。追觅N+1干的就是这个事,只不过我们是加在科技参数上。</p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你现在最恐惧的是什么?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:</font><font cms-style=\"font-L\">有段时间我甚至犹豫要不要让员工成长慢一点。但两周之后,猛然惊醒。我给朋友打电话,讲着讲着都有点要哭了。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">我说我最担心的是自己变了。如果我变成不是那个我了,那才是可怕的。</font><font cms-style=\"font-L\">两周后,我把思维切换过来,我要培养更多的人。善良是一种选择。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你在年会上说希望大家财务自由,这是场面话吗?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:我在年会上说“希望若干年后能成为世界首富”,后来还有第二句:追觅的同学们和朋友们都能财务自由。我永远不会忘了他们。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你在社交媒体上爱骂人,看起来情绪很饱满,是在刻意打造“活人感”的人设吗?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:哪有什么人设,我只是为了让自己不累。我做这么多项目,今天讨论算法,明天讨论发动机,都隔着老远。如果每一个形象都要包装和演,我得累成什么样?但是我发现,只要去接触别人,他们接触到我真实的一面,都是喜欢我的,那我就更不需要演了。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L\">如果我假装温良恭俭让,哪天内部批评员工的视频传出去,大家发现,哦,原来他是个这样的人,那才是人设崩塌。</font><font cms-style=\"font-L strong-Bold color330\">经常让自己“小崩”一下挺好的,不会出现大的系统风险。你不犯错,怎么知道边界在哪里?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你的朋友圈和微博,特别爱用感叹号,几乎每句话都用。是有什么用意吗?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:我一不小心就会控制不住passion,这其实是会消耗我自己的。但我为什么经常凌晨一点、两点,想到了就发?因为你到第二天就写不出那个句子了。只有那个点情绪最浓烈,浓烈了就要发。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">当你管理一个企业时,你浑身每个毛孔都在传达你到底在意什么,所以你要珍惜这样的情绪。</font><font cms-style=\"font-L\">那些结尾是“句号”的句子我也不用发,太婆婆妈妈了。一定是感情非常浓烈到打叹号的,我才会发。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》:</font><font cms-style=\"font-L\">所以你到底是不是一个“狂妄”的人?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩:</font><font cms-style=\"font-L\">我到现在都在跟所有人不停解释,追觅是什么、要做什么,所以表现出来可能有点高调。网络上很多人只是通过一些剪辑、片段来知道我,从而评价我。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">《中国企业家》</font><font cms-style=\"font-L\">:你一直对生死有很多考虑。你想过离开的时候,墓志铭上写什么吗?</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold\">俞浩</font><font cms-style=\"font-L\">:上大学时我就想得很清楚:这里留下了一串探索者的足迹。</font></p>\n<p cms-style=\"font-L\"> <font cms-style=\"font-L strong-Bold color330\">我想象如果人类真的有天堂,我希望天堂里有一个乡村花园,里面住着爱迪生、牛顿、福特、爱因斯坦这些人。我能跟他们成为邻居,也不需要干啥,就在路上一起散个步,这一直是我最大的精神追求。</font></p>\n<div>\n<div><img src=\"\"/></div>\n<div>海量资讯、精准解读,尽在新浪财经APP</div>\n</div>\n<p>责任编辑:王翔 </p>\n</div></body></html>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>追觅俞浩:特斯拉代表不了汽车,历史上没挣多少钱</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 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class=\"title\">\n追觅俞浩:特斯拉代表不了汽车,历史上没挣多少钱\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-05-19 15:13 北京时间 <a href=https://finance.sina.com.cn/roll/2026-05-19/doc-inhymivk0015722.shtml><strong>中国企业家</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>做企业不是开故事会,发展才能解释问题,发展才能解决问题\n 文|《中国企业家》记者 李艳艳\n 见习编辑|李原编辑|何伊凡\n 头图摄影|邓攀\n 在成为世界首富之前,追觅科技创始人俞浩先打破了一项世界纪录:社交媒体上最活跃的CEO。从5月6日到5月12日,一周之内,他发了409条抖音、376条视频号、291条小红书、393条微博,平均每天12条朋友圈。\n 这还不包括追觅员工、高管发布的内容,他...</p>\n\n<a href=\"https://finance.sina.com.cn/roll/2026-05-19/doc-inhymivk0015722.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","TSLT":"2倍做多TSLA ETF-T-Rex","07766":"XL二南特斯","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","TESL":"Simplify Volt TSLA Revolution 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ADVANTAGE \"A\" (GBPHDG) INC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","TSLR":"2倍做多TSLA ETF-GraniteShares","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC"},"source_url":"https://finance.sina.com.cn/roll/2026-05-19/doc-inhymivk0015722.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2636383393","content_text":"做企业不是开故事会,发展才能解释问题,发展才能解决问题\n 文|《中国企业家》记者 李艳艳\n 见习编辑|李原编辑|何伊凡\n 头图摄影|邓攀\n 在成为世界首富之前,追觅科技创始人俞浩先打破了一项世界纪录:社交媒体上最活跃的CEO。从5月6日到5月12日,一周之内,他发了409条抖音、376条视频号、291条小红书、393条微博,平均每天12条朋友圈。\n 这还不包括追觅员工、高管发布的内容,他要求所有员工开通所有社交媒体的账号,每天至少发3条视频。\n 视频中的俞浩,情绪起伏极大,几乎每句话都用叹号收尾。有时快意恩仇:“夸我们的人,都长得比较帅!骂我们的人,都长得比较丑!”有时咬牙切齿:“反正谁都不要随便招惹老子!我有仇必报!十倍还击!”\n 转折发生在5月13日。一篇文章引发广泛质疑后,他情绪明显低落。凌晨发视频,带了点说气话的味道,向所有觉得他狂、觉得他疯的人道歉:“我错了,你们都是对的,都是我的错,我打扰大家了。”末了又补一句:“我开始低调无激情带货。”自此之后,他的更新数量明显下降。\n 在更新最高频的时段,很多人担心,俞浩哪有时间管理公司。最不担心这个问题的,或许是他本人。接受《中国企业家》杂志采访时,他将公司管理基石定义为“爱与信任”,假定人是可信的,2000万以下的事都不需要他签字。在这个前提下,“一切变得轻松了”。\n 商业史上,创始人性格从来不是脚注,而是正文。4月底,在苏州追觅中心,我们和俞浩进行了一场5个半小时的长谈。\n\n 追觅科技创始人俞浩与《中国企业家》副总编辑何伊凡4月底在苏州追觅中心对谈。摄影:邓攀\n 他瘦了,圆脸变成了利落的下颌线,颧骨收敛,双眼皮明显,眼型偏圆,鼻梁挺直,鼻头微翘,嘴角天然上扬,即使不说话,也仿佛在微笑——这种面部构造,让他在沉默时显得友善,开口时显得可信。他习惯注视别人,也习惯被注视,同时对这种注视始终保持着有礼貌的距离感。对所有质疑,他都有严密的自我逻辑闭环,看似不合理的事,在他解释中都是尽在掌握。\n 我们用很长时间回顾了他的童年,根据他的讲述,你可以找到他今天言行的草蛇灰线。\n 俞浩出生在江苏南通一个贫寒家庭,初中母亲曾带着他从村头借到村尾,凑不出50块钱。高中他拿到物理竞赛全国一等奖、保送清华,却仍被自卑感缠绕。他一度希望所有人都穿校服——因为校服是他最好的衣服。\n 这段经历在他生命中至少留下了两个印记:\n 1.自己今天所拥有的一切,都是在资源紧缺的情况下所争取来的。\n 2.如果假定世界是不可知的,则权威是可以挑战的。\n 但做企业不是开故事会,发展才能解释问题,也只有发展才能解决问题。\n 我们聊到了约翰·刘易斯·加迪斯的《论大战略》,该书核心观点为大战略是“将无限远大的抱负与必然有限的能力有效匹配的思维办法”。俞浩称“无比认同这句话”。\n 他还举了书中狐狸与刺猬的例子,好战略既要像刺猬一样坚定,又要像狐狸一样多知,要在两者之间,找到既不偏离方向,又对变化保持敏感的中线。\n 可外界观感恰恰相反,觉得他背离了“抱负与能力相匹配”这条黄金中线。\n 追觅辐射业务跨度之大令人瞠目:除工业机器人、大家电、手机等勉强算“近缘业务”外,还包括汽车、芯片、算力卫星、固态电池、火锅、零食、奶茶、国际物流等。一度看起来,追觅的边界似乎取决于世界上有多少行业。\n\n 摄影:邓攀\n 俞浩的“理性狂妄”,可拆解为三个层面。\n 第一,组织上靠风险分散而非风险承担。通过独立BU的法律结构,避免单个项目失败时风险传导至追觅主体。\n 第二,管理上靠规律抽象。他号称能批量生产优秀创业人才,用物理学家的思维方式替代传统管理经验。\n 第三,传播上信号与操作分离。“狂”是对外信号,用来吸引资本和人才、制造话题、维持生态热度,“谨慎”才是对内操作。\n 但表达上的自圆其说,掩盖不了常识性挑战。俞浩面前仍至少横亘着四道坎。\n 钱从哪来,能撑多久?\n 支撑这个故事的是一个多层嵌套的资金结构:主业清洁电器的造血能力、地方国资基金网络、资本市场获利。故事能讲下去的前提是,市场持续认可“追觅生态”的叙事溢价。\n 一旦叙事出现裂缝,200余个BU将同步承压。它们在法律层面与追觅主体独立,可当所有BU共享同一个募资管道、同一个品牌形象、同一个供应链底座时,股权隔离也无法阻断风险的系统性传导。\n 主业优势是否会被稀释?\n 追觅产品叙事呈现“双轨并行”:在主业赛道用硬创新建立信誉,在跨界赛道用“发布即存在”维持故事。两类叙事的混杂,让外界难以辨别“追觅已经做到的”与“追觅计划做到的”。\n 追觅主业清洁电器本是健康业务,但行业增速出现放缓,石头、科沃斯等对手虎视眈眈,大疆也准备跨界进入。与此同时,主业需要供养的体系却在不断膨胀。\n 俞浩需要至少一个持续增长的“现金牛”,而非纸面上各BU的200%增长。他还要警惕另一种风险:防止当营销费用以数亿计涌出,研发团队的压力会从“如何做出更好的产品”,转向“如何配合营销节奏交出足够震撼的PPT”。\n 如何面对流量反噬的风险?\n 暴雨不终日,通过极端断言、主动引战、强硬反击、拉黑批评、高频刷屏、全员视频动员令等,俞浩将个人流量逻辑推向了组织末端。流量策略的短期效果不可否认,但流量涌入并不等价于信任积累,而个人品牌与企业形象深度绑定会放大风险。\n 即使延续流量策略,也应该从“传播创始人语录”调整为“演示产品功能”,让用户从“围观豪言”变为“了解品牌”。在5月15日之后,他或许已意识到了这种风险。\n 是否会出现管理失控?\n 业务膨胀之下,追觅的组织复杂度已经越来越高。俞浩坚信用物理学家式的“规律抽象”来管理公司。他相信信任和高度透明化能激发人性中最大的善,并蔑视传统管理工具。\n 但“高压+高激励”的极端组合,容易造成“三高”:用超高激励吸引野心勃勃的年轻人,用超高目标筛选执行者,再用高强度流动性维持进化压力。\n “规律抽象”能否管理组织?答案是:简单系统中可以,在万人级复杂系统中尚未获得验证。\n 以下为访谈节选,关于这四大类问题,俞浩有自己的看法,未来你可以结合他的“行”,来检验他今天的“言”。\n 评价俞浩和追觅,不应以“人类历史上第一个百万亿美金的公司生态”或者“重新发明地球”为参照——这个目标几乎不可能实现。\n 更合理的参照是:“一家硬件企业在时代浪潮下究竟应以何种方式、何种速度、何种边界,去触碰增长天花板。”\n 无论成败,他都已经写下了最极端、最大胆,或许也最具警示意义的一章。\n 以下为《中国企业家》与追觅科技创始人俞浩的访谈实录(有删减):\n\n 谈人设:很多人只记得我说了“世界首富”\n 《中国企业家》:你看起来瘦了很多。现在这个形象,是刻意管理过的吗?\n 俞浩:被逼的。去年我们签了张凌赫代言,他来苏州一个活动,现场来了数万人,因为安保风险,我们放了几千人进来。他坐我边上,我跟他拍个合影,结果换了五个拍摄角度都不行,因为他的脸只有我一半大。那时候我比现在还重30斤,受了好大的打击。\n 我妈非常反对我减肥,她说当老板就是要胖一点。可能在她那个年代,大家吃不太饱,通常老板要胖一点。可现在不是了,自律的那个人,才是最有钱的。瘦是一种自律和对自我要求高的表现。\n 《中国企业家》:一个人对自己的祝福有很多种。但我从来没有见过一个企业家祝愿自己成为世界首富。你为什么在年会上说要“成为世界首富”?\n 俞浩:年会是个娱乐环节,有点像脱口秀,逗大家乐一乐,结果很多人只记得“世界首富”。\n 其次,为什么我会说“首富”这个词,是因为在今天,所谓“世界首富”,不再代表他有多少钱。当年洛克菲勒的资产在最巅峰时也就十几亿美元。今天的“首富”,代表的是社会对他的信任,愿意把剩余资源交给他去做更大的科技创新。\n\n 俞浩 摄影:邓攀\n 那次年会上的话,你可以认为一半是自我吐槽、自我消解。结果很多人只记得“世界首富”,我也讲了愿景、使命,用科技推动人类社会与文明的进步,但没人记住。\n 《中国企业家》:一个伟大的企业,需要不断拓宽边界。但你现在切入的汽车、大家电、手机,都是卷得厉害的红海。既然要拓宽边界,为什么偏偏选这些?\n 俞浩:我喜欢表达不一样的思考,这才有趣,一模一样的没啥意思。首先,红海理论和蓝海理论早就过时了。eVTOL(电动垂直起降飞行器)听起来是蓝海对吧?几百家公司在做。大家电听起来是红海,但真正做的就三五家。我们观念里有些知识,是很荒谬好笑的。追觅就像个小孩子,在戳穿“皇帝的新衣”。\n 我不认为大家电没有革新机会。人们总想给创新打标签,什么颠覆式创新、微创新,好像颠覆式就最高级。错,这是偷懒。颠覆是由若干个连续创新积累而成的。\n 马斯克搞了特斯拉,大家认为是颠覆式创新。那扯淡的,电动汽车早就有了。马斯克只是把铅酸电池换成锂电池,锂电池又是日本发明的,其实才多大点变化。\n 追觅就是把“N+X”拆成“N+1”的X次方,重复去做十次、二十次。你把今天的扫地机器人跟10年前的对比,压根不是一个物种。我认为扫地机器人的革新比电动汽车大多了。今天的扫地机比起2023年,丝毫不亚于苹果重新发明了手机。我们重新发明了扫地机,丝毫不亚于特斯拉对电动汽车的贡献。\n\n 企业争议:200个BU与N+1,逻辑是什么?\n 《中国企业家》:除了汽车、家电、手机,你还设立了上百个BU,这背后的逻辑是什么?\n 俞浩:最主要的变化是,AI来了。人类生产力我笃信它会提高100倍。\n 造模型要花很多钱,而且迭代得很快。我相信用好AI更加重要,所以2021年开始我们变成了“AI驱动制造万物”。汽车在2021年投入的,我们早就做了,只是没对外说。\n 《中国企业家》:看起来,这有点像是“撒网式”投机。\n 俞浩:我认为是组织架构的问题。我们怎么支撑这件事?说白了就是把它拆开。我们所有BU之间都要独立发展,就是为了防止某一块变成无底洞,把好业务拖垮。我不允许任何业务去拖累其他业务。\n 我给你算几笔账。我们的洗地机在中国市场最多就亏了一个亿,现在做到行业第一。还比如个护,2017年成立,每年几千万投入,而且一直有营收,我们实际累计投入也就一个亿左右,2025年全面盈利。\n\n 摄影:邓攀\n 《中国企业家》:你所理解的外界对你的“误判”,为什么总是在你做新业务初期就会出现?\n 俞浩:很多人总是出发的时候,就试图把未来所有场景、路线设想好,我没有这样的执着。为什么大家一提做手机跟做汽车是危险的?因为越是有经验的人,越要在决定做之前,把怎么做想好了。可事实上,做手机是持续十年、二十年的过程,你有足够的时间去想你怎么取胜。\n 《中国企业家》:在个别案例中,你这套模型可以成立。但当“N+1”的这个N进入到复杂度更高的领域时,我觉得是很难成立的。\n 俞浩:完全一样。\n 《中国企业家》:造车的复杂度,应该是造扫地机器人的好几百倍吧。\n 俞浩:其实没那么大差距,今天扫地机大概1000个零件,汽车1万个零件,差一个数量级而已。我们太容易低估扫地机器人了,你知道我们的扫地机器人打过多少仗?我们有两个品牌,追觅跟MOVA,都在坚持高端,占领了全球高端市场超过50%的份额。汽车有几家能做到这样的市场占有率?有几家是盈利的?\n 《中国企业家》:但汽车的N比扫地机器人的N大太多了,N越大,想把它提炼出来不就越难吗?\n 俞浩:我觉得不会。N不是反映零件数,而是当下全球市场的技术水平、供应链水平。今天中国供应链之强大,中国各家汽车厂之间有什么区别?电池都是宁德时代的,核心是“+1”的东西,N只要资源够就行了。我不担心汽车。像小米造车,一共花了大概170亿就盈利了。\n 《中国企业家》:你成立一个事业部的标准是什么?\n 俞浩:我们想做就成立。如果是团队发起的,我会帮他判断一下基本商业逻辑对不对。\n 大的一些事业部是我自上而下发起的。有些是团队发起的,比如智能戒指就是他们想做,这些其实我不太感兴趣,但他们商业逻辑可以闭环,团队也有信心,那就支持他们做。\n\n 来时路:5万块钱、三天没吃饭和一场生死战\n 《中国企业家》:你的表达方式“狂”,跟你小时候的经历有关吗?你成长在什么样的环境?\n 俞浩:我家条件非常差,是村里最穷的。起因是我爸去上海做鱼货生意,他眼光不好,1995年左右亏了5万块。一直到我上大学,这笔钱都没能还上,欠着债,再也借不到钱,他一辈子就只能打零工了。\n 后来我爸卖猪头肉。早上4点起床,骑到镇上批发三个猪头,回来理毛、劈骨、下锅,忙到下午再骑车沿街叫卖,到晚上8点。他就一辆自行车,铁箱子50斤,加上肉100多斤,每天挣100块,365天几乎全年无休。我们家还没有冰箱,因此每天只能卖三个猪头,否则卖不掉的话没地方放。\n 一个冰箱、一辆电瓶车、一个铺面,这些原始积累的坎,他永远跨不过去。所以你能理解我为什么说一个人从0开始,在15年内做到世界首富,才是社会巨大进步。因为我知道原始积累有多难。\n 《中国企业家》:你小时候帮家里干活吗?\n 俞浩:猪头肉的活儿没干,地里农活会帮,我家有两亩七分地。我家那时候穷到什么程度?房子虽然是楼房,但盖到一半没钱了,砖瓦是裸露的,墙壁里全是老鼠,睡觉能听到它们嗑花生的声音。下雨漏雨,风一吹窗户晃,台风来都担心房子倒掉。\n 直到小学五年级我家才通上电,我就自己在墙上装电线,设计了一两个开关控制电路。后来初中才发现,那叫单刀双掷开关,而且我的方案比标准答案更省电线。\n 《中国企业家》:父母对你的性格有什么影响?\n 俞浩:我爸性格很直爽,没什么真心朋友,全是酒肉朋友。我说这也是个本事,挺好的。我妈就啥事都往心里想,她就完全没有酒肉朋友。\n 我希望他俩结合一下,我跟人相处的时候希望轻松一点,酒肉朋友多一点。内里希望像我妈那样,考虑长远的事情。\n 《中国企业家》:你动手能力这么强,小时候有什么爱好?\n 俞浩:我小时候没有玩具,我的玩具都是我自己做的。有一次下雪,忽然看到了一个滑雪板,我就自己做滑雪板。上小学时,我又做了四驱车,自己绕线圈,自己造方程式赛车。轮子用最小的直径,电机是缝纫机的电机。\n 我没见过F1的方向盘,就设计成了一个横的加两个竖的方杆。我还做电动船,在马达上绕线圈,还模拟过水泥修路,把芦苇削成一根一根扎成钢筋,再把泥土混成混凝土,搭骨架。\n 我整个小学6年只吃过两次零食。一次是我爸给我带了4包“闲趣”牌饼干,2块钱一包。规定一天可以吃一包,我拎起一包就要去学校分给同学。还有一次是带了4个鸭梨,我带了一把尺,用那个尺把梨分给我隔壁的一个邻居吃。\n 但别人问我吃了什么,我都害羞个半天。但我有大把时间,特别是到了初中,读了大量人物传记。我是在福特、爱迪生、莱特兄弟的故事里长大的,这些人像是我精神上的邻居,我很向往他们的故事。\n 我性格其实是深度内向的“i人”。不是因为我做这些没有朋友,是因为我没有朋友才做这些。我跟村里的大部分人玩不太到一块去。\n\n 摄影:邓攀\n 《中国企业家》:你学习成绩一直很好吧?\n 俞浩:我学习非常好,是超越常人的好。我幼儿园只上过一个月,嫌老师教太慢。5岁时算数,就把一个比我大5岁的表兄算哭了。后来我被调到镇上的中心小学,为了代表镇里去市里参加比赛。\n 但我性格确实偏内向。到高中,录取通知书上写,要带饭盒和1680元学费。报到那天,我妈都没准备。又去借,只凑了几百块。饭盒也没有,我也不知道去哪买,外面找了一圈也没找到。\n 其实食堂已经有餐盘了,录取通知书的要求过时了。但我不知道也不敢问,硬生生在宿舍饿了三天没吃饭。不是爱面子,就是害羞,有自卑心理。我最希望所有人穿校服,因为校服是我最好的衣服。\n 《中国企业家》:你后来的保送经历也很受人关注。\n 俞浩:我先是被保送到市重点高中,上了实验班。全市大概两个班,一共100个人。我刚去时,排班里第45名。第一次月考,就大概第15名了,到期中考试大概到第5名。到期末考试成了第1名,到毕业都是第1名。\n 这是我一直以来的习惯。我在所有的环境中,其实资源都很稀缺。我在镇上的学校接触不到市里的教育资源。等我接触到了,马上就会考到第1名。所以我创业加入小米生态链时,一开始也是最后一名。三年后我就能做到销售第1名,给我点阳光我就灿烂。\n 《中国企业家》:保送清华以后,你又做了些什么?\n 俞浩:我其实有很长时间,考虑不去清华了,想直接创业。\n 我们镇上有大量企业做电刷,就是电机的一个零部件。我就骑自行车去找,给他们打电话说我们要怎么合作。对方接我电话,也听不清这是谁要干什么,直到见面看到一个人骑着自行车来,特别搞笑。\n 其实我非常内向,打算创业前,那个电话就摆在那里,我半个小时都拨不出那个号码。但我很会逼自己,我会想,是从这个楼上跳下去痛苦,还是打那个电话痛苦?用那个方法倒逼拨通那个电话。\n 《中国企业家》:到清华以后就如鱼得水了吗?\n 俞浩:头一两年还是非常痛苦,我一直在找生命的意义。有一个特别重要的时刻,就是大一末,我骑自行车在学校里转,走到朱自清写《荷塘月色》的湖下面,对着一棵树。\n 我好痛苦,我想我要是这棵树就好了,就不会像人这样痛苦。\n 后来我又想,树没有能力反抗,它连被砍了都无法反抗。我跟树最大的区别就是:我有行动能力。从那以后,对一切问题,我都能变成行动。从那以后,我也不玩游戏了。打游戏是为了体验,我要求自己,要获得现实生活中生命体验的乐趣,超过在游戏中的体验。\n 所以我大学做了很多事。我本来比较内向,就强行让自己去竞选学院学生会主席,后来还去校会当了副主席。之后,我又创建了“天空工场”,有13个院系的人加入。我们社团门口写着:你已经进入天空工场,请你忘掉平庸,忘掉低效,进入挑战极致的世界。\n\n 清华大学天空工场时期的俞浩。来源:受访者\n 我去学了清华很多学科:生物芯片、深度学习、软件架构,甚至《资本论》。清华的好处是任何学科,都是最顶尖的老师。我还学了跳水,教我们跳水的是教郭晶晶、伏明霞的教练。\n 我还学了薛定谔的《生命是什么》,用物理学去理解生物学。学混沌、分形、湍流。虽然我学的流体学中有湍流科目,我们老师不太重视这个方向,我就自己去学。我去北大找陈飞教授去研究幂次律。幂次律本身是一个流体学概念,对我今天理解社会也有巨大帮助。\n\n 谈创业试水:四年抑郁、光膀子搞设计\n 《中国企业家》:听说你真正意义上的第一次创业不太顺利?\n 俞浩:2011年我开始做Colorwork,是一个协同工具,有点像飞书加LinkedIn。赚不到钱。我迷信自己什么都要会,花了好几个月,把所有代码自己写一遍。后来一想,这不是CEO该干的事。\n\n 俞浩首个创业项目Colorwork产品界面。来源:受访者\n 那时候我就认识了字节的人,两边工程师坐在一起,我看不上他们,感觉土巴巴的。他们团队50个人左右,我觉得大家都去做娱乐,我去搞一个工作系统,才是一个足够大的事情,是像Google那么大的事情,要不然我也得去制造汽车、火箭。\n 《中国企业家》:2011年到2015年,正是移动互联网大发展,你却要去做硬件,判断逻辑是什么?\n 俞浩:第一,我本身更擅长做硬科技和硬件。第二,移动互联网已经被加了“移动”两个字,算一个细分品类。那时候我还总想着做特别大的事情,不愿意开发任何App。\n 我觉得我们受清华教育,要入主流、上大舞台、做大事,做个比苹果更小的公司那怎么行?一个App不就是在苹果手机上给人开发个软件吗?那怎么行呢?\n 《中国企业家》:你没想过去大厂上班吗?\n 俞浩:有过一秒钟吧,但一秒被否定掉了,虽然心里有点恐慌。因为一旦选择创业了,意味着从那以后开始,我不可能在某一项技术上搞得绝对尖端。创业也有可能会让我丢掉饭碗,有一点点恐慌。\n 《中国企业家》:你当时那么小一个团队,怎么攻克10万转电机的?\n 俞浩:当时戴森已经做到10万转,国内大部分公司只能做到2万转。主要有三点。\n 第一是团队构成。原来传统电机团队大部分是和制造相关的人才。我们组建的团队一半是清华的,一半是有行业经验的。当时电机已经是一个模组,不是单独的机械问题,有结构、电子、算法、流道风道模拟,是个复杂系统。\n 第二,我小时候的物理直觉起了非常大的帮助。有40个方案的时候,我可以迅速不需要做实验,排除掉38个方案,只验证那两个就可以了。如果我做工程师,我依然可以是个顶级工程师。\n 第三,中国供应链产业链在那时已经做好了准备,但其他人没意识到。我们是率先把电机这条高精度加工供应链跑通的。日本跟德国轴承精度高,而我们率先在中国做起了轴承线。所以,也是我们的工业基础到了。\n 《中国企业家》:刚创业的时候你也有过一段光膀子干活的经历?\n 俞浩:2015年5月,我们开始在嘉定做硬件,有个供应链朋友给了我一间厂房。厂房没空调,夏天39度,厂房被晒得更热。大家就光着膀子干活,光着膀子搞设计。我朋友骂我:见过各种考验团队的办法,没见过用高温考验的。\n 那几年我有一种脱胎换骨的感觉。原来是想着一定要做出比苹果更伟大的项目,后来想的是,为了能活,做什么都行,给代驾的滑板车都做过。因为代驾每个城市有个群,你在群里做销售就行,不需要花营销费。我也会接外面的研发项目挣钱,这两年,我们用剩余的钱养出了高速数字马达。\n 但从2013年到2017年,我有接近四年的抑郁状态。自测中度抑郁,去医院开了药,吃了一片,醒的时候昏昏沉沉,就再也没吃了,后来全靠硬扛。但硬扛对我的智力应该造成了物理性损伤,不然我会反应更敏锐一些。\n 那是最苦的时候,但也是真正打基础的时候。从高中开始,我就强行给自己规定,每周必须想出一个新的想法出来。不管它对不对,每周要有一个发明。那时候还没有工具可以检验这事有没有前人发明过,但对我来说都是新的,就一直在不停地训练自己这样的思维。\n\n 谈米链生存法:“你们抱怨什么?让我进去猥琐发育”\n 《中国企业家》:后来加入了雷军的小米生态链,你跟雷军接触的多吗?\n 俞浩:不多,我其实一共只见过雷总一次,但我无数次说感谢他,比他们以为的更感谢。他真的治好了我的抑郁症。\n 小米投资我们以前,高速数字马达已经做出来了。小米问我估值,我说我要一个亿。小米、顺为一起投。其中有个非常好的投资人叫高雪,他说我认为你值这个钱,但小米内部有个规定,100万美金以下的投资我可以做决定。1亿估值要投资100万以上,就要通过小米高管委员会,要见到雷军。\n 我说不要,那估值就7000万吧。小米、顺为就各投了100万美金,占20%的股份。为什么我不见雷总?不是不想见,因为这是我的生死钱,我不想为此增加不确定性。\n 我到现在还记得,接起那个电话的时候,我在上海,外面在下雨。投资人怕我不接受,但我一秒就同意了,没带一丝犹豫。\n 但从小米说要投,到真正合同签订的一刻,又过了半年时间,这半年是我最难熬的。不是账上没钱,是我没有发展。一个每年1000万收入的公司,跟我的理想隔了十万八千里。它只能养活团队,再这么做下去团队会散掉,大家来到这里不是为了那点工资。\n 晚上我一个人开着车,在上海的外环兜圈,找不到方向,找不到出入口。硬件的原始启动需要的资金很大,我不可能融到那么多钱。\n 所以加入小米之后,我好羡慕小米的那些生态公司,他只要做出好的产品就不愁卖了。对我来说,做好产品太简单了,可我不知道怎么卖,也没有钱生产出来。所以小米给我提供了这样的机会,我内心无比感谢。\n 《中国企业家》:你对小米生态链怎么评价?\n 俞浩:我们非常向往小米生态,它就像一个大棚,是帮助成长的。里面100多家生态公司,有点像大棚蔬菜。它只要把帘子稍微掀开一点点,让大家竞争。\n 那时候很多小米生态公司抱怨小米,说你怎么让我们竞争?我觉得你们都幸福成这样了,都在大棚里,还抱怨什么呢?什么时候把我移植到大棚里,我就“猥琐”发育。\n 《中国企业家》:进去之后你对这种生态怎么适应的?\n 俞浩:刚进去时,我们一个米家项目都没有。前面的品类都被人做完了,我们第一款吸尘器只能上自主品牌,799元,续航一小时。结果是,小米第一次出现了生态链品牌卖不过自主品牌的情况。后来他们说,要不你也给米家做一款。\n\n 我一边把爆款给米家,一边自己赶紧研发下一代。我那时候假定,所有追觅都爆款,几个月之后都得送给米家,这样逼着自己往前跑。2019年我们做了5个亿,米家2.5亿,追觅自有品牌2.5亿。\n 其实真正的故事比这更复杂。我还做过一款更便宜的降配版。降配版只减少20元成本,售价减少200元,结果卖不掉。但从799元往上做到1399元,增加成本可能100元,售价能增加五六百元,却卖得很好。从那以后,我只允许往上迭代,不再允许往下迭代。人们对科技产品总是追求更高、更快、更强。\n 《中国企业家》:当年在米链里,你跟其他生态链企业关系怎么样?\n 俞浩:还是存在不少竞争的。因为我们做完吸尘器,小米一看,扫地机是不是也可以看看?我们马上就做好准备了。2019年,我们拿了第一款扫地机器人的业务。后来又拿了吹风机、无叶风扇、智能垃圾桶。然后开始做滑板车,肯定影响到别人了。\n\n 摄影:邓攀\n 这导致有半年时间,我立不了米家的项。\n 后来五源资本刘芹要投资我们,我请他帮我约一下雷总。见雷总的时候,团队特别紧张,怕我去告状。结果我跟雷总从第3分钟起,全程聊高速电机、流体力学。他工程师的兴奋劲儿起来了,说我们可以一起开一个以流体力学为核心的发布会。\n 之后半年时间里,小米高管轮流到我们公司来。雷总在内部大会小会都提追觅,以至于每个人都觉得我跟雷总关系很好。其实我就见了那一次。因为我脸皮挺薄,不好意思老去耽误人家。\n 《中国企业家》:听说那时你要刻意保持低调?\n 俞浩:可以说非常低调。一群新加入小米的企业要开大会,做自我介绍。每个企业自我介绍的时候都说自己各种牛。我会说,我们就是做电机的,多的什么都不说。\n 我30岁的生日,是跟昌敬(石头科技董事长)一起过的,但他不知道。那天我去北京见小米,说石头创始人有点时间,你可以去见一下,我立即改签了机票。那天晚上月亮特别好,我跟他一起看星星、看月亮,其实内心焦虑得要死。\n 昌敬是个很好的人,石头也是很好的公司。但我得生存。他那时候已经三四百人,有几十亿收入了,在小米生态链各方面排第一。他如果想阻止我,我相信有很多办法。\n 其实我俩私人关系还是不错的,后面虽然联系不多。小米说让石头投我们一点,投500万,占几个点。我怎么可能要?这是未来的竞争对手。\n 我们内部开了一整晚的讨论会,觉得没办法,小米实在让要,就要吧。后来石头看完说不投,我反而松了一口气。\n 2019年,小米邀请我们去参加生态会,我也不想去。那天昌敬迟到了大概40分钟。正好所有人自我介绍,快到我这里时,我悄悄走掉了,我不想让大家发现。\n\n 谈“授权”:2000万以下不审批\n 《中国企业家》:你之前微博、抖音都不怎么发,为什么这一年出现了如此陡峭的表达曲线?\n 俞浩:开始发视频其实是我自己的一种探索。我4月17日才发了抖音第一条自拍。因为打开一看,抖音美颜这么好看,我原来担心自己拍太丑了。微博也是,一个周末早上9点多起来我突然开始写。\n 我自己发微博,主要是为了解释百万亿美金到底是啥。人类财富每隔20年,最高市值的公司就会提高一个数量级。我们那时刚从CES回来,我就很高兴地把“追觅要成百万亿美金”发到了公司大群和朋友圈里,结果引发了很多讨论。\n 《中国企业家》:所以你认为自己不是刻意高调,是在被动解释?\n 俞浩:也有主动的部分。我认为企业到了一个阶段,影响面已经超越自身,你的合作伙伴、社会需要理解你。走到今天,追觅和我,都需要对整个社会负责,对整个社会进行交代。\n 《中国企业家》:追觅为什么要到硅谷开4天的发布会?(4月27日至30日,追觅在美国硅谷旧金山艺术宫举办了名为DREAME NEXT的全球发布会周)\n 俞浩:追觅从成立第一天起,就是全球化公司,海外,包括北美,是我们非常重要的市场。我们之前也在德国、法国、新加坡等海外很多国家开发布会,但这次在硅谷规模比较大。我们也邀请了一些国内的朋友去美国,所以被很多人拿来放大解读。\n\n 摄影:李艳艳\n 你要知道,我们在过去几年,办发布会的成本是从5万一场,逐渐升到20万一场、50万一场、100万一场,逐步积累了做大规模发布会的能力,现在才能做硅谷发布会。而且我们哪怕在5万元一场的时候,内部的要求也是ROI>10,这是我们成长必经的过程和结果。\n 至于硅谷发布会为什么要开四天?很简单,因为追觅旗下的BU比较多,而且我们希望可以给每一个品类足够的时间展示。就像小米发布会越来越长,讲汽车的话,留给手机、大家电的时间很少。追觅要求每个事业部的展示时间不得减少,把大家并在一起开,也是为了减少差旅费。\n 如果非得说贴硅谷标签,是因为大家相信硅谷叙事。我们的技术与产品,已经成为行业里最好的,可以选择一个更容易被大家接受的场合面向全球发布,仅此而已。\n 《中国企业家》:你有一个观念叫“用试错来代替规划”。到现在为止,你成本最大的试错是什么?\n 俞浩:我们从不让一个业务无底线地烧钱。内部有个原则叫“小错不断,大错不犯”。不同阶段,我会规定不同的错误上限。最早单次不超过20万,现在单次不超过2000万。\n 《中国企业家》:意思是2000万元以下的事你可以不审批吗?\n 俞浩:追觅成立至今,没有一个流程必须经过我签字完才能推行下去。但团队慢慢形成一个默契:越是这样的,他们越把这个钱当成自己的。\n 有时候经常我说花花花,他们心里没底,问我这笔钱到底该花5000万还是一个亿。我会跟他们一起分析,但真正需要我审批的事,没有。\n 比如我什么时候知道张凌赫是我们代言人的,是在朋友圈里。我说我们怎么又多了个代言人,这谁啊?小伙子不错。\n 《中国企业家》:2000万这个数字你是怎么算出来的?\n 俞浩:因为我在思考企业家精力问题。为什么很多企业到了后面一把手累得要死,团队又没有作为。一把手想放手,放手又一团乱?请问边界在哪里?很好解答,规定一个数就好了,这个数随着发展去变化。\n 2019年,追觅吹风机的每一条轮廓线都是我自己定的。因为那时候我只有几百万,我就盯到2000块。一条线影响我们卖不好了,可能就会决定生死。后来我们有几十亿了,我就把2000块钱变成了20万。到今天,我得假定我已经有几千亿了,那我能够看到2000万的事,已经很厉害了,对不对?\n 但大部分CEO没有这样一个清晰的数字,什么都要签字,一年里有半年都在签字,公司他也弄不明白。\n 《中国企业家》:企业家要签很多字,本身没有对错,还是看公司发展情况怎么样。\n 俞浩:他们决策过于集中,假如你有2000亿,事实上需要你决策、你能管的大方向不超过10个。比如做电池是新能源未来10年的大方向,好多有2000亿的老板,就一股脑地扑向了电池。因为能容纳2000亿的赛道,就那么几个。\n 追觅是建立了一套分级授权机制,这才是为什么假定我有几千亿,我依然能管到2000万。这个模型的参数一直在调整,因此我们能发现无数细分的品类。\n 《中国企业家》:但你还没有几千亿,就追觅这个规模来说,2000万还是一个很大的数字。风险是你能承受的吗?正常的财务流程,你还是要过手吧?\n 俞浩:不经过我。我怎么能浪费时间在流程上呢?不可能。我觉得我至少承担十个亿、几十个亿风险,都不是事。但我是非常保守的人,我依然把2000万作为条件。\n 《中国企业家》:那到底什么事,才一定需要你来签字呢?\n 俞浩:法律法规需要。首先你要假定,你的团队是可以相信还是不可以相信的,这是一个基础哲学。我假定每个人是可信的,它有几个前提。第一,追觅对所有的贪腐极严,一旦发现任何苗头的贪腐,国家法律怎么规定就怎么处理。\n 第二,我要保证追觅的核心成员过得好,这样他们贪腐的概率就会很低。但如果碰了,就别指望我念旧情。在这样的系统下,我认为内部的人都是可信的。\n 基于可信之下,我一切就都变得很轻松了。他对这笔钱花得有没有信心?有就通过。他们会更多把我当成一个导师、教练,而不是让我变成运动员。\n\n 谈管理:如何管理5万人?\n 《中国企业家》:追觅现在有多少人了?2022年的时候,你们员工应该有过一次激增。\n 俞浩:追觅有超过5万名员工,其中研发和管理超过2.3万人。我们几乎每年人数都会翻一番。我们2025年从1万人变为2万人。2026年会增长得稍微多一点,员工规模会跟收入增长相匹配。\n 《中国企业家》:这样的团队激增,对你来说管理上会有什么挑战?\n 俞浩:没有挑战,越来越轻松。\n 《中国企业家》:这一点我觉得你过于理想化了,员工有什么事才会找你?\n 俞浩:是我去骚扰他们,要不然我躺那睡一个月,也不会有什么影响。他们自己决策,他们是主人啊。\n 《中国企业家》:但在股权上,他们不是完整意义上的“主人”,和创业者还是有差别的。\n 俞浩:最重要的是,事能不能做成,成功了老板会不会亏待大家,就这两条。\n 《中国企业家》:从法律风险上BU可以隔离,但叙事上BU要共享追觅和你的IP,完全意义上的隔离是做不到的。\n 俞浩:所以我们追求最大限度的隔离。我们采用多品牌,BU也有独立品牌。品牌一定程度上也是隔离的,但的确像你说的,做不到完全。\n 《中国企业家》:用这种方式来管理一个几万人的公司真的可以吗?我比较怀疑。\n 俞浩:太可以了。因为我有200多个公司,那些CEO比我负责多了,他们把着事呢。我今天员工要发福利,发的钱还是各个BU自己赚的钱。\n 《中国企业家》:是否有员工不认同你的管理方式?\n 俞浩:有的话我心里还安全一点,但我不会为此去改变策略。\n 《中国企业家》:你把公司管理基石定义为“爱与信任”,这听起来很理想主义。\n 俞浩:好多年前,有个人问,你妈妈是怎么培养你的?我顿时愣住了。她没培养我,但她就是无条件相信我。\n 高中的时候,我有一次犯错误,老师叫妈妈过来。一般妈妈见完之后,肯定会想揍死他吧。我妈妈还担心我,说你没吓着吧?这好像是个不合格的家长,但这件事激励了我,我那时候就下定决心,我一定要上清华。\n 后来,我发现爱与信任是非常大的动力,从那以后,我就把公司管理基石定义为爱与信任。\n 《中国企业家》:你发黄金、发红包、请全员吃夜宵,都是临时起意吗?\n 俞浩:有一次晚上,11点多了,忽然好想吃夜宵。我就在群里说,请大家吃夜宵吧,花了500万请全员吃夜宵,完全凭感觉。\n 我可能那一天感觉员工做得很好,就想给他涨2万。有一天我心情挺好,拉了接近10个、20个群,给员工涨薪。拉完一数,10分钟,又给我花出去几千万。但末位10%的淘汰还是要做的,这是冷酷的数学部分。\n\n 2024年5月27日23:07,俞浩在公司群里说想请大家吃夜宵。来源:受访者\n 《中国企业家》:你说过,一秒钟可以把股份全部分给员工。你真的这么想?\n 俞浩:等有一天我想明白了,一秒钟可以全部分给员工。胖东来不是把40亿分给大家了吗?我非常认可,我也一定会这么做。\n 我脑子已经无数次脑补过,回家种地的场景。我羡慕华盛顿解甲归田,回到自己的庄园去骑马。我觉得我最后一定是过上了自由自在的生活,不然钱是一个累赘。\n\n 谈“资金来源”:我们有比较多的危机感\n 《中国企业家》:那我们就来谈谈钱吧,你现在的资金来源主要是哪里?\n 俞浩:自有资金、经营利润,还有基金。\n 《中国企业家》:基金应该更像CVC吧?\n 俞浩:跟一般的CVC不一样。追觅实际上是作为产业方,与新锐管理机构以及各地政府合作,设立了多个产业基金。\n 我们自己作为产业方,在产业链深度上比较有优势。我们在合作的产业基金投资的一些领域,上游软硬件、工业机器人、服务机器人等方向上,有完整的产业认知和项目储备。\n 《中国企业家》:你们在产能落地上具体是怎么布局的?\n 俞浩:我们的项目落地能力很成熟。在高速增长、已经成熟的业务,如扫地机、洗地机等,也是有新增产能落地需求的,比如与绍兴合作的扫地机器人生产基地。同时,那些孵化的项目,也有生产制造落地需求,比如我们的割草机项目,是和苏州吴中在合作。这些与地方政府产业链补强的招商诉求,是高度契合的。\n\n 追觅扫地机器人绍兴生产基地内,工人正在组装产品。来源:受访者\n 《中国企业家》:你似乎一直对融资比较擅长,这方面是如何思考和决策的?\n 俞浩:因为我们有比较多的危机感。2021年,资本市场特别好,海外需求激增,我们的估值被拉高。但我觉得不对,还是准备过冬吧。我5月份启动融资,见了12家机构,9月30号完成打款,10月15号二级市场就开始转冷,晚一周可能都交付不了。\n\n 谈创新:天天把第一性原理挂在嘴边的,多数是挂羊头卖狗肉\n 《中国企业家》:你说过“大部分人考虑的是现象,我思考的是规律”。能否展开讲一下?\n 俞浩:追觅走到现在,最重要的就是战略选择能力。\n 我小时候给我妈出主意。那时候村里种棉花还是种大豆,我跟我妈说,反着种就行。别人家种棉花,我们就种大豆,别人家种大豆,我们就种棉花。本质是稀缺性,你应该种更稀缺那个。我妈照做了,果然有效果。\n 创业也要反着来,不然你的策略收益就很低。大部分人讨论的是现象,我们每每讨论的是规律。\n 《中国企业家》:你总爱讲第一性原理,你理解的第一性原理是什么?\n 俞浩:那些天天挂在嘴边的“第一性原理”,大多是挂羊头卖狗肉。马斯克说人是靠视觉的,所以汽车只用视觉,这叫第一性原理?放屁。他创业时雷达几十万美元一个,他用不起。他要是有禾赛的能力,他一定会说雷达是第一性原理。\n 他没意识到雷达能从几十万降到2000块,然后觉得这是第一性原理,这不搞笑吗?\n 所以我们2017年做扫地机器人时,雷达和视觉一起做。一颗雷达大概120块钱,一个摄像头芯片30块。可处理视觉所需要的处理器规模更大,处理器和内存上要多增加200块。在扫地机上用视觉不仅不便宜,而且更贵。但视觉是被动信号,雷达是主动信号,数据要精准得多。\n\n 在追觅科技园区测试的追觅割草机器人。摄影:邓攀\n 《中国企业家》:沿着这个问题说,那你对创新本质的理解是什么?\n 俞浩:我2019年去过旧金山的禅修中心,就是乔布斯去过的那个。走进去看到:一个日式建筑让我们做禅修,出来一个住持是个老外,那个寺的名字是个中文名字。那一刻,我觉得荒谬极了。\n 但我也开始意识到,创新其实就是把东西mix到一起。你看乔布斯做iPhone,把欧洲的设计、日本的工匠精神、高精度工艺,和美国的创新科技结合在一起。他很早就做禅修,从日本的索尼获得了很多经验。\n 当时在硅谷往山上开车的时候,发现手机逐渐没信号了。你就立刻理解了为什么马斯克要做星链,因为他在南非出生,大学在加拿大,地广人稀,那可不就觉得星链是第一性原理吗。\n 但马斯克缺少精细加工的品位。你去看他的经历,没有日本、欧洲的东西,所以他的车糙得一塌糊涂。大家认为苹果代表手机,特斯拉代表汽车,我认为特斯拉代表不了。如果我们能把精细加工这部分做好,一定能做得比他更好。\n 《中国企业家》:创新mix的尺度该怎么把握,怎么定义是mix还是大杂烩?\n 俞浩:规律是可知的,mix的规律是确定的。但你到底mix了什么,消费者要认。\n 这也是为什么我从去年开始,车一直在上测试。我可以冒着被说“抄袭布加迪”的风险,本质是因为他现在看到的和最后生产的那辆,根本不是一辆车。但通过这种方式,我能看到消费者的反馈,理解他们到底喜欢什么。我们会不断调整,直到他们都觉得好看、厉害、有点真东西。代价是我得提前开放信息,但这就是“世界不可知”的落地方法。\n 《中国企业家》:创新太非主流了,风险也会增加吧?\n 俞浩:所以我们经常两种方案都做。没有哪种是绝对好的,要看工程问题怎么解决。\n 但这个思辨过程,让我们不迷信世界上只有硅谷的唯一答案。我也不觉得我是唯一答案,我也有可能错,所以我们都做。那些盲目相信马斯克一定对的人,才是狂妄的。\n 《中国企业家》:所以你欣赏什么样的企业家?\n 俞浩:之前我就说过,山姆·阿尔特曼不如马斯克,马斯克不如乔布斯。\n 最直观的表现是经营。马斯克的这些业务,我怀疑加起来也没挣过钱。SpaceX去年大概亏了200亿美元。特斯拉历史上没挣多少钱,利润还在下滑。我们总是给他找很多理由,说他想做人形机器人,要做芯片,不做汽车了。都是扯淡,竞争得过,他一定会继续做的,就是竞争不过。\n 《中国企业家》:我发现你对有愿景但是挣不到钱的公司,总是心存怀疑的。\n 俞浩:是的。市场有两种投票,市值是对未来的投票,挣钱是对企业交付产品对不对的投票。如果不挣钱,就表明你是错的。挣钱能力是一种交付,是这个组织经营结果的表现。\n\n 谈理想与现实:小王子、星空与墓志铭\n 《中国企业家》:很长一段日子,你的微信头像都是小王子。这是为什么?\n 俞浩:小王子是我内心非常纯粹的一个追求。我抗拒虚伪,无论主观虚伪,还是人人虚伪而不自知。我希望寻找世界的真相,可能这也是很多人猜测我是“富二代”的理由之一。我的内心没有对世界的仇恨。\n 我伯父家里曾经也很穷。但我很小的时候就跟他说,“总有太阳从我们家门前经过的时候。”我上初中的时候还有同学给我家实名捐过款,一般这会让孩子有自卑心理,但我没有。同学们都非常喜欢我,非常宠我。上初三的时候,还有同学帮我洗衣服,你可以用“宠爱”来理解。\n 后来再难,也难不过小时候。我常常觉得,自己现在的努力,对不起当时的自己。如果我当时是那个小孩,我想好好疼爱他。\n 《中国企业家》:你是个容易动情的人吗?什么时候你会哭?\n 俞浩:基本都是被感动的。比如我们的汽车项目叫“星空计划”,其实在2011年就定下来了。那时候中国有雾霾,我们想,每造一辆新能源车就命名天上一个星座。等把星星造完了,天气应该好了。\n\n 俞浩在清华大学期间研究自动驾驶汽车,项目名称是“skyMove(星空计划)”。来源:受访者\n 还有一个叫“星野”,跨越山海,为你而来。有段时间有点委屈,但你想到翻山越岭、穿过隧道,天上挂满星星,微风和煦,阳光扑面……你知道就是为了那一刻。\n 通常等到了那一刻的时候,我已经挥挥手,不带走一片云彩了。摩西最终也没到达应许之地,他想象带大家到那里,已经是最大的犒赏。等真到了,他就该跟众人告别了。\n 《中国企业家》:你说要把股份都给员工,所以你欣赏胖东来的于东来吗?\n 俞浩:你猜?我去年唯一一次去许昌,就是为了胖东来。我们跟胖东来的很多东西,表面上用词相反,内里确实高度一致。胖东来的员工是以一线销服为主,我们主要是研发人员为主。\n 《中国企业家》:你是因为认同他“快乐做事”的观念?\n 俞浩:我认同的是企业。首先,企业赚到钱分给员工,包括他退休了要把公司的钱分给员工,这个我非常认可。第二,要对用户、客户好。\n 第三,他对员工有很多教育,但他跟追觅不一样,追觅更偏启发式。胖东来内部要学习胖东来语录,我们不能这样。动不动往墙上贴语录,员工会反感。追觅的教育都是我在漫不经心地分享朋友圈,有点像TED。\n 另外讲个细节,是我到现场才感受到的,别人买鱼担心里面有激素,但胖东来所有的鱼进货回来后,先在外面一个池子养14天。14天之后,体内的添加剂就排掉了。鱼会稍微瘦一点点,但卖得比外面贵10%。也就是说,他加了一个“排出添加剂”的动作,多卖10%。追觅N+1干的就是这个事,只不过我们是加在科技参数上。\n 《中国企业家》:你现在最恐惧的是什么?\n 俞浩:有段时间我甚至犹豫要不要让员工成长慢一点。但两周之后,猛然惊醒。我给朋友打电话,讲着讲着都有点要哭了。\n 我说我最担心的是自己变了。如果我变成不是那个我了,那才是可怕的。两周后,我把思维切换过来,我要培养更多的人。善良是一种选择。\n 《中国企业家》:你在年会上说希望大家财务自由,这是场面话吗?\n 俞浩:我在年会上说“希望若干年后能成为世界首富”,后来还有第二句:追觅的同学们和朋友们都能财务自由。我永远不会忘了他们。\n 《中国企业家》:你在社交媒体上爱骂人,看起来情绪很饱满,是在刻意打造“活人感”的人设吗?\n 俞浩:哪有什么人设,我只是为了让自己不累。我做这么多项目,今天讨论算法,明天讨论发动机,都隔着老远。如果每一个形象都要包装和演,我得累成什么样?但是我发现,只要去接触别人,他们接触到我真实的一面,都是喜欢我的,那我就更不需要演了。\n 如果我假装温良恭俭让,哪天内部批评员工的视频传出去,大家发现,哦,原来他是个这样的人,那才是人设崩塌。经常让自己“小崩”一下挺好的,不会出现大的系统风险。你不犯错,怎么知道边界在哪里?\n 《中国企业家》:你的朋友圈和微博,特别爱用感叹号,几乎每句话都用。是有什么用意吗?\n 俞浩:我一不小心就会控制不住passion,这其实是会消耗我自己的。但我为什么经常凌晨一点、两点,想到了就发?因为你到第二天就写不出那个句子了。只有那个点情绪最浓烈,浓烈了就要发。\n 当你管理一个企业时,你浑身每个毛孔都在传达你到底在意什么,所以你要珍惜这样的情绪。那些结尾是“句号”的句子我也不用发,太婆婆妈妈了。一定是感情非常浓烈到打叹号的,我才会发。\n 《中国企业家》:所以你到底是不是一个“狂妄”的人?\n 俞浩:我到现在都在跟所有人不停解释,追觅是什么、要做什么,所以表现出来可能有点高调。网络上很多人只是通过一些剪辑、片段来知道我,从而评价我。\n 《中国企业家》:你一直对生死有很多考虑。你想过离开的时候,墓志铭上写什么吗?\n 俞浩:上大学时我就想得很清楚:这里留下了一串探索者的足迹。\n 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href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$ </a> 上海三期地皮待批,准备生产机器人","listText":"<a href=\"https://laohu8.com/S/TSLA\">$特斯拉(TSLA)$ </a> 上海三期地皮待批,准备生产机器人","text":"$特斯拉(TSLA)$ 上海三期地皮待批,准备生产机器人","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/563804728023144","isVote":1,"tweetType":1,"viewCount":5531,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":563120169916000,"gmtCreate":1778509084079,"gmtModify":1778509086372,"author":{"id":"3563357612600728","authorId":"3563357612600728","name":"Johnsonk","avatar":"https://static.tigerbbs.com/8d6ab73351a61f0c3e887a3cffcf2aa2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563357612600728","idStr":"3563357612600728"},"themes":[],"title":"","htmlText":"**报道","listText":"**报道","text":"**报道","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/563120169916000","repostId":"2634728704","repostType":2,"repost":{"id":"2634728704","kind":"highlight","weMediaInfo":{"introduction":"「金吾财讯」以精准用户需求为切入点,打造一站式港美股投资细分领域品牌。依托战略合作伙伴凤凰网财经,将港美股内容传播到全球华人圈。","home_visible":1,"media_name":"金吾财讯","id":"1086022552","head_image":"https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c"},"pubTimestamp":1778508744,"share":"https://www.laohu8.com/m/news/2634728704?lang=zh_CN&edition=full","pubTime":"2026-05-11 22:12","market":"us","language":"zh","title":"特斯拉(TSLA)盘初下跌1.87% 4月在华零售销量环比下降53.74%","url":"https://stock-news.laohu8.com/highlight/detail?id=2634728704","media":"金吾财讯","summary":"金吾财讯 | 特斯拉(TSLA)盘初走低,截至发稿,报420.44美元,下跌1.87%,成交额44.7亿美元。消息面上,据中国乘用车协会(CPCA)周一发布的数据,特斯拉4月在中国的零售销量为25,956辆,较去年同期下降了9.66%,且为连续第二个月同比下滑。与3月份销售的56,107辆相比,特斯拉4月在中国的零售销量骤降53.74%。","content":"<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>(TSLA)盘初走低,截至发稿,报420.44美元,下跌1.87%,成交额44.7亿美元。消息面上,据中国乘用车协会(CPCA)周一发布的数据,特斯拉4月在中国的零售销量为25,956辆,较去年同期下降了9.66%,且为连续第二个月同比下滑。与3月份销售的56,107辆相比,特斯拉4月在中国的零售销量骤降53.74%。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>特斯拉(TSLA)盘初下跌1.87% 4月在华零售销量环比下降53.74%</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n特斯拉(TSLA)盘初下跌1.87% 4月在华零售销量环比下降53.74%\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1086022552\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/19a93586c3b023ec6ebfed568990555c);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">金吾财讯 </p>\n<p class=\"h-time\">2026-05-11 22:12</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><p>金吾财讯 | <a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>(TSLA)盘初走低,截至发稿,报420.44美元,下跌1.87%,成交额44.7亿美元。消息面上,据中国乘用车协会(CPCA)周一发布的数据,特斯拉4月在中国的零售销量为25,956辆,较去年同期下降了9.66%,且为连续第二个月同比下滑。与3月份销售的56,107辆相比,特斯拉4月在中国的零售销量骤降53.74%。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.szfiu.com/news/20250107/M2RkMDMzZDc5MTczNjIzNzY2ODA2Mg==.png","relate_stocks":{"BK4598":"佩洛西持仓","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"AG\" (USD) ACC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","BK4588":"碎股","LU0234572021.USD":"高盛美国核心股票组合Acc","LU2750360641.GBP":"INVESCO GLOBAL 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准备准备平仓吧","listText":"知道怕就行了 准备准备平仓吧","text":"知道怕就行了 准备准备平仓吧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/554098376814864","isVote":1,"tweetType":1,"viewCount":710,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":551015087248120,"gmtCreate":1775546999819,"gmtModify":1775547002069,"author":{"id":"3563357612600728","authorId":"3563357612600728","name":"Johnsonk","avatar":"https://static.tigerbbs.com/8d6ab73351a61f0c3e887a3cffcf2aa2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563357612600728","idStr":"3563357612600728"},"themes":[],"title":"","htmlText":"当年没让他发行,记到现在","listText":"当年没让他发行,记到现在","text":"当年没让他发行,记到现在","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/551015087248120","repostId":"2625708989","repostType":2,"repost":{"id":"2625708989","kind":"news","pubTimestamp":1775540846,"share":"https://www.laohu8.com/m/news/2625708989?lang=zh_CN&edition=full","pubTime":"2026-04-07 13:47","market":"us","language":"zh","title":"小摩绩前唱空特斯拉,警告股价恐暴跌60%","url":"https://stock-news.laohu8.com/highlight/detail?id=2625708989","media":"智通财经","summary":"Brinkma及其团队目前预计特斯拉第一季度每股收益为0.30美元,低于此前预期的0.43美元,而市场普遍预期为0.38美元。他指出,尽管交付量增长乏力,但“令人难以置信的是”,特斯拉当前股价仍比2022年6月交付量达到峰值时高出50%以上。据悉,特拉斯将于4月22日公布一季度财报。由于一季度交付量不及预期,特拉斯股价近期走低。","content":"<html><head></head><body><p>智通财经APP获悉,在<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>(TSLA.US)发布第一季度财报前,长期看空特斯拉的<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>周一重申了对这家电动汽车和自动驾驶公司的“减持”评级。</p><p>分析师Ryan Brinkman指出,特斯拉第一季度的交付报告表现不佳,且储能设备的安装量也出现了同比下降。Brinkma及其团队目前预计特斯拉第一季度每股收益为0.30美元,低于此前预期的0.43美元,而市场普遍预期为0.38美元。</p><p>Brinkman表示:“我们仍然认为特斯拉股价将下跌60%,至我们设定的2026年12月145美元目标价,并建议投资者对特斯拉股票保持高度谨慎。尽管特斯拉股价上涨反映出市场对其未来数年盈利预期的大幅增强,但与此同时,至少到2030年前,所有业绩指标的普遍预期都出现了大幅下降,因此,投资者要充分考虑到执行风险以及资金的时间价值。” 他指出,尽管交付量增长乏力,但“令人难以置信的是”,特斯拉当前股价仍比2022年6月交付量达到峰值时高出50%以上。</p><p>展望未来,摩根大通认为特斯拉的投资利好因素,例如其高度差异化的商业模式、有吸引力的产品组合和领先的技术,无法完全抵消其高于平均水平的执行风险、日益激烈的竞争、品牌形象争议不断以及估值所带来的影响。</p><p>据悉,特拉斯将于4月22日公布一季度财报。由于一季度交付量不及预期,特拉斯股价近期走低。该股周一跌超2%,报352.82美元,今年以来下跌22%。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>小摩绩前唱空特斯拉,警告股价恐暴跌60%</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n小摩绩前唱空特斯拉,警告股价恐暴跌60%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-07 13:47 北京时间 <a href=http://www.zhitongcaijing.com/content/detail/1425373.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉,在特斯拉(TSLA.US)发布第一季度财报前,长期看空特斯拉的摩根大通周一重申了对这家电动汽车和自动驾驶公司的“减持”评级。分析师Ryan Brinkman指出,特斯拉第一季度的交付报告表现不佳,且储能设备的安装量也出现了同比下降。Brinkma及其团队目前预计特斯拉第一季度每股收益为0.30美元,低于此前预期的0.43美元,而市场普遍预期为0.38美元。Brinkman表示:...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1425373.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8350896f4f33c86bc28f200b67ab82b4","relate_stocks":{"LU0053666078.USD":"摩根大通基金-美国股票A(离岸)美元","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","TSLR":"2倍做多TSLA ETF-GraniteShares","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","TSLS":"1倍做空TSLA 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INC"},"source_url":"http://www.zhitongcaijing.com/content/detail/1425373.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2625708989","content_text":"智通财经APP获悉,在特斯拉(TSLA.US)发布第一季度财报前,长期看空特斯拉的摩根大通周一重申了对这家电动汽车和自动驾驶公司的“减持”评级。分析师Ryan Brinkman指出,特斯拉第一季度的交付报告表现不佳,且储能设备的安装量也出现了同比下降。Brinkma及其团队目前预计特斯拉第一季度每股收益为0.30美元,低于此前预期的0.43美元,而市场普遍预期为0.38美元。Brinkman表示:“我们仍然认为特斯拉股价将下跌60%,至我们设定的2026年12月145美元目标价,并建议投资者对特斯拉股票保持高度谨慎。尽管特斯拉股价上涨反映出市场对其未来数年盈利预期的大幅增强,但与此同时,至少到2030年前,所有业绩指标的普遍预期都出现了大幅下降,因此,投资者要充分考虑到执行风险以及资金的时间价值。” 他指出,尽管交付量增长乏力,但“令人难以置信的是”,特斯拉当前股价仍比2022年6月交付量达到峰值时高出50%以上。展望未来,摩根大通认为特斯拉的投资利好因素,例如其高度差异化的商业模式、有吸引力的产品组合和领先的技术,无法完全抵消其高于平均水平的执行风险、日益激烈的竞争、品牌形象争议不断以及估值所带来的影响。据悉,特拉斯将于4月22日公布一季度财报。由于一季度交付量不及预期,特拉斯股价近期走低。该股周一跌超2%,报352.82美元,今年以来下跌22%。","news_type":1,"symbols_score_info":{"TSLO":0.6,"TSLZ":0.6,"MSFT":0.6,"TSDD":0.6,"TLA":0.6,"GOOG":0.6,"TSLA":1.98,"JPMO":0.6,"TESL":0.6,"TSII":0.6,"TSLP":0.6,"CRSH":0.6,"TSLS":0.6,"AMZN":0.6,"TEST":0.6,"TSLT":0.6,"TSLQ":0.6,"TSLR":0.6,"TSLI":0.6,"TSL":0.6,"TSLG":0.6,"META":0.6,"TSYY":0.6,"NVDA":0.6,"TSLW":0.6,"AAPL":0.6,"TSLY":0.6,"07766":0.6}},"isVote":1,"tweetType":1,"viewCount":941,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4093596070918460","authorId":"4093596070918460","name":"闲人马斯克","avatar":"https://static.tigerbbs.com/8de4bb6ae7ead34f761208585a438824","crmLevel":11,"crmLevelSwitch":1,"authorIdStr":"4093596070918460","idStr":"4093596070918460"},"content":"一个笨蛋分析师,投资回报率是-1.6%","text":"一个笨蛋分析师,投资回报率是-1.6%","html":"一个笨蛋分析师,投资回报率是-1.6%"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":537005272646040,"gmtCreate":1772125775069,"gmtModify":1772125777386,"author":{"id":"3563357612600728","authorId":"3563357612600728","name":"Johnsonk","avatar":"https://static.tigerbbs.com/8d6ab73351a61f0c3e887a3cffcf2aa2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563357612600728","idStr":"3563357612600728"},"themes":[],"title":"","htmlText":"你非要自己骗自己,那也没有办法","listText":"你非要自己骗自己,那也没有办法","text":"你非要自己骗自己,那也没有办法","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/537005272646040","repostId":"2614202967","repostType":2,"repost":{"id":"2614202967","kind":"news","pubTimestamp":1772121691,"share":"https://www.laohu8.com/m/news/2614202967?lang=zh_CN&edition=full","pubTime":"2026-02-27 00:01","market":"us","language":"zh","title":"10城 VS 1城,3000辆 VS44辆!Waymo狂奔,特斯拉自动驾驶梦碎?","url":"https://stock-news.laohu8.com/highlight/detail?id=2614202967","media":"汽车产业前线观察","summary":"约 3000 辆Waymo 当前运营车辆仅 44 辆特斯拉奥斯汀运营车辆据“无人驾驶出租车追踪网”数据,目前奥斯汀仅有44辆特斯拉无人车在跑。Waymo的车辆早已实现多年无安全员运营,而特斯拉近期虽着手取消安全监督员,但推进十分迟缓。目前,监管机构正在调查Waymo车辆在校车周边的行驶表现,以及一起低速撞伤儿童的事故。显然,目前的天平,正重重地倾向Waymo一端。","content":"<html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20260227001215979v163wae8fbji02i\"/><p>就在本周二,当Waymo宣布在达拉斯、休斯顿等四座<a href=\"https://laohu8.com/S/300778\">新城市</a>开放服务时,另一个名字却显得格格不入——<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>。一边是10座城市的真实运营网络,另一边是埃隆·马斯克口中那个“迟迟未到”的未来。</p><p><strong>01. 扩张:从“试点”到“常态”的加速</strong></p><p>Waymo的扩张速度正在刷新行业的认知。自2009年起步以来,这家隶属于字母表公司的企业,终于在2025年底迎来了爆发。</p><p>数据显示,去年年初,Waymo在旧金山、洛杉矶和菲尼克斯的周订单量仅为20万单;而到了2025年底,这一数字在六座城市中已飙升至40万单。更令人震惊的是其目标:今年年底前,周订单量突破100万单,并将业务拓展至全球至少20座城市。</p><p>本周的扩张公告中,达拉斯、休斯顿、圣安东尼奥和奥兰多正式加入Waymo版图。值得注意的是,这次官宣中只字未提<a href=\"https://laohu8.com/S/UBER\">优步</a>(Uber)。此前,Waymo部分车辆需通过优步平台呼叫,但如今看来,Waymo似乎已底气十足地认为:<strong>自己完全有能力独立实现规模化,无需他人搀扶。</strong></p><p><strong>02. 对比:马斯克的“预期”与现实的“骨感”</strong></p><p>将目光转向特斯拉,画面则截然不同。去年夏天,特斯拉的无人驾驶出租车服务终于在奥斯汀上线,但随后的规模化进程却缓慢得令人咋舌。</p><p><strong>约 3000 辆</strong>Waymo 当前运营车辆</p><p><strong>仅 44 辆</strong>特斯拉奥斯汀运营车辆</p><p>据“无人驾驶出租车追踪网”数据,目前奥斯汀仅有44辆特斯拉无人车在跑。回想去年10月,马斯克曾信誓旦旦地预测:到2025年底,特斯拉将在奥斯汀部署500辆无人车,甚至覆盖美国半数人口。然而现实是,该公司仍仅在奥斯汀运营着寥寥无几的Model Y,且多次未能兑现类似承诺。</p><p>更关键的差距在于“去安全员”的进度。Waymo的车辆早已实现多年无安全员运营,而特斯拉近期虽着手取消安全监督员,但推进十分迟缓。在自动驾驶领域,“有安全员”和“无安全员”之间,隔着整个商业模式的鸿沟。</p><p><strong>03. 隐忧:规模化的挑战从未停止</strong></p><p>当然,Waymo的狂飙并非没有隐忧。雄心勃勃的全球扩张计划绝非一蹴而就。面对各地五花八门的法规,以及在新市场搭建车队管理、充电体系的重任,Waymo仍需如履薄冰。</p><p>此外,安全问题始终是悬在头顶的达摩克利斯之剑。目前,监管机构正在调查Waymo车辆在校车周边的行驶表现,以及一起低速撞伤儿童的事故。在新市场投放几辆车是一回事,将规模扩大到数千辆并确保绝对安全,则是另一番挑战。</p><p>“特斯拉支持者常辩称,凭借庞大的保有量和纯视觉方案,其规模化能力将超越Waymo。或许未来某天他们会被证明是对的,但从当下的时间轴来看,实际发展趋势却截然相反。”</p><p><strong>结语:实干与口号的终极较量</strong></p><p>自动驾驶的下半场,不再是比谁的发布会更炫酷,而是比谁的车队跑得更多、更稳、更安全。</p><p>Waymo用10座城市的实地运营证明了“渐进式路线”的可行性,而特斯拉则仍在为兑现马斯克的宏大预言而挣扎。在这场“现实”与“幻想”的博弈中,时间和里程数是最公正的裁判。</p><p>对于普通用户而言,谁能真正提供安全、便捷的无人出行服务,谁就是赢家。显然,目前的天平,正重重地倾向Waymo一端。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>10城 VS 1城,3000辆 VS44辆!Waymo狂奔,特斯拉自动驾驶梦碎?</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n10城 VS 1城,3000辆 VS44辆!Waymo狂奔,特斯拉自动驾驶梦碎?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-27 00:01 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260227001218954224aa&s=b><strong>汽车产业前线观察</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>就在本周二,当Waymo宣布在达拉斯、休斯顿等四座新城市开放服务时,另一个名字却显得格格不入——特斯拉。一边是10座城市的真实运营网络,另一边是埃隆·马斯克口中那个“迟迟未到”的未来。01. 扩张:从“试点”到“常态”的加速Waymo的扩张速度正在刷新行业的认知。自2009年起步以来,这家隶属于字母表公司的企业,终于在2025年底迎来了爆发。数据显示,去年年初,Waymo在旧金山、洛杉矶和菲尼克斯...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260227001218954224aa&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1548497426.USD":"安联环球人工智能AT Acc","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","TSLT":"2倍做多TSLA ETF-T-Rex","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","BK4516":"特朗普概念","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","TSLW":"TSLA周配息ETF-Roundhill","TESL":"Simplify Volt TSLA Revolution ETF","BK4592":"伊斯兰概念","TEST":"YieldMax TSLA Performance & Distribution Target 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ETF-Direxion"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260227001218954224aa&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2614202967","content_text":"就在本周二,当Waymo宣布在达拉斯、休斯顿等四座新城市开放服务时,另一个名字却显得格格不入——特斯拉。一边是10座城市的真实运营网络,另一边是埃隆·马斯克口中那个“迟迟未到”的未来。01. 扩张:从“试点”到“常态”的加速Waymo的扩张速度正在刷新行业的认知。自2009年起步以来,这家隶属于字母表公司的企业,终于在2025年底迎来了爆发。数据显示,去年年初,Waymo在旧金山、洛杉矶和菲尼克斯的周订单量仅为20万单;而到了2025年底,这一数字在六座城市中已飙升至40万单。更令人震惊的是其目标:今年年底前,周订单量突破100万单,并将业务拓展至全球至少20座城市。本周的扩张公告中,达拉斯、休斯顿、圣安东尼奥和奥兰多正式加入Waymo版图。值得注意的是,这次官宣中只字未提优步(Uber)。此前,Waymo部分车辆需通过优步平台呼叫,但如今看来,Waymo似乎已底气十足地认为:自己完全有能力独立实现规模化,无需他人搀扶。02. 对比:马斯克的“预期”与现实的“骨感”将目光转向特斯拉,画面则截然不同。去年夏天,特斯拉的无人驾驶出租车服务终于在奥斯汀上线,但随后的规模化进程却缓慢得令人咋舌。约 3000 辆Waymo 当前运营车辆仅 44 辆特斯拉奥斯汀运营车辆据“无人驾驶出租车追踪网”数据,目前奥斯汀仅有44辆特斯拉无人车在跑。回想去年10月,马斯克曾信誓旦旦地预测:到2025年底,特斯拉将在奥斯汀部署500辆无人车,甚至覆盖美国半数人口。然而现实是,该公司仍仅在奥斯汀运营着寥寥无几的Model Y,且多次未能兑现类似承诺。更关键的差距在于“去安全员”的进度。Waymo的车辆早已实现多年无安全员运营,而特斯拉近期虽着手取消安全监督员,但推进十分迟缓。在自动驾驶领域,“有安全员”和“无安全员”之间,隔着整个商业模式的鸿沟。03. 隐忧:规模化的挑战从未停止当然,Waymo的狂飙并非没有隐忧。雄心勃勃的全球扩张计划绝非一蹴而就。面对各地五花八门的法规,以及在新市场搭建车队管理、充电体系的重任,Waymo仍需如履薄冰。此外,安全问题始终是悬在头顶的达摩克利斯之剑。目前,监管机构正在调查Waymo车辆在校车周边的行驶表现,以及一起低速撞伤儿童的事故。在新市场投放几辆车是一回事,将规模扩大到数千辆并确保绝对安全,则是另一番挑战。“特斯拉支持者常辩称,凭借庞大的保有量和纯视觉方案,其规模化能力将超越Waymo。或许未来某天他们会被证明是对的,但从当下的时间轴来看,实际发展趋势却截然相反。”结语:实干与口号的终极较量自动驾驶的下半场,不再是比谁的发布会更炫酷,而是比谁的车队跑得更多、更稳、更安全。Waymo用10座城市的实地运营证明了“渐进式路线”的可行性,而特斯拉则仍在为兑现马斯克的宏大预言而挣扎。在这场“现实”与“幻想”的博弈中,时间和里程数是最公正的裁判。对于普通用户而言,谁能真正提供安全、便捷的无人出行服务,谁就是赢家。显然,目前的天平,正重重地倾向Waymo一端。","news_type":1,"symbols_score_info":{"CRSH":0.6,"TSLS":0.6,"TSLW":0.6,"TSLT":0.6,"TSYY":0.6,"TSLZ":0.6,"TSII":0.6,"TEST":0.6,"TSLQ":0.6,"TSL":0.6,"TLA":0.6,"TSLY":0.6,"TSLG":0.6,"TESL":0.6,"TSLP":0.6,"TSLO":0.6,"TSLA":1.91,"TSLR":0.6,"TSLI":0.6,"07766":0.6,"TSDD":0.6}},"isVote":1,"tweetType":1,"viewCount":1735,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3548965887849927","authorId":"3548965887849927","name":"yifannafiy","avatar":"https://static.tigerbbs.com/b74f50f8831724d4755944ec42127d83","crmLevel":5,"crmLevelSwitch":0,"authorIdStr":"3548965887849927","idStr":"3548965887849927"},"content":"楼上那个“就算…估计…”句式好,可以一直用下去,只要别人在进步,你就可以一直估计,估计错了也没关系,把人家实现了的放在“就是”后面,再把人家的发展目标放在“估计”后面就可以了。一时丢人一时爽,一世丢人一式爽","text":"楼上那个“就算…估计…”句式好,可以一直用下去,只要别人在进步,你就可以一直估计,估计错了也没关系,把人家实现了的放在“就是”后面,再把人家的发展目标放在“估计”后面就可以了。一时丢人一时爽,一世丢人一式爽","html":"楼上那个“就算…估计…”句式好,可以一直用下去,只要别人在进步,你就可以一直估计,估计错了也没关系,把人家实现了的放在“就是”后面,再把人家的发展目标放在“估计”后面就可以了。一时丢人一时爽,一世丢人一式爽"},{"author":{"id":"4089292669533110","authorId":"4089292669533110","name":"无妨_6288","avatar":"https://static.tigerbbs.com/5e6c1aa128ea2d5db1ebd583ea79c727","crmLevel":8,"crmLevelSwitch":1,"authorIdStr":"4089292669533110","idStr":"4089292669533110"},"content":"你再吹老马也不会理你,反而觉得你是个小丑🤡","text":"你再吹老马也不会理你,反而觉得你是个小丑🤡","html":"你再吹老马也不会理你,反而觉得你是个小丑🤡"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":533785518686256,"gmtCreate":1771339699139,"gmtModify":1771339701673,"author":{"id":"3563357612600728","authorId":"3563357612600728","name":"Johnsonk","avatar":"https://static.tigerbbs.com/8d6ab73351a61f0c3e887a3cffcf2aa2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563357612600728","idStr":"3563357612600728"},"themes":[],"title":"","htmlText":"体验过国内自动驾驶后,其他车企想实现,简直是在做梦","listText":"体验过国内自动驾驶后,其他车企想实现,简直是在做梦","text":"体验过国内自动驾驶后,其他车企想实现,简直是在做梦","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/533785518686256","isVote":1,"tweetType":1,"viewCount":1849,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":533669725324920,"gmtCreate":1771309546816,"gmtModify":1771309549398,"author":{"id":"3563357612600728","authorId":"3563357612600728","name":"Johnsonk","avatar":"https://static.tigerbbs.com/8d6ab73351a61f0c3e887a3cffcf2aa2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563357612600728","idStr":"3563357612600728"},"themes":[],"title":"","htmlText":"假数据是张口就来","listText":"假数据是张口就来","text":"假数据是张口就来","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/533669725324920","repostId":"2612439470","repostType":2,"repost":{"id":"2612439470","kind":"news","pubTimestamp":1771298801,"share":"https://www.laohu8.com/m/news/2612439470?lang=zh_CN&edition=full","pubTime":"2026-02-17 11:26","market":"us","language":"zh","title":"马斯克又翻车!特斯拉无人出租运营8个月可用率仅19%","url":"https://stock-news.laohu8.com/highlight/detail?id=2612439470","media":"快科技","summary":"快科技2月17日消息,今天,据报道,特斯拉于8个月前在奥斯汀推出的Robotaxi无人出租车服务,现阶段运营数据远未达到马斯克此前的承诺。其在奥斯汀地区的服务可用率仅为19%,多项核心运营指标均未达标。奥斯汀与旧金山湾区合计的特斯拉无人出租车数量,独立追踪数据显示仅约200辆,与马斯克宣称的“远超500辆”差距显著。在服务可用性上,奥斯汀的特斯拉Robotaxi过去48小时仅19%运营时间可正常使用,81%的时间处于不可用状态。","content":"<html><body><article><p>快科技2月17日消息,今天,据报道,<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>于8个月前在奥斯汀推出的Robotaxi无人出租车服务,现阶段运营数据远未达到马斯克此前的承诺。</p><p><strong>其在奥斯汀地区的服务可用率仅为19%,多项核心运营指标均未达标。</strong></p><p>马斯克曾承诺,2025年底前在奥斯汀投放500辆Robotaxi,然而据Robotaxi Tracker数据,<strong>目前奥斯汀实际仅有42辆该车型,即便马斯克此前悄悄将目标下调至60辆,仍未实现。</strong></p><p>奥斯汀与旧金山湾区合计的特斯拉无人出租车数量,独立追踪数据显示仅约200辆,与马斯克宣称的“远超500辆”差距显著。</p><p><strong>在服务可用性上,奥斯汀的特斯拉Robotaxi过去48小时仅19%运营时间可正常使用,81%的时间处于不可用状态。</strong></p><p>且该服务在降雨天气会全面停工,而奥斯汀年均降雨超80天,进一步影响服务效率。</p><p>安全层面,特斯拉向美国国家公路交通安全管理局报告的数据显示,其Robotaxi在配备安全监督员的情况下,<strong>碰撞率为人类驾驶员的9倍,行驶50万英里发生9起事故,平均每5.5万英里就有一起事故。</strong></p><p>马斯克此前承诺的完全无人监管乘车服务,实际落地后不仅有追踪车辆跟随,且仅在小范围区域试行,目前该服务已从追踪系统中消失。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260217113805666d152wkc0o5p2dvt\"/></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>马斯克又翻车!特斯拉无人出租运营8个月可用率仅19%</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n马斯克又翻车!特斯拉无人出租运营8个月可用率仅19%\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-17 11:26 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260217113807a7030ffc&s=b><strong>快科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>快科技2月17日消息,今天,据报道,特斯拉于8个月前在奥斯汀推出的Robotaxi无人出租车服务,现阶段运营数据远未达到马斯克此前的承诺。其在奥斯汀地区的服务可用率仅为19%,多项核心运营指标均未达标。马斯克曾承诺,2025年底前在奥斯汀投放500辆Robotaxi,然而据Robotaxi Tracker数据,目前奥斯汀实际仅有42辆该车型,即便马斯克此前悄悄将目标下调至60辆,仍未实现。奥斯汀与...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260217113807a7030ffc&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4099":"汽车制造商","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","UFO":"Procure Space ETF","BK4585":"ETF&股票定投概念","LU2063271972.USD":"富兰克林创新领域基金","BK4555":"新能源车","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU0053666078.USD":"摩根大通基金-美国股票A(离岸)美元","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","TSYY":"收益增强TSLA ETF-GraniteShares","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU0082616367.USD":"摩根大通美国科技A(dist)","TSDD":"2倍做空TSLA ETF-GraniteShares","TSLA":"特斯拉","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU1066051225.USD":"HSBC 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Tracker数据,目前奥斯汀实际仅有42辆该车型,即便马斯克此前悄悄将目标下调至60辆,仍未实现。奥斯汀与旧金山湾区合计的特斯拉无人出租车数量,独立追踪数据显示仅约200辆,与马斯克宣称的“远超500辆”差距显著。在服务可用性上,奥斯汀的特斯拉Robotaxi过去48小时仅19%运营时间可正常使用,81%的时间处于不可用状态。且该服务在降雨天气会全面停工,而奥斯汀年均降雨超80天,进一步影响服务效率。安全层面,特斯拉向美国国家公路交通安全管理局报告的数据显示,其Robotaxi在配备安全监督员的情况下,碰撞率为人类驾驶员的9倍,行驶50万英里发生9起事故,平均每5.5万英里就有一起事故。马斯克此前承诺的完全无人监管乘车服务,实际落地后不仅有追踪车辆跟随,且仅在小范围区域试行,目前该服务已从追踪系统中消失。","news_type":1,"symbols_score_info":{"CRSH":0.6,"TSLW":0.6,"TESL":0.6,"TSLI":0.6,"TSLT":0.6,"TSLP":0.6,"TSII":0.6,"TSLG":0.6,"TSL":0.6,"TSLS":0.6,"TSYY":0.6,"07766":0.6,"TSLA":1.98,"TSLY":0.6,"TSLO":0.6,"UFO":0.6,"TSDD":0.6,"TSLZ":0.6,"TSLR":0.6,"TSLQ":0.6}},"isVote":1,"tweetType":1,"viewCount":1534,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":532369934472088,"gmtCreate":1770992212266,"gmtModify":1770992214573,"author":{"id":"3563357612600728","authorId":"3563357612600728","name":"Johnsonk","avatar":"https://static.tigerbbs.com/8d6ab73351a61f0c3e887a3cffcf2aa2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563357612600728","idStr":"3563357612600728"},"themes":[],"title":"","htmlText":"以后只有一个巨头,那就是特斯拉","listText":"以后只有一个巨头,那就是特斯拉","text":"以后只有一个巨头,那就是特斯拉","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/532369934472088","repostId":"2611154500","repostType":2,"repost":{"id":"2611154500","kind":"highlight","weMediaInfo":{"introduction":"追踪全球财经热点,精选影响您财富的资讯,投资理财必备神器!","home_visible":1,"media_name":"华尔街见闻","id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"pubTimestamp":1770991315,"share":"https://www.laohu8.com/m/news/2611154500?lang=zh_CN&edition=full","pubTime":"2026-02-13 22:01","market":"us","language":"zh","title":"利润率仅为同侪零头,特斯拉的“美股七巨头”标签还能贴多久?","url":"https://stock-news.laohu8.com/highlight/detail?id=2611154500","media":"华尔街见闻","summary":"特斯拉与其他六巨头的财务鸿沟急剧拉大:营业利润率不足5%(同行11%-60%),且是唯一盈利下滑的成员。2026年资本支出翻倍至200亿美元将致自由现金流首次转负,而同行在同等巨额支出下仍将产生数百亿正现金流。马斯克或需通过SpaceX IPO融资以支撑其AI雄心。","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>一直是“美股七巨头”中的异类,而其近期试图向人工智能转型的努力,反而进一步加剧了这种格格不入。尽管该标签主要基于股价表现,但随着基本面数据的恶化,特斯拉与Alphabet、<a href=\"https://laohu8.com/S/MSFT\">微软</a>和<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>等科技巨头之间的差距正在迅速拉大。</p>\n<p>据彭博专栏作家Liam Denning分析,特斯拉估值的飙升在很大程度上掩盖了其基本面的疲软。尽管该股享有极高的远期市盈率,但这在很大程度上是因为盈利预期的下降,而非增长的驱动。在过去三年中,特斯拉是“七巨头”中唯一一家报告盈利实际下降的公司,这种估值倍数的扩张更多反映了股价与日益恶化的基本面之间日益严重的脱节。</p>\n<p>这种分化在现金流表现上尤为显著。<strong>随着特斯拉计划在2026年将资本支出增加一倍以上至约200亿美元,以支持其自动驾驶和机器人业务,公司自由现金流预计将自2018年以来首次转为负值。</strong>相比之下,Alphabet等同行即便在巨额支出的情况下,预计仍将在同年产生<a href=\"https://laohu8.com/S/SBAY\">数百亿</a>美元的自由现金流,凸显了两者在财务实力上的巨大鸿沟。</p>\n<p>面对资金消耗的加剧,特斯拉向投资者坦言可能需要“额外资金”。这也引发了市场对其首席执行官马斯克商业<a href=\"https://laohu8.com/S/00776\">帝国</a>重组的关注。随着特斯拉在这一精英集团中的地位日益受到质疑,马斯克可能更需要通过SpaceX等旗下其他业务的资本运作来寻求新的资金支持。</p>\n<h2><strong>估值虚高与基本面背离</strong></h2>\n<p>“美股七巨头”这一概念诞生于2023年,最初用于描述领涨<a href=\"https://laohu8.com/S/161125\">标普500</a>指数的七只股票。然而,这一标签在很大程度上已成为大型科技股的代名词,这使得特斯拉的入选显得颇为突兀。特斯拉的主营业务本质上是电动汽车及电池组的制造与销售,属于制造业范畴。相比之下,<a href=\"https://laohu8.com/S/AAPL\">苹果</a>虽然销售消费电子产品,<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>虽然拥有电商平台,但两者均被公认为盈利能力极强的信息技术巨头。</p>\n<p>尽管特斯拉在电动汽车设计和辅助驾驶系统方面拥有技术优势,但其更具科技色彩的业务——如Robotaxi(自动驾驶出租车)、人形机器人和芯片制造计划——目前更多处于研发阶段,而非成熟的商业业务。</p>\n<p><strong>特斯拉之所以能跻身该行列,主要归因于其高昂的估值,但这恰恰也是其与其他成员最大的不同之处。</strong>据彭博数据,特斯拉的高远期市盈率更多反映了投资者对其转型的梦想,而非现实业绩。过去三年其估值倍数的扩张,有三分之二可以用盈利预期的下降来解释。作为该集团中唯一盈利下滑的成员,特斯拉的基本面支撑显得愈发薄弱。</p>\n<h2><strong>自由现金流不在同一量级</strong></h2>\n<p>现金流是衡量企业实力的真实指标,而在这一点上,特斯拉与其他六家巨头完全不在一个量级。过去五年中,特斯拉的自由现金流总计约为270亿美元。虽然亚马逊同期的自由现金流仅比特斯拉高出约50%,但这主要是因为亚马逊的资本支出规模是特斯拉的九倍。</p>\n<p>更为直观的对比是:<strong>除亚马逊外,“七巨头”中的每一位成员仅在过去一年创造的自由现金流,就远超特斯拉过去五年的总和。</strong></p>\n<p>这种差距在未来几年可能会进一步扩大。特斯拉正试图重塑为自动驾驶和人工智能领域的领导者,其2026年的资本支出预算约为200亿美元。这笔支出将导致其自由现金流大幅转负。然而,这一预算规模仅为Alphabet预计支出的九分之一,且Alphabet在如此巨大的投入下,预计仍将在2026年产生340亿美元的自由现金流。<strong>这意味着,其他科技巨头完全可以用经营现金流覆盖其在AI领域的巨额赌注,而特斯拉则面临严峻的资金压力。</strong></p>\n<h2><strong>利润率仅为同侪零头</strong></h2>\n<p><strong>现金流的巨大差异折射出底层业务模式的不同。</strong>其他六家公司均可被视为各自领域的绝对主导者,拥有极高的护城河。特斯拉虽然是全球第二大电动汽车销售商,但在全球汽车总销量中的占比仅为1.8%。</p>\n<p>更为关键的是,特斯拉在电动汽车领域的高排名并未转化为高利润。据彭博观点分析,特斯拉的营业利润率目前不足5%。作为对比,其余六家巨头的营业利润率范围在11%(亚马逊,处于区间低端)到近60%(英伟达,处于区间高端)之间。这表明,<strong>试图以一家汽车制造公司为基础构建一个科技巨头,起点异常艰难。</strong></p>\n<p>在人工智能和芯片领域的竞争中,特斯拉不仅要面对“七巨头”中其他成员的巨额预算,还要应对Alphabet旗下Waymo的竞争,后者刚筹集了160亿美元用于扩大Robotaxi运营。此外,Open AI据报道正以1万亿美元的估值寻求IPO,竞争环境极其激烈。</p>\n<h2><strong>资金压力与融资依赖</strong></h2>\n<p>这种财务背景为马斯克商业帝国的重组提供了注脚。特斯拉已告知投资者今年将消耗现金,并可能需要筹集资金。据彭博汇编的数据,利用公开股票市场融资已深植于特斯拉的基因之中,其历史上已进行过11次此类融资,这一次数几乎相当于其他六家巨头融资次数总和。</p>\n<p>与此同时,马斯克旗下的xAI据报道每月烧钱约10亿美元。SpaceX虽然去年实现了80亿美元的EBITDA(息税折旧摊销前利润),但这并未扣除其巨大的资本支出。此外,SpaceX近期还承担了xAI的融资压力。尽管特斯拉账面上拥有超过400亿美元现金,但持续的资金消耗以及可能涉及三家公司的合并传闻,可能会让看似镇定的投资者感到不安。</p>\n<p>在此背景下,SpaceX若能成功进行IPO并筹集数百亿美元新资金,对整个马斯克商业版图至关重要。鉴于特斯拉作为“第七巨头”的地位已岌岌可危,马斯克或许迫切需要打造出第八个巨头来支撑其雄心。</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>利润率仅为同侪零头,特斯拉的“美股七巨头”标签还能贴多久?</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n利润率仅为同侪零头,特斯拉的“美股七巨头”标签还能贴多久?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-02-13 22:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>一直是“美股七巨头”中的异类,而其近期试图向人工智能转型的努力,反而进一步加剧了这种格格不入。尽管该标签主要基于股价表现,但随着基本面数据的恶化,特斯拉与Alphabet、<a href=\"https://laohu8.com/S/MSFT\">微软</a>和<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>等科技巨头之间的差距正在迅速拉大。</p>\n<p>据彭博专栏作家Liam Denning分析,特斯拉估值的飙升在很大程度上掩盖了其基本面的疲软。尽管该股享有极高的远期市盈率,但这在很大程度上是因为盈利预期的下降,而非增长的驱动。在过去三年中,特斯拉是“七巨头”中唯一一家报告盈利实际下降的公司,这种估值倍数的扩张更多反映了股价与日益恶化的基本面之间日益严重的脱节。</p>\n<p>这种分化在现金流表现上尤为显著。<strong>随着特斯拉计划在2026年将资本支出增加一倍以上至约200亿美元,以支持其自动驾驶和机器人业务,公司自由现金流预计将自2018年以来首次转为负值。</strong>相比之下,Alphabet等同行即便在巨额支出的情况下,预计仍将在同年产生<a href=\"https://laohu8.com/S/SBAY\">数百亿</a>美元的自由现金流,凸显了两者在财务实力上的巨大鸿沟。</p>\n<p>面对资金消耗的加剧,特斯拉向投资者坦言可能需要“额外资金”。这也引发了市场对其首席执行官马斯克商业<a href=\"https://laohu8.com/S/00776\">帝国</a>重组的关注。随着特斯拉在这一精英集团中的地位日益受到质疑,马斯克可能更需要通过SpaceX等旗下其他业务的资本运作来寻求新的资金支持。</p>\n<h2><strong>估值虚高与基本面背离</strong></h2>\n<p>“美股七巨头”这一概念诞生于2023年,最初用于描述领涨<a href=\"https://laohu8.com/S/161125\">标普500</a>指数的七只股票。然而,这一标签在很大程度上已成为大型科技股的代名词,这使得特斯拉的入选显得颇为突兀。特斯拉的主营业务本质上是电动汽车及电池组的制造与销售,属于制造业范畴。相比之下,<a href=\"https://laohu8.com/S/AAPL\">苹果</a>虽然销售消费电子产品,<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>虽然拥有电商平台,但两者均被公认为盈利能力极强的信息技术巨头。</p>\n<p>尽管特斯拉在电动汽车设计和辅助驾驶系统方面拥有技术优势,但其更具科技色彩的业务——如Robotaxi(自动驾驶出租车)、人形机器人和芯片制造计划——目前更多处于研发阶段,而非成熟的商业业务。</p>\n<p><strong>特斯拉之所以能跻身该行列,主要归因于其高昂的估值,但这恰恰也是其与其他成员最大的不同之处。</strong>据彭博数据,特斯拉的高远期市盈率更多反映了投资者对其转型的梦想,而非现实业绩。过去三年其估值倍数的扩张,有三分之二可以用盈利预期的下降来解释。作为该集团中唯一盈利下滑的成员,特斯拉的基本面支撑显得愈发薄弱。</p>\n<h2><strong>自由现金流不在同一量级</strong></h2>\n<p>现金流是衡量企业实力的真实指标,而在这一点上,特斯拉与其他六家巨头完全不在一个量级。过去五年中,特斯拉的自由现金流总计约为270亿美元。虽然亚马逊同期的自由现金流仅比特斯拉高出约50%,但这主要是因为亚马逊的资本支出规模是特斯拉的九倍。</p>\n<p>更为直观的对比是:<strong>除亚马逊外,“七巨头”中的每一位成员仅在过去一年创造的自由现金流,就远超特斯拉过去五年的总和。</strong></p>\n<p>这种差距在未来几年可能会进一步扩大。特斯拉正试图重塑为自动驾驶和人工智能领域的领导者,其2026年的资本支出预算约为200亿美元。这笔支出将导致其自由现金流大幅转负。然而,这一预算规模仅为Alphabet预计支出的九分之一,且Alphabet在如此巨大的投入下,预计仍将在2026年产生340亿美元的自由现金流。<strong>这意味着,其他科技巨头完全可以用经营现金流覆盖其在AI领域的巨额赌注,而特斯拉则面临严峻的资金压力。</strong></p>\n<h2><strong>利润率仅为同侪零头</strong></h2>\n<p><strong>现金流的巨大差异折射出底层业务模式的不同。</strong>其他六家公司均可被视为各自领域的绝对主导者,拥有极高的护城河。特斯拉虽然是全球第二大电动汽车销售商,但在全球汽车总销量中的占比仅为1.8%。</p>\n<p>更为关键的是,特斯拉在电动汽车领域的高排名并未转化为高利润。据彭博观点分析,特斯拉的营业利润率目前不足5%。作为对比,其余六家巨头的营业利润率范围在11%(亚马逊,处于区间低端)到近60%(英伟达,处于区间高端)之间。这表明,<strong>试图以一家汽车制造公司为基础构建一个科技巨头,起点异常艰难。</strong></p>\n<p>在人工智能和芯片领域的竞争中,特斯拉不仅要面对“七巨头”中其他成员的巨额预算,还要应对Alphabet旗下Waymo的竞争,后者刚筹集了160亿美元用于扩大Robotaxi运营。此外,Open AI据报道正以1万亿美元的估值寻求IPO,竞争环境极其激烈。</p>\n<h2><strong>资金压力与融资依赖</strong></h2>\n<p>这种财务背景为马斯克商业帝国的重组提供了注脚。特斯拉已告知投资者今年将消耗现金,并可能需要筹集资金。据彭博汇编的数据,利用公开股票市场融资已深植于特斯拉的基因之中,其历史上已进行过11次此类融资,这一次数几乎相当于其他六家巨头融资次数总和。</p>\n<p>与此同时,马斯克旗下的xAI据报道每月烧钱约10亿美元。SpaceX虽然去年实现了80亿美元的EBITDA(息税折旧摊销前利润),但这并未扣除其巨大的资本支出。此外,SpaceX近期还承担了xAI的融资压力。尽管特斯拉账面上拥有超过400亿美元现金,但持续的资金消耗以及可能涉及三家公司的合并传闻,可能会让看似镇定的投资者感到不安。</p>\n<p>在此背景下,SpaceX若能成功进行IPO并筹集数百亿美元新资金,对整个马斯克商业版图至关重要。鉴于特斯拉作为“第七巨头”的地位已岌岌可危,马斯克或许迫切需要打造出第八个巨头来支撑其雄心。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4598":"佩洛西持仓","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"AG\" (USD) ACC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU2456880835.USD":"ALLIANZ GLOBAL 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INC","BK4551":"寇图资本持仓"},"source_url":"https://wallstreetcn.com/articles/3765692","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2611154500","content_text":"特斯拉一直是“美股七巨头”中的异类,而其近期试图向人工智能转型的努力,反而进一步加剧了这种格格不入。尽管该标签主要基于股价表现,但随着基本面数据的恶化,特斯拉与Alphabet、微软和英伟达等科技巨头之间的差距正在迅速拉大。\n据彭博专栏作家Liam Denning分析,特斯拉估值的飙升在很大程度上掩盖了其基本面的疲软。尽管该股享有极高的远期市盈率,但这在很大程度上是因为盈利预期的下降,而非增长的驱动。在过去三年中,特斯拉是“七巨头”中唯一一家报告盈利实际下降的公司,这种估值倍数的扩张更多反映了股价与日益恶化的基本面之间日益严重的脱节。\n这种分化在现金流表现上尤为显著。随着特斯拉计划在2026年将资本支出增加一倍以上至约200亿美元,以支持其自动驾驶和机器人业务,公司自由现金流预计将自2018年以来首次转为负值。相比之下,Alphabet等同行即便在巨额支出的情况下,预计仍将在同年产生数百亿美元的自由现金流,凸显了两者在财务实力上的巨大鸿沟。\n面对资金消耗的加剧,特斯拉向投资者坦言可能需要“额外资金”。这也引发了市场对其首席执行官马斯克商业帝国重组的关注。随着特斯拉在这一精英集团中的地位日益受到质疑,马斯克可能更需要通过SpaceX等旗下其他业务的资本运作来寻求新的资金支持。\n估值虚高与基本面背离\n“美股七巨头”这一概念诞生于2023年,最初用于描述领涨标普500指数的七只股票。然而,这一标签在很大程度上已成为大型科技股的代名词,这使得特斯拉的入选显得颇为突兀。特斯拉的主营业务本质上是电动汽车及电池组的制造与销售,属于制造业范畴。相比之下,苹果虽然销售消费电子产品,亚马逊虽然拥有电商平台,但两者均被公认为盈利能力极强的信息技术巨头。\n尽管特斯拉在电动汽车设计和辅助驾驶系统方面拥有技术优势,但其更具科技色彩的业务——如Robotaxi(自动驾驶出租车)、人形机器人和芯片制造计划——目前更多处于研发阶段,而非成熟的商业业务。\n特斯拉之所以能跻身该行列,主要归因于其高昂的估值,但这恰恰也是其与其他成员最大的不同之处。据彭博数据,特斯拉的高远期市盈率更多反映了投资者对其转型的梦想,而非现实业绩。过去三年其估值倍数的扩张,有三分之二可以用盈利预期的下降来解释。作为该集团中唯一盈利下滑的成员,特斯拉的基本面支撑显得愈发薄弱。\n自由现金流不在同一量级\n现金流是衡量企业实力的真实指标,而在这一点上,特斯拉与其他六家巨头完全不在一个量级。过去五年中,特斯拉的自由现金流总计约为270亿美元。虽然亚马逊同期的自由现金流仅比特斯拉高出约50%,但这主要是因为亚马逊的资本支出规模是特斯拉的九倍。\n更为直观的对比是:除亚马逊外,“七巨头”中的每一位成员仅在过去一年创造的自由现金流,就远超特斯拉过去五年的总和。\n这种差距在未来几年可能会进一步扩大。特斯拉正试图重塑为自动驾驶和人工智能领域的领导者,其2026年的资本支出预算约为200亿美元。这笔支出将导致其自由现金流大幅转负。然而,这一预算规模仅为Alphabet预计支出的九分之一,且Alphabet在如此巨大的投入下,预计仍将在2026年产生340亿美元的自由现金流。这意味着,其他科技巨头完全可以用经营现金流覆盖其在AI领域的巨额赌注,而特斯拉则面临严峻的资金压力。\n利润率仅为同侪零头\n现金流的巨大差异折射出底层业务模式的不同。其他六家公司均可被视为各自领域的绝对主导者,拥有极高的护城河。特斯拉虽然是全球第二大电动汽车销售商,但在全球汽车总销量中的占比仅为1.8%。\n更为关键的是,特斯拉在电动汽车领域的高排名并未转化为高利润。据彭博观点分析,特斯拉的营业利润率目前不足5%。作为对比,其余六家巨头的营业利润率范围在11%(亚马逊,处于区间低端)到近60%(英伟达,处于区间高端)之间。这表明,试图以一家汽车制造公司为基础构建一个科技巨头,起点异常艰难。\n在人工智能和芯片领域的竞争中,特斯拉不仅要面对“七巨头”中其他成员的巨额预算,还要应对Alphabet旗下Waymo的竞争,后者刚筹集了160亿美元用于扩大Robotaxi运营。此外,Open AI据报道正以1万亿美元的估值寻求IPO,竞争环境极其激烈。\n资金压力与融资依赖\n这种财务背景为马斯克商业帝国的重组提供了注脚。特斯拉已告知投资者今年将消耗现金,并可能需要筹集资金。据彭博汇编的数据,利用公开股票市场融资已深植于特斯拉的基因之中,其历史上已进行过11次此类融资,这一次数几乎相当于其他六家巨头融资次数总和。\n与此同时,马斯克旗下的xAI据报道每月烧钱约10亿美元。SpaceX虽然去年实现了80亿美元的EBITDA(息税折旧摊销前利润),但这并未扣除其巨大的资本支出。此外,SpaceX近期还承担了xAI的融资压力。尽管特斯拉账面上拥有超过400亿美元现金,但持续的资金消耗以及可能涉及三家公司的合并传闻,可能会让看似镇定的投资者感到不安。\n在此背景下,SpaceX若能成功进行IPO并筹集数百亿美元新资金,对整个马斯克商业版图至关重要。鉴于特斯拉作为“第七巨头”的地位已岌岌可危,马斯克或许迫切需要打造出第八个巨头来支撑其雄心。","news_type":1,"symbols_score_info":{"CRSH":0.6,"TSLS":0.6,"TSLW":0.6,"TSLT":0.6,"TSYY":0.6,"TSLZ":0.6,"TSII":0.6,"TSLQ":0.6,"TSL":0.6,"TSLY":0.6,"TSLG":0.6,"TESL":0.6,"TSLP":0.6,"TSLO":0.6,"TSLA":1.98,"TSLR":0.6,"TSLI":0.6,"07766":0.6,"TSDD":0.6}},"isVote":1,"tweetType":1,"viewCount":1270,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":531834060031464,"gmtCreate":1770863222581,"gmtModify":1770863225199,"author":{"id":"3563357612600728","authorId":"3563357612600728","name":"Johnsonk","avatar":"https://static.tigerbbs.com/8d6ab73351a61f0c3e887a3cffcf2aa2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563357612600728","idStr":"3563357612600728"},"themes":[],"title":"","htmlText":"刹车失灵搞不动,就换一个思路继续黑","listText":"刹车失灵搞不动,就换一个思路继续黑","text":"刹车失灵搞不动,就换一个思路继续黑","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/531834060031464","repostId":"2610799984","repostType":2,"repost":{"id":"2610799984","kind":"news","pubTimestamp":1770858060,"share":"https://www.laohu8.com/m/news/2610799984?lang=zh_CN&edition=full","pubTime":"2026-02-12 09:01","market":"us","language":"zh","title":"特斯拉国内频发断电故障引车主不满 官方回应态度遭质疑","url":"https://stock-news.laohu8.com/highlight/detail?id=2610799984","media":"太平洋科技","summary":"近日,特斯拉在国内接连发生多起行驶中突然断电的故障事件,引发车主强烈不满。多位车主反映车辆在高速行驶时突然失去动力,存在严重安全隐患。据悉,部分车主在向特斯拉售后反映问题时,仅得到简单检修处理,未获得官方正式道歉或问题说明。车主们对特斯拉处理问题的态度表示心寒,认为企业缺乏对消费者安全的基本重视。","content":"<html><body><article><p>近日,<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>在国内接连发生多起行驶中突然断电的故障事件,引发车主强烈不满。多位车主反映车辆在高速行驶时突然失去动力,存在严重安全隐患。</p><p>据悉,部分车主在向特斯拉售后反映问题时,仅得到简单检修处理,未获得官方正式道歉或问题说明。车主们对特斯拉处理问题的态度表示心寒,认为企业缺乏对消费者安全的基本重视。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>特斯拉国内频发断电故障引车主不满 官方回应态度遭质疑</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n特斯拉国内频发断电故障引车主不满 官方回应态度遭质疑\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-12 09:01 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260212092256a49a0db5&s=b><strong>太平洋科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>近日,特斯拉在国内接连发生多起行驶中突然断电的故障事件,引发车主强烈不满。多位车主反映车辆在高速行驶时突然失去动力,存在严重安全隐患。据悉,部分车主在向特斯拉售后反映问题时,仅得到简单检修处理,未获得官方正式道歉或问题说明。车主们对特斯拉处理问题的态度表示心寒,认为企业缺乏对消费者安全的基本重视。</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260212092256a49a0db5&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","BK4604":"机器人概念","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","BK4527":"明星科技股","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) 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ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260212092256a49a0db5&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2610799984","content_text":"近日,特斯拉在国内接连发生多起行驶中突然断电的故障事件,引发车主强烈不满。多位车主反映车辆在高速行驶时突然失去动力,存在严重安全隐患。据悉,部分车主在向特斯拉售后反映问题时,仅得到简单检修处理,未获得官方正式道歉或问题说明。车主们对特斯拉处理问题的态度表示心寒,认为企业缺乏对消费者安全的基本重视。","news_type":1,"symbols_score_info":{"TSYY":0.6,"TSII":0.6,"TSLI":0.6,"TSLR":0.6,"TSLZ":0.6,"TSDD":0.6,"TSLO":0.6,"TSL":0.6,"TSLT":0.6,"CRSH":0.6,"TSLS":0.6,"TSLY":0.6,"TSLA":1.95,"07766":0.6,"TSLQ":0.6,"TESL":0.6,"TSLW":0.6,"TSLP":0.6,"TSLG":0.6}},"isVote":1,"tweetType":1,"viewCount":1183,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":530918328481416,"gmtCreate":1770637820927,"gmtModify":1770640464040,"author":{"id":"3563357612600728","authorId":"3563357612600728","name":"Johnsonk","avatar":"https://static.tigerbbs.com/8d6ab73351a61f0c3e887a3cffcf2aa2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563357612600728","idStr":"3563357612600728"},"themes":[],"title":"","htmlText":"当年不是说必然倒闭么?怎么做成万亿市值的公司了?","listText":"当年不是说必然倒闭么?怎么做成万亿市值的公司了?","text":"当年不是说必然倒闭么?怎么做成万亿市值的公司了?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/530918328481416","repostId":"2610615631","repostType":2,"repost":{"id":"2610615631","kind":"news","pubTimestamp":1770633910,"share":"https://www.laohu8.com/m/news/2610615631?lang=zh_CN&edition=full","pubTime":"2026-02-09 18:45","market":"us","language":"zh","title":"特斯拉的机器人革命也救不了它了?","url":"https://stock-news.laohu8.com/highlight/detail?id=2610615631","media":"美股研究社","summary":"期间,特斯拉一度暴跌约 40%。特斯拉许下的多项承诺,最终可能都不会像管理层宣传的那样实现。坦白说,感觉特斯拉才开始炒作机器人领域不到一年,但实际上,公司早在2021 年 8 月就开始提这个概念了。在当年的特斯拉 AI 日,马斯克公布了 “特斯拉机器人” 的构想。时至今日,特斯拉技术仍停留在L2 级辅助驾驶,远落后于 Waymo 的 L4 级自动驾驶。乍一看,这对特斯拉似乎是巨大机遇。而特斯拉 2025 年营收已达 948.3 亿美元。","content":"<html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20260209185059078v206pghoh407lhe\"/><p>作者Daniel Jones,内容为转载编译,仅为呈现不同市场观点与研究视角,并不意味着本公众号对文中观点结论认可。</p><p>分析师对这家公司的负面看法,与管理层或整体野心无关,坦白说,分析师对它很多运营层面的做法其实是认可的。分析师坚定看好电动汽车市场,也尤其喜爱它的<strong>能源生产与储能业务</strong>。分析师对特斯拉的核心顾虑,真正集中在两点:</p><p>较小的问题在于,埃隆・马斯克的一系列决策给公司带来了诸多负面影响与包袱;<strong>更大的问题,则是估值</strong>。</p><p>长期以来分析师一直认为,这家公司股价被<strong>严重高估</strong>。事实上,早在 2024年 12月分析师就断言,特斯拉股东在2025年将会过得非常糟糕。期间,特斯拉一度暴跌约 40%。说实话,分析师当时认为它还会继续跌。但马斯克的 “炒作” 最终还是成功煽动了投资者情绪,把价格重新推高。需要明确的是,特斯拉<strong>表现依旧大幅跑输市场</strong>:</p><p>【如需和我们交流可扫码添加进社群】</p><p>· 自 2024 年 12 月左右至今,特斯拉股价基本<strong>零涨幅</strong>,而标普 500 同期上涨 16.6%;</p><p>· 自分析师今年 1 月左右以来,特斯拉下跌 6%,远差于标普 500 仅 0.9% 的跌幅。</p><p>这些都还远不及分析师预期未来终将发生的调整。但要出现那种调整,公司描绘的各种美好 “故事” 必须先破灭。</p><p>特斯拉许下的多项承诺,最终可能都不会像管理层宣传的那样实现。它的<strong>无人驾驶出租车(Robotaxi)野心基本是空谈</strong>,因为相比<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>旗下的 Waymo 等行业头部玩家,特斯拉落后太多。而管理层最近新一轮炒作,转向了<strong>机器人业务</strong>。尽管分析师不否认这块存在一定增长机会,但分析师看不到任何情景,能让机器人业务的表现足以支撑当前估值,更别说推动特斯拉继续上涨。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/dR7EpbvovdKBibR2JMaxUNVoEYIawaicLcPgia7DNCvbkZ2UW7icKia7iaEBYibLoBH9m2tvI6bkqbEh7NtGPic58BHcsA/640?wx_fmt=png&from=appmsg\"/><p><strong>特斯拉的新故事难成气候</strong></p><p>时间过得真快。坦白说,感觉特斯拉才开始炒作机器人领域不到一年,但实际上,公司早在<strong>2021 年 8 月</strong>就开始提这个概念了。在当年的特斯拉 AI 日,马斯克公布了 “特斯拉机器人(<a href=\"https://laohu8.com/S/TSLA\">Tesla</a> Bot)” 的构想。这项技术在概念上很吸引人,因为它整合了此前从未大规模融合的多项技术:多摄像头视频神经网络、神经网络规划能力、自动标注技术等等。</p><p>一年多后,也就是 2022 年 9 月,首批原型机亮相。这本该是里程碑式的一步,却迅速引发争议。即便两年后,公司展示的机器人实际上仍需人类远程操控辅助。但随着时间推移,公司仍在推进研发。2023 年 12 月,<strong>Optimus(擎天柱)二代</strong>发布,行走更快、手部更灵活,甚至演示了抓取鸡蛋的动作。但即便如此也充满争议,不少人认为依旧使用了远程操控或脚本预设。</p><p>遗憾的是,尽管公司开始在工厂内让机器人执行分拣物品等简单任务,但<strong>没有一台机器人实现真正自主运行</strong>。事实上,在今年 1 月 2025 财年财报电话会议上,马斯克亲口承认,Optimus 机器人在公司任何工厂都<strong>没有从事 “有实际价值” 的工作</strong>。这与前几年的宣传完全相悖。</p><p>比如一年前,马斯克还宣称 2025 年公司将造出约 1 万台机器人,并坚信这些机器人能承担实用工作。但现实是,公司不得不收回此前说法:</p><p>“我们在 Optimus 项目上仍处于非常早期的阶段,仍在研发中。我们让 Optimus 在工厂做过一些基础任务,但随着新版本迭代,旧版本就被弃用了。它并未在工厂大规模实际使用,更多只是让机器人学习。大概率要到今年年底,才可能实现 Optimus 的大规模量产。”</p><p>特斯拉向来<strong>擅长画大饼、兑现乏力</strong>。2016 年,公司明确宣布向自动驾驶方向迈进;2019 年 4 月,马斯克甚至宣称 2020 年将有 100 万辆无人驾驶出租车上路。时至今日,特斯拉技术仍停留在<strong>L2 级辅助驾驶</strong>,远落后于 Waymo 的 L4 级自动驾驶。当然,两家公司路线不同:特斯拉坚持纯视觉方案,而 Waymo 等聚焦地理围栏及配套技术。但即便在这方面,特斯拉也在倒退:其在得州开展的试点项目使用了地理围栏,且不同程度依赖人工干预。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260209185136131v2066v0dhrcayrc\"/><p><strong>转型机器人,更像是 “病急乱投医”</strong></p><p>可想而知,分析师对 Optimus 项目持高度怀疑态度。尽管如此,公司仍在该领域大举行动。就在不久前,管理层宣布,将<strong>停止加州弗里蒙特工厂的 Model S 与 Model X 生产</strong>,把产能转为制造 Optimus 机器人。</p><p>而此时,公司核心业务本就已承压:汽车产量与交付量连续两年下滑,欧洲销量暴跌,美国市场面临通用、<a href=\"https://laohu8.com/S/F\">福特</a>等车企日益激烈的竞争。叠加马斯克极具争议的政治言论,同时得罪了美国左右两派选民,此时转向机器人业务,更像是<strong>核心业务大幅恶化前的最后挣扎</strong>。</p><p>这并不是说人形机器人没有巨大市场潜力。比如去年5月,<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>预测,到2050年全球人形机器人保有量或达10亿台,对应5万亿美元市场规模,其中约90%用于工业及商业场景,主要集中在中国。美国预计约 7770 万台,家庭保有量仅约 8000 万台。</p><p>乍一看,这对特斯拉似乎是巨大机遇。但即便忽略公司过往 “承诺多、兑现少” 的记录,分析师也不认为这是什么重大胜利。摩根士丹利预计,当前单台人形机器人成本约 20 万美元;随着技术进步,成本将逐步下降,2028 年降至 15 万美元,2050 年降至 5 万美元,部分国家甚至可低至 1.5 万美元。</p><p>这样的价格确实能带来可观收入,但对市值高达<strong>1.62 万亿美元</strong>的特斯拉而言,远远不够。马斯克曾将近万亿美元薪酬方案的一部分,与未来十年交付 100 万台机器人挂钩。即便按单台 20 万美元计算,10 年总收入也仅 2000 亿美元,平摊下来每年仅 200 亿美元。而特斯拉 2025 年营收已达 948.3 亿美元。即便假设机器人业务拥有 30% 利润率,在分析师看来极度乐观的情景下,十年累计利润也仅 600 亿美元。</p><p>对个人而言这是巨款,但<strong>完全无法支撑 1.62 万亿的市值</strong>,更何况电动汽车市场竞争只会愈发激烈,新玩家不断涌入,且美国政治环境对电动车技术也逐渐转向不友好。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260209185136635v206yq6tuk6751q\"/><p><strong>结论</strong></p><p>投资者寄予厚望的其他业务,也很难带来显著回报。分析师已经分析过,其无人驾驶出租车注定落后于行业真正领导者。此外,分析师也不认为完全自动驾驶(FSD)订阅业务有多重要。目前该服务月费 99 美元,2025 年底订阅用户增至 110 万,高于一年前的 80 万。公司目标是十年内增至 1000 万,对应年收入约 118.8 亿美元,且大部分为高<span>毛利</span>。但即便如此,要支撑如此高的估值,仍远远不够。</p><p>分析师真的不想总做泼冷水的人,但分析师的专业判断是:<strong>特斯拉目前是风险最高的投资标的之一</strong>。除了帕兰提尔(PLTR)至少还拥有明确的大额营收与现金流增长路径外,在所有市值超 1000 亿美元的公司中,特斯拉是<strong>定价最非理性的一只</strong>。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260209185137051v206kwjvctbmmc3\"/></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>特斯拉的机器人革命也救不了它了?</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n特斯拉的机器人革命也救不了它了?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-09 18:45 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260209185202a48ee2f0&s=b><strong>美股研究社</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>作者Daniel Jones,内容为转载编译,仅为呈现不同市场观点与研究视角,并不意味着本公众号对文中观点结论认可。分析师对这家公司的负面看法,与管理层或整体野心无关,坦白说,分析师对它很多运营层面的做法其实是认可的。分析师坚定看好电动汽车市场,也尤其喜爱它的能源生产与储能业务。分析师对特斯拉的核心顾虑,真正集中在两点:较小的问题在于,埃隆・马斯克的一系列决策给公司带来了诸多负面影响与包袱;更大的...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260209185202a48ee2f0&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","TSLI":"2倍做多TSLA ETF-ProShares","TSLR":"2倍做多TSLA ETF-GraniteShares","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"AG\" (USD) ACC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) 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Jones,内容为转载编译,仅为呈现不同市场观点与研究视角,并不意味着本公众号对文中观点结论认可。分析师对这家公司的负面看法,与管理层或整体野心无关,坦白说,分析师对它很多运营层面的做法其实是认可的。分析师坚定看好电动汽车市场,也尤其喜爱它的能源生产与储能业务。分析师对特斯拉的核心顾虑,真正集中在两点:较小的问题在于,埃隆・马斯克的一系列决策给公司带来了诸多负面影响与包袱;更大的问题,则是估值。长期以来分析师一直认为,这家公司股价被严重高估。事实上,早在 2024年 12月分析师就断言,特斯拉股东在2025年将会过得非常糟糕。期间,特斯拉一度暴跌约 40%。说实话,分析师当时认为它还会继续跌。但马斯克的 “炒作” 最终还是成功煽动了投资者情绪,把价格重新推高。需要明确的是,特斯拉表现依旧大幅跑输市场:【如需和我们交流可扫码添加进社群】· 自 2024 年 12 月左右至今,特斯拉股价基本零涨幅,而标普 500 同期上涨 16.6%;· 自分析师今年 1 月左右以来,特斯拉下跌 6%,远差于标普 500 仅 0.9% 的跌幅。这些都还远不及分析师预期未来终将发生的调整。但要出现那种调整,公司描绘的各种美好 “故事” 必须先破灭。特斯拉许下的多项承诺,最终可能都不会像管理层宣传的那样实现。它的无人驾驶出租车(Robotaxi)野心基本是空谈,因为相比谷歌旗下的 Waymo 等行业头部玩家,特斯拉落后太多。而管理层最近新一轮炒作,转向了机器人业务。尽管分析师不否认这块存在一定增长机会,但分析师看不到任何情景,能让机器人业务的表现足以支撑当前估值,更别说推动特斯拉继续上涨。特斯拉的新故事难成气候时间过得真快。坦白说,感觉特斯拉才开始炒作机器人领域不到一年,但实际上,公司早在2021 年 8 月就开始提这个概念了。在当年的特斯拉 AI 日,马斯克公布了 “特斯拉机器人(Tesla Bot)” 的构想。这项技术在概念上很吸引人,因为它整合了此前从未大规模融合的多项技术:多摄像头视频神经网络、神经网络规划能力、自动标注技术等等。一年多后,也就是 2022 年 9 月,首批原型机亮相。这本该是里程碑式的一步,却迅速引发争议。即便两年后,公司展示的机器人实际上仍需人类远程操控辅助。但随着时间推移,公司仍在推进研发。2023 年 12 月,Optimus(擎天柱)二代发布,行走更快、手部更灵活,甚至演示了抓取鸡蛋的动作。但即便如此也充满争议,不少人认为依旧使用了远程操控或脚本预设。遗憾的是,尽管公司开始在工厂内让机器人执行分拣物品等简单任务,但没有一台机器人实现真正自主运行。事实上,在今年 1 月 2025 财年财报电话会议上,马斯克亲口承认,Optimus 机器人在公司任何工厂都没有从事 “有实际价值” 的工作。这与前几年的宣传完全相悖。比如一年前,马斯克还宣称 2025 年公司将造出约 1 万台机器人,并坚信这些机器人能承担实用工作。但现实是,公司不得不收回此前说法:“我们在 Optimus 项目上仍处于非常早期的阶段,仍在研发中。我们让 Optimus 在工厂做过一些基础任务,但随着新版本迭代,旧版本就被弃用了。它并未在工厂大规模实际使用,更多只是让机器人学习。大概率要到今年年底,才可能实现 Optimus 的大规模量产。”特斯拉向来擅长画大饼、兑现乏力。2016 年,公司明确宣布向自动驾驶方向迈进;2019 年 4 月,马斯克甚至宣称 2020 年将有 100 万辆无人驾驶出租车上路。时至今日,特斯拉技术仍停留在L2 级辅助驾驶,远落后于 Waymo 的 L4 级自动驾驶。当然,两家公司路线不同:特斯拉坚持纯视觉方案,而 Waymo 等聚焦地理围栏及配套技术。但即便在这方面,特斯拉也在倒退:其在得州开展的试点项目使用了地理围栏,且不同程度依赖人工干预。转型机器人,更像是 “病急乱投医”可想而知,分析师对 Optimus 项目持高度怀疑态度。尽管如此,公司仍在该领域大举行动。就在不久前,管理层宣布,将停止加州弗里蒙特工厂的 Model S 与 Model X 生产,把产能转为制造 Optimus 机器人。而此时,公司核心业务本就已承压:汽车产量与交付量连续两年下滑,欧洲销量暴跌,美国市场面临通用、福特等车企日益激烈的竞争。叠加马斯克极具争议的政治言论,同时得罪了美国左右两派选民,此时转向机器人业务,更像是核心业务大幅恶化前的最后挣扎。这并不是说人形机器人没有巨大市场潜力。比如去年5月,摩根士丹利预测,到2050年全球人形机器人保有量或达10亿台,对应5万亿美元市场规模,其中约90%用于工业及商业场景,主要集中在中国。美国预计约 7770 万台,家庭保有量仅约 8000 万台。乍一看,这对特斯拉似乎是巨大机遇。但即便忽略公司过往 “承诺多、兑现少” 的记录,分析师也不认为这是什么重大胜利。摩根士丹利预计,当前单台人形机器人成本约 20 万美元;随着技术进步,成本将逐步下降,2028 年降至 15 万美元,2050 年降至 5 万美元,部分国家甚至可低至 1.5 万美元。这样的价格确实能带来可观收入,但对市值高达1.62 万亿美元的特斯拉而言,远远不够。马斯克曾将近万亿美元薪酬方案的一部分,与未来十年交付 100 万台机器人挂钩。即便按单台 20 万美元计算,10 年总收入也仅 2000 亿美元,平摊下来每年仅 200 亿美元。而特斯拉 2025 年营收已达 948.3 亿美元。即便假设机器人业务拥有 30% 利润率,在分析师看来极度乐观的情景下,十年累计利润也仅 600 亿美元。对个人而言这是巨款,但完全无法支撑 1.62 万亿的市值,更何况电动汽车市场竞争只会愈发激烈,新玩家不断涌入,且美国政治环境对电动车技术也逐渐转向不友好。结论投资者寄予厚望的其他业务,也很难带来显著回报。分析师已经分析过,其无人驾驶出租车注定落后于行业真正领导者。此外,分析师也不认为完全自动驾驶(FSD)订阅业务有多重要。目前该服务月费 99 美元,2025 年底订阅用户增至 110 万,高于一年前的 80 万。公司目标是十年内增至 1000 万,对应年收入约 118.8 亿美元,且大部分为高毛利。但即便如此,要支撑如此高的估值,仍远远不够。分析师真的不想总做泼冷水的人,但分析师的专业判断是:特斯拉目前是风险最高的投资标的之一。除了帕兰提尔(PLTR)至少还拥有明确的大额营收与现金流增长路径外,在所有市值超 1000 亿美元的公司中,特斯拉是定价最非理性的一只。","news_type":1,"symbols_score_info":{"TSLW":0.6,"TSLY":0.6,"TSDD":0.6,"TSLO":0.6,"TSL":0.6,"TESL":0.6,"07766":0.6,"TSII":0.6,"TSLP":0.6,"CRSH":0.6,"TSLQ":0.6,"TSLA":1.98,"TSLG":0.6,"TSYY":0.6,"TSLS":0.6,"TSLZ":0.6,"TSLR":0.6,"TSLT":0.6,"TSLI":0.6}},"isVote":1,"tweetType":1,"viewCount":1542,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":529102713365648,"gmtCreate":1770211515808,"gmtModify":1770211519298,"author":{"id":"3563357612600728","authorId":"3563357612600728","name":"Johnsonk","avatar":"https://static.tigerbbs.com/8d6ab73351a61f0c3e887a3cffcf2aa2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563357612600728","idStr":"3563357612600728"},"themes":[],"title":"","htmlText":"FSD不能落地,是东大的损失","listText":"FSD不能落地,是东大的损失","text":"FSD不能落地,是东大的损失","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/529102713365648","isVote":1,"tweetType":1,"viewCount":1801,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":527439463555112,"gmtCreate":1769790288299,"gmtModify":1769790291122,"author":{"id":"3563357612600728","authorId":"3563357612600728","name":"Johnsonk","avatar":"https://static.tigerbbs.com/8d6ab73351a61f0c3e887a3cffcf2aa2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563357612600728","idStr":"3563357612600728"},"themes":[],"title":"","htmlText":"三个在亏钱的空头表示很气愤,并骂了一句骗人[贱笑] [贱笑] [贱笑] ","listText":"三个在亏钱的空头表示很气愤,并骂了一句骗人[贱笑] [贱笑] [贱笑] ","text":"三个在亏钱的空头表示很气愤,并骂了一句骗人[贱笑] [贱笑] [贱笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/527439463555112","repostId":"2607043586","repostType":2,"repost":{"id":"2607043586","kind":"news","pubTimestamp":1769777928,"share":"https://www.laohu8.com/m/news/2607043586?lang=zh_CN&edition=full","pubTime":"2026-01-30 20:58","market":"us","language":"zh","title":"马斯克:特斯拉Optimus进行产能爬坡,将建设年产1000万台的产线","url":"https://stock-news.laohu8.com/highlight/detail?id=2607043586","media":"IT之家","summary":"建设一条年产 1000 万台的产线。","content":"<html><head></head><body><p>1月30日周五, <a href=\"https://laohu8.com/S/TSLA\">特斯拉</a> 盘中“逆市”拉升涨超4%。知情人士透露,在今年上市之前,马斯克旗下SpaceX和xAI正在商讨合并事宜,此次合并将把马斯克的火箭、星链卫星、X社交媒体平台以及Grok人工智能聊天机器人整合到一起。</p><p>此外,外媒综合马斯克的近期发言,介绍了特斯拉 Optimus 4 机器人的生产布局。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f016bb79060f9bc6ed0d5e22a1e4a58d\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p>具体来说,特斯拉 Optimus 机器人首条产线将设在加州弗里蒙特工厂,该产线将具备年产 100 万台人形机器人的能力。后续公司将在得州超级工厂进行产能爬坡,建设一条年产 1000 万台的产线。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/88bdfbe1d878ff7e3c782f894f056fc1\" title=\"\" tg-width=\"1440\" tg-height=\"793\"/></p><p>不过,考虑到民众适应机器人需要一段时间,因此马斯克认为“Optimus 初期的产量提升会相对谨慎”,但其依然坚信这款人形机器人最终可能对社会和经济产生深远影响。</p><p>Optimus 本质上会是一款通用型机器人,能够通过观察人类行为来学习。你可以示范一个任务、口头描述一个任务,甚至给它看一段视频,它都能学会去完成。这将是一款能力非常强的机器人。从长期来看,我认为 Optimus 会对美国 GDP 产生非常显著的影响。</p></body></html>","source":"ithome","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" 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#eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n马斯克:特斯拉Optimus进行产能爬坡,将建设年产1000万台的产线\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-30 20:58 北京时间 <a href=https://www.ithome.com/0/917/980.htm><strong>IT之家</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>1月30日周五, 特斯拉 盘中“逆市”拉升涨超4%。知情人士透露,在今年上市之前,马斯克旗下SpaceX和xAI正在商讨合并事宜,此次合并将把马斯克的火箭、星链卫星、X社交媒体平台以及Grok人工智能聊天机器人整合到一起。此外,外媒综合马斯克的近期发言,介绍了特斯拉 Optimus 4 机器人的生产布局。具体来说,特斯拉 Optimus 机器人首条产线将设在加州弗里蒙特工厂,该产线将具备年产 ...</p>\n\n<a href=\"https://www.ithome.com/0/917/980.htm\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9753361e4f73430b74709d4b04b8819f","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.ithome.com/0/917/980.htm","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2607043586","content_text":"1月30日周五, 特斯拉 盘中“逆市”拉升涨超4%。知情人士透露,在今年上市之前,马斯克旗下SpaceX和xAI正在商讨合并事宜,此次合并将把马斯克的火箭、星链卫星、X社交媒体平台以及Grok人工智能聊天机器人整合到一起。此外,外媒综合马斯克的近期发言,介绍了特斯拉 Optimus 4 机器人的生产布局。具体来说,特斯拉 Optimus 机器人首条产线将设在加州弗里蒙特工厂,该产线将具备年产 100 万台人形机器人的能力。后续公司将在得州超级工厂进行产能爬坡,建设一条年产 1000 万台的产线。不过,考虑到民众适应机器人需要一段时间,因此马斯克认为“Optimus 初期的产量提升会相对谨慎”,但其依然坚信这款人形机器人最终可能对社会和经济产生深远影响。Optimus 本质上会是一款通用型机器人,能够通过观察人类行为来学习。你可以示范一个任务、口头描述一个任务,甚至给它看一段视频,它都能学会去完成。这将是一款能力非常强的机器人。从长期来看,我认为 Optimus 会对美国 GDP 产生非常显著的影响。","news_type":1,"symbols_score_info":{"TSLA":2}},"isVote":1,"tweetType":1,"viewCount":1522,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":526472879452944,"gmtCreate":1769561128240,"gmtModify":1769561130842,"author":{"id":"3563357612600728","authorId":"3563357612600728","name":"Johnsonk","avatar":"https://static.tigerbbs.com/8d6ab73351a61f0c3e887a3cffcf2aa2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563357612600728","idStr":"3563357612600728"},"themes":[],"title":"","htmlText":"准备准备,可以离职了","listText":"准备准备,可以离职了","text":"准备准备,可以离职了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/526472879452944","repostId":"2606756480","repostType":2,"repost":{"id":"2606756480","kind":"news","pubTimestamp":1769552873,"share":"https://www.laohu8.com/m/news/2606756480?lang=zh_CN&edition=full","pubTime":"2026-01-28 06:27","market":"us","language":"zh","title":"10项功能!特斯拉春节OTA大更新曝光:语音唤醒、酷狗音乐、微信互联都来了","url":"https://stock-news.laohu8.com/highlight/detail?id=2606756480","media":"model 3情报","summary":"看来,大家期待的语音唤醒、酷狗音乐都真快要来了,应该是 Model S3XY 都有。昨天大家也已经有看到网上流传的 OTA 截图了吧,最顶上显示就是酷狗音乐,一些人还认为是 P 的。但就在深夜又有新分享能看到更全面的发行说明了,而且是视频展示,有水印可以基本确定是特斯拉员工车辆上的。共计有 10 项功能,这应该算是今年春节 OTA 大更新内容提前曝光没得跑了。不过,到时候正式推送时的车机软件版本号应该是 2026 开头了。","content":"<html><body><p>看来,大家期待的语音唤醒(嘿,<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>)、酷狗音乐都真快要来了,应该是 Model S3XY 都有。</p><p><img src=\"https://x0.ifengimg.com/ucms/2026_05/556C9B66E877EFDBF39AE5F422E2A7F277A47F34_size50_w1080_h459.jpg\"/></p><p>昨天大家也已经有看到网上流传的 OTA 截图了吧,最顶上显示就是酷狗音乐,一些人还认为是 P 的。</p><p>但就在深夜又有新分享能看到更全面的发行说明了,而且是视频展示,有水印可以基本确定是特斯拉员工车辆上的。</p><p><img src=\"https://x0.ifengimg.com/ucms/2026_05/174059F255D655C2059BFCD9BA5489E7F116C256_size295_w580_h699.png\"/></p><p>带来了不少更新内容,如“自动化”应用程序,也就是说可以把不同日常用车当中的一些习惯,都可以创建成你个人的记忆了。</p><p><img src=\"https://x0.ifengimg.com/ucms/2026_05/36B88EAA07F6488BCCAFCAC8E5A116BE0F099042_size145_w574_h557.png\"/></p><p>现在微信也可以互联了,点击导航搜索➡️手机➡️激活按钮启动服务,根据引导在手机端激活服务后,即可将微信里的地址直接发送到您的车辆上(需要有高级车载娱乐服务包)。</p><p><img src=\"https://x0.ifengimg.com/ucms/2026_05/51768702AE243E45C4E05FEADD9A436999561139_size127_w490_h388.png\"/></p><p>这里小编就不一一放各功能介绍图片了,除上述提到外大概说一下还有行车记录仪动态录制时长、QQ 音乐伴唱模式、歌词视觉焕新、超级充电站聚合显示、喷漆车间、附近停车。</p><p><img src=\"https://x0.ifengimg.com/ucms/2026_05/C824E85695F737CAF7B1B868957FBEF1D72554B5_size237_w578_h659.png\"/></p><p>共计有 10 项功能,这应该算是今年春节 OTA 大更新内容提前曝光没得跑了。</p><p>不过,到时候正式推送时的车机软件版本号应该是 2026 开头了。</p><p>那么,以上这些更新哪几项是特友们比较期待的?来简单聊一聊!</p></body></html>","source":"fenghuang_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>10项功能!特斯拉春节OTA大更新曝光:语音唤醒、酷狗音乐、微信互联都来了</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ 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的。但就在深夜又有新分享能看到更全面的发行说明了,而且是视频展示,有水印可以基本确定是特斯拉员工车辆上的。带来了不少更新内容,如“自动化”应用程序,也就是说可以把不同日常用车当中的一些习惯,都可以创建成你个人...</p>\n\n<a href=\"https://tech.ifeng.com/c/8qH1EOxCcsq\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","TSDD":"2倍做空TSLA ETF-GraniteShares","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","TSYY":"收益增强TSLA ETF-GraniteShares","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0456842615.SGD":"JPMorgan Funds - Emerging Markets Equity A (acc) 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音乐伴唱模式、歌词视觉焕新、超级充电站聚合显示、喷漆车间、附近停车。共计有 10 项功能,这应该算是今年春节 OTA 大更新内容提前曝光没得跑了。不过,到时候正式推送时的车机软件版本号应该是 2026 开头了。那么,以上这些更新哪几项是特友们比较期待的?来简单聊一聊!","news_type":1,"symbols_score_info":{"TSDD":0.6,"TSLY":0.6,"01698":0.6,"TSLT":0.6,"TSLP":0.6,"TSL":0.6,"TSLS":0.6,"TSLW":0.6,"TSYY":0.6,"TSLZ":0.6,"CRSH":0.6,"07766":0.6,"TSLG":0.6,"TSLQ":0.6,"TESL":0.6,"TSLR":0.6,"TSLI":0.6,"TSLA":1.95}},"isVote":1,"tweetType":1,"viewCount":1278,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":525959262033224,"gmtCreate":1769432971205,"gmtModify":1769432973255,"author":{"id":"3563357612600728","authorId":"3563357612600728","name":"Johnsonk","avatar":"https://static.tigerbbs.com/8d6ab73351a61f0c3e887a3cffcf2aa2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563357612600728","idStr":"3563357612600728"},"themes":[],"title":"","htmlText":"可笑","listText":"可笑","text":"可笑","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/525959262033224","repostId":"2606212832","repostType":2,"repost":{"id":"2606212832","kind":"news","pubTimestamp":1769427420,"share":"https://www.laohu8.com/m/news/2606212832?lang=zh_CN&edition=full","pubTime":"2026-01-26 19:37","market":"sg","language":"zh","title":"特斯拉的最大风险:归于平庸","url":"https://stock-news.laohu8.com/highlight/detail?id=2606212832","media":"环球市场播报","summary":"一家车企能坐拥1.5万亿美元市值,特斯拉的地位可谓无人能及。但特斯拉面临的更隐蔽挑战,或许并非来自某个对手,而是一种更难启齿的状态:平庸感。 核心电动汽车业务的颓势是特斯拉光环褪色最直观的体现。特斯拉电动汽车销量已连续两年下滑。 特斯拉首席执行官埃隆·马斯克近日在社交平台X上发文,释放了又一个隐晦的信号:特斯拉将于2月14日后停止出售FSD,此后仅提供按月订阅服务。","content":"<html><body><div>\n<p> 一家车企能坐拥1.5万亿美元市值,<span><a href=\"https://laohu8.com/S/TSLA\">特斯拉</a></span><span></span>的地位可谓无人能及。无论是负面消息,还是此起彼伏的竞争警报,似乎都难以真正撼动其股价。但特斯拉面临的更隐蔽挑战,或许并非来自某个对手,而是一种更难启齿的状态:平庸感。</p>\n<p> 核心电动汽车业务的颓势是特斯拉光环褪色最直观的体现。特斯拉电动汽车销量已连续两年下滑。2025年,<a href=\"https://laohu8.com/S/BYDDY\">比亚迪</a>在纯电动汽车销量上完成反超。行业分析机构考克斯汽车(Cox Automotive)的最新数据显示,即便特斯拉推出了简配版Model 3和Model Y车型,试图在电动车税收抵免退坡后重振需求,但2025年第四季度在美国市场的销量仍下滑15%。</p>\n<p> 特斯拉首席执行官埃隆·马斯克近日在社交平台X上发文,释放了又一个隐晦的信号:特斯拉将于2月14日后停止出售FSD,此后仅提供按月订阅服务。</p>\n<p> FSD即完全自动驾驶(监管版),本质上仍是一套高级驾驶辅助系统,并不具备完全自主驾驶能力。多年来,它一直以选装升级的形式出售,目前一次性购买价格为8000美元。自2021年起,特斯拉推出订阅方案,当前月费为99美元。</p>\n<p> 特斯拉的一举一动总能引发热议,这次也不例外,究其根源还是马斯克过往的种种豪言。2020年,他曾放话称,随着软件持续迭代优化,这套当时还未标注“监管版”的FSD选装包,价值将水涨船高,最终有望突破10万美元大关。然而,现实世界中的科技产品,尤其是依赖芯片、被装进四个轮子里的技术,价值几乎总是沿着相反方向演进,而且往往速度不慢。理论上,更好的软件或许能改变这一轨迹,但特斯拉自身的行动显然并未印证这一点。</p>\n<p> FSD的定价并非一成不变:2019年时售价一度低至5000美元,随后几经上调,最高涨到1.5万美元。订阅模式推出后,价格一路回落至如今水平。如今,特斯拉索性取消了买断选项,尽管这一方式相当于提前锁定近十年的订阅收入。</p>\n<p> 这并不像一项会不断升值的资产,更像一项普通服务:价格随技术能力、竞争格局与市场环境而浮动。</p>\n<p> 这一转向的背景,是<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>在拉斯维加斯消费电子展上掀起的涟漪。这家芯片巨头推出了开源人工智能模型Alpamayo,用于开发自动驾驶汽车,并将其与英伟达现有的软硬件工具整合,为车企提供一套“即装即用”的高级驾驶辅助系统解决方案,未来甚至有望拓展至完全自动驾驶。</p>\n<p> 马斯克回应称,英伟达不过是在复制特斯拉的路线。从某种程度上来说,确实如此。英伟达采用的机器学习自动驾驶方案与特斯拉思路相近,同样需要花费漫长时间,在真实道路环境中反复验证。</p>\n<p> 但更深层的问题在于,一家并不打算造车的科技公司,正试图打造自动驾驶领域的“安卓系统”,向所有愿意付费的车企开放。这为传统车企提供了一条低资本投入的捷径,却也意味着,一个持续增长的车辆价值来源将不可避免地外溢给一家市值已超过全球汽车产业总和的供应商。对底特律而言,这是一把双刃剑,尤其是在其价值体系仍高度依赖内燃机的背景下。</p>\n<p> 对特斯拉而言,情况可能更糟。随着电动车业务明显受挫,支撑其估值的,越来越多来自市场对其在自动驾驶领域建立统治地位的预期。特斯拉的股票,本质上是一种叙事。正如自动驾驶专家、风投机构New Industry Management联合创始人亚历克斯·罗伊(Alex Roy)所言,特斯拉拥有强大的“叙事主导权”。马斯克塑造公众对汽车科技认知的能力之强,甚至延伸到对相关术语本身的定义,以至于不断逼近的竞争,也未能撼动特斯拉200倍以上的市盈率。</p>\n<p> 但竞争往往伴随着另一种更隐秘的力量:大宗商品化。近一年前,<a href=\"https://laohu8.com/S/002594\">比亚迪</a>已在中国市场将高级驾驶辅助系统列为多数车型的标配;如今英伟达的入局,又为汽车功能“从高价噱头沦为标配”的老路添上了新注脚。别忘了,作为FSD前身的Autopilot,曾经也是售价数千美元的选装项,如今早已成为标配。在经历多轮降价后,FSD转而完全采用可随时取消的订阅模式,本身就是一种信号。</p>\n<p> 如果特斯拉的技术优势无可匹敌,这种变化或许不足为惧。但正如我此前所写,特斯拉对其所谓“定义行业、引领全球”的核心技术,一直披露有限,令人费解。</p>\n<p> 更何况,距离特斯拉在奥斯汀推出FSD自动驾驶出租车一周年的节点仅剩五个月。必须坦率地说,与马斯克此前的承诺相比,那次“上线”近乎滑稽,而公司最近又一次错过了移除前排安全驾驶员的时间节点。</p>\n<p> 如果这种不温不火的节奏持续到2026年6月,那些长期看多特斯拉的投资者,是否会开始对“特斯拉真正引领自动驾驶”的叙事产生动摇?罗伊指出,只要不发生灾难性事故,特斯拉仍有空间展示进展、维系叙事,比如在保留安全员的情况下,将服务扩展至更多城市。考虑到特斯拉近乎宗教般的号召力,这或许已足以托住股价。马斯克当然也可以进一步加码“机器人叙事”,只是那条赛道上,同样已不乏竞争者。</p>\n<p> 但除了信徒之外,外界已然看清:特斯拉在无人驾驶领域许下的种种承诺,与其实际进展相去甚远;与此同时,市场竞争日益激烈,行业“常态化”的苗头也已显现。既然特斯拉已在电动车领域失去无可争议的领导地位和定价权,又凭什么假定,它能在新领域免疫于同样的规律?</p>\n<p> 企业可以在某个(任何)领域大获成功,但当竞争加剧、光环褪色时,它仍可能辜负市场的炽热期望。评估特斯拉的自动驾驶业务时,决定性的不只是市场份额假设,也在于价格与定价能力。在如此高估值的状态下,最大的风险或许并非轰然坠落,而是缓慢而熟悉地,滑向平庸。</p>\n<div>\n<div><img src=\"\"/></div>\n<div>海量资讯、精准解读,尽在新浪财经APP</div>\n</div>\n<p>责任编辑:刘明亮 </p>\n</div></body></html>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>特斯拉的最大风险:归于平庸</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ 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class=\"title\">\n特斯拉的最大风险:归于平庸\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-26 19:37 北京时间 <a href=https://finance.sina.com.cn/stock/usstock/c/2026-01-26/doc-inhirukv8967185.shtml><strong>环球市场播报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>一家车企能坐拥1.5万亿美元市值,特斯拉的地位可谓无人能及。无论是负面消息,还是此起彼伏的竞争警报,似乎都难以真正撼动其股价。但特斯拉面临的更隐蔽挑战,或许并非来自某个对手,而是一种更难启齿的状态:平庸感。\n 核心电动汽车业务的颓势是特斯拉光环褪色最直观的体现。特斯拉电动汽车销量已连续两年下滑。2025年,比亚迪在纯电动汽车销量上完成反超。行业分析机构考克斯汽车(Cox Automotive)的...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/usstock/c/2026-01-26/doc-inhirukv8967185.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4581":"高盛持仓","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","BK4543":"AI","BK4511":"特斯拉概念","BK4534":"瑞士信贷持仓","LU0823411888.USD":"法巴消费创新基金 Cap","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) 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INC"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2026-01-26/doc-inhirukv8967185.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2606212832","content_text":"一家车企能坐拥1.5万亿美元市值,特斯拉的地位可谓无人能及。无论是负面消息,还是此起彼伏的竞争警报,似乎都难以真正撼动其股价。但特斯拉面临的更隐蔽挑战,或许并非来自某个对手,而是一种更难启齿的状态:平庸感。\n 核心电动汽车业务的颓势是特斯拉光环褪色最直观的体现。特斯拉电动汽车销量已连续两年下滑。2025年,比亚迪在纯电动汽车销量上完成反超。行业分析机构考克斯汽车(Cox Automotive)的最新数据显示,即便特斯拉推出了简配版Model 3和Model Y车型,试图在电动车税收抵免退坡后重振需求,但2025年第四季度在美国市场的销量仍下滑15%。\n 特斯拉首席执行官埃隆·马斯克近日在社交平台X上发文,释放了又一个隐晦的信号:特斯拉将于2月14日后停止出售FSD,此后仅提供按月订阅服务。\n FSD即完全自动驾驶(监管版),本质上仍是一套高级驾驶辅助系统,并不具备完全自主驾驶能力。多年来,它一直以选装升级的形式出售,目前一次性购买价格为8000美元。自2021年起,特斯拉推出订阅方案,当前月费为99美元。\n 特斯拉的一举一动总能引发热议,这次也不例外,究其根源还是马斯克过往的种种豪言。2020年,他曾放话称,随着软件持续迭代优化,这套当时还未标注“监管版”的FSD选装包,价值将水涨船高,最终有望突破10万美元大关。然而,现实世界中的科技产品,尤其是依赖芯片、被装进四个轮子里的技术,价值几乎总是沿着相反方向演进,而且往往速度不慢。理论上,更好的软件或许能改变这一轨迹,但特斯拉自身的行动显然并未印证这一点。\n FSD的定价并非一成不变:2019年时售价一度低至5000美元,随后几经上调,最高涨到1.5万美元。订阅模式推出后,价格一路回落至如今水平。如今,特斯拉索性取消了买断选项,尽管这一方式相当于提前锁定近十年的订阅收入。\n 这并不像一项会不断升值的资产,更像一项普通服务:价格随技术能力、竞争格局与市场环境而浮动。\n 这一转向的背景,是英伟达在拉斯维加斯消费电子展上掀起的涟漪。这家芯片巨头推出了开源人工智能模型Alpamayo,用于开发自动驾驶汽车,并将其与英伟达现有的软硬件工具整合,为车企提供一套“即装即用”的高级驾驶辅助系统解决方案,未来甚至有望拓展至完全自动驾驶。\n 马斯克回应称,英伟达不过是在复制特斯拉的路线。从某种程度上来说,确实如此。英伟达采用的机器学习自动驾驶方案与特斯拉思路相近,同样需要花费漫长时间,在真实道路环境中反复验证。\n 但更深层的问题在于,一家并不打算造车的科技公司,正试图打造自动驾驶领域的“安卓系统”,向所有愿意付费的车企开放。这为传统车企提供了一条低资本投入的捷径,却也意味着,一个持续增长的车辆价值来源将不可避免地外溢给一家市值已超过全球汽车产业总和的供应商。对底特律而言,这是一把双刃剑,尤其是在其价值体系仍高度依赖内燃机的背景下。\n 对特斯拉而言,情况可能更糟。随着电动车业务明显受挫,支撑其估值的,越来越多来自市场对其在自动驾驶领域建立统治地位的预期。特斯拉的股票,本质上是一种叙事。正如自动驾驶专家、风投机构New Industry Management联合创始人亚历克斯·罗伊(Alex Roy)所言,特斯拉拥有强大的“叙事主导权”。马斯克塑造公众对汽车科技认知的能力之强,甚至延伸到对相关术语本身的定义,以至于不断逼近的竞争,也未能撼动特斯拉200倍以上的市盈率。\n 但竞争往往伴随着另一种更隐秘的力量:大宗商品化。近一年前,比亚迪已在中国市场将高级驾驶辅助系统列为多数车型的标配;如今英伟达的入局,又为汽车功能“从高价噱头沦为标配”的老路添上了新注脚。别忘了,作为FSD前身的Autopilot,曾经也是售价数千美元的选装项,如今早已成为标配。在经历多轮降价后,FSD转而完全采用可随时取消的订阅模式,本身就是一种信号。\n 如果特斯拉的技术优势无可匹敌,这种变化或许不足为惧。但正如我此前所写,特斯拉对其所谓“定义行业、引领全球”的核心技术,一直披露有限,令人费解。\n 更何况,距离特斯拉在奥斯汀推出FSD自动驾驶出租车一周年的节点仅剩五个月。必须坦率地说,与马斯克此前的承诺相比,那次“上线”近乎滑稽,而公司最近又一次错过了移除前排安全驾驶员的时间节点。\n 如果这种不温不火的节奏持续到2026年6月,那些长期看多特斯拉的投资者,是否会开始对“特斯拉真正引领自动驾驶”的叙事产生动摇?罗伊指出,只要不发生灾难性事故,特斯拉仍有空间展示进展、维系叙事,比如在保留安全员的情况下,将服务扩展至更多城市。考虑到特斯拉近乎宗教般的号召力,这或许已足以托住股价。马斯克当然也可以进一步加码“机器人叙事”,只是那条赛道上,同样已不乏竞争者。\n 但除了信徒之外,外界已然看清:特斯拉在无人驾驶领域许下的种种承诺,与其实际进展相去甚远;与此同时,市场竞争日益激烈,行业“常态化”的苗头也已显现。既然特斯拉已在电动车领域失去无可争议的领导地位和定价权,又凭什么假定,它能在新领域免疫于同样的规律?\n 企业可以在某个(任何)领域大获成功,但当竞争加剧、光环褪色时,它仍可能辜负市场的炽热期望。评估特斯拉的自动驾驶业务时,决定性的不只是市场份额假设,也在于价格与定价能力。在如此高估值的状态下,最大的风险或许并非轰然坠落,而是缓慢而熟悉地,滑向平庸。\n\n\n海量资讯、精准解读,尽在新浪财经APP\n\n责任编辑:刘明亮","news_type":1,"symbols_score_info":{"TSLQ":0.6,"TSLG":0.6,"CRSH":0.6,"TSYY":0.6,"07766":0.6,"TSDD":0.6,"TSLS":0.6,"TSLR":0.6,"TSLP":0.6,"TESL":0.6,"TSLZ":0.6,"TSLI":0.6,"TSL":0.6,"TSLW":0.6,"TSLY":0.6,"TSLA":1.96,"TSLT":0.6}},"isVote":1,"tweetType":1,"viewCount":993,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":519602110502248,"gmtCreate":1767877242874,"gmtModify":1767877245081,"author":{"id":"3563357612600728","authorId":"3563357612600728","name":"Johnsonk","avatar":"https://static.tigerbbs.com/8d6ab73351a61f0c3e887a3cffcf2aa2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563357612600728","idStr":"3563357612600728"},"themes":[],"title":"","htmlText":"并且车主没买商业险","listText":"并且车主没买商业险","text":"并且车主没买商业险","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/519602110502248","repostId":"2601369690","repostType":2,"repost":{"id":"2601369690","kind":"news","pubTimestamp":1767873971,"share":"https://www.laohu8.com/m/news/2601369690?lang=zh_CN&edition=full","pubTime":"2026-01-08 20:06","market":"us","language":"zh","title":"特斯拉辅助驾驶连续避让后追尾 车主:刹车没反应 车门和窗户打不开","url":"https://stock-news.laohu8.com/highlight/detail?id=2601369690","media":"快科技","summary":"但该车道同样有一辆大货车,特斯拉又变到了最右侧的导流线上,结果在前方导流线收窄的地方,车辆刹车不及追尾了前方的大货车,并被挤到了栏杆上。特斯拉车内气囊全部弹出,车门也被挤住打不开,车内甚至已经开始冒烟了,他们两人被困在车内,非常恐怖。此次事故特斯拉负全责,因为车辆没买车损险,车损非常严重,已经报废了。","content":"<html><body><article><p>快科技1月8日消息,据报道,近日,安徽岳西高速上,一辆<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>发生追尾事故,车主对车辆的辅助驾驶系统也产生了质疑。</p><p>行车记录仪<a href=\"https://laohu8.com/S/VIDE\">视频显示</a>,这辆特斯拉本来在最左侧的超车道行驶,前方大客车突然变道,特斯拉刹车不及,紧急变道至右侧车道。</p><p>但该车道同样有一辆大货车,特斯拉又变到了最右侧的导流线上,<strong>结果在前方导流线收窄的地方,车辆刹车不及追尾了前方的大货车,并被挤到了栏杆上。</strong></p><p>车主介绍,当时他开了辅助驾驶系统,他看到要追尾第一反应是踩刹车,但系统却让他避让,踩刹车没有反应,导致最后追尾,并被大货车挤着拖行了几十米。</p><p>特斯拉车内气囊全部弹出,车门也被挤住打不开,车内甚至已经开始冒烟了,他们两人被困在车内,非常恐怖。</p><p>最后,是大货车司机砸碎了车玻璃,他们才逃了出来。此次事故特斯拉负全责,<strong>因为车辆没买车损险,车损非常严重,已经报废了。</strong></p><p>车主表示,如果当时是他在开车,发生这样的事故他愿意承担事故责任。但现在的情况时,车辆是由辅助驾驶来开的,车辆失控才造成事故。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260108201322229d163i88xupy3xmm\"/></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>特斯拉辅助驾驶连续避让后追尾 车主:刹车没反应 车门和窗户打不开</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ 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}\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n特斯拉辅助驾驶连续避让后追尾 车主:刹车没反应 车门和窗户打不开\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-08 20:06 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260108201331a70304a5&s=b><strong>快科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>快科技1月8日消息,据报道,近日,安徽岳西高速上,一辆特斯拉发生追尾事故,车主对车辆的辅助驾驶系统也产生了质疑。行车记录仪视频显示,这辆特斯拉本来在最左侧的超车道行驶,前方大客车突然变道,特斯拉刹车不及,紧急变道至右侧车道。但该车道同样有一辆大货车,特斯拉又变到了最右侧的导流线上,结果在前方导流线收窄的地方,车辆刹车不及追尾了前方的大货车,并被挤到了栏杆上。车主介绍,当时他开了辅助驾驶系统,他看到...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260108201331a70304a5&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"AG\" (USD) ACC","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) 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10:25","market":"us","language":"zh","title":"特斯拉新款Model 3曝光 20万元左右","url":"https://stock-news.laohu8.com/highlight/detail?id=2361548083","media":"中关村在线","summary":"特斯拉正在研发新款Model 3汽车,预计将于今年下半年正式上市。根据最新消息,新款Model 3将搭载HW3.5硬件,而非先前传闻的HW4.0。同时,所有雷达设备已被移除。 新款Model 3在制造过程中采用了一体化铸造技术,减少了线束的使用并引入了更多新型材料,这使得其整车制造成本明显低于上一代车型。因此,预计新款Model 3的定价将保持在人民币20万元左右。","content":"<html><body><article><p><a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>正在研发新款Model 3汽车,预计将于今年下半年正式上市。根据最新消息,新款Model 3将搭载HW3.5硬件,而非先前传闻的HW4.0。同时,所有雷达设备已被移除。 新款Model 3在制造过程中采用了一体化铸造技术,减少了线束的使用并引入了更多新型材料,这使得其整车制造成本明显低于上一代车型。因此,预计新款Model 3的定价将保持在人民币20万元左右。</p></article></body></html>","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" 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0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n特斯拉新款Model 3曝光 20万元左右\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-08-21 10:25 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2023082110512284280cfd&s=b><strong>中关村在线</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>特斯拉正在研发新款Model 3汽车,预计将于今年下半年正式上市。根据最新消息,新款Model 3将搭载HW3.5硬件,而非先前传闻的HW4.0。同时,所有雷达设备已被移除。 新款Model 3在制造过程中采用了一体化铸造技术,减少了线束的使用并引入了更多新型材料,这使得其整车制造成本明显低于上一代车型。因此,预计新款Model 3的定价将保持在人民币20万元左右。</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2023082110512284280cfd&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","BK4574":"无人驾驶","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","BK4551":"寇图资本持仓","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA 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most recognized names in North America, Europe and Asia rely on MT Newswires to power their applications. Better news, better service, better price.","home_visible":1,"media_name":"MT Newswires Live","id":"1092851196","head_image":"https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e"},"pubTimestamp":1760106913,"share":"https://www.laohu8.com/m/news/2574033172?lang=zh_CN&edition=full","pubTime":"2025-10-10 22:35","market":"us","language":"en","title":"Tesla's AI Valuation Starting to Get Unlocked, Wedbush Says<blockquote>韦德布什表示,特斯拉的人工智能估值开始解锁</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2574033172","media":"MT Newswires Live","summary":"Tesla's artificial intelligence valuation is beginning to get unlocked, with China set to be a source of strength for the firm, Wedbush said in a note Thursday.\"The march to an AI driven valuation for TSLA over the next 6-9 months has now begun,\" the report said.Full Self-Driving technology and autonomous penetration of its installed base and the acceleration of the Cybercab project in the US will be the \"golden goose\" for Tesla, the note added.Tesla could reach a $2 trillion valuation early 2026 in a bull case scenario and $3 trillion by the end of 2026 as full scale volume production begins, it said.The report also said the China story is starting to improve \"markedly\" for Tesla, which should provide a tailwind into 2026.Wedbush kept its outperform rating and $600 price target.Price: 437.51, Change: +1.97, Percent Change: +0.45","content":"<p><html><body> <a href=\"https://laohu8.com/S/TSLA\">Tesla</a>'s (TSLA) artificial intelligence valuation is beginning to get unlocked, with China set to be a source of strength for the firm, Wedbush said in a note Thursday.</p><p><blockquote><html><body><a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>韦德布什在周四的一份报告中表示,特斯拉(TSLA)的人工智能估值开始释放,中国将成为该公司的力量来源。</body></html></blockquote></p><p>\"The march to an AI driven valuation for TSLA over the next 6-9 months has now begun,\" the report said.</p><p><blockquote>报告称:“特斯拉在未来6-9个月内向人工智能驱动估值的进军现已开始。”</blockquote></p><p>Full Self-Driving technology and autonomous penetration of its installed base and the acceleration of the Cybercab project in the US will be the \"golden goose\" for Tesla, the note added.</p><p><blockquote>报告补充说,全自动驾驶技术及其安装基础的自动渗透以及美国Cybercab项目的加速将成为特斯拉的“金鹅”。</blockquote></p><p>Tesla could reach a $2 trillion valuation early 2026 in a bull case scenario and $3 trillion by the end of 2026 as full scale volume production begins, it said.</p><p><blockquote>该公司表示,在牛市情况下,特斯拉的估值可能会在2026年初达到2万亿美元,随着全面量产的开始,到2026年底将达到3万亿美元。</blockquote></p><p>The report also said the China story is starting to improve \"markedly\" for Tesla, which should provide a tailwind into 2026.</p><p><blockquote>该报告还表示,特斯拉的情况开始“显着”改善,这应该会为2026年带来推动力。</blockquote></p><p>Wedbush kept its outperform rating and $600 price target.</p><p><blockquote>Wedbush维持跑赢大盘评级和600美元的目标价。</blockquote></p><p>Price: 437.51, Change: +1.97, Percent Change: +0.45</p><p><blockquote>价格:437.51,变动:+1.97,变动百分比:+0.45</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>","source":"mtnewswires_news","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla's AI Valuation Starting to Get Unlocked, Wedbush Says<blockquote>韦德布什表示,特斯拉的人工智能估值开始解锁</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; 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#7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla's AI Valuation Starting to Get Unlocked, Wedbush Says<blockquote>韦德布什表示,特斯拉的人工智能估值开始解锁</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1092851196\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/3002d84abbd5ace3c99397c7f95b8d4e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">MT Newswires Live </p>\n<p class=\"h-time smaller\">2025-10-10 22:35</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p><html><body> <a href=\"https://laohu8.com/S/TSLA\">Tesla</a>'s (TSLA) artificial intelligence valuation is beginning to get unlocked, with China set to be a source of strength for the firm, Wedbush said in a note Thursday.</p><p><blockquote><html><body><a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>韦德布什在周四的一份报告中表示,特斯拉(TSLA)的人工智能估值开始释放,中国将成为该公司的力量来源。</body></html></blockquote></p><p>\"The march to an AI driven valuation for TSLA over the next 6-9 months has now begun,\" the report said.</p><p><blockquote>报告称:“特斯拉在未来6-9个月内向人工智能驱动估值的进军现已开始。”</blockquote></p><p>Full Self-Driving technology and autonomous penetration of its installed base and the acceleration of the Cybercab project in the US will be the \"golden goose\" for Tesla, the note added.</p><p><blockquote>报告补充说,全自动驾驶技术及其安装基础的自动渗透以及美国Cybercab项目的加速将成为特斯拉的“金鹅”。</blockquote></p><p>Tesla could reach a $2 trillion valuation early 2026 in a bull case scenario and $3 trillion by the end of 2026 as full scale volume production begins, it said.</p><p><blockquote>该公司表示,在牛市情况下,特斯拉的估值可能会在2026年初达到2万亿美元,随着全面量产的开始,到2026年底将达到3万亿美元。</blockquote></p><p>The report also said the China story is starting to improve \"markedly\" for Tesla, which should provide a tailwind into 2026.</p><p><blockquote>该报告还表示,特斯拉的情况开始“显着”改善,这应该会为2026年带来推动力。</blockquote></p><p>Wedbush kept its outperform rating and $600 price target.</p><p><blockquote>Wedbush维持跑赢大盘评级和600美元的目标价。</blockquote></p><p>Price: 437.51, Change: +1.97, Percent Change: +0.45</p><p><blockquote>价格:437.51,变动:+1.97,变动百分比:+0.45</blockquote></p><p></body></html></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU2756315318.SGD":"ALLIANZ INCOME AND 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ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","BK4099":"汽车制造商","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU0056508442.USD":"贝莱德世界科技基金A2","TSLA":"特斯拉","SG9999015978.USD":"利安颠覆性创新基金A","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","BK4516":"特朗普概念","TSYW.SI":"TESLA 3xLongSG261006","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU0053666078.USD":"摩根大通基金-美国股票A(离岸)美元","BK4588":"碎股","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU2063271972.USD":"富兰克林创新领域基金","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","BK4548":"巴美列捷福持仓"},"source_url":"https://www.mtnewswires.com/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2574033172","content_text":"Tesla's (TSLA) artificial intelligence valuation is beginning to get unlocked, with China set to be a source of strength for the firm, Wedbush said in a note Thursday.\"The march to an AI driven valuation for TSLA over the next 6-9 months has now begun,\" the report said.Full Self-Driving technology and autonomous penetration of its installed base and the acceleration of the Cybercab project in the US will be the \"golden goose\" for Tesla, the note added.Tesla could reach a $2 trillion valuation early 2026 in a bull case scenario and $3 trillion by the end of 2026 as full scale volume production begins, it said.The report also said the China story is starting to improve \"markedly\" for Tesla, which should provide a tailwind into 2026.Wedbush kept its outperform rating and $600 price target.Price: 437.51, Change: +1.97, Percent Change: +0.45","news_type":1,"symbols_score_info":{"TSLA":1.5,"TSYW.SI":0.6,"TSLL":1.5}},"isVote":1,"tweetType":1,"viewCount":1619,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4093596070918460","authorId":"4093596070918460","name":"闲人马斯克","avatar":"https://static.tigerbbs.com/8de4bb6ae7ead34f761208585a438824","crmLevel":11,"crmLevelSwitch":1,"idStr":"4093596070918460","authorIdStr":"4093596070918460"},"content":"看到那垃圾就烦,不想呆在老虎的原因之一","text":"看到那垃圾就烦,不想呆在老虎的原因之一","html":"看到那垃圾就烦,不想呆在老虎的原因之一"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":276695901347992,"gmtCreate":1708581204884,"gmtModify":1708581275160,"author":{"id":"3563357612600728","authorId":"3563357612600728","name":"Johnsonk","avatar":"https://static.tigerbbs.com/8d6ab73351a61f0c3e887a3cffcf2aa2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563357612600728","authorIdStr":"3563357612600728"},"themes":[],"title":"","htmlText":"当然是觉醒种族主义","listText":"当然是觉醒种族主义","text":"当然是觉醒种族主义","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/276695901347992","repostId":"2413253686","repostType":2,"repost":{"id":"2413253686","kind":"news","pubTimestamp":1708578120,"share":"https://www.laohu8.com/m/news/2413253686?lang=zh_CN&edition=full","pubTime":"2024-02-22 13:02","market":"us","language":"zh","title":"马斯克发图:OpenAI和xAI,你想让AI走哪条路?","url":"https://stock-news.laohu8.com/highlight/detail?id=2413253686","media":"环球市场播报","summary":"他的人工智能初创公司xAI将在两周内发布Grok聊天机器人的V1.5版本。","content":"<html><head></head><body><p>当地时间周三晚间,<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>CEO埃隆·马斯克在X上发帖称,他的人工智能初创公司xAI将在两周内发布Grok聊天机器人的V1.5版本。</p><p>马斯克写道:“也许现在已经清楚了,为什么xAI的Grok如此重要。现在它还远远不够完美,但会迅速改进。V1.5将在2周内发布。不顾批评,严格追求真理,从未像现在这样重要。”</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8e655884d31307887a8e81bdd43ba676\" tg-width=\"550\" tg-height=\"207\"/></p><p>马斯克随后发布了一张图片,上面是一位少年站在一个岔路口,一条道路通向万丈深渊和无边黑暗,这是OpenAI和<a href=\"https://laohu8.com/S/GOOG\">谷歌</a>Gemini所代表的“觉醒种族主义”道路,另一条道路通向光明的未来,这是xAI代表的“追求最大真理”之路。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3319b41203388fc8b41523e30aba0a23\" tg-width=\"550\" tg-height=\"569\"/></p><p>马斯克写道:“你想让AI走哪条路?”</p></body></html>","source":"sina","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>马斯克发图:OpenAI和xAI,你想让AI走哪条路?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ 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class=\"meta\">\n\n\n2024-02-22 13:02 北京时间 <a href=https://finance.sina.com.cn/stock/usstock/c/2024-02-22/doc-inaiwsyk2187351.shtml><strong>环球市场播报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>当地时间周三晚间,特斯拉CEO埃隆·马斯克在X上发帖称,他的人工智能初创公司xAI将在两周内发布Grok聊天机器人的V1.5版本。马斯克写道:“也许现在已经清楚了,为什么xAI的Grok如此重要。现在它还远远不够完美,但会迅速改进。V1.5将在2周内发布。不顾批评,严格追求真理,从未像现在这样重要。”马斯克随后发布了一张图片,上面是一位少年站在一个岔路口,一条道路通向万丈深渊和无边黑暗,这是...</p>\n\n<a href=\"https://finance.sina.com.cn/stock/usstock/c/2024-02-22/doc-inaiwsyk2187351.shtml\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c2a1616037e43e16e002c471dd2f16af","relate_stocks":{"MSFT":"微软","TSLA":"特斯拉"},"source_url":"https://finance.sina.com.cn/stock/usstock/c/2024-02-22/doc-inaiwsyk2187351.shtml","is_english":false,"share_image_url":"https://static.laohu8.com/b0d1b7e8843deea78cc308b15114de44","article_id":"2413253686","content_text":"当地时间周三晚间,特斯拉CEO埃隆·马斯克在X上发帖称,他的人工智能初创公司xAI将在两周内发布Grok聊天机器人的V1.5版本。马斯克写道:“也许现在已经清楚了,为什么xAI的Grok如此重要。现在它还远远不够完美,但会迅速改进。V1.5将在2周内发布。不顾批评,严格追求真理,从未像现在这样重要。”马斯克随后发布了一张图片,上面是一位少年站在一个岔路口,一条道路通向万丈深渊和无边黑暗,这是OpenAI和谷歌Gemini所代表的“觉醒种族主义”道路,另一条道路通向光明的未来,这是xAI代表的“追求最大真理”之路。马斯克写道:“你想让AI走哪条路?”","news_type":1,"symbols_score_info":{"TSLA":1,"MSFT":1.1}},"isVote":1,"tweetType":1,"viewCount":2584,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3494327166562785","authorId":"3494327166562785","name":"小朋油","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"idStr":"3494327166562785","authorIdStr":"3494327166562785"},"content":"你好哥,你感觉股价最近还会不会上去","text":"你好哥,你感觉股价最近还会不会上去","html":"你好哥,你感觉股价最近还会不会上去"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":139940995,"gmtCreate":1621586990617,"gmtModify":1621590962249,"author":{"id":"3563357612600728","authorId":"3563357612600728","name":"Johnsonk","avatar":"https://static.tigerbbs.com/8d6ab73351a61f0c3e887a3cffcf2aa2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3563357612600728","authorIdStr":"3563357612600728"},"themes":[],"title":"","htmlText":"<a 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20:31","market":"us","language":"zh","title":"特斯拉盘前跌超5%,传上海工厂12月Model Y将减产超20%","url":"https://stock-news.laohu8.com/highlight/detail?id=1121299313","media":"老虎资讯综合","summary":"12月5日,$特斯拉(TSLA)$盘前一度跌超5%报184.83美元,有媒体援引知情人士在周一表示,特斯拉计划将其上海工厂12月的Model Y产量较11月削减逾20%。不过媒体无法立即确定这家电动汽车巨头12月份削减最新生产计划的具体原因。","content":"<html><head></head><body><p>12月5日,<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>盘前一度跌超5%报184.83美元,有媒体援引知情人士在周一表示,特斯拉计划将其上海工厂12月的Model Y产量较11月削减逾20%。不过媒体无法立即确定这家电动汽车巨头12月份削减最新生产计划的具体原因。</p><p><img src=\"https://static.tigerbbs.com/a17e25fa34bbc34db2891f49f2798a6e\" tg-width=\"902\" tg-height=\"835\" referrerpolicy=\"no-referrer\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" 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20:31</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>12月5日,<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>盘前一度跌超5%报184.83美元,有媒体援引知情人士在周一表示,特斯拉计划将其上海工厂12月的Model Y产量较11月削减逾20%。不过媒体无法立即确定这家电动汽车巨头12月份削减最新生产计划的具体原因。</p><p><img src=\"https://static.tigerbbs.com/a17e25fa34bbc34db2891f49f2798a6e\" tg-width=\"902\" tg-height=\"835\" referrerpolicy=\"no-referrer\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8350896f4f33c86bc28f200b67ab82b4","relate_stocks":{"TSLA":"特斯拉","LU0056508442.USD":"贝莱德世界科技基金A2","BK4527":"明星科技股","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","BK4099":"汽车制造商","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0234572021.USD":"高盛美国核心股票组合Acc","LU2063271972.USD":"富兰克林创新领域基金","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL 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