JUNJUN CHEN的个人主页 - 老虎社区

JUNJUN CHEN

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01-07 23:08

这种无脑唱空的文章，有个叫“畜牧教主马斯克”的人一看就高潮，多多推给他好了

特斯拉：一家或将陷入衰退的成长型企业

2025-12-10

$2倍做多TSLA ETF-Direxion(TSLL)$ 怎么不同步了

2025-10-10

天天都是好日子到头，结果人家两个月涨了40多个点，也不知道编辑部门是不是全员**

特斯拉(TSLA.US)Q3交付量亮眼富国银行却预警：好日子可能到头了

2025-10-10

老虎的文章质量真的好低，低的都没脑子，哪些傻子写的啊，都是ai生成的吧

特斯拉竟不是汽车公司？

2025-10-02

真逗，每个帖子都看你掏空心思在黑，结果tsl却一路涨，好搞笑

马斯克成为全球首位身价突破5000亿美元富豪

2025-08-21

特斯拉真可怜，在老虎天天破产

特斯拉投资人应关注的三大严重问题

2025-06-30

真奇怪，早些时候不唱空，robotaxi推出之后好多传统媒体疯狂唱空

特斯拉股票还能再创造百万富翁吗？

2025-06-26

沙雕机构，涨了就上调，跌了就下调，谁不会

抱歉，原内容已删除

2025-05-14

突破 340了，看你敢不敢上车了

去老虎APP查看更多动态

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的双重压力。要知道，彼时特斯拉尚未遭遇如此严重的声誉危机与竞争压力。综合来看，特斯拉已不再是一家高速成长的企业，反而是正陷入衰退的泥潭。","content":"<html><body><article><p><strong>用户群体的疏远与核心人物风险</strong></p><p>我们不会深入探讨多头最看重的三大炒作概念 —— 完全自动驾驶（FSD）、人工智能与机器人技术。原因很简单，这三项业务至今均未产生实质性的财务收益，依旧停留在投机阶段。</p><p>即便未来其中一项或多项业务能够取得成功，也必须正视一个现实：这些领域的竞争都异常激烈，而<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>在切入这些赛道时，已然因创始人的政治立场卷入争议，导致品牌声誉受损，暴露出显著的<strong>核心人物风险</strong>。近年来，市场上一直流传着 “过度追求政治正确，终将反噬企业经营” 的说法，而这一道理反过来同样成立。特斯拉因立场问题疏远了至少半数消费者，进而可能损害用户信任 —— 这对公司的发展而言，无疑是一剂毒药。</p><img src=\"\"/><p>【如需和我们交流可扫码添加进社群】</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/dR7EpbvovdKBibR2JMaxUNVoEYIawaicLcrVAEs2bhwIEUP4FfvianI8UkwWsmGS8QGt9FUCfIVia1npfInK1SOWWQ/640?wx_fmt=png&amp;from=appmsg\"/><p><strong>储能业务：</strong></p><p><strong>装机量增长放缓，单位营收持续下滑</strong></p><p>接下来聚焦特斯拉的核心实体业务 —— 汽车制造与储能系统。在所有业务指标中，储能装机量（GWh）是特斯拉唯一能拿出手的增长数据。2025 年第四季度，公司储能装机量达到 14.2 吉瓦时的历史新高；全年装机量累计达 46.7 吉瓦时，展现出强劲的扩张态势。</p><p>但光鲜数据的背后，是<strong>同比增速的快速滑落</strong>：2025 年储能装机量同比增幅为 49%，远低于 2024 年的 114% 与 2023 年的 126%。市场预测，到 2029 年，这一增速将进一步放缓至 26%，对应装机量约 141.8 吉瓦时。</p><p>与装机量增速放缓相伴而来的，是<strong>单位装机量营收的持续走低</strong>。2020 至 2021 年，特斯拉每吉瓦时储能装机量能创造近 7 亿美元的营收；而到了 2025 年第二季度，这一数值已腰斩过半，降至 2.89 亿美元；第三季度进一步下滑至 2.76 亿美元。值得注意的是，过去五个季度里，储能业务的毛利率基本稳定在 25% 至 31% 的区间。</p><p>综上，储能业务虽是特斯拉目前唯一具备实际增长潜力的板块，但该业务正面临 “装机量增速放缓、单位营收持续下滑” 的双重压力。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/dR7EpbvovdKBibR2JMaxUNVoEYIawaicLczbSMU66CbrBjDq7jpr5zsiclLE4DkRGuL9TVwK0r2tbvibNaKK4AzxHw/640?wx_fmt=png&amp;from=appmsg\"/><p><strong>汽车业务：</strong></p><p><strong>交付量下滑叠加售价走低，内外承压</strong></p><p>无论市场如何炒作新概念，汽车销售仍是特斯拉的核心支柱业务。已有大量报道指出，2025 年第四季度，特斯拉汽车交付量同比暴跌 16%；全年交付量同比下降 9%，创下公司史上最差的季度同比表现，同时也是连续第二个财年交付量下滑。</p><p>此外，根据分析师的测算，截至 2025 年第三季度，特斯拉汽车的过去十二个月（TTM）平均售价已<span>跌破</span> 4 万美元。</p><p>市场预测，到 2029 年，特斯拉汽车年交付量有望达到 300 万辆，较 2025 年的 160 万辆实现增长。但这一目标的可行性，分析师深表怀疑 —— 毕竟，特斯拉正面临日益激烈的市场竞争。即便我们姑且认可这一偏乐观的预测，其对应的 2029 年交付量同比增速也仅为 28%，与 2023 年之前的高速增长时代相去甚远。要知道，彼时特斯拉尚未遭遇如此严重的声誉危机与竞争压力。</p><p>从区域市场的表现中，我们更能直观感受到特斯拉的困境。2025 年 11 月，中国新能源汽车市场整体销量同比增长 21%，<a href=\"https://laohu8.com/S/XIACY\">小米</a>等中国本土品牌的交付量更是实现翻倍，而特斯拉在华销量却陷入同比停滞。</p><p>放眼全球市场，2025 年<a href=\"https://laohu8.com/S/BYDDY\">比亚迪</a>的纯电动汽车销量已大幅超越特斯拉。而在欧洲市场，马斯克的立场引发了消费者的强烈抵触：2025 年 12 月，特斯拉在瑞典、法国、西班牙、比利时、葡萄牙的新车注册量同比分别暴跌 71%、66%、44%、28% 和 13%。从欧洲主要市场的全年数据初步判断，特斯拉 2025 年的注册量同比降幅约为 25%，市场份额持续萎缩。</p><p>雪上加霜的是，受美国本土政策支持力度减弱等因素影响，2026 年全球新能源汽车销量的整体增速预计将显著放缓。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/dR7EpbvovdKBibR2JMaxUNVoEYIawaicLciaWMQ0QPFPFmoNQtcVWichXhCuZB2x0BS879mNfIl6Lz8r5HIRlqLj6w/640?wx_fmt=png&amp;from=appmsg\"/><p><strong>估值泡沫：</strong></p><p><strong>人形机器人预期已被过度透支</strong></p><p>我们不妨暂且采信马斯克的说法 —— 预计到 2026 或 2027 年，特斯拉 Optimus 人形机器人的销量将突破 100 万台，单价或达 2.25 万美元，对应潜在营收约 225 亿美元。</p><p>但从下图的市场一致预期中可以看出，这部分潜在营收早已被<strong>完全计入当前估值</strong>。在覆盖特斯拉的 34 位分析师中，最乐观的预测认为，公司 2027 年的年化营收将较 2025 年增长 720 亿美元。由此可见，市场对特斯拉的预期已然达到了 “只能成功、不能失败” 的极端程度。</p><p>即便以这份极度乐观的 2027 年营收预期为基准，特斯拉当前对应的远期市盈率仍高达 147 倍。在之前的分析中，分析师曾从多个角度拆解特斯拉的估值，结论早已不言而喻：其估值水平早已脱离基本面，荒谬至极。而时至今日，这一结论依然成立。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_jpg/dR7EpbvovdKLTlW17KYicXbduwZsUSFEKA3QhDoZBDRLD4pI17USiafzA7ib7ZgicBniaIKocAFvdFCDFy7DSsRicKibw/640?wx_fmt=jpeg&amp;from=appmsg\"/><p>数据来源：营收预期（Seeking Alpha）</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/dR7EpbvovdJ3W4gruZ6lz6pj1cuQvXYHzFTgv6zBDxN3hjm1PtXPLNKCakI3eyW9mPqibvjCvXwDia0vaM9Nht8w/640?wx_fmt=png&amp;from=appmsg\"/><p><strong>结语</strong></p><p>在竞争白热化的新能源汽车市场，特斯拉正面临交付量下滑与售价走低的双重压力；储能业务虽有增长，但增速放缓、单位营收下滑的隐忧日益凸显。人形机器人等新兴业务的潜在收益，早已被市场透支殆尽，当前估值完全建立在充满不确定性的预期之上。</p><p>更致命的是，创始人的政治立场引发的品牌声誉危机，以及由此带来的核心人物风险，正在持续损害公司的用户基础与市场竞争力。</p><p>综合来看，特斯拉已不再是一家高速成长的企业，反而是正陷入衰退的泥潭。对投资者而言，现在正是最后的离场时机。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_jpg/dR7EpbvovdJlQNwm5fnHWnfblqB1P5B3gLTjg6j6dT5IyOFclcldYqPQickKMUqicdaXvibXdEb4OibV97CAwGO6TQ/640?wx_fmt=other&amp;wxfrom=5&amp;wx_lazy=1&amp;tp=webp#imgIndex=5\"/><img 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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：一家或将陷入衰退的成长型企业\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-07 19:16 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260107192635a4a7912b&s=b><strong>美股研究社</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>用户群体的疏远与核心人物风险我们不会深入探讨多头最看重的三大炒作概念 —— 完全自动驾驶（FSD）、人工智能与机器人技术。原因很简单，这三项业务至今均未产生实质性的财务收益，依旧停留在投机阶段。即便未来其中一项或多项业务能够取得成功，也必须正视一个现实：这些领域的竞争都异常激烈，而特斯拉在切入这些赛道时，已然因创始人的政治立场卷入争议，导致品牌声誉受损，暴露出显著的核心人物风险。近年来，市场上一直...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260107192635a4a7912b&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":{"LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU2471134523.USD":"INVESCO GLOBAL 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ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260107192635a4a7912b&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2601877535","content_text":"用户群体的疏远与核心人物风险我们不会深入探讨多头最看重的三大炒作概念 —— 完全自动驾驶（FSD）、人工智能与机器人技术。原因很简单，这三项业务至今均未产生实质性的财务收益，依旧停留在投机阶段。即便未来其中一项或多项业务能够取得成功，也必须正视一个现实：这些领域的竞争都异常激烈，而特斯拉在切入这些赛道时，已然因创始人的政治立场卷入争议，导致品牌声誉受损，暴露出显著的核心人物风险。近年来，市场上一直流传着 “过度追求政治正确，终将反噬企业经营” 的说法，而这一道理反过来同样成立。特斯拉因立场问题疏远了至少半数消费者，进而可能损害用户信任 —— 这对公司的发展而言，无疑是一剂毒药。【如需和我们交流可扫码添加进社群】储能业务：装机量增长放缓，单位营收持续下滑接下来聚焦特斯拉的核心实体业务 —— 汽车制造与储能系统。在所有业务指标中，储能装机量（GWh）是特斯拉唯一能拿出手的增长数据。2025 年第四季度，公司储能装机量达到 14.2 吉瓦时的历史新高；全年装机量累计达 46.7 吉瓦时，展现出强劲的扩张态势。但光鲜数据的背后，是同比增速的快速滑落：2025 年储能装机量同比增幅为 49%，远低于 2024 年的 114% 与 2023 年的 126%。市场预测，到 2029 年，这一增速将进一步放缓至 26%，对应装机量约 141.8 吉瓦时。与装机量增速放缓相伴而来的，是单位装机量营收的持续走低。2020 至 2021 年，特斯拉每吉瓦时储能装机量能创造近 7 亿美元的营收；而到了 2025 年第二季度，这一数值已腰斩过半，降至 2.89 亿美元；第三季度进一步下滑至 2.76 亿美元。值得注意的是，过去五个季度里，储能业务的毛利率基本稳定在 25% 至 31% 的区间。综上，储能业务虽是特斯拉目前唯一具备实际增长潜力的板块，但该业务正面临 “装机量增速放缓、单位营收持续下滑” 的双重压力。汽车业务：交付量下滑叠加售价走低，内外承压无论市场如何炒作新概念，汽车销售仍是特斯拉的核心支柱业务。已有大量报道指出，2025 年第四季度，特斯拉汽车交付量同比暴跌 16%；全年交付量同比下降 9%，创下公司史上最差的季度同比表现，同时也是连续第二个财年交付量下滑。此外，根据分析师的测算，截至 2025 年第三季度，特斯拉汽车的过去十二个月（TTM）平均售价已跌破 4 万美元。市场预测，到 2029 年，特斯拉汽车年交付量有望达到 300 万辆，较 2025 年的 160 万辆实现增长。但这一目标的可行性，分析师深表怀疑 —— 毕竟，特斯拉正面临日益激烈的市场竞争。即便我们姑且认可这一偏乐观的预测，其对应的 2029 年交付量同比增速也仅为 28%，与 2023 年之前的高速增长时代相去甚远。要知道，彼时特斯拉尚未遭遇如此严重的声誉危机与竞争压力。从区域市场的表现中，我们更能直观感受到特斯拉的困境。2025 年 11 月，中国新能源汽车市场整体销量同比增长 21%，小米等中国本土品牌的交付量更是实现翻倍，而特斯拉在华销量却陷入同比停滞。放眼全球市场，2025 年比亚迪的纯电动汽车销量已大幅超越特斯拉。而在欧洲市场，马斯克的立场引发了消费者的强烈抵触：2025 年 12 月，特斯拉在瑞典、法国、西班牙、比利时、葡萄牙的新车注册量同比分别暴跌 71%、66%、44%、28% 和 13%。从欧洲主要市场的全年数据初步判断，特斯拉 2025 年的注册量同比降幅约为 25%，市场份额持续萎缩。雪上加霜的是，受美国本土政策支持力度减弱等因素影响，2026 年全球新能源汽车销量的整体增速预计将显著放缓。估值泡沫：人形机器人预期已被过度透支我们不妨暂且采信马斯克的说法 —— 预计到 2026 或 2027 年，特斯拉 Optimus 人形机器人的销量将突破 100 万台，单价或达 2.25 万美元，对应潜在营收约 225 亿美元。但从下图的市场一致预期中可以看出，这部分潜在营收早已被完全计入当前估值。在覆盖特斯拉的 34 位分析师中，最乐观的预测认为，公司 2027 年的年化营收将较 2025 年增长 720 亿美元。由此可见，市场对特斯拉的预期已然达到了 “只能成功、不能失败” 的极端程度。即便以这份极度乐观的 2027 年营收预期为基准，特斯拉当前对应的远期市盈率仍高达 147 倍。在之前的分析中，分析师曾从多个角度拆解特斯拉的估值，结论早已不言而喻：其估值水平早已脱离基本面，荒谬至极。而时至今日，这一结论依然成立。数据来源：营收预期（Seeking Alpha）结语在竞争白热化的新能源汽车市场，特斯拉正面临交付量下滑与售价走低的双重压力；储能业务虽有增长，但增速放缓、单位营收下滑的隐忧日益凸显。人形机器人等新兴业务的潜在收益，早已被市场透支殆尽，当前估值完全建立在充满不确定性的预期之上。更致命的是，创始人的政治立场引发的品牌声誉危机，以及由此带来的核心人物风险，正在持续损害公司的用户基础与市场竞争力。综合来看，特斯拉已不再是一家高速成长的企业，反而是正陷入衰退的泥潭。对投资者而言，现在正是最后的离场时机。","news_type":1,"symbols_score_info":{"TSLA":1.98,"TSYW.SI":0.6}},"isVote":1,"tweetType":1,"viewCount":150,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":509155767227320,"gmtCreate":1765332177432,"gmtModify":1765332179189,"author":{"id":"4200548990531302","authorId":"4200548990531302","name":"JUNJUN CHEN","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4200548990531302","idStr":"4200548990531302"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TSLL\">$2倍做多TSLA ETF-Direxion(TSLL)$&nbsp;</a> 怎么不同步了","listText":"<a href=\"https://laohu8.com/S/TSLL\">$2倍做多TSLA ETF-Direxion(TSLL)$&nbsp;</a> 怎么不同步了","text":"$2倍做多TSLA ETF-Direxion(TSLL)$ 怎么不同步了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/509155767227320","isVote":1,"tweetType":1,"viewCount":474,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":487674519257840,"gmtCreate":1760088178281,"gmtModify":1760088181065,"author":{"id":"4200548990531302","authorId":"4200548990531302","name":"JUNJUN CHEN","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4200548990531302","idStr":"4200548990531302"},"themes":[],"htmlText":"天天都是好日子到头，结果人家两个月涨了40多个点，也不知道编辑部门是不是全员**","listText":"天天都是好日子到头，结果人家两个月涨了40多个点，也不知道编辑部门是不是全员**","text":"天天都是好日子到头，结果人家两个月涨了40多个点，也不知道编辑部门是不是全员**","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/487674519257840","repostId":"2574142455","repostType":2,"repost":{"id":"2574142455","kind":"news","pubTimestamp":1760079182,"share":"https://www.laohu8.com/m/news/2574142455?lang=zh_CN&edition=full","pubTime":"2025-10-10 14:53","market":"us","language":"zh","title":"特斯拉(TSLA.US)Q3交付量亮眼 富国银行却预警：好日子可能到头了","url":"https://stock-news.laohu8.com/highlight/detail?id=2574142455","media":"智通财经","summary":"智通财经APP获悉，富国银行发表研报表示，特斯拉2025年第三季度交付量虽显著超出市场及机构预期，但受美国电动汽车税收抵免政策到期、后续需求承压等因素影响，富国银行仍对其短期增长持谨慎态度。交付报告显示，特斯拉Q3总交付量达497099辆，不仅较富国银行自身预测的412000辆高出20.7%，也较市场共识预期的443079辆超出12.2%，同时实现7%的同比增长及29%的环比增长。富国银行分析指出，Q3交付超预期主要依赖政策到期前的促销刺激，并非需求自然增长。","content":"<html><body><p>智通财经APP获悉，<a href=\"https://laohu8.com/S/WFC\">富国银行</a>发表研报表示，<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>(TSLA.US)2025年第三季度交付量虽显著超出市场及机构预期，但受美国电动汽车税收抵免政策到期、后续需求承压等因素影响，富国银行仍对其短期增长持谨慎态度。该行维持特斯拉“减持”评级，目标价120美元，这意味着该股未来存在超过70%的下行空间。</p><p>交付报告显示，特斯拉Q3总交付量达497099辆，不仅较富国银行自身预测的412000辆高出20.7%，也较市场共识预期的443079辆超出12.2%，同时实现7%的同比增长及29%的环比增长。</p><p>值得注意的是，富国银行测算显示，特斯拉Q3库存减少约50000辆，且7-8月其在中国、欧盟及美国市场交付量同比下滑约11%，这意味着9月单月交付量同比增幅超过20%，成为拉动Q3整体交付的关键。</p><p>此外，特斯拉能源存储业务同步发力，Q3部署能源存储产品12.5GWh，较Q2的9.6GWh实现明显增长。</p><p>尽管交付数据超预期，但报告发布当日，特斯拉股价出现下跌，反映出投资者对其短期增长潜力的担忧。富国银行分析指出，Q3交付超预期主要依赖政策到期前的促销刺激，并非需求自然增长。</p><p>具体来看，为对冲美国电动汽车税收抵免政策到期影响，特斯拉在Q3推出多重激励措施：美国市场Model Y/3库存车最高折扣2000美元、美国及加拿大市场Model 3车型提供18个月免费超级充电服务，以及其他超级充电套餐，此外，特斯拉还新增6500美元租赁补贴，进一步加码促销力度。</p><p>价格端压力同样明显，富国银行估算，特斯拉Q3平均订单价格环比小幅下降，其中Model Y/3定价环比下跌1%。该行判断，Q3大概率将是特斯拉未来一段时间内交付量最强劲的季度，后续为维持交付规模，公司需持续推出有吸引力的激励政策与折扣，以抵消7500美元税收抵免到期的影响。</p><p>基于对后续需求及利润压力的判断，富国银行下调了特斯拉2025年核心业绩预期：预计全年交付量约148万辆，同比下降13%，显著低于市场共识的164万辆;同时将2025年每股收益预期下调至较市场共识低29%的水平，核心原因在于对Q4交付疲软、利润率承压及监管信贷收入下降的担忧。</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>特斯拉(TSLA.US)Q3交付量亮眼 富国银行却预警：好日子可能到头了</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(TSLA.US)Q3交付量亮眼 富国银行却预警：好日子可能到头了\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-10-10 14:53 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1353547.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，富国银行发表研报表示，特斯拉(TSLA.US)2025年第三季度交付量虽显著超出市场及机构预期，但受美国电动汽车税收抵免政策到期、后续需求承压等因素影响，富国银行仍对其短期增长持谨慎态度。该行维持特斯拉“减持”评级，目标价120美元，这意味着该股未来存在超过70%的下行空间。交付报告显示，特斯拉Q3总交付量达497099辆，不仅较富国银行自身预测的412000辆高出20.7%，...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1353547.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","TSLL":"2倍做多TSLA ETF-Direxion","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","TSYW.SI":"TESLA 3xLongSG261006","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","TSLA":"特斯拉","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","BK4592":"伊斯兰概念","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","BK4550":"红杉资本持仓","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY 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INC"},"source_url":"http://www.zhitongcaijing.com/content/detail/1353547.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2574142455","content_text":"智通财经APP获悉，富国银行发表研报表示，特斯拉(TSLA.US)2025年第三季度交付量虽显著超出市场及机构预期，但受美国电动汽车税收抵免政策到期、后续需求承压等因素影响，富国银行仍对其短期增长持谨慎态度。该行维持特斯拉“减持”评级，目标价120美元，这意味着该股未来存在超过70%的下行空间。交付报告显示，特斯拉Q3总交付量达497099辆，不仅较富国银行自身预测的412000辆高出20.7%，也较市场共识预期的443079辆超出12.2%，同时实现7%的同比增长及29%的环比增长。值得注意的是，富国银行测算显示，特斯拉Q3库存减少约50000辆，且7-8月其在中国、欧盟及美国市场交付量同比下滑约11%，这意味着9月单月交付量同比增幅超过20%，成为拉动Q3整体交付的关键。此外，特斯拉能源存储业务同步发力，Q3部署能源存储产品12.5GWh，较Q2的9.6GWh实现明显增长。尽管交付数据超预期，但报告发布当日，特斯拉股价出现下跌，反映出投资者对其短期增长潜力的担忧。富国银行分析指出，Q3交付超预期主要依赖政策到期前的促销刺激，并非需求自然增长。具体来看，为对冲美国电动汽车税收抵免政策到期影响，特斯拉在Q3推出多重激励措施：美国市场Model Y/3库存车最高折扣2000美元、美国及加拿大市场Model 3车型提供18个月免费超级充电服务，以及其他超级充电套餐，此外，特斯拉还新增6500美元租赁补贴，进一步加码促销力度。价格端压力同样明显，富国银行估算，特斯拉Q3平均订单价格环比小幅下降，其中Model Y/3定价环比下跌1%。该行判断，Q3大概率将是特斯拉未来一段时间内交付量最强劲的季度，后续为维持交付规模，公司需持续推出有吸引力的激励政策与折扣，以抵消7500美元税收抵免到期的影响。基于对后续需求及利润压力的判断，富国银行下调了特斯拉2025年核心业绩预期：预计全年交付量约148万辆，同比下降13%，显著低于市场共识的164万辆;同时将2025年每股收益预期下调至较市场共识低29%的水平，核心原因在于对Q4交付疲软、利润率承压及监管信贷收入下降的担忧。","news_type":1,"symbols_score_info":{"TSLA":1.5,"TSYW.SI":0.6,"TSLL":1.5}},"isVote":1,"tweetType":1,"viewCount":617,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":487532240650296,"gmtCreate":1760055618963,"gmtModify":1760058954974,"author":{"id":"4200548990531302","authorId":"4200548990531302","name":"JUNJUN 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问题，更折射出企业战略定位的迷茫与外界信任的流失。","content":"<html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20251010000745168v206o8cgoorn2ym\"/><p>生活成本上涨的当下，“缩水式通胀”（Shrinkflation）逐渐成为大众热议的话题。这一概念指品牌对消费者熟悉且喜爱的产品重新包装，通过调整尺寸或内容物降低生产成本，售价却未必下降 —— 消费者花同样甚至更多钱，得到的产品品质却打了折扣。如今，这一现象竟出现在汽车领域，<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a> Model Y 标准版便是典型例子。</p><p>一、Model Y 标准版：汽车界 “缩水式通胀” 样本</p><p>就像家庭装麦片不知不觉变窄一样，特斯拉 Model Y 标准版的 “缩水” 同样直观。在政府 7500 美元电动汽车补贴取消后，特斯拉推出这款更低价位车型，看似是为弥补补贴缺失、降低消费者购车门槛，实则暗藏 “猫腻”。</p><p>雅虎财经指出，消费者花此前相近的钱，买到的 Model Y 标准版定位却略低于高端车型，相当于 “羊毛出在羊身上”，这种情况被称为 “汽车售价缩水式通胀”。原本期待更高配置或更优体验的消费者，最终得到的却是 “减配不减价” 的产品，难免心生不满。</p><p>二、战略反差：押注 AI 与推出 “过时” 车型的矛盾</p><p>更让人疑惑的是特斯拉的战略反差。一方面，特斯拉宣称要推进自动驾驶车队落地、全力押注人工智能（AI），开启改变世界的新征程；另一方面，却在此时推出 Model Y 标准版这类微调 “即将过时” 技术与产品线的车型，显得格外反常，甚至暗藏隐忧。</p><p>文章作者将其比作大型科技公司在全行业发力流媒体服务时，反而推出录像机（VCR），完全跟不上行业主流方向。在 AI 与自动驾驶成为汽车行业未来发展核心的当下，特斯拉此举与自身高调宣扬的战略背道而驰，不禁让外界对其发展重心产生质疑。</p><p>三、质疑升级：特斯拉身份与 AI 目标的双重拷问</p><p>此次推出 “低投入、略带投机意味” 的 Model Y 标准版，让不少人确信特斯拉已不再将自己视为一家汽车公司。而新车型推出过程拖沓且粗糙，定价又不低廉，进一步引发外界对特斯拉及埃隆・马斯克能否实现 AI 领域目标的怀疑。</p><p>尽管目前无法确定特斯拉在 AI 领域的投入是否可行、AI 技术能否盈利，但从其近期推出新车型的表现来看，缺乏足够的诚意与实力支撑。更何况，无论是特斯拉还是马斯克，违背承诺并非首次，这让大众对其 AI 目标的信任度再打折扣。</p><p>特斯拉 Model Y 标准版引发的争议，不仅是一款车型的 “缩水” 问题，更折射出企业战略定位的迷茫与外界信任的流失。未来，特斯拉若想实现 AI 领域的宏伟目标，或许需要先理清自身定位，用更优质的产品与实际行动赢回消费者的信任。</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>特斯拉竟不是汽车公司？</title>\n<style 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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251010000803a6b21910&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":{"LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","BK4574":"无人驾驶","LU1861558580.USD":"日兴方舟颠覆性创新基金B","TSLL":"2倍做多TSLA ETF-Direxion","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU2063271972.USD":"富兰克林创新领域基金","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","BK4604":"机器人概念","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER 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GLOBAL EQUITY \"A\" (USD) INC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251010000803a6b21910&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2574009162","content_text":"生活成本上涨的当下，“缩水式通胀”（Shrinkflation）逐渐成为大众热议的话题。这一概念指品牌对消费者熟悉且喜爱的产品重新包装，通过调整尺寸或内容物降低生产成本，售价却未必下降 —— 消费者花同样甚至更多钱，得到的产品品质却打了折扣。如今，这一现象竟出现在汽车领域，特斯拉 Model Y 标准版便是典型例子。一、Model Y 标准版：汽车界 “缩水式通胀” 样本就像家庭装麦片不知不觉变窄一样，特斯拉 Model Y 标准版的 “缩水” 同样直观。在政府 7500 美元电动汽车补贴取消后，特斯拉推出这款更低价位车型，看似是为弥补补贴缺失、降低消费者购车门槛，实则暗藏 “猫腻”。雅虎财经指出，消费者花此前相近的钱，买到的 Model Y 标准版定位却略低于高端车型，相当于 “羊毛出在羊身上”，这种情况被称为 “汽车售价缩水式通胀”。原本期待更高配置或更优体验的消费者，最终得到的却是 “减配不减价” 的产品，难免心生不满。二、战略反差：押注 AI 与推出 “过时” 车型的矛盾更让人疑惑的是特斯拉的战略反差。一方面，特斯拉宣称要推进自动驾驶车队落地、全力押注人工智能（AI），开启改变世界的新征程；另一方面，却在此时推出 Model Y 标准版这类微调 “即将过时” 技术与产品线的车型，显得格外反常，甚至暗藏隐忧。文章作者将其比作大型科技公司在全行业发力流媒体服务时，反而推出录像机（VCR），完全跟不上行业主流方向。在 AI 与自动驾驶成为汽车行业未来发展核心的当下，特斯拉此举与自身高调宣扬的战略背道而驰，不禁让外界对其发展重心产生质疑。三、质疑升级：特斯拉身份与 AI 目标的双重拷问此次推出 “低投入、略带投机意味” 的 Model Y 标准版，让不少人确信特斯拉已不再将自己视为一家汽车公司。而新车型推出过程拖沓且粗糙，定价又不低廉，进一步引发外界对特斯拉及埃隆・马斯克能否实现 AI 领域目标的怀疑。尽管目前无法确定特斯拉在 AI 领域的投入是否可行、AI 技术能否盈利，但从其近期推出新车型的表现来看，缺乏足够的诚意与实力支撑。更何况，无论是特斯拉还是马斯克，违背承诺并非首次，这让大众对其 AI 目标的信任度再打折扣。特斯拉 Model Y 标准版引发的争议，不仅是一款车型的 “缩水” 问题，更折射出企业战略定位的迷茫与外界信任的流失。未来，特斯拉若想实现 AI 领域的宏伟目标，或许需要先理清自身定位，用更优质的产品与实际行动赢回消费者的信任。","news_type":1,"symbols_score_info":{"TSLA":1.5,"TSYW.SI":0.6,"TSLL":1.5}},"isVote":1,"tweetType":1,"viewCount":664,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":484820513841184,"gmtCreate":1759393420152,"gmtModify":1759393422625,"author":{"id":"4200548990531302","authorId":"4200548990531302","name":"JUNJUN 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亿美元的富豪。根据《福布斯》亿万富豪榜实时数据，截至美国","content":"<html><body><div><p>BlockBeats 消息，10 月 2 日，据《福布斯》报道，当地时间周三，埃隆·马斯克又达成一项重大里程碑，成为全球首位身价达到 5000 亿美元的富豪。</p><p>根据《福布斯》亿万富豪榜实时数据，截至美国东部时间下午 3 点 30 分，这位全球首富的身价已达到 5000 亿美元。去年 12 月，马斯克成为首位身价突破 4000 亿美元的富豪，如今他的身价比位居第二的拉里·埃里森高出 1500 亿美元，并且距离成为全球首位万亿富翁已经走完一半路程。</p><p><a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>股价周三涨近 4%，为马斯克的财富增加了约 93 亿美元，因投资者继续看好重新聚焦特斯拉事务的马斯克。随着特斯拉的市值回升至去年 12 月创下的历史最高点的 10% 以内，马斯克持有的特斯拉 12% 的股份现在价值 1910 亿美元。</p></div></body></html>","source":"theblockbeats_zh_live","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>马斯克成为全球首位身价突破5000亿美元富豪</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马斯克成为全球首位身价突破5000亿美元富豪\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-10-02 07:40 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.theblockbeats.info//flash/314777><strong>Blockbeats</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>BlockBeats 消息，10 月 2 日，据《福布斯》报道，当地时间周三，埃隆·马斯克又达成一项重大里程碑，成为全球首位身价达到 5000 亿美元的富豪。根据《福布斯》亿万富豪榜实时数据，截至美国东部时间下午 3 点 30 分，这位全球首富的身价已达到 5000 亿美元。去年 12 月，马斯克成为首位身价突破 4000 亿美元的富豪，如今他的身价比位居第二的拉里·埃里森高出 1500 亿美元，...</p>\n\n<a href=\"https://www.theblockbeats.info//flash/314777\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","TSLA":"特斯拉","BK4581":"高盛持仓","BK4527":"明星科技股","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","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","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","BK4585":"ETF&股票定投概念","LU0823411888.USD":"法巴消费创新基金 Cap","LU2756315664.SGD":"ALLIANZ 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年的道路并不平坦。这家电动汽车制造商正感受到来自各方面的压力：媒体、消费者、分析师，应有尽有。据“北美财经”，尽管消费者纷纷离开这个品牌，媒体对马斯克 (Elon Musk) 在政治方面行为感到失望，但仍有一些问题被忽视了。让我们来看看最近的诉讼，人才外流，以及宝贵的碳权销售的损失。诉讼不断就在本月早些时候，马斯克和特斯拉被股东...</p>\n\n<a href=\"https://news.cnyes.com/news/id/6119613?exp=a\">网页链接</a>\n\n</div>\n","source":"cnyes_highlight","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>特斯拉投资人应关注的三大严重问题</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特斯拉投资人应关注的三大严重问题\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-08-21 07:06 北京时间&nbsp;&nbsp;&nbsp;<a href=https://news.cnyes.com/news/id/6119613?exp=a><strong>鉅亨网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>对特斯拉 (Tesla)(TSLA-US) 的投资人来说，2025 年的道路并不平坦。这家电动汽车制造商正感受到来自各方面的压力：媒体、消费者、分析师，应有尽有。据“北美财经”，尽管消费者纷纷离开这个品牌，媒体对马斯克 (Elon Musk) 在政治方面行为感到失望，但仍有一些问题被忽视了。让我们来看看最近的诉讼，人才外流，以及宝贵的碳权销售的损失。诉讼不断就在本月早些时候，马斯克和特斯拉被股东...</p>\n\n<a href=\"https://news.cnyes.com/news/id/6119613?exp=a\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://cimg.cnyes.cool/prod/news/6119613/xs/df96a31ecea26489917c6497ab7e9575.jpg","relate_stocks":{"SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","TSLA":"特斯拉","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","BK4574":"无人驾驶","BK4548":"巴美列捷福持仓","BK4551":"寇图资本持仓","BK4598":"佩洛西持仓","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) 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INC"},"source_url":"https://news.cnyes.com/news/id/6119613?exp=a","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2561386244","content_text":"对特斯拉 (Tesla)(TSLA-US) 的投资人来说，2025 年的道路并不平坦。这家电动汽车制造商正感受到来自各方面的压力：媒体、消费者、分析师，应有尽有。据“北美财经”，尽管消费者纷纷离开这个品牌，媒体对马斯克 (Elon Musk) 在政治方面行为感到失望，但仍有一些问题被忽视了。让我们来看看最近的诉讼，人才外流，以及宝贵的碳权销售的损失。诉讼不断就在本月早些时候，马斯克和特斯拉被股东起诉，指控他们隐瞒自驾车带来的严重风险，犯有证券欺诈罪。此拟议中的集体诉讼是在本月早些时候提起，在 6 月底特斯拉在德州奥斯汀首次公开测试其自驾计程车后，这起诉讼给特斯拉造成了沉重打击。这些诉讼有着广泛的推动力，其中许多都是针对马斯克本人的行为。事实上，截至 2023 年 8 月，特斯拉已经卷入了 1,750 多起诉讼，其中很大一部分发生在中国。在残酷的价格战和来自中国本土车商日益激烈的竞争中，特斯拉已经在努力保护市占和利润。同样在本月稍早，一个联邦陪审团发现，特斯拉在 2019 年一起车祸中负有部分责任，该车祸导致一名行人死亡，另一名行人严重受伤，当时汽车处于自动驾驶状态。陪审团最终判给原告 4,300 万美元的赔偿，外加 2 亿美元的惩罚性赔偿。这些诉讼当然很难追踪，但投资人应明智的记住，这些诉讼正在累积，有些诉讼可能会让特斯拉在品牌形象或直接损害赔偿方面付出非常高昂的代价。人才外流在特斯拉面临的一连串负面消息中，许多投资人对今年高层离职的情况不屑一顾。但这种人才外流已经引起投资人担忧，也应该如此。一些主要离职案例包括 Omead Afshare(副总裁 / 北美 / 欧洲销售和制造主管）、Milan Kovac （Optimus 人形机器人团队负责人）、Vineet Mehta（电池架构主管）、Troy Jones（北美销售、服务和交付副总裁）、Pete Bannon（硬件工程、芯片技术和 Dojo 超级电脑副总裁），以及 Piero Landolfi（北美服务总监）。这些只是少数高层管理人员和关键人员的离职，以及服务、销售、工程甚至机器人团队等关键领域的领导者。这些人的离职引发了人们对特斯拉的领导力、运营挑战以及目前保持竞争能力的担忧。失去碳权收入若说特斯拉和它的一些电动汽车竞争对手即将失去一个重要的收入来源，那就太轻描淡写了。没错：特斯拉、Lucid 和 Rivian 等公司即将看到数十亿美元的收入在一夜之间消失，因为美国的政策基本上结束了零排放额度市场。从本质上讲，政府以前惩罚的是燃油经济性较低的汽车制造商，或者那些生产更多耗油汽车和更少电动汽车的汽车制造商，但现在不再是这样了。如果没有强制性的执行处罚，那些未能达到排放标准的公司就不再有动力从电动汽车制造商那里购买碳权来达到标准。随着这些零排放额度的市场枯竭，拥有这些额度过剩的电动汽车制造商的很大一部分收入也随之流失。美国国家公路交通安全管理局（NHTSA）已停止向违反燃油经济性标准的汽车制造商发出合规信。","news_type":1,"symbols_score_info":{"TSLL":1,"TSYW.SI":0.6,"TSLA":1}},"isVote":1,"tweetType":1,"viewCount":835,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":451593905152584,"gmtCreate":1751278644637,"gmtModify":1751279108293,"author":{"id":"4200548990531302","authorId":"4200548990531302","name":"JUNJUN CHEN","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4200548990531302","idStr":"4200548990531302"},"themes":[],"htmlText":"真奇怪，早些时候不唱空，robotaxi推出之后好多传统媒体疯狂唱空","listText":"真奇怪，早些时候不唱空，robotaxi推出之后好多传统媒体疯狂唱空","text":"真奇怪，早些时候不唱空，robotaxi推出之后好多传统媒体疯狂唱空","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/451593905152584","repostId":"2547006033","repostType":2,"repost":{"id":"2547006033","kind":"news","pubTimestamp":1751276657,"share":"https://www.laohu8.com/m/news/2547006033?lang=zh_CN&edition=full","pubTime":"2025-06-30 17:44","market":"us","language":"zh","title":"特斯拉股票还能再创造百万富翁吗？","url":"https://stock-news.laohu8.com/highlight/detail?id=2547006033","media":"Ofweek维科网","summary":"评估特斯拉的真实估值特斯拉或许是全球最受关注的公司，部分原因在于它颠覆了全球汽车市场。2024年，特斯拉总收入仅增长0.9%，而2025年第一季度则下降了9.2%。马斯克溢价以目前1万亿美元的市值和179倍的市盈率来看，特斯拉的估值被严重高估。特斯拉似乎还有很长的路要走。如果一切按计划进行，尽管结果非常不确定，但特斯拉未来可能会让其投资者成为百万富翁。","content":"<html><body><article><p>回顾<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>（TSLA-0.67%）作为上市公司的历史，它为投资者创造了巨额财富。这家汽车行业的颠覆者自2010年6月首次公开募股（截至6月25日）以来，股价已飙升20,290%。如果你当时投资了5,000美元，那么现在你的投资组合中就会有100万美元的余额。</p><p>没有人会对过去如此令人印象深刻的涨幅提出异议。但这只领先的电动汽车股票未来会成为百万富翁吗？</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250630174418650d201naix4701dah\"/><p><strong>评估特斯拉的真实估值</strong></p><p>特斯拉或许是全球最受关注的公司，部分原因在于它颠覆了全球汽车市场。投资者也密切关注首席执行官埃隆·马斯克的动向以及他对公司的规划（详见下文）。</p><p>然而，投资者不应忽视特斯拉如今的真正面貌：它是一家面临挑战、销售创新型、技术型电动汽车的公司。今年第一季度，该公司汽车业务收入达140亿美元，占总收入的72%。2024年，特斯拉总收入仅增长0.9%，而2025年第一季度则下降了9.2%。</p><p>由于平均售价下降、发货量减少以及费用增加，第一季度<span>营业收入</span>暴跌 66%。</p><p>公平地说，这是一家极具创造力的公司，致力于尖端科技的探索。但只要用清晰的视角观察特斯拉，就会发现它正处于困境之中。毫无疑问，它的核心业务正面临压力。</p><p>考虑到特斯拉目前的业务现状，其估值应该是多少？即使市盈率（P/E）达到更合理的50倍（相比之下，<a href=\"https://laohu8.com/S/DLX\">豪华</a>汽车制造商<a href=\"https://laohu8.com/S/RACE\">法拉利</a>目前的市盈率为179倍），该股仍有72%的下跌空间。这显然没有给投资者任何看涨的理由。</p><p><strong>马斯克溢价</strong></p><p>以目前1万亿美元的市值和179倍的市盈率来看，特斯拉的估值被严重高估。但这只热门股票似乎一直估值过高，因为投资者持续押注该公司未来有望成为自动驾驶和机器人技术领域的主导力量。</p><p>该公司终于在德克萨斯州奥斯汀推出了自动驾驶出租车服务。这项服务备受期待，马斯克也已经谈论多年。然而，我认为它最终只是个空头支票。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250630174420627d201hudooudgl5d\"/><p>当时没有 Cybercab，取而代之的是不到二十辆 Model Y。所有车辆都配备了人类监管人员。自动驾驶出租车的运行<a href=\"https://laohu8.com/S/VIDE\">视频显示</a>出诸多问题，促使美国国家公路交通安全管理局展开调查。</p><p>与此同时，Alphabet旗下的 Waymo 每周在多个城市处理 25 万次行程。纽约市已开始测试该服务。特斯拉似乎还有很长的路要走。</p><p>该公司还在利用其人工智能技术研发人形机器人擎天柱 (Optimus)。马斯克相信，到2020年，擎天柱的年产量将达到100万台。除了将这些机器投入工厂生产外，该公司的目标还包括将其出售给其他公司。</p><p>如果一切按计划进行，尽管结果非常不确定，但特斯拉未来可能会让其投资者成为百万富翁。自动驾驶出租车和人形机器人的终端市场规模估计达数万亿美元。该公司不仅能够让这些技术实现大规模应用，还能抓住大量机遇，这可能会带来一笔意外之财。</p><p>然而，我认为该公司也很有可能无法达到其更高的预期，而其一贯的拖延也印证了这种观点。我仍然在回避这只股票。</p><p>原文标题 : 特斯拉股票还能再创造百万富翁吗？</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>特斯拉股票还能再创造百万富翁吗？</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特斯拉股票还能再创造百万富翁吗？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-06-30 17:44 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025063017442497946f5d&s=b><strong>Ofweek维科网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>回顾特斯拉（TSLA-0.67%）作为上市公司的历史，它为投资者创造了巨额财富。这家汽车行业的颠覆者自2010年6月首次公开募股（截至6月25日）以来，股价已飙升20,290%。如果你当时投资了5,000美元，那么现在你的投资组合中就会有100万美元的余额。没有人会对过去如此令人印象深刻的涨幅提出异议。但这只领先的电动汽车股票未来会成为百万富翁吗？评估特斯拉的真实估值特斯拉或许是全球最受关注的公司...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025063017442497946f5d&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":{"LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) 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(AUDHDG) INC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025063017442497946f5d&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2547006033","content_text":"回顾特斯拉（TSLA-0.67%）作为上市公司的历史，它为投资者创造了巨额财富。这家汽车行业的颠覆者自2010年6月首次公开募股（截至6月25日）以来，股价已飙升20,290%。如果你当时投资了5,000美元，那么现在你的投资组合中就会有100万美元的余额。没有人会对过去如此令人印象深刻的涨幅提出异议。但这只领先的电动汽车股票未来会成为百万富翁吗？评估特斯拉的真实估值特斯拉或许是全球最受关注的公司，部分原因在于它颠覆了全球汽车市场。投资者也密切关注首席执行官埃隆·马斯克的动向以及他对公司的规划（详见下文）。然而，投资者不应忽视特斯拉如今的真正面貌：它是一家面临挑战、销售创新型、技术型电动汽车的公司。今年第一季度，该公司汽车业务收入达140亿美元，占总收入的72%。2024年，特斯拉总收入仅增长0.9%，而2025年第一季度则下降了9.2%。由于平均售价下降、发货量减少以及费用增加，第一季度营业收入暴跌 66%。公平地说，这是一家极具创造力的公司，致力于尖端科技的探索。但只要用清晰的视角观察特斯拉，就会发现它正处于困境之中。毫无疑问，它的核心业务正面临压力。考虑到特斯拉目前的业务现状，其估值应该是多少？即使市盈率（P/E）达到更合理的50倍（相比之下，豪华汽车制造商法拉利目前的市盈率为179倍），该股仍有72%的下跌空间。这显然没有给投资者任何看涨的理由。马斯克溢价以目前1万亿美元的市值和179倍的市盈率来看，特斯拉的估值被严重高估。但这只热门股票似乎一直估值过高，因为投资者持续押注该公司未来有望成为自动驾驶和机器人技术领域的主导力量。该公司终于在德克萨斯州奥斯汀推出了自动驾驶出租车服务。这项服务备受期待，马斯克也已经谈论多年。然而，我认为它最终只是个空头支票。当时没有 Cybercab，取而代之的是不到二十辆 Model Y。所有车辆都配备了人类监管人员。自动驾驶出租车的运行视频显示出诸多问题，促使美国国家公路交通安全管理局展开调查。与此同时，Alphabet旗下的 Waymo 每周在多个城市处理 25 万次行程。纽约市已开始测试该服务。特斯拉似乎还有很长的路要走。该公司还在利用其人工智能技术研发人形机器人擎天柱 (Optimus)。马斯克相信，到2020年，擎天柱的年产量将达到100万台。除了将这些机器投入工厂生产外，该公司的目标还包括将其出售给其他公司。如果一切按计划进行，尽管结果非常不确定，但特斯拉未来可能会让其投资者成为百万富翁。自动驾驶出租车和人形机器人的终端市场规模估计达数万亿美元。该公司不仅能够让这些技术实现大规模应用，还能抓住大量机遇，这可能会带来一笔意外之财。然而，我认为该公司也很有可能无法达到其更高的预期，而其一贯的拖延也印证了这种观点。我仍然在回避这只股票。原文标题 : 特斯拉股票还能再创造百万富翁吗？","news_type":1,"symbols_score_info":{"TSLL":1,"TSLA":1,"TSYW.SI":0.6}},"isVote":1,"tweetType":1,"viewCount":1495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":450161513287944,"gmtCreate":1750931124081,"gmtModify":1750931265414,"author":{"id":"4200548990531302","authorId":"4200548990531302","name":"JUNJUN CHEN","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4200548990531302","idStr":"4200548990531302"},"themes":[],"htmlText":"沙雕机构，涨了就上调，跌了就下调，谁不会","listText":"沙雕机构，涨了就上调，跌了就下调，谁不会","text":"沙雕机构，涨了就上调，跌了就下调，谁不会","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/450161513287944","repostId":"2546202645","repostType":2,"repost":{"id":"2546202645","kind":"live","pubTimestamp":1750927181,"share":"https://www.laohu8.com/m/news/2546202645?lang=zh_CN&edition=full","pubTime":"2025-06-26 16:39","market":"us","language":"zh","title":"瑞银发布研报重申对特斯拉的“卖出”评级目标价为215美元。瑞银预计特斯拉将于7月2日公布2025年第二季度交付数据Q2交","url":"https://stock-news.laohu8.com/highlight/detail?id=2546202645","media":"智通财经","summary":"瑞银发布研报重申对特斯拉的“卖出”评级目标价为215美元。瑞银预计特斯拉将于7月2日公布2025年第二季度交付数据Q2交付量约为36.6万辆同比下降18%环比增长9%但仍比市场预期低10%。","content":"<html><body><div>\n<div>\r\n                  瑞银发布研报重申对特斯拉的“卖出”评级目标价为215美元。瑞银预计特斯拉将于7月2日公布2025年第二季度交付数据Q2交付量约为36.6万辆同比下降18%环比增长9%但仍比市场预期低10%。                </div>\n</div></body></html>","source":"live_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>瑞银发布研报重申对特斯拉的“卖出”评级目标价为215美元。瑞银预计特斯拉将于7月2日公布2025年第二季度交付数据Q2交</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瑞银发布研报重申对特斯拉的“卖出”评级目标价为215美元。瑞银预计特斯拉将于7月2日公布2025年第二季度交付数据Q2交\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-06-26 16:39 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.zhitongcaijing.com/immediately.html?type=usstock><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>瑞银发布研报重申对特斯拉的“卖出”评级目标价为215美元。瑞银预计特斯拉将于7月2日公布2025年第二季度交付数据Q2交付量约为36.6万辆同比下降18%环比增长9%但仍比市场预期低10%。</p>\n\n<a href=\"https://www.zhitongcaijing.com/immediately.html?type=usstock\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","BK4604":"机器人概念","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","BK4581":"高盛持仓","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) 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SGD-H","BK4574":"无人驾驶","TSLA":"特斯拉","LU1861215975.USD":"贝莱德新一代科技基金 A2","TSYW.SI":"TESLA 3xLongSG261006"},"source_url":"https://www.zhitongcaijing.com/immediately.html?type=usstock","is_english":false,"share_image_url":"https://static.laohu8.com/6ca2dcdccfa2217fb20a0351f4efe814","article_id":"2546202645","content_text":"瑞银发布研报重申对特斯拉的“卖出”评级目标价为215美元。瑞银预计特斯拉将于7月2日公布2025年第二季度交付数据Q2交付量约为36.6万辆同比下降18%环比增长9%但仍比市场预期低10%。","news_type":1,"symbols_score_info":{"TSYW.SI":0.6,"TSLA":1,"TSLL":1}},"isVote":1,"tweetType":1,"viewCount":1054,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":434790714544720,"gmtCreate":1747183942518,"gmtModify":1747185866718,"author":{"id":"4200548990531302","authorId":"4200548990531302","name":"JUNJUN CHEN","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4200548990531302","idStr":"4200548990531302"},"themes":[],"htmlText":"突破 340了，看你敢不敢上车了","listText":"突破 340了，看你敢不敢上车了","text":"突破 340了，看你敢不敢上车了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/434790714544720","isVote":1,"tweetType":1,"viewCount":1354,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":519246771553392,"gmtCreate":1767798487628,"gmtModify":1767800449171,"author":{"id":"4200548990531302","authorId":"4200548990531302","name":"JUNJUN CHEN","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4200548990531302","idStr":"4200548990531302"},"themes":[],"title":"","htmlText":"这种无脑唱空的文章，有个叫“畜牧教主马斯克”的人一看就高潮，多多推给他好了","listText":"这种无脑唱空的文章，有个叫“畜牧教主马斯克”的人一看就高潮，多多推给他好了","text":"这种无脑唱空的文章，有个叫“畜牧教主马斯克”的人一看就高潮，多多推给他好了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/519246771553392","repostId":"2601877535","repostType":2,"repost":{"id":"2601877535","kind":"news","pubTimestamp":1767784565,"share":"https://www.laohu8.com/m/news/2601877535?lang=zh_CN&edition=full","pubTime":"2026-01-07 19:16","market":"us","language":"zh","title":"特斯拉：一家或将陷入衰退的成长型企业","url":"https://stock-news.laohu8.com/highlight/detail?id=2601877535","media":"美股研究社","summary":"综上，储能业务虽是特斯拉目前唯一具备实际增长潜力的板块，但该业务正面临 “装机量增速放缓、单位营收持续下滑” 的双重压力。要知道，彼时特斯拉尚未遭遇如此严重的声誉危机与竞争压力。综合来看，特斯拉已不再是一家高速成长的企业，反而是正陷入衰退的泥潭。","content":"<html><body><article><p><strong>用户群体的疏远与核心人物风险</strong></p><p>我们不会深入探讨多头最看重的三大炒作概念 —— 完全自动驾驶（FSD）、人工智能与机器人技术。原因很简单，这三项业务至今均未产生实质性的财务收益，依旧停留在投机阶段。</p><p>即便未来其中一项或多项业务能够取得成功，也必须正视一个现实：这些领域的竞争都异常激烈，而<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>在切入这些赛道时，已然因创始人的政治立场卷入争议，导致品牌声誉受损，暴露出显著的<strong>核心人物风险</strong>。近年来，市场上一直流传着 “过度追求政治正确，终将反噬企业经营” 的说法，而这一道理反过来同样成立。特斯拉因立场问题疏远了至少半数消费者，进而可能损害用户信任 —— 这对公司的发展而言，无疑是一剂毒药。</p><img src=\"\"/><p>【如需和我们交流可扫码添加进社群】</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/dR7EpbvovdKBibR2JMaxUNVoEYIawaicLcrVAEs2bhwIEUP4FfvianI8UkwWsmGS8QGt9FUCfIVia1npfInK1SOWWQ/640?wx_fmt=png&amp;from=appmsg\"/><p><strong>储能业务：</strong></p><p><strong>装机量增长放缓，单位营收持续下滑</strong></p><p>接下来聚焦特斯拉的核心实体业务 —— 汽车制造与储能系统。在所有业务指标中，储能装机量（GWh）是特斯拉唯一能拿出手的增长数据。2025 年第四季度，公司储能装机量达到 14.2 吉瓦时的历史新高；全年装机量累计达 46.7 吉瓦时，展现出强劲的扩张态势。</p><p>但光鲜数据的背后，是<strong>同比增速的快速滑落</strong>：2025 年储能装机量同比增幅为 49%，远低于 2024 年的 114% 与 2023 年的 126%。市场预测，到 2029 年，这一增速将进一步放缓至 26%，对应装机量约 141.8 吉瓦时。</p><p>与装机量增速放缓相伴而来的，是<strong>单位装机量营收的持续走低</strong>。2020 至 2021 年，特斯拉每吉瓦时储能装机量能创造近 7 亿美元的营收；而到了 2025 年第二季度，这一数值已腰斩过半，降至 2.89 亿美元；第三季度进一步下滑至 2.76 亿美元。值得注意的是，过去五个季度里，储能业务的毛利率基本稳定在 25% 至 31% 的区间。</p><p>综上，储能业务虽是特斯拉目前唯一具备实际增长潜力的板块，但该业务正面临 “装机量增速放缓、单位营收持续下滑” 的双重压力。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/dR7EpbvovdKBibR2JMaxUNVoEYIawaicLczbSMU66CbrBjDq7jpr5zsiclLE4DkRGuL9TVwK0r2tbvibNaKK4AzxHw/640?wx_fmt=png&amp;from=appmsg\"/><p><strong>汽车业务：</strong></p><p><strong>交付量下滑叠加售价走低，内外承压</strong></p><p>无论市场如何炒作新概念，汽车销售仍是特斯拉的核心支柱业务。已有大量报道指出，2025 年第四季度，特斯拉汽车交付量同比暴跌 16%；全年交付量同比下降 9%，创下公司史上最差的季度同比表现，同时也是连续第二个财年交付量下滑。</p><p>此外，根据分析师的测算，截至 2025 年第三季度，特斯拉汽车的过去十二个月（TTM）平均售价已<span>跌破</span> 4 万美元。</p><p>市场预测，到 2029 年，特斯拉汽车年交付量有望达到 300 万辆，较 2025 年的 160 万辆实现增长。但这一目标的可行性，分析师深表怀疑 —— 毕竟，特斯拉正面临日益激烈的市场竞争。即便我们姑且认可这一偏乐观的预测，其对应的 2029 年交付量同比增速也仅为 28%，与 2023 年之前的高速增长时代相去甚远。要知道，彼时特斯拉尚未遭遇如此严重的声誉危机与竞争压力。</p><p>从区域市场的表现中，我们更能直观感受到特斯拉的困境。2025 年 11 月，中国新能源汽车市场整体销量同比增长 21%，<a href=\"https://laohu8.com/S/XIACY\">小米</a>等中国本土品牌的交付量更是实现翻倍，而特斯拉在华销量却陷入同比停滞。</p><p>放眼全球市场，2025 年<a href=\"https://laohu8.com/S/BYDDY\">比亚迪</a>的纯电动汽车销量已大幅超越特斯拉。而在欧洲市场，马斯克的立场引发了消费者的强烈抵触：2025 年 12 月，特斯拉在瑞典、法国、西班牙、比利时、葡萄牙的新车注册量同比分别暴跌 71%、66%、44%、28% 和 13%。从欧洲主要市场的全年数据初步判断，特斯拉 2025 年的注册量同比降幅约为 25%，市场份额持续萎缩。</p><p>雪上加霜的是，受美国本土政策支持力度减弱等因素影响，2026 年全球新能源汽车销量的整体增速预计将显著放缓。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/dR7EpbvovdKBibR2JMaxUNVoEYIawaicLciaWMQ0QPFPFmoNQtcVWichXhCuZB2x0BS879mNfIl6Lz8r5HIRlqLj6w/640?wx_fmt=png&amp;from=appmsg\"/><p><strong>估值泡沫：</strong></p><p><strong>人形机器人预期已被过度透支</strong></p><p>我们不妨暂且采信马斯克的说法 —— 预计到 2026 或 2027 年，特斯拉 Optimus 人形机器人的销量将突破 100 万台，单价或达 2.25 万美元，对应潜在营收约 225 亿美元。</p><p>但从下图的市场一致预期中可以看出，这部分潜在营收早已被<strong>完全计入当前估值</strong>。在覆盖特斯拉的 34 位分析师中，最乐观的预测认为，公司 2027 年的年化营收将较 2025 年增长 720 亿美元。由此可见，市场对特斯拉的预期已然达到了 “只能成功、不能失败” 的极端程度。</p><p>即便以这份极度乐观的 2027 年营收预期为基准，特斯拉当前对应的远期市盈率仍高达 147 倍。在之前的分析中，分析师曾从多个角度拆解特斯拉的估值，结论早已不言而喻：其估值水平早已脱离基本面，荒谬至极。而时至今日，这一结论依然成立。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_jpg/dR7EpbvovdKLTlW17KYicXbduwZsUSFEKA3QhDoZBDRLD4pI17USiafzA7ib7ZgicBniaIKocAFvdFCDFy7DSsRicKibw/640?wx_fmt=jpeg&amp;from=appmsg\"/><p>数据来源：营收预期（Seeking Alpha）</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/dR7EpbvovdJ3W4gruZ6lz6pj1cuQvXYHzFTgv6zBDxN3hjm1PtXPLNKCakI3eyW9mPqibvjCvXwDia0vaM9Nht8w/640?wx_fmt=png&amp;from=appmsg\"/><p><strong>结语</strong></p><p>在竞争白热化的新能源汽车市场，特斯拉正面临交付量下滑与售价走低的双重压力；储能业务虽有增长，但增速放缓、单位营收下滑的隐忧日益凸显。人形机器人等新兴业务的潜在收益，早已被市场透支殆尽，当前估值完全建立在充满不确定性的预期之上。</p><p>更致命的是，创始人的政治立场引发的品牌声誉危机，以及由此带来的核心人物风险，正在持续损害公司的用户基础与市场竞争力。</p><p>综合来看，特斯拉已不再是一家高速成长的企业，反而是正陷入衰退的泥潭。对投资者而言，现在正是最后的离场时机。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_jpg/dR7EpbvovdJlQNwm5fnHWnfblqB1P5B3gLTjg6j6dT5IyOFclcldYqPQickKMUqicdaXvibXdEb4OibV97CAwGO6TQ/640?wx_fmt=other&amp;wxfrom=5&amp;wx_lazy=1&amp;tp=webp#imgIndex=5\"/><img src=\"https://mmbiz.qpic.cn/mmbiz_jpg/dR7EpbvovdKnkt8t5QpwjNQOKyGlZz4SFiacicdM3aP4hZVCfGia7HbIYBoDxz2gubPAgoXDXhfrcLIfT2eG92icfw/640?wx_fmt=other&amp;from=appmsg&amp;wxfrom=5&amp;wx_lazy=1&amp;tp=webp#imgIndex=6\"/><img src=\"https://mmbiz.qpic.cn/mmbiz_gif/dR7EpbvovdLt0fplojSTcIf4vTY1fP5f5VhIsL3QI5iaHIficMHKVzpaxPOM0yB24Zgs1PJlLHXFs5UXKRic0iaTxA/640?wx_fmt=gif&amp;from=appmsg&amp;wxfrom=5&amp;wx_lazy=1&amp;tp=webp#imgIndex=7\"/></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：一家或将陷入衰退的成长型企业</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：一家或将陷入衰退的成长型企业\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-07 19:16 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260107192635a4a7912b&s=b><strong>美股研究社</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>用户群体的疏远与核心人物风险我们不会深入探讨多头最看重的三大炒作概念 —— 完全自动驾驶（FSD）、人工智能与机器人技术。原因很简单，这三项业务至今均未产生实质性的财务收益，依旧停留在投机阶段。即便未来其中一项或多项业务能够取得成功，也必须正视一个现实：这些领域的竞争都异常激烈，而特斯拉在切入这些赛道时，已然因创始人的政治立场卷入争议，导致品牌声誉受损，暴露出显著的核心人物风险。近年来，市场上一直...</p>\n\n<a 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ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260107192635a4a7912b&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2601877535","content_text":"用户群体的疏远与核心人物风险我们不会深入探讨多头最看重的三大炒作概念 —— 完全自动驾驶（FSD）、人工智能与机器人技术。原因很简单，这三项业务至今均未产生实质性的财务收益，依旧停留在投机阶段。即便未来其中一项或多项业务能够取得成功，也必须正视一个现实：这些领域的竞争都异常激烈，而特斯拉在切入这些赛道时，已然因创始人的政治立场卷入争议，导致品牌声誉受损，暴露出显著的核心人物风险。近年来，市场上一直流传着 “过度追求政治正确，终将反噬企业经营” 的说法，而这一道理反过来同样成立。特斯拉因立场问题疏远了至少半数消费者，进而可能损害用户信任 —— 这对公司的发展而言，无疑是一剂毒药。【如需和我们交流可扫码添加进社群】储能业务：装机量增长放缓，单位营收持续下滑接下来聚焦特斯拉的核心实体业务 —— 汽车制造与储能系统。在所有业务指标中，储能装机量（GWh）是特斯拉唯一能拿出手的增长数据。2025 年第四季度，公司储能装机量达到 14.2 吉瓦时的历史新高；全年装机量累计达 46.7 吉瓦时，展现出强劲的扩张态势。但光鲜数据的背后，是同比增速的快速滑落：2025 年储能装机量同比增幅为 49%，远低于 2024 年的 114% 与 2023 年的 126%。市场预测，到 2029 年，这一增速将进一步放缓至 26%，对应装机量约 141.8 吉瓦时。与装机量增速放缓相伴而来的，是单位装机量营收的持续走低。2020 至 2021 年，特斯拉每吉瓦时储能装机量能创造近 7 亿美元的营收；而到了 2025 年第二季度，这一数值已腰斩过半，降至 2.89 亿美元；第三季度进一步下滑至 2.76 亿美元。值得注意的是，过去五个季度里，储能业务的毛利率基本稳定在 25% 至 31% 的区间。综上，储能业务虽是特斯拉目前唯一具备实际增长潜力的板块，但该业务正面临 “装机量增速放缓、单位营收持续下滑” 的双重压力。汽车业务：交付量下滑叠加售价走低，内外承压无论市场如何炒作新概念，汽车销售仍是特斯拉的核心支柱业务。已有大量报道指出，2025 年第四季度，特斯拉汽车交付量同比暴跌 16%；全年交付量同比下降 9%，创下公司史上最差的季度同比表现，同时也是连续第二个财年交付量下滑。此外，根据分析师的测算，截至 2025 年第三季度，特斯拉汽车的过去十二个月（TTM）平均售价已跌破 4 万美元。市场预测，到 2029 年，特斯拉汽车年交付量有望达到 300 万辆，较 2025 年的 160 万辆实现增长。但这一目标的可行性，分析师深表怀疑 —— 毕竟，特斯拉正面临日益激烈的市场竞争。即便我们姑且认可这一偏乐观的预测，其对应的 2029 年交付量同比增速也仅为 28%，与 2023 年之前的高速增长时代相去甚远。要知道，彼时特斯拉尚未遭遇如此严重的声誉危机与竞争压力。从区域市场的表现中，我们更能直观感受到特斯拉的困境。2025 年 11 月，中国新能源汽车市场整体销量同比增长 21%，小米等中国本土品牌的交付量更是实现翻倍，而特斯拉在华销量却陷入同比停滞。放眼全球市场，2025 年比亚迪的纯电动汽车销量已大幅超越特斯拉。而在欧洲市场，马斯克的立场引发了消费者的强烈抵触：2025 年 12 月，特斯拉在瑞典、法国、西班牙、比利时、葡萄牙的新车注册量同比分别暴跌 71%、66%、44%、28% 和 13%。从欧洲主要市场的全年数据初步判断，特斯拉 2025 年的注册量同比降幅约为 25%，市场份额持续萎缩。雪上加霜的是，受美国本土政策支持力度减弱等因素影响，2026 年全球新能源汽车销量的整体增速预计将显著放缓。估值泡沫：人形机器人预期已被过度透支我们不妨暂且采信马斯克的说法 —— 预计到 2026 或 2027 年，特斯拉 Optimus 人形机器人的销量将突破 100 万台，单价或达 2.25 万美元，对应潜在营收约 225 亿美元。但从下图的市场一致预期中可以看出，这部分潜在营收早已被完全计入当前估值。在覆盖特斯拉的 34 位分析师中，最乐观的预测认为，公司 2027 年的年化营收将较 2025 年增长 720 亿美元。由此可见，市场对特斯拉的预期已然达到了 “只能成功、不能失败” 的极端程度。即便以这份极度乐观的 2027 年营收预期为基准，特斯拉当前对应的远期市盈率仍高达 147 倍。在之前的分析中，分析师曾从多个角度拆解特斯拉的估值，结论早已不言而喻：其估值水平早已脱离基本面，荒谬至极。而时至今日，这一结论依然成立。数据来源：营收预期（Seeking Alpha）结语在竞争白热化的新能源汽车市场，特斯拉正面临交付量下滑与售价走低的双重压力；储能业务虽有增长，但增速放缓、单位营收下滑的隐忧日益凸显。人形机器人等新兴业务的潜在收益，早已被市场透支殆尽，当前估值完全建立在充满不确定性的预期之上。更致命的是，创始人的政治立场引发的品牌声誉危机，以及由此带来的核心人物风险，正在持续损害公司的用户基础与市场竞争力。综合来看，特斯拉已不再是一家高速成长的企业，反而是正陷入衰退的泥潭。对投资者而言，现在正是最后的离场时机。","news_type":1,"symbols_score_info":{"TSLA":1.98,"TSYW.SI":0.6}},"isVote":1,"tweetType":1,"viewCount":150,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":509155767227320,"gmtCreate":1765332177432,"gmtModify":1765332179189,"author":{"id":"4200548990531302","authorId":"4200548990531302","name":"JUNJUN CHEN","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4200548990531302","idStr":"4200548990531302"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TSLL\">$2倍做多TSLA ETF-Direxion(TSLL)$&nbsp;</a> 怎么不同步了","listText":"<a href=\"https://laohu8.com/S/TSLL\">$2倍做多TSLA ETF-Direxion(TSLL)$&nbsp;</a> 怎么不同步了","text":"$2倍做多TSLA ETF-Direxion(TSLL)$ 怎么不同步了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/509155767227320","isVote":1,"tweetType":1,"viewCount":474,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":487674519257840,"gmtCreate":1760088178281,"gmtModify":1760088181065,"author":{"id":"4200548990531302","authorId":"4200548990531302","name":"JUNJUN CHEN","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4200548990531302","idStr":"4200548990531302"},"themes":[],"htmlText":"天天都是好日子到头，结果人家两个月涨了40多个点，也不知道编辑部门是不是全员**","listText":"天天都是好日子到头，结果人家两个月涨了40多个点，也不知道编辑部门是不是全员**","text":"天天都是好日子到头，结果人家两个月涨了40多个点，也不知道编辑部门是不是全员**","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/487674519257840","repostId":"2574142455","repostType":2,"repost":{"id":"2574142455","kind":"news","pubTimestamp":1760079182,"share":"https://www.laohu8.com/m/news/2574142455?lang=zh_CN&edition=full","pubTime":"2025-10-10 14:53","market":"us","language":"zh","title":"特斯拉(TSLA.US)Q3交付量亮眼 富国银行却预警：好日子可能到头了","url":"https://stock-news.laohu8.com/highlight/detail?id=2574142455","media":"智通财经","summary":"智通财经APP获悉，富国银行发表研报表示，特斯拉2025年第三季度交付量虽显著超出市场及机构预期，但受美国电动汽车税收抵免政策到期、后续需求承压等因素影响，富国银行仍对其短期增长持谨慎态度。交付报告显示，特斯拉Q3总交付量达497099辆，不仅较富国银行自身预测的412000辆高出20.7%，也较市场共识预期的443079辆超出12.2%，同时实现7%的同比增长及29%的环比增长。富国银行分析指出，Q3交付超预期主要依赖政策到期前的促销刺激，并非需求自然增长。","content":"<html><body><p>智通财经APP获悉，<a href=\"https://laohu8.com/S/WFC\">富国银行</a>发表研报表示，<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>(TSLA.US)2025年第三季度交付量虽显著超出市场及机构预期，但受美国电动汽车税收抵免政策到期、后续需求承压等因素影响，富国银行仍对其短期增长持谨慎态度。该行维持特斯拉“减持”评级，目标价120美元，这意味着该股未来存在超过70%的下行空间。</p><p>交付报告显示，特斯拉Q3总交付量达497099辆，不仅较富国银行自身预测的412000辆高出20.7%，也较市场共识预期的443079辆超出12.2%，同时实现7%的同比增长及29%的环比增长。</p><p>值得注意的是，富国银行测算显示，特斯拉Q3库存减少约50000辆，且7-8月其在中国、欧盟及美国市场交付量同比下滑约11%，这意味着9月单月交付量同比增幅超过20%，成为拉动Q3整体交付的关键。</p><p>此外，特斯拉能源存储业务同步发力，Q3部署能源存储产品12.5GWh，较Q2的9.6GWh实现明显增长。</p><p>尽管交付数据超预期，但报告发布当日，特斯拉股价出现下跌，反映出投资者对其短期增长潜力的担忧。富国银行分析指出，Q3交付超预期主要依赖政策到期前的促销刺激，并非需求自然增长。</p><p>具体来看，为对冲美国电动汽车税收抵免政策到期影响，特斯拉在Q3推出多重激励措施：美国市场Model Y/3库存车最高折扣2000美元、美国及加拿大市场Model 3车型提供18个月免费超级充电服务，以及其他超级充电套餐，此外，特斯拉还新增6500美元租赁补贴，进一步加码促销力度。</p><p>价格端压力同样明显，富国银行估算，特斯拉Q3平均订单价格环比小幅下降，其中Model Y/3定价环比下跌1%。该行判断，Q3大概率将是特斯拉未来一段时间内交付量最强劲的季度，后续为维持交付规模，公司需持续推出有吸引力的激励政策与折扣，以抵消7500美元税收抵免到期的影响。</p><p>基于对后续需求及利润压力的判断，富国银行下调了特斯拉2025年核心业绩预期：预计全年交付量约148万辆，同比下降13%，显著低于市场共识的164万辆;同时将2025年每股收益预期下调至较市场共识低29%的水平，核心原因在于对Q4交付疲软、利润率承压及监管信贷收入下降的担忧。</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>特斯拉(TSLA.US)Q3交付量亮眼 富国银行却预警：好日子可能到头了</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(TSLA.US)Q3交付量亮眼 富国银行却预警：好日子可能到头了\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-10-10 14:53 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1353547.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，富国银行发表研报表示，特斯拉(TSLA.US)2025年第三季度交付量虽显著超出市场及机构预期，但受美国电动汽车税收抵免政策到期、后续需求承压等因素影响，富国银行仍对其短期增长持谨慎态度。该行维持特斯拉“减持”评级，目标价120美元，这意味着该股未来存在超过70%的下行空间。交付报告显示，特斯拉Q3总交付量达497099辆，不仅较富国银行自身预测的412000辆高出20.7%，...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1353547.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","TSLL":"2倍做多TSLA ETF-Direxion","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","TSYW.SI":"TESLA 3xLongSG261006","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","TSLA":"特斯拉","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","BK4592":"伊斯兰概念","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","BK4550":"红杉资本持仓","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY 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INC"},"source_url":"http://www.zhitongcaijing.com/content/detail/1353547.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2574142455","content_text":"智通财经APP获悉，富国银行发表研报表示，特斯拉(TSLA.US)2025年第三季度交付量虽显著超出市场及机构预期，但受美国电动汽车税收抵免政策到期、后续需求承压等因素影响，富国银行仍对其短期增长持谨慎态度。该行维持特斯拉“减持”评级，目标价120美元，这意味着该股未来存在超过70%的下行空间。交付报告显示，特斯拉Q3总交付量达497099辆，不仅较富国银行自身预测的412000辆高出20.7%，也较市场共识预期的443079辆超出12.2%，同时实现7%的同比增长及29%的环比增长。值得注意的是，富国银行测算显示，特斯拉Q3库存减少约50000辆，且7-8月其在中国、欧盟及美国市场交付量同比下滑约11%，这意味着9月单月交付量同比增幅超过20%，成为拉动Q3整体交付的关键。此外，特斯拉能源存储业务同步发力，Q3部署能源存储产品12.5GWh，较Q2的9.6GWh实现明显增长。尽管交付数据超预期，但报告发布当日，特斯拉股价出现下跌，反映出投资者对其短期增长潜力的担忧。富国银行分析指出，Q3交付超预期主要依赖政策到期前的促销刺激，并非需求自然增长。具体来看，为对冲美国电动汽车税收抵免政策到期影响，特斯拉在Q3推出多重激励措施：美国市场Model Y/3库存车最高折扣2000美元、美国及加拿大市场Model 3车型提供18个月免费超级充电服务，以及其他超级充电套餐，此外，特斯拉还新增6500美元租赁补贴，进一步加码促销力度。价格端压力同样明显，富国银行估算，特斯拉Q3平均订单价格环比小幅下降，其中Model Y/3定价环比下跌1%。该行判断，Q3大概率将是特斯拉未来一段时间内交付量最强劲的季度，后续为维持交付规模，公司需持续推出有吸引力的激励政策与折扣，以抵消7500美元税收抵免到期的影响。基于对后续需求及利润压力的判断，富国银行下调了特斯拉2025年核心业绩预期：预计全年交付量约148万辆，同比下降13%，显著低于市场共识的164万辆;同时将2025年每股收益预期下调至较市场共识低29%的水平，核心原因在于对Q4交付疲软、利润率承压及监管信贷收入下降的担忧。","news_type":1,"symbols_score_info":{"TSLA":1.5,"TSYW.SI":0.6,"TSLL":1.5}},"isVote":1,"tweetType":1,"viewCount":617,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":487532240650296,"gmtCreate":1760055618963,"gmtModify":1760058954974,"author":{"id":"4200548990531302","authorId":"4200548990531302","name":"JUNJUN CHEN","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4200548990531302","idStr":"4200548990531302"},"themes":[],"htmlText":"老虎的文章质量真的好低，低的都没脑子，哪些傻子写的啊，都是ai生成的吧","listText":"老虎的文章质量真的好低，低的都没脑子，哪些傻子写的啊，都是ai生成的吧","text":"老虎的文章质量真的好低，低的都没脑子，哪些傻子写的啊，都是ai生成的吧","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/487532240650296","repostId":"2574009162","repostType":2,"repost":{"id":"2574009162","kind":"news","pubTimestamp":1760025719,"share":"https://www.laohu8.com/m/news/2574009162?lang=zh_CN&edition=full","pubTime":"2025-10-10 00:01","market":"us","language":"zh","title":"特斯拉竟不是汽车公司？","url":"https://stock-news.laohu8.com/highlight/detail?id=2574009162","media":"汽车产业前线观察","summary":"尽管目前无法确定特斯拉在 AI 领域的投入是否可行、AI 技术能否盈利，但从其近期推出新车型的表现来看，缺乏足够的诚意与实力支撑。特斯拉 Model Y 标准版引发的争议，不仅是一款车型的 “缩水” 问题，更折射出企业战略定位的迷茫与外界信任的流失。","content":"<html><body><article><img src=\"https://fid-75186.picgzc.qpic.cn/20251010000745168v206o8cgoorn2ym\"/><p>生活成本上涨的当下，“缩水式通胀”（Shrinkflation）逐渐成为大众热议的话题。这一概念指品牌对消费者熟悉且喜爱的产品重新包装，通过调整尺寸或内容物降低生产成本，售价却未必下降 —— 消费者花同样甚至更多钱，得到的产品品质却打了折扣。如今，这一现象竟出现在汽车领域，<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a> Model Y 标准版便是典型例子。</p><p>一、Model Y 标准版：汽车界 “缩水式通胀” 样本</p><p>就像家庭装麦片不知不觉变窄一样，特斯拉 Model Y 标准版的 “缩水” 同样直观。在政府 7500 美元电动汽车补贴取消后，特斯拉推出这款更低价位车型，看似是为弥补补贴缺失、降低消费者购车门槛，实则暗藏 “猫腻”。</p><p>雅虎财经指出，消费者花此前相近的钱，买到的 Model Y 标准版定位却略低于高端车型，相当于 “羊毛出在羊身上”，这种情况被称为 “汽车售价缩水式通胀”。原本期待更高配置或更优体验的消费者，最终得到的却是 “减配不减价” 的产品，难免心生不满。</p><p>二、战略反差：押注 AI 与推出 “过时” 车型的矛盾</p><p>更让人疑惑的是特斯拉的战略反差。一方面，特斯拉宣称要推进自动驾驶车队落地、全力押注人工智能（AI），开启改变世界的新征程；另一方面，却在此时推出 Model Y 标准版这类微调 “即将过时” 技术与产品线的车型，显得格外反常，甚至暗藏隐忧。</p><p>文章作者将其比作大型科技公司在全行业发力流媒体服务时，反而推出录像机（VCR），完全跟不上行业主流方向。在 AI 与自动驾驶成为汽车行业未来发展核心的当下，特斯拉此举与自身高调宣扬的战略背道而驰，不禁让外界对其发展重心产生质疑。</p><p>三、质疑升级：特斯拉身份与 AI 目标的双重拷问</p><p>此次推出 “低投入、略带投机意味” 的 Model Y 标准版，让不少人确信特斯拉已不再将自己视为一家汽车公司。而新车型推出过程拖沓且粗糙，定价又不低廉，进一步引发外界对特斯拉及埃隆・马斯克能否实现 AI 领域目标的怀疑。</p><p>尽管目前无法确定特斯拉在 AI 领域的投入是否可行、AI 技术能否盈利，但从其近期推出新车型的表现来看，缺乏足够的诚意与实力支撑。更何况，无论是特斯拉还是马斯克，违背承诺并非首次，这让大众对其 AI 目标的信任度再打折扣。</p><p>特斯拉 Model Y 标准版引发的争议，不仅是一款车型的 “缩水” 问题，更折射出企业战略定位的迷茫与外界信任的流失。未来，特斯拉若想实现 AI 领域的宏伟目标，或许需要先理清自身定位，用更优质的产品与实际行动赢回消费者的信任。</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>特斯拉竟不是汽车公司？</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特斯拉竟不是汽车公司？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-10-10 00:01 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251010000803a6b21910&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>生活成本上涨的当下，“缩水式通胀”（Shrinkflation）逐渐成为大众热议的话题。这一概念指品牌对消费者熟悉且喜爱的产品重新包装，通过调整尺寸或内容物降低生产成本，售价却未必下降 —— 消费者花同样甚至更多钱，得到的产品品质却打了折扣。如今，这一现象竟出现在汽车领域，特斯拉 Model Y 标准版便是典型例子。一、Model Y 标准版：汽车界 “缩水式通胀” 样本就像家庭装麦片不知不觉变窄...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251010000803a6b21910&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":{"LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","BK4574":"无人驾驶","LU1861558580.USD":"日兴方舟颠覆性创新基金B","TSLL":"2倍做多TSLA ETF-Direxion","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU2063271972.USD":"富兰克林创新领域基金","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","BK4604":"机器人概念","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER 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GLOBAL EQUITY \"A\" (USD) INC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20251010000803a6b21910&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2574009162","content_text":"生活成本上涨的当下，“缩水式通胀”（Shrinkflation）逐渐成为大众热议的话题。这一概念指品牌对消费者熟悉且喜爱的产品重新包装，通过调整尺寸或内容物降低生产成本，售价却未必下降 —— 消费者花同样甚至更多钱，得到的产品品质却打了折扣。如今，这一现象竟出现在汽车领域，特斯拉 Model Y 标准版便是典型例子。一、Model Y 标准版：汽车界 “缩水式通胀” 样本就像家庭装麦片不知不觉变窄一样，特斯拉 Model Y 标准版的 “缩水” 同样直观。在政府 7500 美元电动汽车补贴取消后，特斯拉推出这款更低价位车型，看似是为弥补补贴缺失、降低消费者购车门槛，实则暗藏 “猫腻”。雅虎财经指出，消费者花此前相近的钱，买到的 Model Y 标准版定位却略低于高端车型，相当于 “羊毛出在羊身上”，这种情况被称为 “汽车售价缩水式通胀”。原本期待更高配置或更优体验的消费者，最终得到的却是 “减配不减价” 的产品，难免心生不满。二、战略反差：押注 AI 与推出 “过时” 车型的矛盾更让人疑惑的是特斯拉的战略反差。一方面，特斯拉宣称要推进自动驾驶车队落地、全力押注人工智能（AI），开启改变世界的新征程；另一方面，却在此时推出 Model Y 标准版这类微调 “即将过时” 技术与产品线的车型，显得格外反常，甚至暗藏隐忧。文章作者将其比作大型科技公司在全行业发力流媒体服务时，反而推出录像机（VCR），完全跟不上行业主流方向。在 AI 与自动驾驶成为汽车行业未来发展核心的当下，特斯拉此举与自身高调宣扬的战略背道而驰，不禁让外界对其发展重心产生质疑。三、质疑升级：特斯拉身份与 AI 目标的双重拷问此次推出 “低投入、略带投机意味” 的 Model Y 标准版，让不少人确信特斯拉已不再将自己视为一家汽车公司。而新车型推出过程拖沓且粗糙，定价又不低廉，进一步引发外界对特斯拉及埃隆・马斯克能否实现 AI 领域目标的怀疑。尽管目前无法确定特斯拉在 AI 领域的投入是否可行、AI 技术能否盈利，但从其近期推出新车型的表现来看，缺乏足够的诚意与实力支撑。更何况，无论是特斯拉还是马斯克，违背承诺并非首次，这让大众对其 AI 目标的信任度再打折扣。特斯拉 Model Y 标准版引发的争议，不仅是一款车型的 “缩水” 问题，更折射出企业战略定位的迷茫与外界信任的流失。未来，特斯拉若想实现 AI 领域的宏伟目标，或许需要先理清自身定位，用更优质的产品与实际行动赢回消费者的信任。","news_type":1,"symbols_score_info":{"TSLA":1.5,"TSYW.SI":0.6,"TSLL":1.5}},"isVote":1,"tweetType":1,"viewCount":664,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":484820513841184,"gmtCreate":1759393420152,"gmtModify":1759393422625,"author":{"id":"4200548990531302","authorId":"4200548990531302","name":"JUNJUN CHEN","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":9,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4200548990531302","idStr":"4200548990531302"},"themes":[],"htmlText":"真逗，每个帖子都看你掏空心思在黑，结果tsl却一路涨，好搞笑","listText":"真逗，每个帖子都看你掏空心思在黑，结果tsl却一路涨，好搞笑","text":"真逗，每个帖子都看你掏空心思在黑，结果tsl却一路涨，好搞笑","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/484820513841184","repostId":"2572693345","repostType":2,"repost":{"id":"2572693345","kind":"live","pubTimestamp":1759362000,"share":"https://www.laohu8.com/m/news/2572693345?lang=zh_CN&edition=full","pubTime":"2025-10-02 07:40","market":"us","language":"zh","title":"马斯克成为全球首位身价突破5000亿美元富豪","url":"https://stock-news.laohu8.com/highlight/detail?id=2572693345","media":"Blockbeats","summary":"BlockBeats 消息，10 月 2 日，据《福布斯》报道，当地时间周三，埃隆·马斯克又达成一项重大里程碑，成为全球首位身价达到 5000 亿美元的富豪。根据《福布斯》亿万富豪榜实时数据，截至美国","content":"<html><body><div><p>BlockBeats 消息，10 月 2 日，据《福布斯》报道，当地时间周三，埃隆·马斯克又达成一项重大里程碑，成为全球首位身价达到 5000 亿美元的富豪。</p><p>根据《福布斯》亿万富豪榜实时数据，截至美国东部时间下午 3 点 30 分，这位全球首富的身价已达到 5000 亿美元。去年 12 月，马斯克成为首位身价突破 4000 亿美元的富豪，如今他的身价比位居第二的拉里·埃里森高出 1500 亿美元，并且距离成为全球首位万亿富翁已经走完一半路程。</p><p><a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>股价周三涨近 4%，为马斯克的财富增加了约 93 亿美元，因投资者继续看好重新聚焦特斯拉事务的马斯克。随着特斯拉的市值回升至去年 12 月创下的历史最高点的 10% 以内，马斯克持有的特斯拉 12% 的股份现在价值 1910 亿美元。</p></div></body></html>","source":"theblockbeats_zh_live","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>马斯克成为全球首位身价突破5000亿美元富豪</title>\n<style 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href=\"https://www.theblockbeats.info//flash/314777\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","TSLA":"特斯拉","BK4581":"高盛持仓","BK4527":"明星科技股","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","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","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","BK4585":"ETF&股票定投概念","LU0823411888.USD":"法巴消费创新基金 Cap","LU2756315664.SGD":"ALLIANZ 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分，这位全球首富的身价已达到 5000 亿美元。去年 12 月，马斯克成为首位身价突破 4000 亿美元的富豪，如今他的身价比位居第二的拉里·埃里森高出 1500 亿美元，并且距离成为全球首位万亿富翁已经走完一半路程。特斯拉股价周三涨近 4%，为马斯克的财富增加了约 93 亿美元，因投资者继续看好重新聚焦特斯拉事务的马斯克。随着特斯拉的市值回升至去年 12 月创下的历史最高点的 10% 以内，马斯克持有的特斯拉 12% 的股份现在价值 1910 亿美元。","news_type":1,"symbols_score_info":{"DXYZ":1.5,"TSYW.SI":0.6,"TSLA":1.5,"UFO":0.6}},"isVote":1,"tweetType":1,"viewCount":826,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":469963661021472,"gmtCreate":1755768043217,"gmtModify":1755770770303,"author":{"id":"4200548990531302","authorId":"4200548990531302","name":"JUNJUN 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年的道路并不平坦。这家电动汽车制造商正感受到来自各方面的压力：媒体、消费者、分析师，应有尽有。据“北美财经”，尽管消费者纷纷离开这个品牌，媒体对马斯克 (Elon Musk) 在政治方面行为感到失望，但仍有一些问题被忽视了。让我们来看看最近的诉讼，人才外流，以及宝贵的碳权销售的损失。诉讼不断就在本月早些时候，马斯克和特斯拉被股东...</p>\n\n<a href=\"https://news.cnyes.com/news/id/6119613?exp=a\">网页链接</a>\n\n</div>\n","source":"cnyes_highlight","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>特斯拉投资人应关注的三大严重问题</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特斯拉投资人应关注的三大严重问题\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-08-21 07:06 北京时间&nbsp;&nbsp;&nbsp;<a href=https://news.cnyes.com/news/id/6119613?exp=a><strong>鉅亨网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>对特斯拉 (Tesla)(TSLA-US) 的投资人来说，2025 年的道路并不平坦。这家电动汽车制造商正感受到来自各方面的压力：媒体、消费者、分析师，应有尽有。据“北美财经”，尽管消费者纷纷离开这个品牌，媒体对马斯克 (Elon Musk) 在政治方面行为感到失望，但仍有一些问题被忽视了。让我们来看看最近的诉讼，人才外流，以及宝贵的碳权销售的损失。诉讼不断就在本月早些时候，马斯克和特斯拉被股东...</p>\n\n<a href=\"https://news.cnyes.com/news/id/6119613?exp=a\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://cimg.cnyes.cool/prod/news/6119613/xs/df96a31ecea26489917c6497ab7e9575.jpg","relate_stocks":{"SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","TSLA":"特斯拉","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","BK4574":"无人驾驶","BK4548":"巴美列捷福持仓","BK4551":"寇图资本持仓","BK4598":"佩洛西持仓","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) 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INC"},"source_url":"https://news.cnyes.com/news/id/6119613?exp=a","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2561386244","content_text":"对特斯拉 (Tesla)(TSLA-US) 的投资人来说，2025 年的道路并不平坦。这家电动汽车制造商正感受到来自各方面的压力：媒体、消费者、分析师，应有尽有。据“北美财经”，尽管消费者纷纷离开这个品牌，媒体对马斯克 (Elon Musk) 在政治方面行为感到失望，但仍有一些问题被忽视了。让我们来看看最近的诉讼，人才外流，以及宝贵的碳权销售的损失。诉讼不断就在本月早些时候，马斯克和特斯拉被股东起诉，指控他们隐瞒自驾车带来的严重风险，犯有证券欺诈罪。此拟议中的集体诉讼是在本月早些时候提起，在 6 月底特斯拉在德州奥斯汀首次公开测试其自驾计程车后，这起诉讼给特斯拉造成了沉重打击。这些诉讼有着广泛的推动力，其中许多都是针对马斯克本人的行为。事实上，截至 2023 年 8 月，特斯拉已经卷入了 1,750 多起诉讼，其中很大一部分发生在中国。在残酷的价格战和来自中国本土车商日益激烈的竞争中，特斯拉已经在努力保护市占和利润。同样在本月稍早，一个联邦陪审团发现，特斯拉在 2019 年一起车祸中负有部分责任，该车祸导致一名行人死亡，另一名行人严重受伤，当时汽车处于自动驾驶状态。陪审团最终判给原告 4,300 万美元的赔偿，外加 2 亿美元的惩罚性赔偿。这些诉讼当然很难追踪，但投资人应明智的记住，这些诉讼正在累积，有些诉讼可能会让特斯拉在品牌形象或直接损害赔偿方面付出非常高昂的代价。人才外流在特斯拉面临的一连串负面消息中，许多投资人对今年高层离职的情况不屑一顾。但这种人才外流已经引起投资人担忧，也应该如此。一些主要离职案例包括 Omead Afshare(副总裁 / 北美 / 欧洲销售和制造主管）、Milan Kovac （Optimus 人形机器人团队负责人）、Vineet Mehta（电池架构主管）、Troy Jones（北美销售、服务和交付副总裁）、Pete Bannon（硬件工程、芯片技术和 Dojo 超级电脑副总裁），以及 Piero Landolfi（北美服务总监）。这些只是少数高层管理人员和关键人员的离职，以及服务、销售、工程甚至机器人团队等关键领域的领导者。这些人的离职引发了人们对特斯拉的领导力、运营挑战以及目前保持竞争能力的担忧。失去碳权收入若说特斯拉和它的一些电动汽车竞争对手即将失去一个重要的收入来源，那就太轻描淡写了。没错：特斯拉、Lucid 和 Rivian 等公司即将看到数十亿美元的收入在一夜之间消失，因为美国的政策基本上结束了零排放额度市场。从本质上讲，政府以前惩罚的是燃油经济性较低的汽车制造商，或者那些生产更多耗油汽车和更少电动汽车的汽车制造商，但现在不再是这样了。如果没有强制性的执行处罚，那些未能达到排放标准的公司就不再有动力从电动汽车制造商那里购买碳权来达到标准。随着这些零排放额度的市场枯竭，拥有这些额度过剩的电动汽车制造商的很大一部分收入也随之流失。美国国家公路交通安全管理局（NHTSA）已停止向违反燃油经济性标准的汽车制造商发出合规信。","news_type":1,"symbols_score_info":{"TSLL":1,"TSYW.SI":0.6,"TSLA":1}},"isVote":1,"tweetType":1,"viewCount":835,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":451593905152584,"gmtCreate":1751278644637,"gmtModify":1751279108293,"author":{"id":"4200548990531302","authorId":"4200548990531302","name":"JUNJUN 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17:44","market":"us","language":"zh","title":"特斯拉股票还能再创造百万富翁吗？","url":"https://stock-news.laohu8.com/highlight/detail?id=2547006033","media":"Ofweek维科网","summary":"评估特斯拉的真实估值特斯拉或许是全球最受关注的公司，部分原因在于它颠覆了全球汽车市场。2024年，特斯拉总收入仅增长0.9%，而2025年第一季度则下降了9.2%。马斯克溢价以目前1万亿美元的市值和179倍的市盈率来看，特斯拉的估值被严重高估。特斯拉似乎还有很长的路要走。如果一切按计划进行，尽管结果非常不确定，但特斯拉未来可能会让其投资者成为百万富翁。","content":"<html><body><article><p>回顾<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>（TSLA-0.67%）作为上市公司的历史，它为投资者创造了巨额财富。这家汽车行业的颠覆者自2010年6月首次公开募股（截至6月25日）以来，股价已飙升20,290%。如果你当时投资了5,000美元，那么现在你的投资组合中就会有100万美元的余额。</p><p>没有人会对过去如此令人印象深刻的涨幅提出异议。但这只领先的电动汽车股票未来会成为百万富翁吗？</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250630174418650d201naix4701dah\"/><p><strong>评估特斯拉的真实估值</strong></p><p>特斯拉或许是全球最受关注的公司，部分原因在于它颠覆了全球汽车市场。投资者也密切关注首席执行官埃隆·马斯克的动向以及他对公司的规划（详见下文）。</p><p>然而，投资者不应忽视特斯拉如今的真正面貌：它是一家面临挑战、销售创新型、技术型电动汽车的公司。今年第一季度，该公司汽车业务收入达140亿美元，占总收入的72%。2024年，特斯拉总收入仅增长0.9%，而2025年第一季度则下降了9.2%。</p><p>由于平均售价下降、发货量减少以及费用增加，第一季度<span>营业收入</span>暴跌 66%。</p><p>公平地说，这是一家极具创造力的公司，致力于尖端科技的探索。但只要用清晰的视角观察特斯拉，就会发现它正处于困境之中。毫无疑问，它的核心业务正面临压力。</p><p>考虑到特斯拉目前的业务现状，其估值应该是多少？即使市盈率（P/E）达到更合理的50倍（相比之下，<a href=\"https://laohu8.com/S/DLX\">豪华</a>汽车制造商<a href=\"https://laohu8.com/S/RACE\">法拉利</a>目前的市盈率为179倍），该股仍有72%的下跌空间。这显然没有给投资者任何看涨的理由。</p><p><strong>马斯克溢价</strong></p><p>以目前1万亿美元的市值和179倍的市盈率来看，特斯拉的估值被严重高估。但这只热门股票似乎一直估值过高，因为投资者持续押注该公司未来有望成为自动驾驶和机器人技术领域的主导力量。</p><p>该公司终于在德克萨斯州奥斯汀推出了自动驾驶出租车服务。这项服务备受期待，马斯克也已经谈论多年。然而，我认为它最终只是个空头支票。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20250630174420627d201hudooudgl5d\"/><p>当时没有 Cybercab，取而代之的是不到二十辆 Model Y。所有车辆都配备了人类监管人员。自动驾驶出租车的运行<a href=\"https://laohu8.com/S/VIDE\">视频显示</a>出诸多问题，促使美国国家公路交通安全管理局展开调查。</p><p>与此同时，Alphabet旗下的 Waymo 每周在多个城市处理 25 万次行程。纽约市已开始测试该服务。特斯拉似乎还有很长的路要走。</p><p>该公司还在利用其人工智能技术研发人形机器人擎天柱 (Optimus)。马斯克相信，到2020年，擎天柱的年产量将达到100万台。除了将这些机器投入工厂生产外，该公司的目标还包括将其出售给其他公司。</p><p>如果一切按计划进行，尽管结果非常不确定，但特斯拉未来可能会让其投资者成为百万富翁。自动驾驶出租车和人形机器人的终端市场规模估计达数万亿美元。该公司不仅能够让这些技术实现大规模应用，还能抓住大量机遇，这可能会带来一笔意外之财。</p><p>然而，我认为该公司也很有可能无法达到其更高的预期，而其一贯的拖延也印证了这种观点。我仍然在回避这只股票。</p><p>原文标题 : 特斯拉股票还能再创造百万富翁吗？</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>特斯拉股票还能再创造百万富翁吗？</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特斯拉股票还能再创造百万富翁吗？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-06-30 17:44 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025063017442497946f5d&s=b><strong>Ofweek维科网</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>回顾特斯拉（TSLA-0.67%）作为上市公司的历史，它为投资者创造了巨额财富。这家汽车行业的颠覆者自2010年6月首次公开募股（截至6月25日）以来，股价已飙升20,290%。如果你当时投资了5,000美元，那么现在你的投资组合中就会有100万美元的余额。没有人会对过去如此令人印象深刻的涨幅提出异议。但这只领先的电动汽车股票未来会成为百万富翁吗？评估特斯拉的真实估值特斯拉或许是全球最受关注的公司...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025063017442497946f5d&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":{"LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","BK4534":"瑞士信贷持仓","BK4585":"ETF&股票定投概念","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) 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(AUDHDG) INC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025063017442497946f5d&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2547006033","content_text":"回顾特斯拉（TSLA-0.67%）作为上市公司的历史，它为投资者创造了巨额财富。这家汽车行业的颠覆者自2010年6月首次公开募股（截至6月25日）以来，股价已飙升20,290%。如果你当时投资了5,000美元，那么现在你的投资组合中就会有100万美元的余额。没有人会对过去如此令人印象深刻的涨幅提出异议。但这只领先的电动汽车股票未来会成为百万富翁吗？评估特斯拉的真实估值特斯拉或许是全球最受关注的公司，部分原因在于它颠覆了全球汽车市场。投资者也密切关注首席执行官埃隆·马斯克的动向以及他对公司的规划（详见下文）。然而，投资者不应忽视特斯拉如今的真正面貌：它是一家面临挑战、销售创新型、技术型电动汽车的公司。今年第一季度，该公司汽车业务收入达140亿美元，占总收入的72%。2024年，特斯拉总收入仅增长0.9%，而2025年第一季度则下降了9.2%。由于平均售价下降、发货量减少以及费用增加，第一季度营业收入暴跌 66%。公平地说，这是一家极具创造力的公司，致力于尖端科技的探索。但只要用清晰的视角观察特斯拉，就会发现它正处于困境之中。毫无疑问，它的核心业务正面临压力。考虑到特斯拉目前的业务现状，其估值应该是多少？即使市盈率（P/E）达到更合理的50倍（相比之下，豪华汽车制造商法拉利目前的市盈率为179倍），该股仍有72%的下跌空间。这显然没有给投资者任何看涨的理由。马斯克溢价以目前1万亿美元的市值和179倍的市盈率来看，特斯拉的估值被严重高估。但这只热门股票似乎一直估值过高，因为投资者持续押注该公司未来有望成为自动驾驶和机器人技术领域的主导力量。该公司终于在德克萨斯州奥斯汀推出了自动驾驶出租车服务。这项服务备受期待，马斯克也已经谈论多年。然而，我认为它最终只是个空头支票。当时没有 Cybercab，取而代之的是不到二十辆 Model Y。所有车辆都配备了人类监管人员。自动驾驶出租车的运行视频显示出诸多问题，促使美国国家公路交通安全管理局展开调查。与此同时，Alphabet旗下的 Waymo 每周在多个城市处理 25 万次行程。纽约市已开始测试该服务。特斯拉似乎还有很长的路要走。该公司还在利用其人工智能技术研发人形机器人擎天柱 (Optimus)。马斯克相信，到2020年，擎天柱的年产量将达到100万台。除了将这些机器投入工厂生产外，该公司的目标还包括将其出售给其他公司。如果一切按计划进行，尽管结果非常不确定，但特斯拉未来可能会让其投资者成为百万富翁。自动驾驶出租车和人形机器人的终端市场规模估计达数万亿美元。该公司不仅能够让这些技术实现大规模应用，还能抓住大量机遇，这可能会带来一笔意外之财。然而，我认为该公司也很有可能无法达到其更高的预期，而其一贯的拖延也印证了这种观点。我仍然在回避这只股票。原文标题 : 特斯拉股票还能再创造百万富翁吗？","news_type":1,"symbols_score_info":{"TSLL":1,"TSLA":1,"TSYW.SI":0.6}},"isVote":1,"tweetType":1,"viewCount":1495,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":450161513287944,"gmtCreate":1750931124081,"gmtModify":1750931265414,"author":{"id":"4200548990531302","authorId":"4200548990531302","name":"JUNJUN 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