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七风哥哥
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七风哥哥
七风哥哥
·
06:19
你看反了哦？[笑哭]
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七风哥哥
七风哥哥
·
02-08
[开心]
特斯拉又输了一仗！
最新的市场数据显示，特斯拉在欧洲又输了一仗：2025年大众汽车在欧洲的纯电动车销量正式超过了特斯拉，拿下了销冠位置！而特斯拉这边却有点不顺，销量下降了27%，最终以约23.6万辆的成绩被反超。就在不久前，特斯拉刚交出一份不太好看的全年财报，营收出现了史上首次年度下滑。本土品牌正在加速追赶，而特斯拉一枝独秀的时代，或许已经过去了。接下来，就看特斯拉如何应对这场全方位的挑战了。
特斯拉又输了一仗！
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七风哥哥
七风哥哥
·
02-05
吹牛逼不打草稿！
特斯拉与英伟达的“物理AI”宏愿，这家中国企业已在全球50城率先跑通
2月5日，行业领先的城市通用 AI 机器人服务提供商酷哇科技正式发布 Coowa WAM 2.0 通用世界模型底座，并披露公司已率先实现年度 EBITDA回正。一线城市业务占比从 2022 年的不足 2% 跃升至 2025 年的 25%。同时，公司积极拓展东亚、中东、西欧等发达国家区域。这标志着酷哇的技术已具备跨越法规与工况差异的全球普适性，正凭借软硬一体的极致交付能力，加速向全球输出中国智造的“城市通用 AI”方案。
特斯拉与英伟达的“物理AI”宏愿，这家中国企业已在全球50城率先跑通
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七风哥哥
七风哥哥
·
02-04
小人思维[笑哭]
抵制马斯克电动车能否影响其航天布局？理性分析背后的真相与出路
近年来，马斯克旗下的商业航天企业Space X在全球航天领域迅速崛起，但一系列事件也引发广泛关注。这意味着，消费者抵制特斯拉产品，难以直接影响Space X的运营资金或技术投入。若特斯拉与Space X合并，其财务与业务关联性将显著增强，届时抵制行为或产生间接影响。但业内人士指出，特斯拉作为上市公司，合并需面临复杂的财务审计与监管审查，短期内难以实现。
抵制马斯克电动车能否影响其航天布局？理性分析背后的真相与出路
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七风哥哥
七风哥哥
·
02-02
我信了[笑哭]
1月RatingDog中国制造业PMI升至50.3，维持扩张态势
制造业景气度延续温和改善。
1月RatingDog中国制造业PMI升至50.3，维持扩张态势
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七风哥哥
七风哥哥
·
02-02
又在开始脱离实际吹牛逼了！真尼玛恶心！
2026物理AI浪潮来袭，黄仁勋预言成真，中国如何在全球竞赛中脱颖而出？
在2026年国际消费电子展上，英伟达创始人黄仁勋抛出一枚重磅炸弹：物理AI的“ChatGPT时刻”已然来临。当AI突破虚拟世界的边界，开始在物理世界中自主完成复杂任务时，人类正站在一个前所未有的转折点上。玩具行业被物理AI赋予了新的情感维度。在这场全球竞赛中，中国展现出独特的竞争优势。2026年的物理AI竞赛，本质上是技术、商业与想象力的综合较量。在这场变革中，机遇与挑战并存，唯有敢于拥抱变化的企业才能在这场淘汰赛中脱颖而出。
2026物理AI浪潮来袭，黄仁勋预言成真，中国如何在全球竞赛中脱颖而出？
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七风哥哥
七风哥哥
·
02-01
Waymo和FSD差距至少在5年以上！按照FSD的迭代速度（因为特斯拉有自己的服务器群，数据和算力是越来越多的，集群越大，数据越多训练速度就会越快！）所以Waymo注定是会被淘汰的产物！！！
决战特斯拉：Waymo融资160亿美元、估值1100亿！
北京时间2月1日，根据外媒报道，Waymo正在计划以接近1100亿美元的估值，谋求新一轮的融资，融资金额高达160亿美元。同时，Waymo官方消息显示，完成了超过2000万次自动驾驶出行服务。距离Waymo在2024年10月完成的上一轮融资过去了将近15个月，彼时，Waymo的估值超过450亿美元，估值增加了144.4%。Robotaxi行业，终于有公司超过1000亿美元估值了！Waymo在2月份完成新一轮的融资后，想必是为了应对特斯拉的挑战。
决战特斯拉：Waymo融资160亿美元、估值1100亿！
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七风哥哥
七风哥哥
·
02-01
3.8大于6！真是一群酒囊饭袋！
2026汽车销量榜大洗牌！比亚迪特斯拉领跑，小米SU7首秀即惊艳凭啥？
2026年首月汽车销量榜单揭晓，市场格局迎来剧烈震荡。比亚迪秦PLUS DM-i以3.8万辆月销量蝉联榜首，特斯拉Model Y以6.5万辆紧随其后，而首次入局的小米SU7凭借3.9万辆成绩空降第三，这一排名颠覆了传统车企的预期，更折射出消费市场的深层变革。特斯拉Model Y则继续扮演着行业颠覆者的角色。小米SU7的异军突起堪称现象级事件。这三款车型的热销，实质是三种消费价值观的碰撞。随着小米SU7的强势入局，2026年的汽车市场竞争已进入多维战场。
2026汽车销量榜大洗牌！比亚迪特斯拉领跑，小米SU7首秀即惊艳凭啥？
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七风哥哥
七风哥哥
·
01-31
放心，其他都是炒作！特斯拉才会走到最后！！！
中国车企和特斯拉的下一战，战场已定
不只有中国车企和特斯拉外想瓜分这片淘金地。而在两年前，他曾公开预测，未来全球只有十家车企能存活，分别是九家中国车企和特斯拉。从各家车企在机器人量产方面的规划来看，中国车企和特斯拉之间的“机器人战争”极有可能在2027年被点燃。好在，中国车企与特斯拉的机器人之战，也并非短时间内便会走到决战时刻。
中国车企和特斯拉的下一战，战场已定
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七风哥哥
七风哥哥
·
01-31
说完就被打脸！真爽！！！
特斯拉：SpaceX合并传闻不足以让我保持看涨态度
财报发布后特斯拉股价下跌，这也反映出，投资者认为特斯拉在自动驾驶领域的承诺，尚不足以支撑其再创历史新高。2025 全年，特斯拉汽车业务营收同比下滑 10%。因此，无需过度解读这一决策，特斯拉的汽车业务仍将保持较大规模。同时，特斯拉 Robotaxi 的累计付费行驶里程正快速增长，预计随着落地范围的扩大，这一数据的增长速度还将进一步加快。
特斯拉：SpaceX合并传闻不足以让我保持看涨态度
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","listText":"[开心] ","text":"[开心]","images":[{"img":"https://static.tigerbbs.com/5c219d95be57c66cd08218b4037df3cd"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/530400689140928","repostId":"2609524576","repostType":2,"repost":{"id":"2609524576","kind":"news","pubTimestamp":1770508839,"share":"https://www.laohu8.com/m/news/2609524576?lang=zh_CN&edition=full","pubTime":"2026-02-08 08:00","market":"us","language":"zh","title":"特斯拉又输了一仗！","url":"https://stock-news.laohu8.com/highlight/detail?id=2609524576","media":"汽车大视件","summary":"最新的市场数据显示，特斯拉在欧洲又输了一仗：2025年大众汽车在欧洲的纯电动车销量正式超过了特斯拉，拿下了销冠位置！而特斯拉这边却有点不顺，销量下降了27%，最终以约23.6万辆的成绩被反超。就在不久前，特斯拉刚交出一份不太好看的全年财报，营收出现了史上首次年度下滑。本土品牌正在加速追赶，而特斯拉一枝独秀的时代，或许已经过去了。接下来，就看特斯拉如何应对这场全方位的挑战了。","content":"<html><body><article><p>最新的市场数据显示，<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>在欧洲又输了一仗：2025年大众汽车在欧洲的纯电动车销量正式超过了特斯拉，拿下了销冠位置！</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260208080835208v163fmc9vd5om2o\"/><p>大众的胜利主要靠的是新款ID.7的强劲表现，推动品牌在欧洲的纯电销量大涨56%，卖出了超过27.4万辆。而特斯拉这边却有点不顺，销量下降了27%，最终以约23.6万辆的成绩被反超。</p><p>这两年特斯拉在欧洲遇冷，综合分析下来，背后主要有如下几个原因：</p><p>首先，产品线比较单一，主力车型Model 3和Model Y已征战多年，面对大众、奔驰等欧洲本土品牌不断推陈出新，以及中国电动车品牌的强势入场，竞争力有所下滑。</p><p>其次，CEO马斯克在欧洲的一些政治言论，也引起了一部分消费者的反感，影响了品牌形象。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260208080837320v163j9xiehicl5e\"/><p>就在不久前，特斯拉刚交出一份不太好看的全年财报，营收出现了史上首次年度下滑。马斯克现在的重心似乎已经转向了自动驾驶出租车（Robotaxi）和人形机器人Optimus，对传统电动车业务的投入和更新节奏可能有所放缓。</p><p>大众的这次反超，不仅是一家公司的胜利，也反映出欧洲电动车市场竞争格局的深刻变化。本土品牌正在加速追赶，而特斯拉一枝独秀的时代，或许已经过去了。接下来，就看特斯拉如何应对这场全方位的挑战了。</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\" 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}\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特斯拉又输了一仗！\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-08 08:00 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026020808084595404616&s=b><strong>汽车大视件</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>最新的市场数据显示，特斯拉在欧洲又输了一仗：2025年大众汽车在欧洲的纯电动车销量正式超过了特斯拉，拿下了销冠位置！大众的胜利主要靠的是新款ID.7的强劲表现，推动品牌在欧洲的纯电销量大涨56%，卖出了超过27.4万辆。而特斯拉这边却有点不顺，销量下降了27%，最终以约23.6万辆的成绩被反超。这两年特斯拉在欧洲遇冷，综合分析下来，背后主要有如下几个原因：首先，产品线比较单一，主力车型Model ...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026020808084595404616&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":{"LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","CRSH":"做空TSLA 期权收益策略ETF-YieldMax","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","BK4588":"碎股","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","BK4550":"红杉资本持仓","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) 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ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2026020808084595404616&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2609524576","content_text":"最新的市场数据显示，特斯拉在欧洲又输了一仗：2025年大众汽车在欧洲的纯电动车销量正式超过了特斯拉，拿下了销冠位置！大众的胜利主要靠的是新款ID.7的强劲表现，推动品牌在欧洲的纯电销量大涨56%，卖出了超过27.4万辆。而特斯拉这边却有点不顺，销量下降了27%，最终以约23.6万辆的成绩被反超。这两年特斯拉在欧洲遇冷，综合分析下来，背后主要有如下几个原因：首先，产品线比较单一，主力车型Model 3和Model Y已征战多年，面对大众、奔驰等欧洲本土品牌不断推陈出新，以及中国电动车品牌的强势入场，竞争力有所下滑。其次，CEO马斯克在欧洲的一些政治言论，也引起了一部分消费者的反感，影响了品牌形象。就在不久前，特斯拉刚交出一份不太好看的全年财报，营收出现了史上首次年度下滑。马斯克现在的重心似乎已经转向了自动驾驶出租车（Robotaxi）和人形机器人Optimus，对传统电动车业务的投入和更新节奏可能有所放缓。大众的这次反超，不仅是一家公司的胜利，也反映出欧洲电动车市场竞争格局的深刻变化。本土品牌正在加速追赶，而特斯拉一枝独秀的时代，或许已经过去了。接下来，就看特斯拉如何应对这场全方位的挑战了。","news_type":1,"symbols_score_info":{"TSLS":0.6,"TSLR":0.6,"TSYY":0.6,"TESL":0.6,"TSLW":0.6,"TSLT":0.6,"TSLY":0.6,"TSDD":0.6,"TSLA":1.96,"CRSH":0.6,"TSLZ":0.6,"TSLG":0.6,"TSLQ":0.6,"TSII":0.6,"TSL":0.6,"07766":0.6,"TSLI":0.6,"TSLP":0.6,"TSLO":0.6}},"isVote":1,"tweetType":1,"viewCount":14,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":529525484282072,"gmtCreate":1770299567006,"gmtModify":1770299735565,"author":{"id":"3500646460202211","authorId":"3500646460202211","name":"七风哥哥","avatar":"https://static.tigerbbs.com/995231888a039cddd9f2f0ecf7b865b0","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3500646460202211","authorIdStr":"3500646460202211"},"themes":[],"title":"","htmlText":"吹牛逼不打草稿！","listText":"吹牛逼不打草稿！","text":"吹牛逼不打草稿！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/529525484282072","repostId":"2609332078","repostType":2,"repost":{"id":"2609332078","kind":"news","pubTimestamp":1770282112,"share":"https://www.laohu8.com/m/news/2609332078?lang=zh_CN&edition=full","pubTime":"2026-02-05 17:01","market":"us","language":"zh","title":"特斯拉与英伟达的“物理AI”宏愿，这家中国企业已在全球50城率先跑通","url":"https://stock-news.laohu8.com/highlight/detail?id=2609332078","media":"91che","summary":"2月5日，行业领先的城市通用 AI 机器人服务提供商酷哇科技正式发布 Coowa WAM 2.0 通用世界模型底座，并披露公司已率先实现年度 EBITDA回正。一线城市业务占比从 2022 年的不足 2% 跃升至 2025 年的 25%。同时，公司积极拓展东亚、中东、西欧等发达国家区域。这标志着酷哇的技术已具备跨越法规与工况差异的全球普适性，正凭借软硬一体的极致交付能力，加速向全球输出中国智造的“城市通用 AI”方案。","content":"<html><body><article><p>告别单一自动驾驶，酷哇（Coowa）如何用 WAM 世界模型定义城市服务“终局”？</p><p>2月5日，行业领先的城市通用 AI 机器人服务提供商酷哇科技（Coowa ）正式发布 Coowa WAM 2.0 (World-Action Model) 通用世界模型底座，并披露公司已率先实现年度 <span>EBITDA</span>（息税折旧摊销前利润）回正。</p><p>这一里程碑式成果，标志着酷哇已构建起“技术底座+商业规模”的双轮驱动体系，正式开启万台级“城市新基建”的规模化部署。</p><p><strong>三大<a href=\"https://laohu8.com/S/301365\">矩阵</a>驱动，构建全场景智能生态</strong></p><p>不同于行业早期的单点技术验证模式，酷哇依托通用的 Physical AI 底座，构建起成熟的“智慧出行 + 智慧物业 + 智慧城市管家”三大业务矩阵，为万台级规模化交付提供了坚实场景：</p><p>• 智慧出行领域： 酷哇自研的自动驾驶小巴 CooBus 致力于解决“最后三公里”痛点，目前已与国内多个城市签署战略协议，累计安全运营里程突破 500 万公里。</p><p>• 智慧物业领域： 针对高端楼宇与封闭园区的复杂交互需求，由轮足机器人 R0 与四足机器人 D0 组成的“黄金搭档”，正逐步确立写字楼及高端住宅中的创新服务范式。</p><p>• 智慧城市管家领域： 以“麒麟”X3、“独角兽”X1 为代表的机器人军团，凭借成熟的规模化应用能力，持续巩固酷哇在城市精细化治理中的行业标杆地位。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260205170320825d152eba6sj0fc6z\"/><p><strong>唯一集齐“北上广深”版图的行业领跑者</strong></p><p>在商业化落地的广度与深度上，酷哇已构筑起极高的行业壁垒。截至目前，酷哇是行业内唯一一家同时进驻北京、上海、广州、深圳四个超一线城市开展常态化城市服务业务的机器人企业。一线城市业务占比从 2022 年的不足 2% 跃升至 2025 年的 25%。这种在高人流密度长尾场景下的常态化运营，不仅验证了酷哇产品的极高适应性，更确立了其在城市服务领域的绝对领先地位。</p><p>这一爆发式增长，本质上是市场红利与酷哇极致交付能力的双向奔赴：</p><p>• 机器人在城市服务领域刚需爆发： 公开数据显示，2025年智慧环卫需求突破74亿元/年，相较2023年提升了约4倍，千万元以上智慧环卫项目中规模化使用比例（扣除试点订单，即单项目至少有10台车以上投入的订单）在2025年达到30%，这表明市场对城市智能机器人的需求已正式从“试点尝鲜”转为“刚需认可”。</p><p>• 市占率持续领先： 在单项目投入10台以上的规模化订单中， 酷哇<span>市场占有率</span>约80%，交付能力居市场最高水平。</p><p>• 长期价值认可：2025年客单价较2022年增幅达106%，单客户年均付费金额的大幅提升，充分印证了客户对酷哇长期价值的深度认可。</p><p><strong>从“技术供给”到“全球生态”，完成战略跃迁</strong></p><p>酷哇之所以能实现 EBITDA 回正与规模化爆发，究其原因，是已完成从单一技术厂商向“城市通用 AI 机器人服务提供商”的战略跃迁，并实现了国内与海外的双向赋能：</p><p>• “央企+城服”双轮驱动：在国内市场， 酷哇近期连续与浦发集团、北控集团、亦庄控股、<a href=\"https://laohu8.com/S/000967\">盈峰环境</a>、<a href=\"https://laohu8.com/S/300815\">玉禾田</a>、金地物业等大型国央企和上市公司达成深度合作，锁定了长期稳健的订单基本盘。</p><p>• 海外加速全球布局： 在准入标准极为严苛的新加坡与阿布扎比，酷哇的商用机器人车队已实现常态化运营。同时，公司积极拓展东亚、中东、西欧等发达国家区域。</p><p>这标志着酷哇的技术已具备跨越法规与工况差异的全球普适性，正凭借软硬一体的极致交付能力，加速向全球输出中国智造的“城市通用 AI”方案。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260205170322762d152li1o5all1c9\"/><p><strong>以Physical AI 全栈通用底座，定义城市具身智能新范式</strong></p><p>为何酷哇能实现\"万台级\"的规模化跃升并攻克全球高端市场？</p><p>行业的解题思路已十分清晰：面对真值数据稀缺与长尾场景无穷尽的挑战，必须构建一套系统化且具备商业造血能力的规模化模式。唯有通过商业闭环的无限运转，才能在物理世界中“穷尽”海量的真值数据，进而反哺技术的迭代。</p><p>酷哇的破局之道，在于构建了“通用 AI 系统（大脑） + 规模化商业场景（身体）”的双轮驱动体系。</p><p>首先，在核心的模型侧，酷哇打造了一套类<a href=\"https://laohu8.com/S/000504\">生物</a>神经系统的 Coowa Physical AI 全栈平台。该平台精密划分为模型层、基础设施层与应用层，三者协同运作，帮助跨场景机器人实现了从感知世界到改造世界的完整闭环。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260205170328745d152olvrqrzg3s4\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20260205170329279d15231w15fys5vt\"/><p><strong>第一层：模型层 (The Model Layer)—— Coowa WAM 2.0 通用世界模型</strong></p><p>针对物理世界中“长尾场景（Corner Case）不可穷举”与“零样本决策”的行业痛点，酷哇引入人类认知机理，构建了集“System 1 (直觉响应) + System 2 (逻辑推理)”于一体的双核驱动架构——Coowa WAM 2.0。该架构不再依赖单一规则，而是通过“快慢思考”的协同，实现了对复杂环境的类人化理解。第一层：模型层 (The Model Layer)—— Coowa WAM 2.0 通用世界模型</p><p>1. 1 System 1：直觉行动系统 (Intuition-driven Action Generator)</p><p>在瞬息万变的开放环境中，直觉行动系统构成了机器人的“快思考”中枢。它不再依赖耗时的逻辑搜索，而是基于 Real-to-Sim-to-Real 闭环，利用 AIGC 技术在潜空间（Latent Space）中直接推演未来。</p><p>通过反事实推演（Counterfactual Reasoning），模型能基于直觉快速并行生成多组动作候选，并提前预判物理后果。这种机制相当于在行动前完成了亿万次虚拟试错，让机器人即便在突发状况下，也能凭借“经验直觉”生成最优解，实现 Drive 与 Work 的无缝耦合及实时响应。</p><p>1. 2 System 2：UrbanVLM 宏观约束 (Vision-Language Model Constraints)</p><p>针对城市服务中低频但逻辑复杂的长尾场景（如理解交警手势、判断倒塌树木的优先级），酷哇引入自研的 UrbanVLM，承担宏观规划与因果约束的职责。它不直接输出控制信号，而是为直觉系统提供更高层的“语义围栏”。</p><p>• 云端深思 (UrbanVLM Large, 32B)： 拥有320亿参数的多模态大脑，负责全局任务编排。它能读懂复杂的自然语言指令（如“优先清理堵塞排水口的积物，防止暴雨积水”），并将其拆解为具身智能可执行的原子任务序列。</p><p>• 端侧推理 (UrbanVLM Tiny, 3B)： 部署在机器人边缘侧的小参数模型，负责百毫秒级的<a href=\"https://laohu8.com/S/02086\">高维</a>理解及策略约束。例如，它能通过语义分析识别出前方障碍物是一个“正在玩耍的儿童”，根据常识约束底层的策略使进行必要的保守礼让并停止工作。</p><p>此外，基于 WAM 底座，又衍生出两大核心引擎：</p><p>￮ Drive AI（全场景移动引擎）： 机器人的“双腿”。基于 End-to-End Transformer 架构，它不再依赖规则，而是基于推演结果在机动车道、辅道及楼宇通道中生成最优轨迹，在人车混流的博弈中实现“类人”的平滑通行。</p><p>￮ Work AI（VLA 协同作业引擎）： 机器人的“双手”。基于 VLA (Vision-Language-Action) 架构，实现了视觉感知与机械臂动作的端到端对齐。通过学习数百万小时的环卫与物业作业真值数据，它能自适应调整清扫力度和机械臂轨迹，将运动控制误差收敛至厘米级。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260205170334698d1529mgla37hit0\"/><img src=\"https://fid-75186.picgzc.qpic.cn/20260205170335746d152810jn5b6wvw\"/><p><strong>第二层：基础设施层 (AI Infra)—— 虚实共生的进化血液</strong></p><p>模型能力的上限，取决于数据的质量与规模。酷哇构建了工业级的 AI Infra，从2018年商业化至今，酷哇早期即坚持规模化部署真机进行数据采集，搭建了“硬件-数据-模型”的闭环管线：</p><p>• 50PB 数据湖： 存储了来自50+城市的全天候真实运行数据，为模型提供物理世界的“真理”。</p><p>• World Sim（世界仿真器）： 当遇到罕见的极端 Corner Case（如极端天气作业），系统利用 AIGC 技术在仿真空间生成数万个变种场景，进行对抗性训练。</p><p>• 自动化管线： 利用大模型对<a href=\"https://laohu8.com/S/603138\">海量数据</a>进行自动清洗与标注，将数据处理效率提升了1000倍，模型处理效率可达到按周迭代的效率，实现“机器人每跑一公里，模型就聪明一分”的复利效应。</p><p><strong>第三层：应用层 (Application Layer)—— 物理智能体的万千形态</strong></p><p>基于统一的模型层与强大的基建层，酷哇得以快速孵化出形态各异的物理智能终端，服务于城市生活的方方面面——这本质上是通用智能在不同物理载体上的自然投射。</p><p>从解决城市微循环的自动驾驶小巴Coo-bus，到灵活作业于楼宇物业的“D0/R0”系列泛人形与轮足机器人；再到穿梭于城市角落的X系列城市管家机器人——酷哇的产品线已实现对城市物理空间的全方位覆盖。</p><p>这种“全家福”式的产品布局，配合酷哇自研线控底盘、智能上装以及云控平台的垂直整合能力，使得酷哇区别于仅提供单点技术的公司，具备了提供“综合城市大管家方案”的能力，真正实现了对城市毛细血管的智能化重塑。</p><p>以终为始：数据飞轮驱动，通向Robo city终局</p><p>商业规模的爆发，为酷哇构建了难以复制的数据壁垒。目前，酷哇已在全球超过50个城市和地区、累计4,500万公里的真实运营中，沉淀了数百万个高价值长尾场景（Corner Case）数据点。</p><p>这正是酷哇“增长飞轮”高速运转的<a href=\"https://laohu8.com/S/600405\">动力源</a>：酷哇坚信，技术先进性与商业规模化互为因果。WAM 通用模型底座大幅降低了场景适配成本，推动了万台级商业规模的落地；而大规模商业运营产生的海量物理交互真值数据（Physical Interaction Data），又反哺模型持续进化，进一步巩固了技术护城河。</p><img src=\"https://www.diankeji.com/uploads/file/91che/2026-02-05/bf1364cce7fd7ac07aae134343f4bc67.png\"/><p>在这一飞轮驱动下，酷哇正加速向“终局场景”迈进：一个万物互联的RoboCity（机器人生态城）。</p><p>在这个城市里，数万台形态各异的机器人将不再是孤立的个体，而是通过WAM共享同一个“世界认知”的智能集群，共同构成了一套覆盖全城的物理智能体网络（Physical Agent Network）</p><p>此时的酷哇，已经不仅是机器人的制造商，更是这套城市新基建的“定义者与运营商”。就像水务公司管理水网、电力公司管理电网一样，酷哇正在管理着城市的“算力与劳动力网络”。</p><img src=\"https://www.diankeji.com/uploads/file/91che/2026-02-05/434dfc640292b6b2090dc78de2fae9cc.png\"/><p><strong>关于酷哇科技（COOWA）</strong></p><p>酷哇科技（COOWA）成立于 2015 年，是行业领先的通用 AI 机器人服务提供商。公司以“让机器人与美好生活<a href=\"https://laohu8.com/S/603118\">共进</a>”为使命，致力于实现物理世界的通用人工智能（Physical AI）。</p><p>依托自主研发的 Physical AI 技术底座，酷哇凭借独创的 World-Action Model模型和产品化能力，构建了智慧出行、智慧物业、智慧城市管家三大核心业务板块。</p><p>目前，酷哇科技已在全球 50 多个城市和地区实现商业化落地。公司正致力于将通用智能能力复制到城市服务的每一个场景，重新定义人与城市的交互方式。</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>特斯拉与英伟达的“物理AI”宏愿，这家中国企业已在全球50城率先跑通</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特斯拉与英伟达的“物理AI”宏愿，这家中国企业已在全球50城率先跑通\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-05 17:01 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260205170414a47f8193&s=b><strong>91che</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>告别单一自动驾驶，酷哇（Coowa）如何用 WAM 世界模型定义城市服务“终局”？2月5日，行业领先的城市通用 AI 机器人服务提供商酷哇科技（Coowa ）正式发布 Coowa WAM 2.0 (World-Action Model) 通用世界模型底座，并披露公司已率先实现年度 EBITDA（息税折旧摊销前利润）回正。这一里程碑式成果，标志着酷哇已构建起“技术底座+商业规模”的双轮驱动体系，正式...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260205170414a47f8193&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":{"LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU2125909593.SGD":"Natixis Thematics Meta R/A SGD","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","BK4529":"IDC概念","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","LU0823414478.USD":"法巴经典能源转换基金","SG9999001424.SGD":"United E-Commerce Fund SGD","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","IE00B1BXHZ80.USD":"Legg Mason 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25%。这种在高人流密度长尾场景下的常态化运营，不仅验证了酷哇产品的极高适应性，更确立了其在城市服务领域的绝对领先地位。这一爆发式增长，本质上是市场红利与酷哇极致交付能力的双向奔赴：• 机器人在城市服务领域刚需爆发： 公开数据显示，2025年智慧环卫需求突破74亿元/年，相较2023年提升了约4倍，千万元以上智慧环卫项目中规模化使用比例（扣除试点订单，即单项目至少有10台车以上投入的订单）在2025年达到30%，这表明市场对城市智能机器人的需求已正式从“试点尝鲜”转为“刚需认可”。• 市占率持续领先： 在单项目投入10台以上的规模化订单中， 酷哇市场占有率约80%，交付能力居市场最高水平。• 长期价值认可：2025年客单价较2022年增幅达106%，单客户年均付费金额的大幅提升，充分印证了客户对酷哇长期价值的深度认可。从“技术供给”到“全球生态”，完成战略跃迁酷哇之所以能实现 EBITDA 回正与规模化爆发，究其原因，是已完成从单一技术厂商向“城市通用 AI 机器人服务提供商”的战略跃迁，并实现了国内与海外的双向赋能：• “央企+城服”双轮驱动：在国内市场， 酷哇近期连续与浦发集团、北控集团、亦庄控股、盈峰环境、玉禾田、金地物业等大型国央企和上市公司达成深度合作，锁定了长期稳健的订单基本盘。• 海外加速全球布局： 在准入标准极为严苛的新加坡与阿布扎比，酷哇的商用机器人车队已实现常态化运营。同时，公司积极拓展东亚、中东、西欧等发达国家区域。这标志着酷哇的技术已具备跨越法规与工况差异的全球普适性，正凭借软硬一体的极致交付能力，加速向全球输出中国智造的“城市通用 AI”方案。以Physical AI 全栈通用底座，定义城市具身智能新范式为何酷哇能实现\"万台级\"的规模化跃升并攻克全球高端市场？行业的解题思路已十分清晰：面对真值数据稀缺与长尾场景无穷尽的挑战，必须构建一套系统化且具备商业造血能力的规模化模式。唯有通过商业闭环的无限运转，才能在物理世界中“穷尽”海量的真值数据，进而反哺技术的迭代。酷哇的破局之道，在于构建了“通用 AI 系统（大脑） + 规模化商业场景（身体）”的双轮驱动体系。首先，在核心的模型侧，酷哇打造了一套类生物神经系统的 Coowa Physical AI 全栈平台。该平台精密划分为模型层、基础设施层与应用层，三者协同运作，帮助跨场景机器人实现了从感知世界到改造世界的完整闭环。第一层：模型层 (The Model Layer)—— Coowa WAM 2.0 通用世界模型针对物理世界中“长尾场景（Corner Case）不可穷举”与“零样本决策”的行业痛点，酷哇引入人类认知机理，构建了集“System 1 (直觉响应) + System 2 (逻辑推理)”于一体的双核驱动架构——Coowa WAM 2.0。该架构不再依赖单一规则，而是通过“快慢思考”的协同，实现了对复杂环境的类人化理解。第一层：模型层 (The Model Layer)—— Coowa WAM 2.0 通用世界模型1. 1 System 1：直觉行动系统 (Intuition-driven Action Generator)在瞬息万变的开放环境中，直觉行动系统构成了机器人的“快思考”中枢。它不再依赖耗时的逻辑搜索，而是基于 Real-to-Sim-to-Real 闭环，利用 AIGC 技术在潜空间（Latent Space）中直接推演未来。通过反事实推演（Counterfactual Reasoning），模型能基于直觉快速并行生成多组动作候选，并提前预判物理后果。这种机制相当于在行动前完成了亿万次虚拟试错，让机器人即便在突发状况下，也能凭借“经验直觉”生成最优解，实现 Drive 与 Work 的无缝耦合及实时响应。1. 2 System 2：UrbanVLM 宏观约束 (Vision-Language Model Constraints)针对城市服务中低频但逻辑复杂的长尾场景（如理解交警手势、判断倒塌树木的优先级），酷哇引入自研的 UrbanVLM，承担宏观规划与因果约束的职责。它不直接输出控制信号，而是为直觉系统提供更高层的“语义围栏”。• 云端深思 (UrbanVLM Large, 32B)： 拥有320亿参数的多模态大脑，负责全局任务编排。它能读懂复杂的自然语言指令（如“优先清理堵塞排水口的积物，防止暴雨积水”），并将其拆解为具身智能可执行的原子任务序列。• 端侧推理 (UrbanVLM Tiny, 3B)： 部署在机器人边缘侧的小参数模型，负责百毫秒级的高维理解及策略约束。例如，它能通过语义分析识别出前方障碍物是一个“正在玩耍的儿童”，根据常识约束底层的策略使进行必要的保守礼让并停止工作。此外，基于 WAM 底座，又衍生出两大核心引擎：￮ Drive AI（全场景移动引擎）： 机器人的“双腿”。基于 End-to-End Transformer 架构，它不再依赖规则，而是基于推演结果在机动车道、辅道及楼宇通道中生成最优轨迹，在人车混流的博弈中实现“类人”的平滑通行。￮ Work AI（VLA 协同作业引擎）： 机器人的“双手”。基于 VLA (Vision-Language-Action) 架构，实现了视觉感知与机械臂动作的端到端对齐。通过学习数百万小时的环卫与物业作业真值数据，它能自适应调整清扫力度和机械臂轨迹，将运动控制误差收敛至厘米级。第二层：基础设施层 (AI Infra)—— 虚实共生的进化血液模型能力的上限，取决于数据的质量与规模。酷哇构建了工业级的 AI Infra，从2018年商业化至今，酷哇早期即坚持规模化部署真机进行数据采集，搭建了“硬件-数据-模型”的闭环管线：• 50PB 数据湖： 存储了来自50+城市的全天候真实运行数据，为模型提供物理世界的“真理”。• World Sim（世界仿真器）： 当遇到罕见的极端 Corner Case（如极端天气作业），系统利用 AIGC 技术在仿真空间生成数万个变种场景，进行对抗性训练。• 自动化管线： 利用大模型对海量数据进行自动清洗与标注，将数据处理效率提升了1000倍，模型处理效率可达到按周迭代的效率，实现“机器人每跑一公里，模型就聪明一分”的复利效应。第三层：应用层 (Application Layer)—— 物理智能体的万千形态基于统一的模型层与强大的基建层，酷哇得以快速孵化出形态各异的物理智能终端，服务于城市生活的方方面面——这本质上是通用智能在不同物理载体上的自然投射。从解决城市微循环的自动驾驶小巴Coo-bus，到灵活作业于楼宇物业的“D0/R0”系列泛人形与轮足机器人；再到穿梭于城市角落的X系列城市管家机器人——酷哇的产品线已实现对城市物理空间的全方位覆盖。这种“全家福”式的产品布局，配合酷哇自研线控底盘、智能上装以及云控平台的垂直整合能力，使得酷哇区别于仅提供单点技术的公司，具备了提供“综合城市大管家方案”的能力，真正实现了对城市毛细血管的智能化重塑。以终为始：数据飞轮驱动，通向Robo city终局商业规模的爆发，为酷哇构建了难以复制的数据壁垒。目前，酷哇已在全球超过50个城市和地区、累计4,500万公里的真实运营中，沉淀了数百万个高价值长尾场景（Corner Case）数据点。这正是酷哇“增长飞轮”高速运转的动力源：酷哇坚信，技术先进性与商业规模化互为因果。WAM 通用模型底座大幅降低了场景适配成本，推动了万台级商业规模的落地；而大规模商业运营产生的海量物理交互真值数据（Physical Interaction Data），又反哺模型持续进化，进一步巩固了技术护城河。在这一飞轮驱动下，酷哇正加速向“终局场景”迈进：一个万物互联的RoboCity（机器人生态城）。在这个城市里，数万台形态各异的机器人将不再是孤立的个体，而是通过WAM共享同一个“世界认知”的智能集群，共同构成了一套覆盖全城的物理智能体网络（Physical Agent Network）此时的酷哇，已经不仅是机器人的制造商，更是这套城市新基建的“定义者与运营商”。就像水务公司管理水网、电力公司管理电网一样，酷哇正在管理着城市的“算力与劳动力网络”。关于酷哇科技（COOWA）酷哇科技（COOWA）成立于 2015 年，是行业领先的通用 AI 机器人服务提供商。公司以“让机器人与美好生活共进”为使命，致力于实现物理世界的通用人工智能（Physical AI）。依托自主研发的 Physical AI 技术底座，酷哇凭借独创的 World-Action Model模型和产品化能力，构建了智慧出行、智慧物业、智慧城市管家三大核心业务板块。目前，酷哇科技已在全球 50 多个城市和地区实现商业化落地。公司正致力于将通用智能能力复制到城市服务的每一个场景，重新定义人与城市的交互方式。","news_type":1,"symbols_score_info":{"NVD":0.6,"NVDQ":0.6,"TSYY":0.6,"TSLW":0.6,"TESL":0.6,"TSDD":0.6,"TSL":0.6,"07766":0.6,"TSLY":0.6,"NVD2.UK":0.6,"DIPS":0.6,"NVD3.UK":0.6,"TSLZ":0.6,"CRSH":0.6,"NVDA":0.9,"TSLG":0.6,"TSLI":0.6,"NVDX":0.6,"NVII":0.6,"TSLO":0.6,"3NVD.UK":0.6,"TSLS":0.6,"SNVD.UK":0.6,"TSLR":0.6,"NVDS":0.6,"NVIW.SI":0.6,"NVDD":0.6,"TSLP":0.6,"TSLT":0.6,"NVDU":0.6,"NVDG":0.6,"2NVD.UK":0.6,"TSLQ":0.6,"TSLA":0.9,"NVDY":0.6,"NVDS.UK":0.6,"NVDW":0.6,"TSII":0.6}},"isVote":1,"tweetType":1,"viewCount":136,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":528919213727928,"gmtCreate":1770161829852,"gmtModify":1770161832082,"author":{"id":"3500646460202211","authorId":"3500646460202211","name":"七风哥哥","avatar":"https://static.tigerbbs.com/995231888a039cddd9f2f0ecf7b865b0","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3500646460202211","authorIdStr":"3500646460202211"},"themes":[],"title":"","htmlText":"小人思维[笑哭] ","listText":"小人思维[笑哭] ","text":"小人思维[笑哭]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/528919213727928","repostId":"2608808473","repostType":2,"repost":{"id":"2608808473","kind":"news","pubTimestamp":1770131820,"share":"https://www.laohu8.com/m/news/2608808473?lang=zh_CN&edition=full","pubTime":"2026-02-03 23:17","market":"us","language":"zh","title":"抵制马斯克电动车能否影响其航天布局？理性分析背后的真相与出路","url":"https://stock-news.laohu8.com/highlight/detail?id=2608808473","media":"ITBEAR科技资讯","summary":"近年来，马斯克旗下的商业航天企业Space X在全球航天领域迅速崛起，但一系列事件也引发广泛关注。这意味着，消费者抵制特斯拉产品，难以直接影响Space X的运营资金或技术投入。若特斯拉与Space X合并，其财务与业务关联性将显著增强，届时抵制行为或产生间接影响。但业内人士指出，特斯拉作为上市公司，合并需面临复杂的财务审计与监管审查，短期内难以实现。","content":"<html><body><article><p>近年来，马斯克旗下的商业<a href=\"https://laohu8.com/S/000901\">航天</a>企业Space X在全球<a href=\"https://laohu8.com/S/00031\">航天</a>领域迅速崛起，但一系列事件也引发广泛关注。其中，Space X的星链卫星曾两次近距离接近我国空间站，这一危险举动虽未造成实质损害，却迫使我国空间站采取紧急避轨措施。尽管我国已就此提出谴责，但此类行为仍引发公众对商业航天安全性的担忧，甚至有网友呼吁抵制<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>汽车，试图通过经济手段遏制Space X发展。</p><p>从法律层面看，Space X与特斯拉虽同属马斯克掌舵，但二者为独立运营实体。特斯拉作为纳斯达克上市公司，其财务状况、<span>股权结构</span>均受严格监管；而Space X作为未上市的私营企业，股权高度集中于马斯克及少数投资机构。这意味着，消费者抵制特斯拉产品，难以直接影响Space X的运营资金或技术投入。</p><p>然而，近期彭博社等媒体披露，马斯克正推动旗下企业整合，包括Space X、特斯拉及人工智能公司xAI。据报道，Space X已完成对xAI的收购，并计划申请发射100万颗卫星，构建太空数据中心以支持AI发展。若特斯拉与Space X合并，其财务与业务关联性将显著增强，届时抵制行为或产生间接影响。但业内人士指出，特斯拉作为上市公司，合并需面临复杂的财务审计与监管审查，短期内难以实现。</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>抵制马斯克电动车能否影响其航天布局？理性分析背后的真相与出路</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抵制马斯克电动车能否影响其航天布局？理性分析背后的真相与出路\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-03 23:17 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260203232626a6cf18c9&s=b><strong>ITBEAR科技资讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>近年来，马斯克旗下的商业航天企业Space X在全球航天领域迅速崛起，但一系列事件也引发广泛关注。其中，Space X的星链卫星曾两次近距离接近我国空间站，这一危险举动虽未造成实质损害，却迫使我国空间站采取紧急避轨措施。尽管我国已就此提出谴责，但此类行为仍引发公众对商业航天安全性的担忧，甚至有网友呼吁抵制特斯拉汽车，试图通过经济手段遏制Space X发展。从法律层面看，Space X与特斯拉虽同属...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260203232626a6cf18c9&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":{"TSLS":"1倍做空TSLA ETF-Direxion","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","TSLT":"2倍做多TSLA ETF-T-Rex","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","BK4604":"机器人概念","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","TSLW":"TSLA周配息ETF-Roundhill","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","BK4527":"明星科技股","LU0234570918.USD":"高盛全球核心股票组合Acc 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09:48</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>2026年1月，RatingDog中国制造业PMl录得50.3，较2025年12月的50.1上升0.2，制造业景气度延续温和改善，读数表现强于去年同期水平50.1并持平于近一年均值50.3。</p><p>整体看，1月制造业扩张态势延续，内外需边际回暖成本向价格的传导初现，就业小幅改善。未来数月若成本压力持续而需求复苏力度有限，企业盈利空间仍将承压，制造业可能延续低增速扩张格局。政策层面需关注稳需求与降成本之间的平衡，财政发力支撑“两重两新”政策的延续，或在一定程度上巩固制造业的修复势头。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2c95bdb75bbd57d223ce4095a2f438cc","relate_stocks":{"399001":"深证成指","399006":"创业板指","000001.SH":"上证指数","YANG":"三倍做空富时中国ETF-Direxion","YINN":"三倍做多富时中国ETF-Direxion"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154831344","content_text":"2026年1月，RatingDog中国制造业PMl录得50.3，较2025年12月的50.1上升0.2，制造业景气度延续温和改善，读数表现强于去年同期水平50.1并持平于近一年均值50.3。整体看，1月制造业扩张态势延续，内外需边际回暖成本向价格的传导初现，就业小幅改善。未来数月若成本压力持续而需求复苏力度有限，企业盈利空间仍将承压，制造业可能延续低增速扩张格局。政策层面需关注稳需求与降成本之间的平衡，财政发力支撑“两重两新”政策的延续，或在一定程度上巩固制造业的修复势头。","news_type":1,"symbols_score_info":{"399001":2,"399006":2,"YINN":2,"000001.SH":2,"YANG":2}},"isVote":1,"tweetType":1,"viewCount":212,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3558216639482033","authorId":"3558216639482033","name":"FocusMK","avatar":"https://static.tigerbbs.com/402db424f2645807d6279fe3b1b92fc2","crmLevel":2,"crmLevelSwitch":1,"idStr":"3558216639482033","authorIdStr":"3558216639482033"},"content":"他说的是国企，国企确实加速扩张","text":"他说的是国企，国企确实加速扩张","html":"他说的是国企，国企确实加速扩张"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":528178459394632,"gmtCreate":1769970712677,"gmtModify":1769996298276,"author":{"id":"3500646460202211","authorId":"3500646460202211","name":"七风哥哥","avatar":"https://static.tigerbbs.com/995231888a039cddd9f2f0ecf7b865b0","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3500646460202211","authorIdStr":"3500646460202211"},"themes":[],"title":"","htmlText":"又在开始脱离实际吹牛逼了！真尼玛恶心！","listText":"又在开始脱离实际吹牛逼了！真尼玛恶心！","text":"又在开始脱离实际吹牛逼了！真尼玛恶心！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/528178459394632","repostId":"2608188310","repostType":2,"repost":{"id":"2608188310","kind":"news","pubTimestamp":1769960455,"share":"https://www.laohu8.com/m/news/2608188310?lang=zh_CN&edition=full","pubTime":"2026-02-01 23:40","market":"us","language":"zh","title":"2026物理AI浪潮来袭，黄仁勋预言成真，中国如何在全球竞赛中脱颖而出？","url":"https://stock-news.laohu8.com/highlight/detail?id=2608188310","media":"ITBEAR科技资讯","summary":"在2026年国际消费电子展上，英伟达创始人黄仁勋抛出一枚重磅炸弹：物理AI的“ChatGPT时刻”已然来临。当AI突破虚拟世界的边界，开始在物理世界中自主完成复杂任务时，人类正站在一个前所未有的转折点上。玩具行业被物理AI赋予了新的情感维度。在这场全球竞赛中，中国展现出独特的竞争优势。2026年的物理AI竞赛，本质上是技术、商业与想象力的综合较量。在这场变革中，机遇与挑战并存，唯有敢于拥抱变化的企业才能在这场淘汰赛中脱颖而出。","content":"<html><body><article><p>在2026年国际消费电子展（CES）上，<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>创始人黄仁勋抛出一枚重磅炸弹：物理AI的“ChatGPT时刻”已然来临。这一论断不仅颠覆了科技界对人工智能的传统认知，更在全球商业领域掀起了一场关于未来十年技术主导权的激烈角逐。当AI突破虚拟世界的边界，开始在物理世界中自主完成复杂任务时，人类正站在一个前所未有的转折点上。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260202000418728d201748v1ol6z8u\"/><p>黄仁勋的演讲并非空谈，而是基于英伟达在算力领域的深厚积累。过去几年，生成式AI在内容创作领域大放异彩，但这些智能体始终被困在数字世界中。物理AI的崛起，标志着AI技术从“软”到“硬”的质变——未来的竞争将不再局限于算法的聪明程度，而是取决于智能体在物理世界中的执行能力和稳定性。数字经济应用实践专家骆仁童博士指出，物理AI的核心在于突破虚拟与现实的界限，通过机器人、自动驾驶等载体直接介入物流、制造、服务等核心经济环节，成为新的生产力工具。</p><p>这场变革正在多个领域引发连锁反应。自动驾驶出租车（Robotaxi）领域，<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>与<a href=\"https://laohu8.com/S/BIDU\">百度</a>旗下的萝卜快跑正展开激烈角逐。特斯拉计划于2026年4月量产L4级全自动驾驶出租车Cybercab，目标运营成本低至每公里0.2美元；而萝卜快跑已实现周订单量突破25万单，且100%为全无人订单，更将业务拓展至迪拜等海外市场。这场竞争不仅关乎技术突破，更是一场商业模式的终极验证——当无人驾驶成本低于人类司机，传统出行行业将面临彻底重构。</p><p>人形机器人领域同样迎来爆发式增长。智元、宇树科技和<a href=\"https://laohu8.com/S/09880\">优必选</a>等中国厂商的年出货量有望实现同比翻番，这些机器人不再局限于执行预设动作，而是通过视觉和触觉理解环境，完成复杂任务。资本市场也闻风而动，多家机器人企业计划在2026年上市。然而，这场盛宴背后是残酷的淘汰赛：缺乏闭环进化能力、仍停留在Demo阶段的企业将面临融资困境，最终被市场抛弃。</p><p>AI技术的渗透远不止于此。手机中的AI助手正从“问答机器人”升级为“个人智能伙伴”，用户无需手动操作应用，只需表达意图即可完成点餐、打车等复杂任务。这种变革引发了终端厂商与应用厂商的激烈博弈——当AI Agent能够自由穿透各个App时，流量分配权将成为新的战场。可穿戴设备领域则朝着“无感化”方向发展，AI耳机、智能戒指等新品通过ECG功能或毫米波雷达监测健康数据，让科技真正“隐形”。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20260202000429121d201l151xk64j46\"/><p>玩具行业被物理AI赋予了新的情感维度。2026年的AI玩具不再只是重复预设语音的“话痨”，而是具备本地长时记忆和情感计算能力，能够通过语调、表情分析情绪，实现拟人化互动。清洁电器领域则见证了具身智能的成熟应用：轮足式结构让扫地机器人突破立体空间障碍，仿生机械臂赋予其整理杂物、擦拭桌面的能力，服务场景从室内延伸至户外。</p><p>在这场全球竞赛中，中国展现出独特的竞争优势。<a href=\"https://laohu8.com/S/09888\">百度</a>萝卜快跑的海外扩张、智元等厂商的机器人出货量领先，印证了中国在落地速度和市场广度上的优势。庞大的制造业基础和完善的供应链体系，为物理AI的量产和降本提供了有力支撑。同时，中国厂商在应用场景创新上表现出色，从AI耳机到智能玩具，总能精准捕捉消费者需求。但挑战依然存在：高端芯片、核心算法框架等领域仍存在“卡脖子”风险，物理AI的发展也带来了新的监管和伦理问题。</p><p>2026年的物理AI竞赛，本质上是技术、商业与想象力的综合较量。中国玩家已拿到入场券，但最终胜负取决于能否在核心技术上实现突破，以及能否持续创新应用场景。在这场变革中，机遇与挑战并存，唯有敢于拥抱变化的企业才能在这场淘汰赛中脱颖而出。</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>2026物理AI浪潮来袭，黄仁勋预言成真，中国如何在全球竞赛中脱颖而出？</title>\n<style 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href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260202000430a46fdee4&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":{"NVDG":"2倍做多NVDA ETF- Leverage Shares","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","SNVD.UK":"LS -1X NVIDIA","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU2357125470.USD":"BNP PARIBAS ENERGY TRANSITION \"CLASSIC RH\" (USDHDG) ACC","2NVD.UK":"2X NVIDIA ETP","LU0347712357.USD":"BNP PARIBAS GLOBAL ENVIRONMENT \"C\" (USD) ACC","NVDQ":"2倍做空NVDA ETF-T-Rex","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","LU0094547139.USD":"abrdn SICAV I - GLOBAL SUSTAINABLE EQUITY FUND \"A\" (USD) ACC","LU2756315664.SGD":"ALLIANZ 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11:03","market":"us","language":"zh","title":"决战特斯拉：Waymo融资160亿美元、估值1100亿！","url":"https://stock-news.laohu8.com/highlight/detail?id=2608200161","media":"车智","summary":"北京时间2月1日，根据外媒报道，Waymo正在计划以接近1100亿美元的估值，谋求新一轮的融资，融资金额高达160亿美元。同时，Waymo官方消息显示，完成了超过2000万次自动驾驶出行服务。距离Waymo在2024年10月完成的上一轮融资过去了将近15个月，彼时，Waymo的估值超过450亿美元，估值增加了144.4%。Robotaxi行业，终于有公司超过1000亿美元估值了！Waymo在2月份完成新一轮的融资后，想必是为了应对特斯拉的挑战。","content":"<html><body><article><p>北京时间2月1日，根据外媒报道，Waymo正在计划以接近1100亿美元的估值，谋求新一轮的融资，融资金额高达160亿美元。</p><p>其中，Waymo的母公司Alphabet计划继续注资130亿美元，包括红杉资本、数字天空技术集团、龙跃资本等投资人包揽了剩余的额度。</p><p>据悉，该轮融资计划在本月完成。同时，Waymo官方消息显示，完成了超过2000万次自动驾驶出行服务。</p><p>距离Waymo在2024年10月完成的上一轮融资过去了将近15个月，彼时，Waymo的估值超过450亿美元，估值增加了144.4%。</p><p>Robotaxi行业，终于有公司超过1000亿美元估值了！和大模型公司的估值不再是量级的差别。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_jpg/XWvFqHKejO12eGice6iaqB1613QOjB02ibYp940uq9X6Ysibia8HZYIQR5APL8WibEMXUqIQKmVPZyuYMc7p1T87NEzA/640?wx_fmt=webp&from=appmsg\"/><p>2024年Robotaxi遇到了前所未有的挑战。</p><p>Waymo在美国的唯一竞争对手Cruise因为2023年10月的致死事故暂停运营，2024年7月通用停止了Cruise专属无人驾驶车型Origin的研发，并在同年12月宣布退出Robotaxi市场。</p><p>但利好消息是2024年4月，马斯克在访华前突然宣布在当年8月8日（后来延期到10月10日）发布Robotaxi产品，并且最终发布了Cybercab。</p><p>如果没有<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>的加入，Alphabet是否会继续坚定支持Waymo真的很难讲，因此。Waymo彼时完成的那轮融资，更像是一次续命的钱。</p><p>彼时，市场上的钱，都疯狂涌向了AI大模型，尤其是美国市场。</p><p>时间来到了2025年，Robotaxi的发展进入快车道。</p><p>特斯拉推出了Robotaxi服务，从2025年6月开始副驾驶还有安全员到2025年12月取消安全员，用时只有6个月，而2026年1月下旬，特斯拉在奥斯汀向公众开放无安全员Robotaxi服务。同时，特斯拉也宣布Robotaxi车型Cybercab开始规模量产。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_jpg/XWvFqHKejO12eGice6iaqB1613QOjB02ibYJBne7Pz8295DFuttW47YMIPBj4VWojUZYPrQt8QqTcuy7JZxuhUdmg/640?wx_fmt=jpeg&from=appmsg\"/><p>对于Waymo来说，2025年更是商业化快速发展的一年，有消息显示，Waymo的年化收入达到了3.5亿美元，相比2024年收入接近翻倍。</p><p>为了扩大收入规模，Waymo在积极拓展自己的车队，包括和<a href=\"https://laohu8.com/S/00175\">吉利</a>集团<a href=\"https://laohu8.com/S/ZK\">极氪</a>合作的自动驾驶车型在2026年1月7日被命名为Ojai，搭载Waymo第六代自动驾驶系统，包括13个摄像头、4个激光雷达和6个毫米波雷达等。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_jpg/XWvFqHKejO12eGice6iaqB1613QOjB02ibYQ02NQtr8sz68lwN1Sfibx5RLibK4QXzG6bgodnY6Z4Ok46tobmm1MMbw/640?wx_fmt=jpeg&from=appmsg\"/><p>相比特斯拉Cybercab的纯视觉路线，Waymo的硬件成本高不少，但美国的Robotaxi客单价高，足以覆盖这部分成本。</p><p>Waymo在2月份完成新一轮的融资后，想必是为了应对特斯拉的挑战。</p><p>美国Robotaxi市场，基本上也就是看Waymo和特斯拉了（<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>和<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>都在推进），特斯拉的估值目前就基本上靠Robotaxi概念和Optimus概念支撑了，目前，特斯拉市值接近1.5万亿美元，这个角度看，Waymo估值1100亿美元，其实也是不贵的。</p><p>Waymo完成新一轮的融资后，对中国的Robotaxi市场也是极大的促进作用。</p><p>相比美国Robotaxi市场的双雄决战。中国Robotaxi的玩家多一些，包括<a href=\"https://laohu8.com/S/BIDU\">百度</a>旗下的<a href=\"https://laohu8.com/S/09888\">百度</a>Apollo萝卜快跑、港美股上市公司的文远知行和<a href=\"https://laohu8.com/S/PONY\">小马智行</a>，还有滴滴旗下的自动驾驶公司，还有出行平台、主机厂的玩家。其中，主机厂的玩家里面，小鹏要在2026年推出Robotaxi业务。</p><p>小鹏是学习特斯拉最像的，包括纯视觉的技术路线、涉足机器人业务、推出Robotaxi业务等等，当然了，小鹏还涉足飞行汽车，特斯拉都没有涉足，相比之下，小鹏的市值就比特斯拉小很多，就看二级市场愿意按照特斯拉的逻辑给小鹏估值。</p><p>Waymo完成新一轮的融资，也宣布开始进军国际市场。对百度Apollo来说，也应该要开启融资，寻求国际资本的支持，将目前在海外市场的触角拓展到更多市场。百度旗下的业务，度小满、昆仑芯都有独立融资或者拆分上市的计划，</p><p>Apollo也是百度在AI领域投入超过10年的成果，估值确实是不好定，毕竟现在的中美博弈下，软银都不太往中国投大钱了，不过，欧洲和中东的钱应该是很有兴趣的。</p><p>这点，可以看看进入2026年，外交线多忙就知道了。</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>决战特斯拉：Waymo融资160亿美元、估值1100亿！</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决战特斯拉：Waymo融资160亿美元、估值1100亿！\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-01 11:03 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260201153349a6c5b9fd&s=b><strong>车智</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>北京时间2月1日，根据外媒报道，Waymo正在计划以接近1100亿美元的估值，谋求新一轮的融资，融资金额高达160亿美元。其中，Waymo的母公司Alphabet计划继续注资130亿美元，包括红杉资本、数字天空技术集团、龙跃资本等投资人包揽了剩余的额度。据悉，该轮融资计划在本月完成。同时，Waymo官方消息显示，完成了超过2000万次自动驾驶出行服务。距离Waymo在2024年10月完成的上一轮...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260201153349a6c5b9fd&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":{"TSII":"REX TSLA Growth & Income ETF","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","TSL":"1.25倍做多TSLA ETF-GraniteShares","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","TSLG":"2倍做多TSLA ETF-Leverage Shares","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","BK4612":"AI芯片","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","TSLI":"2倍做多TSLA ETF-ProShares","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY 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资本用脚投票！"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":527944467153856,"gmtCreate":1769913588350,"gmtModify":1769913590662,"author":{"id":"3500646460202211","authorId":"3500646460202211","name":"七风哥哥","avatar":"https://static.tigerbbs.com/995231888a039cddd9f2f0ecf7b865b0","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3500646460202211","authorIdStr":"3500646460202211"},"themes":[],"title":"","htmlText":"3.8大于6！真是一群酒囊饭袋！","listText":"3.8大于6！真是一群酒囊饭袋！","text":"3.8大于6！真是一群酒囊饭袋！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/527944467153856","repostId":"2608958077","repostType":2,"repost":{"id":"2608958077","kind":"news","pubTimestamp":1769883239,"share":"https://www.laohu8.com/m/news/2608958077?lang=zh_CN&edition=full","pubTime":"2026-02-01 02:13","market":"hk","language":"zh","title":"2026汽车销量榜大洗牌！比亚迪特斯拉领跑，小米SU7首秀即惊艳凭啥？","url":"https://stock-news.laohu8.com/highlight/detail?id=2608958077","media":"ITBEAR科技资讯","summary":"2026年首月汽车销量榜单揭晓，市场格局迎来剧烈震荡。比亚迪秦PLUS DM-i以3.8万辆月销量蝉联榜首，特斯拉Model Y以6.5万辆紧随其后，而首次入局的小米SU7凭借3.9万辆成绩空降第三，这一排名颠覆了传统车企的预期，更折射出消费市场的深层变革。特斯拉Model Y则继续扮演着行业颠覆者的角色。小米SU7的异军突起堪称现象级事件。这三款车型的热销，实质是三种消费价值观的碰撞。随着小米SU7的强势入局，2026年的汽车市场竞争已进入多维战场。","content":"<html><body><article><p>2026年首月汽车销量榜单揭晓，市场格局迎来剧烈震荡。<a href=\"https://laohu8.com/S/BYDDY\">比亚迪</a>秦PLUS DM-i以3.8万辆月销量蝉联榜首，<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>Model Y以6.5万辆紧随其后，而首次入局的<a href=\"https://laohu8.com/S/XIACY\">小米</a>SU7凭借3.9万辆成绩空降第三，这一排名颠覆了传统车企的预期，更折射出消费市场的深层变革。</p><p><a href=\"https://laohu8.com/S/002594\">比亚迪</a>秦PLUS DM-i的制胜法宝在于精准切入大众需求。这款定价10万元区间的混动车型，搭载DM-i超级混动系统，实测亏电油耗较同级燃油车降低30%，210公里纯电续航可满足一周通勤。更令人惊叹的是其2110公里综合续航能力，从北京到昆明中途无需补能。全系标配的L2级辅助驾驶与DiLink 6.0智能车机系统，让\"经济适用\"不再与\"技术落后\"划等号。车主调研显示，87%的用户将\"使用成本低\"列为首要购车因素，印证了务实消费主义的崛起。</p><p>特斯拉Model Y则继续扮演着行业颠覆者的角色。尽管内饰设计屡遭诟病，但其长续航版821公里的CLTC续航、4.3秒破百的性能表现，仍稳坐科技标杆地位。最新AI 4芯片带来720 TOPS算力，使自动驾驶辅助系统在复杂路况下的决策速度提升40%。值得关注的是，其前备箱+后备箱的立体储物空间设计，配合智能调光天幕等配置，成功将\"极简主义\"转化为实用优势。市场分析师指出，Model Y买家中有63%同时持有<a href=\"https://laohu8.com/S/AAPL\">苹果</a>生态产品，印证了科技品牌忠诚度的跨界迁移。</p><p><a href=\"https://laohu8.com/S/01810\">小米</a>SU7的异军突起堪称现象级事件。这款承载雷军\"最后一次创业\"雄心的产品，将手机行业经验完美移植到汽车领域：800V高压平台实现充电5分钟续航200公里，128线激光雷达与双<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>Orin芯片组合带来堪比旗舰手机的交互体验。更令传统车企震惊的是其配置策略——全系标配座椅按摩、25扬声器<a href=\"https://laohu8.com/S/DLB\">杜比</a>全景声系统，将<a href=\"https://laohu8.com/S/DLX\">豪华</a>配置下放至20万元级市场。消费者调研显示，45%的SU7车主同时使用3件以上<a href=\"https://laohu8.com/S/81810\">小米</a>智能设备，生态协同效应成为核心购买驱动力。</p><p>这三款车型的热销，实质是三种消费价值观的碰撞。秦PLUS DM-i代表的实用主义群体，将车辆视为降低生活成本的工具；Model Y吸引的科技信仰者，通过产品彰显前沿身份认同；而SU7的生态玩家，则在追求智能生活的无缝衔接。值得关注的是，三款车型在25-35岁主力消费群体中的渗透率均超过65%，预示着汽车消费正在从\"功能需求\"向\"价值主张\"转型。</p><p>随着小米SU7的强势入局，2026年的汽车市场竞争已进入多维战场。传统车企的供应链优势、新势力的技术锐度、科技公司的生态整合能力，正在重构行业评价标准。这场变革中，没有永恒的王者，只有不断进化的生存法则。</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>2026汽车销量榜大洗牌！比亚迪特斯拉领跑，小米SU7首秀即惊艳凭啥？</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\">\n2026汽车销量榜大洗牌！比亚迪特斯拉领跑，小米SU7首秀即惊艳凭啥？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-02-01 02:13 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260201025431a6c43bf1&s=b><strong>ITBEAR科技资讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>2026年首月汽车销量榜单揭晓，市场格局迎来剧烈震荡。比亚迪秦PLUS DM-i以3.8万辆月销量蝉联榜首，特斯拉Model Y以6.5万辆紧随其后，而首次入局的小米SU7凭借3.9万辆成绩空降第三，这一排名颠覆了传统车企的预期，更折射出消费市场的深层变革。比亚迪秦PLUS DM-i的制胜法宝在于精准切入大众需求。这款定价10万元区间的混动车型，搭载DM-i超级混动系统，实测亏电油耗较同级燃油车...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260201025431a6c43bf1&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":{"81211":"比亚迪股份-R","81810":"小米集团-WR","LU0051755006.USD":"摩根大通中国A (dist)","LU0449509016.USD":"HSBC GIF BRIC EQUITY \"AC\" (USD) ACC","LU0572944931.SGD":"Janus Henderson Horizon China Opportunities A2 SGD","LU1481107354.HKD":"HSBC GIF HONG KONG EQUITY \"AD\" (HKD) INC","LU0314109678.HKD":"MANULIFE GF DRAGON GROWTH \"AA\" (HKD) INC","002594":"比亚迪","LU0210526637.USD":"JPM CHINA \"A\" (USD) ACC","LU0823397285.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN EQUITY \"C\" (USD) INC","LU1303224171.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) INC","LU0469268626.HKD":"AB FCP I-ASIA EX JAPAN EQUITY PTF(AD","LU0700851271.USD":"NINETY ONE GSF EMERGING MARKETS MULTI-ASSET \"A\" (USD) ACC","LU0417516902.SGD":"Allianz China Equity Cl AT Acc SGD","LU0516423091.SGD":"FULLERTON LUX FUNDS - ASIA FOCUS 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6.0智能车机系统，让\"经济适用\"不再与\"技术落后\"划等号。车主调研显示，87%的用户将\"使用成本低\"列为首要购车因素，印证了务实消费主义的崛起。特斯拉Model Y则继续扮演着行业颠覆者的角色。尽管内饰设计屡遭诟病，但其长续航版821公里的CLTC续航、4.3秒破百的性能表现，仍稳坐科技标杆地位。最新AI 4芯片带来720 TOPS算力，使自动驾驶辅助系统在复杂路况下的决策速度提升40%。值得关注的是，其前备箱+后备箱的立体储物空间设计，配合智能调光天幕等配置，成功将\"极简主义\"转化为实用优势。市场分析师指出，Model Y买家中有63%同时持有苹果生态产品，印证了科技品牌忠诚度的跨界迁移。小米SU7的异军突起堪称现象级事件。这款承载雷军\"最后一次创业\"雄心的产品，将手机行业经验完美移植到汽车领域：800V高压平台实现充电5分钟续航200公里，128线激光雷达与双英伟达Orin芯片组合带来堪比旗舰手机的交互体验。更令传统车企震惊的是其配置策略——全系标配座椅按摩、25扬声器杜比全景声系统，将豪华配置下放至20万元级市场。消费者调研显示，45%的SU7车主同时使用3件以上小米智能设备，生态协同效应成为核心购买驱动力。这三款车型的热销，实质是三种消费价值观的碰撞。秦PLUS DM-i代表的实用主义群体，将车辆视为降低生活成本的工具；Model Y吸引的科技信仰者，通过产品彰显前沿身份认同；而SU7的生态玩家，则在追求智能生活的无缝衔接。值得关注的是，三款车型在25-35岁主力消费群体中的渗透率均超过65%，预示着汽车消费正在从\"功能需求\"向\"价值主张\"转型。随着小米SU7的强势入局，2026年的汽车市场竞争已进入多维战场。传统车企的供应链优势、新势力的技术锐度、科技公司的生态整合能力，正在重构行业评价标准。这场变革中，没有永恒的王者，只有不断进化的生存法则。","news_type":1,"symbols_score_info":{"81211":0.6,"81810":0.6,"XIACY":0.6,"002594":1.95,"BYDDY":1.95,"01810":0.9,"HXXD.SI":0.6,"HYDD.SI":0.6,"TSLA":1.92,"MIUmain":0.6,"01211":1.95}},"isVote":1,"tweetType":1,"viewCount":168,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":527514848252960,"gmtCreate":1769808703019,"gmtModify":1769808705252,"author":{"id":"3500646460202211","authorId":"3500646460202211","name":"七风哥哥","avatar":"https://static.tigerbbs.com/995231888a039cddd9f2f0ecf7b865b0","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3500646460202211","authorIdStr":"3500646460202211"},"themes":[],"title":"","htmlText":"放心，其他都是炒作！特斯拉才会走到最后！！！","listText":"放心，其他都是炒作！特斯拉才会走到最后！！！","text":"放心，其他都是炒作！特斯拉才会走到最后！！！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/527514848252960","repostId":"2607925025","repostType":2,"repost":{"id":"2607925025","kind":"highlight","weMediaInfo":{"introduction":"有视角的商业资讯交流平台","home_visible":1,"media_name":"虎嗅APP","id":"101","head_image":"https://static.tigerbbs.com/98669fe7974e42f3976b3db47528792d"},"pubTimestamp":1769781240,"share":"https://www.laohu8.com/m/news/2607925025?lang=zh_CN&edition=full","pubTime":"2026-01-30 21:54","market":"us","language":"zh","title":"中国车企和特斯拉的下一战，战场已定","url":"https://stock-news.laohu8.com/highlight/detail?id=2607925025","media":"虎嗅APP","summary":"不只有中国车企和特斯拉外想瓜分这片淘金地。而在两年前，他曾公开预测，未来全球只有十家车企能存活，分别是九家中国车企和特斯拉。从各家车企在机器人量产方面的规划来看，中国车企和特斯拉之间的“机器人战争”极有可能在2027年被点燃。好在，中国车企与特斯拉的机器人之战，也并非短时间内便会走到决战时刻。","content":"<html><body><div><p helvetica=\"\" hidden=\"\" initial=\"\" medium=\"\" neue=\"\" none=\"\" normal=\"\" rgb=\"\" start=\"\"><span helvetica=\"\" left=\"\" neue=\"\"><span leaf=\"\"><img helvetica=\"\" neue=\"\" src=\"https://static.tigerbbs.com/b1f675b6107e4bafb3a0d9898bc2b3f0\" translatey=\"\"/></span></span><span leaf=\"\"><img helvetica=\"\" neue=\"\" src=\"https://static.tigerbbs.com/f79e5ad3fe6a4b75ab9cb874b5ad3a0d\"/></span></p><p helvetica=\"\" hidden=\"\" initial=\"\" linear-gradient=\"\" medium=\"\" neue=\"\" none=\"\" normal=\"\" rgb=\"\" start=\"\"><span leaf=\"\"><img block=\"\" helvetica=\"\" neue=\"\" src=\"https://static.tigerbbs.com/ff930a99ccd64c2f9c9c9530aa203a50\"/></span></p><p flex=\"\" flex-end=\"\" helvetica=\"\" neue=\"\"><span helvetica=\"\" neue=\"\" rgb=\"\" right=\"\"><span leaf=\"\">争夺25万亿美元的市场</span></span></p><p flex=\"\" flex-end=\"\" helvetica=\"\" neue=\"\" nodeleaf=\"\"><img helvetica=\"\" neue=\"\" src=\"https://static.tigerbbs.com/a5d61b60d015419da0977227d76731d8\"/></p><span block=\"\" helvetica=\"\" neue=\"\"><p><span label=\"备注\"><span leaf=\"\">出品|虎嗅汽车组</span></span></p><p><span label=\"备注\"><span leaf=\"\">作者|王亚骏</span><span leaf=\"\"></span></span></p><p><span label=\"备注\"><span leaf=\"\">头图|<a href=\"https://laohu8.com/S/000681\">视觉中国</a></span></span></p></span><p><span leaf=\"\">在发布了“建设富足非凡世界”的新使命后，<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>又用两款旗舰车型，来为这个新使命“祭旗”。</span></p><p><span leaf=\"\">在Q4财报电话会开场白环节上，特斯拉CEO马斯克表示，是时候让Model S和Model X“<a href=\"https://laohu8.com/S/09998\">光荣</a>退役（honorable discharge）”了，这两款特斯拉的功勋车型将于下季度基本停产。</span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/9e2bd773b8c04e5bac9b47c3279b5c7b\"/></p><p label=\"图片备注\"><span leaf=\"\">Model S/X的成功，为特斯拉走辆车型Model 3/Y带来了研发资金。同时，它们还极大程度上促进了新能源汽车从\"环保政策工具\"向\"大型科技类消费品\"的跃迁。</span></p><p><span leaf=\"\">原本生产Model S和Model X的弗里蒙特工厂，将改为生产Optimus机器人。这款产品可以视为特斯拉新使命中最为重要的一环，马斯克认为未来特斯拉80%的市值都由Optimus机器人支撑。不过，他的梦想正面临着来自大洋彼岸的威胁。</span></p><p><span leaf=\"\">在财报电话会上，马斯克直言，中国擅长AI，也擅长制造，在人形机器人领域，特斯拉最大的竞争肯定来自中国。</span></p><p><span leaf=\"\">从中国车企在人形机器人领域的动作来看，马斯克这番话并非什么“高情商”之语或杞人忧天。目前在国内，不管是新势力还是传统车企，均已在机器人产业进行了布局。</span></p><p><span leaf=\"\">同时，中国车企的入场步伐也在不断加快。在特斯拉发布财报的三天前，<a href=\"https://laohu8.com/S/LI\">理想汽车</a>开了一次线上全员会，公司CEO李想表示，理想一定会做人形机器人，并会尽快让该产品落地亮相。</span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/f48f0f3ed25845ba9c3d426fed09d3af\"/></p><p><span leaf=\"\">这意味着，在FSD尚未入华、双方智驾战还是“隔海叫阵”的情况下，中国车企和特斯拉的下一战已经确定将在机器人领域展开。</span></p><p><span leaf=\"\">中国车企和特斯拉，为何同时盯上了人形机器人？当下国内汽车行业的内卷式竞争，对战局又将有何影响？</span></p><p label=\"大标题\"><span><span leaf=\"\"><img src=\"https://static.tigerbbs.com/5a3404e5159e45b095a66fab6f57b9ca\"/></span></span><span><span leaf=\"\"><img src=\"https://static.tigerbbs.com/8cae558b08f74f0a80722c2223bc4eb2\"/></span><span><span leaf=\"\">低投入+高回报预期，让中美车企同时盯上这块蛋糕</span></span><span leaf=\"\"><img src=\"https://static.tigerbbs.com/16b9e73f01ce48e78542aa97f327a03f\"/></span></span></p><p><span leaf=\"\">车企做人形机器人，很难算“跨界”。</span></p><p><span leaf=\"\">首先，车企人形机器人专门搭建新的研发和制造团队。何小鹏曾表示，“车企70%的技术储备能直接复用到机器人身上。”</span></p><p><span leaf=\"\">两者的技术复用度之所以如此之高，原因是在感知、决策、执行三大核心环节，智能汽车和人形机器人的技术架构高度重叠，甚至可以被视为“同一套技术栈的双线部署”。以Optimus机器人为例：</span></p><ul><li><p><span leaf=\"\">感知层，Optimus机器人直接使用了FSD（特斯拉完全自动驾驶）的纯视觉感知方案；</span></p></li><li><p><span leaf=\"\">决策层，两者的算法相似度60%（<a href=\"https://laohu8.com/S/002926\">华西证券</a>测算）；</span></p></li><li><p><span leaf=\"\">执行层，Cybertruck的线控转向与Optimus关节驱动存在复用。</span></p></li></ul><p><span leaf=\"\">除了软件外，两者在硬件上也有着极高的关联度，比如传感器、芯片、雷达、摄像头等，这进一步推高了供应链重合度。</span></p><p><span leaf=\"\">中国电动汽车百人会副理事长兼秘书长张永伟认为，在供应链方面，智能汽车与人形机器人的重合度超过了60%（车企纷纷布局的飞行汽车也是同理）。</span></p><p><span leaf=\"\">同时，在制造方面，两者装配逻辑、质量控制体系等方面也具备一定的通用性。这意味着，车企完全可以将自己过剩的汽车生产线改装成人形机器人生产线，无需再找地建厂。</span></p><p><span leaf=\"\">如此高的关联度，让汽车不必因拓展人形机器人业务而损耗太多元气。而机器人市场的广阔前景，更是让车企在当下的布局有望变成一个“低成本、高回报”的投资。</span></p><p><span leaf=\"\">据<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>预测，到了2050年，全球机器人销售额达到25万亿美元，是2025年销售额的250倍。而在未来的25年，汽车销量恐怕难有如此规模的增长。</span></p><p><span leaf=\"\">不只有中国车企和特斯拉外想瓜分这片淘金地。日韩和欧洲车企也在人形领域进行了布局，其中进展最快的是现代汽车。 2021年6月，现代汽车收购了知名人形机器人公司波士顿动力。</span></p><p><span leaf=\"\">不过在财报电话会上，马斯克并未提及丰田现代们。而在两年前，他曾公开预测，未来全球只有十家车企能存活，分别是九家中国车企和特斯拉。</span></p><p label=\"大标题\"><span><span leaf=\"\"><img src=\"https://static.tigerbbs.com/94466b3beeae40cb941352371eea7ed3\"/></span></span><span><span leaf=\"\"><img src=\"https://static.tigerbbs.com/cc73f0af1281409c99608a5f999227d9\"/></span><span><span leaf=\"\">这场仗会怎么打？</span></span><span leaf=\"\"><img src=\"https://static.tigerbbs.com/c044f124dc1b405ca2dd8a4bf93cbc6f\"/></span></span></p><p><span leaf=\"\">从各家车企在机器人量产方面的规划来看，中国车企和特斯拉之间的“机器人战争”极有可能在2027年被点燃。</span></p><p><span leaf=\"\">在财报电话会上，马斯克表示特斯拉“可能会在几个月内发布Optimus 3。”在瑞士达沃斯世界经济论坛上，特斯拉CEO埃隆·马斯克宣布，公司计划于2027年底前向公众销售其Optimus人形机器人。</span></p><p><span leaf=\"\">在大洋彼岸，奇瑞已经开始交付首款人形机器人“墨茵”（2025年交付量超300台）。同时，<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>也计划在2026年年底实现人形机器人的量产。</span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/b14181ed2c514c25a7fbe682e3e1705d\"/></p><p label=\"图片备注\"><span leaf=\"\"><a href=\"https://laohu8.com/S/09868\">小鹏汽车</a>人形机器人IRON</span></p><p><span leaf=\"\">在这场竞争中，双方各有各的优势</span></p><p><span leaf=\"\">得益于长期积累的自动驾驶AI算法和庞大的真实世界数据（数百万辆特斯拉汽车每天采集的端到端驾驶视频数据），特斯拉在技术上实现了领先。</span></p><p><span leaf=\"\">马斯克在财报电话会上详细解释了自身技术和数据带来的产品优势。目前，人形机器人有三大难点：打造像人手一样灵活的机械手（手是机器人身上最难的部分），其次是现实世界AI，最后是规模化生产。这三点是目前最大的难题，“我认为特斯拉是唯一一家同时具备这三大要素的公司。”</span></p><p><span leaf=\"\">面对特斯拉的技术壁垒，中国车企并非没有还手之力。在智能汽车的竞争中，中国车企已经证明了自己的快速迭代和成本控制能力。摩根士丹利曾发布研报表示，中国在人形机器人产业供应链中占据主导地位，占比达到63%，“中国庞大的市场规模正在把人形机器人的制造成本打下来”。</span></p><p><span leaf=\"\">在这种局面下，谁能吸引到更多更好的人才，谁的获胜概率就更大。何小鹏曾表示，吸引最顶尖人才，是做好人形机器人的关键。</span></p><p><span leaf=\"\">不过，当下汽车行业的价格战和内卷，一定程度上扯了中国车企招募人才的后腿。</span></p><p><span leaf=\"\">在线上全员会中，李想在谈及人形机器人业务时表示，公司要招聘这方面最好的人才，要从机器人<a href=\"https://laohu8.com/S/V03.SI\">创业公司</a>那里挖人。</span></p><p><span leaf=\"\">当下，车企和机器人公司之间的人才流动的确存在。但虎嗅汽车在与多位行业人士交流中发现，这种流动的主要方向却并非从机器人公司流向车企，而是反过来，从车企“逃到”机器人公司。</span></p><p><span leaf=\"\">车企员工们之所以选择逃离，重要原因之一便是为了躲避内卷。同时，由于汽车和机器人，他们跳槽后的学习和适应成本也比较低。</span></p><p><span leaf=\"\">与之对比，虽然特斯拉在2025年遭遇了业绩下滑，马斯克形象受损等风波，但这家新能源汽车先行者仍对人才保持了不俗的吸引力。据雇主品牌调研机构Universum调研，在2025年美国最具吸引力雇主排名中，特斯拉位列工程类学生就业选择第九名，是排名最高的汽车制造商（马斯克一直强调特斯拉是AI公司而非汽车公司，不过在2025年，汽车业务的收入仍占公司总收入的73.4%，为696亿美元）。</span></p><p><span leaf=\"\">从这方面来看，当下的汽车行业内卷，难以对人形机器人业务起到什幺正面作用。好在，中国车企与特斯拉的机器人之战，也并非短时间内便会走到决战时刻。</span></p><p helvetica=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" rgb=\"\" start=\"\"><span leaf=\"\">本内容未经允许不得转载。授权事宜请联系 hezuo@huxiu.com。</span></p><p center=\"\" flex=\"\" helvetica=\"\" initial=\"\" medium=\"\" neue=\"\" none=\"\" normal=\"\" rgb=\"\" space-between=\"\" start=\"\"><span helvetica=\"\" neue=\"\" rgb=\"\"></span><span helvetica=\"\" inline=\"\" neue=\"\" rgb=\"\" right=\"\"><span leaf=\"\">End</span></span></p><p><strong><em><span leaf=\"\">想涨知识 关注虎嗅视频号！</span></em></strong><span arial=\"\" gb=\"\" helvetica=\"\" justify=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"></span></p></div></body></html>","source":"weixin_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\" 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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中国车企和特斯拉的下一战，战场已定\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/101\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/98669fe7974e42f3976b3db47528792d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">虎嗅APP </p>\n<p class=\"h-time\">2026-01-30 21:54</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><div><p helvetica=\"\" hidden=\"\" initial=\"\" medium=\"\" neue=\"\" none=\"\" normal=\"\" rgb=\"\" start=\"\"><span helvetica=\"\" left=\"\" neue=\"\"><span leaf=\"\"><img helvetica=\"\" neue=\"\" src=\"https://static.tigerbbs.com/b1f675b6107e4bafb3a0d9898bc2b3f0\" translatey=\"\"/></span></span><span leaf=\"\"><img helvetica=\"\" neue=\"\" src=\"https://static.tigerbbs.com/f79e5ad3fe6a4b75ab9cb874b5ad3a0d\"/></span></p><p helvetica=\"\" hidden=\"\" initial=\"\" linear-gradient=\"\" medium=\"\" neue=\"\" none=\"\" normal=\"\" rgb=\"\" start=\"\"><span leaf=\"\"><img block=\"\" helvetica=\"\" neue=\"\" src=\"https://static.tigerbbs.com/ff930a99ccd64c2f9c9c9530aa203a50\"/></span></p><p flex=\"\" flex-end=\"\" helvetica=\"\" neue=\"\"><span helvetica=\"\" neue=\"\" rgb=\"\" right=\"\"><span leaf=\"\">争夺25万亿美元的市场</span></span></p><p flex=\"\" flex-end=\"\" helvetica=\"\" neue=\"\" nodeleaf=\"\"><img helvetica=\"\" neue=\"\" src=\"https://static.tigerbbs.com/a5d61b60d015419da0977227d76731d8\"/></p><span block=\"\" helvetica=\"\" neue=\"\"><p><span label=\"备注\"><span leaf=\"\">出品|虎嗅汽车组</span></span></p><p><span label=\"备注\"><span leaf=\"\">作者|王亚骏</span><span leaf=\"\"></span></span></p><p><span label=\"备注\"><span leaf=\"\">头图|<a href=\"https://laohu8.com/S/000681\">视觉中国</a></span></span></p></span><p><span leaf=\"\">在发布了“建设富足非凡世界”的新使命后，<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>又用两款旗舰车型，来为这个新使命“祭旗”。</span></p><p><span leaf=\"\">在Q4财报电话会开场白环节上，特斯拉CEO马斯克表示，是时候让Model S和Model X“<a href=\"https://laohu8.com/S/09998\">光荣</a>退役（honorable discharge）”了，这两款特斯拉的功勋车型将于下季度基本停产。</span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/9e2bd773b8c04e5bac9b47c3279b5c7b\"/></p><p label=\"图片备注\"><span leaf=\"\">Model S/X的成功，为特斯拉走辆车型Model 3/Y带来了研发资金。同时，它们还极大程度上促进了新能源汽车从\"环保政策工具\"向\"大型科技类消费品\"的跃迁。</span></p><p><span leaf=\"\">原本生产Model S和Model X的弗里蒙特工厂，将改为生产Optimus机器人。这款产品可以视为特斯拉新使命中最为重要的一环，马斯克认为未来特斯拉80%的市值都由Optimus机器人支撑。不过，他的梦想正面临着来自大洋彼岸的威胁。</span></p><p><span leaf=\"\">在财报电话会上，马斯克直言，中国擅长AI，也擅长制造，在人形机器人领域，特斯拉最大的竞争肯定来自中国。</span></p><p><span leaf=\"\">从中国车企在人形机器人领域的动作来看，马斯克这番话并非什么“高情商”之语或杞人忧天。目前在国内，不管是新势力还是传统车企，均已在机器人产业进行了布局。</span></p><p><span leaf=\"\">同时，中国车企的入场步伐也在不断加快。在特斯拉发布财报的三天前，<a href=\"https://laohu8.com/S/LI\">理想汽车</a>开了一次线上全员会，公司CEO李想表示，理想一定会做人形机器人，并会尽快让该产品落地亮相。</span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/f48f0f3ed25845ba9c3d426fed09d3af\"/></p><p><span leaf=\"\">这意味着，在FSD尚未入华、双方智驾战还是“隔海叫阵”的情况下，中国车企和特斯拉的下一战已经确定将在机器人领域展开。</span></p><p><span leaf=\"\">中国车企和特斯拉，为何同时盯上了人形机器人？当下国内汽车行业的内卷式竞争，对战局又将有何影响？</span></p><p label=\"大标题\"><span><span leaf=\"\"><img src=\"https://static.tigerbbs.com/5a3404e5159e45b095a66fab6f57b9ca\"/></span></span><span><span leaf=\"\"><img src=\"https://static.tigerbbs.com/8cae558b08f74f0a80722c2223bc4eb2\"/></span><span><span leaf=\"\">低投入+高回报预期，让中美车企同时盯上这块蛋糕</span></span><span leaf=\"\"><img src=\"https://static.tigerbbs.com/16b9e73f01ce48e78542aa97f327a03f\"/></span></span></p><p><span leaf=\"\">车企做人形机器人，很难算“跨界”。</span></p><p><span leaf=\"\">首先，车企人形机器人专门搭建新的研发和制造团队。何小鹏曾表示，“车企70%的技术储备能直接复用到机器人身上。”</span></p><p><span leaf=\"\">两者的技术复用度之所以如此之高，原因是在感知、决策、执行三大核心环节，智能汽车和人形机器人的技术架构高度重叠，甚至可以被视为“同一套技术栈的双线部署”。以Optimus机器人为例：</span></p><ul><li><p><span leaf=\"\">感知层，Optimus机器人直接使用了FSD（特斯拉完全自动驾驶）的纯视觉感知方案；</span></p></li><li><p><span leaf=\"\">决策层，两者的算法相似度60%（<a href=\"https://laohu8.com/S/002926\">华西证券</a>测算）；</span></p></li><li><p><span leaf=\"\">执行层，Cybertruck的线控转向与Optimus关节驱动存在复用。</span></p></li></ul><p><span leaf=\"\">除了软件外，两者在硬件上也有着极高的关联度，比如传感器、芯片、雷达、摄像头等，这进一步推高了供应链重合度。</span></p><p><span leaf=\"\">中国电动汽车百人会副理事长兼秘书长张永伟认为，在供应链方面，智能汽车与人形机器人的重合度超过了60%（车企纷纷布局的飞行汽车也是同理）。</span></p><p><span leaf=\"\">同时，在制造方面，两者装配逻辑、质量控制体系等方面也具备一定的通用性。这意味着，车企完全可以将自己过剩的汽车生产线改装成人形机器人生产线，无需再找地建厂。</span></p><p><span leaf=\"\">如此高的关联度，让汽车不必因拓展人形机器人业务而损耗太多元气。而机器人市场的广阔前景，更是让车企在当下的布局有望变成一个“低成本、高回报”的投资。</span></p><p><span leaf=\"\">据<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>预测，到了2050年，全球机器人销售额达到25万亿美元，是2025年销售额的250倍。而在未来的25年，汽车销量恐怕难有如此规模的增长。</span></p><p><span leaf=\"\">不只有中国车企和特斯拉外想瓜分这片淘金地。日韩和欧洲车企也在人形领域进行了布局，其中进展最快的是现代汽车。 2021年6月，现代汽车收购了知名人形机器人公司波士顿动力。</span></p><p><span leaf=\"\">不过在财报电话会上，马斯克并未提及丰田现代们。而在两年前，他曾公开预测，未来全球只有十家车企能存活，分别是九家中国车企和特斯拉。</span></p><p label=\"大标题\"><span><span leaf=\"\"><img src=\"https://static.tigerbbs.com/94466b3beeae40cb941352371eea7ed3\"/></span></span><span><span leaf=\"\"><img src=\"https://static.tigerbbs.com/cc73f0af1281409c99608a5f999227d9\"/></span><span><span leaf=\"\">这场仗会怎么打？</span></span><span leaf=\"\"><img src=\"https://static.tigerbbs.com/c044f124dc1b405ca2dd8a4bf93cbc6f\"/></span></span></p><p><span leaf=\"\">从各家车企在机器人量产方面的规划来看，中国车企和特斯拉之间的“机器人战争”极有可能在2027年被点燃。</span></p><p><span leaf=\"\">在财报电话会上，马斯克表示特斯拉“可能会在几个月内发布Optimus 3。”在瑞士达沃斯世界经济论坛上，特斯拉CEO埃隆·马斯克宣布，公司计划于2027年底前向公众销售其Optimus人形机器人。</span></p><p><span leaf=\"\">在大洋彼岸，奇瑞已经开始交付首款人形机器人“墨茵”（2025年交付量超300台）。同时，<a href=\"https://laohu8.com/S/XPEV\">小鹏汽车</a>也计划在2026年年底实现人形机器人的量产。</span></p><p nodeleaf=\"\"><img src=\"https://static.tigerbbs.com/b14181ed2c514c25a7fbe682e3e1705d\"/></p><p label=\"图片备注\"><span leaf=\"\"><a href=\"https://laohu8.com/S/09868\">小鹏汽车</a>人形机器人IRON</span></p><p><span leaf=\"\">在这场竞争中，双方各有各的优势</span></p><p><span leaf=\"\">得益于长期积累的自动驾驶AI算法和庞大的真实世界数据（数百万辆特斯拉汽车每天采集的端到端驾驶视频数据），特斯拉在技术上实现了领先。</span></p><p><span leaf=\"\">马斯克在财报电话会上详细解释了自身技术和数据带来的产品优势。目前，人形机器人有三大难点：打造像人手一样灵活的机械手（手是机器人身上最难的部分），其次是现实世界AI，最后是规模化生产。这三点是目前最大的难题，“我认为特斯拉是唯一一家同时具备这三大要素的公司。”</span></p><p><span leaf=\"\">面对特斯拉的技术壁垒，中国车企并非没有还手之力。在智能汽车的竞争中，中国车企已经证明了自己的快速迭代和成本控制能力。摩根士丹利曾发布研报表示，中国在人形机器人产业供应链中占据主导地位，占比达到63%，“中国庞大的市场规模正在把人形机器人的制造成本打下来”。</span></p><p><span leaf=\"\">在这种局面下，谁能吸引到更多更好的人才，谁的获胜概率就更大。何小鹏曾表示，吸引最顶尖人才，是做好人形机器人的关键。</span></p><p><span leaf=\"\">不过，当下汽车行业的价格战和内卷，一定程度上扯了中国车企招募人才的后腿。</span></p><p><span leaf=\"\">在线上全员会中，李想在谈及人形机器人业务时表示，公司要招聘这方面最好的人才，要从机器人<a href=\"https://laohu8.com/S/V03.SI\">创业公司</a>那里挖人。</span></p><p><span leaf=\"\">当下，车企和机器人公司之间的人才流动的确存在。但虎嗅汽车在与多位行业人士交流中发现，这种流动的主要方向却并非从机器人公司流向车企，而是反过来，从车企“逃到”机器人公司。</span></p><p><span leaf=\"\">车企员工们之所以选择逃离，重要原因之一便是为了躲避内卷。同时，由于汽车和机器人，他们跳槽后的学习和适应成本也比较低。</span></p><p><span leaf=\"\">与之对比，虽然特斯拉在2025年遭遇了业绩下滑，马斯克形象受损等风波，但这家新能源汽车先行者仍对人才保持了不俗的吸引力。据雇主品牌调研机构Universum调研，在2025年美国最具吸引力雇主排名中，特斯拉位列工程类学生就业选择第九名，是排名最高的汽车制造商（马斯克一直强调特斯拉是AI公司而非汽车公司，不过在2025年，汽车业务的收入仍占公司总收入的73.4%，为696亿美元）。</span></p><p><span leaf=\"\">从这方面来看，当下的汽车行业内卷，难以对人形机器人业务起到什幺正面作用。好在，中国车企与特斯拉的机器人之战，也并非短时间内便会走到决战时刻。</span></p><p helvetica=\"\" initial=\"\" neue=\"\" none=\"\" normal=\"\" rgb=\"\" start=\"\"><span leaf=\"\">本内容未经允许不得转载。授权事宜请联系 hezuo@huxiu.com。</span></p><p center=\"\" flex=\"\" helvetica=\"\" initial=\"\" medium=\"\" neue=\"\" none=\"\" normal=\"\" rgb=\"\" space-between=\"\" start=\"\"><span helvetica=\"\" neue=\"\" rgb=\"\"></span><span helvetica=\"\" inline=\"\" neue=\"\" rgb=\"\" right=\"\"><span leaf=\"\">End</span></span></p><p><strong><em><span leaf=\"\">想涨知识 关注虎嗅视频号！</span></em></strong><span arial=\"\" gb=\"\" helvetica=\"\" justify=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"></span></p></div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","TSYY":"收益增强TSLA ETF-GraniteShares","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" 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ACC","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","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU0056508442.USD":"贝莱德世界科技基金A2","LU0823414478.USD":"法巴经典能源转换基金","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","TESL":"Simplify Volt TSLA Revolution ETF"},"source_url":"http://mp.weixin.qq.com/s?__biz=MTQzMjE1NjQwMQ==&mid=2656148788&idx=3&sn=bbef24f2306f09996b3f10a74e272b61&chksm=6701ebd0341e92b7efcc5b2f54c8aa703f0be612e43d8d260850aa7503eed1ce55ff86fe4f84&scene=0#rd","is_english":false,"share_image_url":"https://static.laohu8.com/ecd74548980bc5b366aa8f4b37ed0bd5","article_id":"2607925025","content_text":"争夺25万亿美元的市场出品|虎嗅汽车组作者|王亚骏头图|视觉中国在发布了“建设富足非凡世界”的新使命后，特斯拉又用两款旗舰车型，来为这个新使命“祭旗”。在Q4财报电话会开场白环节上，特斯拉CEO马斯克表示，是时候让Model S和Model X“光荣退役（honorable discharge）”了，这两款特斯拉的功勋车型将于下季度基本停产。Model S/X的成功，为特斯拉走辆车型Model 3/Y带来了研发资金。同时，它们还极大程度上促进了新能源汽车从\"环保政策工具\"向\"大型科技类消费品\"的跃迁。原本生产Model S和Model X的弗里蒙特工厂，将改为生产Optimus机器人。这款产品可以视为特斯拉新使命中最为重要的一环，马斯克认为未来特斯拉80%的市值都由Optimus机器人支撑。不过，他的梦想正面临着来自大洋彼岸的威胁。在财报电话会上，马斯克直言，中国擅长AI，也擅长制造，在人形机器人领域，特斯拉最大的竞争肯定来自中国。从中国车企在人形机器人领域的动作来看，马斯克这番话并非什么“高情商”之语或杞人忧天。目前在国内，不管是新势力还是传统车企，均已在机器人产业进行了布局。同时，中国车企的入场步伐也在不断加快。在特斯拉发布财报的三天前，理想汽车开了一次线上全员会，公司CEO李想表示，理想一定会做人形机器人，并会尽快让该产品落地亮相。这意味着，在FSD尚未入华、双方智驾战还是“隔海叫阵”的情况下，中国车企和特斯拉的下一战已经确定将在机器人领域展开。中国车企和特斯拉，为何同时盯上了人形机器人？当下国内汽车行业的内卷式竞争，对战局又将有何影响？低投入+高回报预期，让中美车企同时盯上这块蛋糕车企做人形机器人，很难算“跨界”。首先，车企人形机器人专门搭建新的研发和制造团队。何小鹏曾表示，“车企70%的技术储备能直接复用到机器人身上。”两者的技术复用度之所以如此之高，原因是在感知、决策、执行三大核心环节，智能汽车和人形机器人的技术架构高度重叠，甚至可以被视为“同一套技术栈的双线部署”。以Optimus机器人为例：感知层，Optimus机器人直接使用了FSD（特斯拉完全自动驾驶）的纯视觉感知方案；决策层，两者的算法相似度60%（华西证券测算）；执行层，Cybertruck的线控转向与Optimus关节驱动存在复用。除了软件外，两者在硬件上也有着极高的关联度，比如传感器、芯片、雷达、摄像头等，这进一步推高了供应链重合度。中国电动汽车百人会副理事长兼秘书长张永伟认为，在供应链方面，智能汽车与人形机器人的重合度超过了60%（车企纷纷布局的飞行汽车也是同理）。同时，在制造方面，两者装配逻辑、质量控制体系等方面也具备一定的通用性。这意味着，车企完全可以将自己过剩的汽车生产线改装成人形机器人生产线，无需再找地建厂。如此高的关联度，让汽车不必因拓展人形机器人业务而损耗太多元气。而机器人市场的广阔前景，更是让车企在当下的布局有望变成一个“低成本、高回报”的投资。据摩根士丹利预测，到了2050年，全球机器人销售额达到25万亿美元，是2025年销售额的250倍。而在未来的25年，汽车销量恐怕难有如此规模的增长。不只有中国车企和特斯拉外想瓜分这片淘金地。日韩和欧洲车企也在人形领域进行了布局，其中进展最快的是现代汽车。 2021年6月，现代汽车收购了知名人形机器人公司波士顿动力。不过在财报电话会上，马斯克并未提及丰田现代们。而在两年前，他曾公开预测，未来全球只有十家车企能存活，分别是九家中国车企和特斯拉。这场仗会怎么打？从各家车企在机器人量产方面的规划来看，中国车企和特斯拉之间的“机器人战争”极有可能在2027年被点燃。在财报电话会上，马斯克表示特斯拉“可能会在几个月内发布Optimus 3。”在瑞士达沃斯世界经济论坛上，特斯拉CEO埃隆·马斯克宣布，公司计划于2027年底前向公众销售其Optimus人形机器人。在大洋彼岸，奇瑞已经开始交付首款人形机器人“墨茵”（2025年交付量超300台）。同时，小鹏汽车也计划在2026年年底实现人形机器人的量产。小鹏汽车人形机器人IRON在这场竞争中，双方各有各的优势得益于长期积累的自动驾驶AI算法和庞大的真实世界数据（数百万辆特斯拉汽车每天采集的端到端驾驶视频数据），特斯拉在技术上实现了领先。马斯克在财报电话会上详细解释了自身技术和数据带来的产品优势。目前，人形机器人有三大难点：打造像人手一样灵活的机械手（手是机器人身上最难的部分），其次是现实世界AI，最后是规模化生产。这三点是目前最大的难题，“我认为特斯拉是唯一一家同时具备这三大要素的公司。”面对特斯拉的技术壁垒，中国车企并非没有还手之力。在智能汽车的竞争中，中国车企已经证明了自己的快速迭代和成本控制能力。摩根士丹利曾发布研报表示，中国在人形机器人产业供应链中占据主导地位，占比达到63%，“中国庞大的市场规模正在把人形机器人的制造成本打下来”。在这种局面下，谁能吸引到更多更好的人才，谁的获胜概率就更大。何小鹏曾表示，吸引最顶尖人才，是做好人形机器人的关键。不过，当下汽车行业的价格战和内卷，一定程度上扯了中国车企招募人才的后腿。在线上全员会中，李想在谈及人形机器人业务时表示，公司要招聘这方面最好的人才，要从机器人创业公司那里挖人。当下，车企和机器人公司之间的人才流动的确存在。但虎嗅汽车在与多位行业人士交流中发现，这种流动的主要方向却并非从机器人公司流向车企，而是反过来，从车企“逃到”机器人公司。车企员工们之所以选择逃离，重要原因之一便是为了躲避内卷。同时，由于汽车和机器人，他们跳槽后的学习和适应成本也比较低。与之对比，虽然特斯拉在2025年遭遇了业绩下滑，马斯克形象受损等风波，但这家新能源汽车先行者仍对人才保持了不俗的吸引力。据雇主品牌调研机构Universum调研，在2025年美国最具吸引力雇主排名中，特斯拉位列工程类学生就业选择第九名，是排名最高的汽车制造商（马斯克一直强调特斯拉是AI公司而非汽车公司，不过在2025年，汽车业务的收入仍占公司总收入的73.4%，为696亿美元）。从这方面来看，当下的汽车行业内卷，难以对人形机器人业务起到什幺正面作用。好在，中国车企与特斯拉的机器人之战，也并非短时间内便会走到决战时刻。本内容未经允许不得转载。授权事宜请联系 hezuo@huxiu.com。End想涨知识 关注虎嗅视频号！","news_type":1,"symbols_score_info":{"TSLP":0.6,"TSLI":0.6,"TSII":0.6,"TSL":0.6,"TSLA":1.96,"TSLT":0.6,"TSLO":0.6,"TSLZ":0.6,"TSLQ":0.6,"TSDD":0.6,"TESL":0.6,"CRSH":0.6,"TSLG":0.6,"07766":0.6,"TSLY":0.6,"TSLR":0.6,"TSLW":0.6,"TSYY":0.6,"TSLS":0.6}},"isVote":1,"tweetType":1,"viewCount":180,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":527456697025432,"gmtCreate":1769794602306,"gmtModify":1769794604551,"author":{"id":"3500646460202211","authorId":"3500646460202211","name":"七风哥哥","avatar":"https://static.tigerbbs.com/995231888a039cddd9f2f0ecf7b865b0","crmLevel":9,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3500646460202211","authorIdStr":"3500646460202211"},"themes":[],"title":"","htmlText":"说完就被打脸！真爽！！！","listText":"说完就被打脸！真爽！！！","text":"说完就被打脸！真爽！！！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/527456697025432","repostId":"2607017653","repostType":2,"repost":{"id":"2607017653","kind":"news","pubTimestamp":1769771474,"share":"https://www.laohu8.com/m/news/2607017653?lang=zh_CN&edition=full","pubTime":"2026-01-30 19:11","market":"us","language":"zh","title":"特斯拉：SpaceX合并传闻不足以让我保持看涨态度","url":"https://stock-news.laohu8.com/highlight/detail?id=2607017653","media":"美股研究社","summary":"财报发布后特斯拉股价下跌，这也反映出，投资者认为特斯拉在自动驾驶领域的承诺，尚不足以支撑其再创历史新高。2025 全年，特斯拉汽车业务营收同比下滑 10%。因此，无需过度解读这一决策，特斯拉的汽车业务仍将保持较大规模。同时，特斯拉 Robotaxi 的累计付费行驶里程正快速增长，预计随着落地范围的扩大，这一数据的增长速度还将进一步加快。","content":"<html><body><article><p>【如需和我们交流可扫码添加进社群】</p><p>尽管<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>具备巨大的发展潜力，上行趋势也尚未被打破，分析师仍决定将其评级从<strong>买入下调至持有</strong>，当前对特斯拉持中性态度。财报发布后特斯拉股价下跌，这也反映出，投资者认为特斯拉在自动驾驶领域的承诺，尚不足以支撑其再创历史新高。</p><p>简而言之，分析师选择保持谨慎，希望看到自动驾驶出租车（Robotaxi）和擎天柱（Optimus）人形机器人项目取得更多实质性进展后，再做出最终判断。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/dR7EpbvovdKBibR2JMaxUNVoEYIawaicLcPgia7DNCvbkZ2UW7icKia7iaEBYibLoBH9m2tvI6bkqbEh7NtGPic58BHcsA/640?wx_fmt=png&from=appmsg\"/><p><strong>SpaceX</strong></p><p><strong>与特斯拉合并的预期</strong></p><p><strong>若 SpaceX 与特斯拉合并，无疑将成为行业重磅事件，但坦率地说，这则最新消息并未改变分析师的核心观点，原因有三：</strong></p><p><strong>1.目前仅为传闻，落地概率极低</strong>：分析师坚信，SpaceX 与特斯拉独立上市的总市值，将高于合并后的市值 —— 部分愿意投资 SpaceX 的投资者，并不希望同时持有特斯拉。</p><p><strong>2.合并或引发多元化折价</strong>：特斯拉 CEO 埃隆・马斯克大概率不愿看到公司出现这一情况。所谓多元化折价，指市场对多元化企业的估值，往往低于其各业务板块独立估值之和，这通常源于企业财报披露的复杂性，或内部管理效率的低下。一旦合并，特斯拉出现多元化折价的可能性极高。</p><p><strong>3.双方无需合并即可实现协同</strong>：特斯拉与 SpaceX 即便不合并，也能展开深度合作、互利共赢。马斯克作为两家公司的所有者，早已能从双方的项目协作中获益，合并并非必要前提。</p><p>相较而言，SpaceX 与 xAI 的合并可能性更高：一方面 xAI 规模更小，合并后不易引发多元化折价；另一方面，马斯克虽未正面回应这一传闻，但在 X 平台的相关帖子下的回复，隐约透露出对这一合并的认可，不过这仍属于市场猜测。</p><p>只有当出现确凿证据（而非单纯传闻），证明 SpaceX 确实计划与特斯拉合并时，分析师的观点才会改变。届时合并预期或为特斯拉带来短期上涨动力，分析师也会考虑短期入场追涨，但目前来看，这一情况并不成立，且分析师并不认为二者会合并。</p><p>厘清这一问题后，我们来分析特斯拉 2025 年第四季度的财报表现。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/dR7EpbvovdKBibR2JMaxUNVoEYIawaicLcrVAEs2bhwIEUP4FfvianI8UkwWsmGS8QGt9FUCfIVia1npfInK1SOWWQ/640?wx_fmt=png&from=appmsg\"/><p><strong>Q4财报表现不尽如人意</strong></p><p>特斯拉 2025 年第四季度营收 249 亿美元（超预期 1.4 亿美元），非 GAAP <span>每股收益</span> 0.50 美元（超预期 0.05 美元），但即便业绩超预期，核心财务数据仍显疲软：</p><p>· 营收<strong>同比下滑 3.1%</strong>，非 GAAP 每股收益<strong>同比下滑 17%</strong>；</p><p>· 经营活动现金流同比下降 21%，自由现金流大跌 30% 至 14.2 亿美元；</p><p>·核心的汽车业务营收同比暴跌 11% 至 176.93 亿美元，尽管能源生产与存储业务营收同比增长 25% 至 38.37 亿美元、服务及其他业务同比增长 18% 至 33.71 亿美元，但仍无法抵消汽车业务的下滑拖累。</p><p>财报中唯一的亮点是，尽管销量下滑，公司总毛利润仍同比增长 20%，毛利率从 16.3% 提升至 20.1%；但包括营业利润率、调整后 <span>EBITDA</span> 利润率、净利润率在内的其余盈利指标，均出现不同程度下滑。</p><p><strong>汽车业务正在走向衰落？</strong></p><p>特斯拉的汽车业务正缓慢衰落，但考虑到公司对 Robotaxi 的布局 —— 在其看来，这一业务会降低消费者的购车需求，特斯拉管理层或许对此并不担忧。</p><p>2025 全年，特斯拉汽车业务营收同比下滑 10%。诚然，经济不确定性会影响汽车销量，但这一表现远逊于<a href=\"https://laohu8.com/S/GM\">通用汽车</a> 1.3% 的同比降幅。尽管 2025 年 9 月 30 日 7500 美元的电动车税收抵免政策到期，但其并非特斯拉销量疲软的唯一原因，毕竟公司今年早些时候的销量表现就已不尽如人意。</p><p>此外，从个人角度来看，特斯拉多数车型的外观设计长期缺乏新意，这一点对汽车销量的影响不容忽视。即便是焕新后的 Model Y，外观也并无明显变化。</p><p>特斯拉在车型外观设计上的创新严重不足，而对于汽车销售而言，外观设计的重要性并不亚于技术创新。究其原因，或许是公司的精力全被机器人和 Robotaxi 项目占据，汽车业务已不再是发展重点。</p><p>这一说法并非夸大其词，马斯克明确表示，下一季度将逐步停产 Model S 和 Model X：</p><p>是时候让 Model S 和 Model X 项目体面落幕了…… 我们计划下一季度逐步停止这两款车型的生产，并将该产线改造为擎天柱机器人的生产工厂。长远来看，我们希望在弗里蒙特工厂的这一区域，实现擎天柱机器人年产 100 万台的目标。</p><p>未来，特斯拉将仅保留四款在售车型：Model Y、Model 3、赛博卡车和 Roadster。</p><p><strong>停产 Model S 和 Model X 影响几何？</strong></p><p>坦率地说，这一决策的影响并不大。市场上有看空观点认为，特斯拉是在牺牲盈利业务，投资尚未被验证的新项目，但实际情况是，Model 3 和 Model Y 仍会继续销售，且 2025 年这两款车型的产量占比已达 96.7%。</p><p>因此，无需过度解读这一决策，特斯拉的汽车业务仍将保持较大规模。分析师对该业务唯一的建议是，特斯拉应考虑对车型进行彻底的外观改款，而非简单的 “焕新升级”。</p><p><strong>布局未来是正确的选择</strong></p><p>正如前文所言，单看特斯拉第四季度的财报，很难让人感到满意，但我们也应客观看待：擎天柱机器人和 Robotaxi 确实具备巨大的发展潜力，特斯拉大举投资这两大领域合情合理，更何况公司具备充足的资金实力。</p><p>特斯拉管理层预计，2026 年资本开支将超 200 亿美元，较 2025 年的 85.27 亿美元大幅增长。</p><p>特斯拉首席财务官维巴夫・塔内加透露了资本开支的主要去向：</p><p>这些资金将用于 6 座工厂的建设，包括炼油厂、磷酸铁锂电池工厂、Cybercab 工厂、Semi 半挂卡车工厂、新的超级工厂以及擎天柱机器人工厂。此外，我们还将投入资金建设人工智能计算基础设施，持续升级现有工厂以提升产能，搭建相关配套基础设施，并进一步扩大 Robotaxi 和擎天柱机器人的研发与量产规模。</p><p>尽管资本开支数额庞大，但我们认为，这是公司为下一发展阶段布局的正确战略。正如马斯克所言，我们将以极高的资本效率推进这些投资。</p><p><strong>擎天柱机器人的发展潜力</strong></p><p>在 2025 年第四季度的股东报告中，特斯拉重点介绍了擎天柱机器人的研发进展，宣布计划于本季度发布第三代产品。据悉，第三代擎天柱在 2.5 代的基础上进行了重大升级，也是首款为大规模量产设计的机型。</p><p>公司目标是在 2026 年底前启动量产，并最终实现<strong>年产 100 万台</strong>的产能目标。</p><p>尽管特斯拉向来对项目进度过于乐观，但分析师并不怀疑其能在近期实现擎天柱机器人的大规模量产 —— 押注特斯拉的创新能力不足，向来不是明智的选择。</p><p><strong>Robotaxi 的发展潜力</strong></p><p>自 2025 年 12 月起，特斯拉的无人驾驶 Robotaxi 已在奥斯汀投入运营，本月更是在部分路段取消了随车安全监督员。有消息称，这些无人驾驶车辆仍有安全车随行，马斯克在此次财报电话会议中否认了这一说法：</p><p>大概从昨天开始，奥斯汀的 Robotaxi 已经完全没有安全车随行，这些车辆真正实现了车内无人、车外无跟随的纯无人驾驶。</p><p>无论是否相信马斯克的说法，分析师选择采信。若其所言属实，这将是特斯拉自动驾驶发展的重要里程碑。</p><p>同时，特斯拉 Robotaxi 的累计付费行驶里程正快速增长，预计随着落地范围的扩大，这一数据的增长速度还将进一步加快。特斯拉计划在 2026 年上半年，将 Robotaxi 的运营范围拓展至另外 7 座主要城市。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/dR7EpbvovdKBibR2JMaxUNVoEYIawaicLczbSMU66CbrBjDq7jpr5zsiclLE4DkRGuL9TVwK0r2tbvibNaKK4AzxHw/640?wx_fmt=png&from=appmsg\"/><p><strong>对机器人与自动驾驶项目的看法</strong></p><p>尽管特斯拉的前沿项目落地进度慢于预期，但不可否认其正稳步推进，目前下最终结论仍为时过早，整体前景值得期待。分析师认为，到下一季度，我们就能更清晰地判断 Robotaxi 是否具备规模化运营的可行性：若奥斯汀的无监督无人驾驶能顺利放量，就证明这一模式是可行的；而一旦技术得到验证，以特斯拉的实力，后续的规模化落地将相对容易。如今特斯拉正临近这一关键转折点，其背后的商业价值巨大。</p><p>相较而言，擎天柱机器人的商业化落地需要更长时间，或许还需数个季度，我们才能看清其发展轨迹。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/dR7EpbvovdKBibR2JMaxUNVoEYIawaicLciaWMQ0QPFPFmoNQtcVWichXhCuZB2x0BS879mNfIl6Lz8r5HIRlqLj6w/640?wx_fmt=png&from=appmsg\"/><p><strong>特斯拉的估值依旧高起</strong></p><p>谈及特斯拉，必然要提及其高得离谱的估值：过去 12 个月，公司每股收益仅 1.67 美元，静态市盈率高达 249 倍；静态自由现金流为 62.2 亿美元，对应 1.38 万亿美元的市值，自由现金流市盈率约 222 倍。</p><p>但市场几乎从未在意过这一估值水平，因为特斯拉的估值并非基于当前业绩，而是其未来的发展潜力 —— 这一潜力虽难以量化，却真实存在。例如，Precedence Research 的一项研究显示，全球 Robotaxi 市场规模 2024 年为 27.7 亿美元，2025 年预计增至 44.3 亿美元，2034 年或将达到 1889.1 亿美元，2025-2034 年的复合年增长率高达 52.54%。</p><p>而这还只是 Robotaxi 一个业务的市场潜力，因此，切勿以传统车企的估值逻辑来衡量特斯拉。</p><p>这也是特斯拉 2026 年豪掷 200 亿美元投资高增长项目的原因，正是这些前沿布局支撑着公司的高估值。一旦特斯拉将发展重点重新放回汽车业务，市场就会将其视作普通车企，届时公司股价或将遭遇暴跌。</p><p>市场情绪是推动特斯拉上涨的核心因素，相较单一的估值指标，我们更应关注情绪变化 —— 尽管分析师承认，当前市值已充分反映了公司的未来预期。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/dR7EpbvovdJ3W4gruZ6lz6pj1cuQvXYHzFTgv6zBDxN3hjm1PtXPLNKCakI3eyW9mPqibvjCvXwDia0vaM9Nht8w/640?wx_fmt=png&from=appmsg\"/><p><strong>仍处上行趋势，</strong></p><p><strong>但预警信号已现</strong></p><p>从技术面来看，特斯拉仍在创造更高的高点和低点，最近的阶段性低点为 11 月 14 日的 382.78 美元，上行趋势在技术层面仍保持完好，分析师并不建议做空该股。</p><p>但当前已出现明确的预警信号：尽管管理层在财报电话会议中释放了诸多利好，但财报发布后特斯拉股价仍下跌 3.45%。在 Robotaxi 项目取得更明确的进展，且市场开始认可其价值之前，分析师并不建议<span>抄底</span>特斯拉。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_png/dR7EpbvovdJ3W4gruZ6lz6pj1cuQvXYHhRRxZSMCgct6u1I78kxibwhqmibvLOuA21iarw6F4CrPibNXUWOK5PkdaQ/640?wx_fmt=png&from=appmsg\"/><p><strong>结论</strong></p><p>特斯拉目前正处于一个尴尬的境地：短期财务表现疲软，而长期前沿项目虽稳步推进、足以支撑股价，但现阶段仍难以做出确定性判断。如今的特斯拉，估值高企、未来尚存不确定性，且财报发布后的市场表现不尽如人意。</p><p>同时，分析师并不认为 SpaceX 与特斯拉的合并会落地，这一传闻不足以让分析师将其评级调回买入。此外，分析师去年 3 月提出的期权投资策略已完成兑现，当前特斯拉的风险收益比已出现不利变化。</p><p>基于以上原因，分析师将特斯拉的评级从<strong>买入下调至持有</strong>。目前，分析师会等待更多证据证明 Robotaxi 具备无监督规模化运营的能力，同时持续关注合并传闻的后续进展。</p><img src=\"https://mmbiz.qpic.cn/mmbiz_jpg/dR7EpbvovdJlQNwm5fnHWnfblqB1P5B3gLTjg6j6dT5IyOFclcldYqPQickKMUqicdaXvibXdEb4OibV97CAwGO6TQ/640?wx_fmt=other&wxfrom=5&wx_lazy=1&tp=webp#imgIndex=5\"/><img src=\"https://mmbiz.qpic.cn/mmbiz_jpg/dR7EpbvovdKnkt8t5QpwjNQOKyGlZz4SFiacicdM3aP4hZVCfGia7HbIYBoDxz2gubPAgoXDXhfrcLIfT2eG92icfw/640?wx_fmt=other&from=appmsg&wxfrom=5&wx_lazy=1&tp=webp#imgIndex=6\"/><img src=\"https://mmbiz.qpic.cn/mmbiz_gif/dR7EpbvovdLt0fplojSTcIf4vTY1fP5f5VhIsL3QI5iaHIficMHKVzpaxPOM0yB24Zgs1PJlLHXFs5UXKRic0iaTxA/640?wx_fmt=gif&from=appmsg&wxfrom=5&wx_lazy=1&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：SpaceX合并传闻不足以让我保持看涨态度</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 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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：SpaceX合并传闻不足以让我保持看涨态度\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-30 19:11 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260130195832a6c02756&s=b><strong>美股研究社</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>【如需和我们交流可扫码添加进社群】尽管特斯拉具备巨大的发展潜力，上行趋势也尚未被打破，分析师仍决定将其评级从买入下调至持有，当前对特斯拉持中性态度。财报发布后特斯拉股价下跌，这也反映出，投资者认为特斯拉在自动驾驶领域的承诺，尚不足以支撑其再创历史新高。简而言之，分析师选择保持谨慎，希望看到自动驾驶出租车（Robotaxi）和擎天柱（Optimus）人形机器人项目取得更多实质性进展后，再做出最终判断...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260130195832a6c02756&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":{"TSLZ":"2倍做空TSLA ETF-T-Rex","BK4555":"新能源车","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","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","BK4588":"碎股","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) 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INC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260130195832a6c02756&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2607017653","content_text":"【如需和我们交流可扫码添加进社群】尽管特斯拉具备巨大的发展潜力，上行趋势也尚未被打破，分析师仍决定将其评级从买入下调至持有，当前对特斯拉持中性态度。财报发布后特斯拉股价下跌，这也反映出，投资者认为特斯拉在自动驾驶领域的承诺，尚不足以支撑其再创历史新高。简而言之，分析师选择保持谨慎，希望看到自动驾驶出租车（Robotaxi）和擎天柱（Optimus）人形机器人项目取得更多实质性进展后，再做出最终判断。SpaceX与特斯拉合并的预期若 SpaceX 与特斯拉合并，无疑将成为行业重磅事件，但坦率地说，这则最新消息并未改变分析师的核心观点，原因有三：1.目前仅为传闻，落地概率极低：分析师坚信，SpaceX 与特斯拉独立上市的总市值，将高于合并后的市值 —— 部分愿意投资 SpaceX 的投资者，并不希望同时持有特斯拉。2.合并或引发多元化折价：特斯拉 CEO 埃隆・马斯克大概率不愿看到公司出现这一情况。所谓多元化折价，指市场对多元化企业的估值，往往低于其各业务板块独立估值之和，这通常源于企业财报披露的复杂性，或内部管理效率的低下。一旦合并，特斯拉出现多元化折价的可能性极高。3.双方无需合并即可实现协同：特斯拉与 SpaceX 即便不合并，也能展开深度合作、互利共赢。马斯克作为两家公司的所有者，早已能从双方的项目协作中获益，合并并非必要前提。相较而言，SpaceX 与 xAI 的合并可能性更高：一方面 xAI 规模更小，合并后不易引发多元化折价；另一方面，马斯克虽未正面回应这一传闻，但在 X 平台的相关帖子下的回复，隐约透露出对这一合并的认可，不过这仍属于市场猜测。只有当出现确凿证据（而非单纯传闻），证明 SpaceX 确实计划与特斯拉合并时，分析师的观点才会改变。届时合并预期或为特斯拉带来短期上涨动力，分析师也会考虑短期入场追涨，但目前来看，这一情况并不成立，且分析师并不认为二者会合并。厘清这一问题后，我们来分析特斯拉 2025 年第四季度的财报表现。Q4财报表现不尽如人意特斯拉 2025 年第四季度营收 249 亿美元（超预期 1.4 亿美元），非 GAAP 每股收益 0.50 美元（超预期 0.05 美元），但即便业绩超预期，核心财务数据仍显疲软：· 营收同比下滑 3.1%，非 GAAP 每股收益同比下滑 17%；· 经营活动现金流同比下降 21%，自由现金流大跌 30% 至 14.2 亿美元；·核心的汽车业务营收同比暴跌 11% 至 176.93 亿美元，尽管能源生产与存储业务营收同比增长 25% 至 38.37 亿美元、服务及其他业务同比增长 18% 至 33.71 亿美元，但仍无法抵消汽车业务的下滑拖累。财报中唯一的亮点是，尽管销量下滑，公司总毛利润仍同比增长 20%，毛利率从 16.3% 提升至 20.1%；但包括营业利润率、调整后 EBITDA 利润率、净利润率在内的其余盈利指标，均出现不同程度下滑。汽车业务正在走向衰落？特斯拉的汽车业务正缓慢衰落，但考虑到公司对 Robotaxi 的布局 —— 在其看来，这一业务会降低消费者的购车需求，特斯拉管理层或许对此并不担忧。2025 全年，特斯拉汽车业务营收同比下滑 10%。诚然，经济不确定性会影响汽车销量，但这一表现远逊于通用汽车 1.3% 的同比降幅。尽管 2025 年 9 月 30 日 7500 美元的电动车税收抵免政策到期，但其并非特斯拉销量疲软的唯一原因，毕竟公司今年早些时候的销量表现就已不尽如人意。此外，从个人角度来看，特斯拉多数车型的外观设计长期缺乏新意，这一点对汽车销量的影响不容忽视。即便是焕新后的 Model Y，外观也并无明显变化。特斯拉在车型外观设计上的创新严重不足，而对于汽车销售而言，外观设计的重要性并不亚于技术创新。究其原因，或许是公司的精力全被机器人和 Robotaxi 项目占据，汽车业务已不再是发展重点。这一说法并非夸大其词，马斯克明确表示，下一季度将逐步停产 Model S 和 Model X：是时候让 Model S 和 Model X 项目体面落幕了…… 我们计划下一季度逐步停止这两款车型的生产，并将该产线改造为擎天柱机器人的生产工厂。长远来看，我们希望在弗里蒙特工厂的这一区域，实现擎天柱机器人年产 100 万台的目标。未来，特斯拉将仅保留四款在售车型：Model Y、Model 3、赛博卡车和 Roadster。停产 Model S 和 Model X 影响几何？坦率地说，这一决策的影响并不大。市场上有看空观点认为，特斯拉是在牺牲盈利业务，投资尚未被验证的新项目，但实际情况是，Model 3 和 Model Y 仍会继续销售，且 2025 年这两款车型的产量占比已达 96.7%。因此，无需过度解读这一决策，特斯拉的汽车业务仍将保持较大规模。分析师对该业务唯一的建议是，特斯拉应考虑对车型进行彻底的外观改款，而非简单的 “焕新升级”。布局未来是正确的选择正如前文所言，单看特斯拉第四季度的财报，很难让人感到满意，但我们也应客观看待：擎天柱机器人和 Robotaxi 确实具备巨大的发展潜力，特斯拉大举投资这两大领域合情合理，更何况公司具备充足的资金实力。特斯拉管理层预计，2026 年资本开支将超 200 亿美元，较 2025 年的 85.27 亿美元大幅增长。特斯拉首席财务官维巴夫・塔内加透露了资本开支的主要去向：这些资金将用于 6 座工厂的建设，包括炼油厂、磷酸铁锂电池工厂、Cybercab 工厂、Semi 半挂卡车工厂、新的超级工厂以及擎天柱机器人工厂。此外，我们还将投入资金建设人工智能计算基础设施，持续升级现有工厂以提升产能，搭建相关配套基础设施，并进一步扩大 Robotaxi 和擎天柱机器人的研发与量产规模。尽管资本开支数额庞大，但我们认为，这是公司为下一发展阶段布局的正确战略。正如马斯克所言，我们将以极高的资本效率推进这些投资。擎天柱机器人的发展潜力在 2025 年第四季度的股东报告中，特斯拉重点介绍了擎天柱机器人的研发进展，宣布计划于本季度发布第三代产品。据悉，第三代擎天柱在 2.5 代的基础上进行了重大升级，也是首款为大规模量产设计的机型。公司目标是在 2026 年底前启动量产，并最终实现年产 100 万台的产能目标。尽管特斯拉向来对项目进度过于乐观，但分析师并不怀疑其能在近期实现擎天柱机器人的大规模量产 —— 押注特斯拉的创新能力不足，向来不是明智的选择。Robotaxi 的发展潜力自 2025 年 12 月起，特斯拉的无人驾驶 Robotaxi 已在奥斯汀投入运营，本月更是在部分路段取消了随车安全监督员。有消息称，这些无人驾驶车辆仍有安全车随行，马斯克在此次财报电话会议中否认了这一说法：大概从昨天开始，奥斯汀的 Robotaxi 已经完全没有安全车随行，这些车辆真正实现了车内无人、车外无跟随的纯无人驾驶。无论是否相信马斯克的说法，分析师选择采信。若其所言属实，这将是特斯拉自动驾驶发展的重要里程碑。同时，特斯拉 Robotaxi 的累计付费行驶里程正快速增长，预计随着落地范围的扩大，这一数据的增长速度还将进一步加快。特斯拉计划在 2026 年上半年，将 Robotaxi 的运营范围拓展至另外 7 座主要城市。对机器人与自动驾驶项目的看法尽管特斯拉的前沿项目落地进度慢于预期，但不可否认其正稳步推进，目前下最终结论仍为时过早，整体前景值得期待。分析师认为，到下一季度，我们就能更清晰地判断 Robotaxi 是否具备规模化运营的可行性：若奥斯汀的无监督无人驾驶能顺利放量，就证明这一模式是可行的；而一旦技术得到验证，以特斯拉的实力，后续的规模化落地将相对容易。如今特斯拉正临近这一关键转折点，其背后的商业价值巨大。相较而言，擎天柱机器人的商业化落地需要更长时间，或许还需数个季度，我们才能看清其发展轨迹。特斯拉的估值依旧高起谈及特斯拉，必然要提及其高得离谱的估值：过去 12 个月，公司每股收益仅 1.67 美元，静态市盈率高达 249 倍；静态自由现金流为 62.2 亿美元，对应 1.38 万亿美元的市值，自由现金流市盈率约 222 倍。但市场几乎从未在意过这一估值水平，因为特斯拉的估值并非基于当前业绩，而是其未来的发展潜力 —— 这一潜力虽难以量化，却真实存在。例如，Precedence Research 的一项研究显示，全球 Robotaxi 市场规模 2024 年为 27.7 亿美元，2025 年预计增至 44.3 亿美元，2034 年或将达到 1889.1 亿美元，2025-2034 年的复合年增长率高达 52.54%。而这还只是 Robotaxi 一个业务的市场潜力，因此，切勿以传统车企的估值逻辑来衡量特斯拉。这也是特斯拉 2026 年豪掷 200 亿美元投资高增长项目的原因，正是这些前沿布局支撑着公司的高估值。一旦特斯拉将发展重点重新放回汽车业务，市场就会将其视作普通车企，届时公司股价或将遭遇暴跌。市场情绪是推动特斯拉上涨的核心因素，相较单一的估值指标，我们更应关注情绪变化 —— 尽管分析师承认，当前市值已充分反映了公司的未来预期。仍处上行趋势，但预警信号已现从技术面来看，特斯拉仍在创造更高的高点和低点，最近的阶段性低点为 11 月 14 日的 382.78 美元，上行趋势在技术层面仍保持完好，分析师并不建议做空该股。但当前已出现明确的预警信号：尽管管理层在财报电话会议中释放了诸多利好，但财报发布后特斯拉股价仍下跌 3.45%。在 Robotaxi 项目取得更明确的进展，且市场开始认可其价值之前，分析师并不建议抄底特斯拉。结论特斯拉目前正处于一个尴尬的境地：短期财务表现疲软，而长期前沿项目虽稳步推进、足以支撑股价，但现阶段仍难以做出确定性判断。如今的特斯拉，估值高企、未来尚存不确定性，且财报发布后的市场表现不尽如人意。同时，分析师并不认为 SpaceX 与特斯拉的合并会落地，这一传闻不足以让分析师将其评级调回买入。此外，分析师去年 3 月提出的期权投资策略已完成兑现，当前特斯拉的风险收益比已出现不利变化。基于以上原因，分析师将特斯拉的评级从买入下调至持有。目前，分析师会等待更多证据证明 Robotaxi 具备无监督规模化运营的能力，同时持续关注合并传闻的后续进展。","news_type":1,"symbols_score_info":{"TSLI":0.6,"TSLQ":0.6,"CRSH":0.6,"TSLG":0.6,"TSLT":0.6,"TSLY":0.6,"TSLS":0.6,"TSLW":0.6,"07766":0.6,"TSLP":0.6,"TESL":0.6,"TSLR":0.6,"TSDD":0.6,"TSLA":1.98,"TSII":0.6,"TSLO":0.6,"TSL":0.6,"TSLZ":0.6,"UFO":0.6,"TSYY":0.6}},"isVote":1,"tweetType":1,"viewCount":103,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"defaultTab":"posts","isTTM":false}