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Angleal
Angleal
·
05-20 16:52
工业垃圾
理想失去吸引力了?
用旧世界的地图,找不到新大陆。
理想失去吸引力了?
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Angleal
Angleal
·
04-03
这不是扯淡么
非常抱歉,此主贴已删除
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Angleal
Angleal
·
04-01
革命卫队[捂脸]
伊朗回应特朗普停火言论,称霍尔木兹海峡不对敌开放
4月1日电,综合法新社、卡塔尔半岛电视台最新报道,伊朗伊斯兰革命卫队4月1日称,霍尔木兹海峡不会对伊朗的“敌人”开放。据法新社报道,伊朗伊斯兰革命卫队当天在一份声明中称,霍尔木兹海峡的局势处于伊朗伊斯兰革命卫队海军“牢牢的、绝对的”控制之下,且不会对伊朗的“敌人”开放。4月1日早些时候,美国总统特朗普在社交媒体上发帖称,伊朗方面“刚刚向美国请求停火”。但他表示,只有当霍尔木兹海峡开放时,美方才会“考虑”。 (CCTV国际时讯)
伊朗回应特朗普停火言论,称霍尔木兹海峡不对敌开放
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Angleal
Angleal
·
01-06
$可口可乐(KO)$
啥时候涨
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Angleal
Angleal
·
2025-12-26
$霸王茶姬(CHA)$
刚结婚完,咋就跌了
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Angleal
Angleal
·
2025-12-03
$理想汽车(LI)$
中概就是适合空军
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Angleal
Angleal
·
2025-11-20
$可口可乐(KO)$
基本上就是拿了一个利息
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Angleal
Angleal
·
2025-11-11
$霸王茶姬(CHA)$
做空就对了
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Angleal
Angleal
·
2025-09-20
买好股票,放着就行了
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Angleal
Angleal
·
2025-09-15
$可口可乐(KO)$
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22:30","market":"fut","language":"zh","title":"理想失去吸引力了?","url":"https://stock-news.laohu8.com/highlight/detail?id=2636852453","media":"华尔街见闻","summary":"用旧世界的地图,找不到新大陆。","content":"<html><head></head><body><blockquote><p>用旧世界的地图,找不到新大陆。</p></blockquote><p style=\"text-align: left;\">三天前的2026年5月15日,理想L9 Livis正式登台,这是理想倾注近两年最多心血,寄予厚望的增程家族旗舰。</p><p style=\"text-align: left;\">当天下午四点整,发布会进入尾声,L9 Livis公布售价,恰逢港股市场进入周五尾盘集合竞价阶段,最后收盘并没有出现太大波动。但当5月18日周一开盘,理想股价下挫逾14%,第二天继续走低约5个百分点。两天时间跌去18%。</p><p style=\"text-align: left;\">原本,这款车被理想视为年度最重要的催化剂,内部希望借L9换代,夺回高端市场份额。但单从资本市场的走势来看,分歧不小。投资者对理想的怀疑升温。要知道,理想的股价已经从半年前128港元的相对高点一路回调过半。</p><p style=\"text-align: left;\"><strong>但理想真的失去吸引力,开始走偏了吗?答案是否定的。</strong></p><h2 id=\"id_2913676291\" style=\"text-align: left;\">市场在担心什么</h2><p style=\"text-align: left;\">股价失守,是理想的价值回归均值,还是遭遇错杀。首先要搞清楚两根阴线里,投资者究竟在担心什么?</p><p style=\"text-align: left;\">这次,理想L9推出了两个版本,45.98万元的Ultra和50.98万元的Livis版本,其中Livis版比预售价下调5万元,且首发销售期内进一步优惠2万元。</p><p style=\"text-align: left;\">这一降幅被消费者认为是诚意之举,但在券商看来,这样的价格仍不够激进。</p><p style=\"text-align: left;\">发布会后,部分机构表示出对新理想L9的不看好。花旗表示,即便让利7万元,L9 Livis 的性价比仍然仅仅与同级别对手持平。摩根士丹利指出,六座 SUV 市场已然是红海市场,蔚来、小鹏、问界M9 以及极氪 9X 等对手林立。</p><p style=\"text-align: left;\">据此,花旗分别为Ultra和Livis版给出4000台和1000台的月销预测。市场似乎听信了,但现实很快站在了对立面。</p><p style=\"text-align: justify;\">据渠道人士指出,新L9上市后72小时后,周末进店量迎来高峰,客户表示Livis版价格较原本预期还低3万元。并且,老车主增换购比例超过门店预期,带动试驾量暴涨。</p><p style=\"text-align: justify;\">销售版本的比例上,livis与Ultra版呈现9:1,门店反馈称,客户普遍选择 livis 版本,对800V 主动悬架、固态激光雷达和轮毂感知度最强,客户认为 livis 配置性价比更高。</p><p style=\"text-align: justify;\">理想汽车产品线负责人汤靖印证了这点,“发布会上,可能因为我们大部分时间都在聊 Livis,结果 90% 的用户都选了 Livis 版本,双色选装率也远超预期”。</p><p style=\"text-align: justify;\"><strong>花旗对L9 livis“越贵越难卖”、旗舰产品吸引力不足的判断也不攻自破。</strong></p><p style=\"text-align: left;\"><strong>但热钱大多都是短视的。</strong>从投资者的角度来看,市场的确希望理想在历经波动后,掷出一个新爆款力挽狂澜,将销量和利润快速推回上升渠道。</p><p style=\"text-align: left;\">理想2025年财报显示,理想去年总销量减少了18.8%;单车价格也同比少了1.4万元,来到26.26万元。因为i6等入门级产品放量,曾经理想品牌的高毛利、高确定性增长逻辑被扰动。</p><p style=\"text-align: left;\">为了稳住局面,理想2026年的战略重心转向了增程产品,纯电新品只留一款。这种战略可以理解为在最熟悉的领域,集中火力打歼灭战。</p><p style=\"text-align: left;\">只是随着越来越多竞争者的涌入,增程赛道也成了红海。有行业研究人士指出,蔚小理、小米、深蓝、极氪的月交付量在2.9-3.4万台上下浮动,差距并不大,这意味着一款产品的成功或失误,就可能引发座次洗牌。</p><p style=\"text-align: left;\">因此,投资者希望新L9能对竞品“一击毙命”,复现三年前初代产品,既走量也能贡献高利润的奇迹。顺势扭转行业价格战、原料成本上涨带来的压力。</p><p style=\"text-align: left;\">不过,此时李想的战略主线已经转向AI,公司在研发的投入逆势加码,2026 年研发费用指引达 120 亿元,其中 AI 相关投入占比达一半。短期来看研发开支大幅攀升将侵蚀利润表。</p><p style=\"text-align: left;\">与此同时,内部对新L9的叙事变为“具身智能第一车”。直觉上,似乎远不如“堆料降价”来的性感。二级市场的担忧因此上升。<strong>然而,若用旧世界的地图,永远找不到新大陆。李想直言:“理想汽车做 AI,不是冒险。不做才是冒险。” </strong></p><h2 id=\"id_469790451\" style=\"text-align: left;\">旧图难觅新大陆</h2><p style=\"text-align: left;\">年初,李想开了一场全员会,强调 “2026 年是所有想要成为 AI 头部公司上车的最后一年”,最晚 2028 年 L4 一定落地,同时明确会做人形机器人。</p><p style=\"text-align: left;\">他规划了一张15年的蓝图:上半场自动驾驶,下半场人形机器人,最终 2040 年抵达 AGI。</p><p style=\"text-align: left;\">对于AI,理想是认真的。</p><p style=\"text-align: left;\">2025年财报显示,理想全年研发投入113.15亿,同比增加了2.2%,创下了公司历史新高。平均每三天就要花掉一个亿去做研发。在主营业务经营现金流转负的年份,无疑是激进的选择。</p><p style=\"text-align: left;\"><strong>在行业里,这被称为反周期投入。而这种反周期投入,也让大家看到了苹果和特斯拉早年的影子。</strong></p><p style=\"text-align: left;\">回溯2001年,被互联网泡沫破裂阵痛裹挟的苹果,反向的加码研发几年后孕育出了iPhone手机;2016年,特斯拉在面临连续亏损、产能不足、技术事故及战略投资困境等多重挑战下,硬生生拿出营收的13%投入研发,最后造出了全球爆款Model3。</p><p style=\"text-align: left;\"><strong>早年的理想,在行业纷纷不看好增程技术时选择坚守,选择相信自己对市场需求的判断,最终等来了市场大爆发,成了彼时新势力一哥。</strong></p><p style=\"text-align: left;\">如今虽重新回到行业低谷期,但理想依旧思路清晰。</p><p style=\"text-align: left;\">“进入竞争后期,同质化越来越严重,聚集度越来越高。这时要比别人做得更有差异化,就不能在上层”。理想汽车CTO谢炎向华尔街见闻表示,上层的东西容易被复制,且能做的空间也愈发逼仄,越往底层、越垂直整合,壁垒越高。</p><p style=\"text-align: left;\">谢炎透露,理想很早就有了这样的战略布局,“就是要往底层走,要往更难、更核心的方面走”。新L9 Livis就是第一枪。李想表示,理想在过去四年几乎重构了整车底盘系统,自研5纳米马赫 M100 芯片双芯组合算力达 2560TOPS。</p><p style=\"text-align: left;\">谢炎提到,苹果之所以能在手机行业独占鳌头,就是因为芯片与操作系统结合,提供远超同行的能力。“我们的出发点是,必须具备超出他人的能力”。</p><p style=\"text-align: left;\">另一边,理想的研发投入切到了AI硬件与具身智能,相当一部分已经投到了车之外的方向,这是理想AI战略的第二曲线。</p><p style=\"text-align: left;\"><strong>可以说,理想正在用今天的研发开支,去换未来的话语权。更何况,理想账上还手握1010亿元的现金(截至2025年底)。这不是理想的退路,是入场券。</strong></p><p style=\"text-align: left;\"><strong>理想的成长路径一直遵循同一逻辑:早期押注家庭市场和增程技术,理想ONE热卖后有了财力研发L系列;汽车业务站稳脚跟后,又把利润投入操作系统自研、模型自研、芯片自研。每一步都是上一步的结果。</strong></p><p style=\"text-align: left;\">有业内人士表示,以中国现有的汽车产业链,孵化出一个新丰田、大众并不难。但中国车企能否在具身智能时代,再造一个保时捷或宝马、奔驰,这就需要提早一步落子。</p><p style=\"text-align: justify;\">值得一提的是,理想并没有与其他车企一样,将研发成本资本化慢慢分摊,而是选择直接费用化一次性扛下来。虽然当前账期业绩承压,但未来一旦产品纷纷出牌,利润的弹性会非常大。</p><p style=\"text-align: left;\"><strong>这意味着,接下来随着理想稳住增程基本盘、纯电车型放量、具身智能第二曲线最终若能如愿落地,它的业绩就将画出一道高斜率的增长曲线。那时候,也将是新旧时代交替的拐点。</strong></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta 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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理想失去吸引力了?\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1084101182\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">华尔街见闻 </p>\n<p class=\"h-time\">2026-05-19 22:30</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><blockquote><p>用旧世界的地图,找不到新大陆。</p></blockquote><p style=\"text-align: left;\">三天前的2026年5月15日,理想L9 Livis正式登台,这是理想倾注近两年最多心血,寄予厚望的增程家族旗舰。</p><p style=\"text-align: left;\">当天下午四点整,发布会进入尾声,L9 Livis公布售价,恰逢港股市场进入周五尾盘集合竞价阶段,最后收盘并没有出现太大波动。但当5月18日周一开盘,理想股价下挫逾14%,第二天继续走低约5个百分点。两天时间跌去18%。</p><p style=\"text-align: left;\">原本,这款车被理想视为年度最重要的催化剂,内部希望借L9换代,夺回高端市场份额。但单从资本市场的走势来看,分歧不小。投资者对理想的怀疑升温。要知道,理想的股价已经从半年前128港元的相对高点一路回调过半。</p><p style=\"text-align: left;\"><strong>但理想真的失去吸引力,开始走偏了吗?答案是否定的。</strong></p><h2 id=\"id_2913676291\" style=\"text-align: left;\">市场在担心什么</h2><p style=\"text-align: left;\">股价失守,是理想的价值回归均值,还是遭遇错杀。首先要搞清楚两根阴线里,投资者究竟在担心什么?</p><p style=\"text-align: left;\">这次,理想L9推出了两个版本,45.98万元的Ultra和50.98万元的Livis版本,其中Livis版比预售价下调5万元,且首发销售期内进一步优惠2万元。</p><p style=\"text-align: left;\">这一降幅被消费者认为是诚意之举,但在券商看来,这样的价格仍不够激进。</p><p style=\"text-align: left;\">发布会后,部分机构表示出对新理想L9的不看好。花旗表示,即便让利7万元,L9 Livis 的性价比仍然仅仅与同级别对手持平。摩根士丹利指出,六座 SUV 市场已然是红海市场,蔚来、小鹏、问界M9 以及极氪 9X 等对手林立。</p><p style=\"text-align: left;\">据此,花旗分别为Ultra和Livis版给出4000台和1000台的月销预测。市场似乎听信了,但现实很快站在了对立面。</p><p style=\"text-align: justify;\">据渠道人士指出,新L9上市后72小时后,周末进店量迎来高峰,客户表示Livis版价格较原本预期还低3万元。并且,老车主增换购比例超过门店预期,带动试驾量暴涨。</p><p style=\"text-align: justify;\">销售版本的比例上,livis与Ultra版呈现9:1,门店反馈称,客户普遍选择 livis 版本,对800V 主动悬架、固态激光雷达和轮毂感知度最强,客户认为 livis 配置性价比更高。</p><p style=\"text-align: justify;\">理想汽车产品线负责人汤靖印证了这点,“发布会上,可能因为我们大部分时间都在聊 Livis,结果 90% 的用户都选了 Livis 版本,双色选装率也远超预期”。</p><p style=\"text-align: justify;\"><strong>花旗对L9 livis“越贵越难卖”、旗舰产品吸引力不足的判断也不攻自破。</strong></p><p style=\"text-align: left;\"><strong>但热钱大多都是短视的。</strong>从投资者的角度来看,市场的确希望理想在历经波动后,掷出一个新爆款力挽狂澜,将销量和利润快速推回上升渠道。</p><p style=\"text-align: left;\">理想2025年财报显示,理想去年总销量减少了18.8%;单车价格也同比少了1.4万元,来到26.26万元。因为i6等入门级产品放量,曾经理想品牌的高毛利、高确定性增长逻辑被扰动。</p><p style=\"text-align: left;\">为了稳住局面,理想2026年的战略重心转向了增程产品,纯电新品只留一款。这种战略可以理解为在最熟悉的领域,集中火力打歼灭战。</p><p style=\"text-align: left;\">只是随着越来越多竞争者的涌入,增程赛道也成了红海。有行业研究人士指出,蔚小理、小米、深蓝、极氪的月交付量在2.9-3.4万台上下浮动,差距并不大,这意味着一款产品的成功或失误,就可能引发座次洗牌。</p><p style=\"text-align: left;\">因此,投资者希望新L9能对竞品“一击毙命”,复现三年前初代产品,既走量也能贡献高利润的奇迹。顺势扭转行业价格战、原料成本上涨带来的压力。</p><p style=\"text-align: left;\">不过,此时李想的战略主线已经转向AI,公司在研发的投入逆势加码,2026 年研发费用指引达 120 亿元,其中 AI 相关投入占比达一半。短期来看研发开支大幅攀升将侵蚀利润表。</p><p style=\"text-align: left;\">与此同时,内部对新L9的叙事变为“具身智能第一车”。直觉上,似乎远不如“堆料降价”来的性感。二级市场的担忧因此上升。<strong>然而,若用旧世界的地图,永远找不到新大陆。李想直言:“理想汽车做 AI,不是冒险。不做才是冒险。” </strong></p><h2 id=\"id_469790451\" style=\"text-align: left;\">旧图难觅新大陆</h2><p style=\"text-align: left;\">年初,李想开了一场全员会,强调 “2026 年是所有想要成为 AI 头部公司上车的最后一年”,最晚 2028 年 L4 一定落地,同时明确会做人形机器人。</p><p style=\"text-align: left;\">他规划了一张15年的蓝图:上半场自动驾驶,下半场人形机器人,最终 2040 年抵达 AGI。</p><p style=\"text-align: left;\">对于AI,理想是认真的。</p><p style=\"text-align: left;\">2025年财报显示,理想全年研发投入113.15亿,同比增加了2.2%,创下了公司历史新高。平均每三天就要花掉一个亿去做研发。在主营业务经营现金流转负的年份,无疑是激进的选择。</p><p style=\"text-align: left;\"><strong>在行业里,这被称为反周期投入。而这种反周期投入,也让大家看到了苹果和特斯拉早年的影子。</strong></p><p style=\"text-align: left;\">回溯2001年,被互联网泡沫破裂阵痛裹挟的苹果,反向的加码研发几年后孕育出了iPhone手机;2016年,特斯拉在面临连续亏损、产能不足、技术事故及战略投资困境等多重挑战下,硬生生拿出营收的13%投入研发,最后造出了全球爆款Model3。</p><p style=\"text-align: left;\"><strong>早年的理想,在行业纷纷不看好增程技术时选择坚守,选择相信自己对市场需求的判断,最终等来了市场大爆发,成了彼时新势力一哥。</strong></p><p style=\"text-align: left;\">如今虽重新回到行业低谷期,但理想依旧思路清晰。</p><p style=\"text-align: left;\">“进入竞争后期,同质化越来越严重,聚集度越来越高。这时要比别人做得更有差异化,就不能在上层”。理想汽车CTO谢炎向华尔街见闻表示,上层的东西容易被复制,且能做的空间也愈发逼仄,越往底层、越垂直整合,壁垒越高。</p><p style=\"text-align: left;\">谢炎透露,理想很早就有了这样的战略布局,“就是要往底层走,要往更难、更核心的方面走”。新L9 Livis就是第一枪。李想表示,理想在过去四年几乎重构了整车底盘系统,自研5纳米马赫 M100 芯片双芯组合算力达 2560TOPS。</p><p style=\"text-align: left;\">谢炎提到,苹果之所以能在手机行业独占鳌头,就是因为芯片与操作系统结合,提供远超同行的能力。“我们的出发点是,必须具备超出他人的能力”。</p><p style=\"text-align: left;\">另一边,理想的研发投入切到了AI硬件与具身智能,相当一部分已经投到了车之外的方向,这是理想AI战略的第二曲线。</p><p style=\"text-align: left;\"><strong>可以说,理想正在用今天的研发开支,去换未来的话语权。更何况,理想账上还手握1010亿元的现金(截至2025年底)。这不是理想的退路,是入场券。</strong></p><p style=\"text-align: left;\"><strong>理想的成长路径一直遵循同一逻辑:早期押注家庭市场和增程技术,理想ONE热卖后有了财力研发L系列;汽车业务站稳脚跟后,又把利润投入操作系统自研、模型自研、芯片自研。每一步都是上一步的结果。</strong></p><p style=\"text-align: left;\">有业内人士表示,以中国现有的汽车产业链,孵化出一个新丰田、大众并不难。但中国车企能否在具身智能时代,再造一个保时捷或宝马、奔驰,这就需要提早一步落子。</p><p style=\"text-align: justify;\">值得一提的是,理想并没有与其他车企一样,将研发成本资本化慢慢分摊,而是选择直接费用化一次性扛下来。虽然当前账期业绩承压,但未来一旦产品纷纷出牌,利润的弹性会非常大。</p><p style=\"text-align: left;\"><strong>这意味着,接下来随着理想稳住增程基本盘、纯电车型放量、具身智能第二曲线最终若能如愿落地,它的业绩就将画出一道高斜率的增长曲线。那时候,也将是新旧时代交替的拐点。</strong></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/2c0ab7d3f5d89bb403311ca0a8e68f8e","relate_stocks":{"LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0133085943.USD":"T ROWE PRICE US BLUE CHIP EQUITY \"A\" ACC","LU0174119429.USD":"T ROWE PRICE US LARGE CAP 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Livis公布售价,恰逢港股市场进入周五尾盘集合竞价阶段,最后收盘并没有出现太大波动。但当5月18日周一开盘,理想股价下挫逾14%,第二天继续走低约5个百分点。两天时间跌去18%。原本,这款车被理想视为年度最重要的催化剂,内部希望借L9换代,夺回高端市场份额。但单从资本市场的走势来看,分歧不小。投资者对理想的怀疑升温。要知道,理想的股价已经从半年前128港元的相对高点一路回调过半。但理想真的失去吸引力,开始走偏了吗?答案是否定的。市场在担心什么股价失守,是理想的价值回归均值,还是遭遇错杀。首先要搞清楚两根阴线里,投资者究竟在担心什么?这次,理想L9推出了两个版本,45.98万元的Ultra和50.98万元的Livis版本,其中Livis版比预售价下调5万元,且首发销售期内进一步优惠2万元。这一降幅被消费者认为是诚意之举,但在券商看来,这样的价格仍不够激进。发布会后,部分机构表示出对新理想L9的不看好。花旗表示,即便让利7万元,L9 Livis 的性价比仍然仅仅与同级别对手持平。摩根士丹利指出,六座 SUV 市场已然是红海市场,蔚来、小鹏、问界M9 以及极氪 9X 等对手林立。据此,花旗分别为Ultra和Livis版给出4000台和1000台的月销预测。市场似乎听信了,但现实很快站在了对立面。据渠道人士指出,新L9上市后72小时后,周末进店量迎来高峰,客户表示Livis版价格较原本预期还低3万元。并且,老车主增换购比例超过门店预期,带动试驾量暴涨。销售版本的比例上,livis与Ultra版呈现9:1,门店反馈称,客户普遍选择 livis 版本,对800V 主动悬架、固态激光雷达和轮毂感知度最强,客户认为 livis 配置性价比更高。理想汽车产品线负责人汤靖印证了这点,“发布会上,可能因为我们大部分时间都在聊 Livis,结果 90% 的用户都选了 Livis 版本,双色选装率也远超预期”。花旗对L9 livis“越贵越难卖”、旗舰产品吸引力不足的判断也不攻自破。但热钱大多都是短视的。从投资者的角度来看,市场的确希望理想在历经波动后,掷出一个新爆款力挽狂澜,将销量和利润快速推回上升渠道。理想2025年财报显示,理想去年总销量减少了18.8%;单车价格也同比少了1.4万元,来到26.26万元。因为i6等入门级产品放量,曾经理想品牌的高毛利、高确定性增长逻辑被扰动。为了稳住局面,理想2026年的战略重心转向了增程产品,纯电新品只留一款。这种战略可以理解为在最熟悉的领域,集中火力打歼灭战。只是随着越来越多竞争者的涌入,增程赛道也成了红海。有行业研究人士指出,蔚小理、小米、深蓝、极氪的月交付量在2.9-3.4万台上下浮动,差距并不大,这意味着一款产品的成功或失误,就可能引发座次洗牌。因此,投资者希望新L9能对竞品“一击毙命”,复现三年前初代产品,既走量也能贡献高利润的奇迹。顺势扭转行业价格战、原料成本上涨带来的压力。不过,此时李想的战略主线已经转向AI,公司在研发的投入逆势加码,2026 年研发费用指引达 120 亿元,其中 AI 相关投入占比达一半。短期来看研发开支大幅攀升将侵蚀利润表。与此同时,内部对新L9的叙事变为“具身智能第一车”。直觉上,似乎远不如“堆料降价”来的性感。二级市场的担忧因此上升。然而,若用旧世界的地图,永远找不到新大陆。李想直言:“理想汽车做 AI,不是冒险。不做才是冒险。” 旧图难觅新大陆年初,李想开了一场全员会,强调 “2026 年是所有想要成为 AI 头部公司上车的最后一年”,最晚 2028 年 L4 一定落地,同时明确会做人形机器人。他规划了一张15年的蓝图:上半场自动驾驶,下半场人形机器人,最终 2040 年抵达 AGI。对于AI,理想是认真的。2025年财报显示,理想全年研发投入113.15亿,同比增加了2.2%,创下了公司历史新高。平均每三天就要花掉一个亿去做研发。在主营业务经营现金流转负的年份,无疑是激进的选择。在行业里,这被称为反周期投入。而这种反周期投入,也让大家看到了苹果和特斯拉早年的影子。回溯2001年,被互联网泡沫破裂阵痛裹挟的苹果,反向的加码研发几年后孕育出了iPhone手机;2016年,特斯拉在面临连续亏损、产能不足、技术事故及战略投资困境等多重挑战下,硬生生拿出营收的13%投入研发,最后造出了全球爆款Model3。早年的理想,在行业纷纷不看好增程技术时选择坚守,选择相信自己对市场需求的判断,最终等来了市场大爆发,成了彼时新势力一哥。如今虽重新回到行业低谷期,但理想依旧思路清晰。“进入竞争后期,同质化越来越严重,聚集度越来越高。这时要比别人做得更有差异化,就不能在上层”。理想汽车CTO谢炎向华尔街见闻表示,上层的东西容易被复制,且能做的空间也愈发逼仄,越往底层、越垂直整合,壁垒越高。谢炎透露,理想很早就有了这样的战略布局,“就是要往底层走,要往更难、更核心的方面走”。新L9 Livis就是第一枪。李想表示,理想在过去四年几乎重构了整车底盘系统,自研5纳米马赫 M100 芯片双芯组合算力达 2560TOPS。谢炎提到,苹果之所以能在手机行业独占鳌头,就是因为芯片与操作系统结合,提供远超同行的能力。“我们的出发点是,必须具备超出他人的能力”。另一边,理想的研发投入切到了AI硬件与具身智能,相当一部分已经投到了车之外的方向,这是理想AI战略的第二曲线。可以说,理想正在用今天的研发开支,去换未来的话语权。更何况,理想账上还手握1010亿元的现金(截至2025年底)。这不是理想的退路,是入场券。理想的成长路径一直遵循同一逻辑:早期押注家庭市场和增程技术,理想ONE热卖后有了财力研发L系列;汽车业务站稳脚跟后,又把利润投入操作系统自研、模型自研、芯片自研。每一步都是上一步的结果。有业内人士表示,以中国现有的汽车产业链,孵化出一个新丰田、大众并不难。但中国车企能否在具身智能时代,再造一个保时捷或宝马、奔驰,这就需要提早一步落子。值得一提的是,理想并没有与其他车企一样,将研发成本资本化慢慢分摊,而是选择直接费用化一次性扛下来。虽然当前账期业绩承压,但未来一旦产品纷纷出牌,利润的弹性会非常大。这意味着,接下来随着理想稳住增程基本盘、纯电车型放量、具身智能第二曲线最终若能如愿落地,它的业绩就将画出一道高斜率的增长曲线。那时候,也将是新旧时代交替的拐点。","news_type":1,"symbols_score_info":{"AIPO":0.63,"ARTY":0.63,"EVS.SI":0.6,"AGIX":0.63,"LI":1.96,"02015":1.96}},"isVote":1,"tweetType":1,"viewCount":16,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":549636104905552,"gmtCreate":1775210336331,"gmtModify":1775212584923,"author":{"id":"3537225275822985","authorId":"3537225275822985","name":"Angleal","avatar":"https://static.tigerbbs.com/8bb1f6820f1a35cfc1a349583f399457","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3537225275822985","idStr":"3537225275822985"},"themes":[],"title":"","htmlText":"这不是扯淡么","listText":"这不是扯淡么","text":"这不是扯淡么","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/549636104905552","repostId":"1143374018","repostType":2,"isVote":1,"tweetType":1,"viewCount":1281,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":548988933432200,"gmtCreate":1775052336478,"gmtModify":1775052339127,"author":{"id":"3537225275822985","authorId":"3537225275822985","name":"Angleal","avatar":"https://static.tigerbbs.com/8bb1f6820f1a35cfc1a349583f399457","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3537225275822985","idStr":"3537225275822985"},"themes":[],"title":"","htmlText":"革命卫队[捂脸] ","listText":"革命卫队[捂脸] ","text":"革命卫队[捂脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/548988933432200","repostId":"1112110068","repostType":2,"repost":{"id":"1112110068","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据,旨在帮助投资者理解世界,做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1775051856,"share":"https://www.laohu8.com/m/news/1112110068?lang=zh_CN&edition=full","pubTime":"2026-04-01 21:57","market":"us","language":"zh","title":"伊朗回应特朗普停火言论,称霍尔木兹海峡不对敌开放","url":"https://stock-news.laohu8.com/highlight/detail?id=1112110068","media":"老虎资讯综合","summary":"4月1日电,综合法新社、卡塔尔半岛电视台最新报道,伊朗伊斯兰革命卫队4月1日称,霍尔木兹海峡不会对伊朗的“敌人”开放。据法新社报道,伊朗伊斯兰革命卫队当天在一份声明中称,霍尔木兹海峡的局势处于伊朗伊斯兰革命卫队海军“牢牢的、绝对的”控制之下,且不会对伊朗的“敌人”开放。4月1日早些时候,美国总统特朗普在社交媒体上发帖称,伊朗方面“刚刚向美国请求停火”。但他表示,只有当霍尔木兹海峡开放时,美方才会“考虑”。 (CCTV国际时讯)","content":"<html><head></head><body><p>4月1日,综合法新社、卡塔尔半岛电视台最新报道,伊朗伊斯兰革命卫队4月1日称,霍尔木兹海峡不会对伊朗的“敌人”开放。</p><p>据法新社报道,伊朗伊斯兰革命卫队当天在一份声明中称,霍尔木兹海峡的局势处于伊朗伊斯兰革命卫队海军“牢牢的、绝对的”控制之下,且不会对伊朗的“敌人”开放。</p><p>4月1日早些时候,美国总统特朗普在社交媒体上发帖称,伊朗方面“刚刚向美国请求停火”。但他表示,只有当霍尔木兹海峡开放时,美方才会“考虑”。 (环球网)</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>伊朗回应特朗普停火言论,称霍尔木兹海峡不对敌开放</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伊朗回应特朗普停火言论,称霍尔木兹海峡不对敌开放\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time\">2026-04-01 21:57</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>4月1日,综合法新社、卡塔尔半岛电视台最新报道,伊朗伊斯兰革命卫队4月1日称,霍尔木兹海峡不会对伊朗的“敌人”开放。</p><p>据法新社报道,伊朗伊斯兰革命卫队当天在一份声明中称,霍尔木兹海峡的局势处于伊朗伊斯兰革命卫队海军“牢牢的、绝对的”控制之下,且不会对伊朗的“敌人”开放。</p><p>4月1日早些时候,美国总统特朗普在社交媒体上发帖称,伊朗方面“刚刚向美国请求停火”。但他表示,只有当霍尔木兹海峡开放时,美方才会“考虑”。 (环球网)</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/1b8cc01d19dcd836563474a020aa5844","relate_stocks":{},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112110068","content_text":"4月1日,综合法新社、卡塔尔半岛电视台最新报道,伊朗伊斯兰革命卫队4月1日称,霍尔木兹海峡不会对伊朗的“敌人”开放。据法新社报道,伊朗伊斯兰革命卫队当天在一份声明中称,霍尔木兹海峡的局势处于伊朗伊斯兰革命卫队海军“牢牢的、绝对的”控制之下,且不会对伊朗的“敌人”开放。4月1日早些时候,美国总统特朗普在社交媒体上发帖称,伊朗方面“刚刚向美国请求停火”。但他表示,只有当霍尔木兹海峡开放时,美方才会“考虑”。 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