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\u6bdb\u5229\u7387\uff08Gross margin\uff0c\u5373\u6263\u9664\u76f4\u63a5\u751f\u7522\u6210\u672c\u5f8c\u7684\u5229\u6f64\u4f54\u6536\u5165\u6bd4\u4f8b\uff09\u7531\u4e0a\u4e00\u5b63\u768420.1%\u5347\u81f321.1%\u3002\u81ea\u7531\u73fe\u91d1\u6d41\uff08Free cash flow\uff0c\u5373\u71df\u904b\u73fe\u91d1\u6d41\u6263\u9664\u8cc7\u672c\u958b\u652f\u5f8c\u53ef\u81ea\u7531\u904b\u7528\u7684\u73fe\u91d1\uff09\u70ba14.4\u5104\u7f8e\u5143\uff0c\u5c0d\u6bd42025\u5e74\u7b2c\u56db\u5b63\u768414.2\u5104\u7f8e\u5143\uff1b\u73fe\u91d1\u53ca\u6295\u8cc7\u6309\u5b63\u589e\u52a07\u5104\u7f8e\u5143\u3002<\/p>\n
\u6c7d\u8eca\u6536\u5165\u6309\u5e74\u534716%\u81f3162\u5104\u7f8e\u5143\u3002\u80fd\u6e90\u767c\u96fb\u53ca\u5132\u80fd\u6536\u5165\u6309\u5e74\u8dcc12%\uff0c\u670d\u52d9\u6536\u5165\u5247\u534742%\u3002<\/p>\n
\u4ea4\u4ed8\u91cf\u6309\u5e74\u53476%\u81f335.8\u842c\u8f1b\uff0c\u4f46\u8f03\u7b2c\u56db\u5b63\u5c116\u842c\u8f1b\u3002\u96fb\u6c60\u5132\u80fd\u90e8\u7f72\u91cf\uff08Battery storage deployed\uff0c\u5373\u5df2\u5b89\u88dd\u4e26\u6295\u5165\u4f7f\u7528\u7684\u5132\u80fd\u7cfb\u7d71\u7e3d\u91cf\uff09\u6309\u5e74\u8dcc15%\u81f38.8 GWh\uff08\u5409\u74e6\u6642\uff0c\u5373\u96fb\u91cf\uff0f\u5132\u80fd\u5bb9\u91cf\u55ae\u4f4d\uff09\u3002<\/p>\n
\u7279\u65af\u62c9\u7a31\u5176Robotaxi\uff08\u7121\u4eba\u99d5\u99db\u7684\u58eb\uff09\u8a08\u5283\u7d2f\u8a08\u300c\u4ed8\u8cbb\u300d\u884c\u99db\u91cc\u6578\u8d85\u904e170\u842c\u82f1\u91cc\u3002\u7121\u76e3\u7763\uff08Unsupervised\uff0c\u5373\u8eca\u4e0a\u4e0d\u9700\u8981\u5b89\u5168\u54e1\u6216\u4eba\u624b\u76e3\u63a7\u99d5\u99db\uff09\u7684Robotaxi\u884c\u7a0b\u5df2\u5728\u5967\u65af\u6c40\u3001\u9054\u62c9\u65af\u53ca\u4f11\u58eb\u9813\u9032\u884c\uff0c\u4e26\u6e96\u5099\u64f4\u5c55\u81f3\u9cf3\u51f0\u57ce\u3001\u5766\u5e15\u3001\u9081\u963f\u5bc6\u3001\u5967\u862d\u591a\u53ca\u62c9\u65af\u7dad\u52a0\u65af\u3002<\/p>\n
\u7b2c\u4e00\u5b63FSD\uff08Full Self-Driving\uff0c\u5168\u81ea\u52d5\u99d5\u99db\u8edf\u4ef6\uff1b\u5c6c\u9ad8\u968e\u99d5\u99db\u8f14\u52a9\u529f\u80fd\uff0c\u4ecd\u9700\u9075\u5b88\u7576\u5730\u6cd5\u898f\u53ca\u4f7f\u7528\u9650\u5236\uff09\u6d3b\u8e8d\u8a02\u95b1\u6578\u589e\u52a018\u842c\u81f3128\u842c\u3002\u516c\u53f8\u4ea6\u63d0\u5230\u6b63\u63a8\u9032AI\u7b97\u529b\uff08AI compute\uff0c\u5373\u7528\u65bc\u8a13\u7df4\u53ca\u904b\u884c\u4eba\u5de5\u667a\u80fd\u6a21\u578b\u7684\u904b\u7b97\u8cc7\u6e90\uff09\u3001\u5de5\u5ee0\u8207\u7522\u7dda\u5efa\u8a2d\uff0c\u4e26\u70baMegapack 3\uff08\u5927\u578b\u5132\u80fd\u96fb\u6c60\u7cfb\u7d71\uff09\u3001Cybercab\uff08\u7121\u4eba\u99d5\u99db\u7684\u58eb\u8eca\u578b\uff09\u53caTesla Semi\uff08\u96fb\u52d5\u91cd\u578b\u8ca8\u8eca\uff09\u4f5c\u751f\u7522\u6e96\u5099\u3002<\/p>\n
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\u597d\u6de1\u8a0a\u865f\u4e26\u5b58\uff0c\u610f\u5473\u6ce2\u52d5\u6216\u4e0a\u5347\uff0c\u4f7f\u8de8\u5f0f\uff08straddles\uff0c\u5373\u540c\u4e00\u57f7\u884c\u50f9\u540c\u5230\u671f\u65e5\u540c\u6642\u8cb7\u5165\u8a8d\u8cfc\u53ca\u8a8d\u6cbd\uff0c\u62bc\u6ce8\u5927\u5e45\u6ce2\u52d5\u4f46\u4e0d\u62bc\u65b9\u5411\uff09\u6216\u52d2\u5f0f\uff08strangles\uff0c\u5373\u8cb7\u5165\u8f03\u50f9\u5916\u7684\u8a8d\u8cfc\u53ca\u8a8d\u6cbd\uff0c\u6210\u672c\u8f03\u4f4e\u4f46\u9700\u66f4\u5927\u6ce2\u5e45\uff09\u8f03\u5177\u5438\u5f15\u529b\u3002\u5e02\u5834\u73fe\u6642\u5728\u300c\u8ca1\u52d9\u8868\u73fe\u6539\u5584\u300d\u8207\u300c\u4ea4\u4ed8\u53ca\u90e8\u7f72\u6578\u64da\u8f49\u5f31\u300d\u4e4b\u9593\u62c9\u92f8\uff0c\u5178\u578b\u5730\u53ef\u80fd\u89f8\u767c\u80a1\u50f9\u5411\u4e0a\u6216\u5411\u4e0b\u7684\u5927\u5e45\u8b8a\u52d5\u3002\u904e\u5f80\u4ea6\u51fa\u73fe\u985e\u4f3c\u60c5\u6cc1\uff0c\u4f8b\u59822024\u5e74\u4e2d\u56e0\u65b0\u8eca\u578b\u63a8\u51fa\u6642\u9593\u4e0d\u660e\u6717\uff0c\u96b1\u542b\u6ce2\u52d5\u7387\uff08implied volatility\uff0c\u5373\u671f\u6b0a\u50f9\u683c\u53cd\u6620\u5e02\u5834\u5c0d\u672a\u4f86\u6ce2\u5e45\u7684\u9810\u671f\uff09\u5728\u696d\u7e3e\u5f8c\u6578\u5468\u66fe\u5347\u7a7f60%\u3002<\/p>\n
\u516c\u53f8\u660e\u986f\u628a\u7126\u9ede\u8f49\u5411AI\u53caRobotaxi\uff0c\u6210\u70ba\u652f\u6301\u6a02\u89c0\u9810\u671f\uff08bull case\uff0c\u5373\u770b\u597d\u80a1\u50f9\u4e0a\u5347\u7684\u6295\u8cc7\u7406\u64da\uff09\u7684\u4e3b\u7dda\u3002FSD\u8a02\u95b1\u589e\u81f3128\u842c\uff0c\u6b63\u5f62\u6210\u9ad8\u6bdb\u5229\u3001\u53ef\u91cd\u8907\u6536\u8cbb\u7684\u7d93\u5e38\u6027\u6536\u5165\uff08recurring revenue\uff0c\u5373\u53ef\u6301\u7e8c\u6309\u6708\uff0f\u6309\u5e74\u6536\u53d6\u7684\u6536\u5165\uff09\uff0c\u5176\u91cd\u8981\u6027\u8f03\u4ee5\u5f80\u66f4\u9ad8\u3002\u53ef\u7559\u610f\u9cf3\u51f0\u57ce\u53ca\u62c9\u65af\u7dad\u52a0\u65af\u7684\u64f4\u5c55\u6d88\u606f\uff0c\u76f8\u95dc\u9032\u5c55\u6216\u6210\u70ba\u63a8\u52d5\u80a1\u50f9\u7684\u95dc\u9375\u50ac\u5316\u5291\uff08catalyst\uff0c\u5373\u53ef\u5f15\u767c\u80a1\u50f9\u8b8a\u52d5\u7684\u4e8b\u4ef6\uff09\uff0c\u5373\u4f7f\u77ed\u671f\u8eca\u8f1b\u7522\u91cf\u672a\u6709\u660e\u986f\u6539\u5584\u4ea6\u7136\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"
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