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tom33

tom33

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05-21

用把口来超越[弱] [弱] [弱] [弱]

马斯克的星链并非神话！长光卫星贾宏光预言：中国商业航天8年超越

05-21

弱智小便，井底之蛙，永远活在井底，反过来说[弱] [弱] [弱]

SpaceX的IPO将打造第二只马斯克概念股，这对特斯拉来说是一个麻烦

05-06

太少了，应该吹够80万台[弱] [弱] [弱] [弱]

小米汽车：新一代SU7上市仅48天，锁单已超过80000台

04-10

$特斯拉(TSLA)$

04-02

东风小康赛力斯生产垃圾小米输妻？小便？[弱] [弱] [弱]

小米新SU7，逼急特斯拉

03-03

$小米集团-W(01810)$

02-11

说说你对这篇新闻的看法...

港股异动 | 小米集团-W涨超4%，新一代SU7预计4月份上市

01-12

输7烧量击败model 3

雷军称特斯拉并非不可战胜：SU7是迄今唯一击败Model 3 的同档纯电轿车

01-06

说说你对这篇新闻的看法...

AI与机器人梦想宏大，但电动汽车现实骨感：特斯拉在华市场连续两年萎缩

2025-12-16

$特斯拉(TSLA)$ 真正的无人驾驶运营悄悄来了

2025-11-28

$小米集团-W(01810)$

2025-11-27

反向操作，大涨1.7%，啪啪打脸[得意]

2025-11-25

果然邪恶黑子霉体在不断抗争垂死挣扎在继续黑[开心]

全德汽车俱乐部报告：特斯拉 Model Y 故障率 17.3% 垫底，十年来最差表现

2025-10-30

$英伟达(NVDA)$ 射击之星

2025-10-28

$特斯拉(TSLA)$ 你买了吗？

2025-10-27

$三倍做空半导体ETF-Direxion Daily(SOXS)$ 等做多涨到70才能买空

2025-10-27

$特斯拉(TSLA)$ 但凡说马斯克是畜牧教主的，应该是马斯克弓虽女干了这个畜生的老毋

2025-10-16

$特斯拉(TSLA)$ 这货死不断气，低吸

2025-10-14

建个充电桩也能上新闻？

特斯拉超级充电网络实现江西省地级市均覆盖，建成并开放 145 根超级充电桩

2025-10-13

来条毛，小便

存储芯片“超级周期”，真的来了？

去老虎APP查看更多动态

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[弱]&nbsp; [弱]&nbsp; [弱]&nbsp;&nbsp;","listText":"用把口来超越[弱]&nbsp; [弱]&nbsp; [弱]&nbsp; [弱]&nbsp;&nbsp;","text":"用把口来超越[弱] [弱] [弱] [弱]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/566638297666336","repostId":"2636819894","repostType":2,"repost":{"id":"2636819894","kind":"news","pubTimestamp":1779239311,"share":"https://www.laohu8.com/m/news/2636819894?lang=zh_CN&edition=full","pubTime":"2026-05-20 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src=\"data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAAAAEAAAABAQMAAAAl21bKAAAAA1BMVEXy8vJkA4prAAAACklEQVQI12NgAAAAAgAB4iG8MwAAAABJRU5ErkJggg==\"/></p><p>实际上，贾宏光所坦承的卫星数量差距，从当前星链的布局规模中可见一斑：<strong>目前，星链已在全球拥有超万颗在轨运行的活跃卫星，截至2026年初，在轨数量已达9300余颗，是全球规模最大的低轨卫星<a href=\"https://laohu8.com/S/STZ\">星座</a>。</strong></p><p>作为马斯克SpaceX公司旗下的全球卫星宽带项目，星链的核心目标是为全球包括偏远地区在内的任何地方提供卫星宽带服务，而其能实现大规模组网，核心就在于SpaceX自主研发的猎鹰火箭。</p><p>凭借相对低廉的发射成本和强大的运力，星链卫星得以实现高频次发射，一次发射即可将几十颗卫星送入太空，这也正是贾宏光所提及的、中国商业航天需要重点追赶的核心优势所在。</p><p>更值得关注的是，依托这种规模化发射优势，SpaceX借助国际上先占先得的规则，在稀缺的低轨轨道与频谱资源上形成了事实上的垄断格局，目前其在轨卫星已占据全球低轨卫星总量的65%以上，不仅极大提高了后来者的竞争门槛，也进一步凸显了贾宏光所言追赶的必要性。</p></body></html>","source":"ifeng_tech","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" 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#eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n马斯克的星链并非神话！长光卫星贾宏光预言：中国商业航天8年超越\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-05-20 09:08 北京时间&nbsp;&nbsp;&nbsp;<a href=https://tech.ifeng.com/c/8tH70wK4aTh><strong>快科技</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>快科技5月20日消息，近日，长光卫星创始人之一贾宏光在做客某访谈对话节目时，谈及与马斯克SpaceX的差距。他直言：星链并非神话，8年内中国商业航天全面超越马斯克。贾宏光首先厘清了区别：SpaceX主要做通讯卫星，把基站搬到天上；长光卫星做的是遥感卫星，负责拍照获取地面信息；此外还有导航卫星，如GPS和北斗。对于与星链的差距，他坦承数量和技术上都有：目前数量还不到人家的1/10，技术上也有差距。但...</p>\n\n<a href=\"https://tech.ifeng.com/c/8tH70wK4aTh\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","09366":"XI二南特斯-U","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) 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ETF"},"source_url":"https://tech.ifeng.com/c/8tH70wK4aTh","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2636819894","content_text":"快科技5月20日消息，近日，长光卫星创始人之一贾宏光在做客某访谈对话节目时，谈及与马斯克SpaceX的差距。他直言：星链并非神话，8年内中国商业航天全面超越马斯克。贾宏光首先厘清了区别：SpaceX主要做通讯卫星，把基站搬到天上；长光卫星做的是遥感卫星，负责拍照获取地面信息；此外还有导航卫星，如GPS和北斗。对于与星链的差距，他坦承数量和技术上都有：目前数量还不到人家的1/10，技术上也有差距。但这不是“人家能做我们做不了”的问题。在他看来，马斯克的优势在于既做卫星也做发射，可回收技术让发射成本极低。这正是需要追赶的方向。在卫星制造成本上，贾宏光表示长光卫星的性价比已经全球领先；但发射费用仍有差距，马斯克早已降到每公斤1万美元以下，我们还在攻关这一关口。不过凭借中国的产业链和制造业优势，5到8年内实现甚至超过马斯克的指标，不是梦想。“8年内肯定比他成本还要低，肯定能超过。”贾宏光说，这不仅是他的个人判断，他和几家火箭公司老总聊过，大家普遍认为——从技术成熟度、工业基础支撑、行业发展热度来看，未来10年内全面超越是完全可以实现的。实际上，贾宏光所坦承的卫星数量差距，从当前星链的布局规模中可见一斑：目前，星链已在全球拥有超万颗在轨运行的活跃卫星，截至2026年初，在轨数量已达9300余颗，是全球规模最大的低轨卫星星座。作为马斯克SpaceX公司旗下的全球卫星宽带项目，星链的核心目标是为全球包括偏远地区在内的任何地方提供卫星宽带服务，而其能实现大规模组网，核心就在于SpaceX自主研发的猎鹰火箭。凭借相对低廉的发射成本和强大的运力，星链卫星得以实现高频次发射，一次发射即可将几十颗卫星送入太空，这也正是贾宏光所提及的、中国商业航天需要重点追赶的核心优势所在。更值得关注的是，依托这种规模化发射优势，SpaceX借助国际上先占先得的规则，在稀缺的低轨轨道与频谱资源上形成了事实上的垄断格局，目前其在轨卫星已占据全球低轨卫星总量的65%以上，不仅极大提高了后来者的竞争门槛，也进一步凸显了贾宏光所言追赶的必要性。","news_type":1,"symbols_score_info":{"TSLG":0.6,"07366":0.6,"TSLP":0.6,"TSLA":1.9,"TSLO":0.6,"TESL":0.6,"TSLS":0.6,"07766":0.6,"TLA":0.6,"TSLZ":0.6,"TSYY":0.6,"TSLT":0.6,"TSLY":0.6,"TSLL":0.6,"09366":0.6,"TSDD":0.6,"TSLR":0.6,"TEST":0.6,"TSLW":0.6,"TSLI":0.6,"CRSH":0.6,"TSL":0.6,"TSLQ":0.6,"TSII":0.6,"09766":0.6}},"isVote":1,"tweetType":1,"viewCount":177,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":566366846212280,"gmtCreate":1779307549649,"gmtModify":1779310145904,"author":{"id":"3575336049872142","authorId":"3575336049872142","name":"tom33","avatar":"https://static.tigerbbs.com/fa9a2ae69ad94cc4f6f7359e1f604635","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575336049872142","authorIdStr":"3575336049872142"},"themes":[],"title":"","htmlText":"弱智小便，井底之蛙，永远活在井底，反过来说[弱]&nbsp; [弱]&nbsp; [弱]&nbsp;&nbsp;","listText":"弱智小便，井底之蛙，永远活在井底，反过来说[弱]&nbsp; [弱]&nbsp; [弱]&nbsp;&nbsp;","text":"弱智小便，井底之蛙，永远活在井底，反过来说[弱] [弱] [弱]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/566366846212280","repostId":"1100242684","repostType":2,"repost":{"id":"1100242684","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":1779183859,"share":"https://www.laohu8.com/m/news/1100242684?lang=zh_CN&edition=full","pubTime":"2026-05-19 17:44","market":"us","language":"zh","title":"SpaceX的IPO将打造第二只马斯克概念股，这对特斯拉来说是一个麻烦","url":"https://stock-news.laohu8.com/highlight/detail?id=1100242684","media":"老虎资讯综合","summary":"事实上，特斯拉和SpaceX之间看似固有的竞争，正是马斯克据传正考虑将两家公司合并的关键原因。然而，SpaceX在许多方面有所不同。按照吉尔伯特的说法，SpaceX的最终市值甚至可能超过特斯拉。这位对特斯拉评级为“跑输大盘”的分析师在上月给客户的报告中写道，SpaceX的IPO将“‘分流’支持马斯克的散户股东基础”，从而对该股构成压力。","content":"<html><head></head><body><p style=\"text-align: start;\">多年来，散户投资者只有一种方式来押注埃隆·马斯克的愿景：买入特斯拉公司的股票。这一局面即将改变，这对特斯拉的投资者来说是一个重大风险。</p><p style=\"text-align: start;\">随着太空探索技术公司（更广为人知的名字是SpaceX）即将进行首次公开募股，市场上将出现投资“马斯克经济”的又一个切入点。华尔街专业人士预计，投资者的注意力和资金将不可避免地从马斯克的电动汽车制造商身上被抽走，转向他闪亮的新玩具。</p><p style=\"text-align: start;\">诚信资产管理公司（<u>Integrity Asset Management</u>）的投资组合经理乔·吉尔伯特表示：“这对特斯拉来说不可能是好消息。我们认为马斯克的精力将主要聚焦在SpaceX上。过去马斯克已经证明他能够同时平衡多项计划，但现在感觉SpaceX才是他的新宠，而这是以牺牲特斯拉为代价的。”</p><p style=\"text-align: start;\">事实上，特斯拉和SpaceX之间看似固有的竞争，正是马斯克据传正考虑将两家公司合并的关键原因。</p><p style=\"text-align: start;\">从某种角度看，特斯拉似乎正处于停滞或小幅下滑状态，销量增长放缓，基本面趋于疲弱。但财务表现从来都不是该股真正的驱动力，它一直被视为押注马斯克雄心的替代品。该股在2023年初至2025年底飙升265%后，今年以来下跌了8.8%，但其未来12个月的预期市盈率仍约为196倍，是标普500指数中第二贵的估值。</p><p style=\"text-align: start;\">如此高的估值倍数，是基于投资者对马斯克雄心壮志的信念，相信他能将特斯拉转型为一家同时生产电动汽车的自动驾驶和机器人公司。这是一个拥挤的赛道。电动汽车业务面临中国制造商的竞争，也面临传统燃油车的竞争。其自动驾驶出租车要与Alphabet公司旗下已投入运营的Waymo展开竞争。而众多科技公司都在研发人形机器人助手。</p><p style=\"text-align: start;\">尽管如此，特斯拉1.5万亿美元的市值仍令竞争对手相形见绌。特斯拉电动汽车和自动驾驶出租车的主要竞争对手Rivian Automotive和Uber Technologies的市值总和约为1700亿美元。</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/01adb69f6352bf0c7ff38a407d9bc771\" tg-width=\"756\" tg-height=\"300\"/></p><p style=\"text-align: start;\">然而，SpaceX在许多方面有所不同。其业务与特斯拉截然不同，它是所在领域明确的领导者，目前其增长潜力看似无可限量。</p><p style=\"text-align: start;\">吉尔伯特表示：“我们预计SpaceX上市时将拥有一个天文数字般的估值，这确实是个双关。它没有真正的竞争对手。”他所在的公司没有持有特斯拉股票，因为该股不符合其价值投资标准。</p><p style=\"text-align: start;\">按照吉尔伯特的说法，SpaceX的最终市值甚至可能超过特斯拉。他补充说：“任何马斯克的公司，其估值中总会内嵌着一个针对其愿景的看涨期权。”</p><p style=\"text-align: start;\">马斯克长期以来一直受到散户投资者的追捧，即那些自行买卖股票的普通投资者。但即便是这种热情似乎也在减弱。根据万达研究（Vanda Research）截至5月18日编制的数据，自去年12月SpaceX确认其2026年IPO的意图以来，特斯拉股票净散户资金流入约100万美元，且流入流出天数大致相当，这是截至5月13日的数据。</p><p style=\"text-align: start;\">根据法国巴黎银行分析师詹姆斯·皮卡里埃洛的估算，散户投资者持有特斯拉约40%的股份。这位对特斯拉评级为“跑输大盘”的分析师在上月给客户的报告中写道，SpaceX的IPO将“‘分流’支持马斯克的散户股东基础”，从而对该股构成压力。</p><p style=\"text-align: start;\">尽管如此，泰格瑞斯金融（Tigress Financial）合伙人的首席投资官伊万·范塞思表示，SpaceX的IPO也可能“强化更广泛的‘马斯克生态系统’叙事”。该公司在为客户管理的账户中持有特斯拉股份。</p><p style=\"text-align: start;\">持有特斯拉股份的圆山金融（Roundhill Financial）首席执行官戴夫·马扎表示：“特斯拉和SpaceX是根本不同的业务，相信马斯克愿景的投资者会希望同时持有这两家公司的敞口。然而，SpaceX是那个闪亮的新事物，我们预计会有部分资金从特斯拉轮动到SpaceX，以追逐当前的兴奋点。”</p><p style=\"text-align: start;\">DataTrek Research联合创始人尼古拉斯·科拉斯表示，SpaceX对特斯拉股价的影响可能需要三个月左右才能显现，因为机构投资调整缓慢，且IPO后的早期交易可能会比较混乱。科拉斯还补充说，考虑到所有挂钩标普500指数的被动投资，特斯拉至少初期也可能因其标普500指数成分股的身份而受益。</p><p style=\"text-align: start;\">据科拉斯称，对大多数公司而言，当下价值与未来价值的占比在股价中是各占一半的。但特斯拉不同，因为它的交易更多是基于马斯克的梦想，而非公司实际的财务表现。</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4071f2053a413dc80d9baa18a915b179\" tg-width=\"792\" tg-height=\"538\"/></p><p style=\"text-align: start;\">曾担任汽车分析师的科拉斯说：“就特斯拉而言，在我研究它的这段时间里，其未来价值与当下价值之比一直是九比一。该公司估值的绝大部分是基于未来的希望，而非当前的现实。”</p><p style=\"text-align: start;\">科拉斯表示，既然这种对未来的希望都系于马斯克一身，市场上却存在两家具有相同基本吸引力的公司，这没什么道理，并指出将它们合并可能是最合理的做法。</p><p style=\"text-align: start;\">科拉斯说：“如果我给任何人提供建议，我会说，我们干脆把这一切都放在一个屋檐下。人们想要拥有你的愿景，那我们就简单点。”</p><p style=\"text-align: start;\">然而，他补充说，如果两家公司保持独立，这种动态最终对SpaceX的利好应该会超过特斯拉，因为前者“在其核心业务上拥有更清晰的竞争优势”。</p><p style=\"text-align: start;\">科拉斯表示：“你已经有一家具有系统重要性的上市公司了，现在又要推出第二家。我不确定拥有两家公司的价值何在。如果你的卖点是‘公司是马斯克在管’，那最好的做法就是只拥有一家公司。”</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>SpaceX的IPO将打造第二只马斯克概念股，这对特斯拉来说是一个麻烦</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ 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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\">\nSpaceX的IPO将打造第二只马斯克概念股，这对特斯拉来说是一个麻烦\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\">2026-05-19 17:44</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: start;\">多年来，散户投资者只有一种方式来押注埃隆·马斯克的愿景：买入特斯拉公司的股票。这一局面即将改变，这对特斯拉的投资者来说是一个重大风险。</p><p style=\"text-align: start;\">随着太空探索技术公司（更广为人知的名字是SpaceX）即将进行首次公开募股，市场上将出现投资“马斯克经济”的又一个切入点。华尔街专业人士预计，投资者的注意力和资金将不可避免地从马斯克的电动汽车制造商身上被抽走，转向他闪亮的新玩具。</p><p style=\"text-align: start;\">诚信资产管理公司（<u>Integrity Asset Management</u>）的投资组合经理乔·吉尔伯特表示：“这对特斯拉来说不可能是好消息。我们认为马斯克的精力将主要聚焦在SpaceX上。过去马斯克已经证明他能够同时平衡多项计划，但现在感觉SpaceX才是他的新宠，而这是以牺牲特斯拉为代价的。”</p><p style=\"text-align: start;\">事实上，特斯拉和SpaceX之间看似固有的竞争，正是马斯克据传正考虑将两家公司合并的关键原因。</p><p style=\"text-align: start;\">从某种角度看，特斯拉似乎正处于停滞或小幅下滑状态，销量增长放缓，基本面趋于疲弱。但财务表现从来都不是该股真正的驱动力，它一直被视为押注马斯克雄心的替代品。该股在2023年初至2025年底飙升265%后，今年以来下跌了8.8%，但其未来12个月的预期市盈率仍约为196倍，是标普500指数中第二贵的估值。</p><p style=\"text-align: start;\">如此高的估值倍数，是基于投资者对马斯克雄心壮志的信念，相信他能将特斯拉转型为一家同时生产电动汽车的自动驾驶和机器人公司。这是一个拥挤的赛道。电动汽车业务面临中国制造商的竞争，也面临传统燃油车的竞争。其自动驾驶出租车要与Alphabet公司旗下已投入运营的Waymo展开竞争。而众多科技公司都在研发人形机器人助手。</p><p style=\"text-align: start;\">尽管如此，特斯拉1.5万亿美元的市值仍令竞争对手相形见绌。特斯拉电动汽车和自动驾驶出租车的主要竞争对手Rivian Automotive和Uber Technologies的市值总和约为1700亿美元。</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/01adb69f6352bf0c7ff38a407d9bc771\" tg-width=\"756\" tg-height=\"300\"/></p><p style=\"text-align: start;\">然而，SpaceX在许多方面有所不同。其业务与特斯拉截然不同，它是所在领域明确的领导者，目前其增长潜力看似无可限量。</p><p style=\"text-align: start;\">吉尔伯特表示：“我们预计SpaceX上市时将拥有一个天文数字般的估值，这确实是个双关。它没有真正的竞争对手。”他所在的公司没有持有特斯拉股票，因为该股不符合其价值投资标准。</p><p style=\"text-align: start;\">按照吉尔伯特的说法，SpaceX的最终市值甚至可能超过特斯拉。他补充说：“任何马斯克的公司，其估值中总会内嵌着一个针对其愿景的看涨期权。”</p><p style=\"text-align: start;\">马斯克长期以来一直受到散户投资者的追捧，即那些自行买卖股票的普通投资者。但即便是这种热情似乎也在减弱。根据万达研究（Vanda Research）截至5月18日编制的数据，自去年12月SpaceX确认其2026年IPO的意图以来，特斯拉股票净散户资金流入约100万美元，且流入流出天数大致相当，这是截至5月13日的数据。</p><p style=\"text-align: start;\">根据法国巴黎银行分析师詹姆斯·皮卡里埃洛的估算，散户投资者持有特斯拉约40%的股份。这位对特斯拉评级为“跑输大盘”的分析师在上月给客户的报告中写道，SpaceX的IPO将“‘分流’支持马斯克的散户股东基础”，从而对该股构成压力。</p><p style=\"text-align: start;\">尽管如此，泰格瑞斯金融（Tigress Financial）合伙人的首席投资官伊万·范塞思表示，SpaceX的IPO也可能“强化更广泛的‘马斯克生态系统’叙事”。该公司在为客户管理的账户中持有特斯拉股份。</p><p style=\"text-align: start;\">持有特斯拉股份的圆山金融（Roundhill Financial）首席执行官戴夫·马扎表示：“特斯拉和SpaceX是根本不同的业务，相信马斯克愿景的投资者会希望同时持有这两家公司的敞口。然而，SpaceX是那个闪亮的新事物，我们预计会有部分资金从特斯拉轮动到SpaceX，以追逐当前的兴奋点。”</p><p style=\"text-align: start;\">DataTrek Research联合创始人尼古拉斯·科拉斯表示，SpaceX对特斯拉股价的影响可能需要三个月左右才能显现，因为机构投资调整缓慢，且IPO后的早期交易可能会比较混乱。科拉斯还补充说，考虑到所有挂钩标普500指数的被动投资，特斯拉至少初期也可能因其标普500指数成分股的身份而受益。</p><p style=\"text-align: start;\">据科拉斯称，对大多数公司而言，当下价值与未来价值的占比在股价中是各占一半的。但特斯拉不同，因为它的交易更多是基于马斯克的梦想，而非公司实际的财务表现。</p><p></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/4071f2053a413dc80d9baa18a915b179\" tg-width=\"792\" tg-height=\"538\"/></p><p style=\"text-align: start;\">曾担任汽车分析师的科拉斯说：“就特斯拉而言，在我研究它的这段时间里，其未来价值与当下价值之比一直是九比一。该公司估值的绝大部分是基于未来的希望，而非当前的现实。”</p><p style=\"text-align: start;\">科拉斯表示，既然这种对未来的希望都系于马斯克一身，市场上却存在两家具有相同基本吸引力的公司，这没什么道理，并指出将它们合并可能是最合理的做法。</p><p style=\"text-align: start;\">科拉斯说：“如果我给任何人提供建议，我会说，我们干脆把这一切都放在一个屋檐下。人们想要拥有你的愿景，那我们就简单点。”</p><p style=\"text-align: start;\">然而，他补充说，如果两家公司保持独立，这种动态最终对SpaceX的利好应该会超过特斯拉，因为前者“在其核心业务上拥有更清晰的竞争优势”。</p><p style=\"text-align: start;\">科拉斯表示：“你已经有一家具有系统重要性的上市公司了，现在又要推出第二家。我不确定拥有两家公司的价值何在。如果你的卖点是‘公司是马斯克在管’，那最好的做法就是只拥有一家公司。”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/5f784786342ceaa45be0d0242c602b1c","relate_stocks":{"TSII":"REX TSLA Growth & Income ETF","TSLW":"TSLA周配息ETF-Roundhill","TESL":"Simplify Volt TSLA Revolution ETF","09766":"XL二南特斯-U","TSLA":"特斯拉","TSL":"1.25倍做多TSLA ETF-GraniteShares","TEST":"YieldMax TSLA Performance & Distribution Target 25 ETF","TSLY":"TSLA期权收益策略ETF-YieldMax","TSLG":"2倍做多TSLA 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Management）的投资组合经理乔·吉尔伯特表示：“这对特斯拉来说不可能是好消息。我们认为马斯克的精力将主要聚焦在SpaceX上。过去马斯克已经证明他能够同时平衡多项计划，但现在感觉SpaceX才是他的新宠，而这是以牺牲特斯拉为代价的。”事实上，特斯拉和SpaceX之间看似固有的竞争，正是马斯克据传正考虑将两家公司合并的关键原因。从某种角度看，特斯拉似乎正处于停滞或小幅下滑状态，销量增长放缓，基本面趋于疲弱。但财务表现从来都不是该股真正的驱动力，它一直被视为押注马斯克雄心的替代品。该股在2023年初至2025年底飙升265%后，今年以来下跌了8.8%，但其未来12个月的预期市盈率仍约为196倍，是标普500指数中第二贵的估值。如此高的估值倍数，是基于投资者对马斯克雄心壮志的信念，相信他能将特斯拉转型为一家同时生产电动汽车的自动驾驶和机器人公司。这是一个拥挤的赛道。电动汽车业务面临中国制造商的竞争，也面临传统燃油车的竞争。其自动驾驶出租车要与Alphabet公司旗下已投入运营的Waymo展开竞争。而众多科技公司都在研发人形机器人助手。尽管如此，特斯拉1.5万亿美元的市值仍令竞争对手相形见绌。特斯拉电动汽车和自动驾驶出租车的主要竞争对手Rivian Automotive和Uber Technologies的市值总和约为1700亿美元。然而，SpaceX在许多方面有所不同。其业务与特斯拉截然不同，它是所在领域明确的领导者，目前其增长潜力看似无可限量。吉尔伯特表示：“我们预计SpaceX上市时将拥有一个天文数字般的估值，这确实是个双关。它没有真正的竞争对手。”他所在的公司没有持有特斯拉股票，因为该股不符合其价值投资标准。按照吉尔伯特的说法，SpaceX的最终市值甚至可能超过特斯拉。他补充说：“任何马斯克的公司，其估值中总会内嵌着一个针对其愿景的看涨期权。”马斯克长期以来一直受到散户投资者的追捧，即那些自行买卖股票的普通投资者。但即便是这种热情似乎也在减弱。根据万达研究（Vanda Research）截至5月18日编制的数据，自去年12月SpaceX确认其2026年IPO的意图以来，特斯拉股票净散户资金流入约100万美元，且流入流出天数大致相当，这是截至5月13日的数据。根据法国巴黎银行分析师詹姆斯·皮卡里埃洛的估算，散户投资者持有特斯拉约40%的股份。这位对特斯拉评级为“跑输大盘”的分析师在上月给客户的报告中写道，SpaceX的IPO将“‘分流’支持马斯克的散户股东基础”，从而对该股构成压力。尽管如此，泰格瑞斯金融（Tigress Financial）合伙人的首席投资官伊万·范塞思表示，SpaceX的IPO也可能“强化更广泛的‘马斯克生态系统’叙事”。该公司在为客户管理的账户中持有特斯拉股份。持有特斯拉股份的圆山金融（Roundhill Financial）首席执行官戴夫·马扎表示：“特斯拉和SpaceX是根本不同的业务，相信马斯克愿景的投资者会希望同时持有这两家公司的敞口。然而，SpaceX是那个闪亮的新事物，我们预计会有部分资金从特斯拉轮动到SpaceX，以追逐当前的兴奋点。”DataTrek Research联合创始人尼古拉斯·科拉斯表示，SpaceX对特斯拉股价的影响可能需要三个月左右才能显现，因为机构投资调整缓慢，且IPO后的早期交易可能会比较混乱。科拉斯还补充说，考虑到所有挂钩标普500指数的被动投资，特斯拉至少初期也可能因其标普500指数成分股的身份而受益。据科拉斯称，对大多数公司而言，当下价值与未来价值的占比在股价中是各占一半的。但特斯拉不同，因为它的交易更多是基于马斯克的梦想，而非公司实际的财务表现。曾担任汽车分析师的科拉斯说：“就特斯拉而言，在我研究它的这段时间里，其未来价值与当下价值之比一直是九比一。该公司估值的绝大部分是基于未来的希望，而非当前的现实。”科拉斯表示，既然这种对未来的希望都系于马斯克一身，市场上却存在两家具有相同基本吸引力的公司，这没什么道理，并指出将它们合并可能是最合理的做法。科拉斯说：“如果我给任何人提供建议，我会说，我们干脆把这一切都放在一个屋檐下。人们想要拥有你的愿景，那我们就简单点。”然而，他补充说，如果两家公司保持独立，这种动态最终对SpaceX的利好应该会超过特斯拉，因为前者“在其核心业务上拥有更清晰的竞争优势”。科拉斯表示：“你已经有一家具有系统重要性的上市公司了，现在又要推出第二家。我不确定拥有两家公司的价值何在。如果你的卖点是‘公司是马斯克在管’，那最好的做法就是只拥有一家公司。”","news_type":1,"symbols_score_info":{"TEST":0.6,"TSLG":0.6,"TSDD":0.6,"TSII":0.6,"TSLW":0.6,"07366":0.6,"07766":0.6,"TSLY":0.6,"TSLR":0.6,"TSLS":0.6,"CRSH":0.6,"IPO001":2,"TSLQ":0.6,"TSLO":0.6,"TESL":0.6,"TSLT":0.6,"TSYY":0.6,"TSLZ":0.6,"09766":0.6,"TSLP":0.6,"TSLA":2,"09366":0.6,"TSLL":0.6,"TSL":0.6,"TSLI":0.6,"TLA":0.6}},"isVote":1,"tweetType":1,"viewCount":44,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":561147361900624,"gmtCreate":1778030647048,"gmtModify":1778030649868,"author":{"id":"3575336049872142","authorId":"3575336049872142","name":"tom33","avatar":"https://static.tigerbbs.com/fa9a2ae69ad94cc4f6f7359e1f604635","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575336049872142","authorIdStr":"3575336049872142"},"themes":[],"title":"","htmlText":"太少了，应该吹够80万台[弱]&nbsp; [弱]&nbsp; [弱]&nbsp; [弱]&nbsp;&nbsp;","listText":"太少了，应该吹够80万台[弱]&nbsp; [弱]&nbsp; [弱]&nbsp; [弱]&nbsp;&nbsp;","text":"太少了，应该吹够80万台[弱] [弱] [弱] [弱]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/561147361900624","repostId":"1154235266","repostType":2,"repost":{"id":"1154235266","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":1778030452,"share":"https://www.laohu8.com/m/news/1154235266?lang=zh_CN&edition=full","pubTime":"2026-05-06 09:20","market":"hk","language":"zh","title":"小米汽车：新一代SU7上市仅48天，锁单已超过80000台","url":"https://stock-news.laohu8.com/highlight/detail?id=1154235266","media":"老虎资讯综合","summary":"锁单已超过80000台。","content":"<html><head></head><body><p>小米汽车：新一代SU7上市仅48天，锁单已超过80000台。</p><p class=\"t-img-caption\"><img 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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n小米汽车：新一代SU7上市仅48天，锁单已超过80000台\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\">2026-05-06 09:20</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>小米汽车：新一代SU7上市仅48天，锁单已超过80000台。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5da6db0388d5f0b21a668ceadaa90eb8\" tg-width=\"1174\" 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[弱]&nbsp;&nbsp;","listText":"东风小康赛力斯生产垃圾小米输妻？小便？[弱]&nbsp; [弱]&nbsp; [弱]&nbsp;&nbsp;","text":"东风小康赛力斯生产垃圾小米输妻？小便？[弱] [弱] [弱]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/549343516596328","repostId":"2624522856","repostType":2,"repost":{"id":"2624522856","kind":"news","pubTimestamp":1775101860,"share":"https://www.laohu8.com/m/news/2624522856?lang=zh_CN&edition=full","pubTime":"2026-04-02 11:51","market":"us","language":"zh","title":"小米新SU7，逼急特斯拉","url":"https://stock-news.laohu8.com/highlight/detail?id=2624522856","media":"21世纪经济报道","summary":"21世纪经济报道记者易思琳3月19日，在距离北京1700公里之外的重庆赛力斯总部，营销部门、车型部门等相关同事到了下班点都没有离开公司，而是一起组织了一场新一代SU7上市观摩会。新一代SU7和主打SUV的问界，用户群并不重合，也不算直接竞品。“只要是小米的产品我们都会跟进。”一位问界的内部人员告诉21世纪经济报道记者，他们主要学习小米怎么做销售权益、做产品的价值对比。","content":"<div>\n<p>21世纪经济报道记者易思琳　　3月19日，在距离北京1700公里之外的重庆赛力斯总部，营销部门、车型部门等相关同事到了下班点都没有离开公司，而是一起组织了一场新一代SU7上市观摩会。　　新一代SU7和主打SUV的问界，用户群并不重合，也不算直接竞品。“只要是小米的产品我们都会跟进。”一位问界的内部人员告诉21世纪经济报道记者，他们主要学习小米怎么做销售权益、做产品的价值对比。　　相比于问界，特斯拉...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202604023693166040.html\">网页链接</a>\n\n</div>\n","source":"stock_eastmoney","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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.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小米新SU7，逼急特斯拉\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-02 11:51 北京时间&nbsp;&nbsp;&nbsp;<a href=http://finance.eastmoney.com/a/202604023693166040.html><strong>21世纪经济报道</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>21世纪经济报道记者易思琳　　3月19日，在距离北京1700公里之外的重庆赛力斯总部，营销部门、车型部门等相关同事到了下班点都没有离开公司，而是一起组织了一场新一代SU7上市观摩会。　　新一代SU7和主打SUV的问界，用户群并不重合，也不算直接竞品。“只要是小米的产品我们都会跟进。”一位问界的内部人员告诉21世纪经济报道记者，他们主要学习小米怎么做销售权益、做产品的价值对比。　　相比于问界，特斯拉...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202604023693166040.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU0605514214.HKD":"FIDELITY CHINA CONSUMER \"A\" (HKD) ACC","LU1720050803.USD":"安联全方位中国股票基金","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc 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3并不占优势。特斯拉的销售们深知这一点。21世纪经济报道记者在走访门店的过程中发现，在给来店咨询的客户做介绍时，多家特斯拉销售都对两款车型的价格和续航闭口不谈，而是更多强调特斯拉在金融政策、售后和能耗方面的优势。　　以金融政策为例，小米新一代SU7提供了五年、七年分期付款等3种主要的金融方案：1、五年分期，年化费率2.5%；2、七年低首付，首付4.99万元，年化费率2.1%；3、七年低利息，首付9.99万元，年化费率1.9%。　　相比之下，特斯拉对Model 3的金融优惠政策是：4月30日之前下定，可以申请5年0息或7年低息方案。同时，在4月30日之前下定，可以补贴8000元的保险。　　“全款可以买小米，分期选特斯拉。”一位北京特斯拉门店的销售表示。　　七年低息方案，小米的年化费率是1.9%，而特斯拉是0.5%。“不是所有车企都能向银行申请0.5%的年化费率。”特斯拉销售强调。　　上述人士称，按照上述方案，Model 3后轮驱动版比小米SU7标准版最高便宜约1.5万元，Model 3长续航后轮驱动版比SU7 Pro最高便宜约2.5万元。 （特斯拉销售做的两款车金融政策对比图，图源：21世纪经济报道现场拍摄）　　不过，21世纪经济报道记者查阅小米汽车App发现，小米为YU7提供的7年低息方案，年化费率也低于新一代SU7，小米SU7 Ultra则提供了五年0息权益。“新一代SU7的金融方案不算激进，或许还是因为小米不急于刺激用户下单，也给后续调整留了空间。”有业内人士表示。　　在金融政策之外，特斯拉销售们对两款车对比的还有售后。一位今年刚加入特斯拉的销售告诉21世纪经济报道记者，小米的车不愁卖，但交付慢，售后门店数量也不如特斯拉。“小米的售后门店很少，相较之下，特斯拉的售后门店要多出很多家。”　　在性能方面，特斯拉将对比的重点放在了能耗上。新一代SU7三个版本的官方续航都比Model 3的续航更长。对此特斯拉销售更强调Model 3的电池是自研的，整体的续航很抗打。　　特斯拉销售对21世纪经济报道记者介绍，Model 3车重1.7吨，新一代SU7重约2吨，“这意味着小米是通过堆砌大电池来增加续航，用18度电换来了50公里的续航增加，但却比以前多重了600斤，得不偿失。”　　不过小米门店销售对此也有应对话术，小米销售向21世纪经济报道记者介绍：“新一代SU7每一款续航都很强，各大机构评测续航达成率都领先行业，其中SU7 Pro更是位列纯电轿车续航第一名。”　　对于能耗上的差距，小米并没有回避。在新一代SU7的发布会上，小米在产品介绍的PPT里特意强调，Model 3后驱版和长续航后驱版的CLTC电耗表现，分别优于新一代SU7标准版和Pro。但新一代SU7 Max的CLTC电耗为13.4kWh/100km，优于Model 3高性能四驱版。 　　特斯拉中国，正在将小米视为头号竞争对手　　Model 3是特斯拉的畅销车型，也是纯电轿车的标杆车型。不少传统燃油车企在转型新能源时，都是将特斯拉作为榜样进行模仿、学习。奔驰在去年发布全新纯电产品CLA时，就全面对标Model 3。国内新势力对标Model 3的车型更是数不胜数。　　但21世纪经济报道记者在探访特斯拉门店的过程中发现，像小米新一代SU7被特斯拉销售如此系统对标的车型几乎没有。比如在提到奔驰CLA时，特斯拉销售更多强调特斯拉是全球纯电销量第一，并说不出两款车在更多功能细节上的对比；在被问到理想i6和Model 3之间该如何做抉择时，特斯拉销售只能说出座椅、电池等零星功能的优势。　　从一线门店的销售话术来看，特斯拉中国已经将小米视为特斯拉在国内市场的头号竞争对手。　　特斯拉对小米的焦虑不无道理。在中国市场，小米已经成为特斯拉无法绕开的竞争对手，2025年，小米全年交付新车41.1万台车。2025年，特斯拉在中国市场挂牌销量为62.89万辆。虽然特斯拉总销量依然超过小米，从单车型上来说，去年小米SU7交付了超过24万台，超过Model 3成为2025年20万元以上纯电轿车销量冠军。　　一位在特斯拉工作4年的店长称，两年前，小米发布第一款轿车SU7时，特斯拉并没有觉得小米是强有力的竞品，只认为它是众多追随特斯拉造车路线的其中一员。直到小米一路打破中国汽车行业的既有记录，特斯拉也无法忽略这个跨行造车的后来者。　　第一代SU7在22个月的生命周期里，交付了超过38万辆，是唯一能在20万以上纯电轿车市场与Model 3竞争的车型。截至今年2月，小米YU7也连续7个月排名中大型SUV销量第一，并且多次单月交付量超过特斯拉Model Y。　　3月23日，雷军在新一代SU7交付的直播中透露，当时这款车的锁单量已经超过3万台。“新SU7本身是改款升级，并非颠覆性的全新产品。能在3天内实现锁单3万台，这个成绩已经跑赢很多同行了，整体上符合预期。”一位投资经理向我们表示。　　而在交付上，新一代SU7于3月19日发布，3月23日即进行首批交付，据小米汽车4月1日披露，新SU7首周交付超过7000台。作为对比，Model 3今年2月在中国一共交付了1.29万台。　　不管是对小米和特斯拉两家厂商而言，还是对新一代SU7和Model3两款明星车型而言，双方的近身缠斗，都才刚刚开始。　　（本文仅供参考，不作为投资建议。）（文章来源：21世纪经济报道）","news_type":1,"symbols_score_info":{"81810":0.6,"XIACY":1.96,"01810":1.96,"TSLA":1.97,"TSII":0.6,"TSLR":0.6,"TESL":0.6,"TSLQ":0.6,"TEST":0.6,"TSLS":0.6,"MIUmain":0.6,"TSLO":0.6,"CRSH":0.6,"TSLW":0.6,"TSL":0.6,"TSDD":0.6,"TSLI":0.6,"07766":0.6,"TLA":0.6,"TSLP":0.6,"TSLZ":0.6,"TSYY":0.6,"TSLY":0.6,"HXXD.SI":0.6,"TSLT":0.6,"TSLG":0.6}},"isVote":1,"tweetType":1,"viewCount":1211,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":538460996002912,"gmtCreate":1772481092120,"gmtModify":1772481103910,"author":{"id":"3575336049872142","authorId":"3575336049872142","name":"tom33","avatar":"https://static.tigerbbs.com/fa9a2ae69ad94cc4f6f7359e1f604635","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575336049872142","authorIdStr":"3575336049872142"},"themes":[],"title":"","htmlText":"<a 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href=\"https://laohu8.com/S/01810\">$小米集团-W(01810)$&nbsp;</a>&nbsp;","text":"$小米集团-W(01810)$","images":[{"img":"https://static.tigerbbs.com/367c228be80ce8cbc6912bc36e9e1dbf","width":"1290","height":"2796"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":1,"link":"https://laohu8.com/post/538460996002912","isVote":1,"tweetType":1,"viewCount":1754,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":531442855571512,"gmtCreate":1770777677799,"gmtModify":1770777683023,"author":{"id":"3575336049872142","authorId":"3575336049872142","name":"tom33","avatar":"https://static.tigerbbs.com/fa9a2ae69ad94cc4f6f7359e1f604635","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575336049872142","authorIdStr":"3575336049872142"},"themes":[],"title":"","htmlText":"说说你对这篇新闻的看法...","listText":"说说你对这篇新闻的看法...","text":"说说你对这篇新闻的看法...","images":[{"img":"https://static.tigerbbs.com/2489ff1a60b5a8e1cd77599261e4105f"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/531442855571512","repostId":"1199722919","repostType":2,"repost":{"id":"1199722919","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":1770777473,"share":"https://www.laohu8.com/m/news/1199722919?lang=zh_CN&edition=full","pubTime":"2026-02-11 10:37","market":"us","language":"zh","title":"港股异动 | 小米集团-W涨超4%，新一代SU7预计4月份上市","url":"https://stock-news.laohu8.com/highlight/detail?id=1199722919","media":"老虎资讯综合","summary":"2月11日，$小米集团-W$涨超4%，新一代SU7预计4月份上市消息面上，2月10日晚间，$小米$集团创始人、董事长兼CEO雷军小年夜直播在北京亦庄$小米$汽车工厂内开启。据雷军透露，最后一辆第一代小米SU7已经下线，并已在运输途中。这也意味着，第一代小米SU7完全停产。此外，雷军介绍，新一代SU7将从2月13日开始陆续进店，首批会在北京、上海、广州、深圳、杭州、成都、武汉等地门店展示。","content":"<html><head></head><body><p>2月11日，<a href=\"https://laohu8.com/S/01810\">小米集团-W</a>涨超4%，新一代SU7预计4月份上市</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/474bf9bb801e790a33c76d53e7d7dc38\" tg-width=\"560\" tg-height=\"240\"/></p><p>消息面上，2月10日晚间，<a href=\"https://laohu8.com/S/XIACY\">小米</a>集团创始人、董事长兼CEO雷军小年夜直播在北京亦庄<a href=\"https://laohu8.com/S/81810\">小米</a>汽车工厂内开启。据雷军透露，最后一辆第一代小米SU7已经下线，并已在运输途中。这也意味着，第一代小米SU7完全停产。此外，雷军介绍，新一代SU7将从2月13日开始陆续进店，首批会在北京、上海、广州、深圳、杭州、成都、武汉等地门店展示。</p><p style=\"text-align: justify;\">雷军表示，当前销量得益于订单储备厚度与市场认可度，因SU7处于新老切换阶段，本月主力交付车型为YU7，新一代SU7将于4月上市，2026年品牌整体销量目标为55万辆。而2025年，小米交付量超41万辆。值得一提的是，小米汽车1月交付量超3.9万辆，成为2026年1月的造车新势力销冠。</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>港股异动 | 小米集团-W涨超4%，新一代SU7预计4月份上市</title>\n<style 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}\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n港股异动 | 小米集团-W涨超4%，新一代SU7预计4月份上市\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\">2026-02-11 10:37</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>2月11日，<a href=\"https://laohu8.com/S/01810\">小米集团-W</a>涨超4%，新一代SU7预计4月份上市</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/474bf9bb801e790a33c76d53e7d7dc38\" tg-width=\"560\" tg-height=\"240\"/></p><p>消息面上，2月10日晚间，<a href=\"https://laohu8.com/S/XIACY\">小米</a>集团创始人、董事长兼CEO雷军小年夜直播在北京亦庄<a href=\"https://laohu8.com/S/81810\">小米</a>汽车工厂内开启。据雷军透露，最后一辆第一代小米SU7已经下线，并已在运输途中。这也意味着，第一代小米SU7完全停产。此外，雷军介绍，新一代SU7将从2月13日开始陆续进店，首批会在北京、上海、广州、深圳、杭州、成都、武汉等地门店展示。</p><p style=\"text-align: justify;\">雷军表示，当前销量得益于订单储备厚度与市场认可度，因SU7处于新老切换阶段，本月主力交付车型为YU7，新一代SU7将于4月上市，2026年品牌整体销量目标为55万辆。而2025年，小米交付量超41万辆。值得一提的是，小米汽车1月交付量超3.9万辆，成为2026年1月的造车新势力销冠。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/5780c7a5535cf00e4a784fadddba1aaf","relate_stocks":{"BK1502":"双十一","LU0823413660.USD":"BNP PARIBAS EMERGING EQUITY \"C\" (USD) INC","LU0441854154.USD":"JPM ASIA PACIFIC EQUITY \"A\" (USD) ACC","LU0823397103.USD":"BNP PARIBAS SUSTAINABLE ASIA EX-JAPAN 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ACC"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1199722919","content_text":"2月11日，小米集团-W涨超4%，新一代SU7预计4月份上市消息面上，2月10日晚间，小米集团创始人、董事长兼CEO雷军小年夜直播在北京亦庄小米汽车工厂内开启。据雷军透露，最后一辆第一代小米SU7已经下线，并已在运输途中。这也意味着，第一代小米SU7完全停产。此外，雷军介绍，新一代SU7将从2月13日开始陆续进店，首批会在北京、上海、广州、深圳、杭州、成都、武汉等地门店展示。雷军表示，当前销量得益于订单储备厚度与市场认可度，因SU7处于新老切换阶段，本月主力交付车型为YU7，新一代SU7将于4月上市，2026年品牌整体销量目标为55万辆。而2025年，小米交付量超41万辆。值得一提的是，小米汽车1月交付量超3.9万辆，成为2026年1月的造车新势力销冠。","news_type":1,"symbols_score_info":{"01810":2}},"isVote":1,"tweetType":1,"viewCount":1083,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"CN","totalScore":0},{"id":520830089839992,"gmtCreate":1768177043644,"gmtModify":1768177056626,"author":{"id":"3575336049872142","authorId":"3575336049872142","name":"tom33","avatar":"https://static.tigerbbs.com/fa9a2ae69ad94cc4f6f7359e1f604635","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575336049872142","authorIdStr":"3575336049872142"},"themes":[],"title":"","htmlText":"输7烧量击败model 3","listText":"输7烧量击败model 3","text":"输7烧量击败model 3","images":[{"img":"https://static.tigerbbs.com/dee8dd564fa3fc03f5eca1244b5b0b62"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/520830089839992","repostId":"2602358942","repostType":2,"repost":{"id":"2602358942","kind":"news","pubTimestamp":1768029110,"share":"https://www.laohu8.com/m/news/2602358942?lang=zh_CN&edition=full","pubTime":"2026-01-10 15:11","market":"us","language":"zh","title":"雷军称特斯拉并非不可战胜：SU7是迄今唯一击败Model 3 的同档纯电轿车","url":"https://stock-news.laohu8.com/highlight/detail?id=2602358942","media":"格隆汇","summary":"格隆汇1月10日｜雷军分享易车网销量排行榜，并写道：“特斯拉确实强，但并非不可战胜！我自豪的是，SU7是迄今为止唯一击败Model 3 的同档纯电轿车！出色的产品力和品质，才会有这样的销量。 小米YU7，上市仅6个月时间，销量和Model Y 有差距。我相信，假以时日，YU7 也能一较高下！ ”","content":"<html><body><article><p>格隆汇1月10日｜雷军分享易车网销量排行榜，并写道：“<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>确实强，但并非不可战胜！我自豪的是，SU7是迄今为止唯一击败Model 3 的同档纯电轿车！出色的产品力和品质，才会有这样的销量。 <a href=\"https://laohu8.com/S/XIACY\">小米</a>YU7，上市仅6个月时间，销量和Model Y 有差距。我相信，假以时日，YU7 也能一较高下！ ”</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>雷军称特斯拉并非不可战胜：SU7是迄今唯一击败Model 3 的同档纯电轿车</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ 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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n雷军称特斯拉并非不可战胜：SU7是迄今唯一击败Model 3 的同档纯电轿车\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-10 15:11 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260110151211a70a1dc9&s=b><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>格隆汇1月10日｜雷军分享易车网销量排行榜，并写道：“特斯拉确实强，但并非不可战胜！我自豪的是，SU7是迄今为止唯一击败Model 3 的同档纯电轿车！出色的产品力和品质，才会有这样的销量。 小米YU7，上市仅6个月时间，销量和Model Y 有差距。我相信，假以时日，YU7 也能一较高下！ ”</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260110151211a70a1dc9&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":{"LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","BK4574":"无人驾驶","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU1551013425.SGD":"Allianz 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小米YU7，上市仅6个月时间，销量和Model Y 有差距。我相信，假以时日，YU7 也能一较高下！ ”","news_type":1,"symbols_score_info":{"TSLA":1.9,"TSYW.SI":0.6}},"isVote":1,"tweetType":1,"viewCount":2996,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3561853491958832","authorId":"3561853491958832","name":"大赢家山姆哥","avatar":"https://static.tigerbbs.com/58c20aa71134263df502a5342d418ec0","crmLevel":6,"crmLevelSwitch":0,"idStr":"3561853491958832","authorIdStr":"3561853491958832"},"content":"su7 销量已经落后一大节","text":"su7 销量已经落后一大节","html":"su7 销量已经落后一大节"}],"imageCount":1,"langContent":"CN","totalScore":0},{"id":518872292823072,"gmtCreate":1767648068149,"gmtModify":1767648080831,"author":{"id":"3575336049872142","authorId":"3575336049872142","name":"tom33","avatar":"https://static.tigerbbs.com/fa9a2ae69ad94cc4f6f7359e1f604635","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575336049872142","authorIdStr":"3575336049872142"},"themes":[],"title":"","htmlText":"说说你对这篇新闻的看法...","listText":"说说你对这篇新闻的看法...","text":"说说你对这篇新闻的看法...","images":[{"img":"https://static.tigerbbs.com/dee8dd564fa3fc03f5eca1244b5b0b62"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/518872292823072","repostId":"2601885499","repostType":2,"repost":{"id":"2601885499","kind":"news","pubTimestamp":1767613942,"share":"https://www.laohu8.com/m/news/2601885499?lang=zh_CN&edition=full","pubTime":"2026-01-05 19:52","market":"us","language":"zh","title":"AI与机器人梦想宏大，但电动汽车现实骨感：特斯拉在华市场连续两年萎缩","url":"https://stock-news.laohu8.com/highlight/detail?id=2601885499","media":"智通财经","summary":"智通财经APP获悉，尽管12月出货规模稍微有所回升，但是全球电动汽车领军者特斯拉公司的中国工厂出货量在2025年全年度相比于2024年仍出现显著下滑。上图显示，特斯拉在中国市场全年度出货量在2025年再次出现下滑。中国市场的连续两年显著下滑凸显出特斯拉在其最大需求市场之一可能长期面临的艰难挑战。小米推出的电动汽车产品直接瞄准特斯拉Model 3和Model Y。乘用车协会将于本月稍晚发布最终的2025年全年度销量数据。","content":"<html><head></head><body><p>1月5日，尽管12月出货规模稍微有所回升，但是全球电动汽车领军者<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>公司的中国工厂出货量在2025年全年度相比于2024年仍出现显著下滑。由全球首富埃隆·马斯克领导的这家全球大型车企在全球销量显著放缓之际举步维艰，并失去了全球电动汽车市占率第一以及在中国的电动汽车市场份额第一的双重宝座。</p><p>随着<a href=\"https://laohu8.com/S/BYDDY\">比亚迪</a>、“蔚小理”、<a href=\"https://laohu8.com/S/XIACY\">小米</a>等中国最知名的电动汽车厂商们持续推出具备新颖功能的新款车型，中国电动汽车市场竞争日趋激烈，特斯拉失去了中国市场以及全球最大规模电动汽车制造商的双重头衔，被<a href=\"https://laohu8.com/S/002594\">比亚迪</a>公司超越。</p><p>根据中国乘用车协会的初步统计数据，特斯拉去年从其上海超级汽车工厂出货851,732辆电动汽车，较上年同期下降约7%。其中12月单月为97,171辆，而这仅是2025年第四个出现同比增长步伐的月份。</p><p>值得注意的是，该份最新统计数据未拆分中国出货中出口的占比规模，不过其中大部分车辆在中国市场进行本地销售。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/41853b03093ac97204be09dab2bcd130\" tg-width=\"805\" tg-height=\"447\"/></p><p>上图显示，特斯拉在中国市场全年度出货量在2025年再次出现下滑。</p><p>按2025年全年电动汽车销售/出货口径，特斯拉已把“全球电动汽车(EV/纯电BEV)第一”的榜首位置让给<a href=\"https://laohu8.com/S/01211\">比亚迪</a>，多家媒体与研究机构均据年度交付/销量数据作出这一最新的结论。</p><p>中国市场的连续两年显著下滑凸显出特斯拉在其最大需求市场之一可能长期面临的艰难挑战。</p><p>虽然市场对于特斯拉估值与基本面前景的展望已经全面转向基于特斯拉独家AI超算体系打造的FSD全自动驾驶、Robotaxi(完全无人自动驾驶出租车)，以及名为“擎天柱”的特斯拉AI人形机器人，但是特斯拉电动车销量与汽车业务基本面并未被削弱到无足轻重，它仍是当前现金流与资产负债表的支柱，也是FSD数据闭环与车队规模的基础(Robotaxi最终也要落到可规模化的车辆产能与运营)。</p><p>更现实的是，在“特斯拉增长叙事换挡”的同时，市场仍会用交付、汽车毛利、价格竞争与区域份额去校准短期盈利与估值安全边际——所以销量对基本面影响更像是从“唯一主线”变成“底盘与约束条件”：销量/毛利决定“现金与投资者资金容错率”，而FSD/Robotaxi/Optimus决定“估值的上行想象力与特斯拉基本面前景天花板”。</p><p>近几周多家媒体与卖方分析师们都直言，特斯拉在交付下滑背景下仍能维持高估值，主要靠投资者们以及“马斯克信徒们”押注其在自动驾驶与机器人上的潜在“平台级”增量利润池;甚至连特斯拉自身对交付的更保守展望，也被一些马斯克信徒解读为“短期汽车业务走弱无碍马斯克仍在大举押注自动驾驶/机器人创收大规模兑现”。</p><p>然而，这并不意味着汽车业务不重要，而是意味着股价的边际定价因子更偏向“什么时候、以何种监管路径、在多大规模上实现可商业化的无人驾驶与Robotaxi”。</p><p>此前这家总部位于美国奥斯汀的大型车企在第三季度交付量出现跳升，主要因为消费者在一项至关重要的美国电动汽车补贴到期前美国消费者们积极抢购电动车;但随着包括美国在内的全球各国缩减电动汽车政策支持，特斯拉所面临的需求疲软挑战仍在持续。此外，尽管马斯克淡出其在西方国家政治领域的高调逆反角色，但是消费者需求疲软仍然是拖累特斯拉全球销量的逆风因素。</p><p>在艰难的一年里(即2025年)，特斯拉将“全球最大规模电动车制造商”的头衔让给了总部位于中国的比亚迪。毋庸置疑的是，特斯拉在中国市场所面临的电动汽车竞争正在不断加剧，比如<a href=\"https://laohu8.com/S/01810\">小米</a>等<a href=\"https://laohu8.com/S/688257\">新锐</a>电动汽车制造商们推出面向未来科技、强调驾驶功能高度智能化的新电动汽车车型，正不断赢得中国消费者青睐。</p><p><a href=\"https://laohu8.com/S/81810\">小米</a>推出的电动汽车产品直接瞄准特斯拉Model 3和Model Y。按中国汽车技术研究中心与Bloomberg Intelligence的统计数据，小米所推出的YU7运动型多用途车(即YU7 SUV)在中国某些月份甚至已逼近Model Y的销量数据;比如，11月小米YU7售出33,591辆，而Model Y则为33,935辆。</p><p>中国乘用车协会的的初步统计数据还显示，2025年12月全国新能源汽车批发销量——包括插电式混合动力汽车与纯电动汽车，同比小幅增长4%至157万辆。</p><p>按Bloomberg Intelligence基于协会数据的计算，中国全年新能源汽车销量大幅增长约25%。乘用车协会将于本月稍晚发布最终的2025年全年度销量数据。</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AI与机器人梦想宏大，但电动汽车现实骨感：特斯拉在华市场连续两年萎缩</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\">\nAI与机器人梦想宏大，但电动汽车现实骨感：特斯拉在华市场连续两年萎缩\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-05 19:52 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1388818.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>1月5日，尽管12月出货规模稍微有所回升，但是全球电动汽车领军者特斯拉公司的中国工厂出货量在2025年全年度相比于2024年仍出现显著下滑。由全球首富埃隆·马斯克领导的这家全球大型车企在全球销量显著放缓之际举步维艰，并失去了全球电动汽车市占率第一以及在中国的电动汽车市场份额第一的双重宝座。随着比亚迪、“蔚小理”、小米等中国最知名的电动汽车厂商们持续推出具备新颖功能的新款车型，中国电动汽车市场竞争...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1388818.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/8350896f4f33c86bc28f200b67ab82b4","relate_stocks":{"LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0109391861.USD":"富兰克林美国机遇基金A Acc","BK4588":"碎股","BK4550":"红杉资本持仓","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) 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ACC","BK4555":"新能源车"},"source_url":"http://www.zhitongcaijing.com/content/detail/1388818.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2601885499","content_text":"1月5日，尽管12月出货规模稍微有所回升，但是全球电动汽车领军者特斯拉公司的中国工厂出货量在2025年全年度相比于2024年仍出现显著下滑。由全球首富埃隆·马斯克领导的这家全球大型车企在全球销量显著放缓之际举步维艰，并失去了全球电动汽车市占率第一以及在中国的电动汽车市场份额第一的双重宝座。随着比亚迪、“蔚小理”、小米等中国最知名的电动汽车厂商们持续推出具备新颖功能的新款车型，中国电动汽车市场竞争日趋激烈，特斯拉失去了中国市场以及全球最大规模电动汽车制造商的双重头衔，被比亚迪公司超越。根据中国乘用车协会的初步统计数据，特斯拉去年从其上海超级汽车工厂出货851,732辆电动汽车，较上年同期下降约7%。其中12月单月为97,171辆，而这仅是2025年第四个出现同比增长步伐的月份。值得注意的是，该份最新统计数据未拆分中国出货中出口的占比规模，不过其中大部分车辆在中国市场进行本地销售。上图显示，特斯拉在中国市场全年度出货量在2025年再次出现下滑。按2025年全年电动汽车销售/出货口径，特斯拉已把“全球电动汽车(EV/纯电BEV)第一”的榜首位置让给比亚迪，多家媒体与研究机构均据年度交付/销量数据作出这一最新的结论。中国市场的连续两年显著下滑凸显出特斯拉在其最大需求市场之一可能长期面临的艰难挑战。虽然市场对于特斯拉估值与基本面前景的展望已经全面转向基于特斯拉独家AI超算体系打造的FSD全自动驾驶、Robotaxi(完全无人自动驾驶出租车)，以及名为“擎天柱”的特斯拉AI人形机器人，但是特斯拉电动车销量与汽车业务基本面并未被削弱到无足轻重，它仍是当前现金流与资产负债表的支柱，也是FSD数据闭环与车队规模的基础(Robotaxi最终也要落到可规模化的车辆产能与运营)。更现实的是，在“特斯拉增长叙事换挡”的同时，市场仍会用交付、汽车毛利、价格竞争与区域份额去校准短期盈利与估值安全边际——所以销量对基本面影响更像是从“唯一主线”变成“底盘与约束条件”：销量/毛利决定“现金与投资者资金容错率”，而FSD/Robotaxi/Optimus决定“估值的上行想象力与特斯拉基本面前景天花板”。近几周多家媒体与卖方分析师们都直言，特斯拉在交付下滑背景下仍能维持高估值，主要靠投资者们以及“马斯克信徒们”押注其在自动驾驶与机器人上的潜在“平台级”增量利润池;甚至连特斯拉自身对交付的更保守展望，也被一些马斯克信徒解读为“短期汽车业务走弱无碍马斯克仍在大举押注自动驾驶/机器人创收大规模兑现”。然而，这并不意味着汽车业务不重要，而是意味着股价的边际定价因子更偏向“什么时候、以何种监管路径、在多大规模上实现可商业化的无人驾驶与Robotaxi”。此前这家总部位于美国奥斯汀的大型车企在第三季度交付量出现跳升，主要因为消费者在一项至关重要的美国电动汽车补贴到期前美国消费者们积极抢购电动车;但随着包括美国在内的全球各国缩减电动汽车政策支持，特斯拉所面临的需求疲软挑战仍在持续。此外，尽管马斯克淡出其在西方国家政治领域的高调逆反角色，但是消费者需求疲软仍然是拖累特斯拉全球销量的逆风因素。在艰难的一年里(即2025年)，特斯拉将“全球最大规模电动车制造商”的头衔让给了总部位于中国的比亚迪。毋庸置疑的是，特斯拉在中国市场所面临的电动汽车竞争正在不断加剧，比如小米等新锐电动汽车制造商们推出面向未来科技、强调驾驶功能高度智能化的新电动汽车车型，正不断赢得中国消费者青睐。小米推出的电动汽车产品直接瞄准特斯拉Model 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的三大高发问题领域：悬架系统、刹车盘以及车辆照明。此外，去年排名倒数的特斯拉 Model 3 今年的表现同样“令人失望”，以 13.1% 的缺陷率位列倒数第三，其可靠性问题依然严峻。</p><p>Mini Cooper SE 以仅 3.5% 的缺陷率高居榜首，成为本次评估中最可靠的电动车型。奥迪 Q4 E-Tron 和菲亚特 500e 也表现优异，缺陷率分别为 4.0% 和 4.2%，位列前茅。大众汽车的 ID.3 和 ID.4/ID.5 车型则处于排名的中游位置。</p><p>TÜV 报告进一步分析了电动汽车普遍存在的共性问题。报告指出，悬架和刹车系统是电动汽车的通病。TÜV 协会总经理约阿希姆・布勒博士解释，一方面，驱动电池的巨大重量对车辆的悬架系统造成了持续的高负荷；另一方面，由于动能回收系统的广泛应用，传统刹车的使用频率大幅降低，这反而可能导致刹车盘锈蚀或性能下降。</p><p>广告声明：文内含有的对外跳转链接（包括不限于超链接、二维码、口令等形式），用于传递更多信息，节省甄选时间，结果仅供参考，IT之家所有文章均包含本声明。</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>全德汽车俱乐部报告：特斯拉 Model Y 故障率 17.3% 垫底，十年来最差表现</title>\n<style 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这货死不断气，低吸","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/489547455299904","isVote":1,"tweetType":1,"viewCount":1981,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":489177911149312,"gmtCreate":1760455280408,"gmtModify":1760455282592,"author":{"id":"3575336049872142","authorId":"3575336049872142","name":"tom33","avatar":"https://static.tigerbbs.com/fa9a2ae69ad94cc4f6f7359e1f604635","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575336049872142","authorIdStr":"3575336049872142"},"themes":[],"title":"","htmlText":"建个充电桩也能上新闻？","listText":"建个充电桩也能上新闻？","text":"建个充电桩也能上新闻？","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/489177911149312","repostId":"2575987982","repostType":2,"repost":{"id":"2575987982","kind":"news","pubTimestamp":1760434220,"share":"https://www.laohu8.com/m/news/2575987982?lang=zh_CN&edition=full","pubTime":"2025-10-14 17:30","market":"us","language":"zh","title":"特斯拉超级充电网络实现江西省地级市均覆盖，建成并开放 145 根超级充电桩","url":"https://stock-news.laohu8.com/highlight/detail?id=2575987982","media":"IT之家","summary":"IT之家 10 月 14 日消息，特斯拉充电官方微博今日宣布，特斯拉超级充电网络已实现江西省地级市均覆盖。据介绍，截至 2025 年 10 月 13 日，特斯拉在江西省已建成并开放 36 座超级充电站、145 根超级充电桩，实现江西省 11 个地级市全覆盖。IT之家注意到，截至 2025 年 9 月，特斯拉已在全国累计部署 2200 多座超级充电站、11700 多根超级充电桩、640 多座目的地充电站、2300 多根目的地充电桩，布局超过 350 多个城市及地区，100% 覆盖中国内地所有省份和直辖市。","content":"<html><body><article><p>感谢IT之家网友 肖战割割 的线索投递！</p><p>IT之家 10 月 14 日消息，特斯拉充电官方微博今日宣布，特斯拉超级充电网络已实现江西省地级市均覆盖。据介绍，截至 2025 年 10 月 13 日，特斯拉在江西省已<a href=\"https://laohu8.com/S/01630\">建成</a>并开放 36 座超级充电站、145 根超级充电桩，<strong>实现江西省 11 个地级市全覆盖</strong>。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251014173127185d206yst99994bz7\"/><p>IT之家注意到，截至 2025 年 9 月，特斯拉已在全国累计部署 2200 多座超级充电站、11700 多根超级充电桩、640 多座目的地充电站、2300 多根目的地充电桩，<strong>布局超过 350 多个城市及地区</strong>，100% 覆盖中国内地所有省份和直辖市。</p><p>中国大陆地区的超级充电网络布局采取城市站点和长途站点同时布设的原则，站点位于热门商场、餐厅、酒店、写字楼、科技园区、公园、热门景区、高速服务区以及高速公路出入口等地区。超级充电支持即插即充。车主可通过 <a href=\"https://laohu8.com/S/TSLA\">Tesla</a> 手机应用程序查看充电桩是否可用、实时监测充电状态，或在即将充满时接收提醒消息。</p><img src=\"https://fid-75186.picgzc.qpic.cn/20251014173127977d206acb6dsse557\"/><p>今年年初，特斯拉宣布旗下首批 V4 超级充电站将于国内落地，相应充电站也将支持第三方汽车充电。V4 超级充电桩号称特斯拉目前发布的充电速度最快、功率最高的充电设备，相应充电桩在北美可为乘用车提供了 500kW 的最大充电功率。</p><p>广告声明：文内含有的对外跳转链接（包括不限于超链接、二维码、口令等形式），用于传递更多信息，节省甄选时间，结果仅供参考，IT之家所有文章均包含本声明。</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>特斯拉超级充电网络实现江西省地级市均覆盖，建成并开放 145 根超级充电桩</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n特斯拉超级充电网络实现江西省地级市均覆盖，建成并开放 145 根超级充电桩\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-10-14 17:30 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025101417313494c86a45&s=b><strong>IT之家</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>感谢IT之家网友 肖战割割 的线索投递！IT之家 10 月 14 日消息，特斯拉充电官方微博今日宣布，特斯拉超级充电网络已实现江西省地级市均覆盖。据介绍，截至 2025 年 10 月 13 日，特斯拉在江西省已建成并开放 36 座超级充电站、145 根超级充电桩，实现江西省 11 个地级市全覆盖。IT之家注意到，截至 2025 年 9 月，特斯拉已在全国累计部署 2200 多座超级充电站、...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025101417313494c86a45&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":{"BK4598":"佩洛西持仓","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU2249611893.SGD":"BNP PARIBAS ENERGY TRANSITION \"CRH\" (SGD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","TSLL":"2倍做多TSLA ETF-Direxion","TSYW.SI":"TESLA 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INC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025101417313494c86a45&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2575987982","content_text":"感谢IT之家网友 肖战割割 的线索投递！IT之家 10 月 14 日消息，特斯拉充电官方微博今日宣布，特斯拉超级充电网络已实现江西省地级市均覆盖。据介绍，截至 2025 年 10 月 13 日，特斯拉在江西省已建成并开放 36 座超级充电站、145 根超级充电桩，实现江西省 11 个地级市全覆盖。IT之家注意到，截至 2025 年 9 月，特斯拉已在全国累计部署 2200 多座超级充电站、11700 多根超级充电桩、640 多座目的地充电站、2300 多根目的地充电桩，布局超过 350 多个城市及地区，100% 覆盖中国内地所有省份和直辖市。中国大陆地区的超级充电网络布局采取城市站点和长途站点同时布设的原则，站点位于热门商场、餐厅、酒店、写字楼、科技园区、公园、热门景区、高速服务区以及高速公路出入口等地区。超级充电支持即插即充。车主可通过 Tesla 手机应用程序查看充电桩是否可用、实时监测充电状态，或在即将充满时接收提醒消息。今年年初，特斯拉宣布旗下首批 V4 超级充电站将于国内落地，相应充电站也将支持第三方汽车充电。V4 超级充电桩号称特斯拉目前发布的充电速度最快、功率最高的充电设备，相应充电桩在北美可为乘用车提供了 500kW 的最大充电功率。广告声明：文内含有的对外跳转链接（包括不限于超链接、二维码、口令等形式），用于传递更多信息，节省甄选时间，结果仅供参考，IT之家所有文章均包含本声明。","news_type":1,"symbols_score_info":{"TSLA":1.5,"TSLL":1.5,"TSYW.SI":0.6}},"isVote":1,"tweetType":1,"viewCount":2994,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":488574283583544,"gmtCreate":1760308193438,"gmtModify":1760319627751,"author":{"id":"3575336049872142","authorId":"3575336049872142","name":"tom33","avatar":"https://static.tigerbbs.com/fa9a2ae69ad94cc4f6f7359e1f604635","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575336049872142","authorIdStr":"3575336049872142"},"themes":[],"title":"","htmlText":"来条毛，小便","listText":"来条毛，小便","text":"来条毛，小便","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/488574283583544","repostId":"1150047552","repostType":2,"repost":{"id":"1150047552","kind":"news","weMediaInfo":{"introduction":"最有深度的半导体新媒体，实讯、专业、原创、深度，30万半导体精英关注！专注观察全球半导体最新资讯、技术前沿、发展趋势。《摩尔精英》《中国集成电路》共同出品，欢迎订阅摩尔旗下公众号：摩尔精英、摩尔芯闻、摩尔App","home_visible":1,"media_name":"半导体行业观察","id":"1099700132","head_image":"https://static.tigerbbs.com/705285f8deea4d7b8e48df7848a67868"},"pubTimestamp":1760232260,"share":"https://www.laohu8.com/m/news/1150047552?lang=zh_CN&edition=full","pubTime":"2025-10-12 09:24","market":"us","language":"zh","title":"存储芯片“超级周期”，真的来了？","url":"https://stock-news.laohu8.com/highlight/detail?id=1150047552","media":"半导体行业观察","summary":"近期，全球存储芯片市场持续释放积极信号。在此背景下，摩根士丹利研报指出，AI驱动下存储行业供需失衡加剧，预计将开启持续数年的“超级周期”，到2027年全球存储市场规模有望向3000亿美元迈进，存储芯片行业或正迎来新一轮产业周期的起点。半导体行业“风向标”，逻辑生变存储芯片作为半导体行业的“风向标”，其周期性波动始终是观察产业景气度的关键窗口。存储芯片行业，似乎开启了由AI驱动的全新产业周期。","content":"<html><head></head><body><p>近期，全球存储芯片市场持续释放积极信号。</p><p>三星、美光、SK海力士等行业巨头相继宣布提价，DRAM产品涨幅普遍达15%-30%，NAND闪存价格亦上调5%-10%，部分厂商甚至暂停报价以应对供应紧张；从市场端看，DDR4内存半年累计涨幅超200%，HDD、SSD、HBM等产品因AI需求爆发陷入供不应求。</p><p>与此同时，资本市场反应热烈，美光近一个月股价涨约60%，铠侠、闪迪涨幅超100%，A股相关概念股也随之拉升，展现出市场对存储板块的强烈信心。</p><p>在此背景下，摩根士丹利研报指出，AI驱动下存储行业供需失衡加剧，预计将开启持续数年的“超级周期”，到2027年全球存储市场规模有望向3000亿美元迈进，存储芯片行业或正迎来新一轮产业周期的起点。</p><p><strong>半导体行业“风向标”，逻辑生变</strong></p><p>存储芯片作为半导体行业的“风向标”，其周期性波动始终是观察产业景气度的关键窗口。</p><p>复盘近十年来三轮核心周期可见，存储行业的典型周期时长约为3-4年，且每一轮周期都由不同需求与技术变革驱动：</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/01034143f9e64148f0939668157c878f\" alt=\"图源：野村证券\" title=\"图源：野村证券\" tg-width=\"1080\" tg-height=\"588\"/><span>图源：野村证券</span></p><ul style=\"\"><li><p>2016-2019年，DDR4技术迭代叠加手机游戏需求爆发，推动存储价格累计涨幅超100%；</p></li></ul><ul style=\"list-style-type: disc;\"><li><p>2020-2023年，全球疫情催生的远程办公与数据中心需求先拉动价格上涨，后又因需求疲软与产能过剩陷入调整，累计跌幅超50%；</p></li><li><p>2024年至今，AI算力基建与HBM技术革命成为新引擎，直接改写了传统周期逻辑。</p></li></ul><p>需要注意的是，与前两轮周期不同，本轮上行不再依赖个人消费端需求，而是以企业级AI资本开支为核心——HBM价格年内暴涨500%，DDR4价格涨幅超50%，高端存储产品“量价齐升”的同时，利基市场国产替代也在加速。</p><p>更关键的是，AI数据中心对存储产能的“吞噬式需求”，让全产业链呈现罕见的全品类普涨态势：从消费级NVMe SSD、DDR4内存条，到企业级存储系统与大容量HDD，价格同步攀升。</p><p>这种结构性变化正在重塑存储产业的传统周期模型。据CFM闪存市场预测，2025年全球存储市场规模有望达到1932亿美元，将创下历史最高记录。存储芯片行业，似乎开启了由AI驱动的全新产业周期。</p><p><strong>AI重构存储“供需新规则”</strong></p><p>AI技术的爆发式演进不仅是存储需求的“超级引擎”，更在深层次重构全球存储芯片市场的“供需新规则”，推动行业迈入前所未有的变革周期。</p><p>从市场供需逻辑来看，AI正以颠覆性力量催生结构性存储缺口。这种缺口并非简单的数量增长，而是由性能与容量双重诉求驱动的质的飞跃。据美光数据显示，AI服务器的DRAM容量需求是普通服务器的8倍，NAND 容量需求则达到3倍，单台AI服务器存储需求更是高达2TB，远超传统服务器的配置标准。</p><p>更关键的是，AI大模型“训练-推理-再训练”的正循环，使得数据存储需求呈现持续放大的态势，一个GPU节点就可能消耗数百GB DRAM和数TB闪存，超大规模数据中心的需求规模更是呈指数级扩张。</p><p>这种需求爆发在核心项目上体现得尤为极致，以OpenAI的“星际之门”(Stargate)项目为例，该项目与三星、SK海力士达成合作，每月需采购90万片DRAM晶圆，这一数字相当于全球DRAM总产量的近40%，这种规模的单一订单，彻底改变了原有的市场平衡。而四家云巨头对AI相关NAND的订单也已达200EB，远超2026年150EB的原预期。</p><p>全球存储市场已然清晰感知到：人工智能正在重构行业运行的底层逻辑。</p><p>与此同时，需求激增直接推高了存储芯片在AI基建中的成本占比，尤其是高性能存储成为成本核心。以HBM为例，其单颗价格突破5000美元，是传统DDR5内存的20倍，而毛利率却高达50%-60%，远超传统DRAM 30%左右的水平。由于每一块HBM都需针对特定AI GPU定制，客户需提前一年下单锁定产能，这种“定制化+长周期”的订货模式，进一步凸显了其战略价值。</p><p>同时，NAND闪存的成本权重也在上升，随着HDD供应短缺导致近线存储加速向QLC SSD迁移，多家超大规模云厂商的大额追加订单，使得企业级SSD成为数据中心建设的刚需，存储芯片已从原来的辅助组件升级为成本核心，成为左右厂商利润的关键变量。</p><p>在此背景下，HBM、DRAM与NAND等高性能存储资源成为行业必争的战略资源。从市场规模看，摩根士丹利预测全球HBM市场将从2023年的30亿美元飙升至2027年的530亿美元，年复合增长率超100%；而NAND市场虽起步更早，但AI推理需求的爆发使其焕发新生，从上述提到的四家云巨头订单预测变动能看到，供需缺口显著。</p><p>产能端的稀缺性更显突出：美光2026年底前的HBM产能已全部预售完毕，SK海力士12层堆叠HBM3e产品即便良率仅75%，2026年产能也被英伟达、AMD等企业锁定，三星下一代V9 NAND未发布便订单满额，供需紧张态势可见一斑。</p><p><strong>存储芯片行业剧变：</strong></p><p><strong>价格、产能与技术的全方位革新</strong></p><p>供需规则的重构，迅速传导为行业层面的剧烈变革，存储价格飙升成为最直观的市场信号。</p><p>从2025年9月以来，全球存储巨头密集发布涨价通知，形成“集体提价潮”：三星宣布第四季度DRAM价格上调15%-30%，NAND价格上调5%-10%；美光更是将存储产品价格拉高20%-30%，并暂停报价一周以消化涨幅；闪迪对全渠道NAND产品提价10%以上，群联恢复报价后涨幅约10%，被视为NAND涨价的明确信号。</p><p>此外，现货市场反应更为激烈，DDR4芯片半年累计涨幅超200%，2025年Q2单月涨幅一度达53%，出现与DDR5价格倒挂的罕见现象；NAND晶圆现货价格在10月环比上涨9%-11%，服务器eSSD价格预计四季度涨幅将超10%。</p><p>高盛与TrendForce等机构预测，这种涨势将持续至2026年，DRAM四季度环比涨幅或达8%-13%，NAND则为5%-10%，若计入HBM，涨幅将进一步扩大。</p><p>进一步来看，价格飙升的背后，是全球存储巨头的产能战略性倾斜。</p><p>三星、SK海力士、美光三大寡头摒弃了过去“规模优先”的策略，转向“利润优先”，将先进制程产能集中投向高附加值产品。DRAM领域，三星率先停止DDR4生产，SK海力士计划将DDR4产能压缩至20%，美光与SK海力士年底便停止接收LPDDR4X新订单，所有资源向DDR5与HBM倾斜；NAND市场，厂商纷纷缩减消费级产能，将产能转向企业级3D QLC产品。</p><p>这种结构性倾斜导致了市场“冰火两重天”：高端HBM与DDR5供不应求，中低端DDR4因减产速度超过需求下降速度，出现严重供需错配。对此，群联电子CEO直言，这种资本支出转向将导致NAND未来十年供应持续紧张，2026年便将面临严重短缺。</p><p>产能倾斜与需求倒逼共同推动了存储技术的加速突破，成为行业变革的核心动力。其中，HBM领域的技术迭代最为迅猛，据了解，2025年全球HBM总产能已增至54万片，同比激增105%，但仍难以填补AI带来的需求缺口。SK海力士已建成HBM4量产体系，预计将占据HBM4市场60%以上份额，三星、美光等厂商也在加紧筹备HBM4量产，力争抢占英伟达、AMD认证先机，而国内相关厂商也在加速突破，国产替代窗口期持续扩大。</p><p>总的来看，这场由AI引发的产业新变革，彻底打破了存储行业传统的“供需博弈”周期逻辑，形成了“AI需求牵引-产能高端倾斜-技术迭代加速-价格结构性上涨”的新闭环。从HBM的一芯难求到NAND的从白菜价到紧俏货，从巨头的产能重构到国产厂商的突围，存储芯片市场正经历着新一轮的深度重塑，将存储芯片从标准化大宗商品，重塑为影响算力发展的战略性资源，标志着产业已进入一个由技术迭代与需求爆发共同定义的全新时代。</p><p><strong>存储芯片“三维革命”：</strong></p><p><strong>技术竞速与巨头格局重塑</strong></p><p>当前存储产业的变革不仅体现在市场供需层面，更在技术维度展开着一场深刻的“三维革命”。HBM的带宽竞赛进入白热化阶段，3D NAND的堆叠层数不断刷新上限，HBF技术的横空出世则点燃了新赛道的竞争火种。</p><p>这场围绕垂直堆叠、高速互联与架构创新的技术深耕，正重塑全球存储产业的竞争格局，巨头们的每一步布局都关乎未来数年的行业话语权。</p><p><strong>HBM：带宽竞赛与标准主导权争夺</strong></p><p>HBM作为AI算力的关键核心，其核心突破在于2.5D/3D堆叠和硅通孔(TSV)技术的创新应用。通过将多个DRAM芯片垂直堆叠并与GPU/CPU通过中介层互联，HBM成功突破了传统封装技术的限制。以英伟达H200搭载的HBM3E为例，其带宽高达4.8TB/s，完美解决了AI芯片面临的“内存墙”瓶颈。</p><p>然而，HBM的技术迭代速度与竞争激烈程度远超传统存储领域。</p><p>2025年4月，JEDEC固态技术协会正式发布HBM4标准（JESD270-4），将这一赛道的技术门槛推向新高度——采用2048位超宽接口，传输速率达8GB/s，总带宽突破2TB/s，较此前SK海力士宣称的1.5TB/s再提升33%。</p><p>更关键的是，HBM4将独立通道数量从16个翻倍至32个，同时引入0.7V-0.9V的低电压选项，在性能跃升的同时实现了能效优化，完美适配下一代生成式AI与高性能计算需求。</p><p>标准确立背后，是国际巨头的贴身博弈。</p><p>从市场格局来看，SK海力士凭借在HBM3和HBM3E领域的领先优势，目前占据全球HBM市场约60%的份额，成为英伟达H100/H200芯片的独家供应商。凭借先发优势持续领跑，SK海力士在2025年3月率先发布12层堆叠的HBM4样品，采用Advanced MR-MUF封装技术，单堆栈容量可达64GB，且已启动与英伟达下一代GPU的适配测试，试图延续其独家供应优势。</p><p>三星则依托垂直整合能力加速追赶，计划2025年下半年启动HBM4量产，采用4nm逻辑芯片工艺与10nm DRAM制程，目标在良率与成本控制上形成突破，夺回被侵蚀的市场份额。美光虽暂未公开HBM4进展，但通过聚焦汽车与边缘计算领域的HBM3E变体产品，正构建差异化竞争壁垒。其1β工艺LPDDR5X芯片已通过特斯拉认证，在该细分领域市占率达35%。</p><p>摩根大通指出，技术突破使得HBM在2027年占DRAM总产值比重将达43%，AI相关应用占DRAM市场规模更是高达53%，技术红利正成为超级周期的核心支撑。</p><p>三大巨头角力的同时，国产力量的崛起也在为这场竞争注入新变量，引领着中国在高端存储领域从“技术跟随”向“自主创新”跨越。</p><p><strong>3D NAND的堆叠竞赛与现实困境</strong></p><p>如果说HBM的核心是“速度革命”，3D NAND的突破则聚焦于“空间革命”。</p><p>堆叠层数的持续提升成为厂商比拼的核心指标，这一技术突破意味着在单位面积内可容纳的存储容量再创新高，为AI数据中心需要的大容量存储需求提供了保障。</p><p>TechInsights展示了各大厂商在 3D NAND位密度（bit density） 上的演进趋势，横轴是堆叠层数，纵轴是单位面积的存储密度。可以看到，层数越高，代表技术越先进，也能带来更高的存储密度。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4ce8bcff40702b4061552b3801fa2cd3\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"604\"/></p><p>能看到，三星、美光、SK海力士、铠侠/WD、Solidigm等存储巨头都在稳步提升3D NAND闪存堆叠层数，整体趋势非常明显：从200层到300层的跨越，将带来更高的容量和更强的竞争力。</p><p>谁能把层数和密度拉满，谁就能在NAND这场“堆积木比赛”中领先。未来几年，276层、300层甚至更高层数的NAND将陆续登场，存储市场的竞争只会越来越激烈。</p><p>但从产业实际现状来看，在DRAM/HBM需求高涨的聚光灯下，NAND产业的生存空间正被挤压，迫使各大厂商纷纷调整航向，将战略重心转向更具潜力的赛道。</p><p>三星的V10 NAND本是技术皇冠上的明珠，在技术层面，三星的V10 NAND计划在2026年10月正式量产，这款产品被视为技术上的重大飞跃，它将具备400层以上的活性层（据悉为430层），接口速度提升至5.6GT/s，旨在与PCIe Gen6主控协同发力数据中心市场。此外，为应对AI应用对高性能存储的需求，三星已重启专为AI优化的Z-NAND开发，目标性能提升最高15倍，功耗降低80%。</p><p>尽管技术上高歌猛进，但三星在NAND的产能投资和先进技术导入上显得颇为谨慎，这与其在HBM领域的激进投入形成对比。</p><p>据报道，三星与SK海力士计划放缓2025年对先进NAND的投资步伐，将企业资金更多集中于DRAM和HBM领域。例如，三星在西安工厂的第9代NAND转换投资规模很小，并且推迟了在V9 NAND中导入混合键合技术的计划。</p><p>耐人寻味的是，三星将混合键合技术在NAND的应用计划搁置，却将同类型技术全力押注HBM量产——资源倾斜背后的战略优先级不言而喻。</p><p>而SK海力士凭借对英伟达HBM的近乎垄断，正采取一种 “精耕细作” 的策略发展其NAND业务：在NAND尖端技术研发上持续投入以保持竞争力，但在产能分配和资源倾斜上，确实在一定程度上受到了HBM和DRAM业务的挤压。</p><p>SK海力士已在NAND技术上取得重大突破，开始量产全球首款321层2Tb QLC NAND闪存。与之前的产品相比，这款新闪存不仅容量翻倍，还通过架构优化实现了传输速度翻倍和显著的能效提升。公司计划将其首先应用于PC SSD，随后逐步推广至数据中心的企业级SSD和智能手机存储，并明确瞄准了AI数据中心市场。此外，SK海力士也已着手开发400层以上的NAND技术，计划在2025年末完成量产准备。</p><p>尽管技术上高歌猛进，但SK海士在产能和资源分配上确实向HBM和DRAM有所倾斜。为了满足AI巨头对HBM的爆炸性需求，SK海力士正在全力扩充HBM产能。</p><ul style=\"list-style-type: disc;\"><li><p><strong>产能转换：</strong>由于新建晶圆厂周期长，SK海力士选择通过改造部分现有的NAND产线来增加HBM的后工序产能。这直接表明，在有限的工厂空间内，NAND产能为更高利润的HBM让了路。</p></li><li><p><strong>战略倾向：</strong>SK海力士对NAND的资本支出态度相对保守。这主要是因为当前DRAM（尤其是HBM）的利润率远高于NAND，且消费电子市场对NAND的需求相对疲软。因此，公司将宝贵的资源优先投入到了DRAM和HBM的扩产中。</p></li></ul><p>总而言之，SK海力士并未放弃在NAND领域的竞争，而是选择通过技术突破来维持其市场地位。但在资源的天平上，当前无疑更倾向于将产能和资本分配给正处于风口、利润也更丰厚的HBM业务。</p><p>此外，美日存储厂商的NAND业务也在收缩战线与被动承压。其中，美光退出移动NAND市场的决策震动业界。“我们必须在AI内存浪潮中抢占制高点。”其CEO桑杰·梅赫罗特拉在财报会议中的表态，揭开了残酷的算术题：同等资本投入DRAM/HBM的回报率已是NAND的2.3倍。而日本厂商，铠侠与西部数据合并案的反复拉锯，使其在层数竞赛中逐渐掉队，200层以上产能占比稍显不足。</p><p>综合来看，各家存储厂商不仅在“层数”上拼命卷，还在架构设计上分出流派。未来，厂商需在技术突破与市场需求间精准把控，同时探索3D NAND与HBM、AI存储的协同应用，推动存储行业向更高效率、更低成本方向发展。</p><p><strong>HBF：NAND产业的“HBM时刻”</strong></p><p>面对HBM在DRAM领域取得的巨大成功，NAND厂商正在积极寻求技术突破，高带宽闪存(HBF)技术应运而生，被视为NAND产业的“HBM时刻”，正点燃NAND行业的“第二增长曲线”竞争。</p><p>据了解，HBF的技术原理与HBM类似，旨在通过颠覆性架构设计打破了传统NAND的性能瓶颈——采用16颗核心芯片垂直堆叠，通过硅通孔（TSV）技术互连，并叠加专用逻辑芯片实现多子阵列并行访问，使单堆叠单元容量达到512GB，是8-Hi HBM3E的21倍。其底层基于SanDisk的BICS 3D NAND架构，并采用CMOS直接键合技术，将存储阵列与逻辑芯片紧密集成，为带宽提升奠定硬件基础。尽管HBF的单比特访问延迟仍无法与DRAM相比，但其主要面向高吞吐量、读取密集型的AI推理任务。</p><p>HBF的技术定位精准填补了市场空白。针对AI推理场景对“高带宽、大容量、低成本”的需求，SanDisk提出“匹配HBM带宽、提供8-16倍容量”的目标，虽未公开具体带宽数据，但通过并行访问架构，有望将延迟降至传统SSD的1/5以下，成为HBM在推理场景的理想补充。同时，为降低客户迁移成本，HBF采用与HBM相似的机械与电气接口，仅需小幅协议调整即可适配现有GPU平台，这种“兼容创新”策略显著提升了技术落地效率。</p><p>从行业现状来看，一场围绕HBF的生态卡位战已悄然打响。</p><p>作为SanDisk的母公司，西部数据正将HBF与自身的Ultrastar SSD产品线整合，计划2026年推出首款搭载HBF的企业级存储解决方案，目标拿下北美云服务商30%以上的推理节点存储订单。三星与铠侠也加速跟进，分别启动“High-Bandwidth NAND”与“Flash-IO Accelerator”项目，前者侧重与HBM的协同调度，后者聚焦低功耗优化，试图在技术路线上形成差异化。SanDisk则通过联手SK海力士推动HBF成为开放标准，组建包含云服务商与芯片厂商的技术顾问委员会，试图以生态主导权压制竞争对手。</p><p>在NAND技术红利消退与需求代际更迭的叠加背景下，当HBF技术尝试打通“存算边界”，这场NAND的生存游戏再次印证了这个更深刻的产业变局——存储芯片的战场，终将从层数竞赛升维至架构革命。</p><p>从HBM的带宽竞速到3D NAND的层数突破，再到HBF的架构创新，存储产业的“三维革命”本质是一场技术深耕的持久战。国际巨头凭借多年技术积累仍占据主导地位——三星的垂直整合能力、SK海力士的HBM市占优势、美光的汽车存储布局，共同构成了现有产业格局的基石。</p><p>未来，技术话语权将成为竞争的核心。HBM4标准的落地将引发新一轮产能竞赛，3D NAND的混合键合技术可能成为400层以上产品的标配，HBF则需要在写入寿命与延迟控制上实现突破。</p><p>对于厂商而言，单纯的层数或带宽比拼已不足够，只有将技术创新与生态绑定、场景适配相结合，才能在AI驱动的存储新周期中站稳脚跟。而每一次技术突破，都在重新定义存储与算力的边界。</p><p><strong>周期预判：结构性机遇下的复苏与博弈</strong></p><p>当前存储芯片市场的强劲涨势，尤其是HBM的爆发性增长，让“超级周期”成为热议焦点。</p><p>对于存储行业的周期走向，分析机构与巨头的预判共同指向“非典型复苏”，即这并非传统3-5年库存周期的简单重复，而是AI驱动的结构性增长与行业固有周期属性交织的新格局，但“超级周期”的成色仍取决于多项因素的考量与博弈。</p><p>首先，驱动此次周期的核心“定数”在于AI需求引发的产业逻辑重构。这不仅是需求的扩张，更是需求的结构性变革。存储巨头们的战略重心已清晰地向HBM、高速DDR5等高附加值产品倾斜。同时，AI服务器和数据中心的需求激增，也推动了存储芯片市场的发展。为满足AI巨头们如OpenAI“星际之门”项目的庞大需求，全球HBM产能正被加速构建。这种产能的“战略转移”导致传统存储类别如DDR4面临供给紧张，价格出现异常上行。</p><p>Yole Group数据显示，2025年全球存储收入有望达2000亿美元，同比增长18%，AI服务器的eSSD、服务器DRAM与HBM需求构成核心拉动力。而摩根士丹利指出，“带宽决定性能”的技术范式转移，使企业级资本开支的刚性远超消费端波动，为周期长度与强度提供了关键支撑。</p><p>其次，原厂策略调整与周期属性，构成了平衡周期节奏的核心“变数”。经历过2023年库存危机后，三星、SK海力士、美光等巨头转向“精准减产+高端倾斜”策略，DDR4等传统产能收缩与AI存储需求扩张形成结构性失衡，推动四季度DDR5 RDIMM价格上涨10%-15%。这种供需调节使行业从全面过剩转向紧平衡，但消费端疲软仍存，智能手机存储升级放缓可能压制中低端产品涨幅，限制周期的全面爆发。</p><p>另外，地缘政治与供应链风险，则为周期增添了最大不确定性。国际巨头在HBM与先进封装领域的技术垄断，叠加供应链限制，使国产企业虽获导入窗口，却难以快速突破高端环节。国产替代虽加速，但HBM领域的技术代差仍可能分流周期红利。</p><p>更关键的是，稀土禁运、先进设备和材料出口管制、关税提升等制裁措施或将为存储芯片产业周期注入显著不确定性，既可能延缓复苏节奏，也可能加速结构性变革。贸易制裁在短期内可能扰乱正常的市场供需和库存消化节奏，甚至引发囤货潮，给产业周期的判断带来变数。从中长期看，地缘政治因素已成为影响存储芯片产业格局的重要变量，传统的周期模型需要纳入制裁等政策性风险。</p><p>整体来看，断言单一的“超级周期”或许过于乐观，存储市场更可能步入一个“结构性超级周期”，其特点是AI驱动的高性能存储芯片领域持续高热，而传统市场则在其涟漪效应中波动前行。</p><p>短期来看，由AI需求和高附加值产品产能挤占带来的涨价动力依然强劲。但长期而言，行业最终会走向新的供需平衡。此次复苏的最终形态，将取决于AI需求的持久力、全球产能分配的调整，以及地缘政治等多重变量的复杂互动。</p><p>对于行业参与者而言，竞争的核心已不再是简单的产能扩张，而是在这场由AI引领的变革中，能否精准把握技术演进与市场格局重构的节奏，做出前瞻性的战略布局。于全球巨头而言，这是巩固技术溢价的机遇；对国产企业来讲，这也是缩小差距的关键窗口，存储周期的最终形态，将由技术突破速度、需求持久力与供应链博弈结果共同书写。</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\" 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style=\"background-image:url(https://static.tigerbbs.com/705285f8deea4d7b8e48df7848a67868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">半导体行业观察 </p>\n<p class=\"h-time\">2025-10-12 09:24</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>近期，全球存储芯片市场持续释放积极信号。</p><p>三星、美光、SK海力士等行业巨头相继宣布提价，DRAM产品涨幅普遍达15%-30%，NAND闪存价格亦上调5%-10%，部分厂商甚至暂停报价以应对供应紧张；从市场端看，DDR4内存半年累计涨幅超200%，HDD、SSD、HBM等产品因AI需求爆发陷入供不应求。</p><p>与此同时，资本市场反应热烈，美光近一个月股价涨约60%，铠侠、闪迪涨幅超100%，A股相关概念股也随之拉升，展现出市场对存储板块的强烈信心。</p><p>在此背景下，摩根士丹利研报指出，AI驱动下存储行业供需失衡加剧，预计将开启持续数年的“超级周期”，到2027年全球存储市场规模有望向3000亿美元迈进，存储芯片行业或正迎来新一轮产业周期的起点。</p><p><strong>半导体行业“风向标”，逻辑生变</strong></p><p>存储芯片作为半导体行业的“风向标”，其周期性波动始终是观察产业景气度的关键窗口。</p><p>复盘近十年来三轮核心周期可见，存储行业的典型周期时长约为3-4年，且每一轮周期都由不同需求与技术变革驱动：</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/01034143f9e64148f0939668157c878f\" alt=\"图源：野村证券\" title=\"图源：野村证券\" tg-width=\"1080\" tg-height=\"588\"/><span>图源：野村证券</span></p><ul style=\"\"><li><p>2016-2019年，DDR4技术迭代叠加手机游戏需求爆发，推动存储价格累计涨幅超100%；</p></li></ul><ul style=\"list-style-type: disc;\"><li><p>2020-2023年，全球疫情催生的远程办公与数据中心需求先拉动价格上涨，后又因需求疲软与产能过剩陷入调整，累计跌幅超50%；</p></li><li><p>2024年至今，AI算力基建与HBM技术革命成为新引擎，直接改写了传统周期逻辑。</p></li></ul><p>需要注意的是，与前两轮周期不同，本轮上行不再依赖个人消费端需求，而是以企业级AI资本开支为核心——HBM价格年内暴涨500%，DDR4价格涨幅超50%，高端存储产品“量价齐升”的同时，利基市场国产替代也在加速。</p><p>更关键的是，AI数据中心对存储产能的“吞噬式需求”，让全产业链呈现罕见的全品类普涨态势：从消费级NVMe SSD、DDR4内存条，到企业级存储系统与大容量HDD，价格同步攀升。</p><p>这种结构性变化正在重塑存储产业的传统周期模型。据CFM闪存市场预测，2025年全球存储市场规模有望达到1932亿美元，将创下历史最高记录。存储芯片行业，似乎开启了由AI驱动的全新产业周期。</p><p><strong>AI重构存储“供需新规则”</strong></p><p>AI技术的爆发式演进不仅是存储需求的“超级引擎”，更在深层次重构全球存储芯片市场的“供需新规则”，推动行业迈入前所未有的变革周期。</p><p>从市场供需逻辑来看，AI正以颠覆性力量催生结构性存储缺口。这种缺口并非简单的数量增长，而是由性能与容量双重诉求驱动的质的飞跃。据美光数据显示，AI服务器的DRAM容量需求是普通服务器的8倍，NAND 容量需求则达到3倍，单台AI服务器存储需求更是高达2TB，远超传统服务器的配置标准。</p><p>更关键的是，AI大模型“训练-推理-再训练”的正循环，使得数据存储需求呈现持续放大的态势，一个GPU节点就可能消耗数百GB DRAM和数TB闪存，超大规模数据中心的需求规模更是呈指数级扩张。</p><p>这种需求爆发在核心项目上体现得尤为极致，以OpenAI的“星际之门”(Stargate)项目为例，该项目与三星、SK海力士达成合作，每月需采购90万片DRAM晶圆，这一数字相当于全球DRAM总产量的近40%，这种规模的单一订单，彻底改变了原有的市场平衡。而四家云巨头对AI相关NAND的订单也已达200EB，远超2026年150EB的原预期。</p><p>全球存储市场已然清晰感知到：人工智能正在重构行业运行的底层逻辑。</p><p>与此同时，需求激增直接推高了存储芯片在AI基建中的成本占比，尤其是高性能存储成为成本核心。以HBM为例，其单颗价格突破5000美元，是传统DDR5内存的20倍，而毛利率却高达50%-60%，远超传统DRAM 30%左右的水平。由于每一块HBM都需针对特定AI GPU定制，客户需提前一年下单锁定产能，这种“定制化+长周期”的订货模式，进一步凸显了其战略价值。</p><p>同时，NAND闪存的成本权重也在上升，随着HDD供应短缺导致近线存储加速向QLC SSD迁移，多家超大规模云厂商的大额追加订单，使得企业级SSD成为数据中心建设的刚需，存储芯片已从原来的辅助组件升级为成本核心，成为左右厂商利润的关键变量。</p><p>在此背景下，HBM、DRAM与NAND等高性能存储资源成为行业必争的战略资源。从市场规模看，摩根士丹利预测全球HBM市场将从2023年的30亿美元飙升至2027年的530亿美元，年复合增长率超100%；而NAND市场虽起步更早，但AI推理需求的爆发使其焕发新生，从上述提到的四家云巨头订单预测变动能看到，供需缺口显著。</p><p>产能端的稀缺性更显突出：美光2026年底前的HBM产能已全部预售完毕，SK海力士12层堆叠HBM3e产品即便良率仅75%，2026年产能也被英伟达、AMD等企业锁定，三星下一代V9 NAND未发布便订单满额，供需紧张态势可见一斑。</p><p><strong>存储芯片行业剧变：</strong></p><p><strong>价格、产能与技术的全方位革新</strong></p><p>供需规则的重构，迅速传导为行业层面的剧烈变革，存储价格飙升成为最直观的市场信号。</p><p>从2025年9月以来，全球存储巨头密集发布涨价通知，形成“集体提价潮”：三星宣布第四季度DRAM价格上调15%-30%，NAND价格上调5%-10%；美光更是将存储产品价格拉高20%-30%，并暂停报价一周以消化涨幅；闪迪对全渠道NAND产品提价10%以上，群联恢复报价后涨幅约10%，被视为NAND涨价的明确信号。</p><p>此外，现货市场反应更为激烈，DDR4芯片半年累计涨幅超200%，2025年Q2单月涨幅一度达53%，出现与DDR5价格倒挂的罕见现象；NAND晶圆现货价格在10月环比上涨9%-11%，服务器eSSD价格预计四季度涨幅将超10%。</p><p>高盛与TrendForce等机构预测，这种涨势将持续至2026年，DRAM四季度环比涨幅或达8%-13%，NAND则为5%-10%，若计入HBM，涨幅将进一步扩大。</p><p>进一步来看，价格飙升的背后，是全球存储巨头的产能战略性倾斜。</p><p>三星、SK海力士、美光三大寡头摒弃了过去“规模优先”的策略，转向“利润优先”，将先进制程产能集中投向高附加值产品。DRAM领域，三星率先停止DDR4生产，SK海力士计划将DDR4产能压缩至20%，美光与SK海力士年底便停止接收LPDDR4X新订单，所有资源向DDR5与HBM倾斜；NAND市场，厂商纷纷缩减消费级产能，将产能转向企业级3D QLC产品。</p><p>这种结构性倾斜导致了市场“冰火两重天”：高端HBM与DDR5供不应求，中低端DDR4因减产速度超过需求下降速度，出现严重供需错配。对此，群联电子CEO直言，这种资本支出转向将导致NAND未来十年供应持续紧张，2026年便将面临严重短缺。</p><p>产能倾斜与需求倒逼共同推动了存储技术的加速突破，成为行业变革的核心动力。其中，HBM领域的技术迭代最为迅猛，据了解，2025年全球HBM总产能已增至54万片，同比激增105%，但仍难以填补AI带来的需求缺口。SK海力士已建成HBM4量产体系，预计将占据HBM4市场60%以上份额，三星、美光等厂商也在加紧筹备HBM4量产，力争抢占英伟达、AMD认证先机，而国内相关厂商也在加速突破，国产替代窗口期持续扩大。</p><p>总的来看，这场由AI引发的产业新变革，彻底打破了存储行业传统的“供需博弈”周期逻辑，形成了“AI需求牵引-产能高端倾斜-技术迭代加速-价格结构性上涨”的新闭环。从HBM的一芯难求到NAND的从白菜价到紧俏货，从巨头的产能重构到国产厂商的突围，存储芯片市场正经历着新一轮的深度重塑，将存储芯片从标准化大宗商品，重塑为影响算力发展的战略性资源，标志着产业已进入一个由技术迭代与需求爆发共同定义的全新时代。</p><p><strong>存储芯片“三维革命”：</strong></p><p><strong>技术竞速与巨头格局重塑</strong></p><p>当前存储产业的变革不仅体现在市场供需层面，更在技术维度展开着一场深刻的“三维革命”。HBM的带宽竞赛进入白热化阶段，3D NAND的堆叠层数不断刷新上限，HBF技术的横空出世则点燃了新赛道的竞争火种。</p><p>这场围绕垂直堆叠、高速互联与架构创新的技术深耕，正重塑全球存储产业的竞争格局，巨头们的每一步布局都关乎未来数年的行业话语权。</p><p><strong>HBM：带宽竞赛与标准主导权争夺</strong></p><p>HBM作为AI算力的关键核心，其核心突破在于2.5D/3D堆叠和硅通孔(TSV)技术的创新应用。通过将多个DRAM芯片垂直堆叠并与GPU/CPU通过中介层互联，HBM成功突破了传统封装技术的限制。以英伟达H200搭载的HBM3E为例，其带宽高达4.8TB/s，完美解决了AI芯片面临的“内存墙”瓶颈。</p><p>然而，HBM的技术迭代速度与竞争激烈程度远超传统存储领域。</p><p>2025年4月，JEDEC固态技术协会正式发布HBM4标准（JESD270-4），将这一赛道的技术门槛推向新高度——采用2048位超宽接口，传输速率达8GB/s，总带宽突破2TB/s，较此前SK海力士宣称的1.5TB/s再提升33%。</p><p>更关键的是，HBM4将独立通道数量从16个翻倍至32个，同时引入0.7V-0.9V的低电压选项，在性能跃升的同时实现了能效优化，完美适配下一代生成式AI与高性能计算需求。</p><p>标准确立背后，是国际巨头的贴身博弈。</p><p>从市场格局来看，SK海力士凭借在HBM3和HBM3E领域的领先优势，目前占据全球HBM市场约60%的份额，成为英伟达H100/H200芯片的独家供应商。凭借先发优势持续领跑，SK海力士在2025年3月率先发布12层堆叠的HBM4样品，采用Advanced MR-MUF封装技术，单堆栈容量可达64GB，且已启动与英伟达下一代GPU的适配测试，试图延续其独家供应优势。</p><p>三星则依托垂直整合能力加速追赶，计划2025年下半年启动HBM4量产，采用4nm逻辑芯片工艺与10nm DRAM制程，目标在良率与成本控制上形成突破，夺回被侵蚀的市场份额。美光虽暂未公开HBM4进展，但通过聚焦汽车与边缘计算领域的HBM3E变体产品，正构建差异化竞争壁垒。其1β工艺LPDDR5X芯片已通过特斯拉认证，在该细分领域市占率达35%。</p><p>摩根大通指出，技术突破使得HBM在2027年占DRAM总产值比重将达43%，AI相关应用占DRAM市场规模更是高达53%，技术红利正成为超级周期的核心支撑。</p><p>三大巨头角力的同时，国产力量的崛起也在为这场竞争注入新变量，引领着中国在高端存储领域从“技术跟随”向“自主创新”跨越。</p><p><strong>3D NAND的堆叠竞赛与现实困境</strong></p><p>如果说HBM的核心是“速度革命”，3D NAND的突破则聚焦于“空间革命”。</p><p>堆叠层数的持续提升成为厂商比拼的核心指标，这一技术突破意味着在单位面积内可容纳的存储容量再创新高，为AI数据中心需要的大容量存储需求提供了保障。</p><p>TechInsights展示了各大厂商在 3D NAND位密度（bit density） 上的演进趋势，横轴是堆叠层数，纵轴是单位面积的存储密度。可以看到，层数越高，代表技术越先进，也能带来更高的存储密度。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/4ce8bcff40702b4061552b3801fa2cd3\" alt=\"\" title=\"\" tg-width=\"1080\" tg-height=\"604\"/></p><p>能看到，三星、美光、SK海力士、铠侠/WD、Solidigm等存储巨头都在稳步提升3D NAND闪存堆叠层数，整体趋势非常明显：从200层到300层的跨越，将带来更高的容量和更强的竞争力。</p><p>谁能把层数和密度拉满，谁就能在NAND这场“堆积木比赛”中领先。未来几年，276层、300层甚至更高层数的NAND将陆续登场，存储市场的竞争只会越来越激烈。</p><p>但从产业实际现状来看，在DRAM/HBM需求高涨的聚光灯下，NAND产业的生存空间正被挤压，迫使各大厂商纷纷调整航向，将战略重心转向更具潜力的赛道。</p><p>三星的V10 NAND本是技术皇冠上的明珠，在技术层面，三星的V10 NAND计划在2026年10月正式量产，这款产品被视为技术上的重大飞跃，它将具备400层以上的活性层（据悉为430层），接口速度提升至5.6GT/s，旨在与PCIe Gen6主控协同发力数据中心市场。此外，为应对AI应用对高性能存储的需求，三星已重启专为AI优化的Z-NAND开发，目标性能提升最高15倍，功耗降低80%。</p><p>尽管技术上高歌猛进，但三星在NAND的产能投资和先进技术导入上显得颇为谨慎，这与其在HBM领域的激进投入形成对比。</p><p>据报道，三星与SK海力士计划放缓2025年对先进NAND的投资步伐，将企业资金更多集中于DRAM和HBM领域。例如，三星在西安工厂的第9代NAND转换投资规模很小，并且推迟了在V9 NAND中导入混合键合技术的计划。</p><p>耐人寻味的是，三星将混合键合技术在NAND的应用计划搁置，却将同类型技术全力押注HBM量产——资源倾斜背后的战略优先级不言而喻。</p><p>而SK海力士凭借对英伟达HBM的近乎垄断，正采取一种 “精耕细作” 的策略发展其NAND业务：在NAND尖端技术研发上持续投入以保持竞争力，但在产能分配和资源倾斜上，确实在一定程度上受到了HBM和DRAM业务的挤压。</p><p>SK海力士已在NAND技术上取得重大突破，开始量产全球首款321层2Tb QLC NAND闪存。与之前的产品相比，这款新闪存不仅容量翻倍，还通过架构优化实现了传输速度翻倍和显著的能效提升。公司计划将其首先应用于PC SSD，随后逐步推广至数据中心的企业级SSD和智能手机存储，并明确瞄准了AI数据中心市场。此外，SK海力士也已着手开发400层以上的NAND技术，计划在2025年末完成量产准备。</p><p>尽管技术上高歌猛进，但SK海士在产能和资源分配上确实向HBM和DRAM有所倾斜。为了满足AI巨头对HBM的爆炸性需求，SK海力士正在全力扩充HBM产能。</p><ul style=\"list-style-type: disc;\"><li><p><strong>产能转换：</strong>由于新建晶圆厂周期长，SK海力士选择通过改造部分现有的NAND产线来增加HBM的后工序产能。这直接表明，在有限的工厂空间内，NAND产能为更高利润的HBM让了路。</p></li><li><p><strong>战略倾向：</strong>SK海力士对NAND的资本支出态度相对保守。这主要是因为当前DRAM（尤其是HBM）的利润率远高于NAND，且消费电子市场对NAND的需求相对疲软。因此，公司将宝贵的资源优先投入到了DRAM和HBM的扩产中。</p></li></ul><p>总而言之，SK海力士并未放弃在NAND领域的竞争，而是选择通过技术突破来维持其市场地位。但在资源的天平上，当前无疑更倾向于将产能和资本分配给正处于风口、利润也更丰厚的HBM业务。</p><p>此外，美日存储厂商的NAND业务也在收缩战线与被动承压。其中，美光退出移动NAND市场的决策震动业界。“我们必须在AI内存浪潮中抢占制高点。”其CEO桑杰·梅赫罗特拉在财报会议中的表态，揭开了残酷的算术题：同等资本投入DRAM/HBM的回报率已是NAND的2.3倍。而日本厂商，铠侠与西部数据合并案的反复拉锯，使其在层数竞赛中逐渐掉队，200层以上产能占比稍显不足。</p><p>综合来看，各家存储厂商不仅在“层数”上拼命卷，还在架构设计上分出流派。未来，厂商需在技术突破与市场需求间精准把控，同时探索3D NAND与HBM、AI存储的协同应用，推动存储行业向更高效率、更低成本方向发展。</p><p><strong>HBF：NAND产业的“HBM时刻”</strong></p><p>面对HBM在DRAM领域取得的巨大成功，NAND厂商正在积极寻求技术突破，高带宽闪存(HBF)技术应运而生，被视为NAND产业的“HBM时刻”，正点燃NAND行业的“第二增长曲线”竞争。</p><p>据了解，HBF的技术原理与HBM类似，旨在通过颠覆性架构设计打破了传统NAND的性能瓶颈——采用16颗核心芯片垂直堆叠，通过硅通孔（TSV）技术互连，并叠加专用逻辑芯片实现多子阵列并行访问，使单堆叠单元容量达到512GB，是8-Hi HBM3E的21倍。其底层基于SanDisk的BICS 3D NAND架构，并采用CMOS直接键合技术，将存储阵列与逻辑芯片紧密集成，为带宽提升奠定硬件基础。尽管HBF的单比特访问延迟仍无法与DRAM相比，但其主要面向高吞吐量、读取密集型的AI推理任务。</p><p>HBF的技术定位精准填补了市场空白。针对AI推理场景对“高带宽、大容量、低成本”的需求，SanDisk提出“匹配HBM带宽、提供8-16倍容量”的目标，虽未公开具体带宽数据，但通过并行访问架构，有望将延迟降至传统SSD的1/5以下，成为HBM在推理场景的理想补充。同时，为降低客户迁移成本，HBF采用与HBM相似的机械与电气接口，仅需小幅协议调整即可适配现有GPU平台，这种“兼容创新”策略显著提升了技术落地效率。</p><p>从行业现状来看，一场围绕HBF的生态卡位战已悄然打响。</p><p>作为SanDisk的母公司，西部数据正将HBF与自身的Ultrastar SSD产品线整合，计划2026年推出首款搭载HBF的企业级存储解决方案，目标拿下北美云服务商30%以上的推理节点存储订单。三星与铠侠也加速跟进，分别启动“High-Bandwidth NAND”与“Flash-IO Accelerator”项目，前者侧重与HBM的协同调度，后者聚焦低功耗优化，试图在技术路线上形成差异化。SanDisk则通过联手SK海力士推动HBF成为开放标准，组建包含云服务商与芯片厂商的技术顾问委员会，试图以生态主导权压制竞争对手。</p><p>在NAND技术红利消退与需求代际更迭的叠加背景下，当HBF技术尝试打通“存算边界”，这场NAND的生存游戏再次印证了这个更深刻的产业变局——存储芯片的战场，终将从层数竞赛升维至架构革命。</p><p>从HBM的带宽竞速到3D NAND的层数突破，再到HBF的架构创新，存储产业的“三维革命”本质是一场技术深耕的持久战。国际巨头凭借多年技术积累仍占据主导地位——三星的垂直整合能力、SK海力士的HBM市占优势、美光的汽车存储布局，共同构成了现有产业格局的基石。</p><p>未来，技术话语权将成为竞争的核心。HBM4标准的落地将引发新一轮产能竞赛，3D NAND的混合键合技术可能成为400层以上产品的标配，HBF则需要在写入寿命与延迟控制上实现突破。</p><p>对于厂商而言，单纯的层数或带宽比拼已不足够，只有将技术创新与生态绑定、场景适配相结合，才能在AI驱动的存储新周期中站稳脚跟。而每一次技术突破，都在重新定义存储与算力的边界。</p><p><strong>周期预判：结构性机遇下的复苏与博弈</strong></p><p>当前存储芯片市场的强劲涨势，尤其是HBM的爆发性增长，让“超级周期”成为热议焦点。</p><p>对于存储行业的周期走向，分析机构与巨头的预判共同指向“非典型复苏”，即这并非传统3-5年库存周期的简单重复，而是AI驱动的结构性增长与行业固有周期属性交织的新格局，但“超级周期”的成色仍取决于多项因素的考量与博弈。</p><p>首先，驱动此次周期的核心“定数”在于AI需求引发的产业逻辑重构。这不仅是需求的扩张，更是需求的结构性变革。存储巨头们的战略重心已清晰地向HBM、高速DDR5等高附加值产品倾斜。同时，AI服务器和数据中心的需求激增，也推动了存储芯片市场的发展。为满足AI巨头们如OpenAI“星际之门”项目的庞大需求，全球HBM产能正被加速构建。这种产能的“战略转移”导致传统存储类别如DDR4面临供给紧张，价格出现异常上行。</p><p>Yole Group数据显示，2025年全球存储收入有望达2000亿美元，同比增长18%，AI服务器的eSSD、服务器DRAM与HBM需求构成核心拉动力。而摩根士丹利指出，“带宽决定性能”的技术范式转移，使企业级资本开支的刚性远超消费端波动，为周期长度与强度提供了关键支撑。</p><p>其次，原厂策略调整与周期属性，构成了平衡周期节奏的核心“变数”。经历过2023年库存危机后，三星、SK海力士、美光等巨头转向“精准减产+高端倾斜”策略，DDR4等传统产能收缩与AI存储需求扩张形成结构性失衡，推动四季度DDR5 RDIMM价格上涨10%-15%。这种供需调节使行业从全面过剩转向紧平衡，但消费端疲软仍存，智能手机存储升级放缓可能压制中低端产品涨幅，限制周期的全面爆发。</p><p>另外，地缘政治与供应链风险，则为周期增添了最大不确定性。国际巨头在HBM与先进封装领域的技术垄断，叠加供应链限制，使国产企业虽获导入窗口，却难以快速突破高端环节。国产替代虽加速，但HBM领域的技术代差仍可能分流周期红利。</p><p>更关键的是，稀土禁运、先进设备和材料出口管制、关税提升等制裁措施或将为存储芯片产业周期注入显著不确定性，既可能延缓复苏节奏，也可能加速结构性变革。贸易制裁在短期内可能扰乱正常的市场供需和库存消化节奏，甚至引发囤货潮，给产业周期的判断带来变数。从中长期看，地缘政治因素已成为影响存储芯片产业格局的重要变量，传统的周期模型需要纳入制裁等政策性风险。</p><p>整体来看，断言单一的“超级周期”或许过于乐观，存储市场更可能步入一个“结构性超级周期”，其特点是AI驱动的高性能存储芯片领域持续高热，而传统市场则在其涟漪效应中波动前行。</p><p>短期来看，由AI需求和高附加值产品产能挤占带来的涨价动力依然强劲。但长期而言，行业最终会走向新的供需平衡。此次复苏的最终形态，将取决于AI需求的持久力、全球产能分配的调整，以及地缘政治等多重变量的复杂互动。</p><p>对于行业参与者而言，竞争的核心已不再是简单的产能扩张，而是在这场由AI引领的变革中，能否精准把握技术演进与市场格局重构的节奏，做出前瞻性的战略布局。于全球巨头而言，这是巩固技术溢价的机遇；对国产企业来讲，这也是缩小差距的关键窗口，存储周期的最终形态，将由技术突破速度、需求持久力与供应链博弈结果共同书写。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/03e38a3a3c63bd5a9d8d8ca2d384d1c5","relate_stocks":{"MU":"美光科技","SNDK":"闪迪","WDC":"西部数据","STX":"希捷科技"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150047552","content_text":"近期，全球存储芯片市场持续释放积极信号。三星、美光、SK海力士等行业巨头相继宣布提价，DRAM产品涨幅普遍达15%-30%，NAND闪存价格亦上调5%-10%，部分厂商甚至暂停报价以应对供应紧张；从市场端看，DDR4内存半年累计涨幅超200%，HDD、SSD、HBM等产品因AI需求爆发陷入供不应求。与此同时，资本市场反应热烈，美光近一个月股价涨约60%，铠侠、闪迪涨幅超100%，A股相关概念股也随之拉升，展现出市场对存储板块的强烈信心。在此背景下，摩根士丹利研报指出，AI驱动下存储行业供需失衡加剧，预计将开启持续数年的“超级周期”，到2027年全球存储市场规模有望向3000亿美元迈进，存储芯片行业或正迎来新一轮产业周期的起点。半导体行业“风向标”，逻辑生变存储芯片作为半导体行业的“风向标”，其周期性波动始终是观察产业景气度的关键窗口。复盘近十年来三轮核心周期可见，存储行业的典型周期时长约为3-4年，且每一轮周期都由不同需求与技术变革驱动：图源：野村证券2016-2019年，DDR4技术迭代叠加手机游戏需求爆发，推动存储价格累计涨幅超100%；2020-2023年，全球疫情催生的远程办公与数据中心需求先拉动价格上涨，后又因需求疲软与产能过剩陷入调整，累计跌幅超50%；2024年至今，AI算力基建与HBM技术革命成为新引擎，直接改写了传统周期逻辑。需要注意的是，与前两轮周期不同，本轮上行不再依赖个人消费端需求，而是以企业级AI资本开支为核心——HBM价格年内暴涨500%，DDR4价格涨幅超50%，高端存储产品“量价齐升”的同时，利基市场国产替代也在加速。更关键的是，AI数据中心对存储产能的“吞噬式需求”，让全产业链呈现罕见的全品类普涨态势：从消费级NVMe SSD、DDR4内存条，到企业级存储系统与大容量HDD，价格同步攀升。这种结构性变化正在重塑存储产业的传统周期模型。据CFM闪存市场预测，2025年全球存储市场规模有望达到1932亿美元，将创下历史最高记录。存储芯片行业，似乎开启了由AI驱动的全新产业周期。AI重构存储“供需新规则”AI技术的爆发式演进不仅是存储需求的“超级引擎”，更在深层次重构全球存储芯片市场的“供需新规则”，推动行业迈入前所未有的变革周期。从市场供需逻辑来看，AI正以颠覆性力量催生结构性存储缺口。这种缺口并非简单的数量增长，而是由性能与容量双重诉求驱动的质的飞跃。据美光数据显示，AI服务器的DRAM容量需求是普通服务器的8倍，NAND 容量需求则达到3倍，单台AI服务器存储需求更是高达2TB，远超传统服务器的配置标准。更关键的是，AI大模型“训练-推理-再训练”的正循环，使得数据存储需求呈现持续放大的态势，一个GPU节点就可能消耗数百GB DRAM和数TB闪存，超大规模数据中心的需求规模更是呈指数级扩张。这种需求爆发在核心项目上体现得尤为极致，以OpenAI的“星际之门”(Stargate)项目为例，该项目与三星、SK海力士达成合作，每月需采购90万片DRAM晶圆，这一数字相当于全球DRAM总产量的近40%，这种规模的单一订单，彻底改变了原有的市场平衡。而四家云巨头对AI相关NAND的订单也已达200EB，远超2026年150EB的原预期。全球存储市场已然清晰感知到：人工智能正在重构行业运行的底层逻辑。与此同时，需求激增直接推高了存储芯片在AI基建中的成本占比，尤其是高性能存储成为成本核心。以HBM为例，其单颗价格突破5000美元，是传统DDR5内存的20倍，而毛利率却高达50%-60%，远超传统DRAM 30%左右的水平。由于每一块HBM都需针对特定AI GPU定制，客户需提前一年下单锁定产能，这种“定制化+长周期”的订货模式，进一步凸显了其战略价值。同时，NAND闪存的成本权重也在上升，随着HDD供应短缺导致近线存储加速向QLC SSD迁移，多家超大规模云厂商的大额追加订单，使得企业级SSD成为数据中心建设的刚需，存储芯片已从原来的辅助组件升级为成本核心，成为左右厂商利润的关键变量。在此背景下，HBM、DRAM与NAND等高性能存储资源成为行业必争的战略资源。从市场规模看，摩根士丹利预测全球HBM市场将从2023年的30亿美元飙升至2027年的530亿美元，年复合增长率超100%；而NAND市场虽起步更早，但AI推理需求的爆发使其焕发新生，从上述提到的四家云巨头订单预测变动能看到，供需缺口显著。产能端的稀缺性更显突出：美光2026年底前的HBM产能已全部预售完毕，SK海力士12层堆叠HBM3e产品即便良率仅75%，2026年产能也被英伟达、AMD等企业锁定，三星下一代V9 NAND未发布便订单满额，供需紧张态势可见一斑。存储芯片行业剧变：价格、产能与技术的全方位革新供需规则的重构，迅速传导为行业层面的剧烈变革，存储价格飙升成为最直观的市场信号。从2025年9月以来，全球存储巨头密集发布涨价通知，形成“集体提价潮”：三星宣布第四季度DRAM价格上调15%-30%，NAND价格上调5%-10%；美光更是将存储产品价格拉高20%-30%，并暂停报价一周以消化涨幅；闪迪对全渠道NAND产品提价10%以上，群联恢复报价后涨幅约10%，被视为NAND涨价的明确信号。此外，现货市场反应更为激烈，DDR4芯片半年累计涨幅超200%，2025年Q2单月涨幅一度达53%，出现与DDR5价格倒挂的罕见现象；NAND晶圆现货价格在10月环比上涨9%-11%，服务器eSSD价格预计四季度涨幅将超10%。高盛与TrendForce等机构预测，这种涨势将持续至2026年，DRAM四季度环比涨幅或达8%-13%，NAND则为5%-10%，若计入HBM，涨幅将进一步扩大。进一步来看，价格飙升的背后，是全球存储巨头的产能战略性倾斜。三星、SK海力士、美光三大寡头摒弃了过去“规模优先”的策略，转向“利润优先”，将先进制程产能集中投向高附加值产品。DRAM领域，三星率先停止DDR4生产，SK海力士计划将DDR4产能压缩至20%，美光与SK海力士年底便停止接收LPDDR4X新订单，所有资源向DDR5与HBM倾斜；NAND市场，厂商纷纷缩减消费级产能，将产能转向企业级3D QLC产品。这种结构性倾斜导致了市场“冰火两重天”：高端HBM与DDR5供不应求，中低端DDR4因减产速度超过需求下降速度，出现严重供需错配。对此，群联电子CEO直言，这种资本支出转向将导致NAND未来十年供应持续紧张，2026年便将面临严重短缺。产能倾斜与需求倒逼共同推动了存储技术的加速突破，成为行业变革的核心动力。其中，HBM领域的技术迭代最为迅猛，据了解，2025年全球HBM总产能已增至54万片，同比激增105%，但仍难以填补AI带来的需求缺口。SK海力士已建成HBM4量产体系，预计将占据HBM4市场60%以上份额，三星、美光等厂商也在加紧筹备HBM4量产，力争抢占英伟达、AMD认证先机，而国内相关厂商也在加速突破，国产替代窗口期持续扩大。总的来看，这场由AI引发的产业新变革，彻底打破了存储行业传统的“供需博弈”周期逻辑，形成了“AI需求牵引-产能高端倾斜-技术迭代加速-价格结构性上涨”的新闭环。从HBM的一芯难求到NAND的从白菜价到紧俏货，从巨头的产能重构到国产厂商的突围，存储芯片市场正经历着新一轮的深度重塑，将存储芯片从标准化大宗商品，重塑为影响算力发展的战略性资源，标志着产业已进入一个由技术迭代与需求爆发共同定义的全新时代。存储芯片“三维革命”：技术竞速与巨头格局重塑当前存储产业的变革不仅体现在市场供需层面，更在技术维度展开着一场深刻的“三维革命”。HBM的带宽竞赛进入白热化阶段，3D NAND的堆叠层数不断刷新上限，HBF技术的横空出世则点燃了新赛道的竞争火种。这场围绕垂直堆叠、高速互联与架构创新的技术深耕，正重塑全球存储产业的竞争格局，巨头们的每一步布局都关乎未来数年的行业话语权。HBM：带宽竞赛与标准主导权争夺HBM作为AI算力的关键核心，其核心突破在于2.5D/3D堆叠和硅通孔(TSV)技术的创新应用。通过将多个DRAM芯片垂直堆叠并与GPU/CPU通过中介层互联，HBM成功突破了传统封装技术的限制。以英伟达H200搭载的HBM3E为例，其带宽高达4.8TB/s，完美解决了AI芯片面临的“内存墙”瓶颈。然而，HBM的技术迭代速度与竞争激烈程度远超传统存储领域。2025年4月，JEDEC固态技术协会正式发布HBM4标准（JESD270-4），将这一赛道的技术门槛推向新高度——采用2048位超宽接口，传输速率达8GB/s，总带宽突破2TB/s，较此前SK海力士宣称的1.5TB/s再提升33%。更关键的是，HBM4将独立通道数量从16个翻倍至32个，同时引入0.7V-0.9V的低电压选项，在性能跃升的同时实现了能效优化，完美适配下一代生成式AI与高性能计算需求。标准确立背后，是国际巨头的贴身博弈。从市场格局来看，SK海力士凭借在HBM3和HBM3E领域的领先优势，目前占据全球HBM市场约60%的份额，成为英伟达H100/H200芯片的独家供应商。凭借先发优势持续领跑，SK海力士在2025年3月率先发布12层堆叠的HBM4样品，采用Advanced MR-MUF封装技术，单堆栈容量可达64GB，且已启动与英伟达下一代GPU的适配测试，试图延续其独家供应优势。三星则依托垂直整合能力加速追赶，计划2025年下半年启动HBM4量产，采用4nm逻辑芯片工艺与10nm DRAM制程，目标在良率与成本控制上形成突破，夺回被侵蚀的市场份额。美光虽暂未公开HBM4进展，但通过聚焦汽车与边缘计算领域的HBM3E变体产品，正构建差异化竞争壁垒。其1β工艺LPDDR5X芯片已通过特斯拉认证，在该细分领域市占率达35%。摩根大通指出，技术突破使得HBM在2027年占DRAM总产值比重将达43%，AI相关应用占DRAM市场规模更是高达53%，技术红利正成为超级周期的核心支撑。三大巨头角力的同时，国产力量的崛起也在为这场竞争注入新变量，引领着中国在高端存储领域从“技术跟随”向“自主创新”跨越。3D NAND的堆叠竞赛与现实困境如果说HBM的核心是“速度革命”，3D NAND的突破则聚焦于“空间革命”。堆叠层数的持续提升成为厂商比拼的核心指标，这一技术突破意味着在单位面积内可容纳的存储容量再创新高，为AI数据中心需要的大容量存储需求提供了保障。TechInsights展示了各大厂商在 3D NAND位密度（bit density） 上的演进趋势，横轴是堆叠层数，纵轴是单位面积的存储密度。可以看到，层数越高，代表技术越先进，也能带来更高的存储密度。能看到，三星、美光、SK海力士、铠侠/WD、Solidigm等存储巨头都在稳步提升3D NAND闪存堆叠层数，整体趋势非常明显：从200层到300层的跨越，将带来更高的容量和更强的竞争力。谁能把层数和密度拉满，谁就能在NAND这场“堆积木比赛”中领先。未来几年，276层、300层甚至更高层数的NAND将陆续登场，存储市场的竞争只会越来越激烈。但从产业实际现状来看，在DRAM/HBM需求高涨的聚光灯下，NAND产业的生存空间正被挤压，迫使各大厂商纷纷调整航向，将战略重心转向更具潜力的赛道。三星的V10 NAND本是技术皇冠上的明珠，在技术层面，三星的V10 NAND计划在2026年10月正式量产，这款产品被视为技术上的重大飞跃，它将具备400层以上的活性层（据悉为430层），接口速度提升至5.6GT/s，旨在与PCIe Gen6主控协同发力数据中心市场。此外，为应对AI应用对高性能存储的需求，三星已重启专为AI优化的Z-NAND开发，目标性能提升最高15倍，功耗降低80%。尽管技术上高歌猛进，但三星在NAND的产能投资和先进技术导入上显得颇为谨慎，这与其在HBM领域的激进投入形成对比。据报道，三星与SK海力士计划放缓2025年对先进NAND的投资步伐，将企业资金更多集中于DRAM和HBM领域。例如，三星在西安工厂的第9代NAND转换投资规模很小，并且推迟了在V9 NAND中导入混合键合技术的计划。耐人寻味的是，三星将混合键合技术在NAND的应用计划搁置，却将同类型技术全力押注HBM量产——资源倾斜背后的战略优先级不言而喻。而SK海力士凭借对英伟达HBM的近乎垄断，正采取一种 “精耕细作” 的策略发展其NAND业务：在NAND尖端技术研发上持续投入以保持竞争力，但在产能分配和资源倾斜上，确实在一定程度上受到了HBM和DRAM业务的挤压。SK海力士已在NAND技术上取得重大突破，开始量产全球首款321层2Tb QLC NAND闪存。与之前的产品相比，这款新闪存不仅容量翻倍，还通过架构优化实现了传输速度翻倍和显著的能效提升。公司计划将其首先应用于PC SSD，随后逐步推广至数据中心的企业级SSD和智能手机存储，并明确瞄准了AI数据中心市场。此外，SK海力士也已着手开发400层以上的NAND技术，计划在2025年末完成量产准备。尽管技术上高歌猛进，但SK海士在产能和资源分配上确实向HBM和DRAM有所倾斜。为了满足AI巨头对HBM的爆炸性需求，SK海力士正在全力扩充HBM产能。产能转换：由于新建晶圆厂周期长，SK海力士选择通过改造部分现有的NAND产线来增加HBM的后工序产能。这直接表明，在有限的工厂空间内，NAND产能为更高利润的HBM让了路。战略倾向：SK海力士对NAND的资本支出态度相对保守。这主要是因为当前DRAM（尤其是HBM）的利润率远高于NAND，且消费电子市场对NAND的需求相对疲软。因此，公司将宝贵的资源优先投入到了DRAM和HBM的扩产中。总而言之，SK海力士并未放弃在NAND领域的竞争，而是选择通过技术突破来维持其市场地位。但在资源的天平上，当前无疑更倾向于将产能和资本分配给正处于风口、利润也更丰厚的HBM业务。此外，美日存储厂商的NAND业务也在收缩战线与被动承压。其中，美光退出移动NAND市场的决策震动业界。“我们必须在AI内存浪潮中抢占制高点。”其CEO桑杰·梅赫罗特拉在财报会议中的表态，揭开了残酷的算术题：同等资本投入DRAM/HBM的回报率已是NAND的2.3倍。而日本厂商，铠侠与西部数据合并案的反复拉锯，使其在层数竞赛中逐渐掉队，200层以上产能占比稍显不足。综合来看，各家存储厂商不仅在“层数”上拼命卷，还在架构设计上分出流派。未来，厂商需在技术突破与市场需求间精准把控，同时探索3D NAND与HBM、AI存储的协同应用，推动存储行业向更高效率、更低成本方向发展。HBF：NAND产业的“HBM时刻”面对HBM在DRAM领域取得的巨大成功，NAND厂商正在积极寻求技术突破，高带宽闪存(HBF)技术应运而生，被视为NAND产业的“HBM时刻”，正点燃NAND行业的“第二增长曲线”竞争。据了解，HBF的技术原理与HBM类似，旨在通过颠覆性架构设计打破了传统NAND的性能瓶颈——采用16颗核心芯片垂直堆叠，通过硅通孔（TSV）技术互连，并叠加专用逻辑芯片实现多子阵列并行访问，使单堆叠单元容量达到512GB，是8-Hi HBM3E的21倍。其底层基于SanDisk的BICS 3D NAND架构，并采用CMOS直接键合技术，将存储阵列与逻辑芯片紧密集成，为带宽提升奠定硬件基础。尽管HBF的单比特访问延迟仍无法与DRAM相比，但其主要面向高吞吐量、读取密集型的AI推理任务。HBF的技术定位精准填补了市场空白。针对AI推理场景对“高带宽、大容量、低成本”的需求，SanDisk提出“匹配HBM带宽、提供8-16倍容量”的目标，虽未公开具体带宽数据，但通过并行访问架构，有望将延迟降至传统SSD的1/5以下，成为HBM在推理场景的理想补充。同时，为降低客户迁移成本，HBF采用与HBM相似的机械与电气接口，仅需小幅协议调整即可适配现有GPU平台，这种“兼容创新”策略显著提升了技术落地效率。从行业现状来看，一场围绕HBF的生态卡位战已悄然打响。作为SanDisk的母公司，西部数据正将HBF与自身的Ultrastar SSD产品线整合，计划2026年推出首款搭载HBF的企业级存储解决方案，目标拿下北美云服务商30%以上的推理节点存储订单。三星与铠侠也加速跟进，分别启动“High-Bandwidth NAND”与“Flash-IO Accelerator”项目，前者侧重与HBM的协同调度，后者聚焦低功耗优化，试图在技术路线上形成差异化。SanDisk则通过联手SK海力士推动HBF成为开放标准，组建包含云服务商与芯片厂商的技术顾问委员会，试图以生态主导权压制竞争对手。在NAND技术红利消退与需求代际更迭的叠加背景下，当HBF技术尝试打通“存算边界”，这场NAND的生存游戏再次印证了这个更深刻的产业变局——存储芯片的战场，终将从层数竞赛升维至架构革命。从HBM的带宽竞速到3D NAND的层数突破，再到HBF的架构创新，存储产业的“三维革命”本质是一场技术深耕的持久战。国际巨头凭借多年技术积累仍占据主导地位——三星的垂直整合能力、SK海力士的HBM市占优势、美光的汽车存储布局，共同构成了现有产业格局的基石。未来，技术话语权将成为竞争的核心。HBM4标准的落地将引发新一轮产能竞赛，3D NAND的混合键合技术可能成为400层以上产品的标配，HBF则需要在写入寿命与延迟控制上实现突破。对于厂商而言，单纯的层数或带宽比拼已不足够，只有将技术创新与生态绑定、场景适配相结合，才能在AI驱动的存储新周期中站稳脚跟。而每一次技术突破，都在重新定义存储与算力的边界。周期预判：结构性机遇下的复苏与博弈当前存储芯片市场的强劲涨势，尤其是HBM的爆发性增长，让“超级周期”成为热议焦点。对于存储行业的周期走向，分析机构与巨头的预判共同指向“非典型复苏”，即这并非传统3-5年库存周期的简单重复，而是AI驱动的结构性增长与行业固有周期属性交织的新格局，但“超级周期”的成色仍取决于多项因素的考量与博弈。首先，驱动此次周期的核心“定数”在于AI需求引发的产业逻辑重构。这不仅是需求的扩张，更是需求的结构性变革。存储巨头们的战略重心已清晰地向HBM、高速DDR5等高附加值产品倾斜。同时，AI服务器和数据中心的需求激增，也推动了存储芯片市场的发展。为满足AI巨头们如OpenAI“星际之门”项目的庞大需求，全球HBM产能正被加速构建。这种产能的“战略转移”导致传统存储类别如DDR4面临供给紧张，价格出现异常上行。Yole Group数据显示，2025年全球存储收入有望达2000亿美元，同比增长18%，AI服务器的eSSD、服务器DRAM与HBM需求构成核心拉动力。而摩根士丹利指出，“带宽决定性能”的技术范式转移，使企业级资本开支的刚性远超消费端波动，为周期长度与强度提供了关键支撑。其次，原厂策略调整与周期属性，构成了平衡周期节奏的核心“变数”。经历过2023年库存危机后，三星、SK海力士、美光等巨头转向“精准减产+高端倾斜”策略，DDR4等传统产能收缩与AI存储需求扩张形成结构性失衡，推动四季度DDR5 RDIMM价格上涨10%-15%。这种供需调节使行业从全面过剩转向紧平衡，但消费端疲软仍存，智能手机存储升级放缓可能压制中低端产品涨幅，限制周期的全面爆发。另外，地缘政治与供应链风险，则为周期增添了最大不确定性。国际巨头在HBM与先进封装领域的技术垄断，叠加供应链限制，使国产企业虽获导入窗口，却难以快速突破高端环节。国产替代虽加速，但HBM领域的技术代差仍可能分流周期红利。更关键的是，稀土禁运、先进设备和材料出口管制、关税提升等制裁措施或将为存储芯片产业周期注入显著不确定性，既可能延缓复苏节奏，也可能加速结构性变革。贸易制裁在短期内可能扰乱正常的市场供需和库存消化节奏，甚至引发囤货潮，给产业周期的判断带来变数。从中长期看，地缘政治因素已成为影响存储芯片产业格局的重要变量，传统的周期模型需要纳入制裁等政策性风险。整体来看，断言单一的“超级周期”或许过于乐观，存储市场更可能步入一个“结构性超级周期”，其特点是AI驱动的高性能存储芯片领域持续高热，而传统市场则在其涟漪效应中波动前行。短期来看，由AI需求和高附加值产品产能挤占带来的涨价动力依然强劲。但长期而言，行业最终会走向新的供需平衡。此次复苏的最终形态，将取决于AI需求的持久力、全球产能分配的调整，以及地缘政治等多重变量的复杂互动。对于行业参与者而言，竞争的核心已不再是简单的产能扩张，而是在这场由AI引领的变革中，能否精准把握技术演进与市场格局重构的节奏，做出前瞻性的战略布局。于全球巨头而言，这是巩固技术溢价的机遇；对国产企业来讲，这也是缩小差距的关键窗口，存储周期的最终形态，将由技术突破速度、需求持久力与供应链博弈结果共同书写。","news_type":1,"symbols_score_info":{"SNDK":1.1,"STX":1.1,"WDC":1.1,"MU":1.1}},"isVote":1,"tweetType":1,"viewCount":1947,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":438169048354944,"gmtCreate":1748010025871,"gmtModify":1748010027284,"author":{"id":"3575336049872142","authorId":"3575336049872142","name":"tom33","avatar":"https://static.tigerbbs.com/fa9a2ae69ad94cc4f6f7359e1f604635","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575336049872142","authorIdStr":"3575336049872142"},"themes":[],"title":"","htmlText":"“输妻”36小时订单12万你都信，数字随便编，“辱妻” 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跌不下了，英伟达大跌而这货拒绝下跌今天，底部不断抬高，就等22日如果财报不理想最后小跌，全部人都认为财报不理想会大跌，但是这个不理想早就市场共识消化掉，即使下跌最后买入机会，不会跌穿3月11日的217","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/425563036893776","isVote":1,"tweetType":1,"viewCount":5049,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3505994139431061","authorId":"3505994139431061","name":"LinYuliang","avatar":"https://static.tigerbbs.com/4eb5f9abc5bd08f8be2e2d5f4d1a7998","crmLevel":1,"crmLevelSwitch":1,"idStr":"3505994139431061","authorIdStr":"3505994139431061"},"content":"虽然消化了一点，但是财报吓死你。营业额几乎腰斩","text":"虽然消化了一点，但是财报吓死你。营业额几乎腰斩","html":"虽然消化了一点，但是财报吓死你。营业额几乎腰斩"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":520830089839992,"gmtCreate":1768177043644,"gmtModify":1768177056626,"author":{"id":"3575336049872142","authorId":"3575336049872142","name":"tom33","avatar":"https://static.tigerbbs.com/fa9a2ae69ad94cc4f6f7359e1f604635","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575336049872142","authorIdStr":"3575336049872142"},"themes":[],"title":"","htmlText":"输7烧量击败model 3","listText":"输7烧量击败model 3","text":"输7烧量击败model 3","images":[{"img":"https://static.tigerbbs.com/dee8dd564fa3fc03f5eca1244b5b0b62"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/520830089839992","repostId":"2602358942","repostType":2,"repost":{"id":"2602358942","kind":"news","pubTimestamp":1768029110,"share":"https://www.laohu8.com/m/news/2602358942?lang=zh_CN&edition=full","pubTime":"2026-01-10 15:11","market":"us","language":"zh","title":"雷军称特斯拉并非不可战胜：SU7是迄今唯一击败Model 3 的同档纯电轿车","url":"https://stock-news.laohu8.com/highlight/detail?id=2602358942","media":"格隆汇","summary":"格隆汇1月10日｜雷军分享易车网销量排行榜，并写道：“特斯拉确实强，但并非不可战胜！我自豪的是，SU7是迄今为止唯一击败Model 3 的同档纯电轿车！出色的产品力和品质，才会有这样的销量。 小米YU7，上市仅6个月时间，销量和Model Y 有差距。我相信，假以时日，YU7 也能一较高下！ ”","content":"<html><body><article><p>格隆汇1月10日｜雷军分享易车网销量排行榜，并写道：“<a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>确实强，但并非不可战胜！我自豪的是，SU7是迄今为止唯一击败Model 3 的同档纯电轿车！出色的产品力和品质，才会有这样的销量。 <a href=\"https://laohu8.com/S/XIACY\">小米</a>YU7，上市仅6个月时间，销量和Model Y 有差距。我相信，假以时日，YU7 也能一较高下！ ”</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>雷军称特斯拉并非不可战胜：SU7是迄今唯一击败Model 3 的同档纯电轿车</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ 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0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n雷军称特斯拉并非不可战胜：SU7是迄今唯一击败Model 3 的同档纯电轿车\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-01-10 15:11 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260110151211a70a1dc9&s=b><strong>格隆汇</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>格隆汇1月10日｜雷军分享易车网销量排行榜，并写道：“特斯拉确实强，但并非不可战胜！我自豪的是，SU7是迄今为止唯一击败Model 3 的同档纯电轿车！出色的产品力和品质，才会有这样的销量。 小米YU7，上市仅6个月时间，销量和Model Y 有差距。我相信，假以时日，YU7 也能一较高下！ ”</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260110151211a70a1dc9&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":{"LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","BK4574":"无人驾驶","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU1551013425.SGD":"Allianz 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小米YU7，上市仅6个月时间，销量和Model Y 有差距。我相信，假以时日，YU7 也能一较高下！ ”","news_type":1,"symbols_score_info":{"TSLA":1.9,"TSYW.SI":0.6}},"isVote":1,"tweetType":1,"viewCount":2996,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3561853491958832","authorId":"3561853491958832","name":"大赢家山姆哥","avatar":"https://static.tigerbbs.com/58c20aa71134263df502a5342d418ec0","crmLevel":6,"crmLevelSwitch":0,"idStr":"3561853491958832","authorIdStr":"3561853491958832"},"content":"su7 销量已经落后一大节","text":"su7 销量已经落后一大节","html":"su7 销量已经落后一大节"}],"imageCount":1,"langContent":"CN","totalScore":0},{"id":365600515305784,"gmtCreate":1730298005894,"gmtModify":1730300112363,"author":{"id":"3575336049872142","authorId":"3575336049872142","name":"tom33","avatar":"https://static.tigerbbs.com/fa9a2ae69ad94cc4f6f7359e1f604635","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575336049872142","authorIdStr":"3575336049872142"},"themes":[],"title":"","htmlText":"垃圾车没人买只能自己做托刷订单，80万写多了一个0，只值8万","listText":"垃圾车没人买只能自己做托刷订单，80万写多了一个0，只值8万","text":"垃圾车没人买只能自己做托刷订单，80万写多了一个0，只值8万","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/365600515305784","isVote":1,"tweetType":1,"viewCount":2588,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":416013182501376,"gmtCreate":1742573854910,"gmtModify":1742574466355,"author":{"id":"3575336049872142","authorId":"3575336049872142","name":"tom33","avatar":"https://static.tigerbbs.com/fa9a2ae69ad94cc4f6f7359e1f604635","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575336049872142","authorIdStr":"3575336049872142"},"themes":[],"title":"","htmlText":"我就是其中一员，Y的车主，机器人也必买，3.11日全仓买入，当时大喊抄世纪大底，拉爆空狗！","listText":"我就是其中一员，Y的车主，机器人也必买，3.11日全仓买入，当时大喊抄世纪大底，拉爆空狗！","text":"我就是其中一员，Y的车主，机器人也必买，3.11日全仓买入，当时大喊抄世纪大底，拉爆空狗！","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":4,"repostSize":1,"link":"https://laohu8.com/post/416013182501376","repostId":"2521482239","repostType":2,"repost":{"id":"2521482239","kind":"news","pubTimestamp":1742571180,"share":"https://www.laohu8.com/m/news/2521482239?lang=zh_CN&edition=full","pubTime":"2025-03-21 23:33","market":"sh","language":"zh","title":"马斯克忠实粉丝疯狂买入特斯拉(TSLA.US)股票 总投入金额达80亿美元","url":"https://stock-news.laohu8.com/highlight/detail?id=2521482239","media":"智通财经","summary":"根据摩根大通全球股票衍生品策略师Emma Wu的数据，截至周四，个人投资者已经连续13个交易日净买入特斯拉股票，总投入金额达到惊人的80亿美元。值得注意的是，在这些个人投资者热情买入期间，特斯拉的股价却已累计下跌了17%，市值蒸发超过1550亿美元。特斯拉的股价自去年12月创下历史新高后便开始快速下跌。他表示，只要马斯克继续领导公司的长期愿景，特斯拉未来90%的市值增长将来自于自动驾驶技术与机器人技术。","content":"<html><body><p><a href=\"https://laohu8.com/S/TSLA\">特斯拉</a>(TSLA.US)股价正经历自由落体般的暴跌，全球销量大幅下滑，就连一向看好该公司的华尔街最热情的分析师们也开始变得谨慎起来。然而，在这样的背景下，有一个群体正以前所未有的热情买入特斯拉的股票，他们正是公司CEO马斯克的忠实粉丝。</p><p>长期以来，特斯拉始终拥有一批忠诚的个人投资者，他们对马斯克的社交平台X上的一言一行都极为关注。这些投资者会在网络论坛上对特斯拉的业务和前景进行深入分析，某种程度上成为推动该股人气的主力。</p><p>智通财经APP获悉，目前，这些粉丝的热情已经达到前所未有的高度。根据<a href=\"https://laohu8.com/S/JPM\">摩根大通</a>全球股票衍生品策略师Emma Wu的数据，截至周四，个人投资者已经连续13个交易日净买入特斯拉股票，总投入金额达到惊人的80亿美元。这是自2015年以来的最长连续买入纪录。</p><p>值得注意的是，在这些个人投资者热情买入期间，特斯拉的股价却已累计下跌了17%，市值蒸发超过1550亿美元。</p><p>DataTrek Research联合创始人Nicholas Colas表示：“特斯拉曾让一些早期到中期阶段的投资者暴富，很多人正是凭借这只股票成为百万富翁。人们不会忘记这种经历，当他们感觉股票被低估时，就会一次又一次地回来买入。”</p><p>特斯拉的股价自去年12月创下历史新高后便开始快速下跌。当时因特朗普胜选而带来的市场乐观情绪，曾推高股价至新高，但这种乐观很快消失。截至目前，特斯拉已从去年12月17日的最高点暴跌超过50%，成为今年<a href=\"https://laohu8.com/S/161125\">标普500</a>指数中跌幅第二大的股票。这场股价暴跌之势甚至促使马斯克在周四的公司内部会议上试图安抚员工，呼吁大家“坚持持有股票”。</p><p>然而问题显而易见，华尔街原本以为对特斯拉有利的因素，马斯克在特朗普政府担任政府效率部门负责人这一角色，如今却成了公司的一大负担。马斯克日益活跃的政治角色以及在欧洲争议事件中的频繁亮相，正在引发公众对公司和其本人的强烈抵制。如今特斯拉汽车甚至被视为一种政治符号，欧洲多地的特斯拉展厅遭到示威者的燃烧弹袭击，充电站也遭到破坏。</p><p>负面影响正在反映到公司的财务表现中。特斯拉汽车在法国、德国等欧洲主要市场以及中国和澳大利亚的销量明显下滑。虽然美国市场的销售数据要到下个月公司公布第一季度交付数字时才能知晓，但华尔街分析师已经纷纷下调销量和利润预期。</p><p>周四，长期看多特斯拉的<a href=\"https://laohu8.com/S/MS\">摩根士丹利</a>分析师Adam Jonas下调了特斯拉的目标股价和销售预测，理由是市场竞争加剧、产品老化，以及品牌负面情绪引发的“买家抵制”。不过他依然维持了特斯拉股票的买入评级，认为当前的短期负面预期不会根本改变公司未来依靠机器人技术与人工智能的发展方向。</p><p>另一位分析师，韦德布什证券的Daniel Ives则在周五肯定了马斯克在这一关键时刻对员工和投资者的安抚措施。他表示，只要马斯克继续领导公司的长期愿景，特斯拉未来90%的市值增长将来自于自动驾驶技术与机器人技术。这种长期乐观的观点至少部分解释了为何零售投资者持续对特斯拉股票保持高度热情。</p><p>Colas进一步指出：“这些类型的投资者完全不在乎估值。他们坚信的是公司未来的前景，以及马斯克的个人能力。”</p></body></html>","source":"stock_zhitongcaijing","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>马斯克忠实粉丝疯狂买入特斯拉(TSLA.US)股票 总投入金额达80亿美元</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n马斯克忠实粉丝疯狂买入特斯拉(TSLA.US)股票 总投入金额达80亿美元\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-03-21 23:33 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1265965.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>特斯拉(TSLA.US)股价正经历自由落体般的暴跌，全球销量大幅下滑，就连一向看好该公司的华尔街最热情的分析师们也开始变得谨慎起来。然而，在这样的背景下，有一个群体正以前所未有的热情买入特斯拉的股票，他们正是公司CEO马斯克的忠实粉丝。长期以来，特斯拉始终拥有一批忠诚的个人投资者，他们对马斯克的社交平台X上的一言一行都极为关注。这些投资者会在网络论坛上对特斯拉的业务和前景进行深入分析，某种程度上...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1265965.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4574":"无人驾驶","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","BK4551":"寇图资本持仓","BK4598":"佩洛西持仓","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","TSLA":"特斯拉","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","BK4604":"机器人概念","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc 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ETF-Direxion"},"source_url":"http://www.zhitongcaijing.com/content/detail/1265965.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2521482239","content_text":"特斯拉(TSLA.US)股价正经历自由落体般的暴跌，全球销量大幅下滑，就连一向看好该公司的华尔街最热情的分析师们也开始变得谨慎起来。然而，在这样的背景下，有一个群体正以前所未有的热情买入特斯拉的股票，他们正是公司CEO马斯克的忠实粉丝。长期以来，特斯拉始终拥有一批忠诚的个人投资者，他们对马斯克的社交平台X上的一言一行都极为关注。这些投资者会在网络论坛上对特斯拉的业务和前景进行深入分析，某种程度上成为推动该股人气的主力。智通财经APP获悉，目前，这些粉丝的热情已经达到前所未有的高度。根据摩根大通全球股票衍生品策略师Emma Wu的数据，截至周四，个人投资者已经连续13个交易日净买入特斯拉股票，总投入金额达到惊人的80亿美元。这是自2015年以来的最长连续买入纪录。值得注意的是，在这些个人投资者热情买入期间，特斯拉的股价却已累计下跌了17%，市值蒸发超过1550亿美元。DataTrek Research联合创始人Nicholas Colas表示：“特斯拉曾让一些早期到中期阶段的投资者暴富，很多人正是凭借这只股票成为百万富翁。人们不会忘记这种经历，当他们感觉股票被低估时，就会一次又一次地回来买入。”特斯拉的股价自去年12月创下历史新高后便开始快速下跌。当时因特朗普胜选而带来的市场乐观情绪，曾推高股价至新高，但这种乐观很快消失。截至目前，特斯拉已从去年12月17日的最高点暴跌超过50%，成为今年标普500指数中跌幅第二大的股票。这场股价暴跌之势甚至促使马斯克在周四的公司内部会议上试图安抚员工，呼吁大家“坚持持有股票”。然而问题显而易见，华尔街原本以为对特斯拉有利的因素，马斯克在特朗普政府担任政府效率部门负责人这一角色，如今却成了公司的一大负担。马斯克日益活跃的政治角色以及在欧洲争议事件中的频繁亮相，正在引发公众对公司和其本人的强烈抵制。如今特斯拉汽车甚至被视为一种政治符号，欧洲多地的特斯拉展厅遭到示威者的燃烧弹袭击，充电站也遭到破坏。负面影响正在反映到公司的财务表现中。特斯拉汽车在法国、德国等欧洲主要市场以及中国和澳大利亚的销量明显下滑。虽然美国市场的销售数据要到下个月公司公布第一季度交付数字时才能知晓，但华尔街分析师已经纷纷下调销量和利润预期。周四，长期看多特斯拉的摩根士丹利分析师Adam Jonas下调了特斯拉的目标股价和销售预测，理由是市场竞争加剧、产品老化，以及品牌负面情绪引发的“买家抵制”。不过他依然维持了特斯拉股票的买入评级，认为当前的短期负面预期不会根本改变公司未来依靠机器人技术与人工智能的发展方向。另一位分析师，韦德布什证券的Daniel Ives则在周五肯定了马斯克在这一关键时刻对员工和投资者的安抚措施。他表示，只要马斯克继续领导公司的长期愿景，特斯拉未来90%的市值增长将来自于自动驾驶技术与机器人技术。这种长期乐观的观点至少部分解释了为何零售投资者持续对特斯拉股票保持高度热情。Colas进一步指出：“这些类型的投资者完全不在乎估值。他们坚信的是公司未来的前景，以及马斯克的个人能力。”","news_type":1,"symbols_score_info":{"TSLL":1,"TSYW.SI":0.6,"TSLA":1}},"isVote":1,"tweetType":1,"viewCount":589,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3569813687566140","authorId":"3569813687566140","name":"股票涨涨涨呀","avatar":"https://static.tigerbbs.com/0ba905d497411fa43f66d085b079c5b1","crmLevel":7,"crmLevelSwitch":0,"idStr":"3569813687566140","authorIdStr":"3569813687566140"},"content":"你得自动驾驶用上了么[开心]","text":"你得自动驾驶用上了么[开心]","html":"你得自动驾驶用上了么[开心]"},{"author":{"id":"4186320050829842","authorId":"4186320050829842","name":"柴房战神","avatar":"https://static.tigerbbs.com/e1b39adb2e2cc51d46292c639c392a5a","crmLevel":3,"crmLevelSwitch":1,"idStr":"4186320050829842","authorIdStr":"4186320050829842"},"content":"大佬牛逼，小散默默跟进，搭上便车","text":"大佬牛逼，小散默默跟进，搭上便车","html":"大佬牛逼，小散默默跟进，搭上便车"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":413448747651304,"gmtCreate":1741968958694,"gmtModify":1741968961851,"author":{"id":"3575336049872142","authorId":"3575336049872142","name":"tom33","avatar":"https://static.tigerbbs.com/fa9a2ae69ad94cc4f6f7359e1f604635","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575336049872142","authorIdStr":"3575336049872142"},"themes":[],"title":"","htmlText":"Replying to <a href=\"https://laohu8.com/U/3560418186602071\">@画饼仙人马斯克</a>:还200，人人都想到200以下，唯我说世纪大底就在目前，即最低位217元，已全仓杀入，目标5年10倍。认为200以下全部踏空[开心]//<a href=\"https://laohu8.com/U/3560418186602071\">@画饼仙人马斯克</a>:必须看空啊，护城河没有，ceo也不管公司的事情。自动驾驶画饼画了七年都没真正落地，这次机器人和自动的士又需要几年呢？近期200以下稳稳当当的","listText":"Replying to <a href=\"https://laohu8.com/U/3560418186602071\">@画饼仙人马斯克</a>:还200，人人都想到200以下，唯我说世纪大底就在目前，即最低位217元，已全仓杀入，目标5年10倍。认为200以下全部踏空[开心]//<a href=\"https://laohu8.com/U/3560418186602071\">@画饼仙人马斯克</a>:必须看空啊，护城河没有，ceo也不管公司的事情。自动驾驶画饼画了七年都没真正落地，这次机器人和自动的士又需要几年呢？近期200以下稳稳当当的","text":"Replying to 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现在摊薄到19.4"}],"imageCount":1,"langContent":"CN","totalScore":0},{"id":160150582,"gmtCreate":1623775791646,"gmtModify":1623775791646,"author":{"id":"3575336049872142","authorId":"3575336049872142","name":"tom33","avatar":"https://static.tigerbbs.com/fa9a2ae69ad94cc4f6f7359e1f604635","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575336049872142","authorIdStr":"3575336049872142"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$</a>14块不买，26块买？20天涨了100%，追高必死。","listText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$</a>14块不买，26块买？20天涨了100%，追高必死。","text":"$老虎证券(TIGR)$14块不买，26块买？20天涨了100%，追高必死。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":19,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/160150582","isVote":1,"tweetType":1,"viewCount":2165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":450370701332832,"gmtCreate":1750982674082,"gmtModify":1750982676133,"author":{"id":"3575336049872142","authorId":"3575336049872142","name":"tom33","avatar":"https://static.tigerbbs.com/fa9a2ae69ad94cc4f6f7359e1f604635","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575336049872142","authorIdStr":"3575336049872142"},"themes":[],"title":"","htmlText":"雨骗子编几个数字借机拉高自己股票造势好减持[弱]&nbsp; [弱]&nbsp; [弱]&nbsp; [弱]&nbsp; [弱]&nbsp; [弱]&nbsp; [弱]&nbsp; [弱]&nbsp; [弱]&nbsp; [弱]&nbsp;&nbsp;","listText":"雨骗子编几个数字借机拉高自己股票造势好减持[弱]&nbsp; [弱]&nbsp; [弱]&nbsp; [弱]&nbsp; [弱]&nbsp; [弱]&nbsp; [弱]&nbsp; [弱]&nbsp; [弱]&nbsp; [弱]&nbsp;&nbsp;","text":"雨骗子编几个数字借机拉高自己股票造势好减持[弱] [弱] [弱] [弱] [弱] [弱] [弱] [弱] [弱] [弱]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/450370701332832","repostId":"1174482766","repostType":2,"repost":{"id":"1174482766","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":1750980213,"share":"https://www.laohu8.com/m/news/1174482766?lang=zh_CN&edition=full","pubTime":"2025-06-27 07:23","market":"hk","language":"zh","title":"彻底爆了！小米首款SUV小米YU7上市，1小时大定突破289000台","url":"https://stock-news.laohu8.com/highlight/detail?id=1174482766","media":"老虎资讯综合","summary":"6月26日晚间，雷军官宣YU7售价25.35万起，发布后3分钟大定突破20万台，仅仅1个小时后大定28.9万台。小米集团美股ADR一度涨超10%，同时刺激恒指期货上扬。小米集团美股ADR最终涨9.85%。小米汽车首款SUV车型YU7标准版的售价为25.35万元，比Model Y便宜1万元，Pro版售价27.99万元，MAX版售价32.99万元。全系超长续航，标准版为835km。同日，小米还发布了AI眼镜、SU7 Ultra纽北限量版等一系列产品。并且，雷军宣布未来5年（2026年至2030年），小米研发投入预计为2000亿元。","content":"<html><head></head><body><p>6月26日晚间，雷军官宣YU7售价25.35万起，发布后3分钟大定突破20万台，仅仅1个小时后大定28.9万台。<a href=\"https://laohu8.com/S/XIACY\">小米集团ADR</a>盘中一度涨超12%，股价创历史新高。同时刺激恒指期货上扬。<a href=\"https://laohu8.com/S/XIACY\">小米集团ADR</a>最终涨9.85%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d7348a699830ea633b3d1c67b2cfe15c\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p>小米汽车首款SUV车型YU7标准版的售价为25.35万元，比Model Y便宜1万元，Pro版售价27.99万元，MAX版售价32.99万元。全系超长续航，标准版为835km。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/088339947c952d5535e9b7528ac4d8a1\" title=\"\" tg-width=\"1080\" tg-height=\"1440\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1ce81c161e9ca994188de2bf9fe62b1\" title=\"\" tg-width=\"960\" tg-height=\"1280\"/></p><p>同日，小米还发布了AI眼镜、SU7 Ultra纽北限量版等一系列产品。并且，雷军宣布未来5年（2026年至2030年），小米研发投入预计为2000亿元。</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>彻底爆了！小米首款SUV小米YU7上市，1小时大定突破289000台</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彻底爆了！小米首款SUV小米YU7上市，1小时大定突破289000台\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\">2025-06-27 07:23</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>6月26日晚间，雷军官宣YU7售价25.35万起，发布后3分钟大定突破20万台，仅仅1个小时后大定28.9万台。<a href=\"https://laohu8.com/S/XIACY\">小米集团ADR</a>盘中一度涨超12%，股价创历史新高。同时刺激恒指期货上扬。<a href=\"https://laohu8.com/S/XIACY\">小米集团ADR</a>最终涨9.85%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d7348a699830ea633b3d1c67b2cfe15c\" title=\"\" tg-width=\"560\" tg-height=\"240\"/></p><p>小米汽车首款SUV车型YU7标准版的售价为25.35万元，比Model Y便宜1万元，Pro版售价27.99万元，MAX版售价32.99万元。全系超长续航，标准版为835km。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/088339947c952d5535e9b7528ac4d8a1\" title=\"\" tg-width=\"1080\" tg-height=\"1440\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1ce81c161e9ca994188de2bf9fe62b1\" title=\"\" tg-width=\"960\" tg-height=\"1280\"/></p><p>同日，小米还发布了AI眼镜、SU7 Ultra纽北限量版等一系列产品。并且，雷军宣布未来5年（2026年至2030年），小米研发投入预计为2000亿元。</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/99b330c7a5fe2b62c4d008bd67f85ddd","relate_stocks":{"LU0593848301.USD":"未来资产亚洲卓越消费股票基金A","LU0823426480.USD":"法巴中国股票经典Dis","LU0164880469.USD":"HSBC GIF HONG KONG EQUITY \"AC\" ACC","LU0348827113.USD":"ALLIANZ RCM CHINA \"AT\" ACC","LU0235996351.USD":"UBS (LUX) KEY SELECTION SICAV - ASIAN EQUITY (USD) \"P\" (USD) ACC","LU0417516738.SGD":"Allianz Hong Kong Equity AT Acc SGD","01810":"小米集团-W","BK1607":"新IT概念","LU0708995583.HKD":"TEMPLETON CHINA \"A\" (HKD) ACC","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","BK1523":"武汉本地概念股","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) ACC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU0327786744.USD":"Janus Henderson Horizon China Opportunities A2 USD","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS  \"A2\" (USD) INC","XIACY":"小米集团ADR","LU0211977185.USD":"EASTSPRING INVESTMENTS GREATER CHINA EQUITY \"A\" ACC","LU0345775950.USD":"NINETY ONE GSF ASIAN EQUITY \"A\" (USD) ACC"},"source_url":"","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1174482766","content_text":"6月26日晚间，雷军官宣YU7售价25.35万起，发布后3分钟大定突破20万台，仅仅1个小时后大定28.9万台。小米集团ADR盘中一度涨超12%，股价创历史新高。同时刺激恒指期货上扬。小米集团ADR最终涨9.85%。小米汽车首款SUV车型YU7标准版的售价为25.35万元，比Model Y便宜1万元，Pro版售价27.99万元，MAX版售价32.99万元。全系超长续航，标准版为835km。同日，小米还发布了AI眼镜、SU7 Ultra纽北限量版等一系列产品。并且，雷军宣布未来5年（2026年至2030年），小米研发投入预计为2000亿元。","news_type":1,"symbols_score_info":{"MIUmain":1,"XIACY":1.1,"01810":1}},"isVote":1,"tweetType":1,"viewCount":3298,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3562184880779117","authorId":"3562184880779117","name":"科技玩家","avatar":"https://static.tigerbbs.com/d296554e6ff4b6c4b3cb6b3d5bcc279f","crmLevel":2,"crmLevelSwitch":0,"idStr":"3562184880779117","authorIdStr":"3562184880779117"},"content":"你说瞎编数字，你就拿出证据！就你这种人天天**苹果好！见不得草根起来！最关键你自己就是最草根最**丝的人。","text":"你说瞎编数字，你就拿出证据！就你这种人天天**苹果好！见不得草根起来！最关键你自己就是最草根最**丝的人。","html":"你说瞎编数字，你就拿出证据！就你这种人天天**苹果好！见不得草根起来！最关键你自己就是最草根最**丝的人。"},{"author":{"id":"3496190328365147","authorId":"3496190328365147","name":"samuel_gor","avatar":"https://static.tigerbbs.com/9cf847386065664b52e37f713a9ac69c","crmLevel":2,"crmLevelSwitch":0,"idStr":"3496190328365147","authorIdStr":"3496190328365147"},"content":"这智商炒股多半是亏","text":"这智商炒股多半是亏","html":"这智商炒股多半是亏"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":169430981,"gmtCreate":1623846623343,"gmtModify":1623846623343,"author":{"id":"3575336049872142","authorId":"3575336049872142","name":"tom33","avatar":"https://static.tigerbbs.com/fa9a2ae69ad94cc4f6f7359e1f604635","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575336049872142","authorIdStr":"3575336049872142"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$</a>200倍的市盈率，好吓人。股价腰砍一半还有100倍市盈率。","listText":"<a href=\"https://laohu8.com/S/TIGR\">$老虎证券(TIGR)$</a>200倍的市盈率，好吓人。股价腰砍一半还有100倍市盈率。","text":"$老虎证券(TIGR)$200倍的市盈率，好吓人。股价腰砍一半还有100倍市盈率。","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":7,"repostSize":0,"link":"https://laohu8.com/post/169430981","isVote":1,"tweetType":1,"viewCount":5969,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3516165326153666","authorId":"3516165326153666","name":"海天飞鸟","avatar":"https://static.tigerbbs.com/11525d1cb6ee5144cf68f0f61953987a","crmLevel":6,"crmLevelSwitch":0,"idStr":"3516165326153666","authorIdStr":"3516165326153666"},"content":"如果按照今年全年利润来算，市盈率可能就降到30了","text":"如果按照今年全年利润来算，市盈率可能就降到30了","html":"如果按照今年全年利润来算，市盈率可能就降到30了"},{"author":{"id":"3562154670882925","authorId":"3562154670882925","name":"DDbg","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"idStr":"3562154670882925","authorIdStr":"3562154670882925"},"content":"天，这种言论，还有迅速点赞的。。。[笑哭]","text":"天，这种言论，还有迅速点赞的。。。[笑哭]","html":"天，这种言论，还有迅速点赞的。。。[笑哭]"}],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}