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  转自:北京商报

  继中央汇金公司明确表示发挥类“平准基金”作用之后,“国家队”择机、适时出手,极大缓解了市场的恐慌情绪,并且提供了更为充足的流动性。受此影响,A股三大指数持续走稳,上证综指更是近11个交易日中10个交易日实现上涨,从实际结果来看,类“平准基金”已成A股定海神针。

  近段时间以来,A股市场表现平稳。任凭外围市场暴风骤雨,A股市场走势一直是稳中有升。特立独行走势的背后,国家队代表的类“平准基金”功不可没。

  每逢指数盘中重挫,总有大资金坚定入场护盘;上证50、沪深300等主流ETF在多个交易日尾盘成交额均出现放量上涨。种种迹象表明,中央汇金公司兑现了“该出手时将果断出手”的承诺,有效平抑了市场异常波动,极大提振了市场信心。

  A股市场投资者结构有其独特性,散户投资者占比较高是最显著的特征之一,面对非理性波动更容易出现情绪化冲击,而类“平准基金”则充当了市场的“主心骨”,在关键时刻用真金白银降低市场恐慌情绪,引导做多信心,逐渐成为了稳定股市的中坚力量。

  从政策端来看,类“平准基金”的维稳通常都有其他政策组合拳的配合,诸如国资、险资密集发声,上市公司掀起回购潮等,政策利好集合体进一步放大了平准策略的功效。让A股市场稳得更快,稳得更长久。

  从策略端来看,类“平准基金”的交易策略有较为明显的“优先级”。一方面重点配置沪深300、上证50等核心指数权重,直接稳定蓝筹股板块,让重要指数先稳定下来。另一方面,也兼顾中证500、中证1000等中小盘指数,均衡增持结构,体现出多元化的投资布局,进一步贴合市场需求。

  资本市场有其固然的运行规律,过多干预可能形成负反馈,发力过轻则可能起不到维稳的效果,类“平准基金”的发力尺度考验着监管层的智慧。就近期的情况来看,类“平准基金”尺度拿捏得可谓恰到好处。

  指数的温和上涨、成交量的相对稳定、个股表现的相对理性,最大化地降低了对市场的干预程度。类“平准基金”更多的是在为市场托底,在健康运行区间,仍然是市场化规律在发生作用,如此这般方能保证市场更加稳定地运行。

  综合来看,类“平准基金”的最大意义在于提振市场信心。在市场恐慌期、迷茫时,“国家队”敢于及时出手,意味着充分认可当前A股的配置价值。“国家队”的逆势布局,不仅能承接部分恐慌性抛盘,还能带动市场的多头情绪,在给投资者加油打气的同时,也进一步坚定了耐心资本长期持股的信心。

  新浪科技讯北京时间4月23日早间消息,特斯拉汽车今天公布了该公司的2025财年第一季度财报。报告显示,特斯拉汽车第一季度总营收为193.35亿美元,与去年同期的213.01亿美元相比下降9%;净利润为4.20亿美元,与去年同期的14.05亿美元相比大幅下降;普通股股东应占净利润为4.09亿美元,与去年同期的13.90亿美元相比大幅下降71%。

  特斯拉第一季度营收和调整后每股摊薄收益均未达到华尔街分析师此前预期。与此同时,特斯拉CEO埃隆·马斯克(ElonMusk)表示,从5月开始,他管理特朗普政府效率部(DOGE)的时间将“大幅”减少。

  消息传出后,特斯拉盘后股价上涨逾4%。今年以来,特斯拉股价已经累计下跌了40%以上。

  第一季度业绩详情:

  在截至3月31日的这一财季,特斯拉汽车的净利润为4.20亿美元,与去年同期的14.05亿美元相比大幅下降。特斯拉第一季度普通股股东应占净利润为4.09亿美元,与去年同期的13.90亿美元相比大幅下降71%;普通股股东应占每股摊薄收益为0.12美元,与去年同期的0.41美元相比下降71%。

  不计入某些一次性项目(不按照美国通用会计准则),特斯拉第一季度普通股股东应占调整后净利润为9.34亿美元,与去年同期的15.36亿美元相比下降39%;调整后每股摊薄收益为0.27美元,与去年同期的0.45美元相比下降40%,这一业绩未能达到分析师此前预期。据全球金融市场基础设施和数据提供商LSEG提供的数据显示,分析师此前平均预期特斯拉第一季度调整后每股收益将达0.39美元。

  特斯拉汽车第一季度总营收为193.35亿美元,与去年同期的213.01亿美元相比下降9%,这一业绩也未能达到分析师此前预期。据LSEG提供的数据显示,分析师此前平均预期特斯拉第一季度营收将达211.1亿美元。

  按照业务部门划分:

  -特斯拉汽车第一季度来自于汽车相关业务的总营收为139.67亿美元,与去年同期的173.78亿美元相比下降20%,与上一季度的197.98亿美元相比也大幅下降。其中,来自于汽车销售业务的营收为129.25亿美元,与去年同期的164.60亿美元相比有所下降,与上一季度的186.59亿美元相比大幅下降;来自于出售汽车碳排放积分的营收为5.95亿美元,与去年同期的4.42亿美元相比有所增长,与上一季度的6.92亿美元相比则有所下降;来自于汽车租赁业务的营收为4.47亿美元,与去年同期的4.76亿美元相比有所下降,与上一季度的4.47亿美元相比持平。

  -特斯拉汽车第一季度来自于发电和储能业务的营收为27.30亿美元,与去年同期的16.35亿美元相比增长67%,与上一季度的30.61亿美元相比则有所下降。

  -特斯拉汽车第一季度来自于服务及其他业务的营收为26.38亿美元,与去年同期的22.88亿美元相比增长15%,与上一季度的28.48亿美元相比则有所下降。

  特斯拉汽车第一季度总毛利润为31.53亿美元,与去年同期的36.96亿美元相比下降15%,与上一季度的41.79亿美元相比也出现下降;总毛利率为16.3%,与去年同期的17.4%相比下降104个基点,与上一季度的总毛利率16.3%相比持平。

  特斯拉汽车第一季度运营利润为3.99亿美元,与去年同期的11.71亿美元相比下降66%,与上一季度的15.83亿美元相比也大幅下降;运营利润率为2.1%,与去年同期的5.5%相比下降343个基点,与上一季度的6.2%相比也有所下降。

  特斯拉汽车第一季度总营收成本为161.82亿美元,与去年同期的176.05亿美元相比有所下降。其中:

  -汽车销售业务的营收成本为114.61亿美元,与去年同期的138.97亿美元相比有所下降;

  -汽车租赁业务的营收成本为2.39亿美元,与去年同期的2.69亿美元相比有所下降;

  -汽车业务的整体运营成本为117.00亿美元,与去年同期141.66亿美元相比有所下降;

  -发电和储能业务的营收成本为19.45亿美元,与去年同期的12.32亿美元相比有所上升;

  -服务及其他业务的营收成本为25.37亿美元,与去年同期的22.07亿美元相比有所上升。

  特斯拉汽车第一季度总运营支出为27.54亿美元,与去年同期的25.25亿美元相比有所上升。其中,研发支出为14.09亿美元,与去年同期的11.51亿美元相比有所上升;销售、总务和行政支出为12.51亿美元,与去年同期的13.74亿美元相比有所下降。

  现金相关信息:

  特斯拉汽车第一季度来自于业务运营活动的净现金为21.56亿美元,与去年同期的2.42亿美元相比大幅增长791%。特斯拉汽车第一季度资本支出为14.92亿美元,与去年同期的27.77亿美元相比下降46%。特斯拉汽车第一季度的自由现金流为6.64亿美元,而去年同期的自由现金流为-25.35亿美元。

  截至2025财年第一季度末为止,特斯拉持有的现金和现金等价物总额为369.96亿美元,与截至2024财年第一季度末的268.63亿美元相比增长38%,与截至2024财年第四季度末的365.63亿美元相比也有所增长。

  产量和交付量数据:

  特斯拉汽车还在财报中披露了各种车型的产量和交付量数据。报告显示,Model3和ModelY车型第一季度产量为345454辆,与去年同期的412376辆相比下降16%;交付量为323800辆,与去年同期的369783辆相比下降12%。其他车型第一季度产量为17161辆,与去年同期的20995辆相比下降18%;交付量为12881辆,与去年同期的17027辆相比下降24%。

  整体而言,特斯拉汽车第一季度的总汽车产量为362615辆,与去年同期的433371辆相比下降16%;总汽车交付量为336681辆,与去年同期的386810辆相比下降13%。

  另外,截至2025财年第一季度末,特斯拉汽车运营中的租借汽车总数量为179930辆,与截至2024财年第一季度末的173131辆相比增长4%。特斯拉汽车第一季度的全球汽车库存(供应天数)为22天,与去年同期的28天相比下降21%。

  前景展望:

  在汽车产量方面,特斯拉汽车表示,很难衡量全球贸易政策转变对汽车和能源供应链、公司成本结构以及耐用品和相关服务需求的影响。虽然特斯拉汽车正在进行审慎的投资,以便为其汽车和能源业务建立起增长模式,但今年的增长率将取决于各种因素,包括自动驾驶业务的加速发展、工厂的产量增长和更广泛的宏观经济环境等。特斯拉汽车称,该公司在第二季度业绩更新中对2025年的指导方针作出重新审视。

  在现金问题上,特斯拉汽车表示,该公司拥有足够的流动性来为其产品路线图、长期产能扩张计划和其他费用提供资金。此外,特斯拉称其将通过管理业务的方式,在当前这个不确定时期保持强劲的资产负债表。

  在利润问题上,特斯拉汽车表示,该公司还在继续实施创新以降低制造和运营成本,而随着时间的推移,预计该公司的硬件相关利润将伴随着人工智能、软件和基于车队的利润一起加速增长。

  在产品相关问题上,特斯拉汽车表示,新车计划(包括更经济实惠的车型)仍有望在2025年上半年开始投产,这些车型将利用下一代平台的各个方面以及当前平台的各个方面,并将在与当前车型相同的生产线上进行生产。这种方法可能会导致成本降低幅度低于之前的预期,但可令特斯拉能在不确定时期以更高效的资本支出方式谨慎地提高汽车产量,这将有助于该公司充分利用目前预计的近300万辆汽车的最大产能,在投资新的生产线之前,实现比2024年产量增长60%以上。此外,特斯拉称其机器人出租车产品Cybercab将继续奉行革命性的“开箱”(unboxed)制造战略,并计划从2026年开始批量生产。

  另外,特斯拉汽车CEO埃隆·马斯克在财报发布后召开的电话会议上表示,从5月开始,他管理特朗普政府效率部的时间将“大幅”减少。

  股价变动:

  当日,特斯拉汽车股价在纳斯达克常规交易中上涨10.47美元,报收于237.97美元,涨幅为4.60%。在随后截至美国东部时间周二下午5点46分(北京时间周三凌晨5点46分)的盘后交易中,特斯拉汽车股价再度大幅上涨10.03美元,至248.00美元,涨幅为4.21%。过去52周,特斯拉汽车的最高价为488.54美元,最低价为141.11美元。

热点栏目自选股数据中心行情中心资金流向模拟交易客户端

  酷派集团(02369)发布公告,董事会建议实施股本重组,当中包括股份合并、股本削减及股份拆细。

  股份合并将涉及每40股每股面值0.01港元的已发行及未发行现有股份合并为1股每股面值0.4港元的合并股份。

  紧随股份合并生效后,股本削减予以实施,当中涉及(a)透过就每股届时已发行合并股份注销公司缴足股本0.3港元,将每股已发行合并股份的面值由0.4港元削减至0.1港元及(b)注销股份合并产生的公司已发行股本中的任何零碎合并股份。

  紧随股份合并及股本削减生效后,每股法定但未发行合并股份将拆细为4股每股面值0.1港元的新股份。

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