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#石药集团 #TSL #Cyb...

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附件总结 特斯拉Cybercab来了，Waymo应该感到担忧 260912.mp3

  1. 此外，他提醒投资者，投资决策应基于个人判断，考虑到投资的不确定性，并警告某些前瞻性陈述可能不会实现，建议投资者自行评估投资机会的适合性。
  2. 发言人1：Tesla's new cyber cafe vehicle is a two-seater, zero-emission pedicure vehicle with a cost of operation around twenty-five cents per mile. Tesla plans to charge a platform fee similar to Uber's model, which will be a percentage cut of the gross revenue generated by the drivers. The company aims to ensure a good return on capital for the vehicle owners.
  3. 发言人1：The cyber cafe vehicle is designed with a focus on optimizing cost per mile for robot taxi operations, which includes features like a highly efficient electric vehicle design, total electric actuation of the brakes, and reduced manufacturing complexity.
  4. 发言人1：Tesla's strategy is to allow others to operate the cyber cabs while they collect a platform fee. By doing this, Tesla can ensure a good return on capital for the asset owners, maintain control over the platform fees, and facilitate the overall profitability of the business.
  5. 发言人1：The platform fee will be a percentage cut of the gross revenue generated by the operators who buy the cyber cabs. Tesla's goal is to enable operators to get a good return on their investment, which can potentially be around twenty cents for every mile driven, making it very lucrative for the operators.
  6. 发言人1：The cost per mile economics of a cyber taxi network is heavily influenced by the actual cost of the vehicle and its efficiency on an electric basis. Tesla aims to optimize these factors to provide a cost-effective solution for transportation.
  7. 发言人1：The market has been mixed with some attendees at the exclusive event finding the Tesla Cybercafe announcement exciting, while others, such as some influencers, have become distracted by other ventures like SpaceX and are looking elsewhere. However, the general sentiment suggests that the market may not be fully engaged or optimistic about Tesla's potential transformation of transportation with the Cybercafe.
  8. 发言人1：IT advancements are expected to result in faster service availability and significant cost reductions. For instance, the price of using a robot taxi is forty percent cheaper than a Model Y and half the cost of Uber, and with the integration of cybercafe locations in the app, demand for these services is anticipated to increase.

瑞普生物 260909.mp3

  1. 瑞普生物作为行业先驱，已完成菌类验证，拥有中式样品，规划了国内最大产能，预计四季度启动天津6万吨基地，明年上半年将贡献收入与利润，展现了良好的资金状况和产业化基础。
  2. 对话围绕瑞普生物的长期规划展开，重点讨论了其在传统动保领域及宠物动保市场的增长潜力，预计未来五年利润可达4至5亿。
  3. 尽管近期受生物制品计税调整影响，利润出现波动，但公司主业展现出强劲韧性，预计明年业绩将有30%以上增长。
  4. 团队将进行瑞普生物蛋白工厂深度调研，首次面向投资人开放，安排产品试吃环节，展示蛋白产品与肉制品相近的口感及高营养价值，强化公司核心竞争力和布局理解，预告后续优质公司分享计划，提醒投资者注意风险。
  5. 强烈推荐了瑞普生物，指出其在动物保健行业的领先地位，特别是在鸡和猪疫苗、化药产品方面，且行业利润稳定在3到4亿的区间，展现出持续增长的趋势。
  6. 最后，他以分析师林一丹的身份，呼吁投资者关注瑞普生物的持续发展和投资机会，同时提醒市场风险，强调投资需谨慎。
  7. 金丝蛋白产品形态丰富，口感接近肉类，应用场景广泛，且安全性高、营养价值不逊色于传统蛋白来源，预计在四季度将启动试车投产，为明年的业绩增长带来贡献。
  8. 发言人1：长期来看，瑞普生物有望在传统动保领域做到4到5个亿的利润水平，尤其是在宠物动保方面，公司已取得国产猫三联疫苗等重要成果，该板块正快速推进并有望成为第二增长曲线。

石药集团 260910_原文.docx

  1. 那以这个一加FDC为代表的核心的管线，我们看到也在今年的八月份也披露了首个三期的顶线数据那我们预计有希望能够成为国内首款去货币上市的EFIDC。
  2. 然后另外值得关注的话，就是公司从这个后线到一线的一个拓展，就是公司整体连好去替你的这个一线的一线二突变的这个三期也在今年1月份开始入组了。
  3. 首先这个石料来讲的话，本身它作为国内的这个龙头，这个big巴马就整体的存量的一个业务，还有销售能力，我觉得是经过了过去这么多年的一个证实但是我们看到在过去的从24年到25年，公司的整体的主业的一个基本面确实出现了一定下滑。
  4. 我们预计这个联合PD one的这个延伸型的二级数据，可能会在今年WCLC上，可能会有一定的披露，也就是其实对于6010来讲的话，就是我们觉得整体的临床的一个管线布局，深圳布局其实都是已经比较丰富的。
  5. 然后此外的话就是沿着整个PD one的升级的路线，公司可能在今年的下半年还会有一个新的IND，我们预计的话可能是类似像基石的PDYVGFCTR four的这个3。
  6. 我们预计会在今年的下半年，结束整个PCSK nine的一个随访，有希望能够成为国内首款货币上市的PCSK nine的小核酸药物因为国内目前全球的三款主要的PP9的药物的合计，已经达到了50亿的美金。
  7. 首先从盈利预测上来讲的话，就是我们预计随着整体这个公司主页上的一个逐步回暖，就26到28年公司整体的这个成交业务，预计是可以实现一个相对说比较平缓的一个增长。
  8. 然后利润端的话，就我们预计还是一个比较平稳的一个态势，存量的主业大概是可以实现一个大概40亿左右的一个利润。

特斯拉Cybercab来了，Waymo应该感到担忧 260912_导读.docx

  1. 此外，他提醒投资者，投资决策应基于个人判断，考虑到投资的不确定性，并警告某些前瞻性陈述可能不会实现，建议投资者自行评估投资机会的适合性。
  2. 发言人1：Tesla's new cyber cafe vehicle is a two-seater, zero-emission pedicure vehicle with a cost of operation around twenty-five cents per mile. Tesla plans to charge a platform fee similar to Uber's model, which will be a percentage cut of the gross revenue generated by the drivers. The company aims to ensure a good return on capital for the vehicle owners.
  3. 发言人1：The cyber cafe vehicle is designed with a focus on optimizing cost per mile for robot taxi operations, which includes features like a highly efficient electric vehicle design, total electric actuation of the brakes, and reduced manufacturing complexity.
  4. 发言人1：Tesla's strategy is to allow others to operate the cyber cabs while they collect a platform fee. By doing this, Tesla can ensure a good return on capital for the asset owners, maintain control over the platform fees, and facilitate the overall profitability of the business.
  5. 发言人1：The platform fee will be a percentage cut of the gross revenue generated by the operators who buy the cyber cabs. Tesla's goal is to enable operators to get a good return on their investment, which can potentially be around twenty cents for every mile driven, making it very lucrative for the operators.
  6. 发言人1：The cost per mile economics of a cyber taxi network is heavily influenced by the actual cost of the vehicle and its efficiency on an electric basis. Tesla aims to optimize these factors to provide a cost-effective solution for transportation.
  7. 发言人1：The market has been mixed with some attendees at the exclusive event finding the Tesla Cybercafe announcement exciting, while others, such as some influencers, have become distracted by other ventures like SpaceX and are looking elsewhere. However, the general sentiment suggests that the market may not be fully engaged or optimistic about Tesla's potential transformation of transportation with the Cybercafe.
  8. 发言人1：IT advancements are expected to result in faster service availability and significant cost reductions. For instance, the price of using a robot taxi is forty percent cheaper than a Model Y and half the cost of Uber, and with the integration of cybercafe locations in the app, demand for these services is anticipated to increase.

特斯拉Cybercab来了，Waymo应该感到担忧 260912_原文.docx

  1. Ags been here. The similarity has started, and now we are at least four steps in four human steps. But if they're competing with uber and they're able to charge even a dollar or fifty a mile, we think the cyber cap could cost around twenty five hundred a thousand.
  2. Operate. So many cool things happen this week, cybercafe, agi, millennium problems being solved and twitter spats that follow. Another researcher claiming that a is gonna kill everyone in quitting their job.
  3. And then, of course, the apple debut. Are they raising mistakes in AI, or are they fold in, uh, let's start with cyber cab, uh, bread. What do you want to what you want to take away from this event?
  4. But the the launch event is, hey, this is a two seat zero during wheel peddles vehicle that they are putting out into the world and its running around at um a per mile basis, half the cost of an uber um which is you know we think it'll actually probably get even cheaper over time. Um and the cybercafe is clearly testers push into the robo taxi future. This is a vehicle that was designed specifically for robot taxing around meaning you can make all kinds of engineering optimization if you are going to try to reduce cost for mile as aggressively is possible for robot taxi. Now cost per mile is different from Price per mile.
  5. So the way this is gona work is testers gona charge a platform fee, just like uber does. The platform fee will be some percentage cut of the growth revenue that people go. Tesla will want the people who buy cyber cabs to get a good return on capital, and they own some themselves and they can control the return on capital that keep people get by changing that platform.
  6. p. But if they're competing with uber and they're able to charge even a dollar fifty of mile, we think the cyber cap could cost around twenty five since a mile to Operate. So there's a dollar twenty five for mile that tesla can keep some ford itself and give others to cybercafe owners.
  7. The if you look at the cost per mile economics of uh of running a cyber of robot taxi network, the biggest, biggest input to those economics is the actual cost of the vehicle. 请关注公众号思维纪要社，更多纪要请加V西安20210130。
  8. They're not they're basically the preprocessing that apple is insisting that, that needs to do in part due to privacy, but also to basically keep control, I think, is going to increasingly restrict kind of like the ability of these systems to be univerSally useful and kind of the consumer experience with technology is going to be increasingly driven by how easily plug enable is that technology into the AI agents that are running their lives. And I already say, like, so what are they used drug bot for basically to extract myself out of my cloud into google drive because that has a Better set of connectors with both OpenAI and rock. I and so um you know the first, the only, 请关注公众号思维纪要社，更多纪要请加V西安20210130。

瑞普生物 260909_导读.docx

  1. 瑞普生物作为行业先驱，已完成菌类验证，拥有中式样品，规划了国内最大产能，预计四季度启动天津6万吨基地，明年上半年将贡献收入与利润，展现了良好的资金状况和产业化基础。
  2. 对话围绕瑞普生物的长期规划展开，重点讨论了其在传统动保领域及宠物动保市场的增长潜力，预计未来五年利润可达4至5亿。
  3. 尽管近期受生物制品计税调整影响，利润出现波动，但公司主业展现出强劲韧性，预计明年业绩将有30%以上增长。
  4. 团队将进行瑞普生物蛋白工厂深度调研，首次面向投资人开放，安排产品试吃环节，展示蛋白产品与肉制品相近的口感及高营养价值，强化公司核心竞争力和布局理解，预告后续优质公司分享计划，提醒投资者注意风险。
  5. 强烈推荐了瑞普生物，指出其在动物保健行业的领先地位，特别是在鸡和猪疫苗、化药产品方面，且行业利润稳定在3到4亿的区间，展现出持续增长的趋势。
  6. 最后，他以分析师林一丹的身份，呼吁投资者关注瑞普生物的持续发展和投资机会，同时提醒市场风险，强调投资需谨慎。
  7. 金丝蛋白产品形态丰富，口感接近肉类，应用场景广泛，且安全性高、营养价值不逊色于传统蛋白来源，预计在四季度将启动试车投产，为明年的业绩增长带来贡献。
  8. 发言人1：长期来看，瑞普生物有望在传统动保领域做到4到5个亿的利润水平，尤其是在宠物动保方面，公司已取得国产猫三联疫苗等重要成果，该板块正快速推进并有望成为第二增长曲线。

瑞普生物 260909_原文.docx

  1. 主要的产品的话，比如说是鸡的疫苗，株的疫苗，然后包括鸡和猪治病用的一些化药产品，所以经过这么多年的动保领域的深耕，我们看到它目前的整个动物保健相关的规模是在行业内领先的那在过去几年，其实我们看到请关注公众号思维纪要社，更多纪要请加V西安20210130。
  2. 那我们现在重点推荐的原因，除了说它的主业比较稳健之外，我们是看到的他看到他的新兴业务其实有非常让人期待的这个布局。
  3. 所以我们预计就是在今年四季度按照公司的计划去落地生产，然后在今年年底就能试去去生产的这件事情其实确定性是很强的那另外就是我们说从产品稀缺性来讲，瑞普生物是用这个是镰刀井的金猪去去做这个相关的金丝蛋白的产品。
  4. 所以在这个情况这个极端去分析的话，如果说它的这个应用场景又比较丰富，后续随着规模化的这个情况，它能够有进一步的扩产的可能性，那成本有可能会进一步的降低，所以会带来它的这个产能布局，我们其实不太担心说产能打不满，或者市场不接受等等。
  5. 我们觉得4到5个亿的利润其实是完全可以去做展望的那它其实在前几年还有一个很重要的，而且现在也正在积极推进的就是宠物动保这个宠物医疗这一块。
  6. 然后如果从利润率双位数角度来讲的话，我们觉得长期远期来看的话，是能有两个亿以上的利润的那如果说公司在其他的产能方面还有进一步的布局的话，我们觉得菌丝蛋白完全可以称之为叫公司的第三增长曲线，对吧？
  7. 如果说看近期的话，公司今年的利润是受到了他的生物制税，生物制品的简易计税，然后调整为正常计税的一个影响。
  8. 我们也大概就是用15到20分钟的时间跟大家讲清楚公司的核心优势变化，包括潜在的催化是什么，欢迎大家持续关注。

音频总结

特斯拉Cybercab来了，Waymo应该感到担忧 260912.mp3

  1. 此外，他提醒投资者，投资决策应基于个人判断，考虑到投资的不确定性，并警告某些前瞻性陈述可能不会实现，建议投资者自行评估投资机会的适合性。
  2. 发言人1：Tesla's new cyber cafe vehicle is a two-seater, zero-emission pedicure vehicle with a cost of operation around twenty-five cents per mile. Tesla plans to charge a platform fee similar to Uber's model, which will be a percentage cut of the gross revenue generated by the drivers. The company aims to ensure a good return on capital for the vehicle owners.
  3. 发言人1：The cyber cafe vehicle is designed with a focus on optimizing cost per mile for robot taxi operations, which includes features like a highly efficient electric vehicle design, total electric actuation of the brakes, and reduced manufacturing complexity.
  4. 发言人1：Tesla's strategy is to allow others to operate the cyber cabs while they collect a platform fee. By doing this, Tesla can ensure a good return on capital for the asset owners, maintain control over the platform fees, and facilitate the overall profitability of the business.
  5. 发言人1：The platform fee will be a percentage cut of the gross revenue generated by the operators who buy the cyber cabs. Tesla's goal is to enable operators to get a good return on their investment, which can potentially be around twenty cents for every mile driven, making it very lucrative for the operators.
  6. 发言人1：The cost per mile economics of a cyber taxi network is heavily influenced by the actual cost of the vehicle and its efficiency on an electric basis. Tesla aims to optimize these factors to provide a cost-effective solution for transportation.
  7. 发言人1：The market has been mixed with some attendees at the exclusive event finding the Tesla Cybercafe announcement exciting, while others, such as some influencers, have become distracted by other ventures like SpaceX and are looking elsewhere. However, the general sentiment suggests that the market may not be fully engaged or optimistic about Tesla's potential transformation of transportation with the Cybercafe.
  8. 发言人1：IT advancements are expected to result in faster service availability and significant cost reductions. For instance, the price of using a robot taxi is forty percent cheaper than a Model Y and half the cost of Uber, and with the integration of cybercafe locations in the app, demand for these services is anticipated to increase.

瑞普生物 260909.mp3

  1. 瑞普生物作为行业先驱，已完成菌类验证，拥有中式样品，规划了国内最大产能，预计四季度启动天津6万吨基地，明年上半年将贡献收入与利润，展现了良好的资金状况和产业化基础。
  2. 对话围绕瑞普生物的长期规划展开，重点讨论了其在传统动保领域及宠物动保市场的增长潜力，预计未来五年利润可达4至5亿。
  3. 尽管近期受生物制品计税调整影响，利润出现波动，但公司主业展现出强劲韧性，预计明年业绩将有30%以上增长。
  4. 团队将进行瑞普生物蛋白工厂深度调研，首次面向投资人开放，安排产品试吃环节，展示蛋白产品与肉制品相近的口感及高营养价值，强化公司核心竞争力和布局理解，预告后续优质公司分享计划，提醒投资者注意风险。
  5. 强烈推荐了瑞普生物，指出其在动物保健行业的领先地位，特别是在鸡和猪疫苗、化药产品方面，且行业利润稳定在3到4亿的区间，展现出持续增长的趋势。
  6. 最后，他以分析师林一丹的身份，呼吁投资者关注瑞普生物的持续发展和投资机会，同时提醒市场风险，强调投资需谨慎。
  7. 金丝蛋白产品形态丰富，口感接近肉类，应用场景广泛，且安全性高、营养价值不逊色于传统蛋白来源，预计在四季度将启动试车投产，为明年的业绩增长带来贡献。
  8. 发言人1：长期来看，瑞普生物有望在传统动保领域做到4到5个亿的利润水平，尤其是在宠物动保方面，公司已取得国产猫三联疫苗等重要成果，该板块正快速推进并有望成为第二增长曲线。

石药集团 260910.mp3 总结失败：内部错误

音频

特斯拉Cybercab来了，Waymo应该感到担忧 260912.mp3

总结

  1. 此外，他提醒投资者，投资决策应基于个人判断，考虑到投资的不确定性，并警告某些前瞻性陈述可能不会实现，建议投资者自行评估投资机会的适合性。
  2. 发言人1：Tesla's new cyber cafe vehicle is a two-seater, zero-emission pedicure vehicle with a cost of operation around twenty-five cents per mile. Tesla plans to charge a platform fee similar to Uber's model, which will be a percentage cut of the gross revenue generated by the drivers. The company aims to ensure a good return on capital for the vehicle owners.
  3. 发言人1：The cyber cafe vehicle is designed with a focus on optimizing cost per mile for robot taxi operations, which includes features like a highly efficient electric vehicle design, total electric actuation of the brakes, and reduced manufacturing complexity.
  4. 发言人1：Tesla's strategy is to allow others to operate the cyber cabs while they collect a platform fee. By doing this, Tesla can ensure a good return on capital for the asset owners, maintain control over the platform fees, and facilitate the overall profitability of the business.
  5. 发言人1：The platform fee will be a percentage cut of the gross revenue generated by the operators who buy the cyber cabs. Tesla's goal is to enable operators to get a good return on their investment, which can potentially be around twenty cents for every mile driven, making it very lucrative for the operators.
  6. 发言人1：The cost per mile economics of a cyber taxi network is heavily influenced by the actual cost of the vehicle and its efficiency on an electric basis. Tesla aims to optimize these factors to provide a cost-effective solution for transportation.
  7. 发言人1：The market has been mixed with some attendees at the exclusive event finding the Tesla Cybercafe announcement exciting, while others, such as some influencers, have become distracted by other ventures like SpaceX and are looking elsewhere. However, the general sentiment suggests that the market may not be fully engaged or optimistic about Tesla's potential transformation of transportation with the Cybercafe.
  8. 发言人1：IT advancements are expected to result in faster service availability and significant cost reductions. For instance, the price of using a robot taxi is forty percent cheaper than a Model Y and half the cost of Uber, and with the integration of cybercafe locations in the app, demand for these services is anticipated to increase.

预览

特斯拉Cybercab来了，Waymo应该感到担忧 260912.mp3

瑞普生物 260909.mp3

总结

  1. 瑞普生物作为行业先驱，已完成菌类验证，拥有中式样品，规划了国内最大产能，预计四季度启动天津6万吨基地，明年上半年将贡献收入与利润，展现了良好的资金状况和产业化基础。
  2. 对话围绕瑞普生物的长期规划展开，重点讨论了其在传统动保领域及宠物动保市场的增长潜力，预计未来五年利润可达4至5亿。
  3. 尽管近期受生物制品计税调整影响，利润出现波动，但公司主业展现出强劲韧性，预计明年业绩将有30%以上增长。
  4. 团队将进行瑞普生物蛋白工厂深度调研，首次面向投资人开放，安排产品试吃环节，展示蛋白产品与肉制品相近的口感及高营养价值，强化公司核心竞争力和布局理解，预告后续优质公司分享计划，提醒投资者注意风险。
  5. 强烈推荐了瑞普生物，指出其在动物保健行业的领先地位，特别是在鸡和猪疫苗、化药产品方面，且行业利润稳定在3到4亿的区间，展现出持续增长的趋势。
  6. 最后，他以分析师林一丹的身份，呼吁投资者关注瑞普生物的持续发展和投资机会，同时提醒市场风险，强调投资需谨慎。
  7. 金丝蛋白产品形态丰富，口感接近肉类，应用场景广泛，且安全性高、营养价值不逊色于传统蛋白来源，预计在四季度将启动试车投产，为明年的业绩增长带来贡献。
  8. 发言人1：长期来看，瑞普生物有望在传统动保领域做到4到5个亿的利润水平，尤其是在宠物动保方面，公司已取得国产猫三联疫苗等重要成果，该板块正快速推进并有望成为第二增长曲线。

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石药集团 260910.mp3

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文档

石药集团 260910_导读.docx

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石药集团 260910_导读.docx

石药集团 260910_原文.docx

总结

  1. 那以这个一加FDC为代表的核心的管线，我们看到也在今年的八月份也披露了首个三期的顶线数据那我们预计有希望能够成为国内首款去货币上市的EFIDC。
  2. 然后另外值得关注的话，就是公司从这个后线到一线的一个拓展，就是公司整体连好去替你的这个一线的一线二突变的这个三期也在今年1月份开始入组了。
  3. 首先这个石料来讲的话，本身它作为国内的这个龙头，这个big巴马就整体的存量的一个业务，还有销售能力，我觉得是经过了过去这么多年的一个证实但是我们看到在过去的从24年到25年，公司的整体的主业的一个基本面确实出现了一定下滑。
  4. 我们预计这个联合PD one的这个延伸型的二级数据，可能会在今年WCLC上，可能会有一定的披露，也就是其实对于6010来讲的话，就是我们觉得整体的临床的一个管线布局，深圳布局其实都是已经比较丰富的。
  5. 然后此外的话就是沿着整个PD one的升级的路线，公司可能在今年的下半年还会有一个新的IND，我们预计的话可能是类似像基石的PDYVGFCTR four的这个3。
  6. 我们预计会在今年的下半年，结束整个PCSK nine的一个随访，有希望能够成为国内首款货币上市的PCSK nine的小核酸药物因为国内目前全球的三款主要的PP9的药物的合计，已经达到了50亿的美金。
  7. 首先从盈利预测上来讲的话，就是我们预计随着整体这个公司主页上的一个逐步回暖，就26到28年公司整体的这个成交业务，预计是可以实现一个相对说比较平缓的一个增长。
  8. 然后利润端的话，就我们预计还是一个比较平稳的一个态势，存量的主业大概是可以实现一个大概40亿左右的一个利润。

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石药集团 260910_原文.docx

特斯拉Cybercab来了，Waymo应该感到担忧 260912_导读.docx

总结

  1. 此外，他提醒投资者，投资决策应基于个人判断，考虑到投资的不确定性，并警告某些前瞻性陈述可能不会实现，建议投资者自行评估投资机会的适合性。
  2. 发言人1：Tesla's new cyber cafe vehicle is a two-seater, zero-emission pedicure vehicle with a cost of operation around twenty-five cents per mile. Tesla plans to charge a platform fee similar to Uber's model, which will be a percentage cut of the gross revenue generated by the drivers. The company aims to ensure a good return on capital for the vehicle owners.
  3. 发言人1：The cyber cafe vehicle is designed with a focus on optimizing cost per mile for robot taxi operations, which includes features like a highly efficient electric vehicle design, total electric actuation of the brakes, and reduced manufacturing complexity.
  4. 发言人1：Tesla's strategy is to allow others to operate the cyber cabs while they collect a platform fee. By doing this, Tesla can ensure a good return on capital for the asset owners, maintain control over the platform fees, and facilitate the overall profitability of the business.
  5. 发言人1：The platform fee will be a percentage cut of the gross revenue generated by the operators who buy the cyber cabs. Tesla's goal is to enable operators to get a good return on their investment, which can potentially be around twenty cents for every mile driven, making it very lucrative for the operators.
  6. 发言人1：The cost per mile economics of a cyber taxi network is heavily influenced by the actual cost of the vehicle and its efficiency on an electric basis. Tesla aims to optimize these factors to provide a cost-effective solution for transportation.
  7. 发言人1：The market has been mixed with some attendees at the exclusive event finding the Tesla Cybercafe announcement exciting, while others, such as some influencers, have become distracted by other ventures like SpaceX and are looking elsewhere. However, the general sentiment suggests that the market may not be fully engaged or optimistic about Tesla's potential transformation of transportation with the Cybercafe.
  8. 发言人1：IT advancements are expected to result in faster service availability and significant cost reductions. For instance, the price of using a robot taxi is forty percent cheaper than a Model Y and half the cost of Uber, and with the integration of cybercafe locations in the app, demand for these services is anticipated to increase.

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特斯拉Cybercab来了，Waymo应该感到担忧 260912_导读.docx

特斯拉Cybercab来了，Waymo应该感到担忧 260912_原文.docx

总结

  1. Ags been here. The similarity has started, and now we are at least four steps in four human steps. But if they're competing with uber and they're able to charge even a dollar or fifty a mile, we think the cyber cap could cost around twenty five hundred a thousand.
  2. Operate. So many cool things happen this week, cybercafe, agi, millennium problems being solved and twitter spats that follow. Another researcher claiming that a is gonna kill everyone in quitting their job.
  3. And then, of course, the apple debut. Are they raising mistakes in AI, or are they fold in, uh, let's start with cyber cab, uh, bread. What do you want to what you want to take away from this event?
  4. But the the launch event is, hey, this is a two seat zero during wheel peddles vehicle that they are putting out into the world and its running around at um a per mile basis, half the cost of an uber um which is you know we think it'll actually probably get even cheaper over time. Um and the cybercafe is clearly testers push into the robo taxi future. This is a vehicle that was designed specifically for robot taxing around meaning you can make all kinds of engineering optimization if you are going to try to reduce cost for mile as aggressively is possible for robot taxi. Now cost per mile is different from Price per mile.
  5. So the way this is gona work is testers gona charge a platform fee, just like uber does. The platform fee will be some percentage cut of the growth revenue that people go. Tesla will want the people who buy cyber cabs to get a good return on capital, and they own some themselves and they can control the return on capital that keep people get by changing that platform.
  6. p. But if they're competing with uber and they're able to charge even a dollar fifty of mile, we think the cyber cap could cost around twenty five since a mile to Operate. So there's a dollar twenty five for mile that tesla can keep some ford itself and give others to cybercafe owners.
  7. The if you look at the cost per mile economics of uh of running a cyber of robot taxi network, the biggest, biggest input to those economics is the actual cost of the vehicle. 请关注公众号思维纪要社，更多纪要请加V西安20210130。
  8. They're not they're basically the preprocessing that apple is insisting that, that needs to do in part due to privacy, but also to basically keep control, I think, is going to increasingly restrict kind of like the ability of these systems to be univerSally useful and kind of the consumer experience with technology is going to be increasingly driven by how easily plug enable is that technology into the AI agents that are running their lives. And I already say, like, so what are they used drug bot for basically to extract myself out of my cloud into google drive because that has a Better set of connectors with both OpenAI and rock. I and so um you know the first, the only, 请关注公众号思维纪要社，更多纪要请加V西安20210130。

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特斯拉Cybercab来了，Waymo应该感到担忧 260912_原文.docx

瑞普生物 260909_导读.docx

总结

  1. 瑞普生物作为行业先驱，已完成菌类验证，拥有中式样品，规划了国内最大产能，预计四季度启动天津6万吨基地，明年上半年将贡献收入与利润，展现了良好的资金状况和产业化基础。
  2. 对话围绕瑞普生物的长期规划展开，重点讨论了其在传统动保领域及宠物动保市场的增长潜力，预计未来五年利润可达4至5亿。
  3. 尽管近期受生物制品计税调整影响，利润出现波动，但公司主业展现出强劲韧性，预计明年业绩将有30%以上增长。
  4. 团队将进行瑞普生物蛋白工厂深度调研，首次面向投资人开放，安排产品试吃环节，展示蛋白产品与肉制品相近的口感及高营养价值，强化公司核心竞争力和布局理解，预告后续优质公司分享计划，提醒投资者注意风险。
  5. 强烈推荐了瑞普生物，指出其在动物保健行业的领先地位，特别是在鸡和猪疫苗、化药产品方面，且行业利润稳定在3到4亿的区间，展现出持续增长的趋势。
  6. 最后，他以分析师林一丹的身份，呼吁投资者关注瑞普生物的持续发展和投资机会，同时提醒市场风险，强调投资需谨慎。
  7. 金丝蛋白产品形态丰富，口感接近肉类，应用场景广泛，且安全性高、营养价值不逊色于传统蛋白来源，预计在四季度将启动试车投产，为明年的业绩增长带来贡献。
  8. 发言人1：长期来看，瑞普生物有望在传统动保领域做到4到5个亿的利润水平，尤其是在宠物动保方面，公司已取得国产猫三联疫苗等重要成果，该板块正快速推进并有望成为第二增长曲线。

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瑞普生物 260909_导读.docx

瑞普生物 260909_原文.docx

总结

  1. 主要的产品的话，比如说是鸡的疫苗，株的疫苗，然后包括鸡和猪治病用的一些化药产品，所以经过这么多年的动保领域的深耕，我们看到它目前的整个动物保健相关的规模是在行业内领先的那在过去几年，其实我们看到请关注公众号思维纪要社，更多纪要请加V西安20210130。
  2. 那我们现在重点推荐的原因，除了说它的主业比较稳健之外，我们是看到的他看到他的新兴业务其实有非常让人期待的这个布局。
  3. 所以我们预计就是在今年四季度按照公司的计划去落地生产，然后在今年年底就能试去去生产的这件事情其实确定性是很强的那另外就是我们说从产品稀缺性来讲，瑞普生物是用这个是镰刀井的金猪去去做这个相关的金丝蛋白的产品。
  4. 所以在这个情况这个极端去分析的话，如果说它的这个应用场景又比较丰富，后续随着规模化的这个情况，它能够有进一步的扩产的可能性，那成本有可能会进一步的降低，所以会带来它的这个产能布局，我们其实不太担心说产能打不满，或者市场不接受等等。
  5. 我们觉得4到5个亿的利润其实是完全可以去做展望的那它其实在前几年还有一个很重要的，而且现在也正在积极推进的就是宠物动保这个宠物医疗这一块。
  6. 然后如果从利润率双位数角度来讲的话，我们觉得长期远期来看的话，是能有两个亿以上的利润的那如果说公司在其他的产能方面还有进一步的布局的话，我们觉得菌丝蛋白完全可以称之为叫公司的第三增长曲线，对吧？
  7. 如果说看近期的话，公司今年的利润是受到了他的生物制税，生物制品的简易计税，然后调整为正常计税的一个影响。
  8. 我们也大概就是用15到20分钟的时间跟大家讲清楚公司的核心优势变化，包括潜在的催化是什么，欢迎大家持续关注。

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瑞普生物 260909_原文.docx

源文件：2026-09-13/topics/148.md
站内副本：2026-09-13/topics/148.md