<p>根据 Vanda Research，<strong>特斯拉</strong>(TSLA -3.04%) 和 <strong>苹果</strong>(AAPL -1.27%) 是去年散户投资者中最受欢迎的三只股票之一。但在第四季度，两位对冲基金亿万富翁购买了特斯拉并出售了苹果，具体情况如下：</p>
<ul>
<li>以色列·英格兰德的千禧管理公司购买了 130 万股特斯拉，几乎将其持股增加了三倍。特斯拉现在是该投资组合中第十大持仓（不包括期权）。与此同时，该对冲基金出售了 114,456 股苹果，减少了 9% 的持股比例。</li>
<li>大卫·肖的 D.E. Shaw 购买了 200 万股特斯拉，几乎将其持股增加了三倍。特斯拉现在是该投资组合中第五大持仓。与此同时，该对冲基金出售了 250 万股苹果，减少了 30% 的持股比例。</li>
</ul>
<p>重申一下，上述交易发生在四季度，四季度在两个月前结束。但根据 LCH Investments 的说法，提到的亿万富翁经营着三只自成立以来净收益最高的对冲基金中的两只。因此，我认为特斯拉和苹果值得进一步关注。</p>
<h2><strong>特斯拉</strong>：英格兰德和肖在第四季度购买的股票</h2>
<p>特斯拉去年在电动车（EV）销售中勉强保持领先，但由于竞争加剧和利率上升，需求疲软。事实上，该公司报告了历史上首次年度交付下降，价格下调旨在使其车辆对消费者更具吸引力，但严重削减了利润。</p>
<p>因此，特斯拉报告了令人失望的第四季度财务结果，收益连续第六个季度中有五个未能达到共识预期。收入仅增长 2%，达到 260 亿美元，运营利润率下降 2 个百分点，非 GAAP 净收入增长 3%，每股稀释收益为 0.73 美元。</p>
<p>然而，首席执行官埃隆·马斯克在季度财报电话会议上概述了一些主要催化剂。特斯拉计划在 2025 年上半年推出一款更便宜的电动车型。虽然具体细节尚不明确，但 <strong>德意志银行</strong> 在最近的报告中称其为 “Model Q”，并建议其在税收抵免后价格低于 30,000 美元。</p>
<p>或许更重要的是，马斯克确认将在 2025 年 6 月在奥斯丁推出一项自动驾驶共享服务（机器人出租车）。他还告诉分析师：“我预计我们将在年底前在几个城市内运营无人监管的活动。” 最后，马斯克推测特斯拉未来可能会从自动人形机器人 Optimus 中获得每年 10 万亿美元的收入。</p>
<p>最近几周，几位分析师下调了对特斯拉的收益预期，可能是因为联邦电动车税收抵免可能被取消。尽管如此，华尔街预计收益将在 2026 年前以 24% 的年率增长，这使得当前的市盈率（PE）为 119 显得非常昂贵。</p>
<p>也就是说，特斯拉在机器人出租车和机器人领域概述了巨大的（但理论上的）机会。如果该公司成功进入这些市场，当前的市盈率在事后看来可能显得合理。因此，我认为愿意承担风险的长期投资者应该在特斯拉中持有一部分股份，前提是他们知道这可能会是一个颠簸的旅程。考虑到该股自高点下跌超过 30%，现在是购买几股的合理时机。</p>
<h2>苹果：英格兰德和肖在第四季度出售的股票</h2>
<p>苹果在品牌权威和消费者忠诚度方面达到了大多数公司只能想象的水平。跨越硬件和软件的创新和设计专长使该公司在多个消费电子市场中占据了强大的地位，包括在按收入计算的智能手机市场中的领导地位。</p>
<p>苹果还有一项服务业务，使其能够更深入地货币化其 23 亿活跃设备的安装基础。该公司在许多市场中占据了强大的地位，包括在全球应用商店收入中的领导地位。苹果支付也是美国最受欢迎的近场移动支付解决方案。</p>
<p>然而，苹果面临着威胁其已经缓慢的收益增长的逆风。如果美国法官在今年晚些时候终止与 <strong>字母表</strong> 的协议，该协议使谷歌搜索在 Safari 浏览器上获得默认位置，苹果的服务业务可能会损失 200 亿美元的年收入。</p>
<p>除此之外，苹果在中国的智能手机市场份额正在迅速下降，原因是竞争激烈。消费者对去年某些 iPhone 型号新增的人工智能功能（称为苹果智能）表现出很少的热情。</p>
<p>苹果报告了平淡的第一季度财务结果，尽管在收入和每股收益方面超出预期，但 iPhone 销售未能达到预期。总收入增长 4%，达到 1240 亿美元，服务业务的强劲销售增长抵消了 iPhone 和可穿戴设备收入的下降。GAAP 收益仍然增长 10%，达到每股稀释收益 2.40 美元，但其中 3 个百分点的增长来自股票回购。</p>
<p>华尔街预计苹果的收益将在 2026 财年（截至 2026 年 9 月）以 10% 的年率增长。这使得其当前的市盈率为 34 显得昂贵，尤其是在分析师们不断下调收益预期的情况下。我认为出售苹果股票的对冲基金亿万富翁做出了明智的决定。</p>

苹果

特斯拉

<p>特斯拉和苹果在散户投资者中颇受欢迎，但对冲基金亿万富翁在第四季度却选择买入特斯拉并卖出苹果。以色列·英格兰德的千禧管理公司和大卫·肖的 D.E. Shaw 都显著增加了对特斯拉的投资，同时减少了对苹果的持有。特斯拉面临需求疲软和业绩令人失望的挑战，但在新电动车型和自动驾驶服务方面有潜在的增长机会。相反，尽管苹果拥有强大的品牌和服务，但却面临法律交易可能导致的收入损失以及在中国市场份额下降等逆风，这引发了对其盈利增长的担忧</p>

<p><strong>Tesla</strong>(TSLA -3.04%) and <strong>Apple</strong>(AAPL -1.27%) were two of the three most popular stocks among retail investors last year, according to Vanda Research. But two hedge fund billionaires bought Tesla and sold Apple during the fourth quarter, as detailed below:</p>
<div class="lb-trans"><p>根据 Vanda Research，<strong>特斯拉</strong>(TSLA -3.04%) 和 <strong>苹果</strong>(AAPL -1.27%) 是去年散户投资者中最受欢迎的三只股票之一。但在第四季度，两位对冲基金亿万富翁购买了特斯拉并出售了苹果，具体情况如下：</p>
</div><ul>
<li>Israel Englander's Millennium Management purchased 1.3 million shares of Tesla, nearly tripling its stake. Tesla is now the tenth largest position in the portfolio excluding options. Meanwhile, the hedge fund sold 114,456 shares of Apple, reducing its stake by 9%.</li>
<li>David Shaw's D.E. Shaw purchased 2 million shares of Tesla, nearly tripling its stake. Tesla is now the fifth largest position in the portfolio. Meanwhile, the hedge fund sold 2.5 million shares of Apple, reducing its stake by 30%.</li>
</ul>
<div class="lb-trans"><ul>
<li>以色列·英格兰德的千禧管理公司购买了 130 万股特斯拉，几乎将其持股增加了三倍。特斯拉现在是该投资组合中第十大持仓（不包括期权）。与此同时，该对冲基金出售了 114,456 股苹果，减少了 9% 的持股比例。</li>
<li>大卫·肖的 D.E. Shaw 购买了 200 万股特斯拉，几乎将其持股增加了三倍。特斯拉现在是该投资组合中第五大持仓。与此同时，该对冲基金出售了 250 万股苹果，减少了 30% 的持股比例。</li>
</ul>
</div><p>To reiterate, the trades listed above happened in the fourth quarter, which ended two months ago. But the billionaires mentioned run two of the three most successful hedge funds as measured by net gains since inception, according to LCH Investments. So, I think Tesla and Apple warrant further consideration.</p>
<div class="lb-trans"><p>重申一下，上述交易发生在四季度，四季度在两个月前结束。但根据 LCH Investments 的说法，提到的亿万富翁经营着三只自成立以来净收益最高的对冲基金中的两只。因此，我认为特斯拉和苹果值得进一步关注。</p>
</div><h2><strong>Tesla</strong>: The stock Englander and Shaw bought in the fourth quarter</h2>
<div class="lb-trans"><h2><strong>特斯拉</strong>：英格兰德和肖在第四季度购买的股票</h2>
</div><p>Tesla narrowly held its lead in electric vehicle (EV) sales last year, but struggled with weak demand amid rising competition and interest rates. In fact, the company reported its first annual decline in deliveries in history, and price cuts meant to makes its vehicles more attractive to consumers cut deeply into profits.</p>
<div class="lb-trans"><p>特斯拉去年在电动车（EV）销售中勉强保持领先，但由于竞争加剧和利率上升，需求疲软。事实上，该公司报告了历史上首次年度交付下降，价格下调旨在使其车辆对消费者更具吸引力，但严重削减了利润。</p>
</div><p>Consequently, Tesla reported disappointing fourth-quarter financial results, with earnings falling short of the consensus estimate for the fifth time in six quarters. Revenue increase just 2% to $26 billion, operating margin declined 2 percentage points, and non-GAAP net income climbed 3% to $0.73 per diluted share.</p>
<div class="lb-trans"><p>因此，特斯拉报告了令人失望的第四季度财务结果，收益连续第六个季度中有五个未能达到共识预期。收入仅增长 2%，达到 260 亿美元，运营利润率下降 2 个百分点，非 GAAP 净收入增长 3%，每股稀释收益为 0.73 美元。</p>
</div><p>However, CEO Elon Musk outlined a few major catalysts on the quarterly earnings call. Tesla is on track to launch a cheaper EV model in the first half of 2025. While specific details are lacking, <strong>Deutsche Bank</strong> called it the &#34;Model Q&#34; in a recent report and suggested it would cost less than $30,000 after tax credits.</p>
<div class="lb-trans"><p>然而，首席执行官埃隆·马斯克在季度财报电话会议上概述了一些主要催化剂。特斯拉计划在 2025 年上半年推出一款更便宜的电动车型。虽然具体细节尚不明确，但 <strong>德意志银行</strong> 在最近的报告中称其为 “Model Q”，并建议其在税收抵免后价格低于 30,000 美元。</p>
</div><p>Perhaps more important, Musk confirmed the launch of an autonomous ride-sharing service (robotaxis) in Austin in June 2025. He also told analysts, &#34;I expect us to be operating unsupervised activity with our internal fleet in several cities by the end of the year.&#34; Finally, Musk speculated Tesla may one day earn $10 trillion in annual revenue from the autonomous humanoid robot Optimus.</p>
<div class="lb-trans"><p>或许更重要的是，马斯克确认将在 2025 年 6 月在奥斯丁推出一项自动驾驶共享服务（机器人出租车）。他还告诉分析师：“我预计我们将在年底前在几个城市内运营无人监管的活动。” 最后，马斯克推测特斯拉未来可能会从自动人形机器人 Optimus 中获得每年 10 万亿美元的收入。</p>
</div><p>Several analysts have revised their earnings estimates lower for Tesla in recent weeks, perhaps because of the possible elimination of the federal EV tax credit. Regardless, Wall Street expects earnings to grow at 24% annually through 2026, which makes the current price-to-earnings (PE) ratio of 119 looks very expensive.</p>
<div class="lb-trans"><p>最近几周，几位分析师下调了对特斯拉的收益预期，可能是因为联邦电动车税收抵免可能被取消。尽管如此，华尔街预计收益将在 2026 年前以 24% 的年率增长，这使得当前的市盈率（PE）为 119 显得非常昂贵。</p>
</div><p>That said, Tesla has outlined large (but theoretical) opportunities in robotaxis and robotics. The current PE ratio may look sensible in hindsight if the company is successful in entering those markets. To that end, I think long-term investors comfortable with risk should have a stake in Tesla, provided they know it could be a bumpy ride. And now is a reasonable time to buy a few shares given the stock has fallen more than 30% from its high.</p>
<div class="lb-trans"><p>也就是说，特斯拉在机器人出租车和机器人领域概述了巨大的（但理论上的）机会。如果该公司成功进入这些市场，当前的市盈率在事后看来可能显得合理。因此，我认为愿意承担风险的长期投资者应该在特斯拉中持有一部分股份，前提是他们知道这可能会是一个颠簸的旅程。考虑到该股自高点下跌超过 30%，现在是购买几股的合理时机。</p>
</div><h2>Apple: The stock Englander and Shaw sold in the fourth quarter</h2>
<div class="lb-trans"><h2>苹果：英格兰德和肖在第四季度出售的股票</h2>
</div><p>Apple has brand authority and consumer loyalty on a level most companies can only imagine. Innovation and design expertise that spans hardware and software have earned the company a strong presence in multiple consumer electronics market, including a leadership position in smartphones as measured by revenue.</p>
<div class="lb-trans"><p>苹果在品牌权威和消费者忠诚度方面达到了大多数公司只能想象的水平。跨越硬件和软件的创新和设计专长使该公司在多个消费电子市场中占据了强大的地位，包括在按收入计算的智能手机市场中的领导地位。</p>
</div><p>Apple also has a services business that lets it more deeply monetize its installed base of 2.3 billion active devices. The company has a strong presence in many of those markets, including leadership in global app store revenue. And Apple Pay is also the most popular proximity mobile payment solution in the U.S.</p>
<div class="lb-trans"><p>苹果还有一项服务业务，使其能够更深入地货币化其 23 亿活跃设备的安装基础。该公司在许多市场中占据了强大的地位，包括在全球应用商店收入中的领导地位。苹果支付也是美国最受欢迎的近场移动支付解决方案。</p>
</div><p>However, Apple is beset by headwinds that threaten to drag on already-slow earnings growth. Its service business could lose $20 billion in annual revenue if a U.S. judge later this year terminates its deal with <strong>Alphabet</strong>, which gives Google Search default placement on the Safari browser.</p>
<div class="lb-trans"><p>然而，苹果面临着威胁其已经缓慢的收益增长的逆风。如果美国法官在今年晚些时候终止与 <strong>字母表</strong> 的协议，该协议使谷歌搜索在 Safari 浏览器上获得默认位置，苹果的服务业务可能会损失 200 亿美元的年收入。</p>
</div><p>Beyond that, Apple is quickly losing smartphone market share in China because of intense competition. And consumers have shown little enthusiasm for artificial intelligence capabilities, called Apple Intelligence, added to certain iPhone models last year.</p>
<div class="lb-trans"><p>除此之外，苹果在中国的智能手机市场份额正在迅速下降，原因是竞争激烈。消费者对去年某些 iPhone 型号新增的人工智能功能（称为苹果智能）表现出很少的热情。</p>
</div><p>Apple reported lackluster first-quarter financial results that beat estimates on the top and bottom lines, but fell short in iPhone sales. Total revenue increased 4% to $124 billion as strong sales growth in services offset a decline in iPhone and wearables revenue. GAAP earnings still increased 10% to $2.40 per diluted share, but 3 percentage points of that growth came from stock buybacks.</p>
<div class="lb-trans"><p>苹果报告了平淡的第一季度财务结果，尽管在收入和每股收益方面超出预期，但 iPhone 销售未能达到预期。总收入增长 4%，达到 1240 亿美元，服务业务的强劲销售增长抵消了 iPhone 和可穿戴设备收入的下降。GAAP 收益仍然增长 10%，达到每股稀释收益 2.40 美元，但其中 3 个百分点的增长来自股票回购。</p>
</div><p>Wall Street estimates Apple's earnings will increase at 10% annually through fiscal 2026, which ends in September 2026. That makes its current P/E ratio of 34 look expensive, especially when analysts have been revising earnings estimates downward. I think the hedge fund billionaires that sold Apple stock made a smart decision.</p>
<div class="lb-trans"><p>华尔街预计苹果的收益将在 2026 财年（截至 2026 年 9 月）以 10% 的年率增长。这使得其当前的市盈率为 34 显得昂贵，尤其是在分析师们不断下调收益预期的情况下。我认为出售苹果股票的对冲基金亿万富翁做出了明智的决定。</p>
</div>

Tesla Stock vs. Apple Stock: Billionaires Buy One and Sell the Other

- 特斯拉和苹果是零售投资者最受欢迎的股票之一。  
- 对冲基金大亨在第四季度增持特斯拉，减持苹果。  
- 特斯拉面临需求疲软，苹果则在中国市场份额下降。

特斯拉股票与苹果股票：亿万富翁买入一种股票并卖出另一种股票