Notes
WEDBUSH’S DAN IVES RELEASED THE “IVES AI 30,” FEATURING TOP AI PLAYS:
🔸 Hyperscalers: $MSFT, $GOOGL, $AMZN, $ORCL
🔸 Software: $PLTR, $CRM, $IBM, $NOW, $SNOW, $PEGA, $MDB, $SOUN, $INOD
🔸 Consumer Internet: $BABA, $AAPL, $META, $BIDU, $RBLX
🔸 Cybersecurity: $PANW, $ZS, $CRWD
🔸 Autonomous/Robotics & Power: $TSLA, $OKLO, $GEV
🔸 Semiconductors/Hardware: $NVDA, $AMD, $TSM, $AVGO, $MU, $NBIS
最近美股机构的13F报告集中披露，巴菲特公司伯克希尔，逆势抄底了联合健康(#UNH)深受瞩目，受此消息刺激，联合健康股价在今天盘前大涨10%，收回300美金以上。我决定今晚跟一手巴菲特的操作。🧐
今天在看美股机构13F报告时候，发现一个挺有意思的现象——市场大部分人避之不及，可巴菲特、David Tepper、文艺复兴、Michael Burry、沙特PIF这些大佬都在抄底。伯克希尔甚至是时隔14年重新杀回医疗保险板块，一口气买了504万股，价值15.7亿美元。
为什么我决定今晚跟一手呢？因为这帮老狐狸肯定不是为了短线博反弹，而是觉得这公司在被错杀。
📊先看 #UNH 基本面：
规模：美国最大医疗保险公司，2024年收入4003亿美元，净利润144亿美元，这规模在美股医疗板块里基本是“航空母舰”级别。
盈利能力：过去15年，分红每年都涨，而且盈利稳定——这是典型的“防御型现金牛”。
估值：现在的股价回到2020年的水平，市盈率只有12倍——这种龙头公司在正常市场环境下，保守预估20倍不算离谱。
我举个最直观的栗子🌰：
如果2003年底你花1万美元买了 #UNH，哪怕算上最近的暴跌，今天这笔钱大约还能变成10万美元，中途分红全程上调。要是暴跌前收益表现更佳，预估是18万美元。这种长期稳定复利能力，是真正的机构偏好标的。
📝#UNH 为什么暴跌？
这波下杀不是因为财务崩了，而是市场对风险的预期陡然升高：
1️⃣潜在刑事调查：司法部在查它，虽然公司说“充满信心”，但这种事一旦升级，可能影响合同、信誉。
2️⃣业绩指引暂停：7月公司直接取消年度业绩展望，还甩锅说“医疗需求激增导致环境突变”，这会让投资者觉得不确定性大增。
3️⃣高层变动：CEO Andrew Witty突然辞职（个人原因），临危换回老将Hemsley。换帅往往是风险信号，尤其是遇到监管风暴时。
4️⃣政策压力：美国政府削减医疗支出，医疗成本上涨，这对保险公司是双杀。
5️⃣网络安全和公众形象：网络攻击、CEO被枪杀这种黑天鹅事件，虽然和核心财务没直接关系，但对品牌和舆论压力不小。
我的抄底逻辑，其实很简单，首先肯定是这些大佬开始抄底了，给了我充足的信心支持。另外估值的确是便宜，虽然利空也不少，刑事调查、指引暂停、政策不确定性，这些事对股价冲击，已经实质性表现出来，也算消化的七七八八了，毕竟股价从600+跌下来的。
因为我个人是偏好价值长线投资，假如您跟我一样，是那种5年以上视野的价值投资者，这种时刻往往是布局的好机会。因为 #UNH 的基本盘——医疗保险的刚需性、行业龙头地位、庞大会员基础——没变。美国人口老龄化趋势还在，长期医疗需求只会更高。所以中长期来看，是相对确定性比较高的！
我觉得现在买 #UNH 有点像2008年买强生（#JNJ）——短期麻烦多、市场不爱，但长线可能是最甜的果子。跟随大佬们，用时间和耐心等市场情绪修复。🧐
桥水清仓中概股的新闻，今天在各个金融群炸锅了，毕竟我也是买了桥水在中国的基金，华润创意桥云9号，今年业绩十分突出，有40%+回报率。但突然主体基金清仓中国的策略，让人始料未及！
我们仔细研究了Ray Dalio 这次 Bridgewater 2025年二季度的13F报告，简单一句话来看：老爷子这是彻底“弃船”中国互联网股，转头一头扎进了美股 AI 巨头的怀抱。
1️⃣彻底撤出中国互联网
Bridgewater 直接清仓了 $BABA 、 $PDD 、 $BIDU 、 $JD ，套现大约 11.3 亿美金。
这不只是“减仓”，这是“清空冰箱”式的退出。
在我看来，原因可能有三：
• 中国经济复苏不及预期，消费、出口两头承压
• 政策不确定性高，尤其是平台经济监管阴影尚存
• 美股这边 #AI 赛道收益率太诱人，机会成本太高
换句话说，Dalio 不是觉得中国没潜力，而是觉得短期内资本效率太低，不如直接把钱放到能立刻跑起来的赛道，尤其是 #AI 领域。
2️⃣重仓 #AI 和美股科技巨头
这季度的增持动作可以用“暴力”来形容：
• $NVDA 加了 154%，一下多了 5.52 亿美金，现在成了第三大持仓
• $MSFT 加了 3.93 亿
• $GOOGL 加了 4.18 亿
• 甚至 $UBER 也猛加 5.31 倍
这个组合直接把 #AI 核心硬件（ $NVDA ）+ AI 应用平台（ $MSFT 、 $GOOGL 、 $META ）绑成一个战车，明显是押注未来 3-5 年的 #AI 基础设施浪潮。而且 $Uber 也很有意思，说明他们看好 #AI 在出行、物流等实际场景的渗透。
3️⃣ETF 还是核心底仓，但开始“修剪”
虽然 $SPY 、 $IVV 、 $IEMG 还是大仓位，但 Dalio 这次减了 SPY 21.9%，套了 4.52 亿美金。
这是一种“从大水池里舀水出来，倒进 #AI 桶里”的操作。ETF 作为被动收益的底仓还在，但加了更多主动进攻型仓位。
整体思考来看，目前A股3700点，恒生25270点，标普500 6468点，美股目前历史高位，如此大力度加仓美股，撤出中国市场，说明以桥水为代表的外资，短期在中国市场看不到正向回报，就不占着资金池。而此刻这种历史高位，全面加码 #AI 赛道，把资金集中到最具确定性、最受资金追捧的核心标的上，这种抓大放小的策略，也是值得深思。作为全天候策略，依旧保留ETF被动敞口，用ETF来保底，防止单一赛道波动太大。投资组合上，攻守平衡，既追 #AI 大趋势，又保留防守余地！值得学习借鉴🧐
MARKET HIGHLIGHTS
TECH, MEDIA & TELECOM
🔸 Big Tech ( $AAPL, $AMZN, $META, $GOOGL, $MSFT, $NVDA): Lower as China imposes 34% tariffs on U.S. goods in response to U.S. tariffs.
🔸 China stocks ( $BABA, $BIDU, $PDD, $JD, $SINA, $NTES): Trading sharply lower.
🔸 EU vs. "X": Possible $1B fine for disinformation law violations.
🔸 Five9 ( $FIVN): Q1 EPS, revenue in line or better than guidance; 4% workforce reduction.
CONSUMER
🔸 Booking Holdings ( $BKNG): Upgraded to Buy (BTIG), target $5,500.
🔸 Guess ( $GES): Q4 adj. EPS $1.48 (est. $1.40), revenue $932.3M (+4.6% y/y, est. $912.3M). Gross margin 44.1% (vs. 45.4%). 2026 revenue forecast +3.9%-6.2%, EPS $1.32-$1.76 (est. $2.07). Alberto Toni named CFO. Plans to close unprofitable stores.
🔸 Kraft Heinz ( $KHC): Downgraded to Sell (Citigroup), target cut to $27 due to sales growth concerns.
ENERGY, INDUSTRIALS & MATERIALS
🔸 ExxonMobil ( $XOM): Q1 earnings impact: Energy products (-$0.3B to -$0.7B), upstream (liquids/gas: $0.0B to -$0.4B), chemicals (-$0.1B to $0.1B), specialty (-$0.3B to -$0.1B).
🔸 Matador Resources ( $MTDR): Selling Eagle Ford assets, board reviewing stock repurchase.
🔸 Shell ( $SHEL): Selling 16.125% Colonial Enterprises stake to Brookfield (BIP) for $1.45B.
FINANCIALS
🔸 Cboe ( $CBOE): Q1 options volume 1.1B contracts, March ADV 18.8M (record).
🔸 Franklin Resources (BEN): March AUM $1.53T (Feb: $1.57T), $4B net outflows.
🔸 Progressive ( $PGR): Downgraded to Neutral (Bank of America), target cut to $287 from $300.
HEALTHCARE
🔸 LifeCore ( $LFCR): Q3 EPS -$0.47 (est. -$0.15), revs $35.2M (est. $33.23M). FY guidance: revs $126.5M-$130M, adj. EBITDA $19M-$21M.
🔸 Simulations Plus ( $SLP): Q2 adj. EPS $0.31 (est. $0.12), revs $22.4M (est. $21.9M). FY guidance: revs $90M-$93M, adj. EPS $1.07-$1.20 (est. $0.47).
MORNING BID
🔸 Apple ( $AAPL) lost an appeal in Germany, facing tighter regulations after a long market debate.
🔸 Baidu ( $BIDU) rises on reports Tesla (TSLA) will launch Full Self-Driving (FSD) in China this year, partnering with Baidu. Free FSD trials run March 17–April 16.
🔸 Getty Images ( $GETY) Q4 EPS: $0.06 (est. $0.04); adj. EBITDA: $80.6M (est. $74M); FY25 revenue guidance: $918–955M (est. $955M).
🔸 Alphabet ( $GOOGL) is in advanced talks to buy cybersecurity firm Wiz for ~$30B, per WSJ; a deal could finalize soon.
🔸 Lucid ( $LCID) upgraded to equal weight at Morgan Stanley.
🔸 Masterbrand ( $MBC) adds $50M share buyback.
🔸 Nio ( $NIO) partners with CATL for battery swap network, using CATL’s Choco-Swap tech in Firefly models.
🔸 Toronto ends Tesla ( $TSLA) taxi/ride-share incentives over U.S. trade tensions.
🔸 Audi ( $VWAGY) may raise prices to offset U.S. tariffs.
🔸 Xiaomi ( $XIACY) raises 2025 EV target to 350,000 units; Q4 revenue up 48% to 109B yuan, beating estimates.
Market Updates:
🔸 American Eagle ( $AEO) adds 50M shares to buyback; Q4 revs $1.6B (est. $1.6B); Q1 off to slow start; sees FY25 revs declining low-single digits (est. +2.97%).
🔸 Calavo Growers ( $CVGW) Q1 adj. EPS $0.33 (est. $0.29); revs +21% y/y to $154.39M (est. $161.55M); says Mexico tariffs won’t significantly impact operations.
🔸 Tesla ( $TSLA) partners with Baidu ( $BIDU) to enhance ADAS in China (Reuters).
🔸 Adobe ( $ADBE) Q1 adj. EPS $5.08 (est. $4.97), revs $5.71B (est. $5.66B); reaffirms FY25 targets; Q2 revs guidance $5.77B-$5.82B (est. $5.8B).
🔸 Intel ( $INTC) appoints Lip-Bu Tan as CEO, replacing interim co-CEOs.
🔸 SentinelOne ( $S) Q4 EPS (-$0.22) (est. -$0.21); revs +29% y/y to $225.5M (est. $222.33M); FY26 revs guidance $1.007B-$1.012B (est. $1.03B).
🔸 UiPath ( $PATH) Q4 adj. EPS $0.26 (est. $0.20); revs +4.5% y/y to $423.6M (est. $424.9M); Q1 revs guidance $330M-$335M (est. $367.4M).
🔸 Marvell ( $MRVL) files mixed securities shelf.
🔸 Microsoft ( $MSFT) upgraded to Buy from Neutral at DA Davidson.
🔸 Phreesia ( $PHR) Q4 EPS (-$0.11) (est. $0.11); revs $109.7M (est. $108.9M); maintains FY26 revs $472M-$482M, adj. EBITDA outlook.
🔸 Dentsply Sirona ( $XRAY) downgraded to Hold from Buy at Needham.
🔸 Berry ( $BRY) Q4 adj. EPS $0.21 (est. $0.15), revs $187.79M (est. $173M); Q4 production +5% QoQ, +1% YoY; FY25 production 24.8-26 MBoe/d (93% oil); capex $110M-$120M.
🔸 Cummins ( $CMI), Paccar (PCAR) shares down as EPA moves to reverse EV rules; Jefferies sees downside risk if 2027 prebuy doesn’t happen.
🔸 Freight Car ( $RAIL) Q4 revs $137.7M (est. $152.02M); sees FY25 railcar deliveries 4,500-4,900, revs $530M-$595M; Q4 gross margin 15.3% (vs. 9.6% y/y).
🔸 Murphy Oil ( $MUR) acquires FPSO vessels in Gulf of Mexico; cuts annual costs by $60M, reaffirms 2025 capex.
🔸 Sunnova ( $NOVA) exploring restructuring, possible bankruptcy; holds $8.5B in debt (WSJ).
MORNING BID
Baidu ( $BIDU) Q4 Revenue: ¥34.12B (-2% y/y, Est. ¥33.32B) 📉
🔹 Ad revenue down 7% to ¥17.9B, offset by AI Cloud growth (+26% y/y).
Broadcom ( $AVGO) & Intel ( $INTC):
🔹 Broadcom held informal talks on acquiring Intel’s chip-design unit (WSJ).
🔹 No formal offer yet; deal uncertain.
Roku ( $ROKU): Files mixed securities shelf.
Alcohol Industry Struggles:
🔹 Younger consumers opt for moderation/abstinence, hurting alcohol sales.
🔹 Underperforming stocks: TAP, DEO, BF/B, BUD.
🔹 Winners: Nonalcoholic brands like Athletic Brewing & Ritual Zero Proof thrive.
🔹 Anglo American ( $NGLOY): Selling nickel unit to MMG Ltd for up to $500M, refocusing on copper & iron ore.
🔹 Delta ( $DAL): Regional jet flipped on landing in Toronto amid high winds; 18 injured.
🔹 Diamondback ( $FANG): Acquires Double Eagle units for 6.9M shares + $3B cash to expand Midland Basin.
🔹 Entergy ( $ETR): Q4 adj. EPS $0.66 (Est. $0.63); FY25 guidance: $3.75-$3.95 (Est. $3.92).
🔹 H&E ( $HEES): Accepts Herc Rentals' $5.3B bid, rejecting United Rentals' offer (FT).
🔹 Sealed Air ( $SEE): CEO Patrick Kivits steps down; Dustin Semach appointed; FY24 outlook reaffirmed.
🔹 Capital One ( $COF): Jan. net charge-offs 6.12% (vs. 5.71% y/y); delinquencies 4.61% (vs. 4.78% y/y).
🔹 Discover ( $DFS): Jan. credit card delinquency 1.80%, charge-off 2.63% (SEC filing).
🔹 JPMorgan ( $JPM): Jan. credit card delinquency 0.88%, charge-off 1.64% (SEC filing).
🔹 Janus Henderson ( $JHG): Expanding into Saudi Arabia to grow Middle East presence (Bloomberg).
🔹 KKR ( $KKR): Buying 5% more of Eni’s (E) Enilive biofuel unit for €587.5M, raising stake to 30%.
🔹 Johnson & Johnson ( $JNJ): Faces court decision today on $10B settlement over baby powder litigation; Judge Lopez to decide on Chapter 11 filing.
🔹 Medtronic ( $MDT): Q3 adj. EPS $1.39 (Est. $1.36); Q3 revs +2.5% y/y to $8.29B (Est. $8.33B); maintains full-year guidance.
🔹 Oculis ( $OCS): 5M share secondary priced at $20.00 per share.
Earnings Week Ahead
Tuesday 19th, 2024
• Ticker: $XPENG
• Company: XPeng Inc
• Market Cap: 12.9 billion USD
• EST Time: 05:30 EST
• Expected Quarterly EPS: -0.24 USD
• Expected Quarterly Revenue: 1.37 billion USD
• Expected Full Year EPS: -0.77 USD
• Expected Full Year Revenue: 5.66 billion USD
• Ticker: $LOW
• Company: Lowe's Companies Inc
• Market Cap: 153.4 billion USD
• EST Time: 06:00 EST
• Expected Quarterly EPS: 2.82 USD
• Expected Quarterly Revenue: 19.94 billion USD
• Expected Full Year EPS: 11.82 USD
• Expected Full Year Revenue: 82.99 billion USD
• Ticker: $J
• Company: Jacobs Engineering Group Inc
• Market Cap: 17.5 billion USD
• EST Time: 06:40 EST
• Expected Quarterly EPS: 1.54 USD
• Expected Quarterly Revenue: 2.37 billion USD
• Expected Full Year EPS: 6.98 USD
• Expected Full Year Revenue: 8.24 billion USD
• Ticker: $MDT
• Company: Medtronic PLC
• Market Cap: 110.3 billion USD
• EST Time: 06:45 EST
• Expected Quarterly EPS: 1.25 USD
• Expected Quarterly Revenue: 8.27 billion USD
• Expected Full Year EPS: 5.45 USD
• Expected Full Year Revenue: 33.62 billion USD
• Ticker: $WMT
• Company: Walmart Inc
• Market Cap: 679 billion USD
• EST Time: 07:00 EST
• Expected Quarterly EPS: 0.53 USD
• Expected Quarterly Revenue: 167.72 billion USD
• Expected Full Year EPS: 2.45 USD
• Expected Full Year Revenue: 678.25 billion USD
• Ticker: $KEYS
• Company: Keysight Technologies Inc
• Market Cap: 26.7 billion USD
• EST Time: 16:05 EST
• Expected Quarterly EPS: 1.57 USD
• Expected Quarterly Revenue: 1.20 billion USD
• Expected Full Year EPS: 6.18 USD
• Expected Full Year Revenue: 4.95 billion USD
Wednesday 20th, 2024
• Ticker: $NIO
• Company: Nio Inc
• Market Cap: 9.2 billion USD
• EST Time: 05:30 EST
• Expected Quarterly EPS: -0.30 USD
• Expected Quarterly Revenue: 2.69 billion USD
• Expected Full Year EPS: -1.17 USD
• Expected Full Year Revenue: 10.2 billion USD
• Ticker: $TGT
• Company: Target Corp
• Market Cap: 70.7 billion USD
• EST Time: 06:30 EST
• Expected Quarterly EPS: 2.30 USD
• Expected Quarterly Revenue: 25.9 billion USD
• Expected Full Year EPS: 9.55 USD
• Expected Full Year Revenue: 106.71 billion USD
• Ticker: $TJX
• Company: TJX Companies Inc
• Market Cap: 135.2 billion USD
• EST Time: 07:30 EST
• Expected Quarterly EPS: 1.09 USD
• Expected Quarterly Revenue: 13.95 billion USD
• Expected Full Year EPS: 4.17 USD
• Expected Full Year Revenue: 56.2 billion USD
• Ticker: $PANW
• Company: Palo Alto Networks Inc
• Market Cap: 129.1 billion USD
• EST Time: 16:05 EST
• Expected Quarterly EPS: 1.48 USD
• Expected Quarterly Revenue: 2.12 billion USD
• Expected Full Year EPS: 6.27 USD
• Expected Full Year Revenue: 9.13 billion USD
• Ticker: $NVDA
• Company: NVIDIA Corp
• Market Cap: 360.9 billion USD
• EST Time: 16:20 EST
• Expected Quarterly EPS: 0.75 USD
• Expected Quarterly Revenue: 33.12 billion USD
• Expected Full Year EPS: 2.86 USD
• Expected Full Year Revenue: 126.9 billion USD
• Ticker: $SQM
• Company: Sociedad Quimica y Minera de Chile SA
• Market Cap: 10.6 billion USD
• EST Time: 20:15 EST (previous day)
• Expected Quarterly EPS: 0.66 USD
• Expected Quarterly Revenue: 1.09 billion USD
• Expected Full Year EPS: -0.56 USD
• Expected Full Year Revenue: 4.69 billion USD
Wednesday 21th, 2024
• Ticker: $BIDU
• Company: Baidu Inc
• Market Cap: 29.5 billion USD
• EST Time: 05:00 EST
• Expected Quarterly EPS: 2.43 USD
• Expected Quarterly Revenue: 4.6 billion USD
• Expected Full Year EPS: 10.94 USD
• Expected Full Year Revenue: 18.6 billion USD
• Ticker: $DE
• Company: Deere & Co
• Market Cap: 108 billion USD
• EST Time: 06:30 EST
• Expected Quarterly EPS: 3.89 USD
• Expected Quarterly Revenue: 9.3 billion USD
• Expected Full Year EPS: 24.89 USD
• Expected Full Year Revenue: 45.3 billion USD
• Ticker: $WMG
• Company: Warner Music Group Corp
• Market Cap: 17.3 billion USD
• EST Time: 07:30 EST
• Expected Quarterly EPS: 0.28 USD
• Expected Quarterly Revenue: 1.59 billion USD
• Ticker: $GAP
• Company: Gap Inc
• Market Cap: 8.3 billion USD
• Reporting Time: After Market Close (AMC)
• Expected Quarterly EPS: 0.58 USD
• Expected Quarterly Revenue: 3.81 billion USD
• Expected Full Year EPS: 1.87 USD
• Expected Full Year Revenue: 14.96 billion USD
• Ticker: $ROST
• Company: Ross Stores Inc
• Market Cap: 47.2 billion USD
• EST Time: 16:00 EST
• Expected Quarterly EPS: 1.40 USD
• Expected Quarterly Revenue: 5.17 billion USD
• Expected Full Year EPS: 6.13 USD
• Expected Full Year Revenue: 21.36 billion USD
• Ticker: $NTAP
• Company: NetApp Inc
• Market Cap: 24.2 billion USD
• EST Time: 16:00 EST
• Expected Quarterly EPS: 1.78 USD
• Expected Quarterly Revenue: 1.64 billion USD
• Expected Full Year EPS: 7.10 USD
• Expected Full Year Revenue: 6.6 billion USD
• Ticker: $INTU
• Company: Intuit Inc
• Market Cap: 196.4 billion USD
• EST Time: 16:00 EST
• Expected Quarterly EPS: 2.35 USD
• Expected Quarterly Revenue: 3.14 billion USD
• Expected Full Year EPS: 19.34 USD
• Expected Full Year Revenue: 18.27 billion USD
• Ticker: $CPRT
• Company: Copart Inc
• Market Cap: 55.2 billion USD
• EST Time: 16:30 EST
• Expected Quarterly EPS: 0.37 USD
• Expected Quarterly Revenue: 1.09 billion USD
• Expected Full Year EPS: 1.55 USD
• Expected Full Year Revenue: 4.56 billion USD
• Expected Full Year EPS: 1.08 USD
• Expected Full Year Revenue: 6.4 billion USD
#Downgrades - Sep 24, 2024
$BIDU: HSBC Downgrades to Hold from Buy - PT $100
$COST: Truist Securities Downgrades to Hold from Buy - PT $873
$CTLT: Baird Downgrades to Neutral from Outperform - PT $63.50
$CUBI: Wedbush Downgrades to Neutral from Outperform - PT $53 (from $79)
$DOYU: HSBC Downgrades to Hold from Buy - PT $6.60
$DRS: BofA Securities Downgrades to Neutral from Buy - PT $30 (from $26)
$EQR: BofA Securities Downgrades to Neutral from Buy - PT $82 (from $78)
$ESS: BofA Securities Downgrades to Neutral from Buy - PT $321 (from $307)
$FCNCA: Wedbush Downgrades to Neutral from Outperform - PT $2,150 (from $2,450)
$FHN: Wedbush Downgrades to Neutral from Outperform - PT $17 (from $20)
$INVH: BofA Securities Downgrades to Neutral from Buy - PT $37 (from $39)
$KVUE: RBC Capital Downgrades to Sector Perform from Outperform - PT $24
$MCK: Baird Downgrades to Neutral from Outperform - PT $531 (from $603)
$MNSO: Jefferies Downgrades to Hold from Buy - PT $14.91
$NTR: Wells Fargo Downgrades to Equal Weight from Overweight - PT $50 (from $62)
$NSP: William Blair Downgrades to Market Perform from Outperform
$PRGO: Jefferies Downgrades to Hold from Buy - PT $30 (from $50)
$REGN: Leerink Partners Downgrades to Market Perform from Outperform - PT $1,077 (from $1,175)
$SBUX: Jefferies Downgrades to Underperform from Hold - PT $76 (from $80)
$TGI: BofA Securities Downgrades to Underperform from Buy - PT $12 (from $17)
$XOM: Redburn-Atlantic Downgrades to Neutral from Buy - PT $120 (from $119)
依靠高精度地图和人为硬编码的规则做出来的自动驾驶 L2 解决方案，面临类似所有做题家都无法避免的结局：
1. 遇到新情况，没有高精度地图指引或者路上没有清晰标志的时候就可能卡壳。
2. 因为和其它做题家是同样的套路，最后大家竞相杀价，都不赚钱。
