小米的路径不仅关乎一家企业的战略选择，也为中国科技公司在全球AI竞争中的位置提供了一个样本。 在今年走进巴塞罗那Fira Gran Via，会发现AI是今年最密集、最醒目的主题。 如果把过去三年的AI浪潮划分阶段，上半场的关键词几乎高度一致：模型参数、训练成本、推理速度、评测成绩。谁的模型更大，谁的算力更强，谁在榜 单上排名更靠前，成为行业最直观的竞争指标。从GPT系列到各类开源模型，技术突破构成了这一阶段最耀眼的叙事主线。 但讨论的重心已经转移了。 在今年的MWC，这个信号更加明显。当模型本身的智能逐渐逼近天花板、差距不断收敛， 竞争的焦点就变成了这些能力是否能够真正进入日常场景。 进入下半场，三重转变正在发生。 MWC（Mobile World Congress，世界移动通信大会）2026把主题定为"The IQ Era"，明确指向"智能"。围绕这一主题，运营商、终端厂商、芯片与云服务 公司等各家厂商都开始用更具体的方式展示AI：更强的端侧能力、更快的实时翻译、更聪明的影像处理、更接近助理形态的交互。 在这场以AI为核心的展示潮中，小米把展台主题定为"The New Wave of AI"，并用一套更贴近 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 小米集团 (於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期: 2026年3月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | | 股份類別 | B | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01810 | | 說明 | | | | | | | | 多櫃檯證券代號 | 81810 | RMB | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | | 200,000,000,000 | USD | 0.0000025 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本 ...

记者丨易思琳 编辑丨张伟贤 3月4日，2026年全国两会拉开帷幕。全国人大代表、小米集团董事长雷军围绕机器人、汽车、工业旅游等提出了5份建议，关于通用 人形机器人、科技公益、交通安全文明体系、汽车复合型人才、工业旅游。 一、建议加快推动通用机器人在智能制造中进行应用 雷军认为人形机器人是继计算机、智能手机、新能源汽车之后的颠覆性产品，是未来产业的重要方向之一。而从产业来看，人形机器 人在制造中又具有显著的产业价值，能降低生产成本并提高生产效率，如推动量产应用后会为社会发展注入新动能。 当前国内通用人工智能技术取得了持续突破，中国在人形机器人技术领域已经形成了先发优势，趋势前景无限，但距离大规模工程应 用，还有很大的距离，还存在工艺稳定性差、单体硬件成本高、车间工位数量少等问题。 因此，雷军从扩大场景、建立安全标准体系等提出了建议：一是加快突破人形机器人工程化落地难题，形成规模化量产条件；二是扩 大智能制造应用场景，提高人形机器人使用率；三是加强安全标准体系建设，促进人形机器人应用 三、建议共建智能汽车的交通安全文明体系 中国智能网联汽车产业迈入高质量发展新阶段，以组合辅助驾驶、有条件的自动驾驶、无人驾驶为代表 ...

要点 2025年全年，非洲智能手机出货量达到8,440万部，同比增长13%，表现优于全球整体市场趋势。这一年也成为自2021年以来最强劲的复苏阶段，前期被 推迟的换机需求逐步释放，主要市场的渠道库存趋于稳定。2025年，智能手机约占整体手机出货量的55%，凸显出该地区正持续从功能机向入门级及中 端智能手机转型。 2025年第四季度，撒哈拉以南非洲的表现超过北非，进一步巩固了其作为区域主要增长引擎的地位。南非同比增长38%，在强劲的预付费业务推动下表 现领先，其中100美元以下机型占出货量的22%。尼日利亚增长25%，受益于平价4G智能手机的持续普及，以及整体连接使用率的提升，200美元以下价 位段仍是出货主力。肯尼亚仅增长3%，生活成本压力限制了可选升级需求。在北非市场，埃及同比增长22%，得益于本地制造优势以及三星、小米和 OPPO等厂商以性价比为导向的产品组合。100–199美元价位段占出货量的60%，同比增长19%。阿尔及利亚增长5%，而摩洛哥则下降3%，持续走高的 进口关税对市场可负担性造成压力。 Omdia首席分析师Manish Pravinkumar表示："2025年第四季度凸显出非洲入门级智能手 ...

Group 1 - Nvidia's CEO Jensen Huang stated that the company's recent $30 billion investment in OpenAI may be its last before the company goes public, with an IPO expected by the end of the year [2] - Huang also mentioned that the $10 billion investment in Anthropic might be the final one, and the previously announced $100 billion investment opportunity may not be on track [2] Group 2 - Moderna agreed to pay up to $2.25 billion to resolve patent disputes related to its COVID-19 vaccine, concluding ongoing legal controversies [3] - Samsung Electronics raised its first-quarter DRAM contract price increase from 70% to 100%, and plans to negotiate with Tesla to boost AI6 chip production, with an additional monthly demand of 24,000 wafers [3] - Alibaba's Qwen model technology head Lin Junyang announced his resignation, raising questions about his future with the company, while CEO Wu Yongming emphasized Qwen as a top priority during a communication meeting [3] Group 3 - Huawei's ICT BG CEO Yang Chaobin announced the official start of 6G standardization work, with the first 3GPP standard version not expected to be frozen before March 2029 [5] - Xiaomi plans to launch a new smartphone processor chip annually, with founder Lei Jun submitting proposals related to "AI+" and new productive forces at the National People's Congress [5] - ByteDance announced the pricing for its Seedance 2.0 video generation service at $1 per second, furthering the commercialization of generative AI applications [5] Group 4 - Apple released a budget MacBook Neo featuring the A18 Pro chip, starting at $599, while iOS 18.7.6 was officially released [8] - Meta plans to develop its own AI training chips and establish a new AI engineering department to accelerate superintelligence research [8] - Microsoft assisted in dismantling a global hacker service platform and is expected to launch Windows 12 this year, integrating AI deeply [8] Group 5 - Tesla's procurement executives plan to visit Samsung Electronics to discuss significantly increasing AI6 chip production capacity, with additional demand reaching 24,000 wafers per month [9] - Morgan Stanley announced a layoff of about 3%, affecting 2,500 employees across various departments [10] - Ross Stores reported strong fourth-quarter results, with same-store sales growth of 9% exceeding expectations, and a record sales figure of $6.64 billion [10] Group 6 - Honda announced plans to import pure electric vehicles produced in China to Japan, marking the first instance of a Japanese automaker selling Chinese-made EVs domestically [12] - SK Hynix is advancing new HBM packaging technology to meet Nvidia's demands, competing with Samsung for high-end memory market share [12] - LG Electronics is set to maintain its position as the global leader in OLED TV market share for the 13th consecutive year in 2025 [12]

Group 1 - The article discusses the controversy surrounding a high-priced ice product sold at Sam's Club, which has sparked intense debate among consumers regarding its value and pricing strategy [4][6] - The product, "Farmer Spring Pure Transparent Ice 1.38kg," is priced at 37.9 yuan, leading to comparisons with similar products from competitors, which are significantly cheaper [6] - The ongoing debate has resulted in increased demand, with reports of the product selling out in many locations and even being resold at a premium [4][6] Group 2 - Pinduoduo's manager was sentenced to three years and five months for accepting bribes totaling over 2.08 million yuan, including a Rolex watch [9][10][11] - The court found that the manager exploited his position to benefit merchants on the platform, leading to significant legal repercussions [10][11] Group 3 - ByteDance's Seedance 2.0 pricing has been announced, with costs averaging 1 yuan per second for video generation, reflecting a competitive pricing strategy in the AI video generation market [5][12] - The service offers two pricing tiers based on video input, with the inclusion of video editing resulting in a higher cost due to increased computational requirements [12] Group 4 - Aion M9 has achieved over 280,000 units delivered, claiming top rankings in sales, quality, safety, reputation, and resale value in the luxury SUV segment [15][16] - The company aims to sell an additional 1 million units within two years, targeting a total of 2 million units sold [16] Group 5 - Alibaba's Qwen AI model team is undergoing a restructuring, with the core leader stepping down, which has raised questions about the future direction of the project [19][20] - The company emphasizes that this change is part of a broader team expansion rather than a contraction, aiming to enhance resource allocation [20] Group 6 - GPU manufacturer Muxi expects a first-quarter loss of 90.76 million to 182 million yuan, despite projected revenue growth of 24.84% to 87.26% year-on-year [21] - The company is focusing on innovation and market expansion in the high-performance GPU sector, driven by the rapid growth of the AI industry [21] Group 7 - The robotics company Dajie has completed a multi-million D round of financing, which will be used to enhance its technology and expand into strategic emerging sectors [22] - The funding will support advancements in industrial intelligence and market penetration in key industries such as energy and aerospace [22] Group 8 - Xiaomi's robots have been operational in its automotive factory, achieving a 90.2% success rate in a specific task, showcasing advancements in robotics technology [26] - The company plans to scale up the deployment of humanoid robots in its factories over the next five years [26] Group 9 - GAC Honda is undergoing internal restructuring amid a significant drop in sales, with February sales down 68.93% year-on-year [28] - The company is adjusting its marketing and operational strategies to address the declining performance [28] Group 10 - The semiconductor industry has made a breakthrough in observing internal chip defects, which could enhance the reliability of high-performance chips [46] - This advancement is expected to aid in the debugging and optimization processes within semiconductor manufacturing [46] Group 11 - Qingwei Intelligent has initiated its IPO process, potentially becoming the first publicly listed company focused on reconfigurable chips in China [49][50] - The company has achieved significant sales milestones, with over 30 million units shipped, indicating strong market demand for its products [50] Group 12 - RuiXiang Intelligent has successfully passed the IPO review, focusing on smart manufacturing in the flexible printed circuit board sector [51][52] - The company has demonstrated steady revenue growth, with a compound annual growth rate of 33.80% over the past three years [52]

大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 昨夜今晨 【伊朗确定最高领袖候选人！以色列：任何新领袖都将成为"清除目标"】 俄罗斯总统普京当地时间3月4日在接受俄媒采访时表示，当前石油、天然气的价格确实在上涨，这是对俄罗斯 能源的限制以及美以对伊朗的侵略等因素叠加导致。而欧盟还要全面禁止从俄罗斯进口管道天然气和液化天然 气。普京说，反正欧盟迟早要禁止进口俄气，不如俄罗斯主动给欧洲"断气"，停止向欧洲市场供应并转向新兴 市场。 此前，伊朗伊斯兰共和国通讯社报道说，伊朗总统、司法总监和确定国家利益委员会选出的一名宪法监护委员 会成员，将组成临时委员会代理行使最高领袖职权。 报道援引伊朗宪法有关规定说："如最高领袖死亡、辞职或被解职，专家会议需尽快推选并任命新的领导人。" 报道说，在代行最高领袖职权期间，如果临时委员会的其中任何人无法履行职责，那么确定国家利益委员会中 的多数宗教法学家将任命他人代替。 伊朗专家会议是负责选举、监督、罢黜伊朗最高领袖的最高权力机构。专家会议选举每8年举行一次，其成员 由选民在宗教法学家中选举产生。 与此同时，以色列发出强硬警告。据新华社此前报 ...

年后，港股整体在A股"科技牛"的衬托下略显黯淡。 拉长时间来看，最为投资者熟悉的恒生科技板块调整明显，自从去年10月以来回撤幅度已逼近三成，一众主题 基金净值也持续走低。 在此期间，包括南下资金、公司回购以及跨境ETF在内的多路抄底资金热情依旧，仅在年内就已有3只ETF份 额被投资者增逾百亿份。有公募基金分析指出，这样的逆势买入说明市场正在从"恐慌性出清"转向"价值性重 塑"，而以南向机构和产业资本为核心的内资正在确认其对港股的"定价权"。 恒生科技深度调整 据统计，截至3月4日，近七个交易日里，恒生科技下跌了六天，年内恒生科技指数跌幅高达12.45%，个股方 面，金蝶国际跌幅接近三成，此外携程集团、美团、小鹏汽车、零跑汽车和腾讯音乐等跌幅超过了20%。 拉长时间来看，若以去年10月3日阶段性高点计算，恒生指数当前回撤幅度已经超过了27%，多名基金经理对 券商中国记者表示："最近恒科的跌幅确实超过了我们的预期。" 作为恒生科技重要指标，多只相关主题的ETF同期跌幅均在27%左右，投向港股的主动权益基金净值也悉数下 滑。在壁仞科技、智谱AI、MiniMax等三家AI领域的明星企业备受追捧之际，公募基金似乎并未尝 ...

未经许可，不得转载或者引用。 投资要点 当前时点智能汽车板块投资建议：继续坚定看好2026年L4 RoboX主线！ B端软件标的>C端硬件标的。H股优选【小鹏汽车+地平线机器人+小马智行/文远知行+曹操/黑 芝麻智能】；A股优选【千里科技+德赛西威+经纬恒润】 下游应用维度相关标的： #Robotaxi视角：1）一体化模式：特斯拉/小鹏汽车；2）技术提供商 +运营分成模式：地平线/百度/小马智行/文远知行/千里科技等；3）网约车/出租车的转型：滴 滴/曹操出行/如祺出行/大众交通/锦江在线。#Robovan视角：德赛西威+九识智能/新石器等。# 其他无人车视角：矿卡（希迪智驾等）/港口（经纬恒润等）/环卫车（盈峰环境等）/巴士（文 远知行等） 上游供应链维度相关标的： 1）B端无人车代工（北汽蓝谷/广汽集团/江铃汽车/同力股份）； 2）核心上游供应商：检测服务（中国汽研/中汽股份等）/芯片（地平线机器人+黑芝麻智能）/ 域控制器（德赛西威/经纬恒润/均胜电子/华阳集团/科博达等）/传感器（舜宇光学科技/禾赛/速 腾聚创）/线控底盘（伯特利/耐世特/浙江世宝）/车灯（星宇股份）/玻璃（福耀玻璃）等 风险提示： ...

记者｜雷晨 编辑｜李新江 张伟贤 见习编辑林芊蔚 视频｜ 陈泽锴 3月的巴塞罗那依然有些凉意，但2026年世界移动通信大会（MWC）展馆内却热闹异常。 相比往年，今年最明显的变化是，AI不再只是一个展板上的口号，而是几乎嵌入到每一家厂商 的产品演示里。 在3号馆的小米展区，主题被直接命名为"The New View of AI"。展台分为"AI Today"和"AI Tomorrow"两个区域，一边是已经量产上市的终端产品和场景应用，一边是芯片、机器人、未 来终端等偏技术储备的展示。 从手机到汽车，从家电到机器人，小米试图讲清楚一个问题：在新一轮AI浪潮中，硬件厂商还 能扮演什么角色？ 在3月2日的群访现场，小米集团总裁卢伟冰围绕高端化、AI落地、存储涨价周期以及汽车出海 等问题进行了系统回应。 放在当下全球消费电子行业面临存储成本剧烈波动、出货承压的大背景下，这场交流也有了更 多现实意味。 手机定价冲击1 . 6万元 这次在巴塞罗那，小米最受关注的产品之一，是在海外以"Leitz Phone"命名发布的小米17 Ultra徕卡版。发布会上，徕卡CEO登台讲解产品，这个细节本身，就传递出合作深度的变 化。 从 ...