Investment Rating - The report indicates a strong investment rating for Xiaomi, highlighting favorable risk-reward dynamics despite recent stock price fluctuations [2]. Core Insights - Xiaomi's revenue structure for 2026 is projected to be 40% from portable devices (with 35% from smartphones), 30% from automotive, 20% from IoT, and less than 10% from internet services [1]. - Internet services and IoT are identified as core profit pillars, expected to contribute 90% of total profits by 2025, with internet business gross margins reaching 25%-30% [1][4]. - The company holds $26 billion in net cash and $12.5 billion in investment book value, providing a strong valuation buffer with an estimated per-share value of approximately $11 [1][6]. - Xiaomi's AI strategy has shifted towards foundational large models, with MemoV2Pro ranking in the top eight globally, enhancing its position in AI development [1][7]. - The automotive business employs a blockbuster strategy, with over 550,000 units of SU7/YU7 delivered, and plans to launch a new extended-range SUV in the second half of 2026 [1][10]. Revenue and Profit Structure - In 2026, the revenue composition is expected to be 40% from portable devices, 30% from automotive, 20% from IoT, and less than 10% from internet services, while the gross profit structure shows that smartphones contribute over 10% to total gross profit [3][4]. - The core profit sources include IoT, internet services, investment income, and interest income, which are more stable and expected to offset potential profit fluctuations from automotive or smartphone businesses [4][9]. High-End Strategy and Market Positioning - Xiaomi's high-end strategy has been successfully implemented, with over 25% of smartphone shipments in China being high-end models by 2025 [4][5]. - The company is adjusting smartphone specifications and pricing to manage semiconductor price fluctuations, with expected smartphone losses of approximately $7.5 billion in 2026 due to rising component costs [5][6]. Supply Chain Management - Memory costs account for 10%-20% of smartphone pricing, with a projected three-digit percentage increase in memory prices in 2026, potentially impacting smartphone profit margins by up to 10 percentage points [5]. - Xiaomi is managing supply chain risks through component specification adjustments, price increases, and faster new model launches to reflect rising costs [5][6]. Financial Health - Xiaomi's balance sheet is a significant value support, with $26 billion in net cash and $12.5 billion in investment book value, generating $2-3 billion in free cash flow annually [6]. - The company has repurchased about 1% of its market value since 2026, which supports its stock price [6]. AI and Ecosystem Integration - Xiaomi's AI strategy focuses on becoming a leading foundational large language model company and integrating AI capabilities into its ecosystem across smartphones, IoT, and automotive products [7][8]. - The introduction of large language models is transforming Xiaomi's smart capabilities from device-level to whole-home system-level intelligence [8][11]. Internet Services Growth - The internet services business is a core profit source, contributing 25%-30% of gross profit, with expectations to exceed 100% of net profit by 2026 [9]. - Revenue growth is primarily driven by advertising, with a 10% year-on-year increase in monthly active users, although overall smartphone shipment pressures may slow growth [9][10]. Automotive Business Development - Xiaomi's automotive strategy began five years ago, with the launch of the SU7 and YU7 models, achieving over 550,000 deliveries [10]. - The upcoming launch of a new extended-range SUV is crucial for expanding into a new customer demographic, targeting older families [10]. Ecosystem Connectivity - Xiaomi's ecosystem leverages its proprietary operating system and Mi Home app for unified device control, with over 100 million monthly active users in China [11]. - The integration of AI assistants enhances user experience, allowing devices to learn user habits and automate operations [11].

以下文章来源于远川科技评论 ，作者徐珊珊 远川科技评论 . 刻画这个时代（的前沿科技） 一年开发三款车、一年车型三改款的时代，时隔两年换代的小米SU7算得上姗姗来迟。 单看发布会，新款SU7更像是偏科生补短板：性能微微提升，重点放在了续航和舒适性配置。发布会最后环节，雷军表示材料都在涨价，为表诚意，新车较老款微 微上涨4000元。 作为新款SU7的直系亲属，第一代SU7从2024年3月发布到今年2月停产，累计交付量38.1万，对一家新车企的首款量产车来说，强到不太真实。 近两年时间里，SU7的横空出世被新能源车行业反复拆解、研究、复刻。小米开发改款车型的时候，同行也对着这块细分市场跃跃欲试。 伴随新款SU7发布，友商各种各样主打年轻运动的轿跑车和猎装车，已经快停不下了。 偏科生的胜 利 无论是不是有意为之，小米都踩中了一个竞争并不激烈的细分市场： 纯电性能车 。 2021年小米宣布造车，大背景是国内新能源车市场爆发，产业链在下游需求带动下进步神速。作为新来者，小米的确背靠所谓"成熟供应链"，但也面临同质化竞 争。因此，小米选择了一条差异化路线。 第一代SU7是小米造车理念的一次集中展示，主要体现为两点： 一是 ...

Investment Rating - The report maintains a "Buy" rating for the durable consumer goods industry [1] Core Insights - The durable consumer goods industry is experiencing a recovery phase, with various segments showing signs of stabilization and growth potential. The report highlights the importance of new product launches and strategic partnerships in driving market dynamics [1][2][5] Segment Summaries 1. Trend Toys - The collaboration between Pop Mart and Sony Pictures for the LABUBU movie is expected to enhance the commercial ecosystem and deepen fan engagement with IP [9] - Upcoming product launches include several new series of toys, which could expand the proprietary IP matrix and improve profitability [10] 2. New Tobacco Products - The appointment of a new leader at the National Tobacco Monopoly Administration is anticipated to bring favorable policies for the new tobacco sector [13] - The U.S. smoking rate has dropped to a historical low, indicating a shift towards electronic alternatives [13] 3. Home Furnishings - Domestic real estate transactions are showing signs of recovery, with a slight improvement in sales figures for new and second-hand homes [14] - Furniture exports from China have surged by 67.83% year-on-year in February, indicating strong demand [14] 4. Paper and Packaging - Recent price fluctuations in pulp and paper products indicate a mixed market, with some products seeing price increases while others remain stable [18] - The consumer demand for packaging is gradually recovering, as indicated by retail sales data across various sectors [18] 5. Personal Care and AI Glasses - The personal care segment is seeing a recovery in sales, particularly in high-end tissue products, while AI glasses are entering a rapid growth phase with significant increases in shipment volumes [21][3] 6. Xiaomi Group - Xiaomi is leveraging its AI capabilities to create a unique ecosystem that integrates hardware and software, enhancing its competitive edge in the market [20] - The launch of the new Xiaomi SU7 models has generated significant pre-orders, indicating strong market interest [24] 7. Pet Food and Supplies - The pet food sector is aligning with international standards, with significant growth in exports and new product developments aimed at enhancing nutritional standards [25][27] - The establishment of new production facilities is expected to improve cost efficiency and product quality in the pet food market [26] 8. AI and 3D Printing - The industry is moving towards compliance and official authorization in IP usage, which is expected to benefit leading companies in the sector [34] - The TCT Asia Exhibition showcased advancements in 3D printing technology, highlighting its potential for broader applications [35] 9. Two-Wheeled Vehicles - The electric vehicle segment is set for growth, with companies like Niu Technologies targeting significant sales increases for the year [42] - The introduction of new safety features and AI technology is expected to enhance product appeal and market competitiveness [42]

策略研究 · 策略周报 地缘冲突、高油价下的港股市场应对策略 2026 年 03 月 21 日 核心观点 分析师 杨超 ：010-80927696 ：yangchao_yj@chinastock.com.cn 分析师登记编码：S0130522030004 孔玥 ：kongyue_yj @chinastock.com.cn 分析师登记编码：S0130525100001 相关研究 2025-12-30，2026 年港股投资展望：节奏看"水"， 集中靠"质" 2025-10-30，公募基金三季度持仓有哪些看点？ 2025-09-30，前瞻布局新质生产力主题投资——"十 五五"规划展望系列 2025-09-25，"十五五"时期投资机遇前瞻——"十 五五"规划展望系列》 2025-09-18，短期警惕风险溢价收窄，长期利好非美 风险资产——美联储 9 月议息会议决议解读 2025-09-07，外资加仓中国股票市场是否持续及还 在买什么？ 2025-09-07，第三阶段费率改革落地，对市场影响如 何？——基金销售费用管理新规点评 2025-09-07，港股 2025 中报业绩点评：盈利能力改 善支撑港股上涨 2025-0 ...

永豐金證券亞洲研究部晨訊 2026/3/20 | 麥嘉嘉 | 研究部主管 | avis.mak@sinopac.com | | --- | --- | --- | | 張雪婷 | 研究部經理 | samantha.cheung@sinopac.com | | 林仲全 | 研究部資深專員 | kobe.lin@sinopac.com | 1 2 • 美股周四受壓｜道指報46021點，跌203點或0.44%；標指下跌0.27% • 美債息揚｜美國10年期債息曾揚7.1個基點，至4.329厘 • 在戰事陰影下找「估值安全＋短期催化」 ｜中東戰事愈拖，投資人愈在意 「成本通脹＋供應鏈受阻」這一層，而不是單純炒價 • 私募信貸風險｜私募信貸風險將引發流動性關注 • 資產配置｜適度增持防守性及資源類資產，同時保留一定現金，以應對市場調整 • 結構配置｜投資高收益能源債券、抵押債券和信用衍生性商品，以對沖中東衝突 和油價上漲可能造成的市場動盪; 購買美國高收益債券指數的信用違約交換 (CDX) 保護，以對沖信用利差擴大的風險 永豐金證券亞洲研究部晨訊 永豐金證券亞洲研究部全球新聞概要 重點國際新聞 永豐金證券亞洲研究部晨訊 ...

DeepSeek 核心人才入职百度，但不是郭达雅 3 月 21 日下午，AI 圈传出一则人事动态消息，社交媒体上有人称，DeepSeek 核心技术人员已正式 加盟百度，岗位归属百度模型研发部（AMU）。该消息一经流出，迅速引发行业关注与猜测。 消息发酵初期，坊间普遍猜测此次入职百度的 DeepSeek 核心人员，是大模型 AI coding 领域的知名 专家郭达雅。据悉，郭达雅为中山大学与微软亚洲研究院（MSRA）联合培养博士，深耕代码生成与 数学推理大模型领域，曾主导 DeepSeek-Coder、DeepSeekMath 等核心项目，是 DeepSeek 的核 心骨干之一，其近期确有从 DeepSeek 离职的消息传出。 摘要：DeepSeek 核心人才入职百度，但不是郭达雅；腾讯 AI Lab 撤销，部分人员并入混元；宇树某 程序员发帖称：宇树对外标榜弹性双休，内部却是另一套规则，非常卷；网易回应"AI 清退外包"传 闻：系部分项目正常调整与人员优化；男子因造谣"科大讯飞裁员 30%"被拘；傅盛朋友圈开撕周鸿 祎：你欠一个亿未还，还删我；Cursor 新模型被指套壳 Kimi K2.5，联创回应：确实是 ...

Core Viewpoint - The article discusses the importance of conducting thorough due diligence before making investment decisions, emphasizing that opinions expressed are personal and not qualified investment advice [2][3][4] Group 1 - The analyst has been covering global stocks on Seeking Alpha since 2018 and has approximately a decade of experience in equity markets [1] - The article highlights that the analyst has no current positions in any mentioned companies and does not plan to initiate any within the next 72 hours [2] - It is noted that the research and interpretations provided may contain errors and should not be considered as definitive investment advice [3] Group 2 - The article clarifies that past performance of investments does not guarantee future results, and no specific recommendations are made regarding investment suitability for individual investors [4] - The views expressed may not reflect those of Seeking Alpha as a whole, indicating a diversity of opinions among analysts [4]

3月21日，小米创始人、董事长兼CEO雷军发布微博，回应"60加60等于120"言论。雷军称："发布会 上，我在解释 '相对速度120km/h碰撞'时候，口误多讲了一句，'相当于120km/h时速撞墙'，确实说错 了。感谢网友们指正。 " 小米汽车称："本次发布会当晚没有公布'大定'数据，而是直接公布了'锁单'数据。实际上，从去年6月 YU7发布后的第二天开始，我们就选择了公布'锁单'量，而非'大定'量。因为，不可退的'锁单'数据更能真 实、客观地反映用户的选择与认可。我们高度关注用户购买体验的持续改善和优化，确保让锁单车主更早 提车。" 综合自：雷军微博、小米汽车 责编：刘珺宇 校对： 盘达 百万用户都在看 董事长被留置！1300亿"大牛股"，最新公告！ 4倍大牛股，突传利好！超级赛道，再迎重磅催化！ 中东动荡！"黑天鹅"起飞，全球股市重挫！A股优势在哪？ 刚刚，集体杀跌！阿曼，突传重磅！CTA冲击波来袭 此前，3月19日晚上，小米发布新一代SU7，雷军"60+60=120"的发言引发车辆安全相关热议。"两辆车 都是60公里每小时，相对时速是120，就相当于你开120撞到墙上，这个碰撞能量是标准测试工况的1 ...

以下文章来源于泽平宏观商学 ，作者泽平宏观商学 泽平宏观商学 . 前沿科技企业实战研学 读万卷书行万里路 2025 年 12 月 用心打造最有品质的实战研学。读万卷书，行万里路。把教室搬到世界上最优秀的企业， 请最优秀的企业家和科学家讲课。顺势而为，把握机遇。正心正念，坚持做长期正确的 事！ 我们期待与更多的企业家朋友们携手同行，共赴 2026 实战研学之旅！ 泽 ZEP 平 INGM 宏 ACR 观 O RE 商 SEAR 学 CH 1-6月日程安排 · 2月27日 北京 国内头部智驾科技企业 人形机器人 华为、莫界科技、AI算力 闭门投研会-2026 Al 的中国力量(二) 年研学安 型 成石 1月4日-11日 洛杉矶、拉斯维加斯、旧金山 CES、英伟达、特斯拉 谷歌、罗宾汉、playground 斯坦福大学、伯克利大学 3月27日-28日 苏州 追觅科技、魔法原子、灵猴机器人 闭门投研会-2026 Al 的中国力量(一) 3月29日 上海 长三角校友会 4月20日-21日 香港 2026 香港 Web3 嘉年华 HashKey、复星财富 5月22日-23日 北京 智谱、头部机器人企业 商业航天 6月26 ...

3 月 19 日小米 SU7 发布会上，雷军聊 50% 偏置碰撞时抛出争议言论： 两车 60km/h 对撞，相对时速 120km/h，相当于单车 120km/h 撞墙 ，还称碰撞能量是标准工况 1.44 倍。 这话一出瞬间炸锅，全网物理爱 好者集体纠错，包括搜狐创始人张朝阳博士： 还有不少网友跟风造句。 （参考：微博，本文经由 AI 优化） 其实数学没毛病，错在忘了动能公式 E = ½ mv² 。两车对撞时能量双向分担，每车只扛 60km/h 冲击。 而 120km/h 撞墙能量直接翻 4 倍，破坏力天差地别，根本不能等同。 舆论发酵两天后，3 月 21 日中午，雷军发微博致歉，坦诚是口误多讲了一句错话，真心感谢网友指正， 没有辩解不甩锅。 ...