Core Insights - The Chinese smartphone market is projected to see a slight decline in shipments, with an estimated total of 285 million units in 2025, representing a year-on-year decrease of 0.6% [1][4]. Market Performance - Huawei leads the market with a shipment of 46.7 million units and a market share of 16.4% in 2025 [3][6]. - Apple and Vivo are tied for second place, with shipments of 46.2 million and 46.1 million units, respectively, both holding a market share of 16.2% [3][6]. - Xiaomi and OPPO rank fourth and fifth, with shipments of approximately 43.8 million and 43.4 million units, respectively, both exceeding a 15% market share [3][6]. - The gap in shipments between the top and fifth brands is only 3.3 million units, indicating intense competition in the industry [1][4]. Future Outlook - IDC anticipates that the cost pressures on smartphone manufacturers will increase due to expected significant rises in storage prices, which may lead to a more pronounced decline in shipments in 2026 [1][4].

Core Viewpoint - The commentary by Xiaomi's investment partner, Pan Jiutang, highlights the evolving landscape of the domestic electric vehicle (EV) industry, emphasizing that while many companies previously benchmarked against Tesla, the results have been limited. Xiaomi's SU7 and YU7 models have gained significant consumer recognition and attracted attention from leading domestic and international automakers [1][6]. Group 1 - Pan Jiutang noted that many car manufacturers are rapidly adjusting their product plans and even changing model naming strategies in response to Xiaomi's successful product launches, which he describes as a normal business reaction [6]. - He emphasized that if Xiaomi were to pursue an extended-range technology route in the future, it would carefully consider the experiences of Li Auto, while maintaining a respectful approach without denigrating competitors [6]. Group 2 - Pan Jiutang elaborated on the relationship between "imitation" and "innovation," asserting that imitation is a crucial foundation for innovation. He stated that no successful company has achieved its status without extensively learning from others [6]. - He argued that relying solely on imitation cannot lead to long-term success, and that industry progress and social development stem from a collaborative environment where companies inspire and push each other through micro-innovations [6]. - Pan Jiutang called for a rational perspective on benchmarking and learning behaviors within the industry, asserting that imitation, learning, and benchmarking are normal business practices that should not be stigmatized [6].

Core Viewpoint - Xiaomi Auto emphasizes the importance of its intelligent electronic control system, particularly the ESP system, which enhances driving safety and stability on low-traction surfaces like snowy roads [1][19]. Group 1: Safety Features - The ESP (Electronic Stability Program) system actively intervenes to stabilize the vehicle's posture during skidding or loss of control, assisting the driver in correcting the vehicle's trajectory [5][23]. - Key capabilities of the ESP system include: - **Stabilized Braking**: ABS (Anti-lock Braking System) prevents wheel lock-up during emergency braking, enhancing braking stability and steering control while reducing stopping distance [7][25]. - **Smooth Start**: TC (Traction Control) suppresses wheel slip during acceleration on low-traction surfaces, improving the smoothness of starting and acceleration [8][26]. - **Stable Cornering**: ESC (Electronic Stability Control) assists in suppressing understeer or oversteer during turns, aligning the vehicle's behavior with the driver's intentions [9][27]. Group 2: System Enhancements - The ESP system has been upgraded to ESP 10.0, which integrates with VDC 2.0, allowing for predictive adjustments rather than reactive corrections, enhancing control timing and effectiveness [11][29]. - The response time of the system has been significantly improved, with control cycles reduced to 2 milliseconds, which helps better mitigate wheel slip risks [12][30]. - The system's calibration is more precise, ensuring smooth transitions in vehicle posture and finely tuned power and braking control that accurately reflects the driver's intentions during maneuvers like lane changes [13][31]. Group 3: Stability Features - Xiaomi Auto's intelligent torque control system manages the distribution of drive and braking forces across all four wheels, optimizing traction and enhancing driving stability [14][32]. - The company has developed specific features for energy recovery scenarios, controlling torque distribution and implementing anti-lock control to prevent skidding, thereby improving stability [16][34]. - The RTCL (Regenerative Torque Control Logic) integrates driver perception with traditional vehicle dynamics to assess road conditions and braking intentions, optimizing energy recovery while minimizing rear axle wheel slip [35].

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced a significant short-selling activity, with a total short-selling amount of approximately HKD 18.0496 billion and a short-selling ratio of 11.096% relative to the main board trading volume [1]. Group 1: Short-Selling Overview - Total short-selling shares amounted to 799, with a total of 1.3395 billion shares being short-sold [1]. - The total short-selling amount reached approximately HKD 18.0496 billion [1]. Group 2: Major Companies Involved in Short-Selling - Alibaba Group (09988) had a short-selling amount of HKD 1,949.06495 million, representing a short-selling ratio of 9.235% and accounting for 10.80% of the total short-selling amount [1]. - Tencent Holdings (00700) recorded a short-selling amount of HKD 1,242.05145 million, with a short-selling ratio of 13.739% and contributing 6.88% to the total short-selling [1]. - Meituan (03690) saw a short-selling amount of HKD 784.44677 million, with a short-selling ratio of 22.018% and making up 4.35% of the total [1]. - Xiaomi Group (01810) had a short-selling amount of HKD 721.47635 million, with a short-selling ratio of 23.606% and representing 4.00% of the total [1]. - Alibaba Health (00241) reported a short-selling amount of HKD 702.765 million, with a short-selling ratio of 22.547% and accounting for 3.89% of the total [1].

目前这款产品在京东售价5489元，在拍易得最新一期的活动中成交价仅3293元，浏览器访问拍易得官网 可获得最新详情！ 小米17 Pro Max 5G手机，搭载第五代骁龙8至尊版旗舰芯片，性能强劲，畅享高速流畅体验。配备 12GB大运存与512GB超大存储，轻松应对多任务与海量文件需求。森野绿配色灵感源自自然，质感出 众，彰显沉稳格调。支持5G网络，连接更快更稳定，无论是游戏、视频还是办公都能得心应手。高分 辨率屏幕搭配顶级影像系统，呈现细腻视觉与专业级拍摄效果。小米17 Pro Max，以科技赋能品质生 活，为你带来全方位旗舰体验。 小米17 Pro Max 5G手机，搭载第五代骁龙8至尊版旗舰 芯片，性能强劲，畅享高速流畅体验。配备12GB大运存 与512GB超大存储，轻松应对多任务与海量文件需求。 森野绿配色灵感源自自然，质感出众，彰显沉稳格调。 支持5G网络，连接更快更稳定，无论是游戏、视频还是 办公都能得心应手。高分辨率屏幕搭配顶级影像系统， 呈现细腻视觉与专业级拍摄效果。小米17 Pro Max，以 科技赋能品质生活，为你带来全方位旗舰体验。 目前这款产品在京东售价5489元，在拍易得最新一期的 活 ...

Core Insights - The Chinese smartphone market is projected to have a shipment volume of approximately 75.78 million units in Q4 2025, showing a slight year-on-year decline of 0.8%, with an annual total of about 285 million units, down 0.6% from the previous year [1][3] Q4 2025 Market Performance - Apple leads the Q4 2025 shipments with 16 million units, capturing a market share of 21.1%, marking a significant year-on-year increase of 21.5% [2] - Vivo ranks second with 12 million units shipped, holding a market share of 15.8, but experiencing a decline of 8.8% year-on-year [2] - OPPO follows closely with 11.6 million units, a year-on-year increase of 10.2%, and a market share of 15.3% [2] - Huawei's shipments are approximately 11.1 million units, down 10.3% year-on-year, with a market share of 14.7% [2] - Xiaomi and Honor are tied for fifth place, with Xiaomi shipping 10 million units (down 18%) and Honor shipping 9.9 million units (down 6.1%) [2] Annual Market Overview - For the entire year of 2025, Huawei tops the market with 46.7 million units shipped, a slight decline of 1.9%, and a market share of 16.4% [4] - Apple follows closely with 46.2 million units, reflecting a 4% increase year-on-year, and a market share of 16.2% [4] - Vivo's annual shipments are 46.1 million units, down 6.6% from the previous year, also sharing a market share of 16.2% with Apple [4] - Xiaomi and OPPO have annual shipments of 43.8 million and 43.4 million units, respectively, with Xiaomi showing a growth of 4.3% and OPPO a growth of 2.1% [4] Global Smartphone Market Insights - The global smartphone shipments reached 1.26 billion units in 2025, with Apple and Samsung leading the market shares at 19.7% and 19.1%, respectively [5][6] - Despite challenges such as storage chip shortages, the global market is driven by high-end model growth and consumer anticipation of price increases [5][6] - The average selling price is expected to continue rising, even as overall shipments face pressure [6]

Core Insights - The Chinese smartphone market is projected to see a slight decline in shipments, with approximately 75.78 million units expected in Q4 2025, representing a year-on-year decrease of 0.8% [1][2] - Apple leads in Q4 shipments with 16 million units, achieving a market share of 21.1%, while Huawei tops the annual rankings with 46.7 million units shipped [1][3] Q4 2025 Performance - Apple: 16 million units shipped, 21.1% market share, 21.5% increase year-on-year [2] - Vivo: 12 million units shipped, 15.8% market share, 8.8% decrease year-on-year [2] - OPPO: 11.6 million units shipped, 15.3% market share, 10.2% increase year-on-year [2] - Huawei: 11.1 million units shipped, 14.7% market share, 10.3% decrease year-on-year [2] - Xiaomi: 10 million units shipped, 13.2% market share, 18% decrease year-on-year [2] - Honor: 9.9 million units shipped, 13.1% market share, 6.1% decrease year-on-year [2] Annual Performance 2025 - Total shipments in China are estimated at 285 million units, down 0.6% from the previous year [3][4] - Huawei: 46.7 million units, 16.4% market share, 1.9% decrease year-on-year [4] - Apple: 46.2 million units, 16.2% market share, 4% increase year-on-year [4] - Vivo: 46.1 million units, 16.2% market share, 6.6% decrease year-on-year [4] - Xiaomi: 43.8 million units, 15.4% market share, 4.3% increase year-on-year [4] - OPPO: 43.4 million units, 15.2% market share, 2.1% increase year-on-year [4] Global Market Overview - Global smartphone shipments reached 1.26 billion units in 2025, with Apple (19.7% market share) and Samsung (19.1% market share) leading the market [5][6] - The global market is expected to face challenges in 2026 due to ongoing storage chip shortages, which may lead to a decline in shipments [6]

Core Insights - The report by IDC indicates that in 2025, the top five smartphone brands in China by shipment volume will be Huawei, Apple, vivo, Xiaomi, and OPPO, with Honor falling out of the top five [1] - The total shipment volume for the Chinese smartphone market in 2025 is projected to be approximately 284.6 million units, reflecting a year-on-year decline of 0.6% [1][2] - The industry anticipates significant cost pressures for smartphone manufacturers due to expected substantial increases in storage prices, which may lead to a more pronounced decline in shipment volumes in 2026 [1] Brand Performance Summary - Huawei is expected to ship 46.7 million units in 2025, holding a market share of 16.4%, down from 47.6 million units and 16.6% market share in 2024, representing a decline of 1.9% [2] - Apple is projected to ship 46.2 million units, with a market share of 16.2%, an increase from 44.4 million units and 15.5% market share in 2024, showing a growth of 4.0% [2] - vivo's shipment is expected to be 46.1 million units, maintaining a market share of 16.2%, down from 49.3 million units and 17.2% market share in 2024, reflecting a decrease of 6.6% [2] - Xiaomi is forecasted to ship 43.8 million units, with a market share of 15.4%, up from 42.0 million units and 14.7% market share in 2024, indicating a growth of 4.3% [2] - OPPO is anticipated to ship 43.4 million units, holding a market share of 15.2%, slightly increasing from 42.5 million units and 14.8% market share in 2024, with a growth of 2.1% [2] - The "Others" category is expected to account for 58.4 million units, representing 20.5% of the market, down from 60.4 million units and 21.1% market share in 2024, showing a decline of 3.3% [2]

Group 1 - The global smartphone market is expected to see a second consecutive year of growth in 2025, with a 2% year-on-year increase in shipments, driven by high-end trends and the rising adoption of 5G devices in emerging markets [1] - Apple leads the market with a 20% share and a 10% year-on-year growth, making it the fastest-growing brand [1] - Samsung follows closely with a 19% market share, while Xiaomi holds the third position with 13% [1] Group 2 - In Q4 2025, smartphone shipments showed a modest increase of 1% year-on-year, impacted by previous inventory buildup [4] - Apple achieved a record high with a quarter of global shipments, supported by its expansion in emerging and mid-tier markets, and strong demand for the iPhone 17 series [4] - Samsung's growth is attributed to the demand for the Galaxy A series in the mid-range market and strong performance of the Galaxy Fold 7 and S25 series in the high-end market [4] Group 3 - Xiaomi maintained a stable performance with a 13% market share, supported by its high-end strategy and strong demand in emerging markets [5] - Vivo ranked fourth, achieving a 3% year-on-year growth due to its high-end strategy and strong execution in the Indian market [5] - OPPO experienced a 4% year-on-year decline in shipments, facing challenges in the Chinese and Asia-Pacific markets despite growth in India and the Middle East [5] Group 4 - The merger of realme with OPPO and OnePlus is expected to result in a combined market share of 11%, positioning them as the fourth-largest player in the global smartphone market [5] - The outlook for the smartphone market in 2026 is cautious, with a 3% downward revision in shipment forecasts due to supply shortages and rising prices [6] - Apple and Samsung are expected to remain resilient due to their strong supply chain capabilities and positioning in the high-end market, while Chinese brands focusing on lower price segments may face greater pressure [6]

1月14日，小米公司创始人、董事长、首席执行官雷军发文称：小米汽车非常重视冬季驾驶体验，我们 将通过小米YU7冬季操稳测试，带大家直观了解冰雪路面上，小米汽车是如何让操控更加稳定的。 此外，他还转载了一篇小米汽车冬季操稳安全科普文章。 01 冬季行车痛点 冬季行车，无论是南方的雨季，还是北方的雪季，车辆在低附着路面刹车距离变长、加速时产生侧滑， 或者在转弯时容易产生推头/ 甩尾现象等，这种'失控感'往往是冬天开车最害怕的。 想在冬天开车'更稳定'，核心离不开三点：'轮胎能不能抓牢地面'、'底盘调校'够不够稳、以及'智能电 控系统'能不能及时介入；其中，抓地力是基础中的基础 —— 哪怕再优秀的电控和底盘，在有冰雪覆盖 的路面，第一步需要先换上冬季胎，才能让后面的技术发挥作用。 冬季轮胎针对低温及冰雪路面拥有更适合的橡胶配方和花纹设计，其在低温沥青路面以及冰雪路面的抓 地力会更好，所以如果您所在城市常有积雪覆盖路面，或者环境温度低于-7℃，建议您及时更换冬季轮 胎，更利于保障行车安全。 02 什么是ESP？ 面对冬季复杂的行车场景，ESP作为核心安全配置，是保障行车稳定的"隐形守护者"。 一旦判定车辆即将打滑，它 ...