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 ...

Core Insights - The new generation of Xiaomi SU7 has officially started pre-orders, with three versions priced at 229,900 yuan, 259,900 yuan, and 309,900 yuan, reflecting an increase of 10,000 to 14,000 yuan compared to the previous model, and is expected to launch in April this year [1] - Xiaomi's approach to this update is characterized by a restrained strategy, avoiding a separate launch event and extensive pre-marketing, which is understandable given the established market position of the SU7 [1][4] - The new SU7 aims to address how Xiaomi can continue to advance without disrupting the existing success of a well-validated model in the market [1] Pricing and Cost Factors - The price adjustment is influenced by significant fluctuations in raw material costs, including lithium carbonate and automotive-grade memory, which have increased costs by several thousand to tens of thousands of yuan [2] - The new SU7 represents a typical "increase in quantity while increasing price" model, with systematic upgrades in configuration and structure, leading to increased production costs [1][2] Product Strategy and Design - The new SU7 is viewed as a mid-cycle update rather than a complete overhaul, focusing on stability and addressing shortcomings while maintaining continuity [4][6] - The exterior changes are minimal, primarily focusing on the front grille and introducing a new color option, while the interior features a redesigned layout that enhances usability and balances digital and physical interactions [6][9] - Safety features have been significantly upgraded, including enhanced structural integrity and an increase in the number of airbags from 7 to 9 [6][9] Market Position and Performance - The SU7 has established itself as a benchmark in the 200,000 yuan and above electric sedan market, with cumulative deliveries exceeding 360,000 units before the new model's pre-order [10][12] - The sales structure of the SU7 is healthy, with a significant proportion of sales coming from mid to high-end versions, contrasting with competitors that often rely on lower-priced models [12][14] - The SU7's success is attributed to a comprehensive product system rather than a singular pricing strategy, indicating strong market validation [12][14] Future Challenges and Goals - As the SU7 transitions from a new player to a market benchmark, Xiaomi faces increased scrutiny and competition in the 200,000 yuan and above electric vehicle segment, with established competitors like Tesla and emerging models from other brands intensifying the market landscape [15][17] - Xiaomi aims for a sales target of 550,000 units by 2026, indicating a shift from reliance on a single model to a multi-product growth strategy, with plans to launch four new models, including range-extended vehicles [20][21] - The SU7's role is evolving from merely being the first car to providing a stable sales foundation for the brand, necessitating a careful balance of product performance and market expectations [21][22]

Core Insights - The global non-gaming mobile applications market experienced strong performance in Q4 2025, driven by seasonal consumption peaks and the success of ByteDance's TikTok and CapCut, which dominated revenue, downloads, and MAU rankings [1][9] Group 1: Revenue Performance - The short video sector and AI imaging tools emerged as the two major winners in Q4, with global in-app purchases for short video applications surpassing $2.8 billion, reflecting a 116% year-on-year increase [2] - ReelShort and DramaBox topped the revenue and download charts for short video applications, with DramaBox's revenue increasing by 75% to $530 million and downloads surging by 112% [2] - Dramawave, under Kunlun Wanwei, saw a 20% quarter-on-quarter revenue growth and an impressive 28-fold annual revenue increase, ranking among the top five [3] Group 2: Download Performance - The download rankings highlighted significant growth driven by year-end promotions and holiday entertainment demand, with AliExpress experiencing a 12% quarter-on-quarter increase in downloads [4] - AI search application Seekee maintained a strong position in the download rankings, while Kunlun Wanwei's FreeReels saw a remarkable 580% increase in downloads, ranking seventh [4] - ShortMax also demonstrated significant growth with over a 130% increase in downloads, indicating a shift towards multi-platform development in the short video sector [4] Group 3: Active User Metrics - Xiaomi's ecosystem solidified its global user base, with system-level tools occupying nearly one-third of the active user rankings, supported by hardware shipments in South Asia, Southeast Asia, and Russia [7] - Temu, along with SHEIN and AliExpress, maintained a strong position in the active user rankings, with Temu's global monthly active users exceeding 760 million [7] - WPS Office experienced a 2.8% increase in active users, bolstered by the integration of AI office assistants, enhancing its competitiveness in the overseas mobile office market [8] Group 4: Industry Trends - The seasonal benefits are being systematically leveraged by Chinese developers, with key consumption and holiday periods becoming significant growth engines for both cross-border e-commerce and content applications [9] - AI is accelerating the commercialization of tool applications, significantly enhancing product value and user willingness to pay, leading to dual growth in revenue and usage for multiple applications in Q4 [9] - The hardware ecosystem remains a solid long-term moat, with companies like Xiaomi establishing high-frequency, essential usage scenarios in overseas markets, providing a stable user base for Chinese applications [9]

Core Viewpoint - Xiaomi Group's founder Lei Jun officially responded to recent discussions regarding the "Xiaomi used car market," citing authoritative data from the China Automobile Circulation Association, which indicates that the Xiaomi SU7 currently maintains a used car value retention rate of 80.1%, placing it at the forefront of the industry [1][3] Group 1 - The controversy arose from recent online videos and self-media reports claiming "chaotic pricing in the Xiaomi used car market" and "dealer speculation" [3] - Lei Jun's direct citation of the authoritative report is seen as a positive clarification against the related rumors [3] - The China Automobile Circulation Association is recognized as an authoritative industry organization in the domestic automobile circulation field, and its value retention report is typically regarded as an important market reference based on real used car transaction data nationwide [3] Group 2 - Industry insiders suggest that the negative rumors surrounding the Xiaomi SU7 used cars may be tactics employed by individual used car dealers or online influencers to gain attention and accelerate vehicle turnover [3] - These parties may create narratives of "conflict" or "price anomalies" to attract attention, a phenomenon that occurs frequently during rapid developments in the new energy vehicle market and the fast-paced exchange of old and new information [3]

Core Viewpoint - The discussion around the naming convention "Pro Max" for flagship smartphones by Chinese manufacturers highlights the common practice of imitation in the tech industry, with Xiaomi's partner emphasizing that while imitation is a foundation for innovation, true success requires originality and adaptation [1][3]. Group 1: Industry Trends - Chinese smartphone manufacturers such as OPPO, vivo, and Honor are evaluating the "Pro Max" naming for their next flagship models, potentially leading to a unified naming strategy that could lower user recognition costs and marketing expenses [1]. - The trend of adopting similar naming conventions is not unique to Chinese companies; global giants like Apple, Microsoft, and Google also engage in imitation as a strategy for growth [1][3]. Group 2: Company Insights - Xiaomi's introduction of the "Pro Max" model in its 17 series and the Redmi K90 series has sparked significant discussion regarding naming strategies in the smartphone market [1]. - The company acknowledges that while it may draw inspiration from competitors, it aims to innovate rather than solely imitate, as seen in its approach to future products like range-extended vehicles [4].

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 when skidding or losing 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: Stability Enhancements - The intelligent torque control system optimizes wheel grip by managing the distribution of drive and braking forces across all four wheels, enhancing overall driving stability [14][32]. - The ESP 10.0 system, paired with VDC 2.0, has upgraded its intervention timing and intensity from traditional "post-stability correction" to a predictive approach that allows for "trend prediction and pre-adjustment" [11][29]. - The response time of the system has been significantly improved, with control cycles reduced to 2 milliseconds, effectively mitigating the risk of wheel slip [12][30]. Group 3: Energy Recovery Development - Xiaomi Auto has developed specialized features for energy recovery scenarios, controlling torque distribution and implementing "anti-lock" control during energy recovery to prevent skidding, thereby enhancing stability [34][35].

他表示，小米中高层收入和公司整体强相关，不少因身体或能力后劲不足的老中层乐于拿着股票退后、 退休，不存在一些公司中高层更替斗争，欢迎技术、行业大牛加入，小米有趣、有情怀和广阔事业空 间。 小米产业投资部合伙人潘九堂今日发文称，"百将易得，一帅难求"，卢总（卢伟冰）是小米引入的"企 业家级别"重磅高管，深受员工及董事会尊敬，他正是闯的年纪。 他表示，小米中高层收入和公司整体强相关，不少因身体或能力后劲不足的老中层乐于拿着股票退后、 退休，不存在一些公司中高层更替斗争，欢迎技术、行业大牛加入，小米有趣、有情怀和广阔事业空 间。 责任编辑：王翔 责任编辑：王翔 小米产业投资部合伙人潘九堂今日发文称，"百将易得，一帅难求"，卢总（卢伟冰）是小米引入的"企 业家级别"重磅高管，深受员工及董事会尊敬，他正是闯的年纪。 ...

责任编辑：王翔 小米产业投资部合伙人潘九堂今日发文称，"百将易得，一帅难求"，卢总（卢伟冰）是小米引入的"企 业家级别"重磅高管，深受员工及董事会尊敬，他正是闯的年纪。 他表示，小米中高层收入和公司整体强相关，不少因身体或能力后劲不足的老中层乐于拿着股票退后、 退休，不存在一些公司中高层更替斗争，欢迎技术、行业大牛加入，小米有趣、有情怀和广阔事业空 间。 小米产业投资部合伙人潘九堂今日发文称，"百将易得，一帅难求"，卢总（卢伟冰）是小米引入的"企 业家级别"重磅高管，深受员工及董事会尊敬，他正是闯的年纪。 他表示，小米中高层收入和公司整体强相关，不少因身体或能力后劲不足的老中层乐于拿着股票退后、 退休，不存在一些公司中高层更替斗争，欢迎技术、行业大牛加入，小米有趣、有情怀和广阔事业空 间。 责任编辑：王翔 ...