小米舆情危机的根在内部预算机制 小米在2025年中之后屡次遭遇公关危机，多次霸屏热搜，这几乎成了家常便饭。元旦过后，其与某知名KOL的"试图 合作"又是掀起一股舆论旋风，从一年前意气风发，国货希望的明星企业，几乎沦为要靠"自证"来消弭危机。 过去大半年时间里，自媒体和各类专家拥挤在"教雷军做公关"赛道，很是热心帮小米解决问题。我们并非是公关和传 播学专家，本文重点也并非教雷总做公关，而是希望从企业管理角度探讨小米陷入舆论危机的根源。 本文核心观点： 其一，小米舆情危机根源在于内部预算的分配机制，汽车和手机业务内部权重扭转，引来外部环境动荡； 其二，事实证明企业家IP的打造不仅有传播高效的优点，更有引发舆情反转的弊端，这是雷军需要调整的； 其三，小米的危机，不在热搜，在账本 媒体热衷于谈论小米舆情，其潜台词为"糟糕的舆论环境必然会投射在销量上"，但现实往往并非如此简单，在不太友 好的舆论环境下，小米汽车2025年交付了45万辆（年初计划为35万）。 且6月之后小米汽车月交付量更是呈逐月递增的态势，许多人教雷军做营销时候恰恰忽略略"学生"已经取得的成绩。 这又让许多人凌乱了，难道舆情跟企业实际经营脱钩了吗？ 小米 ...

Core Insights - Xiaomi has established itself as a leading global technology company since its inception in 2010, evolving from consumer electronics to a comprehensive ecosystem covering smartphones, smart hardware, IoT platforms, and electric vehicles [1] - The company has been recognized in the Fortune Global 500 for seven consecutive years and ranks among the top three in global smartphone shipments for 21 consecutive quarters, with over 1 billion devices connected to its AIoT platform [1] - Xiaomi has invested significantly in chip research and development, with a "Ten Years 50 Billion" investment plan, forming a core R&D team of over 2,500 people and accumulating over 13.5 billion yuan in R&D investments [1] Chip Development - In response to challenges in the high-end chip sector, Xiaomi has initiated the development of the Xuanjie O13nm flagship processor, aiming for breakthroughs through independent innovation and architectural optimization [2] - The Xuanjie O1 processor features three major innovations: a 3nm advanced process with 19 billion transistors integrated in a 109mm chip area, a unique 10-core 4-cluster CPU architecture, and the integration of a self-developed ISP imaging chip and a 6-core low-power NPU [2] Industry Impact - The successful development and mass production of the Xuanjie O1 marks a significant milestone for Xiaomi's chip business and sets multiple records in the domestic semiconductor industry, making Xiaomi the fourth global company and the first in mainland China capable of 3nm SoC R&D [3] - The Xuanjie O1's mass production disrupts the monopoly of international giants in the high-end chip market and provides a replicable technology path and commercial model for the domestic semiconductor industry [3] - The core technologies accumulated during the R&D process will empower domestic chip design, manufacturing, and testing enterprises, promoting the entire industry chain [3] Future Outlook - Xiaomi plans to continue enhancing its chip technology innovation, leveraging its "human-vehicle-home ecosystem" to empower more product scenarios and inject lasting momentum into the high-quality development of China's semiconductor industry [4]

Group 1 - The employment in new industries shows signs of recovery, with companies having over 10,000 employees being the only category to experience a year-on-year increase in new job postings by 2.33% for the year 2025 [1][3] - Major companies such as DJI, Didi, and Xiaomi have significantly increased their new job postings [1][3] - Among large companies, the proportion of employees receiving salary increases reached 17.44%, which is notably higher than that of smaller companies [1][3] - Companies like ByteDance and Ant Group have posted multiple urgent job openings, with positions such as data analysts and overseas project managers offering annual salaries exceeding one million [1][3]

Group 1 - Xiaomi Technology (Wuhan) Co., Ltd. and Xiaomi Smart Home Appliances (Wuhan) Co., Ltd. have applied for a patent titled "Method, Device, Equipment, Storage Medium, and Program Product for Device Parameter Adjustment," with publication number CN121300128A, and the application date is October 2025 [1] - The patent describes a method for adjusting device parameters in response to fault events, allowing for the adjustment of one or more target adjustable parameters without the need for on-site repair personnel, thus improving fault response and repair efficiency [1] - This innovation significantly reduces labor input and time consumption for repairs, enhances user experience by enabling devices to automatically recover in a short time, and lowers repair costs [1] Group 2 - Xiaomi Technology (Wuhan) Co., Ltd. was established in 2017, located in Wuhan, with a registered capital of 21 million RMB, and has invested in 5 companies and holds 1399 patents [2] - Xiaomi Smart Home Appliances (Wuhan) Co., Ltd. was founded in 2023, also in Wuhan, with a registered capital of 2 million RMB, and has participated in 8 bidding projects and holds 530 patents [2]

Core Insights - Entrepreneur IP has become a crucial part of corporate online promotion, with a focus on evaluating its influence through metrics such as follower count, growth, shares, comments, and likes [1] Group 1: Top Influencers - "Yu Chengdong" has maintained the top position for nine consecutive months, with 9 posts in December, receiving 863,000 likes and gaining 1.342 million followers [1] - "Wei Jianjun" ranks second, publishing 15 posts in December, accumulating 2.338 million likes and gaining 266,000 followers, rising 4 positions [2] - "Zhou Yunjie" from Haier ranks third, with 9 posts in December, receiving over 1.042 million likes and gaining 509,000 followers [8] Group 2: Content Analysis - "Yu Chengdong" focused on product highlights and live promotions, including features of Huawei products and annual live broadcasts [1] - "Wei Jianjun" shared content related to Great Wall Motors, personal life experiences, and live interactions, with significant engagement peaks on specific dates [2][4][6] - "Zhou Yunjie" emphasized brand activities, product promotions, and corporate developments, with notable follower growth linked to specific posts [8] Group 3: Engagement Metrics - "Yu Chengdong" achieved a stable follower increase over nine months, indicating consistent engagement [1] - "Wei Jianjun" experienced follower spikes on December 21, 16, and 30, driven by engaging content and live interactions [6] - "Zhou Yunjie" saw a significant follower increase on December 24, linked to a successful promotional event [8] Group 4: Emerging Influencers - "Lu Weibing" from Xiaomi rose 33 positions, publishing 22 posts in December, with 748,000 likes and 615,000 comments, the highest comment count among all entrepreneurs [10] - "Xu Fei" increased 38 positions, with 16 posts in December, receiving 475,000 likes and 169,000 comments [13]

Core Insights - The Xiaomi Air engineering prototype has a high level of completion but was ultimately canceled due to internal assessments indicating a lack of market demand for ultra-thin models [1] Group 1: Product Specifications - The Xiaomi Air prototype is designed to directly compete with the iPhone Air, featuring a 6.59-inch display and supporting 3D ultrasonic fingerprint recognition [1] - The device has a thickness of only 5.5mm and weighs 160 grams, aligning with the lightweight parameters of the iPhone Air [1] - It supports both eSIM and physical SIM cards, with a visible physical card slot structure at the bottom of the mold [1] Group 2: Core Configuration - The Xiaomi Air prototype is equipped with the Snapdragon 8 Elite Gen5 processor and features a dual-camera setup with a 200-megapixel main sensor, capable of long-focus photography [1]

Group 1 - The core point of the article is that Beijing Xiaomi Mobile Software Co., Ltd. has obtained a patent for a method, device, and readable storage medium related to the transmission of time-frequency resource configuration information, with the patent number CN113841458B and an application date of August 2021 [1] Group 2 - Beijing Xiaomi Mobile Software Co., Ltd. was established in 2012 and is located in Beijing, primarily engaged in software and information technology services [1] - The company has a registered capital of 148.8 million RMB [1] - According to data analysis, the company has invested in 4 enterprises, participated in 149 bidding projects, and holds 5000 patent records, along with 123 administrative licenses [1]

Core Viewpoint - The competition in the domestic automotive market is intensifying as major car manufacturers and alliances announce ambitious sales targets for 2026, totaling 18.339 million units, which exceeds the actual sales of 3.86 million units in 2025 [1] Group 1: New Energy Vehicle Manufacturers - New energy vehicle manufacturers such as Hongmeng Zhixing, Leap Motor, and NIO have set aggressive sales targets for 2026, with expected growth rates ranging from 40% to 121% [2][4] - Hongmeng Zhixing aims for sales between 1 to 1.3 million units, with a projected growth rate of 70%-121% [4] - Leap Motor targets 1 million units with a growth rate of 68%, while NIO's target is between 456,000 to 489,000 units, reflecting a growth of 40%-50% [2][12] - Xiaomi Auto plans to increase its sales target from 350,000 units in 2025 to 550,000 units in 2026, representing a growth of approximately 38% [8] Group 2: Traditional Automakers - Traditional automakers like Geely, Changan, and Chery have set more conservative targets, with Geely aiming for 3.45 million units, Changan for 3.3 million units, and Chery for 3.2 million units, reflecting growth rates of 14%, 13%, and 14% respectively [3][13] - Great Wall Motors plans to sell 1.8 million units in 2026, with a leading growth rate of 36% among traditional manufacturers [2][13] - Geely's target includes a significant focus on electric vehicles, aiming for 2.22 million units in 2026, up from 1.69 million in 2025, increasing its electric vehicle penetration from 56% to 64% [13][14] Group 3: Market Dynamics and Competition - The competition in the automotive market is shifting from mere scale expansion to a comprehensive contest involving technology, product offerings, and global strategies [18] - Market analysts predict that growth in the Chinese passenger car market may slow or even decline slightly in 2026, making every percentage point of growth critical and competitive [18] - The ability of companies to balance scale, profitability, and technological investment will determine their success in this increasingly fierce market [19]

Core Viewpoint - The Hong Kong Consumption ETF (159735) has seen significant net inflows, indicating growing investor interest in the fund and the underlying consumer sector in Hong Kong [1][2]. Group 1: Fund Performance - As of January 12, the Hong Kong Consumption ETF (159735) recorded a net subscription of 28.1 million CNY, ranking 16th out of 207 in cross-border ETF net inflows for the day [1]. - The fund's latest size is 792 million CNY, up from 759 million CNY the previous day, reflecting a 3.70% increase in net inflow relative to the prior day's size [1]. - Over the past five days, the fund has accumulated a net subscription of 48.1 million CNY, ranking 25th out of 207 in cross-border ETF net inflows [1]. Group 2: Fund Details - The Hong Kong Consumption ETF (159735) was established on May 25, 2021, with an annual management fee of 0.50% and a custody fee of 0.10% [2]. - The fund's latest share count is 980 million, with a year-to-date increase of 6.52% in shares and a 9.16% increase in size compared to December 31, 2022 [2]. - The fund has a total trading volume of 901 million CNY over the last 20 trading days, with an average daily trading volume of 45.1 million CNY [2]. Group 3: Holdings and Composition - Major holdings in the Hong Kong Consumption ETF (159735) include Alibaba (19.54%), Tencent (16.59%), and Pop Mart (7.99%), among others, with total holdings reflecting a diverse exposure to the consumer sector [3]. - The ETF tracks the Hong Kong Consumption CNY Index (931455), and its performance is compared with another ETF, Hong Kong Consumption (513590), which has a smaller size of 230 million CNY [3].

Core Viewpoint - The article discusses the evolving consumer behavior in China, contrasting it with Japan's "lost three decades," emphasizing a trend towards selective consumption upgrades rather than a decline in consumption quality [1][2]. Group 1: Consumer Behavior Trends - The Chinese online consumption brand index (CBI) reached 62.65 in Q3 2025, showing a 4.4% increase year-on-year and a 0.92% increase compared to the same quarter in 2024, indicating a stable growth in consumer preference for high-quality brands [2][4]. - The CBI reflects the proportion of consumers purchasing high-quality branded goods, suggesting that consumers are not entering a "consumption menopause" but are instead actively seeking quality [3][4]. - The trend of "selective consumption upgrade" is evident, where consumers pursue cost-effectiveness for necessities while being willing to pay a premium for emotional and experiential products [5][6]. Group 2: Brand Performance and Market Dynamics - Brands like DJI and Pop Mart have shown significant growth, with DJI entering the top ten for the first time, indicating a shift towards innovative products that create new demand rather than relying on price competition [7][16]. - The CBI report highlights that brands achieving high scores are not necessarily those known for low prices but those that create unique experiences and emotional value for consumers [7][18]. - The report indicates a seasonal pattern in consumer behavior, with higher CBI scores during promotional periods, but the third quarter's performance reflects a solid foundation for brands in non-promotional times [12][14]. Group 3: Platform Strategies and Market Evolution - E-commerce platforms like Taobao are shifting their focus towards supporting quality brands and original merchants, moving away from price wars to fostering product quality and service [24][25]. - The growth in the CBI index is attributed to a strategic shift in platform policies that encourage brands to enhance their value proposition rather than compete solely on price [25][26]. - The article emphasizes that a market balanced between daily sales and promotional periods is more resilient, indicating that brands are building long-term value rather than relying on short-term sales spikes [26][28].