Core Viewpoint - Xiaomi 15 5G smartphone is currently on sale with significant discounts on the Tmall platform, showcasing strong performance capabilities due to the Snapdragon 8 Gen 2 processor [2][3] Pricing and Discounts - The current promotional price for the Xiaomi 15 is 3099 yuan, with an additional 15% government subsidy available, bringing the effective price down to 2634.15 yuan for a single unit [2][3] - By utilizing the "Tao Coins" feature, customers can potentially lower the final price to as low as 2492 yuan, compared to the original price of 3099 yuan [2][3] Performance Features - The Snapdragon 8 Gen 2 processor provides robust performance, ensuring smooth operation and excellent running speed for various activities such as gaming, video watching, and daily office tasks [2][3]

智通财经APP获悉，石四药集团(02005)、方正控股(00418)、天福(06868)、永升服务(01995)、VITASOY INT'L(00345)、天润云(02167)、绿城服务(02869)、亲亲食品(01583)、信利国际(00732)、天安卓健 (00383)、舜宇光学科技(02382)、吉利汽车(00175)、同方友友(01868)、心玮医疗-B(06609)、捷利交易宝 (08017)、威高股份(01066)、津上机床中国(01651)、碧桂园服务(06098)、宝胜国际(03813)、腾讯控股 (00700)、易点云(02416)、天伦燃气(01600)、名创优品(09896)、枫叶教育(01317)、小米集团- W(01810)、美丽田园医疗健康(02373)、绿茶集团(06831)、HYPEBEAST(00150)、美亨实业(01897)、多 点数智(02586)、巨子生物(02367)、思派健康(00314)、九毛九(09922)、KEEP(03650)、手回集团 (02621)、连连数字(02598)、汇通达网络(09878)、迈富时(02556)、叮当健康(09886)、家乡互动 ...

| 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 99.37亿股 | 71.60% | | 绿色动力环保(01330) | 2.82亿股 | 69.76% | | 凯盛新能(01108) | 1.70亿股 | 67.96% | | 天津创业环保股份(01065) | 2.29亿股 | 67.38% | | 大眾公用(01635) | 3.58亿股 | 67.11% | | 中国神华(01088) | 22.37亿股 | 66.22% | | 南方恆生科技(03033) | 90.76亿股 | 65.31% | | 昊天国际建投(01341) | 69.01亿股 | 62.19% | | 广汽集团(02238) | 17.50亿股 | 62.18% | | 中远海能(01138) | 7.91亿股 | 61.05% | | 弘业期货(03678) | 1.52亿股 | 60.80% | | 广发証券(01776) | 10.16亿股 | 59.70% | | 万科企业(02202) | 13.12亿股 | 59.45% | | 昭衍新药(0 ...

【头条要闻】 证监会最新发声！五方面深化资本市场投融资改革 进一步提高中长期资金入市规模比例 ——推动中长期资金入市实现突破性进展。截至2025年末，各类中长期资金合计持有A股流通市值约为 23万亿元，较年初增长36%；权益类基金规模由2025年初的8.4万亿元增长到11万亿元左右。 ——加大对新质生产力的支持服务力度。2025年，电子行业总市值已超过银行板块，成为A股第一大行 业。A股市值前50的公司中，科技企业从5年前的18家增加到了目前的24家。 ——推动上市公司提升投资价值。2025年，A股上市公司现金分红2.55万亿元，再创历史新高，是同期 IPO和融资规模的两倍，越来越多的公司是一年多次分红。2025年，全市场推动重大资产重组超过200 单，活跃度明显提升。 ——坚决维护市场"三公"原则。2024年以来，累计查办财务造假案件159起，有43起案件涉及的大股东 和实控人被严肃追责，金通灵、美尚生态、锦州港等特别代表人诉讼案件近期都取得了重大进展，有力 支持了投资者依法维权。 核查结果各异！3只大牛股集体复牌，天普股份被立案调查，国晟科技业绩预亏…… 天普股份、国晟科技、嘉美包装三只大牛股结束停牌核查 ...

【#雷军晒参与小米汽车黑河冬测照片##雷军回应小米汽车高标准高强度测试#】@雷军 晒照称：这是 小米汽车去年黑河冬测的照片。只要有时间，我都亲自参加夏测、冬测、高原测试、长途路测等活动。 我相信，高标准高强度测试，就是管好质量的前提之一！ ...

今日热点导览 TOP 3 大新闻 "死了么"APP估值已达1000万元，创始人称开发成本仅1000多元 近日，苹果应用商店一款名为"死了么"的App受到关注，相关话题登上微博热搜榜。据介绍，该应用是 为独居人群打造的轻量化安全工具，用户需要设置紧急联系人并签到，若连续多日没在应用内签到，系 统将于次日自动发送邮件告知紧急联系人。 据该APP创始人之一的郭先生介绍，项目大约在2025年年中立项，而APP的实际开发时间不到一个月， 初始投入成本仅"1000多块钱"。随着用户量激增，服务器的压力也随之而来。郭先生表示，团队正在忙 于服务器扩容以承载暴涨的流量，这些都是需要成本的。"有想过会火，但没想到有这么火。"郭先生这 样形容APP的爆发。"增长是这两天开始的，下载量相比之前涨了100倍以上，而且现在其实还在往上 走"。 对于估值，郭先生坦言，在爆发初期"每个人他的理解都是不一样的"。计划以100万元出让公司10%的 股份。若以此计算，该APP的估值已达到1000万元人民币。（新民晚报、蓝鲸新闻） 霍启刚主动公开个人财产，多项房产为与郭晶晶婚后共同持有 香港新一届立法会议员个人利益申报出炉，90名议员的申报表已上 ...

Group 1 - Tencent Holdings (00700) had a net inflow of 1.953 billion, representing a 14.71% increase in net inflow [1][2] - Xiaomi Group-W (01810) saw a net inflow of 1.634 billion, with a net inflow ratio of 22.31% [1][2] - The top three stocks with the highest net outflow were China Mobile (00941) at -1.137 billion, SMIC (00981) at -1.079 billion, and Kuaishou-W (01024) at -286 million [1][2] Group 2 - The highest net inflow ratios were recorded by Sichuan Chengyu Expressway (00107) at 72.73%, Shanghai Industrial Holdings (00363) at 56.73%, and Qingdao Port (06198) at 50.96% [1][3] - The stocks with the largest net outflow ratios included China National Building Material (03323) at -61.83%, Stone Pharmaceutical Group (02005) at -61.03%, and CITIC International Telecommunications (01883) at -54.38% [1][3]

Core Viewpoint - The second-hand car market for Xiaomi vehicles has experienced a significant decline, particularly for the SU7 and SU7 Ultra models, with substantial depreciation observed in their prices over the past month [1][3][7]. Price Decline of Models - The average price of the Xiaomi SU7 in the second-hand market is currently 207,000 yuan, which represents a decrease of over 7,000 yuan compared to the previous month [1]. - For nearly new vehicles (approximately under 100 kilometers), the price is generally about 20,000 yuan lower than that of new cars. Vehicles that are around six months old and have traveled about 10,000 kilometers typically see a price difference of around 50,000 yuan. When mileage exceeds 20,000 kilometers, the depreciation can exceed 80,000 yuan [1]. - The lowest price for a SU7 currently stands at 153,000 yuan for a vehicle with 60,000 kilometers [1]. SU7 Ultra Depreciation - The SU7 Ultra, which was launched at a price of approximately 530,000 yuan in early 2025, now has an average second-hand price of 412,000 yuan, indicating a depreciation of over 100,000 yuan for nearly new vehicles. Some second-hand cars with around 10,000 kilometers have seen price drops exceeding 150,000 yuan [3]. YU7 Performance - In contrast to the SU7 and SU7 Ultra, the YU7 has experienced relatively minor depreciation, with nearly new vehicles seeing a price drop of generally less than 10,000 yuan [7]. - Xiaomi's automotive division achieved a delivery of over 410,000 vehicles in its first full year of operations (2025), surpassing its annual target by 117%. The SU7 was the best-selling sedan above 200,000 yuan, while the YU7 led the mid-to-large SUV sales charts, delivering over 150,000 units in six months, which is 2.3 times the delivery volume of the SU7 during the same period [7][8]. Market Challenges - Previously regarded as a "financial product," Xiaomi cars have now become a burden for second-hand car dealers, with reports indicating that dealers are struggling to find buyers even when offering discounts [7]. - Despite the apparent pricing in the market, actual transaction volumes remain low, indicating a sluggish market environment for Xiaomi's second-hand vehicles [7].

Core Viewpoint - The article highlights the recent developments in the electric vehicle (EV) market, focusing on new model launches, company collaborations, and government initiatives to promote green consumption in the automotive sector [2][3][111]. New Car Launches - The new XPeng P7+ was launched with a price range of 186,800 to 198,800 yuan, offering both pure electric and extended range versions [3][11]. - The XPeng G6 was introduced at a price of 176,800 to 186,800 yuan, maintaining the design of its predecessor [13][20]. - The XPeng G7 extended range version is priced between 195,800 and 205,800 yuan, featuring upgraded technology and design [21][30]. - The XPeng G9 was launched with a price range of 248,800 to 278,800 yuan, showcasing new color options and advanced features [32][39]. - BYD's new Qin PLUS DM-i is priced at 79,800 to 99,800 yuan, maintaining its design while enhancing battery capacity [42][57]. - The BYD Qin L DM-i was launched at 96,800 to 126,800 yuan, featuring improved battery specifications [48][55]. - The BYD Song Pro DM-i was introduced at a price of 99,800 to 127,800 yuan, focusing on battery upgrades [59][65]. - The new Xiaomi SU7 is available for pre-sale at 229,900 to 309,900 yuan, with significant upgrades in technology and design [66][75]. - The Geely Galaxy V900 is set for pre-sale at 319,800 to 389,800 yuan, featuring a spacious interior and advanced powertrain [76][86]. Company Dynamics - BAIC Arcfox has partnered with Sinopec Kunlun Network Electric to enhance charging network services, with the first batch of charging stations already operational in Beijing [87][91]. - BMW Group announced a target of delivering 2,463,715 vehicles globally by 2025, with a focus on increasing electric vehicle sales [92][93]. - Porsche and Bentley have announced recalls for specific models due to safety concerns, highlighting ongoing quality control measures in the luxury automotive sector [97][100]. - NIO celebrated the production of its one millionth vehicle, marking a significant milestone in its growth trajectory [107][110]. Government Initiatives - The Ministry of Commerce and nine other departments have issued a notice to promote green consumption in the automotive sector, supporting the purchase of new energy vehicles [111][114]. - The initiative aims to strengthen the automotive industry chain and explore potential in the used car market, car rentals, and other related sectors [112][114].

Investment Rating - The report maintains a "Buy" rating for the durable consumer goods industry [1] Core Insights - The report anticipates a long-term consumer bull market driven by new consumption trends, with four main themes expected to lead the way: AI+ consumption, overseas expansion, emotional value, and silver economy [1][8] - Historical cycles indicate that the A-share market exhibits 3-4 year cyclical fluctuations, with technology, cyclical consumption, and manufacturing rotating sequentially [1] - The report draws parallels between the upcoming "anti-involution" reforms starting in July 2025 and the "supply-side" reforms initiated in October 2015, suggesting similar transmission paths despite differing contexts [1] Summary by Sections 1. Consumer Outlook for 2026 - The report highlights that the consumer bull market led by new consumption will differ from the 2016-2019 period, focusing on AI+ consumption, overseas expansion, emotional value, and silver economy as key growth areas [8] - AI+ consumption is expected to be a major opportunity throughout 2026, with significant advancements in technology and consumer engagement [12] - The overseas expansion of brands is seen as a critical growth driver, particularly as urbanization rates plateau and the focus shifts to international markets [23] - Emotional value consumption is projected to grow significantly, driven by changing demographics and economic conditions, with sectors like pet care and collectibles gaining traction [28] - The silver economy is anticipated to reach a market size of 71 trillion yuan by 2023, with substantial growth expected as the aging population increases [40] 2. Sector Performance Tracking - The report tracks various sectors, indicating a mixed outlook: - Trend toys are showing upward momentum, with companies like Pop Mart leading the market [43] - The new tobacco sector is expected to benefit from regulatory tightening, favoring compliant manufacturers [45] - The home goods sector is experiencing pressure from weak real estate transactions, but there are signs of stabilization [47] - The paper and packaging sector is seeing price fluctuations, with expectations of recovery as supply tightens [49] - The pet food market is evolving, with a shift towards premium products and increased focus on health and wellness [31] 3. Key Data and Trends - The report provides insights into key data trends, such as the significant growth in the 3D printing market, which is projected to reach $24.61 billion by 2024 [17] - The export of 3D printers from China has seen substantial increases, with a year-on-year growth of 136.2% in export value [25] - The emotional value market is expected to continue expanding, with pet care and collectibles being highlighted as key areas of growth [28]