9月26日，港股三大指数集体收跌，恒生科技指数跌2.89%报6195点，恒生指数跌1.35%再度回到26000 关口附近，国企指数跌1.49%险守9300点。 | 代码 | 名称 √ | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | 0 | 26128.20 | -356.48 | -1.35% | | 800700 | 恒生科技指数 | | 6195.11 | -184.08 | -2.89% | | 800100 | 国企指数 | | 9303.10 | -141.12 | -1.49% | 盘面上，重科技股集体下挫，小米大跌超8%，京东、快手、阿里巴巴跌超3%；机器人概念股集体下 跌，地平线机器人跌超8%；特朗普表示10月1日起对任何品牌或专利的医药产品征收100%的关税，生 物医药股集体下跌，创新药方向跌幅明显；美国考虑限制海外芯片进口，半导体芯片股多数出现下跌行 情，龙头中芯国际跌5%。另一方面，2025年1-7月中国风力发电量产量累计增长10.4%，风电股全天表 现强势，金风科技涨超4%；重型 ...

Core Insights - The core theme of the annual speech by Lei Jun was "change," highlighting Xiaomi's long and challenging journey in chip development, a topic that has been sensitive and rarely discussed in detail before [1][3] Group 1: Chip Development Journey - Xiaomi's chip development began 11 years ago with the establishment of Pinecone Electronics, leading to the release of the first self-developed chip, Surge S1, which sold 600,000 units [3][23] - The company faced significant challenges, including a decision in 2018 to halt SoC chip development due to strategic misalignment and the need for cohesive goals between chip and mobile teams [3][25] - After a five-year reflection period, Xiaomi committed to investing at least 100 billion yuan in core technology over the next five years, marking a shift from an internet company to a "hardcore technology company" [15][16] Group 2: Strategic Decisions and Challenges - Lei Jun emphasized the importance of high-end chip development, stating that entering the mid-to-low-end market would not provide opportunities for success [25] - The company experienced a significant revenue drop of 15% in 2022 due to international political influences, leading to doubts about continuing heavy investments in chip development [30] - Despite internal doubts, the leadership decided to persist with chip development, viewing it as essential for Xiaomi's future success [32] Group 3: Competitive Landscape - Xiaomi's competition with Apple is characterized as a long and painful process, with a strategic shift towards improving user experience rather than just specifications [5] - The Chinese smartphone market is described as highly competitive, with market shares fluctuating around 15% among major players [8] - Xiaomi has adjusted its growth strategy to aim for a steady annual growth of 1% over five years, targeting a 20% market share in China [9] Group 4: Recent Achievements - The successful development of the 3nm process chip, named "Xuanjie O1," was a significant milestone, with the first batch successfully tested after a substantial investment [4][34] - The company plans to continue its commitment to chip development, viewing it as a critical path to success and a means to reshape its corporate identity [4][37]

港股今日震荡走弱，三大指数午后跌幅显著扩大，其中，恒科指表现最差，尾盘一度跌超3%。截止收 盘，恒生指数跌1.35%或356.48点，报26128.2点，全日成交额为3236.74亿港元；恒生国企指数跌 1.49%，报9303.1点；恒生科技指数跌2.89%，报6195.11点。全周来看，恒指累跌1.57%，国指累跌 1.79%，恒科指累跌1.58%。 2. 风电股逆市上涨。中国高速传动(00658)涨5.45%，报1.74港元；金风科技(02208)涨4.13%，报13.36港 元；大唐新能源(01798)涨2.29%，报2.68港元；龙源电力（001289）(00916)涨1.68%，报7.87港元。 摩根士丹利指出，经过近三年的下行周期后，中国风电价值链通过行业自律成功实现了反内卷，在2025 年初实现了价格和整体盈利能力的转机。该投行预计国内风电装机需求将保持韧性，并看好关键零部件 供应商和海缆企业的投资机会。报告显示，中国风电行业在经历了2022-2024年的困难时期后，通过内 部自我调节机制成功扭转了恶性竞争局面。摩根士丹利预计"十五五"规划期间，年均新增装机容量将超 过110GW，2028-20 ...

智通财经APP获悉，港股今日震荡走弱，三大指数午后跌幅显著扩大，其中，恒科指表现最差，尾盘一 度跌超3%。截止收盘，恒生指数跌1.35%或356.48点，报26128.2点，全日成交额为3236.74亿港元；恒 生国企指数跌1.49%，报9303.1点；恒生科技指数跌2.89%，报6195.11点。全周来看，恒指累跌1.57%， 国指累跌1.79%，恒科指累跌1.58%。 光大证券指出，美联储降息周期开启，港股未来或继续震荡上行。港股整体盈利能力相对较强，同时互 联网、新消费、创新药等资产相对稀缺。此外，尽管港股已经连续多月上涨，但是整体估值仍然偏低， 长期配置性价比仍较高。在AI产业趋势持续发展，以及美联储降息周期开启背景下，港股市场未来或 许将继续震荡上行。 蓝筹股表现 小米集团-W(01810)领跌蓝筹。截至收盘，跌8.07%，报54.65港元，成交额233.47亿港元，拖累恒指 137.07点。9月25日晚，全新小米17系列手机发布，起售价4499元；小米17Pro系列手机，起售价4999 元；小米17Pro Max系列手机，起售价5999元。此外，雷军谈及造芯时表示，芯片是小米走向成功的必 由之路， ...

Core Viewpoint - Xiaomi has officially launched the Xiaomi 17 series, which includes the Xiaomi 17, Pro, and Pro Max models, featuring advanced technology and specifications aimed at enhancing performance and user experience [2][3]. Group 1: Product Specifications - The entire Xiaomi 17 series is powered by Qualcomm's fifth-generation Snapdragon 8 processor, built on a third-generation 3nm process, with a maximum CPU frequency of 4.6GHz and improved GPU performance while reducing power consumption [2]. - The Xiaomi 17 features a 6.3-inch OLED display with a resolution of 2656*1220, supporting a 120Hz refresh rate and a peak brightness of 3500 nits, utilizing new M10 emitting materials [2][3]. - The Xiaomi 17 series includes a 7000mAh battery for the standard model, a 6300mAh battery for the Pro version, and a 7500mAh battery for the Pro Max version [4]. Group 2: Camera Technology - The Xiaomi 17 is equipped with a rear triple-camera system, featuring a main camera with a 1/1.31-inch Light Hunter 950 sensor, along with a 50MP ultra-wide and a 50MP floating telephoto lens, and a 50MP front camera [4]. - The Xiaomi 17 Pro introduces the "Leica Light Master" imaging system with the new Light Hunter 950L sensor, offering high dynamic range capabilities and advanced optical coatings [4]. Group 3: Display Technology - The new red light-emitting material used in the Xiaomi 17's display is developed by Xiaomi's Lumi Blue OLED laboratory, surpassing international imported materials in efficiency, brightness, and power consumption [3]. - TCL Huaxing provides the display solutions for the Xiaomi 17 series, featuring the latest generation of emitting materials, with the Pro Max model incorporating Real RGB technology for enhanced image quality [3]. Group 4: Pricing - The pricing for the Xiaomi 17 is as follows: - 12GB+256GB: 4499 yuan - 12GB+512GB: 4799 yuan - 16GB+512GB: 4999 yuan [5].

Core Insights - Xiaomi has launched the Xiaomi 17 series, which includes the Xiaomi 17, Xiaomi 17 Pro, and Xiaomi 17 Pro Max, with prices starting at 4499 yuan, 4999 yuan, and 5999 yuan respectively [2][4] - The Xiaomi 17 series is equipped with the new Xiaomi Surge OS 3 and features a 6.3-inch display with a 19.6:9 aspect ratio, weighing only 191g [2] - The series is seen as a significant leap in Xiaomi's smartphone evolution, aiming to compete directly with Apple in the high-end market [6] Product Features - The Xiaomi 17 Pro and Pro Max feature a unique "Magic Back Screen" that allows for customizable content display and selfie previews [4] - All models in the series are powered by the fifth-generation Snapdragon 8 processor, with the Pro Max featuring a Leica triple-camera setup, including a 50MP main camera and 5x optical zoom capabilities [4] - Battery capacities are approximately 6300mAh for the Pro and 7500mAh for the Pro Max, both supporting 100W wired and 50W wireless fast charging [4] Market Strategy - The Xiaomi 17 series is positioned as a flagship product to enhance Xiaomi's presence in the high-end smartphone market, with industry experts viewing it as a pivotal moment for the brand [6] - The series will be available for purchase on Vipshop starting September 27, with expectations for consumers to receive their devices before the National Day holiday [7] - Vipshop has become a key partner for Xiaomi, with a significant portion of Xiaomi product buyers on the platform being female, accounting for over 70% of the customer base [7]

Core Viewpoint - The article discusses the mixed reception of Xiaomi's recent product launch led by Lei Jun, highlighting the effectiveness of Xiaomi's marketing strategy centered around Lei Jun while also addressing the criticisms and challenges faced by the company in the competitive landscape [4][10][18]. Group 1: Marketing Strategy - Xiaomi's marketing strategy continues to revolve around the figure of Lei Jun, which has proven effective in generating attention and engagement compared to competitors [4]. - The recent product launch emphasized a "benchmarking" approach against high-end brands like Porsche, Tesla, and Apple, indicating a shift in Xiaomi's positioning in the market [12][13]. - The introduction of products like the new magnetic charging power bank, designed to appeal to Apple users, reflects Xiaomi's strategy to attract a broader customer base [14][15]. Group 2: Competitive Landscape - Xiaomi's products, including digital devices and automobiles, are seen as having varying strengths compared to competitors, indicating that Xiaomi does not possess a comprehensive competitive advantage [8]. - The article suggests that Xiaomi's enemies in the market are not increasing but have always been present, highlighting the ongoing competitive nature of the industry [19][21]. - The perception of Xiaomi's automotive division is complicated by its approach to media and car reviewers, which has led to tensions and criticisms from traditional automotive journalists [22][30]. Group 3: Challenges and Future Directions - The article points out that while Xiaomi has made strides in product performance, it still faces challenges in software development and user experience compared to competitors [17]. - Lei Jun's role is described as a significant asset for Xiaomi, but there are concerns about the sustainability of this influence and the need for the company to adapt its strategies moving forward [24][25]. - The article concludes that Xiaomi's current marketing tactics, which mimic those of Tesla, may not be suitable for the next phase of the company's growth, suggesting a need for strategic reevaluation [42].

小米汽车正式迈入「定制时代」。 在9月25日的年度演讲上，雷军宣布小米汽车将提供个性化定制服务。 这次，小米YU7在首发推出的9款颜色的基础上，新增了5款定制配色（紫水晶、竞速红、暮光玫瑰、流金粉 哑光、嫩芽黄）， 同时，小米启动了「百色计划」，与全球顶级的车漆供应商BASF和PPG合作，计划三年内设计100款车漆。配合定制内饰、个 性化部件、以及专属定制中心，小米正尝试把「豪车叙事」植入到大规模工业化生产的赛道里。 反观特斯拉，为了生产效率，免费车漆的颜色都可能随时会改，定制化服务体验更多让位于规模和效率。 站在用户角度，即便小米定制服务的价格不算低，但对标豪车体系，再叠加稀缺性，消费者反而会觉得是占了便宜。一个细节 可以印证：哪怕SU7 Ultra有大量现车可以选购，仍然有消费者愿意多花4.2万元、排队等几个月，就为了选购碳纤维双风道前舱 盖。 符号消费的驱动力，或许已经超越了功能需求。 但问题在于，小米汽车能玩转定制吗？「全世界就没有一个大众品牌能把定制服务做好，因为很麻烦，稍微哪一点搞得不好， 这都是超高端用户，肯定从头到脚把你骂个死去活来。 」雷军也坦言，这项服务复杂而难干，过去只有豪车品牌才做得起 ...

Group 1 - The core viewpoint of the article emphasizes the ambition to create the world's strongest pure electric performance vehicle, positioning itself against established brands like Porsche and Tesla [1] Group 2 - Lei Jun discusses the YU7 model as Xiaomi's final card in the automotive sector, indicating a strategic pivot towards electric vehicles [2]

（原标题：恒生指数收盘跌1.35% 恒生科技指数跌2.89%） 人民财讯9月26日电，恒生指数收盘跌1.35%，恒生科技指数跌2.89%。小米集团、金山云跌超8%，京东 集团跌超3%。 ...