| 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2026.01.08 | 500.00 | 38.160 | 38.040 | 19057.99 | | 2026.01.07 | 390.00 | 38.200 | 38.120 | 14883.60 | | 2026.01.06 | 385.00 | 38.900 | 38.860 | 14967.00 | | 2026.01.05 | 380.00 | 39.320 | 39.220 | 14929.13 | （文章来源：证券时报网） 自1月5日以来公司已连续4日进行回购，合计回购1655.00万股，累计回购金额6.38亿港元。 其间该股累 计下跌5.61%。（数据宝） 小米集团-W回购明细 证券时报·数据宝统计，小米集团-W在港交所公告显示，1月8日以每股38.040港元至38.160港元的价格 回购500.00万股，回购金额达1.91亿港元。该股当日收盘价38.020港元，下跌0.37%，全天成交额65.39 亿港元。 ...

格隆汇1月8日｜工信部正式公布了小米新一代SU7车型申报图。根据工信部申报信息显示，小米新一代 SU7将推出雅灰配色，提供19英寸、20英寸以及21英寸三种轮毂尺寸可选，以及两驱和四驱两套动力规 格。同时，在选装配置中，新一代SU7还出现了选装前车标以及多款拼色轮毂。目前，小米新一代SU7 已开启预售，预售价格区间为22.99万-30.99万元。 ...

Group 1: Market Response to Tax Changes - Multiple automakers are launching price reduction promotions to counter the impact of the new energy vehicle purchase tax [1][2] - Tesla China introduced a purchase incentive for Model 3/Y/Y L with a "7-year ultra-low interest" financing plan, and a "5-year 0% interest" option for Model Y [1] - GAC Group announced promotional activities for its self-owned brands, including a maximum of 70,000 yuan in government and enterprise subsidies [1] - NIO's Firefly brand is offering various purchase benefits, including a 2,000 yuan tax subsidy and rewards for repeat buyers [1] - Xiaomi Motors is promoting its YU7 and SU7 Ultra models with financing options and limited-time purchase benefits [1] Group 2: Price Adjustments and Subsidy Changes - BMW has initiated a broad official price adjustment for 31 models, with the highest reduction of 24% for the iX1, dropping from 299,900 yuan to 228,000 yuan [2] - Volvo announced a limited-time promotion for the XC70, including a direct tax subsidy of 14,000 yuan [2] - Wuling Motors is providing full purchase tax subsidies for several new energy models, along with additional trade-in and financing incentives [2] Group 3: Future Policy Changes - In 2026, the new energy vehicle market will face two significant policy changes: a reduction in purchase tax incentives from full exemption to a 5% rate, and a shift in subsidy methods from fixed amounts to percentage-based [2][4] - The new subsidy guidelines will be uniformly implemented nationwide, with the maximum subsidy for scrapping vehicles capped at 20,000 yuan and for trade-ins at 13,000 yuan [4] - The new policy aims to mitigate market shocks caused by changes in the new energy vehicle purchase tax [3][4]

Core Viewpoint - Lei Jun, the founder of Xiaomi, has held two live broadcasts in early January 2026 to address misinformation about the company and to introduce the upgraded Xiaomi SU7 models, emphasizing safety and technology improvements following past incidents [4][19][20]. Group 1: Live Broadcasts and Misinformation - The first live broadcast on January 3 focused on debunking false information about Xiaomi YU7 [4][18]. - The second broadcast on January 7 was intended to introduce 26 upgraded models of SU7 but spent nearly two hours addressing rumors, with only about 40 minutes dedicated to the actual product introduction [19][20]. - Lei Jun expressed feelings of being overwhelmed by negative publicity, indicating a shift in the company's communication strategy [20][21]. Group 2: Shift in Strategy - Xiaomi's strategy has shifted from "outstanding performance" to prioritizing safety, particularly after two accidents in 2025 that raised public concerns [7][22]. - The safety features from YU7 have been integrated into the 2026 SU7 models, including a high-strength steel body and multiple safety airbags [8][23]. Group 3: Safety Enhancements - The 2026 SU7 models feature a body made of 2200MPa "Xiaomi Super Steel," enhancing crash resistance and overall safety [8][23]. - New safety measures include additional side airbags, improved braking systems, and upgraded autonomous driving capabilities with laser radar and enhanced computing power [9][10][24]. Group 4: Marketing and Brand Perception - Xiaomi's marketing strategy, which relies heavily on consumer engagement and community building, has faced backlash as the company scales, leading to a mix of supportive and critical voices among its fanbase [12][26]. - The intense scrutiny on Lei Jun's personal brand has resulted in public perception being closely tied to the company's reputation, complicating the response to criticism [27][28]. - Despite strong sales figures, Xiaomi faces challenges in maintaining brand trust as it expands beyond its core fanbase into broader markets [14][28].

Core Viewpoint - Xiaomi's CEO Lei Jun announced the launch of the new SU7 model expected in April 2026, with a sales target of 550,000 vehicles for the year, which appears conservative compared to previous growth rates [2][3][4]. Sales Targets and Performance - The sales target of 550,000 units for 2026 is only a 34% increase from 410,000 units in 2025, which itself was a significant jump from 135,000 units in 2024 [3][4]. - The internal target may be even lower, around 500,000 units, indicating a cautious approach amidst market uncertainties [4]. - The current main model, YU7, has a monthly sales volume exceeding 30,000 units, suggesting that the target for 2026 may not reflect substantial growth compared to previous years [5]. Market Position and Competition - Xiaomi's sales strategy is being compared to competitors like Leap Motor, which aims for 1 million units in 2026, and Great Wall Motors, targeting 1.8 million units with a 36.4% growth rate [6]. - The company has experienced a significant drop in sales for its Ultra version, which fell from over 3,000 units per month to just 80 units in November 2025 [20]. Marketing and Consumer Sentiment - Xiaomi's marketing strategies have been effective in generating initial interest, with the SU7 achieving 88,898 pre-orders in 24 hours, showcasing the company's ability to leverage its existing consumer base [8][10]. - However, there are signs of consumer backlash, particularly regarding collaborations with KOLs that have not resonated well with Xiaomi's core fanbase, leading to a need for the company to reassess its marketing partnerships [14]. Safety Concerns and Public Perception - The company has faced significant challenges related to safety incidents involving its vehicles, which have raised public concerns about the safety of its products [18][20]. - The negative impact of these incidents has been compounded by a lack of timely responses from the company, leading to increased scrutiny and criticism from consumers [18][22]. Strategic Shifts - Xiaomi may need to adopt a "car sea" strategy, introducing more models to meet sales targets, which contradicts previous statements by Lei Jun about avoiding excessive model proliferation [24].

Core Viewpoint - The discussion between Liu Qiangdong and Lei Jun highlights the importance of both product quality and marketing in the success of a brand, particularly in the context of Xiaomi's strategies and the automotive market. Group 1: Historical Context - In a 2013 television program, Liu Qiangdong acknowledged that his team could not compete with Lei Jun's marketing skills, referencing Xiaomi's ability to sell hundreds of millions of smartphones [3] - Lei Jun later reflected on this moment, indicating that it was initially meant as a joke but has since been used by competitors to undermine Xiaomi [5] Group 2: Marketing and Product Quality - Lei Jun emphasized that while marketing is important, it should not overshadow the fundamental quality of the product, stating that both elements are essential for success [7] - Xiaomi's marketing strategy is built on a "product - user - ecosystem" closed-loop system, leveraging Lei Jun's personal brand to create a strong connection between the brand and its consumers [9] - The company employs various marketing strategies, including parameter comparison, price anchoring, and value proposition binding, which have proven effective in building a loyal customer base [9] Group 3: Recent Developments - Xiaomi has made improvements in its marketing practices, such as eliminating misleading small print in advertisements, which reflects a commitment to transparency and product integrity [13] - The automotive sector is highlighted as needing a return to value-driven marketing and rational competition, suggesting a shift in focus towards product quality over aggressive marketing tactics [14]

Core Viewpoint - The article discusses Xiaomi's recent live broadcasts led by Lei Jun, focusing on addressing misinformation and emphasizing safety upgrades in their new car models, particularly the SU7, following past incidents that raised safety concerns [3][4][5]. Group 1: Live Broadcasts and Misinformation - On January 3, 2026, Lei Jun held a live broadcast to clarify misinformation about Xiaomi, particularly regarding the YU7 model [3]. - A second broadcast on January 7, 2026, was intended to introduce the SU7's 26 upgraded models but spent significant time addressing rumors and safety concerns [3][4]. - Lei Jun expressed personal stress from the negative publicity, indicating a shift from a confident public persona to one requiring frequent clarifications and apologies [3][4]. Group 2: Strategic Shift in Safety Focus - Xiaomi's strategy has shifted from "outstanding performance" to prioritizing safety after facing backlash from two accidents in 2025 [4][5]. - The 2026 SU7 models will incorporate enhanced safety features, including a steel-aluminum hybrid body with a strength of 2000MPa and seven active safety airbags [5][6]. - Following a tragic accident in March 2025, Xiaomi developed a new "super steel" with a strength of 2200MPa, improving the vehicle's crash resistance [5][6]. Group 3: Safety Enhancements in SU7 - The SU7 series will feature a high-strength protective beam and a bulletproof coating to enhance battery pack safety [6][7]. - Additional safety features include two new rear side airbags and a standard configuration of nine airbags across all models [7][8]. - The upgraded models will also include advanced driver assistance systems with improved detection capabilities and processing power [7][8]. Group 4: Impact of "Participation" Marketing Strategy - Xiaomi's early marketing strategy relied heavily on consumer engagement through social media, fostering a loyal fan base [10][11]. - However, as the company grew, it attracted a more diverse audience, including less discerning fans, which led to increased scrutiny and criticism [11][12]. - The intense focus on Lei Jun's personal brand has resulted in public perception being closely tied to his actions, amplifying the impact of any product issues on Xiaomi's reputation [11][12]. Group 5: Future Challenges and Product Line Expansion - In 2026, Xiaomi plans to expand its product lineup with additional models, including an administrative version of the SU7 and two new SUV variants [12]. - While current sales figures are strong, the company faces the challenge of maintaining trust and brand loyalty as it seeks to penetrate broader markets beyond its core fan base [12].

Group 1 - Multiple car manufacturers are launching price reduction promotions to respond to the impact of the new energy vehicle purchase tax [1][2] - Tesla China has introduced purchase incentives for Model 3/Y/Y L, including a "7-year ultra-low interest" financing plan with a minimum down payment of 79,900 yuan and monthly payments starting at 1,918 yuan [1] - GAC Group announced promotional activities for its self-owned brands, including limited-time purchase tax guarantees and additional subsidies for trade-ins or scrappage [1] - Xiaomi Auto is offering various promotions for its models YU7 and SU7 Ultra, with a "3-year 0% interest" option and a minimum down payment of 74,900 yuan [1] - BMW has initiated a significant official price adjustment for 31 models, with the highest reduction for the iX1, dropping from 299,900 yuan to 228,000 yuan, a decrease of 24% [1] - Volvo is promoting its new XC70 model with a limited-time offer that includes a direct purchase tax subsidy of 14,000 yuan [1] Group 2 - Wuling Motors announced full purchase tax subsidies for several new energy models, along with trade-in subsidies up to 8,000 yuan and limited-time financial interest subsidies up to 5,000 yuan [2] - Traditional car manufacturers such as Dongfeng, Chery, Deep Blue, FAW-Volkswagen, and GAC Toyota are also launching new year price reduction promotions for certain brands or models [2]

Core Insights - Xiaomi's automotive division experienced a tumultuous start to 2026, with CEO Lei Jun announcing the sale of 410,000 vehicles last year and achieving a quarterly profit of 700 million [1] - Despite these achievements, the company's stock price fell, leading to a market capitalization drop below 1 trillion, primarily due to a controversial marketing decision that angered core fans [1] Group 1: Company Performance - Xiaomi sold 410,000 vehicles last year, marking a significant milestone for the automotive division [1] - The company reported its first quarterly profit of 700 million, indicating a positive financial trend [1] Group 2: Market Reaction - Following a controversial marketing campaign targeting a critic of Xiaomi, the company's stock price declined, resulting in a market cap drop below 1 trillion [1] - The backlash from fans led to a swift response from Xiaomi, including an apology, the dismissal of the involved employee, and the withholding of bonuses for two executives [1] Group 3: Internal Challenges - The incident highlighted Xiaomi's underlying anxiety in managing public perception and negative press, suggesting that the company may be struggling to maintain its brand image amidst increasing competition [1] - The need for a more solid approach to brand management was emphasized, indicating that reliance on fan support alone may not be sufficient for the company's success [1]

Group 1 - The net outflow of southbound funds from Hong Kong stocks today amounted to HKD 4.9 billion, with notable net purchases in Xiaomi Group (HKD 1.072 billion), Tencent Holdings (HKD 0.863 billion), SMIC (HKD 0.563 billion), Alibaba (HKD 0.35 billion), and Goldwind Technology (HKD 0.13 billion) [1] - The net sales included significant amounts in the Tracker Fund of Hong Kong (HKD 6.284 billion), Hang Seng China Enterprises (HKD 2.878 billion), Southern Hang Seng Technology (HKD 1.288 billion), China Mobile (HKD 0.732 billion), Hua Hong Semiconductor (HKD 0.413 billion), Meituan (HKD 0.227 billion), and Kuaishou (HKD 0.122 billion) [1] - Southbound funds have recorded six consecutive days of net purchases in Xiaomi, totaling HKD 4.6844 billion, and five consecutive days of net purchases in Alibaba, totaling HKD 2.46627 billion; conversely, there have been four consecutive days of net sales in China Mobile, totaling HKD 3.13893 billion [1] Group 2 - In the Shanghai Stock Connect, Alibaba saw a decline of 2.3% with a net purchase of HKD 0.311 billion, while Tencent experienced a drop of 1.3% with a net outflow of HKD 4.631 billion [4] - SMIC had a slight increase of 0.3% with a net purchase of HKD 0.34 billion, and Xiaomi Group saw a decrease of 0.4% with a net purchase of HKD 0.578 billion [4] - Goldwind Technology increased by 2.7% with a net purchase of HKD 0.13 billion, while China Mobile decreased by 0.6% with a net outflow of HKD 0.732 billion [4]