Group 1 - The Xiaomi 17 Pro series introduces a back screen design that enhances recognition and allows for personal expression [1] - This new design approach differentiates the series from previous industry practices, moving away from merely labeling models as "Ultra" with reduced features [1] - The back screen not only improves the device's visibility but also provides emotional value to users, enabling them to showcase their individuality [1]

Core Viewpoint - Xiaomi Group's stock dropped over 4% following the launch of the new Xiaomi 17 series smartphones, indicating market reaction to the product release and pricing strategy [1] Product Launch - The Xiaomi 17 series smartphones were launched on September 25, with starting prices set at 4499 yuan for the standard model, 4999 yuan for the Pro model, and 5999 yuan for the Pro Max model [1] - The Xiaomi 17 series features the global debut of the fifth-generation Snapdragon 8 Supreme Edition [1] - Xiaomi's CEO Lei Jun claimed that the battery capacity of the Xiaomi 17 is double that of the iPhone 17, positioning it as superior to all iPhone 17 models [1] Pricing Strategy - Lei Jun highlighted that the Xiaomi 17 Pro is only 500 yuan more expensive than the standard version, and compared to the iPhone 17 Pro, it is 4000 yuan cheaper, suggesting a competitive pricing strategy [1] Chip Development - Lei Jun emphasized that chip development is essential for Xiaomi's success, committing to at least 10 years and an investment of 50 billion yuan in self-developed mobile SoCs [1] Automotive Development - Regarding the automotive sector, Lei Jun announced that since the delivery of the new SUV model YU7 began on July 6, over 40,000 units have been delivered [1]

Core Insights - The core theme of the article revolves around Xiaomi's transformation into a "hardcore technology company" through significant investments in core technologies and a high-end strategy, as articulated by CEO Lei Jun during his annual speech [1][3]. Group 1: Chip Development Journey - Xiaomi's journey in chip development, termed "chip-making journey," highlights the company's focus on high-end SoC (System on Chip) development, which is seen as essential for its future success [3][5]. - The company faced challenges in its initial chip development efforts, leading to the decision to halt the development of mid-range SoCs in 2018, with a renewed focus on high-end chips as the only viable path forward [5][7]. - As of April 2023, Xiaomi has invested over 13.5 billion yuan in the development of its "Xuanjie" chip, with a team of over 2,500 people, and plans to invest an additional 6 billion yuan this year [9]. Group 2: Product Launches and Market Positioning - The launch of the Xiaomi 17 series smartphones marks a strategic move to directly compete with Apple's iPhone, featuring the latest Snapdragon 8 Gen 2 processor and advanced technology [11][15]. - The starting price for the Xiaomi 17 series is set at 4,499 yuan, with pre-sales already initiated [12]. - The Xiaomi 17 series showcases significant advancements in display, battery, and imaging technologies, emphasizing the company's commitment to high-end product development [14][15]. Group 3: Automotive Customization Services - Xiaomi has introduced a new "customization service" for its automotive line, offering personalized options that were previously only available from luxury brands like Rolls-Royce and Porsche [16][17]. - This service aims to democratize access to high-end automotive experiences, aligning with Xiaomi's broader goal of technological and experiential equality [17].

Core Viewpoint - Xiaomi Group's stock dropped over 4% following the launch of the new Xiaomi 17 series smartphones, indicating market reaction to the product announcement [1] Product Launch - The Xiaomi 17 series smartphones were launched on September 25, with starting prices of 4,499 yuan for the standard model, 4,999 yuan for the Pro model, and 5,999 yuan for the Pro Max model [1] - The Xiaomi 17 series features the world's first Snapdragon 8 Gen 2 processor [1] - Xiaomi's CEO Lei Jun highlighted that the battery capacity of the Xiaomi 17 is twice that of the iPhone 17, claiming superiority over all iPhone 17 models [1] Pricing Strategy - Lei Jun stated that the Xiaomi 17 Pro is only 500 yuan more expensive than the standard version, and it is 4,000 yuan cheaper than the iPhone 17 Pro, positioning Xiaomi competitively in the market [1] Strategic Initiatives - Lei Jun emphasized that developing in-house chips is essential for Xiaomi's success, committing to a minimum investment of 50 billion yuan over the next decade for self-developed mobile SoCs [1] - Regarding the automotive sector, the newly launched SUV model YU7 has delivered over 40,000 units since its delivery began on July 6 [1]

【CNMO科技消息】近日，一起由AI图片恶搞引发的网络事件引发广泛关注。据CNMO了解，有网友 在微博评论区发布经过AI篡改的雷军年度演讲宣传图，将演讲主题"改变"恶意修改为"改便"，并在雷军 周围添加坐姿猴子图像。该行为迅速被其他网友发现并@小米法务部 进行处理。 这起事件并非个别现象。据公开报道，雷军近年来持续遭受AI仿冒视频困扰，其"AI分身"在短视频平台 一度泛滥成灾，甚至有人利用其形象进行不当牟利。小米公司对此类侵权行为采取零容忍态度，2025年 法务部已对数百个侵权账号进行取证，并发起数十起诉讼。 雷军 值得注意的是，此次年度演讲本身备受关注，相关话题在社交媒体阅读量超百亿。雷军在演讲中坦言曾 面临大量网络质疑和批评，但强调通过直面问题找到破局道路的决心。 事件发生后，涉事网友于9月25日公开发布道歉声明，承认在车评人微博下的不当行为，表示对小米公 司品牌声誉和创始人雷军个人形象造成不良影响深感歉意，并强调"网络不是法外之地，一言一行都需 守法"，保证"不会再有此类的不当行为。" CNMO认为，随着AI技术普及，网络内容创作需严守法律底线。企业名人和品牌形象的合法权益受到 法律保护，任何恶意篡改、 ...

新浪科技讯 9月25日晚间消息，小米集团董事长、CEO雷军在与新浪科技等媒体沟通中透露，小米手机 部的研发部有10000多人，公司其实在硬核技术研发投入上下了很大的功夫，但过去公司对这些部分介 绍的很少。 据雷军介绍，5年前小米就提出了要转型智能制造、转型硬核科技公司，但因为之前这些都在保密状 态，大家没有太多感知，而在小米17把过去几年的东西全部放出来的时候，大家就会觉得产品力炸裂。 来源：新浪网 "大家一下觉得小米怎么这么厉害，其实在我们内部都做了5年10年时间了。"雷军表示，这几年自己对 整个中国的工业越来越有信心了，我们早期都在应用层、场景层创新，但今天越来越多的东西是在材料 级和核心零部件级的创新。 ...

他谈到，2019年小米全年的研发费用75亿，这个情况下要投1000亿是很大的数字，"但是不 管风吹雨打，我们坚定的完成了这笔投资，大概投了1020亿~1050亿。我们新5年的规划是 2000亿的研发投入。所以大家今天看到的变化，其实这背后就有海量研发投入的结果。" 来 源：橙柿互动·都市快报、新浪科技、新浪财经 9月25日晚间，2025雷军年度演讲活动结束后，小米集团董事长、CEO雷军接受了媒体的采 访。 对于网络上有针对小米车主的不友好声音，甚至有小米车主被极端攻击，雷军回应： 小米汽车 发布后成为全网被黑最惨的车企之一，这次六部委打击黑水军、黑公关，我们举双手支持。 在 这一点上，小米汽车是受害者。我们希望全社会呼吁打击黑水军、黑公关，是他们让产业发展 遇到了很多困难。 雷军谈到过去五年小米经历了艰难转身，"大家的很多批评，我们自己也无比焦虑，所以在一个 内外的压力下，开始重新思考何去何从，并进行改变。" 他表示，"我们充分意识到要从互联网公司坚定走向智能制造的新战场，要转型成硬核的科技公 司。互联网公司是机会驱动的，科技公司是使命驱动的。所以我们坚持技术立业，一上来就制 定了5年投1000亿的计划。" ...

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 他还表示，在手机汽车取得经验后，小米今天在推全品类高端化。过去小米的确走的有点快，今天我们 要求把设计质量全方位拿起来，认真的把各个品类做好。"我坚信，我们还会在更多领域突破，小米也 一直在持续学习提高之中。" 新浪讯 9月25日晚间消息，在今日的2025雷军年度演讲活动结束后，小米集团董事长、CEO雷军与媒体 对话。 雷军表示，小米15年前创办时的使命就是始终坚持做感动人心、价格厚道的好产品，让全球每个人都能 享受科技带来的美好生活。简单来说，就是科技平权。"5年前，我们发现智能手机已经普及了，所以经 过反思后，坚定提出了高端化战略，全面对标苹果进入高端领域。" 他表示，这5年小米在手机高端化下了很大功夫，做汽车也坚定做高端车。第二季度财报，小米汽车的 含税均价28.9万，今天小米汽车这么大的量其实已经在高端区间里。"我越来越坚信，只要下功夫投入 技术研发 ...

Core Insights - The article highlights the ongoing strength of the AI narrative in the A-share market, with a focus on opportunities in the computing and AI application sectors, as indicated by the performance of the AI index which rose over 2% [3][4] - The Hong Kong stock market continues to show resilience, particularly in the internet sector, driven by liquidity easing and strong earnings from tech giants, with Xiaomi's new product launch being a significant event [4][5] Market Performance - The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index have respective P/E ratio percentiles of 95.97%, 85.4%, and 51.54%, indicating varying levels of market valuation [1] - The top three sectors for capital inflow include computing (1.195 billion), electric equipment (1.007 billion), and media (833 million), while the sectors with the highest outflows are electronics (-14.843 billion), machinery (-1.904 billion), and basic chemicals (-1.789 billion) [2][3] ETF Performance - The Big Data Industry ETF has shown a 19.79% increase over the past six months, while the AI-focused ETFs have also demonstrated significant growth, with the AI application ETF rising by 45.46% [3][4] - The article notes that the AI application and computing sectors are expected to continue driving innovation and growth in the industry, suggesting a favorable outlook for investments in these areas [4][5] Investment Recommendations - Analysts recommend focusing on the "AI main line" and the opportunities within the AI application and computing sectors, as these areas are projected to accelerate growth and innovation [4][5] - The article emphasizes the importance of monitoring the performance of ETFs related to AI and big data, as they are likely to benefit from the ongoing trends in the market [3][4]

Investment Rating - The report maintains a "Strong Buy" rating for Xiaomi Group [1] Core Views - Xiaomi has launched the Xiaomi 17 series, which includes significant upgrades across all models, aiming to compete directly with the iPhone in the high-end market [5] - The company is expanding its IoT product line with new high-end devices, including tablets, TVs, and smart home appliances, enhancing its AIoT ecosystem [5] - Xiaomi's automotive segment is gaining traction, with over 40,000 units of the YU7 model delivered and the introduction of customized services for its vehicles [5] - The report forecasts substantial revenue growth for Xiaomi, projecting total revenues of 489.9 billion, 660.3 billion, and 823.3 billion yuan for 2025, 2026, and 2027 respectively, with adjusted net profits of 43.1 billion, 63.5 billion, and 86.6 billion yuan for the same years [6][9] Summary by Sections Company Overview - Xiaomi Group is positioned as one of the top three smartphone manufacturers globally and the largest AIoT smart hardware platform [5] Financial Performance - The report provides a detailed financial forecast, estimating total revenue growth of 34% in 2025 and 35% in 2026, with net profit growth of 66% and 54% respectively [6][9] - Key financial metrics include a projected PE ratio of 35.7 for 2025, decreasing to 16.7 by 2027, indicating improving valuation over time [6][10] Product Development - The Xiaomi 17 series features three models with advanced specifications, including the Snapdragon 8 processor and significant battery capacity [5] - The introduction of high-end IoT products, such as the Xiaomi Pad 8 series and the S Pro Mini LED TV, reflects Xiaomi's strategy to enhance its product offerings [5] Automotive Segment - The automotive division is expected to grow, with the YU7 model's delivery numbers indicating strong market acceptance and the potential for further expansion through customized services [5]