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]

Core Insights - Xiaomi's founder Lei Jun emphasized the theme of "change" during the annual speech, highlighting the stories behind Xiaomi's chip development and automotive ventures, which have garnered significant public attention [2] - The company has faced substantial challenges in its automotive journey over the past four years, with Lei Jun indicating that every step has been driven by immense pressure and the need for transformation since 2020 [2][3] - Xiaomi has identified two new strategic areas: chip manufacturing and automotive production, with a commitment to invest 100 billion RMB initially and a total of 10 billion USD over ten years in the automotive sector [3] Automotive Development - Xiaomi officially announced its entry into the automotive market in March 2021, with plans to develop the SU7 Ultra, aiming to compete with luxury brands like Porsche and Tesla [3] - The SU7 project faced initial setbacks, leading to the temporary cancellation of the Ultra project, but later breakthroughs allowed for its revival [3][4] - The first model, the Xiaomi SU7, was launched in March 2024, priced at 215,900 RMB, followed by the SU7 Ultra in February 2025 and the YU7 in June 2025 [4] Sales Performance - From January to August 2025, Xiaomi's automotive sales reached 224,800 units, achieving approximately 64% of the annual target of 350,000 units [4] - The YU7 model has seen significant success, with over 40,000 units delivered since its launch on July 6, 2025 [4] Challenges and Controversies - Despite the sales success, Xiaomi's automotive venture has faced controversies, including a fatal accident involving its autonomous driving system, which has raised public scrutiny [8] - The company announced a recall of 116,900 units of the SU7 standard version due to safety concerns with the driver assistance system, representing 30% of the total sold units [8] - Previous recalls were also noted, indicating the complexities and challenges inherent in the automotive industry, where opportunities and risks coexist [8]

摩根士丹利称，凭借优质与高性价比，相信小米17系列销量将强劲，并助力加速小米提升在高端智能手 机领域的市场份额。分析师Andy Meng等人在报告中表示，小米已在其电动汽车业务中启动专属定制服 务。尽管初期月产仅40辆，但相信该服务将成为其一项核心竞争优势。一旦新电动汽车工厂的利用率提 升，该模式预计推广至大多数车型，帮助小米维持稳健的新订单流。维持超配评级。 ...

Core Insights - Xiaomi's chairman Lei Jun addressed the company's journey towards becoming a technology-driven firm, emphasizing the importance of self-developed chips and electric vehicles in the face of intense competition from giants like Apple, Samsung, and Huawei [1][11] - The company has faced skepticism regarding its technological capabilities, often being labeled merely as an assembly factory [1][11] Chip Development - Xiaomi launched its first flagship 3nm chip, the Xuanjie O1, marking a significant achievement in its chip development journey [4][10] - The company previously faced challenges with its chip division, particularly with the failure of its first chip, the Surge S1, which led to a temporary halt in SoC development [6][7] - The decision to re-enter the chip market was driven by the belief that self-developed chips are essential for success in the tech industry [8][10] Market Competition - The smartphone market is described as highly competitive, with six major players each holding an average market share of 15-16% in China [1][11] - Xiaomi aims to adopt a long-term strategy in the smartphone market, focusing on sustained growth rather than quick wins [19] Automotive Ventures - Xiaomi's entry into the automotive sector has been met with significant challenges, including public skepticism and competition from established players [22] - The company has emphasized the importance of collaboration within the automotive industry to foster a positive environment for growth [22] - Xiaomi's electric vehicle models, such as the SU7 and YU7, are seen as critical to its automotive strategy, with a focus on unique design rather than following competitors [20][22]

Core Viewpoint - The chairman and CEO of Xiaomi Group, Lei Jun, expressed that competing with Apple may be a long and challenging process, emphasizing the importance of learning from Apple and improving every detail step by step [1] Group 1: Competitive Strategy - Xiaomi aims to fully benchmark against Apple, not only in terms of specifications and parameters but also in technology leadership and user experience, with the goal of potentially surpassing Apple [1]

Core Viewpoint - Xiaomi is shifting its strategy with the launch of the Xiaomi 17 Pro Max, aiming to appeal to a broader audience rather than just tech enthusiasts, marking a significant evolution in its flagship smartphone offerings [2][99][100]. Design and Features - The Xiaomi 17 Pro Max features a new design that moves away from the previous camera layout, incorporating a secondary display similar to the MIX Flip2, which enhances user experience [6][8]. - The phone's design aims to attract a wider customer base, including female users, reflecting a shift in target demographics [9][11][15]. - Compared to its predecessors, the Xiaomi 17 Pro Max has a more refined aesthetic with reduced curvature on the edges, enhancing its visual appeal [16]. Hardware and Performance - The device is powered by the fifth-generation Snapdragon 8 processor, which offers a 20% performance improvement over its predecessor [21]. - In benchmark tests, the Xiaomi 17 Pro Max achieved notable scores, indicating strong performance capabilities [22][23]. - The phone features a 6.9-inch display with a peak brightness of 3500 nits, significantly improving visibility in various lighting conditions [28]. Camera and Imaging - The Xiaomi 17 Pro Max boasts a 5000 MP camera system, with enhancements such as LOFIC technology that improves dynamic range and detail retention in high-contrast scenes [40][50]. - The introduction of a secondary display allows for improved selfie capabilities, positioning the device as a strong contender for users interested in high-quality front-facing photography [62][64]. Charging and Battery - The device supports 100W PPS public charging protocol, allowing for faster charging with compatible chargers, which is a growing trend in the industry [36][39]. - The Xiaomi 17 Pro Max is equipped with a large 7300 mAh battery, providing extended usage time [101]. Market Positioning - Xiaomi's strategy with the 17 Pro Max indicates a shift towards appealing to mainstream consumers rather than just tech enthusiasts, which could help the brand capture a larger market share [99][100]. - The pricing of the Xiaomi 17 Pro Max at 5999 yuan positions it competitively against other flagship devices, aiming to be an accessible option for a broader audience [103].

Core Insights - The highest short-selling ratios were recorded for China Resources Beer (80291), Lenovo Group (80992), and Anta Sports (82020), all at 100.00% [1][2] - The top three companies by short-selling amount were Alibaba (09988) at 6.371 billion, Tencent Holdings (00700) at 2.521 billion, and Xiaomi Group (01810) at 2.334 billion [1][2] - The highest deviation values were observed for Lenovo Group (80992) at 46.15%, China Resources Beer (80291) at 38.77%, and New Creation Group (00659) at 33.25% [1][3] Short-Selling Ratios - The top short-selling ratios included: - China Resources Beer (80291): 100.00% - Lenovo Group (80992): 100.00% - Anta Sports (82020): 100.00% - Li Ning (82331): 100.00% - AIA Group (81299): 94.83% [2] Short-Selling Amounts - The leading companies by short-selling amounts were: - Alibaba (09988): 6.371 billion - Tencent Holdings (00700): 2.521 billion - Xiaomi Group (01810): 2.334 billion - Baidu (09888): 1.629 billion - SMIC (00981): 1.407 billion [2] Deviation Values - The companies with the highest deviation values were: - Lenovo Group (80992): 46.15% - China Resources Beer (80291): 38.77% - New Creation Group (00659): 33.25% - Li Ning (82331): 32.78% - Hang Seng Bank (80011): 30.69% [3]

Market Overview - On September 25, the A-share market experienced fluctuations, with the ChiNext Index rising over 2% at one point, reaching a three-year high. The Shanghai Composite Index closed down 0.01%, while the Shenzhen Component Index rose by 0.67% and the ChiNext Index increased by 1.58% [2][3] - The total trading volume in the Shanghai and Shenzhen markets was 2.37 trillion yuan, an increase of 44.3 billion yuan compared to the previous trading day [2] Sector Performance - The gaming, AI applications, and controllable nuclear fusion sectors saw significant gains, while the port shipping, precious metals, and oil and gas sectors experienced declines [2] International Market - The U.S. stock market indices collectively fell on September 25, with the Dow Jones Industrial Average down by 173.96 points (0.38%), closing at 45,947.32 points. The S&P 500 dropped by 33.25 points (0.50%) to 6,604.72 points, and the Nasdaq Composite fell by 113.16 points (0.50%) to 22,384.70 points [4][5] - European markets also saw declines, with the FTSE 100 down 0.39%, the CAC 40 down 0.41%, and the DAX down 0.56% [4][5] - International oil prices slightly decreased, with WTI crude oil closing at $64.98 per barrel (down 0.02%) and Brent crude oil at $69.42 per barrel (up 0.16%) [4][5] Digital Currency Development - The Digital Renminbi International Operation Center officially commenced operations, introducing three major business platforms aimed at enhancing cross-border payment systems and financial infrastructure [7] Copper Industry Insights - The China Nonferrous Metals Industry Association is accelerating research on how to strengthen the standardized management of copper smelting capacity, addressing issues of excessive competition and low processing fees in the copper industry [8][9][10] Policy Changes - Guangzhou has introduced new policies allowing real estate companies to sell self-held housing after paying the necessary fees, aimed at improving land utilization efficiency [13] - The Chinese Foreign Exchange Trading Center announced an increase in the daily net limit for the "Swap Connect" mechanism to 45 billion yuan starting October 13 [11] Company Announcements - Xiaomi launched its new Xiaomi 17 series smartphones, starting at a price of 4,499 yuan [12] - Several companies, including Shanghai Electric and Inspur Information, saw significant net inflows of capital, indicating strong market interest [18][20]

Group 1: Automotive Sales and Developments - In August 2025, the pickup truck market sold 40,000 units, remaining flat year-on-year and down 3% month-on-month, maintaining a mid-high level over the past five years [1] - Xiaomi's YU7 model has exceeded 40,000 deliveries within three months of its launch [1] - Xiaomi Auto has introduced a customization service, allowing for up to 40 customized vehicles per month, with a minimum customization cost of over 100,000 yuan [1] - Aion's M9 model has initiated an upgrade to Huawei's Qian Kun Intelligent Driving ADS 4, enhancing its active safety features [1] Group 2: Corporate Announcements and Collaborations - Seres has received approval from the China Securities Regulatory Commission for the issuance of up to 331,477,235 overseas listed foreign shares (H-shares) [2] - Xiaopeng Motors plans to mass-produce and deliver the world's first "car + airplane" combination flying car by 2026, having invested billions in the development of seven prototype models [2] - Mercedes-Benz and Momenta are set to launch an intelligent driving assistance system, which will first be featured in the new pure electric CLA model [2] - CATL and Shouqi Group have signed a strategic cooperation agreement to promote electric vehicle transformation and related services [2] Group 3: Personnel Changes and Recalls - Mercedes-Benz announced a management change, appointing Michael Schiebe as a board member responsible for production, quality, and supply chain management, effective December 1 [3] - Ford is recalling 4,632 vehicles in the U.S. due to a risk of engine fires in certain 2020 models [3] - Hyundai is recalling 7,855 vehicles in the U.S. due to a risk of windshield trim pieces detaching [4] - Bosch Group plans to cut approximately 13,000 jobs in its automotive parts business, primarily affecting operations in Germany, to be completed by 2030 [4]

作者 | 云鹏 编辑 | 漠影 智东西9月25日北京现场报道，刚刚，小米创始人兼CEO雷军一年一度的重磅演讲如期而至，芯片、手 机、汽车、AIoT，各类新产品、黑科技密集轰炸，雷军现场金句频频，引起现场观众的阵阵欢呼。 今年是小米创办15周年，是雷军第6次进行年度演讲。 今年的演讲中，雷军首次透露了不少芯片和汽车背后的细节故事： 五年前，面对苹果华为"几座大山"，雷军为什么决定要"逆天改命"？ 12位高管为什么有9位都是"新面孔"，小米为何、如何重组高管团队？ 为什么松果第一次造芯的失败是"必然"？ 雷军如何一句话打消"继续干芯片，会不会把公司拖垮"的质疑？ 面对3nm芯片2000万美元的投片费，芯片团队是多么忐忑？ 玄戒O1回片一次成功背后，芯片团队到底有多么不易？ 为什么说小米YU7是小米工程师写给所有热爱生活的人，一封最深情、最硬核的情书？ 为什么说50几岁正是闯的年纪？ 智东西 回到今天发布会的主角手机——小米17系列，小米在产品命名上的调整一度引发了网络上的热 议，"17"与苹果iPhone 17系列直接对标。 值得一提的是，尽管雷军分享了诸多自研芯的故事，此次小米17系列并没有搭载小米自研芯片的版 ...