Core Viewpoint - Citigroup updated its investment outlook on Xiaomi Group, maintaining a "Buy" rating and setting a target price of HKD 50 [1] Group 1: Automotive Business Developments - Xiaomi recently launched the first facelift model of its car SU7 and has begun pre-sales, with the new car's pre-sale price increased by RMB 10,000 to 14,000, representing a price adjustment of approximately 3.3% to 6.5% [1] - The upgraded model features enhancements in multiple specifications, and Citigroup assesses that this pre-sale is expected to drive an increase in Xiaomi's car orders [1] - Positive factors anticipated include the official launch of the SU7 and the introduction of another new model, YU7 GT, to the market [1] Group 2: Management Insights and Future Projections - Xiaomi's management indicated that due to specification upgrades and increased costs, the likelihood of a significant price reduction of RMB 10,000 to 20,000 at the official launch is low [1] - Citigroup previously provided insights on Xiaomi's electric vehicle business for 2026, suggesting that the annual delivery target of 550,000 units set by Chairman Lei Jun is relatively conservative [1] - Based on a monthly delivery rate exceeding 50,000 units in December 2025, the company's production capacity is likely sufficient to support deliveries exceeding 600,000 units [1] - Citigroup expects that order conditions will improve again following the release of the new YU7/SU7 models in the second quarter [1]

21世纪经济报道记者何煦阳报道 2026年开年一周，雷军已经举办了两场直播。 CREACED 3 国语版 -1. 1 48 e 1月3日，雷军举行2026年第一场直播，重点拆解小米YU7，并集中回应网络上长期以来关于小米的不实 信息。 四天之后，即1月7日，雷军举办第二场直播。原本主题应是介绍小米SU7的26款升级车型，然而在两个 半小时的直播中，辟谣内容仍占据近两小时，涉及"丢轮保车""1300公里充一次电""一个杯子开15次 会"等多个传言。 相比之下，1月7日晚对26款SU7的介绍仅占约40分钟。雷军表示，26款SU7在电机、底盘、碳化硅平台 等方面均进行了重大升级。但观察此次小米对26款SU7的宣传侧重，被动安全和辅助驾驶的升级在各新 媒体平台均被置于首位。 在两次直播中，雷军均坦言"被黑怕了""睡不着觉"。 过去十多年，小米靠"参与感"起家，靠粉丝共建放大声量，入局造车后，小米也用该策略获得成功，雷 军被捧为"爽文男主"。但"参与感"是一把双刃剑，其负面效应也在历经两次安全插曲后被放大，雷军从 镜头面前的意气风发，到如今减少露面、反复解释、反复道歉、反复辟谣。 雷军被困在了自己的围城里。策略转向：从 ...

Market Performance - The Hong Kong stock market opened lower and closed with a slight rebound, with the Hang Seng Index down 1.17% at 26,149.31 points, the Hang Seng Tech Index down 1.05% at 5,678.34 points, and the National Enterprises Index down 1.09% at 9,039.34 points [1] - Major tech stocks declined, with Alibaba down 2.26%, Tencent down 1.36%, JD.com down 2.02%, and Meituan down 3.35% [1] - The semiconductor sector saw gains, with Shanghai Fudan up over 5% and Huahong Semiconductor up over 2% [1] - Coal stocks led the gains, with Jinma Energy up over 11% [1] Company News - Xinyi International (00732.HK) reported a cumulative net operating revenue of approximately HKD 16.534 billion for 2025, a decrease of about 7.3% year-on-year [2] - China Overseas Development (00688.HK) reported a cumulative contract property sales amount of approximately RMB 251.231 billion for 2025, down 19.1% year-on-year [2] - Greentown China (03900.HK) reported a total contract sales amount of approximately RMB 251.9 billion for 2025, a decrease of 9% [2] - China Overseas Hongyang Group (00081.HK) achieved a contract sales amount of RMB 2.57 billion for December 2025, down 43.9% year-on-year [3] Strategic Developments - China Carbon Neutrality (01372.HK) signed a tripartite strategic cooperation agreement with China Tower and China Recycled Resources to jointly create a lithium battery circular economy ecosystem [4] - Guofu Hydrogen Energy (02582.HK) entered into a pre-purchase order agreement for hydrogen energy project equipment in Tasmania, Australia [4] - Lijun Pharmaceutical (01513.HK) had its Lecanemab injection included in the priority review and approval process [4] Stock Buybacks - Xiaomi Group (01810.HK) repurchased 3.9 million shares for HKD 149 million at prices between HKD 38.12 and HKD 38.20 [9] - Tencent Holdings (00700.HK) repurchased 1.023 million shares for HKD 636 million at prices between HKD 615.5 and HKD 628 [9] - Geely Automobile (00175.HK) repurchased 3.388 million shares for HKD 59.156 million at prices between HKD 17.38 and HKD 17.65 [10] Institutional Insights - Guolian Securities remains optimistic about the AI value reassessment trend in China, suggesting a focus on platform-based internet companies with computational resources and model capabilities [12] - Guoyuan International notes that the Hong Kong stock market is currently in a relatively flat period, awaiting further catalysts, with potential inflows of new capital following the announcement of the new Federal Reserve Chairman [13] - Qianhai Open Source's Yang Delong predicts that the Hong Kong stock market, including the Hang Seng Index and Hang Seng Tech Index, may regain upward momentum in 2026, driven by capital inflows [13]

"因为小米SU7的女性用户很多，防晒功能特别重要，像车顶做了双层镀银，前风挡做了三层镀银，所 有的玻璃都做了防晒隔热处理，其实防晒做得这么好的车，我不知道国内有哪一辆车能跟我们媲美，我 们在防晒功能上花了很多钱。"雷军称。 责任编辑：何俊熹 【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 20:50 ::!! < (11) 雷军 889.0万观看 预售价 Max Pro 标准版 30.99 万元 25.99 万元 22.99 万元 新浪科技讯 1月7日晚间消息，小米集团创始人、董事长、CEO雷军今晚直播。直播中，雷军表示， SU7给大家留下最大的几个印象是好看、好开、科技、生态、安全等，还有最重要一个词是防晒。 ...

【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 责任编辑：刘万里 SF014 新浪科技讯 1月7日晚间消息，小米集团创始人、董事长、CEO雷军今晚直播。直播中，雷军回应拆过 的车后续使用问题。雷军称，"这辆车装回去以后肯定不会再被销售了，会用于研发测试。"雷军还强 调，"拆的车是一部产线刚下线的车，不是样板车、特供车、特调车。"1月3日晚，雷军进行2026年第一 场直播，现场直播工程师拆车小米YU7。 ...

雷军坦言，"过去8、9个月，小米一直处在长期、持续、高度的负面舆情之中，而我们公关部的团队疲 惫不堪，我觉得他们的动作确实有些变形。" 责任编辑：何俊熹 【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 21:37 iii 온 30+ 雷军 1286.0万观看 ter 新浪科技讯 1月7日晚间消息，小米集团创始人、董事长、CEO雷军今晚直播，集团公关部总经理徐洁 云也现身直播间。直播中，雷军谈及"与相关KOL接触一事"的处罚。雷军表示，这件事情我们公关部确 实做得不好，所以公司决定对他们进行批评和处罚。 ...

Core Viewpoint - The Chinese automotive market, particularly in the new energy vehicle (NEV) sector, is transitioning from rapid growth to a more cautious approach, with manufacturers setting more conservative sales targets for 2026 compared to previous years [2]. Group 1: Sales Targets and Growth Rates - Traditional automakers are adopting more cautious growth targets, while new entrants, despite maintaining optimism, have reduced their aggressive growth ambitions [2]. - Among seven automotive manufacturers analyzed, only Leap Motor set a doubling sales target from 500,000 units in 2025 to 1 million in 2026 [2]. - Geely has the highest sales target for 2026 at 3.45 million units, representing a 14% growth from 2025, with a projected NEV sales target of 2.22 million units, up 32% from the previous year [5]. - Dongfeng aims for a total sales target of 3.25 million units in 2026, with an estimated growth rate exceeding 30% [5]. - Chery has set a target of 3.2 million units for 2026, reflecting a 14% increase from 2025 [6]. - Great Wall Motors has adjusted its 2026 sales target down to a minimum of 1.8 million units, a 36% increase from the previous year [6]. - NIO aims for a sales target of 456,000 to 489,000 units in 2026, maintaining a growth rate of 40%-50% [7]. Group 2: Market Dynamics and Strategies - The implementation of a halved purchase tax for NEVs and adjustments to subsidy policies are introducing new variables into the domestic automotive market [2]. - Dongfeng's new brand, Yipai Technology, plans to launch six new models by 2026, indicating a strategic focus on innovation [6]. - Xiaomi has set a sales target for 2026 that exceeds a 30% increase from last year's actual sales, with plans to upgrade its vehicle lineup [8]. - The new Xiaomi SU7 is expected to launch in April 2026, featuring advanced driving assistance hardware and improved range capabilities [8].

Core Viewpoint - Xiaomi is facing significant public relations challenges regarding its automotive division, particularly concerning the perception of its marketing claims and the impact of online criticism on its brand image [2][4][5] Group 1: Public Relations and Marketing Challenges - Xiaomi's New Year was marked by a delay in a planned live stream due to the founder's illness, which was intended to address various controversies surrounding Xiaomi's automotive products [2] - The company has been criticized for its marketing strategies, particularly regarding the Xiaomi SU7, which has drawn both attention and scrutiny from media and influencers [4][5] - Xiaomi's response to negative online sentiment indicates a shift towards a more proactive public relations strategy, aiming to control the narrative around its brand and products [5][16] Group 2: Specific Controversies and Responses - The term "Green Belt Warrior" was used in a derogatory manner against Xiaomi, which the company claims is a result of malicious editing and targeted attacks by online critics [7][19] - Xiaomi's leadership has acknowledged the existence of organized online criticism, including a police report detailing the arrest of individuals involved in spreading misinformation about various automotive brands, including Xiaomi [13] - The company plans to enhance its legal team to better protect its brand and assist customers in legal matters related to online defamation [5][13] Group 3: Marketing Communication Issues - Xiaomi's marketing claims, particularly regarding the SU7's range and performance, have been misinterpreted, leading to public backlash and accusations of exaggeration [19][20] - The founder's comments about the vehicle's performance have been criticized for being vague and open to misinterpretation, highlighting the need for clearer communication in marketing [26][33] - The company has recognized the importance of precise language in its marketing efforts, especially in the context of the automotive industry, where technical accuracy is crucial [35][38]

新年伊始 龙卡分期福利继续 小米产品以旧换新商品和正价商品均享受 龙卡信用卡的 双双双重重重福福福利利利 购买 指定商品 使用 建行信用卡分期支付 至至至至至至至至高高高高高高高高22222 222244444 4444期期期期期期期期分分分分分分分分期期期期期期期期购购购购购购购购 分期满减优惠 至至至至至至至至高高高高高高高高立立立立立立立立减减减减减减减减22222 222211111 111166666 6666元元元元元元元元 快来小米商城、小米之家 分期至高满减216元 挑选你的心仪产品吧 活动时间 01 2026年1月1日至2026年3月31日 活动时间 01 2026年1月1日起至2026年12月31日 活动内容 02 活动期间，持卡人在小米商城、小米之家购买指定商品并在支付时选择使用 龙卡信用卡 （商务卡、专项分期卡、外币单标卡、美国运通人民币信用卡除外）进行分期支付， 可享至 高24期0分期利息 （0分期利息时，近似折算年化利率（单利）为0%） 。 活动内容 02 活动期间，持卡人在小米商城、小米之家购买指定商品（含以旧换新类指定商品）并在 支付时选择 卡号62开头的龙卡信用卡银联单标卡 ...

Group 1 - The core idea of the news is that former Xiaomi executive Wang Teng has founded a new company named "Today Yixiu," focusing on developing sleep health-related products to improve people's energy levels [1][2] - Wang Teng's motivation for this venture stems from personal experiences with sleep quality and energy levels, which he found to be common issues among his peers due to work-related stress [1] - The new company will leverage advancements in AI and sensor technology to create products that can actively monitor and intervene in environmental factors affecting sleep, such as light, temperature, sound, and air quality [1] Group 2 - Wang Teng has a background in product strategy at OPPO and joined Xiaomi in 2016, where he held various significant positions, including General Manager of the Redmi brand and the China market [2] - His rapid rise within Xiaomi, achieving the role of General Manager of the China market in just eight years, indicates his strong influence and recognition within the company [2] - Wang Teng was dismissed from Xiaomi in September 2023 due to serious violations, including leaking company confidential information and conflicts of interest, which garnered significant attention [2]