Core Insights - Xiaomi has undergone significant transformation beyond just car manufacturing, chip development, and high-end product offerings, focusing on reshaping its core structure and identity over the past five years [1] - The company emphasizes that continuous effort and growth provide opportunities for individuals and teams to achieve remarkable changes [2]

9月24日，小米董事长兼CEO雷军发视频预热年度演讲。 "汽车和芯片都很烧钱，你怎么敢同时干的造芯片和造车呢？" 雷军谈到，小米一上来就拍了1000个亿，这几乎是当时账面上所有的钱。"其实我们压力也挺大，我们 内部所有的部门都齐心协力，下定决心，勒紧腰带过紧日子。大家开玩笑说要供汽车和芯片这俩孩子上 大学，大家要一起努力。" "对标苹果，对标保时捷，对标特斯拉，不管做啥，非要对标谁吗？" 雷军坦言，这几家公司都是各个领域的世界第一，敢于对标世界第一就是一种勇气。他认为，只有对标 第一，学习第一，才能最终赶超第一。 来源：新浪网 "这几年又造手机，又造车，还做了一颗大芯片，小米忙得过来吗？" 雷军解释道，"大家不要误解，这些事情不是我一个人干的。我们每个业务都有非常优秀非常专业的团 队。而且手机、汽车、芯片其实它是相互关联的。这些业务可以相互协同，相互促进，一起进步。" "目前来看这几件事情进展都不错，有什么经验或者秘诀吗？" 雷军感慨到，小米的运气真的很好，这几件事情的进展比想象的要顺利。"其实我们内部也复盘了很多 次，我觉得这里面的经验还是蛮多的。今天我先说一条，其实很多不懂怎么复盘，把复盘干好就是很重 要 ...

Market Overview - US GDP growth was revised up to 3.8% for Q2, the highest in nearly two years, driven by strong consumer spending and a decline in imports [3][9] - Initial jobless claims fell significantly to 218,000, the lowest level since July [3][9] - Major US stock indices experienced a three-day decline, marking the longest losing streak in a month, with Oracle down over 5% and Tesla down over 4% [2] - Bitcoin dropped below $110,000, down 3.62%, while Ethereum fell over 7% to a seven-week low of $3,823 [2][11] - Gold rebounded by 0.38%, and silver surpassed $45, reaching a fourteen-year high [2] Company News - Xiaomi launched the Xiaomi 17 series with prices starting at 4,499 yuan, emphasizing its commitment to chip development and technology [13][21] - BYD's sales in Europe surged by 201.3% year-on-year in August, surpassing Tesla for the second consecutive month [14] - NIO's market value surpassed Kweichow Moutai, making it the third-largest listed company in China, with a market cap reaching 1.83 trillion yuan [18] Digital Currency and Blockchain - The Digital RMB International Operation Center officially launched, offering cross-border digital payment, blockchain services, and digital asset platforms [3][26] - The digital RMB aims to address pain points in traditional cross-border payments and enhance transaction security and privacy through advanced technologies [26] AI and Technology - Intel showcased its next-generation Xeon processors at the 2025 Yunqi Conference, utilizing new manufacturing processes and advanced packaging technologies [27] - Baidu upgraded its video generation model, allowing for unlimited-length AI video creation, enhancing its competitive edge in the market [28] - Strong Brain Technology demonstrated a breakthrough in non-invasive brain-machine interface technology, enabling users to control prosthetic limbs with their thoughts [29]

2025雷军年度演讲于9月25日晚举行。小米创办人、董事长兼CEO @雷军 于演讲过程中展示小米高管团 队名单，雷军表示，早期高管中有2位仍然与自己继续打拼，当前小米12位高管里有9位都是新面孔。小 米积极引入外部顶尖人才，并高度重视内部培养。 ...

雷递网 乐天 9月26日 9月25日，2025雷军年度演讲在国家会议中心举办，小米集团创始人、董事长兼CEO雷军做了主题为"改变"的第六次个人年度演讲，分享玄戒芯片及小米汽 车背后的故事。 随着小米过去五年在底层核心技术上的投入，以及高端化战略的持续突破，小米成为首家横跨手机、汽车、家电三大领域的科技公司。小米定义其为从一 家"互联网公司"成长为"硬核科技公司"。 小米首座智能家电工厂此前已在武汉破土动工，预计将于今年年底前正式投产。 雷军在年度演讲中表示："过去五年，无论对小米还是对我个人，都是一场彻底的蜕变，我们用五年脚踏实地的努力，重塑了小米的骨骼和灵魂。" 雷军还说："从迷茫到蜕变，有时隔着万水千山，有时只隔了一层窗户纸。只要持续努力、不断成长，每个人、每个团队，都有机会'逆天改命'。" 曾陷入严重内耗 雷军在演讲中称，2024年3月，小米发布了小米汽车，小米成为首家横跨手机、汽车、家电三大领域的科技公司。2025年5月，小米推出了玄戒O1 芯片，小 米成为中国大陆首家发布 3nm 制程旗舰芯片的公司。 这些改变，都来自五年前那次触及灵魂深处的大反思。 雷军说，5年前的2020 年，小米迎来了自己的十 ...

Core Insights - In 2025, Chinese automotive brands are making significant inroads into the international automotive racing scene, challenging traditional automotive powerhouses from Europe, the US, and Japan [1] - Chinese brands are leveraging racing achievements to enhance their global brand image and showcase technological advancements, marking a shift towards a "track economy" that drives brand elevation and globalization [1] Group 1: Racing Achievements - BYD's brand Yangwang U9X set a new world record for electric vehicles with a speed of 496.22 km/h, surpassing many top gasoline sports cars [2] - The Chinese brand presence is increasing at the Nürburgring Nordschleife, with notable performances such as the Xiaomi SU7 Ultra and Yangwang U9X achieving impressive lap times [2][4] - Lynk & Co has achieved a remarkable "six years, seven championships" record in the World Touring Car Cup (WTCR), demonstrating the competitive capabilities of Chinese automotive brands [4] Group 2: Technological Advancements - The racing environment serves as a testing ground for vehicle technology, enhancing the electronic stability systems and transmission logic of vehicles, which in turn improves consumer models [4][9] - The "race-to-research" model allows companies to apply technical experiences gained from racing to marketable products, showcasing the complete technical capabilities of Chinese automakers [4][9] Group 3: Brand Value Enhancement - Participation in international racing events is crucial for Chinese brands to enhance their visibility and credibility, transforming abstract performance claims into tangible achievements like world championships [5][7] - The increase in audience engagement at events, such as the DTM weekend attracting 78,000 spectators, provides valuable exposure for participating brands [6] - Racing success is seen as a powerful tool for breaking down traditional perceptions of Chinese brands, establishing them as reliable and advanced in the global market [8][9] Group 4: Cultural and Economic Impact - The development of a robust racing culture is essential for the growth of the automotive industry, with countries like the UK serving as a model for integrating racing into the automotive economy [8] - The "track economy" is becoming a vital part of the Chinese automotive industry, fostering technological innovation, talent development, and brand culture [9]

Market Overview - The Hang Seng Index closed at 26,404.18, down by 80.50 points or 0.30% on September 25 [1] - The index reached a high of 26,430.39 and a low of 26,319.63 during the trading session, with a trading volume of 66.046 million shares [1] Major Stocks Performance - HSBC Holdings closed at HKD 107.287, up by 0.17% compared to the previous close [2] - Tencent Holdings closed at HKD 648.343, down by 0.25% compared to the previous close [2] - Alibaba Group (W) saw a decline of 1.15%, closing at HKD 172.000 [3] - China Construction Bank dropped by 2.28%, closing at HKD 7.300 [3] - Xiaomi Group (W) increased by 4.48%, closing at HKD 59.450 [3] ADR Performance - Tencent's ADR price was USD 648.343, reflecting a decrease of 0.25% compared to its Hong Kong stock price [3] - Alibaba's ADR price was USD 170.695, down by 0.76% compared to its Hong Kong stock price [3] - HSBC's ADR price was USD 107.287, showing an increase of 0.17% compared to its Hong Kong stock price [3]

每经编辑｜陈鹏程 王晓波 1 美国8月PCE物价指数公布 2美国9月密歇根大学消费者预期指数终值公布 ③ 2025无人机创新应用大会将于9月26日至27日 举办 4 HarmonyOS Connect伙伴峰会暨鸿蒙智选 2025年秋季新品发布会将于9月26日举办 ⑤2025人工智能计算大会将于9月26日举办 1 李强同美国友好团体座谈 当地时间9月25日，国务院总理李强在纽约同美国友好团体座谈。李强表示，经贸关系是两国关系的重要组成部分。中美两国市场结构差异较大、产业结构 互补性强，在国际产业链中都占据重要位置，双方加强经贸合作互利共赢，惠及全球。与会美方人士表示，希望美中保持高层交往，扩大各领域对话，加强 互利合作，密切人文交流，发展长期稳定的美中关系，为国际社会注入更多确定性。美国企业界看好中国经济发展前景，将继续扩大在华投资，为促进两国 合作、增进相互了解发挥桥梁作用。（新华社） 2 隔夜市场 美股三大指数集体收跌，道指跌0.38%，纳指跌0.5%，标普500指数跌0.5%，三大股指均连续第三个交易日下滑；甲骨文跌超5%，特斯拉跌超4%，Meta跌 超1%；英特尔大涨近9%，苹果涨超1%；稀土概念、贵金 ...

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Core Insights - The annual speech by Xiaomi's founder Lei Jun focused on the theme of "Change," highlighting the company's transformation and achievements over the years [4][6] - Xiaomi aims to shift its brand image from a low-cost manufacturer to a high-end technology innovator, particularly through its advancements in electric vehicles and chip technology [6][7] Group 1: Company Transformation - Xiaomi has successfully launched the "Xuanjie" SoC chip and its automotive business, marking a significant shift in its operational strategy [4][6] - The company has redefined its core principles, moving from merely integrating existing technologies to creating its own foundational technologies, thus transitioning from a technology user to a technology creator [7] - Xiaomi's value proposition has evolved from price-based competitiveness to offering the best performance at a given price point, enabling entry into higher-end market segments [9] Group 2: Ecosystem Development - The company is expanding its definition of "cool" products to encompass a holistic ecosystem that includes smart home and automotive solutions, rather than focusing solely on individual product design [9] - Xiaomi is transitioning from a one-time hardware sales model to a subscription-based service model, similar to the growth trajectory of tech giants like Apple, which opens up new revenue streams [11] - The integration of various services, such as smart home security and energy management, is part of Xiaomi's strategy to enhance customer engagement and drive long-term growth [11]