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]

Core Viewpoint - The collaboration between Xiaomi and Rovio's "Angry Birds" marks a significant return of the classic mobile game to the Chinese market, tapping into nostalgia and cultural relevance for a generation of users who experienced the rise of smartphones [1][3][5]. Group 1: Company and Product Development - Xiaomi's recent product launch featured a nostalgic presentation of "Angry Birds," which resonated with the audience and highlighted the game's cultural significance [1]. - The game, launched in 2009, has achieved over 5 billion downloads by 2022, making it a landmark title in mobile gaming history [3]. - Xiaomi's history with the "Angry Birds" IP dates back to 2011, showcasing a long-standing relationship that has evolved from themed merchandise to integrated software features [5]. Group 2: Market Trends and Consumer Sentiment - The revival of "Angry Birds" aligns with current market trends that favor nostalgic content, appealing to users who have grown into key societal roles since the game's initial popularity [5]. - The collaboration not only serves as a marketing strategy but also reflects a deeper cultural connection, as the game symbolizes a shared experience for many early smartphone adopters in China [3][5].

2025年是小米创业的十五周年，从手机到汽车再到芯片，当下的小米已经在诸多领域实现突破，而这一 系列的改变，都来自五年前的一次大反思。"当时大家很多的批评让自己感到无比的焦虑，内外的压力 下，我们开始重新思考何去何从。"雷军说道。 9月27日，雷军在自己的第六次个人年度演讲中回忆了"逆天改命"的故事，通过分享玄戒芯片及小米汽 车背后的成功，来让外界重新认识小米。站在新的起点，雷军认为，小米已经从一家"互联网公司"走 向"硬核科技公司"。 "互联网公司是机会驱动，硬核科技公司是实力驱动的。所以，我们坚持技术立业。" 图片来自官方 2020年，小米年营收首次突破2000亿，并开始高端化探索，未来五年在核心技术研发上投入1000亿元。 对于当时的小米来说，这是很大一笔钱，要知道2019年小米全年的研发费用才75亿元。 但是，在雷军看来，这是小米高端化转型的必做题，"不管风吹雨打，我们坚定的完成了这笔投资，大 概投了1020~1050亿吧，新五年规划将研发投入提升至2000亿。" 在研发上的不断投入，让小米在高端化上实现了突破。其中，小米自研设计的3nm旗舰SoC芯片玄戒O1 在今年正式发布，成为中国大陆首家、全球第 ...

【#雷军回应小米手机跳过16#】#雷军说自己曾陷入严重内耗#9月25日晚7时，雷军举办第6次年度演 讲，雷军在演讲中表示，芯片是小米走向成功的必由之路。自研手机SoC，至少要坚持十年、至少投入 五百亿。#小米发布会#雷军在演讲中多次表达了对友商的认可。在YU7的研发过程中，小米曾将理想与 特斯拉作为参照。理想L9作为家庭SUV、"冰箱彩电"的定位"非常成功"，而特斯拉Model Y则是"一辆出 色的车"，"小米今年年初购买了三辆Model Y，一个个零部件拆、学习。"他建议顾客，如果不选择小米 YU7，可以考虑Model Y；理想i6即将发布，大家也可以考虑购买i6。雷军感谢用户，强调正是所有用 户的支持推动了整个新能源汽车行业的发展。雷军在演讲中大篇幅讲述了凡客创始人、好友陈年的经 历。他说，陈年看了小米SU7发布会后，被雷军跨行造车的经历鼓舞，毅然将只剩三四名员工的公司迁 至杭州转型直播电商，并重回抖音男装头部。雷军说："就是在那一刹那，我的脑子里冒出这么一句 话：五十来岁正是闯的年纪。"在下半场手机发布环节，雷军多次将小米最新的17系列对标日前苹果发 布的iPhone17系列，包括外观、价格、续航时间、 ...

随着智能手机市场进入存量竞争的新阶段，高端化已成为国产品牌寻求突破与增长的必由之路。9月25 日，小米推出年度旗舰小米17系列手机，小米集团创始人、董事长兼CEO雷军将其视为全面对标iPhone 的产品。与产品战略升级相呼应的是，小米手机供应链公司加速协同布局，为小米17等国产手机的高端 化征程提供坚实支撑。 小米17系列迈向高端化 "我用四个字来形容小米17的变化，叫'惊艳蜕变'。我觉得大家可以重新认识一下小米手机。"9月25 日，雷军在小米17系列发布会上表示。此次，小米共推出小米17、小米17 Pro和小米17 Pro Max三款手 机。 欧菲光近期在接待机构调研时表示，手机光学行业的未来升级方向主要有三个方面：一是主摄、长焦等 摄像头逐步采用更"大底"传感器，以提升全场景影像体验；二是潜望式长焦模组普及加快，更多品牌将 下放至中高端机型；三是在光学结构上，玻塑混合镜头和小型化模组方案会更广泛应用，以兼顾画质和 轻薄整机设计。 A股产业链公司加速布局 小米17系列是国产手机冲击高端的缩影，而其身后，一条高效创新的供应链体系正在加速构建。近期， 多家小米产业链公司透露最新业务进展，不少公司借机"秀肌肉"， ...

Core Viewpoint - The central theme for the company in 2023 is "Change," as articulated by Lei Jun, emphasizing the need to confront challenges and criticisms while transitioning from an internet company to a hard-tech company [2][32]. Group 1: Company Strategy and Vision - Lei Jun expressed the determination to face challenges posed by competitors like Apple, Samsung, and Huawei, and to overcome internal struggles by focusing on core technology investments [2][4]. - The company aims to create the world's strongest pure electric performance vehicle, directly competing with Tesla and Porsche [3][4]. - The launch of the YU7 model has garnered significant attention, with over 200,000 pre-orders in just three minutes, showcasing the company's strong market entry [6][8]. Group 2: Product Development and Features - The YU7 project faced immense pressure during its development, with the success of the SU7 model being critical for the company's future in the automotive sector [8]. - The company has developed its own high-performance electric motor, the Xiaomi V8S, to address market gaps [4][6]. - The Xiaomi 17 series smartphones feature advanced specifications, including the fifth-generation Snapdragon 8 processor and a 7000mAh battery, highlighting the company's commitment to high-end technology [12][19]. Group 3: Market Positioning and Competition - The company is positioning itself against established brands like Tesla, with a focus on performance and technology to change perceptions of its capabilities in the automotive industry [10][32]. - Lei Jun acknowledged the competitive landscape and the need for collaboration within the domestic automotive industry to foster growth and innovation [34]. Group 4: Brand Image and Public Perception - The company has faced significant criticism and skepticism regarding its automotive ambitions, which Lei Jun aims to address through transparency and performance [2][34]. - The renaming of the Xiaomi 16 to Xiaomi 17 is part of a strategy to redefine the brand and assert its commitment to challenging leading global brands [33].

这两天小米公司为雷军演讲制作的一张海报让笔者大为震惊，一个身价百亿美金的富豪，居然在那里哭 穷要供"两个孩子上大学"。相比之下，雷总多年前在媒体专访时那句"我变得一无所有，除了钱"显然更 加诚实一些。 这句话不仅是雷总亲口讲出，更是行业对小米公司的第一印象。然而现在，这句话已经成了禁忌。有某 小米高官还因为说了这句话而主动离职。 "不服跑个分？" 安兔兔跑分软件，被曝是小米投资的，且经常为了小米手机新品而做改动。网友戏称："既当运动员又 当裁判员"。 "比一元硬币还薄" 指的是比一元硬币立起来的"高度"还薄 "奥氏体304" 其实作为活在热搜里的男人，雷总从做手机开始就一直以"语言百变"而享誉业界。笔者依稀还记得很多 雷总语录背后的精彩故事。 "得屌丝者得天下" "硬件净利润率不超5%" 2018年上市前的豪言，在2021年手机毛利率达11.6%的财报前略显尴尬。米粉调侃："雷总，您说的硬件 不包括充电宝对吧？" "造车？都是媒体瞎编的！" 雷总在一场发布会上信誓旦旦的讲"奥氏体304"这种材料有多牛逼。其实就是最普通的用来做锅碗瓢盆 的不锈钢。 在某次发布会上亲口说出这句话之后没几天，就官宣要造车了。 "汽 ...