Core Viewpoint - Xiaomi's Chairman and CEO Lei Jun emphasized the challenges of developing self-researched chips, particularly in overcoming the failures experienced with the Pinecone project, highlighting the importance of confronting internal fears [2] Group 1: Chip Development - Lei Jun stated that the difficulty in developing self-researched chips lies not only in the technology but also in the ability to recover from past failures [2] - The project was initially suggested to retain the name "Pinecone," but the team ultimately decided on "Xuanjie," symbolizing a serious commitment to chip development [2]

专题：雷军2025年度演讲 松果为什么失败？他认为，自研手机SoC，只有做高端，才有一线生机。苹果和华为都是从高端芯片切 入的，松果的方向错了；另外，自研手机SoC，还需要手机团队的全力支持。 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：梁斌 SF055 新浪科技讯 9月25日晚间消息，在今日的2025雷军年度演讲活动上，小米集团董事长、CEO雷军发表演 讲。 谈及自研芯片业务，他表示，小米一直有一个芯片的梦想，2014年就全资成立了松果电子，2017年小米 澎湃S1发布。但自己心里清楚松果其实走不下去，2018年停掉了自研SoC，只留下小芯片团队。 ...

专题：雷军2025年度演讲 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 责任编辑：梁斌 SF055 新浪科技讯 9月25日晚间消息，小米集团董事长、CEO雷军今晚举办第6次年度演讲，主题是《改 变》。雷军在演讲中表示，"当年一家同行没有任何预兆，3000多人的芯片团队就解散了，我的手机瞬 间被电话和信息挤爆，很多人问，小米的芯片团队是不是也要解散。" 他表示，小米已经输过一次了，这次咬着牙也要坚决干下去，于是马上要求开一个芯片团队的全员会， 当时大家吓了一跳，以为小米也要解散芯片团队。 ...

Core Insights - Xiaomi Group's CEO Lei Jun expressed concerns about the company's competitive position against giants like Apple, Samsung, and Huawei, indicating a sense of anxiety despite the company's achievements [2] - The company has achieved significant milestones, including surpassing 200 billion in annual revenue and entering the Fortune Global 500 list [2] - Lei Jun acknowledged internal challenges, including team fatigue and external criticism, leading to a strategic decision to pivot from being perceived as an "internet company" to a "hardcore technology company" through substantial investment in core technologies [2]

他坦言，往往在最较劲的时候，有那么一点勇气，就迈出去了。 专题：雷军2025年度演讲 新浪科技讯 9月25日晚间消息，小米集团董事长、CEO雷军今晚举办第6次年度演讲，主题是《改 变》。雷军在演讲中表示，芯片是小米发展过程中绝对绕不过去的，是小米成功的必由之路。但现在造 芯的复杂度，已经远超10年前，现在做手机的SoC，至少要花10年时间，花500亿。 "但是就一定能成功吗？万一不成功，怎么办？"雷军表示，"我鼓励大家，不干肯定是输，不试试怎么 知道不行呢。" 责任编辑：梁斌 SF055 新浪声明：所有会议实录均为现场速记整理，未经演讲者审阅，新浪网登载此文出于传递更多信息之目 的，并不意味着赞同其观点或证实其描述。 ...

风险提示及免责条款 雷军在"2025年雷军年度演讲"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。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Core Insights - On September 25, 2025, Alibaba-W (09988), Xiaomi Group-W (01810), and SMIC (00981) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 11.969 billion, 7.178 billion, and 4.734 billion respectively [1] - The same companies also led in the Shenzhen-Hong Kong Stock Connect southbound trading, with trading amounts of 6.315 billion, 4.224 billion, and 3.029 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong Connect)**: - Alibaba-W (09988): Trading amount of 11.969 billion, net buying of 2.469 billion [2] - Xiaomi Group-W (01810): Trading amount of 7.178 billion, net selling of 0.287 billion [2] - SMIC (00981): Trading amount of 4.734 billion, net buying of 0.666 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Connect)**: - Alibaba-W (09988): Trading amount of 6.315 billion, net buying of 2.163 billion [2] - Xiaomi Group-W (01810): Trading amount of 4.224 billion, net selling of 0.515 billion [2] - SMIC (00981): Trading amount of 3.029 billion, net buying of 0.293 billion [2]

9月25日晚7点，一起听雷军分享近5年，小米所经历的"改变"以及小米造车、小米造芯背后的故事。小米17系列、全新平板 Xiaomi Pad 8 系列，以及众多科 技家电新品也将同场发布。 （文章来源：第一财经） ...

Group 1 - Xiaomi is planning to significantly accelerate vehicle delivery cycles, with some models expected to be delivered up to 6 weeks earlier than originally scheduled due to rapid capacity increases, achieving a delivery volume of 36,500 units last month [2] - Neta Auto's affiliated company, Guangxi Ningda Automotive Technology Co., Ltd., has been executed for over 129 million yuan by the Nanning Intermediate People's Court, indicating potential financial distress within the company [2] - Baidu's RoboTaxi service, "LuoBo Kuaipao," has become the first company to receive a testing license for autonomous driving in Dubai, showcasing its capability to operate on open roads [2] - WeRide, a leading global Robotaxi company, has been included in Fortune's "Change the World" list for 2025, marking its second inclusion and highlighting its status among notable global enterprises [2]

Market Overview - The Hong Kong stock market opened mixed on September 25, with the Hang Seng Index rising initially but closing down 0.13% at 26,484.68 points. The Hang Seng Tech Index increased by 0.89% to 6,379.19 points, while the National Enterprises Index rose slightly by 0.01% to 9,444.22 points [1] - The Hang Seng Index reached a high of 26,640.53 points during the day before retreating, with a total turnover exceeding 314.8 billion HKD. The southbound trading (Hong Kong Stock Connect) saw a net inflow of over 11 billion HKD [1] Sector Performance - Most sectors experienced declines, with notable increases in biopharmaceuticals, new energy vehicles, and wind power stocks. Conversely, sectors such as real estate, gold, banking, insurance, brokerage, gas, and coal saw significant declines [1] Individual Stock Movements - Notable stock movements included: - Delin Holdings up 11.65% - Hang Seng Bank down 3.13% - Yimai Sunshine up 14.08% - Huilyang Technology up 4.11% - Goldwind Technology up 5.25% - ZTE Corporation up 4.80% - Cloudtop New Medicine up 4.48% - Zhenjiu Lidu down 4.13% - Jingji Group surged 160.53% - Zijin Mining up 5.13% - Chery Automobile up 3.80% - JD Group up 3.46% - China Everbright Holdings up 25.89% - Yunfeng Financial down 6.60% [1] Top Traded Stocks - The top three traded stocks included: - Alibaba down 1.15% with a turnover exceeding 30 billion HKD - Xiaomi Group up 4.48% with a turnover exceeding 19.3 billion HKD - Tencent Holdings up 0.23% with a turnover exceeding 11.3 billion HKD [2]