公开资料显示，法国巴黎保险集团是全球知名的保险集团；大众汽车金服海外公司是德国传统汽车巨头 旗下金融服务机构；银米科技则是小米集团成员。 天眼查显示，银米科技由北京小米电子软件技术有限公司100%控股，后者的大股东则是小米集团董事 长、CEO雷军，持股占比90%。 国家金融监管总局公布行政许可信息显示，已于2025年10月17日批复同意北京法巴天星财产保险股份有 限公司（以下简称"法巴天星财险"）开业，并接受北京金融监管局的属地监督管理。 根据批复文件，法巴天星财险注册资本为10亿元。从股东构成及出资比例来看，法国巴黎保险集团出资 4.9亿元，持股49%；四川银米科技有限公司（以下简称"银米科技"）出资3.3亿元，持股33%；大众汽 车金融服务海外股份公司出资1.8亿元，持股18%。 此外，监管已核准OOI See See法巴天星财险董事长的任职资格；核准朱仁栋法巴天星财险总经理的任 职资格。 （文章来源：中国经营报） ...

Group 1 - The core viewpoint of the article highlights Xiaomi's recent advancements in 6G technology, including air interface optimization, native AI, and integrated sensing [1] - Xiaomi presented two 6G prototypes that passed IMT-2030 testing certification, showcasing their commitment to 6G development [1] - The "end-to-end AI wireless technology prototype verification system" was recognized as one of the "Top Ten Advances" by the Beijing 6G Laboratory [1] Group 2 - The company plans to increase investment in key technology research and standardization efforts related to 6G [1] - Xiaomi aims to drive the era of intelligent connectivity through its ongoing research and development in 6G [1]

活动中，小米高层向樊振东赠送一柄特制纯金乒乓球拍，致敬其包揽奥运会、世锦赛、世界杯等12项顶 级赛事单打冠军的"超级金满贯"成就。Redmi产品经理胡馨心晒出球拍特写并回应："特别定制，含金量 满满"。 11月24日，#小米回应为樊振东特别定制金球拍#冲上热搜。 11月24日，奥运冠军樊振东跨界空降深圳小米之家担任一日店长。作为Redmi冠军大使兼一日店长，樊 振东佩戴专属工卡正式上岗，亲自推荐并交付Redmi K90系列手机，活动前1小时店外已挤满粉丝。 2114 C 6 2 -- 最美 责任编辑：李昂 ...

一块标着"潜水"的手表，下水四天后进水了，这本该是个简单的售后问题，却硬生生演变成一场全民围 观的品牌信任危机。 起因是一位用户戴着小米"潜水表"潜水，结果表进了水；找售后，对方先是推责"人为损坏"，后来勉强 同意维修，却叮嘱："邮寄时别写潜水进水"。 修好后还补一句："建议谨慎观察涉水表现。" 这话一出，网友炸了：买潜水表不让潜水，那不如叫"观水表"？ 小米很快发声明澄清：用户用的是标准版，不是专业潜水版；专业版通过国际认证，能潜40米。同时承 认售后表达"不严谨"，已致歉并自查。 听起来态度诚恳，可问题真解决了吗？ 没有。 因为那位用户坚称，自己买的就是"专业潜水版"，而且有订单为证。更关键的是，即便撇开型号争议， 这场风波暴露出一个更普遍的行业顽疾：大字写"潜水"，小字写"别潜"；主图炫酷深海，详情页藏免责 条款，这不是误导，是什么？ 5ATM防水等级，在行业里通常只适用于游泳、淋浴，离真正潜水差得远。国际潜水标准一般要求 20ATM以上，且需通过EN13319等专业认证。 小米的专业版虽号称达标，但用户实际使用中仍出现进水，说明要么品控不稳，要么宣传与体验脱节。 而最伤人的，是那句"建议谨慎观察涉水表 ...

狂热营销逐渐退却 中国车市正经历一场从"流量为王"到"理性务实"的剧烈转身。过去两年堪称"车企高管 IP之年"，甚 至出现了董事长级高管在车展现场亲自下场直播，网红打卡、热搜营销也几乎成为了众多车企的标 配。 华为和小米是近几年在汽车领域发展最快、关注度最高的两家企业。去年的广州车展上，小米集团创 始人雷军和华为终端BG董事长余承东作为流量人物引爆现场，是令众多车企羡慕的流量密码。今年 上海车展时，余承东与智界、享界和问界的老总一起做起了直播，他还称华为和上汽一起打造的"尚 界"品牌首款车预计销量会"大爆"；上海车展上的小米展台也较为热闹，不过雷军没有出席，当时距 离"小米SU7燃爆事故"还不到一个月的时间。此后的成都车展和本次广州车展，雷军都没有出席， 几大车企掌门人之间互相拜访展台的场景也没有出现。 作者 | 第一财经 武子晔、黄琳 22万平方米的展馆内，2025年的广州车展较为冷清。 没有高管串台的热闹，没有"流量"的狂欢，甚至缺少了年底压轴车型上市的声量。从口号式营销、 流量为王到舆论大战再到安全争议、行业整改，处于转型深水区的车企正集体变得更务实、更理性。 2025.11. 24 本文字数：2052 ...

Market Performance - The Hong Kong stock market saw significant gains on November 24, with the Hang Seng Index rising by 1.97% to 25,716.5 points, the Hang Seng Tech Index increasing by 2.78% to 5,545.56 points, and the National Enterprises Index up by 1.79% to 9,079.42 points [1] - Major technology stocks performed well, with Alibaba up 4.67%, Tencent Holdings up 2.38%, JD Group up 1.9%, Xiaomi up 1.52%, NetEase up 5.87%, Meituan up 2.72%, Kuaishou up 7.11%, and Bilibili up 5.67% [1] - Defense stocks showed strong performance, with China Shipbuilding Industry Corporation rising over 13% [1] - Gold stocks saw a late surge, with Tongguan Gold increasing over 5% [1] - Innovative drug concepts gained traction, with WuXi AppTec rising over 5% [1] - Lithium battery stocks led the decline, with Ganfeng Lithium down over 5%, and semiconductor stocks also fell, with Hua Hong Semiconductor down nearly 5% and SMIC down over 1% [1] Company News - Huya Technology reported Q3 revenue of $532 million, a year-on-year increase of 27.6%, with adjusted EBITDA reaching $47.05 million, up 37.3% [2] - Changjiang Garment announced a mid-term performance report for the six months ending September 30, 2025, with revenue of HKD 85.59 million, a 13.67% increase, but a loss of HKD 53.31 million, widening by 67.8% year-on-year [2] - Maple Leaf Education expects a net profit of no less than RMB 300 million for the fiscal year ending August 31, 2025 [3] - Nanxuan Holdings reported revenue of approximately HKD 2.8305 billion for the six months ending September 30, 2025, a 1.6% increase, with a net profit of HKD 336 million, up 12.7% [3] Corporate Actions - Tencent Holdings repurchased 1.042 million shares for HKD 636 million at prices between HKD 606.5 and HKD 614.5 [8] - Xiaomi Group repurchased 8 million shares for HKD 303 million at prices between HKD 37.64 and HKD 38.04 [8] - China Feihe repurchased 12.3 million shares for HKD 51.4 million at prices between HKD 4.14 and HKD 4.2 [8] - Various companies, including China Petroleum & Chemical Corporation and CNOOC, also engaged in share repurchases, indicating a trend of companies returning capital to shareholders [9][10] Institutional Insights - Guotai Junan noted that the Hong Kong stock market has entered a correction phase due to previous gains and tightening dollar liquidity, but the bull market is expected to continue with inflows of new capital and quality assets [11] - Huatai Securities suggested that the Hong Kong market is entering a phase for positioning, with left-side investors gradually building positions despite increased volatility [12] - CITIC Securities highlighted that the volatility in global risk assets is primarily due to liquidity issues, with concerns about the sustainability of AI infrastructure in North America exacerbating market corrections [12] - Dongwu Securities indicated that while short-term fluctuations are expected, the current positioning in the Hong Kong market is attractive for long-term investments [12]

Core Insights - Xiaomi's automotive division achieved a significant milestone by rolling off its 500,000th vehicle in just 602 days, setting a record for the fastest production ramp-up in the global new energy vehicle sector [1][3][5] Production and Delivery - The production of 500,000 vehicles demonstrates Xiaomi's comprehensive capabilities in research, manufacturing, sales, delivery, and service, marking its entry into a new phase of scale [3] - In Q3 2023, Xiaomi delivered over 100,000 vehicles, achieving a year-on-year growth of 173.4%, with a total of over 260,000 vehicles delivered in the first three quarters [5] - The company expects to exceed its delivery target of 350,000 vehicles this week and aims to deliver over 400,000 vehicles in 2025 [5][9] Quality and Innovation - Xiaomi's automotive factory emphasizes safety and quality, featuring 98 quality inspection stations and over 1,100 production robots, with ongoing technological upgrades [6] - The company has completed 35 technical upgrades to enhance production efficiency and reduce delivery times [6] Industry Impact - Xiaomi's rapid growth reflects the collective rise of China's smart new energy vehicle industry, positively impacting over 300 upstream and downstream suppliers [6] - Partnerships with key suppliers, such as Hesai Technology for lidar systems, highlight Xiaomi's commitment to safety and quality through collaborative innovation [7] Future Plans - Xiaomi plans to continue focusing on safety and quality while accelerating production and enhancing technological innovation, particularly in AI and smart manufacturing [9]

高盛发表研究报告指，小米近日宣布全面开源具身大模型MiMo-Embodied，该模型整合自动驾驶与具身 智能技术，能在动态物理环境中实现高效运作，同时小米亦推出端到端辅助驾驶系统超级自动驾驶 (HAD)增强版，目前系统拥有约47.3万个活跃用户，累计辅助驾驶里程达3亿公里。 高盛认为，HAD版本升级，反映小米的自动驾驶技术持续演进，从初期高精地图方案、轻量化地图版 本发展至现时整合世界模型与强化学习的端到端架构，决策能力得以提升。小米计划2025年投入逾70亿 元用于AI研发，高盛预期未来几个季度集团将披露更多AI技术成果，以及AI应用于小米生态、推动人 车家全生态差异化发展的进展。 高盛维持对小米"买入"评级，目标价53.5港元，认为风险回报水平仍具吸引力。 ...

Market Overview - The Hang Seng Index closed at 25,220, down 2.38% for the day and 5.09% for the week, but up 25.72% year-to-date[3] - The Hang Seng Technology Index fell 3.21% to 5,395, with a year-to-date increase of 20.76%[3] - The Hang Seng China Enterprises Index decreased by 2.45% to 8,920, with a year-to-date rise of 22.36%[3] - The Shanghai Composite Index dropped 2.45% to 3,835, with a year-to-date increase of 14.41%[3] Sector Performance - The lithium battery sector saw significant declines, with Ganfeng Lithium down over 12% and Tianqi Lithium down over 11%[9] - Semiconductor stocks also performed poorly, with Innolux down over 8% and SMIC and Hua Hong Semiconductor both down over 6%[9] - Xiaomi-related stocks rose against the trend, driven by the launch of Xiaomi's enhanced smart driving system[9] U.S. Market Insights - On November 21, U.S. markets saw all major indices rise, with the Dow Jones gaining approximately 1.1%[9] - The probability of a 25 basis point rate cut by the Federal Reserve in December increased from under 40% to over 70% following dovish comments from New York Fed President Williams[9] - Notable movements in large tech stocks included Google up 3.53% and Nvidia down 0.96%[9] Japanese Market Trends - The Nikkei 225 index fell 2.4%, with a cumulative decline of 3.5% over the past week[13] - Japanese semiconductor stocks faced significant drops, with Tokyo Electron down 7.14% and Advantest down 12.10%[13] - The Japanese government announced a $135 billion economic stimulus plan, adding pressure to the yen and government bonds[13]

随着王化官宣转岗至小米武汉总部，同日市场消息称小米集团发布《组织调整及干部任命通知》，任命 王化担任武汉区域总部综合管理部总经理，向武汉区域总部总经理王扉汇报；任命徐洁云兼任集团公关 部总经理，向集团副总裁、CMO、集团战略市场部总经理许斐汇报；同时徐洁云继续担任集团战略市 场部副总经理兼集团董事长特别助理。北京商报记者就该文件向小米集团方面核实，但截至发稿未得到 回复。此前一周，就王化转岗及继任者情况，记者也从业内人士处了解到上述情况，当时对方表示还没 有新的继任者，徐洁云可能会"先盯一段时间"。 作为小米公关体系的核心操盘手，王化的职业轨迹与小米公关部门的发展深度绑定。 图片来 小米公关一号位变动的官宣虽迟但到。 小米集团公关部总经理王化近日在个人微博发文，确认已转岗至小米武汉总部。集团董事长特别助理、 战略市场部副总经理徐洁云在微博评论区回复王化称："多谢兄弟！开拓新征程，加油！"而一份网传的 小米集团《组织调整及干部任命通知》显示，徐洁云接替王化兼任集团公关部总经理。 同样是小米集团话题高管的人事变动，王化的转岗和此前中国区市场部总经理王腾的离开相比，显得早 有预兆。今年11月上旬，网上便屡现关于其职 ...