Group 1 - Xiaomi Group's stock price increased by over 4% as of the report date [2] - Lei Jun announced the discontinuation of the first-generation SU7, with the last vehicle rolling off the production line [2] - The next generation of SU7 is expected to be launched in April [2]

Group 1 - Xiaomi Group (01810.HK) saw a stock increase of 5.34% [1] - Lei Jun announced during a live broadcast that the first generation SU7 has officially ceased production, with the last vehicle rolling off the production line [1] - The next generation SU7 is expected to be launched in April [1]

小米集团-W(01810)涨超5%，截至发稿，涨5.06%，报37.38港元，成交额31.07亿港元。 雷军表示，当前销量得益于订单储备厚度与市场认可度，因SU7处于新老切换阶段，本月主力交付车型 为YU7，新一代SU7将于4月上市，2026年品牌整体销量目标为55万辆。而2025年，小米交付量超41万 辆。值得一提的是，小米汽车1月交付量超3.9万辆，成为2026年1月的造车新势力销冠。 消息面上，2月10日晚间，小米集团创始人、董事长兼CEO雷军小年夜直播在北京亦庄小米汽车工厂内 开启。据雷军透露，最后一辆第一代小米SU7已经下线，并已在运输途中。这也意味着，第一代小米 SU7完全停产。此外，雷军介绍，新一代SU7将从2月13日开始陆续进店，首批会在北京、上海、广 州、深圳、杭州、成都、武汉等地门店展示。 ...

消息面上，2月10日晚间，小米集团创始人、董事长兼CEO雷军小年夜直播在北京亦庄小米汽车工厂内 开启。据雷军透露，最后一辆第一代小米SU7已经下线，并已在运输途中。这也意味着，第一代小米 SU7完全停产。此外，雷军介绍，新一代SU7将从2月13日开始陆续进店，首批会在北京、上海、广 州、深圳、杭州、成都、武汉等地门店展示。 智通财经APP获悉，小米集团-W(01810)涨超5%，截至发稿，涨5.06%，报37.38港元，成交额31.07亿港 元。 雷军表示，当前销量得益于订单储备厚度与市场认可度，因SU7处于新老切换阶段，本月主力交付车型 为YU7，新一代SU7将于4月上市，2026年品牌整体销量目标为55万辆。而2025年，小米交付量超41万 辆。值得一提的是，小米汽车1月交付量超3.9万辆，成为2026年1月的造车新势力销冠。 ...

Core Viewpoint - The mobile phone manufacturers are shifting their focus towards the professional camera and handheld imaging device market, which was previously considered untouchable, indicating a significant transformation in the industry landscape [1]. Group 1: Market Dynamics - OPPO and vivo are the first to target the market dominated by DJI's Pocket series, which has become a standard for content creators and tourists seeking better image quality and stabilization than smartphones [2][4]. - vivo is developing a standalone Vlog camera aimed at competing directly with DJI's Pocket series, featuring a lightweight design and integration with its OriginOS for seamless editing and sharing [4][6]. - OPPO is also working on a new imaging product that may be part of its Find series, focusing on high-quality material collection while leveraging mobile processing power for editing and social sharing [8]. Group 2: Product Innovations - Xiaomi is pursuing a modular approach with a magnetic lens system that allows its smartphones to transform into high-quality cameras, potentially launching with the MIX 5 or 16 Ultra in 2026 [9][12]. - The magnetic lens module will enable users to attach a large optical module to their phones, enhancing photography capabilities while maintaining a lightweight design [13][15]. - Honor is taking a more radical approach by integrating a mechanical gimbal into its upcoming "Robot Phone," allowing for advanced stabilization and 360-degree tracking [17][19]. Group 3: Strategic Collaborations - Huawei is not developing a standalone Vlog camera but is collaborating with DJI for deeper integration of camera controls within its HarmonyOS, indicating a strategic focus on software rather than hardware [21][26]. - Huawei is also testing a square sensor for front cameras, aimed at optimizing social media content creation by allowing for maximum image capture regardless of phone orientation [23][24]. Group 4: Industry Trends - The year 2026 is seen as a pivotal moment for the smartphone industry, as manufacturers face diminishing returns on hardware improvements and are compelled to innovate through external devices or standalone products [27]. - The shift towards integrating advanced computational photography into traditional camera forms represents a significant challenge to established camera manufacturers, who have struggled to meet the demands of modern content creators [28][29].

回顾整体表现，第一代SU7堪称交出了一份完美答卷。 小米SU7于2024年3月28日正式发布，4月开启交付，上市首年交付超13万辆（9个月时间）；2025年全 年交付约为25.8万辆。 其热销得益于精准定价、高性能配置及小米生态协同效应，一度成为20–30万元纯电轿车市场现象级产 品。 快科技2月11日消息，小米创始人雷军在昨晚的直播中透露，第一代小米SU7已经正式停产，累计交付 量接近37万辆。 刚刚雷军又发文称："我们仔细统计了一下，第一代SU7，2024年4月开始交付到2026年2月，不到2年时 间，交付总量超过了38.1万辆。" 据汽车之家统计数据，2025年小米SU7拿下二十万以上轿车销量冠军，涵盖油车与电车全品类，更成为 首款销量超越特斯拉Model 3的纯电车型。 随着初代SU7产线全面转向新一代SU7，预计2026年4月上市，当前处于新老交替过渡期。 雷军透露，新一代SU7展车于2月13日起陆续进驻全国核心城市门店，用户可以体验后下单。 ...

Group 1 - The Hang Seng Tech Index rose over 1% during the trading session, while the Hang Seng Index increased by 0.2% [1] - SenseTime (00020.HK) saw a significant increase of over 5.7% [1] - Tencent Music (01698.HK) experienced a rise of nearly 5% [1] - Bilibili (09626.HK) surged by more than 4.5% [1] - Xiaomi Group (01810.HK), NIO (09866.HK), and Li Auto (02015.HK) all recorded gains exceeding 2.5% [1]

Summary of Xiaomi's Business Conference Call Industry Overview - The conference call primarily discusses Xiaomi's home appliance and technology sectors, including air conditioning, Internet of Things (IoT), smartphones, and automotive business. Key Points Home Appliances - **Air Conditioning Shipment**: The target for 2025 is to ship 10 million units, with an actual completion of 9.2 million units in 2025 [1] - **Strategic Shift**: Starting from Q4 2025, the strategy will shift to focus on profitability in the home appliance sector [1] - **Air Conditioning Profit Margins**: The gross margin for air conditioning was 18% last year, with a net profit margin around 2%. The goal for 2026 is to increase the gross margin to over 23% [1] IoT and Internet - **IoT Revenue Structure**: Black and white appliances account for 43% of revenue with an overall gross margin of 15%, while other IoT products contribute 57% of revenue with a gross margin of 35% [1] - **Internet Revenue**: In 2025, the internet segment generated revenue of 36 billion yuan with a net profit margin of 58% [2] Television - **Global Shipment**: The global shipment of televisions remains stable at 12 million units, with hardware yielding zero net profit and internet services generating profit [3] Smartphones - **Profitability Levels**: The breakeven gross margin for smartphones is 12%. The gross margin reported for Q3 2025 was 11%, with expectations for Q4 2025 to drop below 9%. Pressure on margins is expected to continue into Q1 2026, with some relief anticipated in Q2 2026 [3] - **Shipment Volume**: For Q4 2025, the expected shipment is 37 million units, with a forecast of 35 million units for Q1 2026. The annual shipment target for 2026 has been revised down from 185 million to 155 million units, following an actual shipment of 166 million units in 2025, which fell short of the 175 million target [3] Automotive Business - **Order Status**: As of mid-January, there are 133,000 existing orders (equivalent to 3.5 months of production capacity), with an additional 13,000 new orders (only for the Yu7 model) [4] - **Production Capacity**: The Beijing factory has a full production capacity of 1.2 million units, while the Wuhan factory has a capacity of 450,000 units [4] - **Profit per Vehicle**: The net profit per vehicle in 2025 is approximately 35,000 yuan, with investments in AI and robotics affecting apparent profitability [4] New Industry Investments - **Robotics**: An estimated investment of 2.5 to 3 billion yuan is planned for 2026, focusing on model development and hardware research [4] - **Chip Development and OS**: An annual investment of 9 billion yuan is allocated, with 13.5 billion yuan invested over four years in the Xuanjie chip [4] - **Autonomous Driving**: An investment of 3.5 billion yuan is planned for 2026 [4] - **AI Large Models**: An investment of 8 billion yuan is required for 2026 [4] Offline Channel Adjustments - **Store Count Reduction**: The number of stores decreased from 18,000 in mid-2025 to 14,000 by the end of 2025, with plans to further reduce to 10,000 to 12,000 stores, focusing closures on lower-tier cities [4] - **Adjustment Logic**: The rapid expansion of stores and low commission rates for franchisees are cited as reasons for the adjustments [5] - **Major Appliance and Automotive Store Count**: Currently, there are over 400 stores selling cars and 2,000 stores selling major appliances, with a cap of 4,000 stores for major appliances [5]

Group 1: Banking and Wealth Management - The scale of bank wealth management products has decreased by approximately 815 billion yuan, with 14 major wealth management companies managing a total of 24.59 trillion yuan as of the end of January 2026, marking a decline for the second consecutive month since reaching a peak in November 2025 [1][2] - Despite the decline, there is optimism in the industry as low fixed deposit rates and a large amount of fixed deposits maturing in 2026 may lead to a reallocation of household wealth towards wealth management products [1] - Sales of bank wealth management products surged before the Spring Festival, with some products breaking sales records, indicating a potential recovery in the market [1] Group 2: Private Equity and Investment - The number of domestic private equity firms managing over 10 billion yuan has reached a record high of 122, increasing by 10 from the end of December 2025 [1] - Eight new private equity firms entered the 10 billion yuan club in January 2026, showcasing a growing trend in the private equity sector [1] Group 3: Energy Market - The EIA's short-term energy outlook report predicts that Brent crude oil prices will average $58 per barrel in 2026, up from a previous estimate of $56 per barrel, while WTI crude oil prices are expected to average $53.42 per barrel, an increase from $52.21 per barrel [2] Group 4: Silver Market - The World Silver Association forecasts that the silver market will experience a supply deficit for the sixth consecutive year in 2026, with a projected shortfall of 67 million ounces [3] - Global silver demand is expected to remain stable, driven by robust retail investment, which may offset declines in other key demand areas such as jewelry and industrial use [3] Group 5: IPO Market - The Hong Kong IPO market has been active in 2026, with fundraising exceeding 79 billion HKD, representing a year-on-year increase of over 1220% [3][4] - As of February 10, 2026, 422 companies are queued for IPOs in Hong Kong, with over 100 having submitted applications since the beginning of the year [3] Group 6: Credit Card Industry - In 2025, 65 credit card centers were closed, surpassing the total number of closures from 2020 to 2024, indicating a significant contraction in the credit card industry [4] - The trend of closing credit card centers is spreading from state-owned and joint-stock banks to city commercial banks, reflecting a shift from expansion to competition in the credit card sector [4] Group 7: Corporate Actions - Ningde Times issued its first green technology innovation bond for 2026, raising 5 billion yuan with a coupon rate of 1.70% [6] - Huazhang Technology plans to acquire 100% of Huayi Microelectronics for 29.96 billion yuan, aiming to enhance its packaging and testing business in the semiconductor sector [10]

快科技2月11日消息，小米创始人雷军今天发文表示，前几天，随着最后一辆车下线，初代SU7正式停 产了。 他透露，最后一辆初代SU7，车主是西安的，在石油行业工作，选的是橄榄绿。 他是米粉，从小米造车第一天就开始关注小米汽车。之前在国外生活，现在刚刚回国。为了表达对小米 的支持，坚持要买初代SU7。 雷军表示，如此坚定的偏爱，对我们来说，是莫大的认可。 "新一代SU7预计4月份上市，我们一定把车做好，做成所有人向往的梦想之车。" 新一代SU7目前已经开启预定，同样提供标准、Pro、Max三个版本，预售价22.99万元、25.99万元、 30.99万元，相比上一代涨价了1万多，此前涨价也引发一些讨论。 小米汽车表示，新一代SU7相比第一代配置升级巨大，所以成本提升很多，同时内存等原材料也涨价很 多，导致成本压力很大。 虽然新一代SU7预售价格有所提高，但全面进化的产品力是物超所值的。 小米强调，新一代SU7的产品力得到全方位的提升，包括安全、续航、底盘、辅助驾驶、设计等等： 安全是基础和前提：全系标配2200MPa小米超强钢"内嵌式防滚架"/车门防撞梁、全系标配9安全气囊； 全系长续航：标准版、Pro版标配752 ...