王如晨/文 演讲从自研玄戒芯片与汽车业务切入，尤其聚焦 SU7 Ultra 与 YU7 两大关键成果，还原了小米一段复杂的创新突破之旅。 这让无数人瞬间产生强烈感受，那就是，凡是小米涉入的领域，无论从MIUI到手机、手机到IOT/家电，还是澎湃OS到汽车、芯片等领域，仿佛 "干啥啥 成"的样子。 直接上问题：小米创新为何成功率如此之高？ 答案恐怕并非运气。在我们的观察中，这家公司有一套植根于长期实践、可验证的创新方法论。它背后有着用户为先、技术为本、性价比、效率革命以及 领导力共同生成乘法效应，最终驱动小米在各种生态与跨界探索中不断破局，并逐渐成为整个行业的创新标杆。 芯片、汽车突破背后："灵魂反思"与"复盘三问" 摘要 ◎"灵魂反思"与"复盘三问" ◎"用户×技术×效率×领导力"：小米方法论方程 ◎ 溢出效应 9月25日晚，雷军以《改变》为主题的第六次年度演讲，为小米15周年发展历程留下了一个意味深远的注脚。 小米芯片与汽车领域的突破，起点并非凭空的跨界野心，而是雷军开场提及的５年前那场"触及灵魂深处的大反思"。 那是2020年，小米已诞生10年，IPO已两年。彼时营收已破2000亿、跻身世界500强，外人 ...

Core Viewpoint - Xiaomi Group-W has seen continuous net buying from southbound funds for nine consecutive days, totaling a net buying amount of 6.989 billion HKD, while its stock price has decreased by 19.76% during the same period [2] Group 1: Trading Activity - On October 16, the total trading volume of active stocks through the Hong Kong Stock Connect reached 42.421 billion HKD, with a net buying amount of 4.375 billion HKD [2] - Xiaomi Group-W recorded a trading amount of 6.723 billion HKD through the Hong Kong Stock Connect on October 16, with a net buying amount of 1.060 billion HKD [2] Group 2: Stock Performance - Despite the continuous net buying, Xiaomi Group-W's stock price has experienced a cumulative decline of 19.76% over the nine-day period [2]

"与人类相比，机器驾驶本质上具有一定的优势。机器驾驶能严格遵循法规和程序，不受生理与情绪因 素影响，有数据驱动与持续进化潜力这三大优势，但也存在着固有的能力局限，包括应对长尾场景的能 力不足，感知与认知固有的局限，以及黑箱效应带来的不可控风险。"10月16日，在2025世界智能网联 汽车大会（WICV）上，第十四届全国政协常委、经济委员会副主任苗圩表示。 将智能驾驶的安全性放在首位，是行业人士的共识。在上述大会上，Momenta CEO曹旭东在接受《每 日经济新闻》记者采访时表示："对智能辅助系统来说，安全是重中之重，没有安全就没有发展。" "针对辅助驾驶的安全性，最近国家层面在强标的制定上做了很多工作，我们也参与其中。这些强标的 制定，有力地规范了智能辅助市场的发展。如果这些强标落地，并能够有效执行，那么中国的智能辅助 标准可能为全球最先进的，能够引领全球的智能辅助系统在安全层面的持续发展。"曹旭东称。 吉利控股集团董事长李书福也表示，在汽车的全面智能网联化发展过程中，用户的核心地位始终没有改 变，智能网联技术为用户提供便捷舒适享受的同时，必须以保障用户安全利益为前提。智能网联技术不 应停留在概念和参数上， ...

Market Overview - On October 16, the Hang Seng Index fell by 0.09%, closing at 25,888.51 points, while southbound funds through the Stock Connect recorded a net purchase of HKD 15.822 billion [1] Trading Activity - The total trading volume for the Stock Connect on October 16 was HKD 136.327 billion, with a net purchase of HKD 15.822 billion. Specifically, the Shanghai Stock Connect had a trading volume of HKD 84.381 billion and a net purchase of HKD 8.672 billion, while the Shenzhen Stock Connect had a trading volume of HKD 51.947 billion and a net purchase of HKD 7.150 billion [1] Active Stocks - In the Shanghai Stock Connect, Alibaba-W had the highest trading volume at HKD 4.816 billion, followed by Xiaomi Group-W at HKD 3.995 billion and SMIC at HKD 3.500 billion. In terms of net buying, Zijin Mining International led with a net purchase of HKD 1.738 billion, closing up by 3.80%. Tencent Holdings had the highest net selling at HKD 235 million, closing down by 1.12% [1] Shenzhen Stock Connect Highlights - In the Shenzhen Stock Connect, Xiaomi Group-W topped the trading volume with HKD 2.727 billion, followed by Alibaba-W at HKD 2.495 billion and SMIC at HKD 2.464 billion. The stock with the highest net purchase was CanSino Biologics, with a net purchase of HKD 603 million, closing up by 4.75%. The stock with the highest net selling was Giant Biogene, with a net selling of HKD 662 million, closing down by 15.31% [2]

Core Viewpoint - On October 16, the Hang Seng Index fell by 0.09%, with southbound funds totaling HKD 136.33 billion in trading volume, resulting in a net inflow of HKD 15.82 billion [1][2]. Trading Activity Summary - Southbound trading included a total of HKD 76.08 billion in buying and HKD 60.25 billion in selling, leading to a net buying amount of HKD 15.82 billion [1]. - The cumulative trading volume for the Hong Kong Stock Connect (Shenzhen) was HKD 51.95 billion, with net buying of HKD 7.15 billion, while the Hong Kong Stock Connect (Shanghai) had a trading volume of HKD 84.38 billion and net buying of HKD 8.67 billion [1]. Active Stocks Summary - The most actively traded stock by southbound funds was Alibaba-W, with a total trading volume of HKD 73.11 billion and a net buying amount of HKD 7.62 billion [1][2]. - Xiaomi Group-W followed with a trading volume of HKD 67.23 billion and a net buying amount of HKD 10.60 billion, while SMIC had a trading volume of HKD 59.64 billion with a net selling of HKD 2.95 billion [1][2]. Continuous Net Buying Stocks - Three stocks experienced continuous net buying for more than three days, with Xiaomi Group-W leading at nine consecutive days of net buying, totaling HKD 69.89 billion [2]. - Other stocks with notable continuous net buying include Pop Mart and Tencent Holdings, with net buying amounts of HKD 10.74 billion and HKD 9.18 billion, respectively [2].

Core Viewpoint - Xiaomi Group-W has been actively repurchasing its shares, indicating a strategy to support its stock price amid recent declines [1][2]. Summary by Category Share Buyback Activity - Xiaomi Group-W has conducted share buybacks for five consecutive days since October 10, totaling 15.92 million shares repurchased and an aggregate amount of HKD 783 million [1]. - On October 16, the company repurchased 4 million shares at prices ranging from HKD 47.60 to HKD 48.40, amounting to HKD 192 million [1][2]. - The stock price has decreased by 10.59% during the buyback period [1]. Cumulative Buyback Data - Year-to-date, Xiaomi Group-W has completed 11 buyback transactions, repurchasing a total of 23.43 million shares for a total expenditure of HKD 1.044 billion [2]. - Detailed buyback transactions include: - October 16: 400,000 shares at a maximum price of HKD 48.40 and a minimum of HKD 47.60, totaling HKD 19.18 million [2]. - October 15: 200,000 shares at a maximum price of HKD 49.54, totaling HKD 9.89 million [2]. - October 14: 400,000 shares at a maximum price of HKD 49.00, totaling HKD 19.49 million [2].

Core Viewpoint - Lei Jun, CEO of Xiaomi, emphasizes the importance of industry collaboration in the development of smart connected vehicles, stating that it is not a zero-sum game and requires a unified effort to build a new ecosystem for the industry [1]. Group 1: Industry Collaboration - Lei Jun calls for the entire industry to work together under government guidance, focusing on safety, quality, and innovation as fundamental principles [3]. - The need to concentrate efforts on core technologies and research areas is highlighted, along with a call to resist negative online phenomena such as cyberbullying and black public relations [3]. - Xiaomi expresses a willingness to adopt a more open approach to collaborate with peers and partners to promote industry development [3]. Group 2: Xiaomi's Automotive Progress - Xiaomi has delivered approximately 400,000 vehicles since the launch of its automotive products a year and a half ago [5]. - The company has invested a total of 5.79 billion yuan in its advanced driver-assistance systems, with a team of over 1,800 dedicated to smart driving [5]. - Xiaomi aims to enhance the user experience and safety of its driver-assistance systems by ensuring high levels of intelligent configuration across all models [5].

雷军提到，智能网联汽车上半场电动化已初步完成，下半场智能化正在逐步深入，智能化一系列的创新 技术正在重塑汽车的产品定义、生产模式、商业模式和用户体验。 新京报贝壳财经讯（记者陈维城）10月16日，在2025世界智能网联汽车大会上，小米集团创始人、董事 长雷军表示，智能网联汽车的发展处于历史的机遇期，不是零和博弈，需要全行业的团结一致，共建共 享智能网联汽车的新生态，共同推进行业的发展。 雷军呼吁全行业在以安全为基础，质量为根本，创新为方向，携手围绕重要的底层技术和重要的研发领 域，把资源和精力集中到科技创新和技术研发上，共同抵制网络水军黑公关等网络乱象，一起营造积极 向上文明有序的产业发展环境。 （文章来源：新京报） ...

雷军 呼吁全行业在政府的指导下，以安全为基础，质量为根本，创新为方向，携手围绕重要的底层技 术和重要的研发领域， 把资源和精力集中到科技创新和技术研发上，共同抵制网络水军黑公关等网络 乱象，一起营造积极向上文明有序的产业发展环境。 据科创板日报， 今日，在2025智能网联汽车大会上，小米集团创始人、董事长雷军表示， 智能网联汽 车的发展处于历史的机遇期，不是零和博弈，需要全行业的团结一致，共建共享智能网联汽车的新生 态，共同推进行业的发展。 小米的核心战略是"人车家全生态"，汽车是重要节点。通过不同场景、终端的互联互通，汽车可调用整 个生态的AI算力，提供丰富场景应用，未来产业机会广阔。 （来源：智通财经） 雷军还表示，AI大模型是智能网联汽车的未来趋势，蕴藏巨大创新机遇。端侧AI模型无需联网，可整 合车内外摄像头、麦克风等多传感器信号，通过情绪识别与多模态交互技术，实现拟人化语音控车，还 能自定义手势控制车内设备，且本地算力调用可保障数据隐私安全。 ...

Group 1 - The automotive industry in China is expanding beyond traditional ground vehicles, with companies like Geely and Changan focusing on low-altitude and low-orbit technologies [1][4] - Geely has deployed 64 satellites in low orbit and is exploring satellite communication technology for its brands and Robotaxi services [4][6] - Changan plans to mass-produce humanoid robots by 2028 and aims to launch flying cars by 2030, with a projected market size for embodied intelligence exceeding $23 billion by 2030 [8][10] Group 2 - The penetration rate of L2 advanced driver-assistance systems (ADAS) in passenger vehicles reached 63% from January to July [8] - The chairman of Seres, Zhang Xinghai, reported that the AITO M9 has delivered over 230,000 units and has accumulated over 3.8 billion kilometers of assisted driving mileage [12][14] - BAIC's chairman, Zhang Jianyong, announced the launch of an ADAS based on Qualcomm's 8775 chip, targeting the 100,000 to 150,000 yuan market [15] Group 3 - Lei Jun emphasized the importance of safety in the industry and called for a collective effort to resist online manipulation and "black PR" [23][27] - The smart driving team at Lei Jun's company has grown to 1,800 members, with an initial investment of 5.79 billion yuan [25]