Group 1 - Xiaomi held an ecosystem launch event on June 26, 2025, introducing products like the Xiaomi YU7, MIX Flip2, and AI glasses, leading to an upward revision of the company's automotive sales forecast for 2025/26 and an increase in target price to HKD 67, maintaining a buy rating [1][2] - The Xiaomi YU7 features a super electric motor with a 0-100 km/h acceleration time of 3.23 seconds and a top speed of 253 km/h, boasting a leading range of 835 km among mid-to-large pure electric SUVs, with fast charging capabilities [1] - The AI glasses, weighing only 40g, utilize advanced battery technology and feature a 12 MP optical lens, five microphones, and support for payment functions, with pricing slightly above market expectations [1] Group 2 - The company predicts that its new factories will begin contributing to production capacity in the second half of 2026, with projected outputs of 300,000, 300,000, and 100,000 vehicles from three factories [2] - The sales forecast for Xiaomi's automotive division has been revised to 400,000 and 700,000 units for 2025 and 2026, respectively, with the YU7 series expected to significantly outperform the SU7 series [2] - Revenue forecasts for 2026 and 2027 have been increased to CNY 646.2 billion and CNY 778.5 billion, respectively, along with an adjusted EPS of CNY 2.17 for 2026 [2]

简评 机构：中信建投证券 研究员：崔世峰 核心观点 6 月26 日，小米召开人车家发布会，发布了小米YU7、首款AI 眼镜、MIX Flip2 小折叠等一系列产品。 核心亮点在于： 1） YU7 大爆：YU7 定价标准版/Pro 版/Max 版分别为25.35/27.9 9 /32.99 万元，基本贴合前期市场预 期，上线3 分钟大定突破2 0万台，一小时突破28.9 万台，18 小时锁单超24 万台， 相比su7 4 分钟大定 突破1 万&27 分钟大定破5 万&24 小时破8.8万表现明显强劲。 2） 首款AI 眼镜：小米AI 眼镜集第一人称相机+耳机+随身AI 助手为一体，标准版/单色电致变色版/彩 色电致变色版售价分别为1999/2699/2999 元，对标竞品Ray-Ban Meta AI 眼镜（定价299 美元）优势在 于：更轻、续航更长、配置超级小爱。 YU7 上线3 分钟大定突破20 万台，1 小时突破28.9 万台，1 8小时锁单超24 万台，相比SU7 4 分钟大定 突破1 万&27 分钟大定破5 万&24 小时破8.8 万表现明显强劲， 并且大幅超出此前市场预期，按照现有 大定&锁单，推 ...

Group 1: Core Products and Innovations - Xiaomi held a comprehensive ecosystem launch event on June 26, 2025, introducing its first SUV, Xiaomi YU7, along with Xiaomi AI glasses and the foldable flagship phone Xiaomi MIXFlip2 [1] - The Xiaomi YU7 features high performance and cost-effectiveness, with a CLTC range of 835 km, an 800V high-voltage platform, and a 96.3 kWh battery, achieving a top speed of 240 km/h [1] - The Xiaomi AI glasses are equipped with a 12 million pixel ultra-wide-angle lens and support various functionalities, including first-person camera and video calls, while boasting a battery capacity 64% higher than similar products from Meta [2] Group 2: Market Performance and Sales - The Xiaomi YU7 has shown strong sales momentum, with over 289,000 pre-orders within the first hour of launch, significantly surpassing the 88,898 pre-orders for the Xiaomi SU7 in its first 24 hours [1] - The pricing strategy for the Xiaomi YU7 maintains a competitive edge, with the standard version priced at 253,500 RMB, lower than the comparable Model Y [1] Group 3: Future Growth and Financial Projections - Xiaomi continues to strengthen its ecosystem with new products across various categories, including smartphones, tablets, wearables, and home appliances, indicating a broadening of its product portfolio [3] - The company forecasts earnings per share of 1.35, 1.82, and 2.27 RMB for 2025-2027, maintaining a target price of 75.95 HKD based on a 38x PE valuation for 2026 [3]

Investment Rating - The report maintains a "Buy" rating for the company [6][3]. Core Views - The company held a comprehensive ecosystem launch event on June 26, 2025, introducing products such as the Xiaomi YU7 SUV, Xiaomi AI glasses, and the Xiaomi MIX Flip 2 smartphone [2][11]. - The Xiaomi YU7 has shown strong sales momentum, with over 289,000 pre-orders within the first hour of its launch, significantly surpassing the previous model's performance [12][10]. - The Xiaomi AI glasses are positioned as a personal AI device, featuring advanced hardware and capabilities for smart interaction and enhanced battery life compared to competitors [23][10]. Financial Forecast and Investment Recommendations - The company is projected to achieve earnings per share of 1.35, 1.82, and 2.27 CNY for the years 2025, 2026, and 2027 respectively, with a target price of 75.95 HKD based on a 38x PE ratio for 2026 [3][26]. - Revenue forecasts indicate a growth trajectory from 270,970 million CNY in 2023 to 690,216 million CNY by 2027, reflecting a compound annual growth rate [5][28]. - Operating profit is expected to increase significantly, from 20,009 million CNY in 2023 to 65,077 million CNY in 2027, indicating strong operational efficiency [5][28]. Product and Ecosystem Development - The Xiaomi YU7 SUV features high performance with a range of 835 km and advanced driving assistance technologies, positioning it competitively in the electric vehicle market [10][18]. - The launch of multiple new products across smartphones, tablets, wearables, and home appliances strengthens the company's ecosystem, enhancing its market presence and growth potential [24][10].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810) [2][19] Core Views - The report highlights the strong product capabilities and competitive pricing of the Xiaomi YU7 SUV and AI glasses, predicting they will create new blockbuster products [7] - Revenue forecasts for 2025-2027 are maintained at RMB 483.6 billion, RMB 580.8 billion, and RMB 688.9 billion respectively, with adjusted net profits of RMB 42.7 billion, RMB 48.4 billion, and RMB 58.6 billion [7] Financial Data and Profit Forecast - Revenue (RMB billion): 2023: 271.0, 2024: 365.9, 2025E: 483.6, 2026E: 580.8, 2027E: 688.9 [6][10] - Year-on-year growth rates for revenue: 2023: -3%, 2024: 35%, 2025: 32%, 2026: 20%, 2027: 19% [6] - Net profit (RMB billion): 2023: 19.3, 2024: 27.3, 2025E: 42.7, 2026E: 48.4, 2027E: 58.6 [6][10] - Earnings per share (RMB/share): 2023: 0.76, 2024: 1.07, 2025E: 1.68, 2026E: 1.90, 2027E: 2.30 [6] - Price-to-earnings ratio (PE): 2025: 33, 2026: 29, 2027: 24 [6] Product Launch Insights - Xiaomi launched the YU7 SUV with over 208,900 pre-orders in the first hour, with competitive pricing and specifications compared to rivals like Xpeng G7 and Tesla Model Y [7][8] - The AI glasses feature a lightweight design and advanced technology, with various pricing tiers and capabilities that enhance user interaction and connectivity [7][9]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group (1810 HK) with a target price raised to HKD 67.00, indicating a potential upside of 13.7% from the current closing price of HKD 58.95 [1][12]. Core Insights - The report highlights the official launch of the Xiaomi YU7, along with other products, and has adjusted the sales forecast for Xiaomi's automotive segment for 2025 and 2026 upwards. The YU7 is expected to lead in sales within the SUV segment, contributing significantly to revenue growth [2][6]. - The financial projections show a substantial increase in revenue and net profit over the next few years, with revenue expected to reach RMB 646.16 billion in 2026, up from RMB 270.97 billion in 2023, reflecting a compound annual growth rate (CAGR) of approximately 28.1% [3][13]. - The report emphasizes the importance of production capacity for Xiaomi's automotive business, predicting that new factories will start contributing to production in the second half of 2026, with projected sales of 400,000 and 700,000 units for 2025 and 2026, respectively [6][8]. Financial Overview - Revenue projections for Xiaomi Group are as follows: - 2023: RMB 270,970 million - 2024: RMB 365,906 million - 2025E: RMB 504,404 million - 2026E: RMB 646,164 million - 2027E: RMB 778,515 million - Net profit is projected to grow significantly, reaching RMB 65,250 million by 2027, up from RMB 17,475 million in 2023, indicating a strong growth trajectory [3][13]. - The report also provides earnings per share (EPS) estimates, with a forecast of RMB 2.17 for 2026, reflecting a substantial increase from RMB 0.77 in 2023 [3][14]. Product Launch and Market Position - The Xiaomi YU7 features advanced specifications, including a 0-100 km/h acceleration time of 3.23 seconds and a maximum speed of 253 km/h, positioning it competitively in the electric SUV market [6][7]. - The launch of the first AI glasses by Xiaomi is expected to enhance its ecosystem, with a pricing strategy that slightly exceeds market expectations, indicating potential for long-term growth [6][8].

智通财经APP获悉，6月27日港股市场，北水成交净买入30.37亿港元，其中港股通(沪)成交净买入2.93亿 港元，港股通(深)成交净买入27.44亿港元。 北水净买入最多的个股是建设银行(00939)、中芯国际(00981)、百济神州(06160)。北水净卖出最多的个 股是小米集团-W(01810)、阿里巴巴-W(09988)、腾讯(00700)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 小米集团-W HK 01810 | 51.57 乙 | 70.07 亿 | 121.64亿 -18.50亿 | | 国泰君安 ... | 27.59亿 | 29.64亿 | 57.24 乙 | | HK 01788 | | | -2.05 Z- | | 冠城钟表 ... | 22.75 乙 | 21.15 亿 | 43.90亿 | | HK 00256 | | | +1.60 亿 | | 阿里巴巴-W | 12.61 乙 | 15.39 亿 | 28.00亿 | | HK 09988 | | | -2.78 Z- | | 建 ...

Market Overview - The Hong Kong stock market experienced a high opening but closed lower, with the Hang Seng Index down 0.17% to 24,284.15 points and a total trading volume of HKD 275.115 billion [1] - The Hang Seng Index rose 3.2% over the week, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index increased by 2.76% and 4.06%, respectively [1] Blue-Chip Stocks Performance - Xiaomi Group-W (01810) reached a new high, closing up 3.6% at HKD 58.95, contributing 58.62 points to the Hang Seng Index, following the launch of its first SUV, the Xiaomi YU7, which saw significant pre-order success [2][7] - Other notable blue-chip movements included Alibaba Health (00241) up 6.35%, Zijin Mining (02899) up 4.17%, while China Life (02628) and China Resources Land (01109) saw declines of 2.97% and 2.55%, respectively [2] Sector Highlights - Large tech stocks showed mixed results, with Xiaomi's YU7 orders boosting its stock, while Alibaba saw a slight decline [3] - The non-ferrous metals sector continued to rise, with Jiangxi Copper (00358) up 7.71% and Tianqi Lithium (09696) up 6.78%, driven by rising copper prices amid a squeeze in the London Metal Exchange [3] - The internet healthcare sector performed well, with Ping An Good Doctor rising over 8% and Alibaba Health up over 6% [3] AMC Sector Activity - The AMC sector saw significant gains, with China Cinda (01359) up 7.03% and CITIC Financial Assets (02799) up 2.38%, following announcements of asset management plans [4] - Analysts noted that long-term funds are increasingly seeking high-dividend assets, which may stimulate further activity in the banking sector [4] Notable Stock Movements - Saturday's Fortune (06168) surged 33.83% to HKD 40.15, driven by strong demand in the gold market and positive sentiment in the Hong Kong stock market [8] - Juzi Bio (02367) rebounded 5.75% to HKD 54.25, following announcements of share buybacks by its controlling shareholder [9] - Huaxing Capital Holdings (01911) rose 4.67% to HKD 4.48, after announcing plans to enter the Web3.0 and cryptocurrency sectors with a budget of USD 100 million [10] Weak Performers - Hong Kong Travel (00308) fell 25.63% to HKD 1.48, as the company undergoes strategic reviews without any confirmed decisions [11] - Rongchang Bio (09995) dropped 6.17% to HKD 55.55, attributed to market disappointment over its recent business development transaction [12]

金十数据6月27日讯，早间恒指冲高回落接近平收，午后初段继续寻底击穿24300点，最低见24194.85 点，于水下震荡调整。截至收盘，恒指收跌%，报点，科指收跌%，报点，恒指大市成交额达亿港元 （上一交易日为2617.29亿港元）。盘面上，有色金属、互联网医疗板块表现强势，汽车股分化明显， 银行、保险、券商等大金融板块午后显著回调。个股方面，小米集团(01810.HK)收涨3.6%；紫金矿业 (02899.HK)收涨4.17%；比亚迪股份(01211.HK)收跌1.19%；工商银行(01398.HK)收跌2.02%；中国平安 (02318.HK)收跌1.27%；国泰君安国际(01788.HK)收跌14.69%。 港股收评：恒指冲高回落小幅收跌小米集团(01810.HK)一度新高收涨3.6% ...

瑞银集团：给予小米集团中性评级 目标价62港元 智通财经6月27日电，瑞银集团就小米集团-W(01810.HK)发布研报。认为小米提供的未交付SU7订单升 级至YU7选项会对小米电动车产能造成挑战，且由于小米YU7预售量大胜预期，产能扩张值得观察。给 予小米"中性"评级，目标价62港元。 ...