汽车：小米汽车：SU7比肩Model3，YU7挑战ModelY

Investment Rating - The industry rating is "Positive" and maintained, indicating an expectation of returns exceeding the CSI 300 Index by more than 5% over the next six months [10]. Core Insights - Xiaomi's SU7 has achieved over 130,000 deliveries, competing strongly with Tesla's Model 3, with production capacity exceeding 20,000 units per month since Q4 2024 [7]. - The new SUV model, Xiaomi YU7, is set to launch in mid-2025, aiming to challenge the best-selling Model Y [7]. - Xiaomi has invested over 13 billion in core technology development, with over 1,000 patents granted, focusing on intelligent driving, battery systems, and smart chassis [7]. Summary by Sections Industry Overview - The report highlights Xiaomi's significant achievements in production and delivery, with a strong sales network established across 58 cities [7]. Company Performance - Xiaomi's SU7 has surpassed its initial delivery targets, reflecting robust demand and operational efficiency [7]. - The company is actively expanding its sales network, having opened 200 stores [7]. Technological Advancements - Xiaomi is developing advanced technologies such as a fully active suspension system and a new four-motor system for enhanced vehicle performance [7]. - Innovations include industry-first technologies like the dual-piston electronic brake caliper, enabling a digital cockpit without a steering wheel [7].