看完雷军发布会，高盛上调小米、宁德时代目标价，预言“当下的AI眼镜就是2017年的TWS耳机”

Group 1: Core Insights - Goldman Sachs indicates that the pre-sale of the YU7 has significantly exceeded market expectations, solidifying Xiaomi's leadership position in the high-end automotive market [1][4] - The AI glasses launched by Xiaomi are expected to open new avenues in the ecosystem, potentially replicating the explosive growth trajectory of TWS headphones [1][6] Group 2: YU7 Performance - The YU7 electric SUV, launched on June 26, achieved a record order volume of 289,000 units within the first hour, far surpassing the initial target of 150,000 orders within 24 hours [8][9] - The pricing of the YU7 models is competitive, with the standard, Pro, and Max versions priced at 253,500 RMB, 279,900 RMB, and 329,900 RMB respectively, aligning closely with market expectations [9][10] - The YU7 features a 96.3 kWh battery with a CLTC range of 835 km, making it the longest-range model among pure electric SUVs with battery packs under 100 kWh [9][10] - Goldman Sachs has adjusted the projected delivery volumes for Xiaomi's electric vehicles for 2025-2027 upwards by 1-6%, anticipating deliveries of 411,000, 800,000, and 1,174,000 units respectively [10] Group 3: AI Glasses Market Potential - Xiaomi's AI glasses are expected to capture 10% of the Chinese smart glasses market, projected to reach 2.9 million units by 2025 [6][12] - The AI glasses are positioned as next-generation portable AI terminals, with a competitive price starting at 1,999 RMB and features including a 12MP camera and real-time translation capabilities [12][13] - The Chinese AI/AR glasses market is forecasted to grow at a compound annual growth rate (CAGR) of 56%, from 479,000 units in 2024 to 6.962 million units by 2030 [13] Group 4: Benefits to CATL - The success of the YU7 is expected to directly benefit CATL, as it becomes a major supplier of high-end batteries for Xiaomi [6][14] - CATL's penetration rate for its high-margin Kirin battery is anticipated to rebound in the second half of 2025, following the launch of models like the YU7 [15][16] - CATL's unit profit is projected to increase from 152 RMB/kWh in 2025 to 169 RMB/kWh by 2030, driven by improved product structure [17]