记者丨雷晨 在新业务方面， 三季度小米汽车交付新车108796辆，前三季度累计交付265967辆。10月单月交付量突破4万辆，预计本周内可完成 全年35万辆的交付目标。 尤为关键的是， 这是小米汽车业务首次实现盈利。 财报显示，小米汽车智能电动汽车及AI等创新业务从 第二季度的3亿元的经营亏损成功扭亏，经营收益为7亿元， 平均每卖1台车净赚6434元。 卢伟冰强调："几个季度前我们还在探索 单月或单车型盈利，如今实现单季度盈利，超出预期，验证了小米汽车的产品力与商业模式可行性。" 编辑丨包芳鸣 11月18日晚，小米集团召开2025年第三季度业绩发布媒体电话会。财报显示，集团当期总营收为1131亿元，同比增长22.3%；经调 整净利润达113亿元，同比增长81%，创历史新高。 这份财报传递出小米集团新旧增长引擎成功交替的关键信号。本季度，以智能电动汽车和AI为代表的创新业务首次实现单季度盈 利，成为拉动增长的新核心引擎；而传统支柱智能手机业务，则因行业性内存成本的周期性上涨而承压。 面对这"一半海水，一半火焰"的复杂局面，小米集团合伙人兼总裁卢伟冰在业绩会上对21世纪经济报道记者表示："环境因素虽不可 控，但我 ...

记者丨黎雨桐 编辑丨曾静娇 视频丨 许婷婷 见习编辑 陈泽锴 11月20日，新东方董事长俞敏洪在社交平台发文，辟谣"到南极坐邮轮花148万"：到南极旅游，不同的船和舱位，不同的价格，从5-30万不 等，我和奚志农坐的夏古号,确实是比较先进的破冰级邮轮， 12天价格在20-25万之间(不同舱位)，而不是外界所说的148万。 俞敏洪还在评论区回应：感谢这几天朋友们对我的关心。 允许员工吐槽是新东方的传统，我一直鼓励。员工有不满，我和公司有问题，及时纠 正。 也有冒充新东方员工在网上发声的，我相信大家也能明辨。南极是一片纯净的土地，如果大家有机会，可以来看看。我打算明年冬天，选 择10个左右的新东方、东方甄选的基层优秀员工，加上东方甄选10个优秀会员，由公司支持到南极来看一看。(当然不一定是夏古号啊，明年 夏古号好像不在南极。） 然而这封饱含"南极感悟"的信函并未收获预期的共鸣，有员工在社交媒体暗指老板的"远方"与员工的"现场"形成鲜明对比。更直白的吐槽来自 企业邮箱留言称，看到信中对南极风光的描述 "只觉得讽刺"。 11月18日晚，俞敏洪在社交平台发布视频疑似回应争议。 视频依然是其南极之旅的画面，不过其在画面中 ...

Core Insights - Lenovo Group reported a 15% year-on-year revenue growth for Q2 of the fiscal year 2025/26, reaching 146.4 billion RMB, marking a historical high for the quarter [1] - Adjusted net profit increased by 25% year-on-year, amounting to 3.66 billion RMB [1] - The company’s Executive Vice President and President of China Region, Liu Jun, announced that the Tianxi AI Super Intelligent System has nearly 10,000 developers and over 5,000 partners, providing customers with integrated cloud computing, technology environment, and privacy protection [1] - Lenovo plans to release version 4.0 of the AI system early next year, which will feature enhanced capabilities [1]

Core Insights - WanKa YiLian's subsidiary, Huanyujida Cultural Media, has been awarded the Platinum Service Provider status in the N1 field by Huawei's Petal Ads for 2025, marking a significant validation of the company's strategic positioning in the smart marketing ecosystem and AI technology barriers [1][2] Group 1: Strategic Positioning - The elevation to Platinum Service Provider signifies a shift from "commercial services" to "ecosystem co-construction," enhancing the company's role within Huawei's ecosystem [2] - The N1 field is a core business area for Petal Ads, covering 13 key industries, and the Platinum status reflects Huawei's recognition of the company's capabilities in data insights and AI-driven marketing efficiency [2][3] Group 2: Market Opportunities - By 2025, the HarmonyOS ecosystem is expected to exceed 1 billion devices, with a significant increase in native applications and user engagement, indicating a forthcoming concentration of commercial value [2] - WanKa YiLian has established a dual moat of "breadth and depth," serving over 200 clients across various industries and integrating AI marketing technology to enhance return on investment [2][3] Group 3: Technological Advancements - The company's revenue for the first half of 2025 grew by 39% to 1.7 billion RMB, with a full-year growth forecast raised to 50%, driven by the large-scale implementation of AI technology [3] - The partnership with Alibaba Cloud to integrate advanced AI models aims to automate advertising decision-making processes, reinforcing the company's competitive edge [3] Group 4: Valuation Transformation - The capital market is witnessing a valuation shift for WanKa YiLian from a traditional mobile marketing service provider to a core infrastructure player within the HarmonyOS ecosystem [4] - The Platinum status not only enhances immediate revenue visibility but also secures a strategic position in the future IoT traffic landscape, potentially benefiting from ecosystem expansion and monetization [4]

Core Viewpoint - Lenovo is positioned as one of the largest buyers of components in the industry, particularly in the context of rising demand for AI-related technologies and components, despite challenges such as supply shortages and price increases [1][2]. Group 1: AI and Market Dynamics - The discussion around the AI bubble continues, with Lenovo's chairman stating that while some areas may experience bubbles, the overall direction of AI development is not a bubble and is entering a phase of deeper integration and application [1]. - The demand for components such as memory and solid-state drives is experiencing significant growth, with expectations that shortages and price increases will persist throughout 2026 [1]. Group 2: Supply Chain Management - Lenovo has established close relationships with key component suppliers and has signed optimal contracts to ensure sufficient supply for the upcoming year, allowing the company to better manage current supply shortages and rising prices [2]. - The company is cautious about the pace of user demand growth, hoping it does not exceed forecasts [3]. Group 3: Financial Performance - For the second fiscal quarter ending September 30, 2025, Lenovo reported a revenue increase of 15% year-on-year to 146.4 billion RMB, marking a historical high for the quarter, with adjusted net profit rising 25% to 3.66 billion RMB [3]. - AI-related business revenue now accounts for 30% of total revenue, up 13 percentage points year-on-year, driven by growth in AI devices, servers, and solutions [3]. Group 4: Business Segments - The IDG smart device business achieved revenue of 108.1 billion RMB, a 12% year-on-year increase, with AI terminal devices now representing 36% of IDG's total revenue, up nearly 17 percentage points [4]. - The ISG infrastructure solutions group reported revenue of approximately 29.3 billion RMB, a 24% year-on-year increase, with AI servers experiencing high double-digit revenue growth [4]. - The SSG solutions and services group saw nearly 20% year-on-year revenue growth, marking the 18th consecutive quarter of double-digit growth [4]. Group 5: Future Innovations - Lenovo plans to launch a personal super intelligent agent globally in January, which will integrate various wearable devices and environmental sensing terminals, enhancing user experience through real-time understanding of user context and intent [4].

Group 1: Banking Sector Performance - China Bank (601988) saw a significant increase of 5.17%, reaching a market capitalization of 2.03 trillion yuan, marking a historical high [1][2] - Other major banks also performed well, with Industrial and Commercial Bank of China (601398) rising by 1.58%, China Construction Bank (601939) increasing by 4.73%, and Postal Savings Bank (601658) up by 3.84% [1][2][6] - The banking sector as a whole experienced strong performance, with all stocks in the sector rising [6][9] Group 2: Market Overview - The Shanghai Composite Index rose by 0.38%, while the Shenzhen Component Index and the ChiNext Index fell by 0.05% and 0.52%, respectively [3] - The total trading volume in the market exceeded 1.11 trillion yuan during the morning session [3] Group 3: Lithium Carbonate Futures - Lithium carbonate futures reached a peak of over 100,000 yuan per ton, with a subsequent increase of over 4% in the morning session [12] - The short-term supply and demand for lithium carbonate remain tight, with ongoing inventory depletion [12] - The demand for lithium carbonate is expected to grow significantly due to the increasing need for energy storage driven by AI data centers, with projected annual growth rates of 40%-50% in overseas energy storage over the next two to three years [12] Group 4: Lithium Industry Activity - The lithium battery supply chain showed strong activity, with companies like Weiling Co. (002667) and Shengxin Lithium Energy (002240) experiencing significant stock price increases [10][13] - A cooperation framework agreement was announced between Shengxin Lithium Energy and Huayou Holding Group for the procurement of 221,400 tons of lithium salt products from 2026 to 2030 [12]

Market Overview - A total of 39 stocks reached the daily limit up today, with 8 stocks on consecutive limit up and 32 stocks failing to maintain the limit, resulting in a limit up rate of 55% (excluding ST and delisted stocks) [1] Key Stocks - HeFu China resumed trading and achieved a limit up for the 13th time in 15 days [1][20] - Zhongshui Fishery advanced to a 5-day consecutive limit up [1][20] - Rongji Software, an AI application stock with Fujian attributes, achieved a 4-day consecutive limit up [1][20] Sector Performance Real Estate Sector - The real estate sector saw several stocks hitting the limit up, including: - Wo Ai Wo Jia with a limit up of 10.03% [6] - Shi Lian Hang with a limit up of 10.16% [6] - San Liu Wu Wang with a limit up of 20.00% [6] - Fu Xing Shares with a limit up of 10.16% [6] - From January to October, the nationwide second-hand housing transaction area increased by 4.7% year-on-year, with second-hand housing accounting for 44.8% of total transactions [5] AI Applications - Stocks related to AI applications performed well, with: - Rongji Software achieving a 4-day consecutive limit up [10] - Wan Tong Technology hitting a limit up of 10.04% [16] Chip Industry - The chip industry is highlighted by the upcoming seminar on advanced technologies and applications in photolithography and integrated circuit materials [17] Other Notable Stocks - Guofeng New Materials achieved a 2-day consecutive limit up of 10.04% due to its involvement in photolithography [18] - Hainan Haiyao reached a 5-day consecutive limit up of 10.00% related to cold medicine [12]

Crypto Market & Investment - Saudi Arabia is entering the Bitcoin mining sector, aligning with a $1 trillion investment in the U S and collaborations on a 500 MW AI supercomputing project [1] - Kraken has confidentially filed for a U S IPO, following an $800 million funding round valuing the company at $20 billion, targeting 2026 [4] - BlackRock has filed for a new staked Ethereum Trust in Delaware and transferred over $800 million in Bitcoin and Ethereum to Coinbase Prime, signaling preparation for a staked ETH ETF [5] Market Dynamics & Sentiment - Bitcoin dipped below a key cost-basis level, suggesting potential bear market conditions, while indices like $SPX and $YM_F show potential upside [2] - Markets are closely watching Nvidia's earnings for its impact on broader market sentiment [2] - The odds of a December Fed rate cut have fallen below 43% due to the cancellation of the October jobs report and delayed November data, causing market volatility [3] Regulatory & Geopolitical Factors - The US Senate plans to vote on a crypto market structure bill in December, adding bullish momentum for Bitcoin [2][3] - President Trump designated Saudi Arabia as a major non-NATO ally, strengthening economic and technological ties [1]

Group 1 - The core achievement of Xiaomi Auto is the production of its 500,000th vehicle, setting a record for the fastest time to reach this milestone among global new energy vehicle manufacturers, achieved in just 602 days since the launch of its first model, SU7, on March 28, 2024 [1] - Xiaomi Group's founder and CEO Lei Jun emphasized that this milestone validates the company's complete capabilities in research and development, manufacturing, sales, delivery, and service, indicating a new phase of scale for Xiaomi Auto [3] - Lei Jun announced that Xiaomi Auto expects to deliver over 400,000 vehicles in 2025, highlighting the company's commitment to safety, delivery, and technological innovation [5] Group 2 - The company plans to enhance its core technology research and integrate AI with smart manufacturing, aiming to meet consumer expectations through tangible actions [5]

Core Insights - Xiaomi has achieved a significant milestone by rolling off its 500,000th vehicle from its production line in just 602 days, marking the fastest record for any global new energy vehicle company [1][2] - The achievement signifies the validation of Xiaomi's complete system capabilities in research, manufacturing, sales, delivery, and service, indicating broad consumer recognition and entry into a new phase of scale [1] Group 1 - The 500,000th vehicle marks a new starting point for Xiaomi's automotive division, emphasizing the importance of safety and delivery as foundational elements [2] - Xiaomi plans to accelerate production while ensuring safety and quality, highlighting a commitment to technological innovation and the integration of AI and smart manufacturing [2] Group 2 - Xiaomi's CEO Lei Jun stated that the company will focus on three main areas: ensuring safety and delivery, enhancing technological innovation, and deepening the integration of AI and smart manufacturing [2]