【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 他还表示，在手机汽车取得经验后，小米今天在推全品类高端化。过去小米的确走的有点快，今天我们 要求把设计质量全方位拿起来，认真的把各个品类做好。"我坚信，我们还会在更多领域突破，小米也 一直在持续学习提高之中。" 新浪讯 9月25日晚间消息，在今日的2025雷军年度演讲活动结束后，小米集团董事长、CEO雷军与媒体 对话。 雷军表示，小米15年前创办时的使命就是始终坚持做感动人心、价格厚道的好产品，让全球每个人都能 享受科技带来的美好生活。简单来说，就是科技平权。"5年前，我们发现智能手机已经普及了，所以经 过反思后，坚定提出了高端化战略，全面对标苹果进入高端领域。" 他表示，这5年小米在手机高端化下了很大功夫，做汽车也坚定做高端车。第二季度财报，小米汽车的 含税均价28.9万，今天小米汽车这么大的量其实已经在高端区间里。"我越来越坚信，只要下功夫投入 技术研发 ...

基础数据 证券研究报告 | 公司点评报告 2025 年 09 月 26 日 小米集团-W（01810.HK） 小米 17 全系跨代升级，多 IoT 新品助力全品类高端化 TMT 及中小盘/电子 事件：9 月 25 日小米创始人、董事长兼 CEO 雷军举办第六次年度演讲，并带 来年度重磅新品小米 17 系列，全系产品力跨代升级；此外还有平板、电视、 冰箱、洗衣机等系列新产品，并推出小米汽车定制服务。我们评论如下： 强烈推荐（维持） 目标估值：NA 当前股价：59.45 港元 | 总股本（百万股） | 26026 | | --- | --- | | 香港股（百万股） | 21510 | | 总市值（十亿港元） | 1547.2 | | 香港股市值（十亿港元） | 1278.7 | | 每股净资产（港元） | 9.7 | | ROE（TTM） | 9.4 | | 资产负债率 | 47.5% | | 主要股东 | Sunrise Vision Holdings | | | Limited | | 主要股东持股比例 | 16.2098% | 股价表现 % 1m 6m 12m 绝对表现 13 4 180 相对表现 11 ...

文 | 新浪科技 张俊、周文猛、张奥 "iPhone 17系列的牙膏挤爆了，但小米17系列在很多技术上都要领先。" 9月25日晚间的年度演讲后，小米集团董事长、CEO雷军与媒体展开长达1小时的对话。 雷军直言，小米要敢于对标苹果，甚至超越苹果。"今天大家需要重新认识一下小米手机了，因为小米 17这一代的产品力是跨代升级的，非常炸裂。" 提到小米汽车，他表示，小米汽车成为全网被黑的最惨的品牌之一，对于打击黑水军黑公关，小米举双 手支持。他认为，汽车市场很大，国产汽车都在进步和成长的阶段，没必要搞得很难看。 谈iPhone 17：牙膏挤爆了，但我们很多都领先 在小米17系列正式发布前，小米16直接改名小米17引发广泛关注。 雷军在对话中分享了改名背后的原因，他指出，"我们通过改名这个行动，是希望让大家重新认识一下 小米手机，重新表达我们敢于挑战世界第一的决心。" "改名引起的舆情令我挺惊讶的，我觉得主要原因我们小米做手机15年了，有很多人对小米有一些刻板 的印象，甚至看法很固执""今天大家需要重新认识一下小米手机了，因为小米17这一代的产品力是跨代 升级的，非常炸裂，跟iPhone17全系列相比，有很多地方都超越 ...

Core Insights - Xiaomi's founder Lei Jun delivered his sixth annual speech themed "Change," highlighting the company's transformation into a "hardcore technology company" from an "internet company" over the past five years [4][10] - The company launched several new products, including the Xiaomi 17 series flagship, Xiaomi Pad 8 series, and various home appliances, showcasing its commitment to innovation across multiple sectors [1][4] Technology and Innovation - Xiaomi has made significant investments in core technologies, with a commitment to invest 100 billion yuan in R&D over the next five years, reflecting a strategic shift towards technological advancement [10] - The company introduced its self-developed 3nm flagship SoC chip,玄戒O1, positioning itself among the top global tech firms with advanced chip design capabilities [10][13] Automotive Sector - The Xiaomi YU7 SUV has seen over 40,000 units delivered since its launch, with a significant portion of buyers being families, indicating strong market demand [4][10] - Xiaomi's SU7 series has become a best-seller in the 200,000 yuan and above category, with the SU7 Ultra achieving notable performance records on the Nürburgring track [13] Customization and Consumer Experience - Xiaomi is the first Chinese automaker to offer a customization service, aiming to provide a luxury experience comparable to high-end brands, thus promoting "luxury equality" [9][10] - The company has established a dedicated customization center in Beijing, enhancing the consumer experience and integrating high-quality service into its automotive offerings [9]

他还表示，在手机汽车取得经验后，小米今天在推全品类高端化。过去小米的确走的有点快，今天我们 要求把设计质量全方位拿起来，认真的把各个品类做好。"我坚信，我们还会在更多领域突破，小米也 一直在持续学习提高之中。" 责任编辑：王翔 专题：雷军2025年度演讲：谈造芯坎坷、造车争论、赞ModelY、抢苹果用户 新浪科技讯 9月25日晚间消息，在今日的2025雷军年度演讲活动结束后，小米集团董事长、CEO雷军接 受了媒体采访。 雷军表示，小米15年前创办时的使命就是始终坚持做感动人心、价格厚道的好产品，让全球每个人都能 享受科技带来的美好生活。简单来说，就是科技平权。"5年前，我们发现智能手机已经普及了，所以经 过反思后，坚定提出了高端化战略，全面对标苹果进入高端领域。" 他表示，这5年小米在手机高端化下了很大功夫，做汽车也坚定做高端车。第二季度财报，小米汽车的 含税均价28.9万，今天小米汽车这么大的量其实已经在高端区间里。"我越来越坚信，只要下功夫投入 技术研发，只要在高端化不断前行，是有机会把高端化完全做成的。" ...

Core Points - Xiaomi's CEO Lei Jun announced plans to design 100 car paints within three years during the annual speech and product launch event [2] - The custom service allows car owners to create unique leather products at Xiaomi's customization center, which is a high-cost and complex service [2] - Lei Jun emphasized the importance of aesthetics and believes that the effort put into beauty will be appreciated by users [2] - The custom service is limited to 40 cars per month due to high costs, but it is priced lower than Porsche, offering perceived value [2] - Xiaomi aims for technological and experiential equality, encouraging support for their experience equality initiative [2]

Core Viewpoint - The launch of the new generation Zhiji LS6 marks a significant advancement in the smart electric vehicle market, showcasing cutting-edge technology and a commitment to making high-end features accessible to a broader audience [1][12]. Product Features - The Zhiji LS6 is positioned as a "super large five-seat smart SUV" with a price range of 197,900 to 269,900 yuan, featuring the "Hengxing Super Range" system and the next-generation "Lingxi Digital Chassis" [1][3]. - The vehicle offers an industry-leading pure electric range of 450 km and a comprehensive range of 1500 km, with a fuel consumption of only 0.06L per 100 km, addressing common concerns related to electric vehicle range anxiety [4][10]. - The "Lingxi Digital Chassis" enhances driving control and safety, providing a driving experience comparable to luxury vehicles, with features like "Lingxi Tire Blowout Stability Control" and "Active Anti-Rollover 2.0" [6][12]. Technology and Safety - The LS6 is equipped with over 100 top-tier technologies, including the NVIDIA Orin X chip and Qualcomm 8295P, ensuring high standards in comfort and safety [7][12]. - The vehicle's design emphasizes comfort for all passengers, featuring a "zero-gravity" seat and advanced entertainment systems, aiming to deliver a first-class travel experience [7][9]. Market Strategy - The pricing strategy reflects a strong market ambition, with the Pro version priced below 200,000 yuan and the Max version offering luxury features at competitive prices, enhancing its value proposition [10][12]. - The introduction of the LS6 signifies a shift in the smart electric vehicle industry from "material competition" to "value competition," aiming to set new benchmarks for technology accessibility and user experience [12].

车市即将迎来一年一度的"金九银十"销售旺季。截至2025年8月，已过去大半个年头，对不少车企来说，剩下4个月的增长压力愈发紧迫。 从赛力斯最新披露的8月产销数据看，今年前8个月累计销量296202辆，同比下降9.21%；单看8月，销量45818辆，同比也下滑了10%。对比2024年全年 497008辆的总销量，赛力斯今年前8个月累计销量仅完成去年总量的约六成。 这意味着，若想追平去年成绩，剩余4个月需至少完成四成的目标量；若要实现超越，压力更是不言而喻。 好在从赛力斯近期的动态看，全新问界M7的预订热度似乎为冲刺注入了信心。9月5日正式开启预定的全新M7，仅43分钟小订量便突破10万台。余承东也在 第一时间发文庆贺："新M7卖爆了！远超预期，超乎想象！" 值得注意的是，在问界品牌持续巩固中高端市场地位的同时，鸿蒙系列正与上汽联合推出"下沉款"尚界H5。这款面向大众市场的新产品，于赛力斯而言， 利弊又该如何衡量？ 新车型持续接力增长：4月上市的问界M8，经4-5月产能爬坡后，6-7月销量稳定在2.2万-2.3万辆；8月25日上市的与增程版同价的M8纯电版竞争力强劲，24 小时大定破万。 已上市的M8、9月下旬上 ...

Core Viewpoint - Changan Automobile emphasizes user choice between fuel and electric vehicles, with the launch of the fourth-generation Yidong showcasing their commitment to both segments [1][5]. Group 1: Product Launch and Features - The fourth-generation Yidong was officially launched on September 7, with three models priced between 87,900 to 99,900 yuan, and a promotional price starting at 72,900 yuan [3]. - The vehicle features the latest Tian Shu intelligent system, aiming to enhance the intelligence, fuel efficiency, and reliability of fuel vehicles [3][5]. - Yidong has sold over 1.9 million units globally since its debut in 2012, maintaining a strong presence in the A-segment market [3]. Group 2: Market Position and Strategy - Despite the growing dominance of electric vehicles, Changan believes that 35% of users will continue to prefer fuel vehicles, indicating a balanced market approach [5]. - The company aims to provide diverse power options to users, addressing practical concerns such as charging infrastructure and range anxiety [5]. - The fourth-generation Yidong is designed to be a global benchmark for intelligent family sedans, featuring advanced design and safety elements [5][9]. Group 3: Technical Specifications - The fourth-generation Yidong has dimensions of 4785mm in length, 1840mm in width, and 1450mm in height, with a wheelbase of 2765mm, providing ample interior space [7]. - It is equipped with a 500Bar ultra-high-pressure direct injection engine, delivering a peak torque of 310 Nm and a maximum power of 141 kW, capable of achieving 1000 km on a single tank [9]. - Safety features include a high-strength body structure, six airbags, and a 540° panoramic camera system, ensuring comprehensive protection for occupants [9].

Group 1 - The automotive industry is experiencing a transformation with the integration of AI technologies, particularly in the areas of L3 autonomous driving and Robotaxi, which are entering a critical phase of commercialization [1][5] - The shift from electric vehicle growth to a focus on intelligent technology is evident, as the industry faces challenges in globalization and regulatory upgrades [1][5] - The need for high-quality development over mere quantity is emphasized, with a call for the industry to embrace low growth while pursuing technological advancements [3][4] Group 2 - The concept of "technology equity" is highlighted, stressing that it should not be mistaken for free access but rather a means to lower costs and enhance consumer experience [6][7] - Companies are encouraged to focus on user needs and avoid overwhelming consumers with technical jargon, promoting a clearer understanding of technology's value [7][8] - The automotive ecosystem is diversifying, with some companies opting for full-stack self-research while others collaborate with tech firms to enhance product competitiveness [8][9] Group 3 - The balance between full-stack self-research and collaborative partnerships is crucial for the industry's future, as both models will coexist [9][10] - Companies must focus on their strengths and collaborate on core components like chips and sensors to optimize their offerings [10]