智通财经APP获悉，高盛发布研报称，小米集团-W(01810)今年加快AI发展，相信未来会将自研芯片 组、澎湃OS及MiMo大语言模型整合到一个可能于2026年发布的AI原生消费终端当中，继续看好集团在 其"人车家全生态"战略下，仍处于多年生态扩张的早期阶段，又指稳健的资产负债表、强大的生态整合 能力，以及因深入参与供应链而具备的成本优势，将提升其在电动车领域的竞争力，予以"买入"评级， 目标价53.5港元。 高盛日前参与了小米2025冬季新品发布会，集团最新发布了17 Ultra智能手机系列，产品线更丰富，反 映其持续推进高端化策略，预期进入明年，高端化仍是小米的首要任务，相信小米将进一步于中国渗透 价位在6,000元人民币以上的市场，并将加速发展海外高端产品市场。 ...

高盛日前参与了小米2025冬季新品发布会，集团最新发布了17Ultra智能手机系列，产品线更丰富，反 映其持续推进高端化策略，预期进入明年，高端化仍是小米的首要任务，相信小米将进一步于中国渗透 价位在6,000元人民币以上的市场，并将加速发展海外高端产品市场。 高盛发布研报称，小米集团-W(01810)今年加快AI发展，相信未来会将自研芯片组、澎湃OS及MiMo大 语言模型整合到一个可能于2026年发布的AI原生消费终端当中，继续看好集团在其"人车家全生态"战略 下，仍处于多年生态扩张的早期阶段，又指稳健的资产负债表、强大的生态整合能力，以及因深入参与 供应链而具备的成本优势，将提升其在电动车领域的竞争力，予以"买入"评级，目标价53.5港元。 ...

央视专题纪录片镜头前，雷军侃侃而谈玄戒芯片、小米汽车与智能制造突破，一句"实现苹果都没做到 的人车家全生态"，让所有人看清：那个敢想敢干的小米，早已凭硬核科技站稳全球科技第一梯队。 曾经有人质疑小米"只会组装"，嘲讽造车是"门外汉凑热闹"，可雷军偏要以行践言。做芯片，就砸百亿 熬四年；造汽车，就躬身入局啃最难的骨头；建生态，就一步步打通人、车、家每一个场景。没有捷 径，唯有死磕，这才是小米最动人的底色。 谁能想到，当年靠性价比出圈的小米，如今能在核心科技赛道接连破局。玄戒芯片就是最好的底气，历 时四年研发、砸下135亿，这颗3nm旗舰芯片集成190亿晶体管，能效比肩苹果A18 Pro，自研ISP让影像 算力拉满，更补上了小米"缺芯"的短板，成为全球唯四拥有自研旗舰芯片的手机厂商。从澎湃S1试水到 玄戒O1落地，小米用11年磨一剑，把"芯片梦"照进现实，彻底摆脱对供应链的依赖。 小米汽车的崛起，更是雷军"生死看淡不服就干"的最好诠释。从官宣造车到SU7交付超20万台，订单排 期半年，小米只用两年就站稳新能源赛道，成为最快跻身主流的新势力。更关键是汽车与生态深度绑 定，澎湃OS让手机、汽车、家电无缝联动，上车自动 ...

Core Insights - The event marked the launch of the Xiaomi 17 Ultra and the upgraded strategic partnership with Leica, celebrating Xiaomi's 15th anniversary and Leica's 100th anniversary [1][3][12] - The Xiaomi 17 Ultra is positioned as a high-end flagship device, introducing significant technological innovations, particularly in mobile imaging with optical zoom capabilities [3][7] Product Launch Details - The Xiaomi 17 Ultra is available in four colors, with pricing starting at 6,999 yuan for the 12GB+512GB model and going up to 8,499 yuan for the 16GB+1TB model [5] - The event also introduced several other products, including the Mijia Central Air Conditioning Pro and Xiaomi Buds 6, with prices ranging from 699 yuan to 51,999 yuan [6] Technological Innovations - The Xiaomi 17 Ultra features a new 1-inch sensor and a 200-megapixel camera, marking a shift from digital cropping to optical zoom, thus enhancing image quality [7][9] - The long-focus lens is the first Leica APO optical certified lens in mobile imaging, showcasing Leica's high standards for optical performance [11] Strategic Developments - The partnership with Leica has evolved into a "strategic co-creation model," integrating Leica's optical and design expertise into Xiaomi's products [7] - Xiaomi's high-end product strategy is gaining momentum, with significant sales growth in the premium segment, including a 50% increase in sales for the Xiaomi 15 Ultra [17][19] Future Outlook - Xiaomi is set to continue its high-end strategy, with a focus on core technology investments, having allocated 235 billion yuan in R&D in the first three quarters of the year [20] - The company aims to establish itself as a leader in the global tech industry, with a comprehensive ecosystem that includes smartphones, automotive, and smart home appliances [15][19]

Core Insights - Xiaomi held a product launch event on December 25, 2025, in Beijing, introducing high-end products including the Xiaomi 17 Ultra and Xiaomi 17 Ultra Leica Edition, marking the company's 15th anniversary and showcasing its strategy in the ultra-high-end market [1] Product Launch Details - The Xiaomi 17 Ultra is the first product resulting from an upgraded collaboration with Leica, featuring a 1-inch main camera and a 200-megapixel telephoto lens, designed to deliver professional camera-like results in challenging lighting conditions [2] - The device includes a 6.9-inch high-definition screen, a 6800mAh battery with 90W wired and 50W wireless fast charging, and is available in four configurations, with prices ranging from 6999 to 8499 yuan [2][3] - The Leica Edition enhances the standard model with design optimizations and features that replicate the Leica camera experience, including a master zoom ring for traditional camera operation [5][7] Ecosystem Products - The launch also featured several ecosystem products, including the Mijia Central Air Conditioner Pro, priced at 43999 yuan for the 8HP version, and various smart home devices such as the Xiaomi Smart Home Screen and Xiaomi Buds 6 [7][9] - The Mijia air conditioner offers a 10-year free warranty covering the entire unit and parts, enhancing customer service [9] Strategic Developments - 2025 is a pivotal year for Xiaomi's high-end development, completing its "human-vehicle-home ecosystem" strategy and launching self-developed mobile chips and smart appliance factories [9] - Xiaomi's R&D investment reached 235 billion yuan in the first three quarters, with an expected total of 320-330 billion yuan for the year, supporting its high-end market ambitions [9]

Group 1 - The core product launched is the Xiaomi 17 Ultra, which is positioned as the company's most powerful imaging technology flagship, starting at 6999 yuan [1][13] - Xiaomi has announced a deep strategic partnership with Leica, marking an upgrade in their global imaging strategy and introducing the Xiaomi 17 Ultra by Leica, priced at 7999 yuan [1][89] - The Xiaomi 17 Ultra features a significant imaging upgrade with a one-inch sensor and Leica's 200 million pixel optical zoom, aiming to enhance night photography capabilities [22][25] Group 2 - Xiaomi's 15th anniversary marks the completion of its "people, vehicle, and home ecosystem" strategy, establishing it as a leading technology company with a comprehensive ecosystem [4] - The company has launched its self-developed 3nm flagship chip, marking a milestone in its evolution towards becoming a global hardcore technology company [6] - The new Xiaomi smart home appliance factory in Wuhan has officially commenced production, completing the smart manufacturing layout across its ecosystem [8] Group 3 - The Xiaomi 17 Ultra is the thinnest Ultra model to date, featuring a 2D flat screen design and a thickness of only 8.29mm [14] - It supports IP66, IP68, and IP69 ratings for dust and water resistance, available in four colors: black, white, cold smoke purple, and a new color, starry green [16] - The device includes a new "fireworks mode" specifically designed to capture fireworks effectively, enhancing user experience during festive occasions [30] Group 4 - The Xiaomi 17 Ultra is equipped with the industry's first 200 million pixel continuous optical zoom lens, allowing for versatile composition across various focal lengths [37] - It features a sophisticated lens structure with eight elements in three groups, ensuring high-quality optical performance across different zoom levels [45] - The device has received Leica's APO optical certification, indicating high standards in optical quality [53] Group 5 - The Xiaomi 17 Ultra boasts a 6800mAh battery, the largest capacity in the Ultra series, supporting 90W wired and 50W wireless fast charging [67] - It includes advanced UWB technology, enabling features like digital car key functionality, enhancing connectivity with compatible vehicles [72] - The device supports cross-device interaction with Apple products, allowing seamless control and mirroring between Xiaomi and Apple devices [74] Group 6 - The Xiaomi Watch 5 is introduced as a flagship smartwatch, featuring a 47mm design and a 1.54" AMOLED display with high brightness [206] - It is powered by the Snapdragon W5 chip, offering dual-chip efficiency for high performance and low power consumption [218] - The watch supports over 150 sports modes and includes health monitoring features such as ECG analysis, certified as a Class II medical device [245] Group 7 - The Xiaomi Buds 6 are designed for comfort and sound quality, featuring a new ergonomic design and custom sound units for enhanced audio performance [184][190] - The Xiaomi Smart Home Screen 11 is launched as a central hub for family entertainment and smart home control, featuring an 11-inch display [160] - The new Mijia Central Air Conditioning Pro series is designed for large homes, featuring advanced technology for efficient heating and cooling [133]

Group 1: Product Launches - Xiaomi officially launched the Xiaomi 17 Ultra on December 25, available in four colors with prices ranging from 6,999 yuan to 8,499 yuan for different configurations [1] - The Xiaomi 17 Ultra Leica Edition was also introduced, priced between 7,999 yuan and 8,999 yuan, celebrating the 15th anniversary of Xiaomi and the 100th anniversary of Leica [1][8] - Multiple ecosystem products were released, including the Mijia Central Air Conditioner Pro and Xiaomi Buds 6, with prices ranging from 699 yuan to 51,999 yuan [3] Group 2: Technological Advancements - The Xiaomi 17 Ultra features a new "Leica 1-inch Optical Master" main camera with advanced sensor technology, significantly improving dynamic range for photography and video [4] - The long-focus camera supports continuous optical zoom with a 200-megapixel sensor, achieving a 40% reduction in power consumption compared to the previous generation [4] - The device includes a 6.9-inch high-definition screen, Snapdragon 8 Gen 2 processor, and a 6800mAh battery with fast charging capabilities [5] Group 3: Strategic Partnerships and Market Positioning - Xiaomi upgraded its strategic partnership with Leica, moving from joint development to a co-creation model, enhancing the overall imaging experience [4][8] - The launch of the Xiaomi 17 Ultra marks a significant step in Xiaomi's high-end product strategy, with the company achieving notable sales growth in its flagship devices [9] - Xiaomi's ecosystem strategy has been completed, integrating products across mobile, automotive, and smart home sectors, positioning itself as a comprehensive technology company [8][9] Group 4: R&D and Market Strategy - Xiaomi's R&D investment reached 235 billion yuan in the first three quarters, with an expected total of 320-330 billion yuan for the year, supporting its high-end product strategy [10] - The company aims to establish a strong presence in the high-end market, with significant sales achievements in both smartphones and smart home appliances [9][10]

Core Insights - Xiaomi officially launched the Xiaomi 17 Ultra, marking the first product from its upgraded strategic partnership with Leica, alongside several other smart home products [1] - The Xiaomi 17 Ultra features a new 1-inch, 200-megapixel camera system, transitioning from multi-lens digital cropping to single-lens optical zoom, heralding a new era in mobile imaging [2] Product Launch Details - The Xiaomi 17 Ultra is available in four colors, with pricing starting at 6,999 yuan for the 12GB+512GB model and going up to 8,499 yuan for the 16GB+1TB model [1] - The Leica version of the Xiaomi 17 Ultra is priced at 7,999 yuan for the 16GB+512GB model and 8,999 yuan for the 16GB+1TB model [1] - Other products launched include the Mijia Central Air Conditioner Pro starting at 43,999 yuan, the Xiaomi Smart Home Screen 11 at 1,299 yuan, and the Xiaomi Watch 5 priced at 1,999 yuan for the standard version [1] Technological Advancements - The Xiaomi 17 Ultra incorporates the new Leica 1-inch optical master sensor with advanced dynamic range technology, enhancing performance in challenging lighting conditions [2] - The long-focus sensor has a 40% reduction in power consumption compared to the previous generation and supports continuous optical zoom from 75mm to 100mm [2] - The device features a 6.9-inch top-tier display, Snapdragon 8 processor, and a 6,800mAh battery with fast charging capabilities [2] Strategic Developments - The partnership with Leica has evolved from joint development to a strategic co-creation model, integrating Leica's optical and design expertise into Xiaomi's products [1][2] - Xiaomi's "Home, Car, and Family Ecosystem" strategy is expected to be fully realized by 2025, with plans for self-developed flagship mobile chips and smart appliance manufacturing [4] - The company has seen significant growth in its high-end product sales, with a 50% increase in sales for the Xiaomi 15 Ultra and over 50% market share for the Xiaomi 17 Pro Max [4] Financial Performance - Xiaomi's R&D investment reached 23.5 billion yuan in the first three quarters, with an expected total of 32-33 billion yuan for the year [5] - The company's total revenue for the year is projected to be 340.4 billion yuan, reflecting a 32.5% year-on-year growth [5]

Core Viewpoint - Xiaomi has upgraded its strategic partnership with Leica, launching the Xiaomi 17 Ultra, which marks a significant advancement in mobile imaging technology, particularly in optical zoom capabilities [3][6][12]. Product Launch - The Xiaomi 17 Ultra was unveiled at a press conference in Beijing, alongside several other high-end products, including the Xiaomi 15 Anniversary Leica Edition and various smart home devices [1][5]. - The Xiaomi 17 Ultra is available in four colors, with pricing starting at 6,999 yuan for the base model and going up to 8,499 yuan for the highest configuration [5][10]. Technological Innovations - The Xiaomi 17 Ultra features a new 1-inch, 200-megapixel sensor and introduces optical zoom capabilities, moving away from digital cropping [6][8]. - The long-focus lens of the Xiaomi 17 Ultra is the first Leica APO optical certified lens in mobile imaging, showcasing Leica's high standards of optical quality [10][12]. - The device includes advanced features such as a 6.9-inch display, Snapdragon 8 Gen 2 processor, and a 6800mAh battery with fast charging capabilities [10][12]. Strategic Partnership with Leica - The partnership with Leica has evolved from joint development to a "strategic co-creation model," integrating Leica's professional optical and design aesthetics into Xiaomi's products [5][12]. - The Xiaomi 17 Ultra Leica Edition aims to replicate the intuitive experience of using a Leica camera, featuring a redesigned zoom ring and enhanced user interface [14][16]. Market Positioning and Strategy - The launch of the Xiaomi 17 Ultra is part of Xiaomi's broader strategy to establish itself in the high-end market, with significant achievements in various sectors, including smartphones and smart home appliances [20][25]. - Xiaomi's high-end product strategy has seen success, with the Xiaomi 15 Ultra achieving a 50% increase in sales and the Xiaomi SU7 Ultra meeting its annual sales targets ahead of schedule [20][22]. - The company has committed to substantial R&D investments, totaling approximately 320-330 billion yuan for the year, to support its technological advancements and market positioning [25].

人民财讯12月25日电，12月25日晚，在Xiaomi17Ultra新品发布会上，小米集团合伙人、集团总裁卢伟 冰表示，2025年，小米发生了翻天覆地的变化。这一年，"人车家全生态"战略正式闭环、发布小米自研 3nm旗舰芯片玄戒O1、小米武汉大家电工厂正式投产。 ...