小米集团 20250527 摘要 小米 2025 年第一季度总收入达 1,006 亿元，同比增长 27%，净利润 89 亿元，同比增长 63.7%。毛利率为 22.8%，同比增长 0.5 个百分点。 智能手机业务收入 506 亿元，同比增长 9%，全球出货量 4,180 万台， 市场份额 14.1%，稳居全球前三。 小米在中国大陆智能手机市场重返第一，市场份额达 18.8%，同比增长 4.7 个百分点。高端手机出货量占比提升至 25%。IoT 及生活消费产品 收入 323 亿元，同比增长 59%，大家电业务收入同比翻倍增长，空调、 冰箱、洗衣机等产品出货量均实现 65%以上的高速增长。 小米汽车业务一季度交付 796 万台，其中 SU7 系列累计交付超 25.8 万 台，4 月交付超 2.8 万台，是 20 万元以上价格段销量冠军。小米 17 定 位豪华高性能 SUV，将于 7 月上市。汽车业务毛利率超过 23%，得益 于产品力、规模经济和高效渠道。 小米计划在 2026 年至 2030 年投入 2000 亿元用于研发，重点发展 AI 和芯片等底层核心技术。过去四年已累计投入 135 亿人民币用于芯片研 发， ...

Group 1 - Since May, over 130 A-share companies have received foreign institutional research, with companies like BeiGene, Inovance Technology, and Huazhi Electronics leading in the number of foreign visits [1] - Foreign institutions are particularly interested in industries such as electronic components, integrated circuits, industrial machinery, and pharmaceuticals [1] - The ability to expand overseas and enhance production capacity is becoming a key indicator of a company's competitiveness in the context of global market competition [1] Group 2 - BeiGene has received approvals or submitted applications for its products in over 80 global markets, treating more than 1.7 million cancer patients [2] - Huazhi Electronics is pushing its Thailand production base from trial production to mass production, aiming to achieve expected production efficiency and product quality [2] - Deep South Circuit Co., Ltd. is progressing on its Thailand factory construction, which will enhance its capabilities in high-layer and HDI PCB technologies, aiding in overseas market expansion [2] Group 3 - In the robotics sector, Inovance Technology is actively developing components related to humanoid robots, such as motors, drives, and actuator modules [2] - Guangdong Aopt Technology Co., Ltd. is leveraging its mature 3D vision and AI algorithms to develop visual modules and solutions for humanoid robots [3] - The increasing policy support for key technology industries like humanoid robots, AI, and chips is enhancing market expectations for growth and attracting foreign investment [3]

Core Viewpoint - The Hong Kong stock market experienced a net sell-off of 11.39 billion HKD from northbound trading, with significant variations between Shanghai and Shenzhen stock connect transactions [1] Group 1: Northbound Trading Activity - Northbound trading saw a net buy of 16.94 billion HKD through Shanghai Stock Connect and a net sell of 28.33 billion HKD through Shenzhen Stock Connect [1] - The most bought stocks included Meituan-W (03690), China Construction Bank (00939), and Innovent Biologics (01801) [1] - The most sold stocks included the Tracker Fund of Hong Kong (02800), Tencent (00700), and Xiaomi Group-W (01810) [1] Group 2: Stock-Specific Insights - Meituan-W (03690) received a net buy of 8.42 billion HKD, with expectations of a 30.6% year-on-year increase in adjusted net profit for Q1 2025 [4] - China Construction Bank (00939) and Bank of China (03988) saw net buys of 6.22 billion HKD and 1.97 billion HKD, respectively, following a reduction in deposit rates [5] - Innovent Biologics (01801) had a net buy of 4.11 billion HKD, with promising data from the 2025 ASCO conference [5] - Xpeng Motors-W (09868) received a net buy of 2.88 billion HKD, with expectations of improved profit margins in Q2 [6] - Xiaomi Group-W (01810) faced a net sell of 6.53 billion HKD amid product announcements and market speculation [6] - Tencent (00700) experienced a net sell of 15.64 billion HKD, despite stable Q1 performance and long-term growth strategies in AI [7] - The Tracker Fund of Hong Kong (02800) saw a significant net sell of 23.24 billion HKD, attributed to a lack of market catalysts [7]

Group 1 - Jiangsu High合汽车有限公司 was established with a registered capital of approximately $143 million, primarily engaged in the automotive manufacturing industry, with Lebanese company EV Electra Ltd. holding 69.8% of the shares [3] - Xiaomi's first SUV model, the Xiaomi YU7, is set to launch in July, with CEO Lei Jun indicating that the price will be around 300,000 RMB, contrary to speculations of 199,900 RMB [3][4] - Xiaomi plans to invest 200 billion RMB in research and development over the next five years, expanding its manufacturing capabilities across multiple sectors including chips, smartphones, and automobiles [4] Group 2 - BYD has surpassed Tesla in electric vehicle sales in Europe for the first time, with a 169% year-on-year increase in April, totaling 7,231 new electric vehicle registrations [8] - Tesla's CEO Elon Musk expressed willingness to license its Full Self-Driving (FSD) technology to other automakers, indicating ongoing negotiations with several companies [8] - Xiaomi's CEO Lei Jun revealed that the company has invested 13.5 billion RMB over four years in developing its large chip, highlighting the challenges faced during the process [8] Group 3 - Lenovo Group reported a revenue of 498.5 billion RMB for the fiscal year 2024/25, marking a 21.5% year-on-year increase, with significant growth in its infrastructure and services sectors [12] - 52TOYS has submitted its prospectus for an IPO in Hong Kong, projecting revenue growth from 460 million RMB in 2022 to 630 million RMB in 2024, with a compound annual growth rate of 16.7% [14] - LiDe Health Technology completed nearly 100 million RMB in angel financing to accelerate technology development and market expansion [14]

Group 1 - Google and Chinese tech company XREAL unveiled the Project Aura AR glasses at the 2025 Google I/O conference, marking the first AR glasses powered by the Android XR system and the first official AR terminal device on the Android XR platform [1] - XREAL is one of the first global partners for Android XR, contributing key technologies such as optical display, spatial computing algorithms, and self-developed chip capabilities, and is actively involved in the ecosystem development of Android XR [1] - XREAL has maintained its position as the global leader in the AR market for three consecutive years, with cumulative sales exceeding 500,000 units, and its products like XREAL Air and XREAL Beam are well-received in the global market [1] Group 2 - Pudong has focused on cutting-edge technologies such as AI, AR/VR, chips, and spatial computing, establishing a complete innovation chain from technological breakthroughs to practical applications, and nurturing a number of globally influential tech companies [2] - The Zhangjiang area has gathered over a hundred upstream and downstream companies in AR/VR, AI algorithms, intelligent sensing, and chip design, forming an initial complete ecosystem for spatial computing [2]

Group 1 - Major tech companies are hosting developer conferences in May, including Microsoft, Google, and Anthropic [1] - Apple's WWDC event is scheduled for June, along with several significant domestic events [2] - The Zhihu New Knowledge Youth Conference will feature a sub-forum titled "AI Variable Research Institute," focusing on large models, embodied intelligence, and chips [3] Group 2 - The "AI Variable Research Institute" forum will take place on May 24 in Beijing, providing a platform for deep technical exchange and industry connection [3] - The WaytoAGI Global AI Conference in Tokyo on June 7-8 aims to promote international AI technology exchange and cooperation [5] - An AI programming creative challenge organized by Zeabur and Tencent Cloud is open for participants interested in AI programming [6][7] Group 3 - The 2025 Volcano Engine FORCE Original Power Conference will be held in Beijing on June 11-12, focusing on AI entrepreneurship and featuring a Demo Day [7] - The event encourages innovative companies to participate and showcase their projects [7] - Participants in the AI programming challenge will receive one month of Tencent Cloud server resources and have the chance for official exposure and special prizes [9]

智通财经5月20日电，盈方微直线涨停，利扬芯片涨超15%，国科微、翱捷科技、苏州固锝、中科飞 测、乐鑫科技、扬杰科技等跟涨。消息面上，小米集团董事长雷军发布微博称，小米自主研发设计的 3nm旗舰芯片小米玄戒O1，已开始大规模量产。 芯片股震荡拉升 盈方微直线涨停 ...

Group 1 - The UK government has appointed diplomat Wei Lei (Peter Wilson), fluent in Mandarin, as the new ambassador to China, replacing the current ambassador, Caroline Wilson, in August this year [1] - Wei Lei has previously served as the political counselor at the British Embassy in China and held ambassadorial positions in the Netherlands and Brazil, as well as briefly being the chief private secretary to former Prime Minister Boris Johnson [1] - Wei Lei is proficient in Mandarin and French, with some knowledge of Portuguese, indicating a strong linguistic capability for diplomatic engagement [1]

独家 | vivo开启顶尖人才招募计划：涉及芯片、AI大模型等领域，称薪酬上不封顶 金十数据5月15日讯，vivo近日启动了一项名为"蓝极星计划"的顶尖人才招募项目，涉及岗位包括芯 片、AI大模型、XR等核心技术领域。根据招募信息显示，蓝极星计划的定位为vivo最核心的人才战略 方案，面向全球高校顶尖技术人才。在待遇方面，vivo也给出了匹配顶尖学术背景、顶级工作和学习资 源配套等条件，提供专属岗位导师和技术专家，并承诺薪酬上不封顶。不过，蓝极星计划的门槛也很 高，仅向博士生开放。 （新浪） ...

Group 1 - Pakistan Air Force fighter jets have launched airstrikes on multiple Indian air force bases, including locations in Gujarat, Ambala, and Jalandhar, with reports of Pakistani jets entering Indian airspace [1] - Pakistan has officially initiated a military operation named "Copper Wall" in response to ongoing provocations from India, targeting various locations across India, including a missile storage facility in Punjab [3] - During the operation, Pakistan reportedly conducted cyber attacks that led to approximately 70% of India's power grid being paralyzed [4] Group 2 - The Pakistani military has also launched a separate operation named "Bunyan-un-Marsoos" as retaliation for what it describes as Indian aggression, with explosions reported in Karachi's Shah Faisal Colony and Malir areas [5]