而12月17日正式亮相的开源大模型MiMo-V2-Flash，正是这2000亿布局抛出的第一份硬核答卷，也是小米向外界证明自身AI实力的重要凭证。 对小米而言，这2000亿不是盲目烧钱，而是对"硬核科技公司"定位的坚定落地，更是应对行业变革的必然选择。 当雷军在2025小米"人车家全生态"合作伙伴大会上再次强调"未来五年投入超2000亿研发费用"时，外界终于看清了小米的真正野心。 这场战事，早已跳出手机高端化与汽车量产的范畴，AI才是雷军要攻克的下一个核心堡垒。 在当前全球科技行业集体向AI转型的浪潮下，无论是互联网巨头还是硬件厂商，都在疯狂加码AI赛道，谁能掌握核心AI技术，谁就能在未来的生态竞争 中占据主动权。 在此之前，外界对小米的认知大多停留在手机和汽车两大业务上。 手机高端化虽成功突破千元机圈层，在旗舰市场站稳脚跟，但面对苹果、华为等老牌厂商的挤压，仍需技术创新实现进一步突破； 小米汽车SU7等车型刚在市场站稳脚跟，收获了一批核心用户，但新能源汽车行业竞争已进入白热化阶段，价格战、技术战此起彼伏，后续竞争压力不 小。 但雷军不止一次在公开场合强调，手机和汽车都只是小米的业务板块，而非全部。 要成为真 ...

国金证券发布研报称，小米集团-W(01810)发布MiMo-V2-Flash模型，优化推理成本与速度，并依托人 车家全生态闭环加速AI物理世界落地，覆盖手机、IoT、汽车等多场景赋能。同时，泡泡玛特 (09992)Crybaby特展在上海举行，通过门票销售与社交裂变延长IP生命周期。此外，宠物用品、银发经 济及AI+3D打印等细分领域保持较高景气度。 泡泡玛特Crybaby特展延长IP生命周期 Crybaby特展上海站将于2025年12月20日至2026年1月25日在上海西岸梦中心梦工场举行。展览门票分为 普通票和VIP票，价格分别为109元和258元。此次特展不仅有适合打卡分享的大型装置艺术，还设有需 线上抢购后到店取限量商品和限量周边，有望吸引多样化的人群参展并分享。不仅拓展了泡泡玛特除商 品销售以外的变现手段（展览门票收入），更有望通过参展人员在社交媒体平台的自发打卡分享实现信 息传播裂变，保持品牌的"在场感"的同时增加信息"触点"，通过成熟且多样化的运营手段延长IP生命周 期、提高IP高度。 细分赛道景气跟踪 （1）宠物食品&用品：佩蒂股份（300673）新西兰工厂产品及品牌部分产品即将上市，预计1Q ...

Crybaby特展上海站将于2025年12月20日至2026年1月25日在上海西岸梦中心梦工场举行。展览门票分为 普通票和VIP票，价格分别为109元和258元。此次特展不仅有适合打卡分享的大型装置艺术，还设有需 线上抢购后到店取限量商品和限量周边，有望吸引多样化的人群参展并分享。不仅拓展了泡泡玛特除商 品销售以外的变现手段（展览门票收入），更有望通过参展人员在社交媒体平台的自发打卡分享实现信 息传播裂变，保持品牌的"在场感"的同时增加信息"触点"，通过成熟且多样化的运营手段延长IP生命周 期、提高IP高度。 国金证券主要观点如下： 小米集团：AI迈向物理世界构筑终极护城河，AI+人车家全生态价值重构 MiMo-V2-Flash开启小米AGI蓝图，性能与成本综合质价比领先。12月17日小米人车家全生态合作伙伴 大会顺利举办，MiMo团队负责人罗福莉完成了首秀演讲，发布MiMo-V2-Flash打模型，实现：（1）推 理成本与速度的极致优化；（2）面向高效推理的结构创新；（3）全新的后训练范式提升模型推理与 Agent能力。MiMo模型提供AI生态入口，同时小米作为全球唯一构筑人车架全场景闭环的硬核科技公 司， ...

即将过去的2025年，小米创始人、董事长兼CEO雷军的个人形象，经历了前所未有的解构。 曾经，雷军是中国企业家中的人气顶流，温文尔雅的形象深入人心，会玩梗、接地气，成为小米品牌最鲜活的名片。但当形象光环撞上商业事件，雷军在 一些人眼中也变为"营销高手"。 今年是雷军创办小米的15周年，也是小米造车的第4年，小米汽车的舆论困境与一年前的高光盛况形成鲜明的反差。对于雷军而言，这是成绩与挑战并存 的一年。 一方面，小米的营收和利润连续三个季度大增，技术和产品进展迅猛。 在芯片领域，小米发布了自主研发设计的3nm旗舰SoC芯片玄戒O1，成为中国大陆首家发布 3nm制程旗舰芯片的公司之一。在汽车领域，小米SU7系列成 为近一年20万元以上最畅销的轿车。小米YU7在今年6月发布后，也创造了3分钟大定超过20万辆，18个小时内锁单24万台的惊人成绩。 摄影：佘贵森 另一方面，雷军和小米的品牌形象因多起意外事件而频频受到挑战。安徽铜陵、成都两起SU7车主的意外事故，引发大众对小米汽车安全性的质疑。小米 SU7 Ultra的挖孔版前舱盖的设计，也触发了对小米营销真实性的信任危机。 此后更有真假难辨的"水军"在各个平台上，密集攻 ...

Core Viewpoint - Xiaomi Group is focusing on long-term AI strategy with breakthroughs in large model technology, deepening ecosystem collaboration, and expanding open ecosystems, as highlighted in their 2025 "Human-Vehicle-Home Ecosystem" partner conference [1] Group 1: Large Model Technology - Xiaomi has launched the new base large model Mimo-V2-Flash, which features a lightweight design with "309 billion total parameters + 15 billion active parameters," ranking in the top 2 globally for code and agent capabilities [2] - The Mimo-V2-Flash model utilizes a Hybrid SWA architecture, achieving a 2.0 to 2.6 times inference speedup, with throughput rates of 5000-15000 tokens per second [2] - The model's inference speed is three times faster than DeepSeek V3.2, while its inference cost is 1/20 of Gemini 2.5 Pro, addressing efficiency and cost challenges for large model deployment [2] Group 2: Hardware Ecosystem - Xiaomi has established the world's largest consumer hardware platform with 1.8 billion connected devices, including 740 million monthly active mobile users and over 1 billion IoT devices [3] - The company has delivered over 500,000 vehicles and opened more than 30 types of aftermarket IoT components, creating a comprehensive hardware coverage across personal, travel, and home devices [3] Group 3: Software System - The upcoming 澎湃OS 3, set to launch in August 2025, will enhance ecosystem collaboration with upgrades in application integration, interconnectivity, smart experience, and security [4] - Xiaomi's ecosystem supports over 60 applications and 70 scenarios, with 1.28 billion app installations, and a daily active interconnectivity of 410 million users [4] - The Vela lightweight system has empowered 160 million smart devices, while the MINT platform integrates 3.9 trillion data points and over 20 algorithms for efficient AI deployment [4] Group 4: Profit Forecast and Valuation - Xiaomi plans to invest over 200 billion yuan in R&D over the next five years, with an estimated 40 billion yuan in 2026, maintaining profit forecasts of 426/438/510 billion yuan for 2025-2027 [5]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group (1810.HK) [5][7]. Core Insights - Xiaomi's AI strategy is characterized as a long-distance race rather than a sprint, with significant investments planned for the next five years, exceeding 200 billion RMB [5]. - The newly released Mimo-V2-Flash model demonstrates industry-leading performance with a lightweight design featuring 309 billion total parameters and 15 billion activation parameters, outperforming competitors in key metrics [2]. - Xiaomi has established the largest consumer hardware platform globally, with 1.8 billion connected devices, including 740 million active mobile users and over 1 billion IoT devices, which provides a robust foundation for AI technology deployment [3]. Summary by Sections AI Model Development - The Mimo-V2-Flash model achieves a 2.0 to 2.6 times increase in inference speed and has a throughput of 5000-15000 tokens per second, significantly enhancing efficiency and cost-effectiveness for large-scale AI applications [2]. - The model is fully open-sourced, with APIs and web experiences available, aiming to attract global developers and create a positive feedback loop for model iteration [2]. Hardware Ecosystem - Xiaomi's hardware ecosystem includes 1.8 billion connected devices, with a focus on personal, automotive, and home devices, which enhances the potential for AI technology applications [3]. Software Infrastructure - The upcoming release of the Pengpai OS 3 in August 2025 will enhance ecosystem collaboration, supporting over 60 applications and 70 scenarios, with a daily active user base of 410 million [4]. - The Vela lightweight system and MINT platform are designed to facilitate AI deployment across various devices, with over 100 open-source partners contributing to the ecosystem [4]. Financial Projections - Revenue projections for Xiaomi indicate a growth trajectory, with expected revenues of 270.97 billion RMB in 2023, increasing to 635.31 billion RMB by 2027, and Non-IFRS net profits projected to rise from 19.27 billion RMB in 2023 to 50.97 billion RMB in 2027 [6][26]. - The report anticipates a significant increase in Non-IFRS earnings per share, from 0.77 RMB in 2023 to 1.96 RMB in 2027, reflecting strong profitability growth [6][26].

雷军亲自下场，小米AI隆重出场，瞬间"炸翻"全场。 正面PK豆包、DeepSeek，"小米发布最新MiMo大模型"登上热搜同时震惊行业。 又一个国产模型，悄悄跻身到了开源第一梯队。 曾被雷军千万元年薪挖角，曾是DeepSeek关键开发者的95后"AI天才"罗福莉，在加入小米一个多月后完成了AI首秀，"国内外模型代差从三年缩短至数 月"。 作者：枫叶 小米，再次炸场了！ 这次不是汽车，更不是手机，而是近期爆火的赛道——AI。 虽说，小米的2025年激情澎湃；但同时，争议不断。 对雷军而言，应该是极其复杂的一年： 小米手机从稳定到高端，小米汽车从加速到成熟，小米"人车家全生态"愈发清晰，期间经历可谓是煎熬； 然后，又是激烈的市场竞争、全方位的舆论审视、消费者预期跌落的重重考验。 刚越过煎熬，又陷入"囚鸟"，小米急需一场"大胜"来总结2025。 总参数3090亿，活跃参数150亿，采用专家混合架构 (MoE)，推理速度狂飙2.6倍......小米AI在早已沸腾的大模型"江湖"，甩出了一颗重磅炸弹，开源模型 也迎来一位重磅选手——"天才少女"罗福莉。 出身农村普通家庭的罗福莉，曾主导研发多款知名大模型，她提出下一代智 ...

Core Insights - Xiaomi successfully held the "Human-Vehicle-Home Ecosystem" Partner Conference in Beijing, showcasing its latest IoT platform capabilities and user experience innovations [1][3] Group 1: IoT Platform Progress - As of Q3, Xiaomi's IoT platform has surpassed 1 billion connected devices, reaching 1.04 billion units, with the Mi Home app achieving over 110 million monthly active users [3] - The annual shipment of Xiaomi IoT modules has exceeded 10 million units for the first time, solidifying its position as a leading global smart ecosystem platform [3] - Xiaomi has partnered with over 15,000 companies globally, including renowned brands like Miele, Bosch, Siemens, and LG, while also focusing on social responsibility initiatives [3] Group 2: Future Innovations - Xiaomi introduced the Xiaomi Miloco smart home exploration plan, which integrates visual perception into smart home systems, allowing users to create smart rules through natural language [3] - The company is collaborating with leading brain-computer interface firms to enhance interaction possibilities for individuals with mobility impairments [4] Group 3: AI and Ecosystem Integration - The IoT Future Summit 2026 highlighted the role of AI in driving innovation across the entire ecosystem, moving beyond isolated breakthroughs to a comprehensive approach [6] - Various partners presented advancements in smart solutions, emphasizing user experience improvements and seamless integration of devices [6][7] - Xiaomi's IoT platform is transitioning towards "spatial intelligence," focusing on proactive decision-making through multi-modal perception and distributed computing technologies [7][11] Group 4: User Experience Enhancements - The IoT Ecosystem Access and Experience Innovation Forum focused on the new capabilities of the Mi Home 11.0 experience, addressing user demands for comfort, safety, and energy efficiency [9] - Xiaomi upgraded its scene capabilities and 3D central control interactions, enhancing user experience for over 110 million monthly active users [9] Group 5: Technical Developments - The IoT Platform Technology Forum showcased a full-stack upgrade of Xiaomi's IoT capabilities, including the launch of the IoT-BLE 2.0 module matrix and advancements in AI-driven device interactions [11] - The forum discussed strategies for AIoT developers in the context of global trends in security and privacy compliance [11] Group 6: Exhibition Highlights - The conference featured an IoT exhibition area displaying various smart home solutions, IoT connection technologies, and the overall capabilities of Xiaomi's IoT platform [13]

此前据媒体报道，今年10月，小米旗下独立短剧App"围观短剧"正式登陆其应用商城，主打"无广告、 全免费、轻量化"的模式。（新浪科技） 在今日2025小米人车家全生态合作伙伴大会上，小米互联网业务部总经理刘婵发表《面向全生态的互联 网服务》主题演讲。 她表示，多市场、多终端、多场景深度融合，小米互联网已构筑起真正意义上的全局生态。全球国家覆 盖100+，终端活跃设备数10亿+，独特场景100+。 另外，她还透露了小米在短剧内容方面的进展，拥有S级短剧1000部，人均短剧消费时长70min。 在今日2025小米人车家全生态合作伙伴大会上，小米互联网业务部总经理刘婵发表《面向全生态的互联 网服务》主题演讲。 她表示，多市场、多终端、多场景深度融合，小米互联网已构筑起真正意义上的全局生态。全球国家覆 盖100+，终端活跃设备数10亿+，独特场景100+。 另外，她还透露了小米在短剧内容方面的进展，拥有S级短剧1000部，人均短剧消费时长70min。 此前据媒体报道，今年10月，小米旗下独立短剧App"围观短剧"正式登陆其应用商城，主打"无广告、 全免费、轻量化"的模式。（新浪科技） ...

北水净买入最多的个股是小米集团-W(01810)、美团-W(03690)、南方恒生科技(03033)。北水净卖出最 多的个股是中国移动(00941)、中海油(00883)。 智通财经获悉，12月17日港股市场，北水成交净买入79.09亿港元，其中港股通(沪)成交净买入22.18亿 港元，港股通(深)成交净买入56.91亿港元。 小米集团-W(01810)获净买入10.62亿港元。消息面上，小米集团合伙人、集团总裁卢伟冰在2025小 米"人车家全生态"合作伙伴大会上宣布，小米未来五年将在研发上投入2000亿元，长期目标是成为全球 硬核科技的引领者。此外，大摩预期公司未来在云端人工智能和边缘人工智能方面将取得更明显的进 展。 北水抢筹科网股，美团-W(03690)、阿里巴巴-W(09988)、腾讯(00700)、快手-W(01024)分别获净买入7.5 亿、5.43亿、4.57亿、1.84亿港元，而南方恒生科技(03033)亦获净买入7.45亿港元。消息面上，东吴证 券研报认为，从资金层面上看，南向资金以守为主，普遍等待今年结束后，明年开始后做进攻。一季度 政策开门红共识强烈，除了科技之外，普遍看好有色。从中长期 ...