以下文章来源于判官老司机 ，作者判官老司机 判官老司机 . 前产品经理，现个体户，主要聊商业观察和个人成长 但我们拳打苹果，脚踏特斯拉，让保时捷在纽北找不到北； …… 总之，我们赢麻了，牛逼得一塌糊涂，听懂掌声。 本文来自微信公众号： 判官老司机 ，作者：判官老司机，题图来自：视觉中国 雷军的年度演讲，还是熟悉的味道：小米太难了，但我们挺过来了。 经历无数至暗时刻； 做出无数艰难的决定； 花了无数研发经费； 外界质疑我们，我们被黑惨了； 而且，只要大家像我们一样努力，大家也能牛逼哄哄的。 但是资本市场不太买账，9月26日，小米股价跌了8个点，身边有几个朋友亏麻了。 从2020年开始，雷军历次演讲后的首个交易日，除了2021年，小米股价都是上涨的，2024年的涨幅 更是达到了4.24%。 今年为啥这么反常，我觉得这个锅不该雷总背，可能因为小米17出了问题。 小米的数字系列手机，今年跳过了16，从数字上直接对标iPhone。 小米手机业务负责人卢伟冰在直播里表示，没有蹭苹果热度，实在是产品力太强了。他还说"7在小 米好像是一个幸运数字，比如SU7和YU7"。 卢总来小米可能是晚了些。要知道，2018年，小米可是跳 ...

Core Viewpoint - The annual speech by Lei Jun highlighted the challenges faced by Xiaomi, emphasizing resilience despite external skepticism and market pressures [1][2][4]. Group 1: Company Performance and Market Reaction - Xiaomi's stock price dropped by 8% on September 26, indicating a negative market reaction to the recent developments [4]. - Historically, Xiaomi's stock has generally risen after Lei Jun's speeches, with a notable increase of 4.24% in 2024, except for 2021 [5]. - The unusual market response this year may be attributed to issues with the Xiaomi 17 model [6]. Group 2: Product Development and Innovation - The Xiaomi 17 skipped the 16 designation, directly competing with the iPhone, which raised expectations [7]. - Concerns were raised regarding the Xiaomi 17's innovation, with criticisms about downgraded features and specifications [10][12]. - The absence of a self-developed chip in the Xiaomi 17 has disappointed fans, as self-developed technology is often associated with high-end branding [18][20]. Group 3: Brand Strategy and Consumer Expectations - Xiaomi aims to complete its brand high-end strategy within a year, which requires a shift from a focus on cost-performance to brand premiumization [15][16]. - The company is encouraged to align its product offerings with consumer expectations for high-end devices, which includes either raising prices or adjusting specifications [16][19]. - There is a call for Xiaomi fans to support the brand's transition to high-end products, emphasizing the need for mutual commitment between the company and its consumers [17][25]. Group 4: Leadership and Corporate Culture - Lei Jun's leadership style is characterized by a "hardworking mentality," which may lead to perceptions of fatigue among consumers [29][30]. - The narrative of struggle and perseverance in speeches may create a disconnect with the audience, suggesting a need for a more relatable and engaging communication style [34][35].