关注 「电动车公社」 和我们一起重新思考汽车 一夜之间，一汽成了大疆车载业务的最大股东！ 9月22日，据市场监督管理总局公示， 一汽拟增资并收购卓驭科技 35.8% 的股权 ， 此前的大股东 New Territory则以 34.85%的股份，"退居"第二大股 东。 | | HARD I In MALA LE SEAR | | --- | --- | | 案件名称 | 中国第一汽车股份有限公司收购深圳市卓驭科技有限公司股权案 | | | 中国一汽股份有限公司("一汽股份")与 New Territory | | | Technology Company Limited ( "New Territory" )、深圳市卓驭科技 | | | 有限公司("卓驭科技")签署协议,拟增资并收购 New Territory | | 交易概况(限 | 持有的卓驭科技的股权。卓驭科技主要从事先进驾驶辅助系统 | | 200 字内) | (ADAS) 业务。交易前,New Territory 持有卓驭科技 70.65%的股 | | | 权,单独控制卓驭科技。交易后,一汽股份持有卓驭科技 35.80%的 | | | 股权,New ...

Core Insights - The core theme of the event was "Change," presented by Lei Jun, founder and CEO of Xiaomi, highlighting the launch of the Xiaomi 17 series and the introduction of various new products across its ecosystem [1][3][21] Product Launch and Innovations - Xiaomi unveiled multiple new products, including the Xiaomi 17 series smartphones, Xiaomi custom services, Xiaomi Pad 8 series, and various home appliances, showcasing its continuous innovation in mobile, automotive, and technology ecosystems [1][3][20] - The Xiaomi 17 Pro series features the "Miao Xiang Back Screen" innovation, which redefines smartphone interaction and enhances user experience in personalization, imaging, and gaming [3][6][7] - The Xiaomi 17 series is equipped with the fifth-generation Snapdragon 8 processor, utilizing a 3nm process, with CPU performance comparable to A19 Pro and a 34.6% GPU improvement over A19 Pro [6][11] Custom Services and Automotive Developments - Xiaomi introduced a new "Xiaomi Custom Service" for its vehicles, offering 26 customizable options, aiming to provide a luxury experience comparable to high-end brands like Rolls-Royce and Porsche [18][20] - The Xiaomi YU7 SUV has seen significant success, with over 40,000 units delivered since its launch, appealing particularly to family users [16][25] Strategic Shift and Company Evolution - Over the past five years, Xiaomi has transitioned from an "Internet company" to a "hardcore technology company," focusing on core technology investments and aiming to invest 100 billion yuan in R&D over the next five years [21][23] - The company has significantly increased its R&D budget from 9.3 billion yuan in 2020 to an expected 30 billion yuan in 2024, doubling its R&D personnel from over 10,000 to more than 20,000 [23][25] Market Position and Performance - Xiaomi's smartphone business has established itself as a leader in the 4,000 to 5,000 yuan price range and is making strides in the high-end market, surpassing Apple in Europe in Q2 [25] - The company's home appliance segment has seen a 66.2% year-on-year revenue growth in Q2, indicating a strong performance across its product lines [25]

小米汽车方面表示，定制服务，以往只有顶级豪车才有，而小米希望推动科技平权、体验平权，让更多 人可以享受顶级豪车才有的体验。 据介绍，"小米定制服务"的发布其实是一波三折的，对于"小米汽车做定制服务"这件事，内部分歧非常 大。 小米汽车方面表示，"我们从三年前开始筹备，原计划是去年7月份发布，但还是在发布前的最后一刻决 策取消，核心原因还是成本太高、产能太有限。但是我们深知，小米YU7车主是一群高审美的用户，我 们也希望让更多追求独特个性、不甘平庸的用户体验到百万豪车才有的服务，因此决定，通过小批量生 产与大量资深匠人手工打磨，呈现更高品质的匠心工艺，为大家带来琳琅满目的个性化选项，为高审美 用户带来更多个性独特的选择。"（青云） 来源：环球网 【环球网科技综合报道】9月28日消息，小米汽车官方在答网友问（第194集）中回应了"为什么要做定 制服务"。 ...

Core Insights - Xiaomi's founder Lei Jun delivered his sixth annual speech focusing on "Change," unveiling the new Xiaomi 17 series and various ecosystem products, including Xiaomi's customized automotive services [1][3][20] - The launch of the Xiaomi 17 series showcases the company's continuous innovation in mobile, automotive, and technology ecosystems, marking a significant transformation over the past five years [3][20] Product Launches - The Xiaomi 17 series includes the standard version starting at 4499 yuan, the Pro version at 4999 yuan, and the Pro Max starting at 5999 yuan, with pre-sales beginning on September 27 [5][6] - The new Xiaomi products also include the Xiaomi Pad 8 starting at 2199 yuan, the Mi Home washing machine Pro starting at 3999 yuan, and the Mi TV S Pro Mini LED 2026 starting at 5199 yuan [5][19] Technological Innovations - The Xiaomi 17 series features the "Miao Enjoy Back Screen" innovation, which redefines smartphone interaction and enhances user experience with personalized features [6][8] - The series is powered by the fifth-generation Snapdragon 8 chip, utilizing a 3nm process, with CPU performance comparable to A19 Pro and a GPU performance increase of 34.6% [6][12] Automotive Developments - Xiaomi introduced its first customized automotive service, offering 26 personalized options for the Xiaomi YU7 Max and Xiaomi SU7 Ultra, aiming to provide a luxury experience [15][17] - The Xiaomi YU7 SUV has achieved over 40,000 deliveries since its launch, with a significant portion of buyers being families [15][17] Strategic Direction - Xiaomi aims to transition from an "Internet company" to a "hardcore technology company," with a commitment to invest 100 billion yuan in core technology research over the next five years [20][22] - The company has significantly increased its R&D investment from 9.3 billion yuan in 2020 to an expected 30 billion yuan in 2024, doubling its R&D personnel [22][24] Market Positioning - Xiaomi's SU7 series has become one of the best-selling cars in its category, and the company has made significant strides in the high-end smartphone and home appliance markets [25][19] - The company has successfully positioned itself against competitors like Apple, particularly in the high-end smartphone segment, and has seen substantial growth in its technology home appliance revenue [25][19]

Core Insights - Xiaomi's founder Lei Jun delivered his sixth annual speech themed "Change," highlighting the launch of the Xiaomi 17 series and the company's advancements in technology and automotive sectors [1][3][20] - The event showcased Xiaomi's continuous innovation across mobile phones, automobiles, and smart home appliances, marking a significant transformation over the past five years [3][19] Product Launches - The Xiaomi 17 series includes the standard version starting at 4,499 yuan, the Pro version at 4,999 yuan, and the Pro Max at 5,999 yuan, with pre-sales beginning on September 27 [5][6] - The new "Xiaomi Custom Service" for cars starts at 100,000 yuan, offering 26 customizable options for the Xiaomi YU7 Max and SU7 Ultra models [5][17] - Other products launched include the Xiaomi Pad 8 series starting at 2,199 yuan, the Mi Home washing machine Pro at 3,999 yuan, and the Mi TV S Pro Mini LED 2026 starting at 5,199 yuan [5][19] Technological Innovations - The Xiaomi 17 series features the fifth-generation Snapdragon 8 processor, utilizing a 3nm process, with CPU performance comparable to A19 Pro and a 34.6% GPU improvement [6][10] - The "Wonderful Back Screen" innovation enhances user interaction, allowing for personalized displays and practical functions like notifications and gaming modes [8][10] - The series incorporates advanced battery technology with a maximum energy density of 894Wh/L and a new screen technology achieving international leadership in luminous efficiency [11][13] Strategic Direction - Xiaomi aims to transition from an "Internet company" to a "hardcore technology company," with a commitment to invest 100 billion yuan in core technology over the next five years [20][22] - The company has seen significant growth in R&D investment, increasing from 9.3 billion yuan in 2020 to an expected 30 billion yuan in 2024, with the number of R&D personnel doubling [22][24] - The automotive sector has also seen success, with the Xiaomi YU7 achieving over 400,000 orders within 18 hours of its launch, and the SU7 series becoming a top seller in its category [15][24]

本次发布会的众多新品，全面展现了小米在手机、汽车和科技生态领域的持续创新成果，是小米过去五 年硬核实力质变的坚实例证。其中，小米17 Pro系列的"妙享背屏"创新，重构智能手机交互模式，为用 户带来全新个性化表达和影像、游戏新体验；小米汽车全新推出「小米定制服务」，提供车漆、轮毂、 内饰等26项个性选配，让更多用户体验媲美百万豪车的专属定制服务；小米科技家电三款高端新品连 发，持续推动家电行业的产品形态创新和技术创新。 9月25日，2025雷军年度演讲在国家会议中心举办，小米集团创始人、董事长兼CEO雷军做了主题为"改 变"的第六次个人年度演讲，分享玄戒芯片及小米汽车背后的故事。在演讲后的发布会环节，雷军重磅 发布了小米17系列数字旗舰、小米定制服务，及小米平板8系列、米家三区洗衣机Pro、米家冰箱Pro 微 冰鲜双系统法式平嵌、小米电视S Pro Mini LED 2026等多款人车家全生态新品。 随着小米过去五年在底层核心技术上的高压强投入，以及高端化战略的持续突破，小米成为首家横跨手 机、汽车、家电三大领域的科技公司，从一家"互联网公司"成长为"硬核科技公司"。雷军在年度演讲中 表示："过去五年，无论对 ...

文｜财天COVER 豆蔻 叶梨 编辑 | 阳一 9月25日，一年一度的雷军年度演讲如约而至。这次的年度演讲，雷军特意选择了和小米17系列发布会 同时举行，用他自己之前在微博上的话说就是"蹭小米17流量"。 小米处在发展的转折阶段，雷军讲述了自己在转型上的思考、改变的目标，并高调地再次将小米手机对 标苹果，或许正是想展示小米"逆天改命"、进一步成长的决心。 9月26日，小米集团港股开盘后持续走低。截至午间休市，小米股价报56.20港元/股，下跌5.47%。 01、10年投入500亿造芯，雷军50多岁出来闯 雷军的第六次年度演讲，把"改变"作为主题，对外解释了小米为何进行高端化转型，并阐述了在手机领 域对标苹果、在汽车领域对标特斯拉与保时捷，是必然选择。 雷军在年度演讲中，主要分享了小米玄戒芯片和小米汽车背后的故事。他说，这两次重大突破，均源于 5年前的一次"触及灵魂深处的大反思"。 2020年时，成立10年的小米已年收入超2000亿元，但在雷军看来，当时的苹果、三星、华为等头部厂 商，仍是横亘在小米面前无法逾越的高山，"几乎看不到赶超的希望"。 雷军说，更让自己感到疲惫的是，网上充斥着对小米的质疑声音，比如"小 ...

Core Insights - The core theme of the event was "Change," presented by Lei Jun, founder and CEO of Xiaomi, highlighting the launch of new products and innovations in the automotive and technology sectors [1][5][12] Product Launches - Xiaomi introduced the Xiaomi 17 series flagship smartphones, Xiaomi Pad 8 series, and various home appliances, showcasing its comprehensive ecosystem [1][3] - The new "Xiaomi Custom Service" for the Xiaomi Yu7 SUV offers 26 customizable options, allowing users to experience luxury akin to high-end vehicles [3][12] Strategic Transformation - Over the past five years, Xiaomi has transitioned from an "internet company" to a "hardcore technology company," focusing on core technology investments and high-end market strategies [5][14] - The company plans to invest 100 billion yuan in core technology research and development over the next five years, with R&D spending increasing from 9.3 billion yuan in 2020 to an expected 30 billion yuan in 2024 [14] Automotive Developments - The Xiaomi Yu7 SUV, launched in June, achieved over 240,000 pre-orders within 18 hours and has delivered over 40,000 units since its official release [7][9][8] - The Yu7 SUV is designed to meet family needs, with 69% of buyers being family users, and 85% of those families having children [9] Technological Advancements - The Xiaomi SU7 Ultra prototype achieved the third fastest lap time in the official Nürburgring leaderboard, changing global perceptions of Chinese automotive capabilities [16]

中国商报（记者 焦立坤 文/图）"五年时间重塑，小米完成彻底蜕变！"9月25日晚，北京国家会议中心庞大的会议厅座无虚席，小米集团创始人、董事长兼 CEO雷军作了主题为"改变"的第六次个人年度演讲，分享了小米做芯片、搞汽车背后的艰难转型故事，励志金句频频，并进一步"硬刚"苹果。 "一场彻底的蜕变" 雷军在年度演讲中表示："过去五年，无论对小米还是对我个人，都是一场彻底的蜕变，我们用五年脚踏实地的努力，重塑了小米的骨骼和灵魂。" 雷军2025年度演讲现场。 雷军坦言，五年前的小米年营收突破2000亿元，成功跻身"世界500强"。"在很多人眼中，小米已经非常成功了。但我内心，却充满着难以言说的焦虑。"焦 虑来自"我们所处的行业，苹果、三星、华为如同几座无法逾越的大山，几乎看不到赶超的希望。是'躺平'认命，还是继续打拼？" 更让人疲惫的是，网上充斥着各种质疑、批评，甚至是攻击。雷军说，不少人对小米有偏见，认为"小米就是一家组装厂""小米没啥技术，就是东西便 宜""小米只会营销，肯定走不远"等等。那段时间，雷军陷入了严重的内耗。"挣扎许久后，我下决心直面所有问题，找到破局之路，逆天改命。" 雷军最终确定的破局之路就是： ...

端化战略及国际化扩展；IoT业务有望持续受益于核心自研能力提升和出海广阔空间；互联网业务 预计将伴随硬件业务实现持续稳健增长；汽车方面伴随后续车型矩阵进一步完善及生态链的协同效 应，看好公司向15-20年跻身全球前五车厂的目标进军。我们预计公司25/26/27年总营收为 亿 元，调整后净利润为 亿元，当前市值对应PE为 倍；归母净利润 亿元，当前市值对应PE为 倍。维 持" "评级，看好公司中长期市值上升空间。 风险提示：宏观经济不及预期风险，原材料价格波动风险，高端化不及预期风险，海外业务不及预 期风险，智能电动汽车进展不及预期风险。 团队介绍 鄢凡： 北京大学信息管理、经济学双学士，光华管理学院硕士，17年证券从业经验，08-11年中信证券，11年加入招商证 券，现任研发中心董事总经理、电子行业首席分析师、TMT及中小盘大组主管。 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： 手机：发布小米 17 系列三款新机，数字系列迎来关键变阵，对标 i ...