（文章来源：证券日报） 证券日报网讯雷电微力10月9日在互动平台回答投资者提问时表示，基于技术特性、供应链安全及成本 效益的综合考量，公司通过多种方式满足芯片需求；其中，核心功能芯片系自研。 ...

Core Insights - The imminent retirement of Apple CEO Tim Cook raises questions about his successor, with John Ternus, the current Senior Vice President of Hardware Engineering, being a prominent candidate [1][24][32] Leadership Changes - A significant shift in Apple's leadership is underway as key executives, including COO Jeff Williams, are stepping down, creating a power vacuum [7][21] - The departure of Williams marks the end of an era and signals the beginning of a succession battle within the company [7][21] AI and Technology Challenges - Apple's AI division, led by John Giannandrea, faces challenges, particularly with the underperformance of Siri and the launch of Apple Intelligence [8][15] - The potential for external recruitment from competitors like Meta is being explored to strengthen Apple's AI capabilities [13][15] Chip Development - Johny Srouji, a key figure in Apple's chip development, is contemplating retirement, which could lead to significant changes in the hardware division [16][18] - The most likely successors for Srouji are Zongjian Chen and Sri Santhanam, both of whom have played crucial roles in Apple's chip projects [18] Environmental and Government Affairs - Lisa Jackson, former head of the EPA and currently overseeing Apple's environmental initiatives, has also hinted at retirement, adding to the uncertainty in Apple's leadership landscape [19] Ternus as the Preferred Successor - John Ternus is viewed as the most suitable candidate to succeed Cook due to his age, engineering background, and deep understanding of Apple's product and technology needs [26][28][30] - Ternus has gained significant trust from Cook and has been increasingly involved in strategic decision-making beyond his traditional role [30][32] New Leadership Appointments - Apple continues to promote new vice presidents annually, with three new appointments this year, indicating a smooth transition in leadership without internal conflict [33]

但客观的来说，是因为2025年发生了接公关的事情和他有关系，一个是武汉大学，一个是两个大学生开 SU7标准版回家出事！（牵扯背后还有速度原因，也有很多人上绿化带）； 雷军去年还是营销之神今年怎么就翻车了？去年甚至站在雷军身边就能红，今年就墙倒众人 推了？ 用统计学来说，2025年比过去相关的反面舆论更多，而正面在反面舆论面前无法粉饰太平，就会形成一 种表象，他好像翻车了，其实还是在博弈！小米在试图挽救，而一些用户和对手等人群可能在寻找短 处，故意断章取义、造谣的寻找一些缺陷！ 有这样的数据，再煽情情怀就说不过去了 2025年地方发生的事情挺多。曾经宣传的速度这一点以及智能驾驶方面，也可能无法达到预期畅想！因 为速度太快，的确红灯后可以快速的比别人开出去，但速度太快就是无法掌控，有时候容易出事。因为 加速度出了很多事情也让人对于速度宣传是否应买单，很多媒体以及个人更加关注安全，所以安全可能 是更多人更关心的事情。也产生了冲突！ 说到底，雷军和小米今年的争议，就是公司规模和营销路子没对上。以前靠情怀能打动人，现在体量这 么大了还这么玩，大家就觉得别扭。产品上芯片自研雷声大雨点小，汽车特别强调速度安全很难保障， 出 ...

Core Viewpoint - Xiaomi's stock price experienced a significant decline following the launch of the Xiaomi 17 series, despite the company's ambitious plans and product innovations [1][3][5]. Group 1: Stock Performance - On September 26, Xiaomi's stock opened lower and fell over 8% by the end of the trading day, closing at 54.65 HKD per share, with a total trading volume of 233.5 billion HKD and a market capitalization loss exceeding 100 billion HKD [1]. - The stock had previously risen over 5% on September 25, closing with a 4.48% increase at 59.45 HKD per share [2]. Group 2: Product Launch and Innovations - Xiaomi's chairman Lei Jun delivered a keynote speech on September 25, highlighting the launch of the Xiaomi 17 series, which includes the new玄戒O1 chip and various ecosystem products [4]. - The Xiaomi 17 series features the fifth-generation Snapdragon 8 chip, utilizing a 3nm process, with CPU performance comparable to the A19 Pro and a 34.6% improvement in GPU performance [4]. - The starting price for the Xiaomi 17 series is set at 4,499 RMB, with pre-sales already initiated [4]. Group 3: Strategic Direction and Future Outlook - Lei Jun emphasized that chip development is crucial for Xiaomi's success, committing to a 10-year investment of at least 50 billion RMB in chip technology [4]. - Xiaomi aims to transition from an internet company to a hard-tech company, marking significant breakthroughs in the automotive and chip sectors [5]. - Analysts from Morgan Stanley and Goldman Sachs expressed positive sentiments regarding Xiaomi's product innovations and market strategies, with target prices set at 62 HKD and 66 HKD respectively [5][6].

9月26日，小米集团股价大幅跳水，午后跌幅扩大， 尾盘 一度大跌8.66%，截至收盘，跌幅达8.07%，报54.65 港元/股，全天成交金额达233.5亿港元。 消息面上，小米集团董事长雷军25日晚进行了第六次年度演讲，小米发布了小米17系列、小米平板8系列以及 电视、冰箱、音箱等家电新品，并推出小米汽车定制服务。价格方面，小米17起售价4499元，17Pro起售价 4999元，小米17ProMax起售价5999元。 雷军在演讲中表示，芯片是小米走向成功的必由之路。自研手机SoC至少要坚持10年，至少投入500亿元。 对于网络上有针对小米车主的不友好声音，雷军回应称，"小米汽车发布后成为全网被黑最惨的车企之一，这 次六部委打击黑水军、黑公关，我们举双手支持。在这一点上，小米汽车是受害者。我们希望全社会呼吁打击 黑水军、黑公关，是他们让产业发展遇到了很多困难。" 突然大跳水。 9月26日，港股科技股全线下挫，恒生科技指数一度大跌超3%，小米集团股价大跌超8%，有分析指出，今日 股价大跌的主要原因是市场资金兑现了小米发布会预期，短线资金进行了获利了结。 展望后市，有券商机构表示，流动性宽松有望对港股市场形成边际提 ...

雷递网 乐天 9月26日 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。 随着小米过去五年在底层核心技术上的投入，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。小米定义其为从一 家"互联网公司"成长为"硬核科技公司"。 小米首座智能家电工厂此前已在武汉破土动工，预计将于今年年底前正式投产。 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。" 雷军还说："从迷茫到蜕变，有时隔着万水千山，有时只隔了一层窗户纸。只要持续努力、不断成长，每个人、每个团队，都有机会'逆天改命'。" 曾陷入严重内耗 雷军在演讲中称，2024年3月，小米发布了小米汽车，小米成为首家横跨手机、汽车、家电三大领域的科技公司。2025年5月，小米推出了玄戒O1 芯片，小 米成为中国大陆首家发布 3nm 制程旗舰芯片的公司。 这些改变，都来自五年前那次触及灵魂深处的大反思。 雷军说，5年前的2020 年，小米迎来了自己的十 ...

具体来看，当时苹果、三星、华为近乎成为无法逾越的大山，小米是躺平认命还是继续打拼，成为新的 选择题。小米团队中很多人也觉得累了，想停一停。同时，网络平台充满各类质疑、批评甚至攻击，例 如说"小米只会营销""小米就是组装厂""小米没有技术"等等。 小米通过复盘，最终决定持续投入底层核心技术，坚定从互联网公司走向硬核科技公司，坚定未来投入 千亿元研发。"从此，小米基因开始重塑，技术为本，重新创业热情被完全点燃。"雷军说。 9月25日晚7点，雷军年度演讲在北京启幕。这是雷军第六次年度演讲。 作为演讲开始的重头戏，雷军回忆了小米造芯的历程。演讲中多次动情。 雷军回忆说，5年前，小米进行了一次触及灵魂深处的大反思。当时小米已经进入世界500强。但是雷军 内心有"难以言说的焦虑"。 雷军演讲中的回忆照片 不过压力很快又来了。2023年5月，某手机厂商3000多人芯片团队解散。 此后，小米开始引入大量人才，重组核心管理团队，12位高管中有9位都是新面孔，其中包括卢伟冰 等。 雷军介绍，小米芯片业务最早可以回溯到2014年。小米创业4年时，就曾经全资成立芯片类公司。2018 年小米做了一个艰难决定，停掉了SoC芯片研发，继续 ...

Core Insights - Xiaomi's journey into chip development began with a deep reflection five years ago, leading to a commitment to invest 100 billion yuan in R&D and a shift from being an internet company to a technology-driven firm [2] - The company faced significant challenges in 2022, with a 15% revenue decline, marking the first such drop in its 15-year history, largely due to geopolitical factors [3] - Despite internal doubts about the chip initiative, Xiaomi's leadership emphasized the long-term importance of self-developed chips, leading to a renewed commitment to the project [4] - In May 2023, Xiaomi successfully launched its first flagship SoC, the玄戒O1, which was seen as a significant achievement, although the company acknowledged that this was just the beginning of a long journey [8] - Xiaomi is also developing the next generation of its chip, tentatively named XRingO2, which is expected to continue using 3nm technology [11] Company Strategy - Xiaomi's strategic pivot involved restructuring its management team, with 9 out of 12 executives being new hires to support the chip initiative [2] - The company has committed to a long-term investment strategy, planning to invest at least 50 billion yuan over a decade in its chip development [2] - The decision to continue with chip development was made during a tense executive meeting, highlighting the leadership's resolve to not abandon the project despite financial pressures [4] Product Development - The玄戒O1 chip was successfully tested and integrated into four products, with plans for future applications in automotive technology [8] - The company aims to validate its technology with the first generation of the玄戒 chip, while the second generation is expected to expand its use [8] Market Context - Xiaomi's challenges are compounded by simultaneous ventures into both chip development and electric vehicle production, indicating a high-stakes strategy that leverages its accumulated resources [9]

Market Performance - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.70% to 26,159.12 points, the Hang Seng Tech Index dropping by 1.45%, and the State-Owned Enterprises Index decreasing by 0.86% [1] - Major tech stocks saw significant losses, including Baidu down over 5% and JD.com down over 4%, while gold stocks rallied, with Tongguan Gold rising over 6% [1] - Southbound capital recorded a net outflow exceeding 4 billion HKD [1] Company Developments - Alibaba is restructuring its home and store services, focusing on Taobao Flash Purchase to enhance consumer services, which may lead to increased short-term investments and expanded losses [2] - The upcoming Alibaba Cloud Summit in September 2025 will focus on AI infrastructure and applications, indicating a strategic shift towards AI [1][2] - Both Alibaba and Baidu are investing in self-developed chips, driven by a bullish sentiment in AI, which may lead to a potential upward breakthrough for the Hang Seng Tech Index [2] Investment Outlook - The expectation of increased capital expenditures from Alibaba, combined with the narrative around consumption and cloud services, is likely to attract continued capital inflow [2] - The potential for a Federal Reserve interest rate cut may further enhance the inflow of southbound capital, supporting a revaluation of the Hang Seng Tech Index [2]

Core Viewpoint - Nomura's report indicates that Baidu Group-SW (09888) stock price has increased by 50% over the past month, significantly outperforming the Hang Seng Index's technology sector, which rose by 13%, primarily driven by positive news regarding its chip design subsidiary, Kunlun Chip [1] Group 1: Company Overview - Kunlun Chip was established in 2011 as an internal business unit of Baidu, initially to support Baidu's search operations [1] - The subsidiary began developing self-designed chips in 2018 and launched its first-generation Kunlun chip in 2020 [1] - In 2021, Baidu spun off Kunlun Chip and completed its first round of financing, achieving a valuation of $2 billion [1]