Investment Rating - The report maintains a "Strong Buy" investment rating for Xiaomi Group [5][6] Core Views - Xiaomi Group has launched a series of new products including the YU7 SUV, MIX Flip 2 smartphone, AI glasses, and various IoT devices, exceeding market expectations with significant pre-orders for the YU7 [5] - The company is positioned as a leading player in the smartphone market and the largest AIoT hardware platform globally, with a strong outlook for growth driven by its high-end product strategy and international expansion [5][6] - Revenue projections for 2025, 2026, and 2027 are estimated at 519.1 billion, 706.7 billion, and 907.5 billion CNY respectively, with adjusted net profits of 45.8 billion, 67.7 billion, and 92.6 billion CNY [6] Summary by Sections Automotive - The YU7 SUV has received over 200,000 pre-orders within three minutes of launch, showcasing strong market demand [5] - The YU7 features advanced specifications including a standard range of 835 km, high-level autonomous driving capabilities, and competitive pricing compared to Tesla's Model Y [5][6] Smartphones - The MIX Flip 2 and REDMI K80 Supreme Edition smartphones were launched with significant upgrades in performance and design [5] - The MIX Flip 2 features a 4.01-inch external screen, a 5165mAh battery, and advanced folding technology, while the REDMI K80 boasts a Dimensity 9400+ processor and a large 7410mAh battery [5][6] IoT Products - Xiaomi introduced a range of IoT products including tablets, wearables, and smart home appliances, with the first AI glasses priced at 1999 CNY [5] - The new products aim to enhance user experience and integrate seamlessly into the Xiaomi ecosystem [5] Financial Projections - The report forecasts significant revenue growth with a year-on-year increase of 42% in 2025, 36% in 2026, and 28% in 2027 [6] - The projected PE ratios for 2025, 2026, and 2027 are 35.3, 23.2, and 16.7 respectively, indicating potential for long-term value appreciation [6]

Group 1 - The Hang Seng Index opened up by 0.52%, and the Hang Seng Tech Index rose by 0.35%, with Xiaomi Group's stock surging by 8%, surpassing HKD 60 [1] - Xiaomi held a comprehensive ecosystem launch event on June 26, where CEO Lei Jun announced the launch of the Xiaomi AI glasses starting at RMB 1999 and the new car Xiaomi YU7 starting at RMB 253,500 [1] - The Xiaomi YU7 received over 289,000 pre-orders within one hour, indicating strong market demand [1] Group 2 - Citigroup reported that orders for the Xiaomi YU7 have exceeded most buyers' expectations and may surpass the expectations of southbound capital, which is positive for the stock price [1] - The orders for the YU7 support Citigroup's target of 400,000 electric vehicle deliveries for Xiaomi this year, and further expansion plans in electric vehicle production may boost investor confidence [1] - The next potential catalyst for Xiaomi's stock could be the earnings guidance for Q2 or Q3 of 2025 [1] Group 3 - The Hong Kong consumer sector is represented by the Hong Kong Consumer ETF (513230), which includes e-commerce and new consumption, covering a relatively scarce new consumption track compared to A-shares, with a "Xiaomi content" of 13.75% [1] - The Hong Kong Tech sector is represented by the Hang Seng Tech Index ETF (513180), which includes core AI assets in China and relatively scarce tech leaders compared to A-shares, with a "Xiaomi content" of 8.34% [1]

小米汽车创造神话了。 YU7汽车一小时大定28.9万台，以标准版25.35万元的价格来计算，相当于锁定了大约578亿的营收，直 接是2024年全年汽车营收的1.8倍！ 随后小米集团-ADR一路走高，直接飙涨9.85%，早盘小米集团-W盘中也突破历史新高，重仓小米约 12%的港股科技50ETF（159750）涨超1%。 不止汽车，小米眼镜这次也很震撼市场：拍Vlog、算卡路里、植物医生、养宠顾问、健身遛娃、骑行跳 舞……各个场景都能输出，相当于直接把小爱同学装在脸上。 有网友戏称，当你戴着小米AI眼镜去菜市场，对着鱼摊老板的鲈鱼扶了扶镜框："小爱同学，这鱼新不 新鲜？"眼镜秒回："眼球微浑，鳃丝暗红，建议换条活的。"—— 你看，当AI开始渗透进生活，连烟火 气最足的菜市场江湖都得抖三抖。 因为现在AI已经不是"飘在天上"，而是渗透进生活对人"指手画脚"，这背后映射的是一整条中国科技产 业链的进步。 雷军当年说"站在风口，猪都能飞"，如今这风口，是AI+硬件+国产替代的三级火箭，而港股科技板 块，恰似一艘装满"科技猪"的飞艇。 【小米爆单=港股科技50ETF吃糖】 我们对小米这两件狠事，不能光看热闹，还要看门道， ...

智通财经APP获悉，中金发布研报称，小米集团-W(01810)举行了小米人车家全生态发布会，发布了小 米YU7、小米AI眼镜及多款IoT新产品。考虑小米YU7大定超预期，上调2025/2026年经调整净利润 2%/17%至490.48亿元/663.84亿元。当前股价对应2025/2026年经调整净利润市盈率28.0/20.4倍。维持跑 赢行业评级，综合考虑盈利预测调整和行业估值中枢上移，上调目标价9.9%至76.9港元(基于SOTP估值 法)，对应2025/2026年经调整净利润市盈率37.8/27.5倍，有35.1%的上行空间。 "人车家全生态"战略稳步推进，看好新品发布带动品牌势能持续向上 该行认为，本次小米YU7大定数量超预期、首款AI眼镜等新品发布对品牌势能有望继续形成助推。展望 未来，该行看好小米坚持"规模生态化+技术硬核化+品牌高端化+市场全球化"四大核心战略，未来随 着"人车家全生态"在用户层面和底层系统的持续打通优化，在手机、汽车、IoT、AI眼镜、机器人等多 个端侧硬件领域的重要入口地位或将得到进一步凸显。 中金主要观点如下： 风险提示：全球宏观经济影响智能手机及IoT产品需求，智能汽车销量 ...

Core Insights - Huawei's "Huawei Smart Selection Ecosystem Products" has been upgraded to "Harmony Smart Selection," marking a new phase in its smart hardware ecosystem strategy [1][2] - Usmile's U7 Pro smart electric toothbrush is a flagship product that exemplifies the deep empowerment and co-creation of Harmony Smart Selection, redefining standards in smart oral care [1][3] Group 1: Harmony Smart Selection - The rebranding of Harmony Smart Selection is not merely a name change; it leverages Harmony's strong connectivity, open technology platform, and strict quality standards to provide consumers with trustworthy smart products [2] - The Harmony ecosystem has over 900 million connected devices and 2.54 million developers, providing a solid foundation for intelligent experiences for ecosystem partners [2] Group 2: U7 Pro Features - The U7 Pro features the ACS Advanced Smart Brushing System, a result of collaboration between Usmile and Harmony Smart Selection, integrating advantages in sensors, algorithms, and user interaction [3][4] - It incorporates a "6-zone 16-surface" recognition model, significantly enhancing the toothbrush's ability to identify oral areas and tooth surfaces [4] - The U7 Pro includes a high-definition display that provides real-time brushing coverage maps, highlighting missed areas and insufficient pressure, along with bone conduction voice feedback for precise brushing guidance [4] Group 3: Personalized Health Management - The U7 Pro seamlessly connects to Huawei's Smart Life App and Usmile App through HarmonyOS Connect, enabling personalized oral health management [5] - Users can create personal oral health records and receive customized cleaning plans, transitioning from a one-size-fits-all approach to personalized care [5] Group 4: Connectivity and Evolution - The U7 Pro features NFC for quick connection to Harmony system phones, enhancing smart home integration [6] - It supports OTA online upgrades, ensuring users receive the latest algorithm optimizations and features, thereby increasing product value over time [6] Group 5: Market Recognition - Usmile has accumulated over 720 domestic and international patents, showcasing its strong technological capabilities [8] - The U7 series has received positive market feedback since its launch, particularly for its intelligent and precise experience, appealing to consumers seeking quality [8] Group 6: Redefining Smart Oral Care - The success of Usmile's U7 Pro exemplifies the value of Harmony Smart Selection's brand philosophy and technological empowerment, merging advanced sensor technology, smart algorithms, and open ecosystems [9] - The U7 Pro represents a significant leap in oral health, embodying the perfect implementation of smart living concepts in everyday life [9]

Core Viewpoint - Xiaomi's entry into the AI glasses market is seen as a significant move that could disrupt the industry, with the launch of the Xiaomi AI glasses and the competitive pricing of 25,350 yuan [2][4][19] Group 1: Product Features and Market Positioning - Xiaomi AI glasses are positioned as "personal intelligent devices for the next era," emphasizing their technological and AI ecosystem advantages [2][4] - The glasses feature a 12MP camera for video recording and live streaming, with a typical battery life of 8.6 hours, outperforming Meta's Ray-Ban glasses [5][6][12] - Xiaomi's AI glasses utilize a dual-chip combination for lower power consumption and support for voice commands and smart home device control [6][12] Group 2: Market Dynamics and Competition - The global AI glasses market is projected to reach 10 million units by 2025, with a potential 60% penetration rate for AI-enabled glasses [4] - Despite the strong product features, Xiaomi faces challenges in replicating Meta's success due to differences in branding and market positioning, as Meta's glasses are seen as fashionable social items [9][11] - The entry of Xiaomi is expected to accelerate industry consolidation, with many smaller companies potentially struggling to compete [15][16] Group 3: Industry Reactions and Future Outlook - Industry leaders express optimism about Xiaomi's entry, viewing it as a potential catalyst for market growth and user education [16][18] - The success of Xiaomi's AI glasses will depend on their ability to create a high-frequency usage product and differentiate themselves in a market that values personalization and design [18][19] - The competitive landscape is expected to remain diverse, with many companies continuing to innovate and carve out niche markets [18][19]

Core Insights - The rapid development of AI models has significantly impacted the smart hardware market, with companies like Outermost Question (02438.HK) launching new products like TicNote after a seven-year hiatus in hardware releases [1][3] - The competition in AI hardware has intensified, with various players including traditional tech giants, hardware manufacturers, internet companies, and startups entering the market [1] - Outermost Question's CEO, Li Zhifei, emphasizes the need to avoid direct competition with smartphone manufacturers, citing their superior supply chain and R&D capabilities [1][8] Company Strategy - TicNote features the self-developed AI Agent, Shadow AI, which supports various functions such as transcription and mind mapping, targeting multiple use cases like meetings and education [3][4] - The product was launched overseas in April and in the domestic market in June, primarily using a subscription model for revenue generation [3][4] - Li Zhifei expresses a strategic shift, focusing on long-term goals rather than immediate sales targets, indicating confidence in the domestic market despite initial hesitations [3][4] Market Positioning - The company aims to carve out a niche by developing hardware that does not directly compete with smartphones, which are seen as the primary competitors in the smart hardware space [1][8] - Li Zhifei believes that smaller, less competitive hardware segments can provide opportunities for growth without the overwhelming pressure from larger manufacturers [8] - The strategy is to focus on mature technology for hardware development, avoiding complex areas like VR/AR that require extensive R&D [4][8]

今日小米举行人车家全生态发布会，会后雷军接受了媒体采访。谈及汽车行业内卷，他表示，还是得卷 技术创新，还是得卷安全、品质、耐久度。比如说我们为什么要卷24小时的耐力测试，为什么要卷上千 万公里的道路测试，这些都是为了卷科技创新，卷品质。这里我还特别说一条，要卷高端化能力。(新 浪科技) ...

小米的"科技春晚"来了，新车小米YU7和AI眼镜一起冲击了科技圈。 6月26日，小米人车家全生态发布会召开。小米集团创始人、董事长兼CEO雷军正式发布了起售价1999元 的小 米AI眼镜和起售价 25.35万元的新车小米 YU7 。 小米汽车官微随后称，3分钟，小米YU7大定突破200000台。 小米AI眼镜售价1999元起 在本次发布会上，雷军发布了小米AI眼镜（AI Glasses）。他表示，AI眼镜"是面向下一代的个人智能设备，随身的AI入口"。据介绍，小米AI眼镜采用了经典的设 计，D型的方框，专为亚洲的脸型做过优化，不夹头、不卡耳，最重要的是重量只有40克，全天佩戴无负担。 小米YU7售价 25.35 万元起 6月25日晚，雷军曾表示："小米YU7明晚就要发布了，此刻我的紧张程度，跟小米SU7上市前相比有过之而无不及，这将是小米汽车的一场关键大考。"据了解， 小米YU7一共有标准版、Pro和Max三个版本。 从汽车动力来看，小米YU7最大马力达690PS，0—100km/h加速时间为3.23秒，最高时速达253km/h。扣除起步时间后，小米YU7零百加速为2.98秒。 AI眼镜都有什么功能？雷军表示 ...

Core Viewpoint - Xiaomi is expanding its ecosystem with the launch of the AI glasses, positioning itself in the wearable technology market and aiming to enhance user interaction within its "human-vehicle-home" strategy [12][13][21] Product Launch - On June 26, Xiaomi held a "Human-Vehicle-Home Ecosystem Launch Conference," introducing several smart hardware products including the MIX Flip 2 foldable phone, Pad 7S Pro, and the highly anticipated YU 7 [1] - The AI glasses, weighing only 40g, are designed for comfort and come in three colors, with a price range of 1999 to 2999 yuan [7][9] Technical Features - The AI glasses feature a dual-chip Snapdragon AR1 processor, a 12MP ultra-wide-angle camera, and support for various AI tasks such as real-time image recognition and video live streaming [4][11] - They offer a battery life of 8.6 hours and can be charged in 45 minutes via a Type-C port [9] Market Positioning - The AI glasses are seen as a significant step for Xiaomi in the wearable device market, with over 50,000 pre-orders before the launch [12] - Xiaomi aims to capture the market for AI assistant-enabled wearables, leveraging its established supply chain and ecosystem [12][20] Strategic Importance - The introduction of AI glasses aligns with Xiaomi's broader strategy to create a seamless smart ecosystem that integrates various devices for enhanced user experience [13][17] - The glasses serve as a hardware platform for the "Super Xiao Ai" assistant, facilitating voice interaction and smart home control [16] Industry Impact - Xiaomi's entry into the AI glasses market is expected to lower consumer price expectations for smart eyewear, challenging the perception of AR glasses as high-priced tech gadgets [20] - The move is likely to stimulate interest in the smart glasses category, potentially revitalizing the supply chain and encouraging further innovation in the sector [20][21]