（YoY+8.9%），毛利率12.4%（YoY -2.4pct），公司智能手机出货量同比增长3.0%至4180 万部，平均 单价同比增长5.8%至1211 元。 1Q25 公司IoT 业务营收323 亿元（YoY +59%），毛利率同比提升5.4pct 至25.2%，收入毛利再创历史新 高，其中，智能大家电收入同比增长114%，空调、冰箱、洗衣机产品出货量分别同比增长65%、65%、 100%，公司平板出货量同比增长56%，全球出货量首次排名前三。1Q25 公司互联网服务业务营收91 亿 元（YoY+13%），毛利率同比提升2.7pct 至76.9%。 机构：国信证券 研究员：胡剑/张伦可/唐旭霞 1Q25 公司营收利润创历史新高，毛利率同比提升。1Q25 公司总营收1113 亿元（YoY +47%），经调整 净利润107 亿元（YoY +65%），毛利率22.8%（YoY+0.5pct），创单季度历史新高。1Q25 公司总营收 及净利润继续高速增长，均创单季度历史新高。分业务看，1Q25 智能手机、IoT 与生活消费产品、互 联网服务、智能电动汽车及AI 等创新业务营收占比分别为46%/29%/8%/17% ...

Investment Rating - The report gives a positive outlook on Xiaomi Group (1810.HK), indicating a target price of HKD 65-75, suggesting a potential upside of 30%-45% from the current stock price [29]. Core Insights - Xiaomi Group's Q1 2025 performance exceeded market expectations, with total revenue reaching CNY 111.3 billion, a year-on-year increase of 47.4%, and adjusted net profit surpassing CNY 10.7 billion, up 64.5% year-on-year [2][27]. - The smartphone business showed significant growth, with revenue of CNY 50.6 billion, a year-on-year increase of 8.9%, and a global market share that remains in the top three [5][27]. - The electric vehicle segment also demonstrated strong performance, with revenue of CNY 18.6 billion, a year-on-year increase of 10.7%, and a gross margin of 23.2% [14][15]. - The IoT and lifestyle products segment achieved record revenue of CNY 32.3 billion, growing over 55% year-on-year, driven by significant sales in smart home appliances [20][23]. Summary by Sections Smartphone Business - Xiaomi's smartphone revenue reached CNY 50.6 billion in Q1 2025, with a global shipment of 41.8 million units, marking a 3% increase year-on-year [5]. - The average selling price (ASP) of smartphones reached CNY 1,211, a historical high, with high-end models (above CNY 3,000) accounting for 25% of shipments [9]. - The company aims to increase the proportion of mid-to-high-end models and plans to invest CNY 30 billion in R&D in 2025 [9][29]. Electric Vehicle Business - The electric vehicle segment's revenue was CNY 18.6 billion, with a gross margin of 23.2%, significantly higher than competitors [14][15]. - The SU7 series delivered 75,869 units, maintaining a strong market position in the CNY 200,000+ segment [14]. - The company plans to increase its annual delivery target from 300,000 to 350,000 units for 2025 [19]. IoT and Lifestyle Products - The IoT and lifestyle products segment generated CNY 32.3 billion in revenue, with a year-on-year growth of over 55% [20]. - The number of connected IoT devices reached 943.7 million, a 20.1% increase year-on-year [21]. - Xiaomi plans to enhance its product matrix and expand its presence in overseas markets, targeting a 45% share of IoT revenue from international markets by 2025 [21][23]. Internet Services - The internet services segment achieved revenue of CNY 9.1 billion, a year-on-year increase of 12.8%, with a gross margin of 76.9% [23][24]. - The number of MIUI monthly active users reached 719 million, a 9.2% increase year-on-year, indicating strong user growth [24].

每经记者｜杨建 每经编辑｜彭水萍 （一）重磅消息 据央视新闻报道，6月1日，商务部数据显示，截至目前，今年消费品以旧换新销售额已突破1万亿元。 今年以来，消费品以旧换新有力带动消费持续回升向好。商务部数据显示，截至5月31日，今年消费品 以旧换新5大品类合计带动销售额1.1万亿元，发放直达消费者的补贴约1.75亿份。其中，汽车以旧换新 补贴申请量达412万份；4986.3万名消费者购买12大类家电产品7761.8万台；5352.9万名消费者购买手机 等数码产品5662.9万件；电动自行车以旧换新650万辆；家装厨卫"焕新"5762.6万单。 （二）券商最新研判 光大证券：市场放量普涨，指数或将延续震荡格局！ 近期A股市场热点快速切换，科技题材领涨。目前海外关税事件仍在拉锯中，后续存在一定不确定性， 目前更多是情绪上的影响。此时不宜盲目乐观，多看少动、控制仓位。不过，科技板块在经过前期持续 调整后，估值性价比已逐步凸显，可适当关注逢低布局机会。展望后市：市场或将延续指数震荡、热点 轮动的风格。 中原证券：成长行业领涨，A股震荡上行 当前上证综指与创业板指数的平均市盈率分别为13.69倍、35.8倍，处于近三年中 ...

在吉林地区，企业若想通过百度爱采购开展有效的运营，选择合适的运营方式至关重要。 其次，要考量运营方案的针对性。吉林地区有其独特的产业特点和市场需求，运营方案应紧密结合这些实际情况。对于当地特色产业，如农产品加工、汽车 零部件制造等，要制定专门的推广策略。例如，针对农产品，可以突出其绿色、有机的特点，通过图片、视频等多种形式展示产品的优势。对于汽车零部 首先，要关注服务商的实力。一个专业且经验丰富的服务商，能够为企业提供全方位的支持。他们应熟悉百度爱采购的规则和算法，知道如何优化店铺页 面，使其在众多竞争对手中脱颖而出。比如，能够精准设置产品关键词，让潜在客户更容易搜索到企业的产品。同时，服务商还应具备良好的售后服务体 系，及时解决企业在运营过程中遇到的各种问题，无论是技术故障还是运营策略上的困惑。 件，要强调产品的质量和适配性，精准定位目标客户群体，提高运营的效率和效果。 再者，数据监测与分析能力不可忽视。专业的运营会定期对店铺的数据进行深入分析，包括产品曝光量、点击量、询盘量等。通过这些数据，能够清晰了解 运营效果，及时调整策略。比如，如果发现某个产品的曝光量很高，但、标题是否不够吸引人，然后进行针对性的优 ...

天眼查资料显示，*ST鹏博成立于1985年01月17日，注册资本165746.3906万人民币，法定代表人杨学平，注册地址为山东省青岛市即墨区滨海路169号1号楼 1201室。主营业务为互联网接入及其相关增值服务业务。 目前，公司董事长为杨学忠，董秘为王丹，员工人数为14669人，实际控制人为杨学平。 文|冯秀语 编|李亦辉 5月30日，*ST鹏博（证券代码：600804）公告，公司于2025年5月30日收到上海证券交易所的自律监管决定书，决定终止公司股票上市。公司股票将于2025 年6月10日进入退市整理期，退市整理期为15个交易日，预计最后交易日为2025年6月30日。退市整理期A股简称为退市鹏博，首个交易日无价格涨跌幅限 制，此后每日涨跌幅限制为10%。退市整理期届满后5个交易日内，上海证券交易所将对公司股票予以摘牌，公司股票终止上市。公司提醒投资者注意风 险，并在股票终止上市前及时了结相关业务。 值得关注的是，2024年3月28日，ST鹏博士收到中国证监会下发的《行政处罚及市场禁入事先告知书》（处罚字〔2024〕40号）（以下简称"《告知 书》"）。 经查明，当事人涉嫌违法的事实如下：一、ST鹏博士未 ...

工信部：1—4月份我国规模以上互联网企业实现利润总额417.3亿元 同比下降10.8% 智通财经5月30日电，工信部数据显示，1—4月份，我国规模以上互联网和相关服务企业完成互联网业 务收入5970亿元，同比增长1.5%。1—4月份，我国规模以上互联网企业实现利润总额417.3亿元，同比 下降10.8%。1—4月份，我国规模以上互联网企业共投入研发经费291.5亿元，同比增长4.8%，增速较一 季度提高0.2个百分点。 ...

Investment Rating - The report assigns an "Overweight" rating to several companies in the Chinese internet sector, including Ctrip, AutoHome, Tencent, and Alibaba, indicating a positive outlook for their stock performance [5]. Core Insights - The macroeconomic environment in China is showing signs of improvement, fostering a favorable business growth landscape. Consumer confidence is stabilizing, supported by favorable policies, which is creating a more predictable and advantageous economic environment [2]. - The Chinese internet industry appears to be entering the early stages of a new investment cycle, driven by technological advancements, penetration into new market segments, and growth potential in overseas markets. Companies are heavily investing in AI infrastructure, consumer services in international markets, and instant delivery services [2][3]. - Companies are focusing on enhancing digital capabilities, improving user experiences, and developing new business models. This investment cycle is expected to lead to significant growth and improvements in digital infrastructure, enabling companies to provide more advanced and integrated services [2]. Summary by Sections Macroeconomic Environment - The macroeconomic situation is improving, leading to a conducive environment for business growth. Companies are exploring new markets and innovating, with a focus on efficiency and strategic partnerships [2]. AI Integration - Most Chinese internet companies are actively integrating AI into their operations to enhance efficiency and drive innovation. - Alibaba focuses on AI infrastructure for various industries, monetizing through API services and infrastructure [2]. - Tencent is incorporating AI services into its products, enhancing user experience and productivity [2]. - Baidu is investing heavily in AI capabilities and infrastructure, aiming to improve profitability through self-developed chips [3]. - Other companies like Boss Zhipin and Ctrip are also leveraging AI to improve operational efficiency and user experience [4]. International Expansion - Chinese internet companies are intensifying efforts to introduce their services to global markets, leveraging domestic expertise and sunk costs to meet overseas consumer demands. - Ctrip is expanding its hotel and flight booking services in Asia and Europe [4]. - Alibaba is pursuing overseas expansion through strategic investments in e-commerce across Europe, the Middle East, and South Korea [4]. - Baidu plans to expand its autonomous taxi services globally, focusing on infrastructure and regulatory compliance [4].

纽约时报股价盘前上涨1.9%，此前与亚马逊达成AI内容合作协议。 ...

Group 1 - Meituan's stock price has been under pressure, currently trading at 128.5 HKD, down 0.62%, with a clear bearish technical pattern [1] - The stock has formed a death cross as the 10-day moving average (MA10) at 134.59 HKD has fallen below the 30-day (MA30) at 136.09 HKD and the 60-day moving average (MA60) at 150.42 HKD [1] - The stock is oscillating between 122.6 HKD and 136.4 HKD, with a 5-day volatility of 13.3%, indicating significant market divergence [1] Group 2 - There are 19 sell signals, 2 neutral signals, and 2 buy signals, indicating a strong sell sentiment [2] - Key support levels are identified at 126.4 HKD and 125.5 HKD, with a second support at 118.2 HKD [2] - The average daily trading volume is 54.3 billion HKD, showing sufficient liquidity but heavy selling pressure remains [3] Group 3 - Recent bearish derivative products related to Meituan have surged over 30%, with notable gains in put options and bear certificates [5][6] - The performance of these products highlights the explosive potential of bearish derivatives in a declining market [6] - For investors anticipating a rebound, HSBC's call options provide a leverage of 9 times with a strike price of 143.3 HKD, suitable for technical rebounds [8] Group 4 - Bull certificates from Morgan Stanley offer a recovery price of 117 HKD with a leverage of 9.8 times, while another option has a lower recovery price of 115 HKD with a leverage of 7.9 times [10] - Bear certificates from UBS and Societe Generale provide leverage of 7.7 times and 7.5 times, respectively, with recovery prices above 143 HKD [10]