证券研究报告 | 公司点评报告 2025 年 06 月 27 日 小米集团-W（01810.HK） 发布手机、AI 眼镜、汽车等人车家新品，YU7 大定订单超市场预期 TMT 及中小盘/电子 事件：小米集团举办小米人车家全生态发布会，正式发布小米 YU7、小米 MIX Flip 2、小米 AI 眼镜，以及平板、红米手机、可穿戴、科技家电等系列新品。 我们点评如下： 强烈推荐（维持） 目标估值：NA 当前股价：56.65 港元 基础数据 | 总股本（百万股） | 25949 | | --- | --- | | 香港股（百万股） | 21433 | | 总市值（十亿港元） | 1470.0 | | 香港股市值（十亿港元） | 1214.2 | | 每股净资产（港元） | 9.2 | | ROE（TTM） | 9.9 | | 资产负债率 | 46.7% | | 主要股东 | Sunrise Vision Holdings | | | Limited | | 主要股东持股比例 | 16.2098% | 股价表现 % 1m 6m 12m 绝对表现 7 79 220 相对表现 3 58 186 资料来源：公司数据、招商证 ...

据悉，海外市场英伟达股价再创新高，总市值达到3.77万亿美元，重新成为全球市值最高公司。这一消 息对国内算力产业链相关上市公司形成积极带动效应。 6月27日上午交易时段，A股市场呈现分化格局。沪深两市半日成交额达9913亿元，较前一交易日增加 138亿元。个股表现活跃，全市场超3600只股票实现上涨。 算力硬件板块再次成为市场焦点，相关概念股集体走强。中京电子成功封涨停板，胜宏科技、新易盛等 龙头股票续创历史新高。CPO、铜缆高速连接等细分领域表现尤为突出，联特科技涨幅超过10%，光库 科技、源杰科技、兆龙互连等多只个股涨幅超过5%。 与此同时，有色金属概念股展开反弹行情。电工合金触及20CM涨停，北方铜业等多只个股涨停。中孚 实业、金诚信涨幅均超过5%，株冶集团、洛阳钼业、江西铜业等传统有色金属龙头股票跟涨。 大金融板块一度冲高，天风证券成功涨停。证券、多元金融等子板块表现活跃，为市场提供重要支撑。 调整方面，银行股出现明显回调。中国银行等多只银行股跌幅超过2%，对指数形成一定拖累。油气、 港口等板块同样承压下行。 板块轮动特征明显，有色金属、铜缆高速连接、CPO、多元金融等板块涨幅居前。油气、银行、保险、 ...

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， ...

Group 1 - The core viewpoint of the article highlights a resurgence in computing hardware stocks, with significant gains observed in companies like LianTe Technology, which rose over 10% [1] - Morgan Stanley's research indicates that the CPO market is expected to experience substantial growth starting in 2027, with the market size projected to exceed $1 billion by 2028 and surpass $5 billion by 2030 [1] Group 2 - Other companies in the computing hardware sector, such as Shenghong Technology and Xinyisheng, have also reached historical highs, indicating a broader positive trend in the industry [1] - Additional companies like Guangku Technology, Yuanjie Technology, Zhaolong Interconnect, Jingwang Electronics, and Shijia Photon have seen stock increases of over 5%, further reflecting the strength of the sector [1]

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]

AI 技术在教育领域的应用主要集中在金融和教育两大方向，其中教育领域的落 地相对顺利且快速。AI 软硬件在教育场景中的应用是当前关注的焦点，其逻辑 运行主要围绕学校和家庭两大场景，受众分为学生、家长和老师三类。目前， 民营企业在 AI 教育软硬件的探索中占据主导地位，而国有企业则主要通过国家 层面的采购进行推广，例如北京昌平区在所有学校推广了 23 个工具化的 AI 应 用。 教育的本质属性是什么？其行业规模和竞争格局为何难以准确统计和分析？ AI 应用于教育场景的 6 层逻辑推演 20260626 摘要 教育本质为知识传播场景，而非独立产业，导致行业规模和竞争格局难 以精确统计。产业链、配套及监管动态变化，使得教育研究异于常规行 业分析。 教育兼具公共事业和服务业双重属性，政策通过调节二者比例实施监管。 "双减"政策旨在回归公共事业公平性，导致民营企业在教育场景中相 对弱势。 教育场景可分为教育信息化（类公共事业，区域性强）、教材教辅（国 资为主，牌照行业）、真实教育场景（学校主导，培训补充）和 AI 软硬 件（民营探索，国家采购）四大类。 教育行业受资本市场冷遇，除政策因素外，还因其与传媒行业在爆发性 和 ...

6月25日下午，被称作"AIGC（人工智能生成内容）第一股"的出门问问（02438.HK）发布了AI（人工智能）智能体硬件产品TicNote。值得注意的是，在 TicNote之前，出门问问已经7年没有发布过硬件产品。 每经记者｜李少婷 每经编辑｜张海妮 大模型迅猛发展的第三年，智能硬件市场波涛汹涌。 放眼整个行业，AI硬件的竞争已经进入多维度、高强度阶段。传统科技巨头、硬件制造商、互联网公司、新兴创业公司等纷纷入局——就在TicNote发布次 日，被认为具有强大市场号召力和供应链议价能力的小米正式加入AI眼镜市场。 "智能硬件最大的竞争对手是手机。"出门问问创始人、CEO（首席执行官）李志飞向《每日经济新闻》记者表示，在布局考量上，他选择"避开手机厂商的 战略焦点"。原因在于新型硬件的复杂度较高，手机厂商的供应链能力、研发能力都更具优势，如果是战略方向，大厂可以选择亏钱投入，但"友商"就会"亏 得一塌糊涂"，而避其锋芒，或许能在垂直方向上成为"王者"。 AI是灵魂，硬件是身体 李志飞似乎重拾了对智能硬件的信心——TicNote搭载了其自研的AI Agent（智能体）——Shadow AI，支持AI转写、总结、 ...