Core Viewpoint - The article discusses the recent agreement between Apple and Tencent regarding the WeChat Mini Programs, marking a significant development in the ongoing debate over the "Apple Tax" and its implications for both companies and the broader app ecosystem [5][12]. Group 1: Agreement Details - Apple and Tencent have reached an agreement where WeChat Mini Program developers will now be included in Apple's payment system, allowing iPhone users to make purchases within WeChat using Apple's payment interface [5]. - As part of the agreement, Apple will reduce its commission on regular apps from 30% to 15%, while Tencent has agreed to pay the "Apple Tax" on WeChat Mini Programs [5][12]. Group 2: Financial Implications - According to Sensor Tower, Apple's "Apple Tax" generated $22.34 billion (approximately 158.8 billion RMB) in revenue globally in 2023 [11]. - The report titled "Apple Ecosystem in China" indicated that Apple's App Store ecosystem generated sales of 3.763 trillion RMB in China in 2023, with digital goods and services accounting for less than 4% of that total [11]. - The estimated commission Apple collected in China exceeded 40 billion RMB, comparable to BYD's total profit for the previous year [11]. Group 3: Historical Context - The WeChat Mini Program was launched in January 2017, and Apple began targeting its payment features shortly after, leading to a public debate over user choice between WeChat and iPhone [11]. - The ongoing conflict over the "Apple Tax" has seen significant pushback from developers, with Epic Games notably challenging Apple's payment policies, resulting in a high-profile legal battle [12][14]. Group 4: Strategic Shift - Apple's hardware revenue has stagnated since Q1 2022, prompting a shift in focus towards software services as a key profit driver [15][19]. - The gross margin for software services has increased from 55% to 75% since 2016, highlighting the growing importance of this segment for Apple's profitability [23]. - The service business accounted for 42% of Apple's net profit in the most recent fiscal year, surpassing the iPhone's contribution of 41% [27]. Group 5: Regulatory Environment - Apple faces increasing regulatory scrutiny regarding its App Store practices, particularly from the European Union, which has mandated changes to its payment systems and reduced commission rates [12][14]. - The EU's Digital Markets Act has initiated investigations into Apple's App Store fees, with potential fines for non-compliance [12][14].

2025.11.18 11月17日，"曝iPhone17 Pro Max被湿巾擦掉色"登上热搜引热议，有账号称，一苹果用户发帖称，其购 买的星宇橙配色iPhone 17 ProMax在使用普通湿巾擦拭后，镜头边缘及边框涂层大面积脱落，露出银色 铝合金基材。 据钱江视频，记者实测用普通的酒精湿巾擦拭后没有掉漆现象；随后又用75%酒精浓度的湿巾擦拭，仍 没有发现掉漆情况。 本文字数：483，阅读时长大约1分钟 苹果中国大陆客户服务热线工作人员称，普通湿巾擦拭是不会影响机器颜色的，但是如果是含高浓度酒 精或者是其他含腐蚀性液体的湿巾则有可能造成掉漆。 此外，这位工作人员表示，苹果暂时没有这方面给予客户的操作提醒。工作人员还表示，"用正常的、 普通那些自来水之类是不会受影响的，这是肯定的。"截至发稿，苹果暂未对此事做出回应。 微信编辑| 苏小 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com 来源 |钱江视频 封图 | 来源网络 （注：我们会对线索进行核实。您的隐私将严格保密。） ...

来源：市场资讯 6. 折旧2025Q3单季达到13亿，同比增加44%，环比增加8%，未来随着更多产能投产，这一块势必对净 利润产生进一步影响。 7. 内资最近一个多月买了120亿，股价却稳步下滑，进一步确认小米基本盘在外资，他们消息远比内资 灵通。 整体： 1. 手机业务+互联网受整体经济下行影响越来越大，叠加存储涨价，后面这块估值大概率承压。 2. IoT业务下滑超预期太多，国补影响远超预期，不乐观。 （来源：君实财经） 1. 手机智能2025Q3单季475亿收入，同比减少3.1%，环比增加4.4%，小米17还是带来了些许增量。整体 手机消费下滑似乎已成定局，这一块整体还是不看好。 2. 电脑+大家电等IoT2025Q3单季261亿元，同比仅增加5.6%，环比下滑高达33%；而二季度是387亿 元，同比增长高达45%，这一块严重不及预期。一方面是国补退出影响，叠加整体销量下滑，另一方面 短期占领市场后马上进饱和期，和实力厂商是拼市场，难度远大于杂牌。 3. 互联网服务2025Q3单季达94亿，同比增长10%，环比增长4%，这一块还算稳定。 4. 汽车2025Q3单季达299亿元，同比增加200%，环比增加4 ...

Core Viewpoint - The company has established a digital full-value chain M2C model, integrating key aspects such as R&D innovation, smart manufacturing, brand marketing, and retail channels to enhance its competitive advantage in reaching global consumers quickly [2] Group 1 - The company utilizes real-time data feedback to drive product optimization and iterative upgrades in marketing, R&D, and manufacturing processes [2] - This approach allows the company to accurately respond to user demands and continuously improve its overall competitiveness [2]

2025.11. 18 封图 | 来源 网络 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 11月17日，"曝iPhone17 Pro Max被湿巾擦掉色"登上热搜引热议，有账号称，一苹果用户发帖 称，其购买的星宇橙配色iPhone 17 ProMax在使用普通湿巾擦拭后，镜头边缘及边框涂层大面积 脱落，露出银色铝合金基材。 本文字数：483，阅读时长大约1分钟 推荐阅读 来源 | 钱江视频 据钱江视频， 记者实测用普通的酒精湿巾擦拭后没有掉漆现象；随后又用75%酒精浓度的湿巾擦 拭，仍没有发现掉漆情况。 苹果中国大陆客户服务热线工作人员称，普通湿巾擦拭是不会影响机器颜色的，但是如果是含高浓度 酒精或者是其他含腐蚀性液体的湿巾则有可能造成掉漆。 此外，这位工作人员表示，苹果暂时没有这方面给予客户的操作提醒。工作人员还表示，"用正常 的、普通那些自来水之类是不会受影响的，这是 ...

新京报贝壳财经讯 11月18日，小米集团公告，2025年第三季度营业收入1131.21亿元，同比增长 22.3%；经调整净利润113.11亿元，同比增长80.9%。2025年前三季度营业收入3403.7亿元，同比增长 32.5%；经调整净利润328.17亿元，同比增长73.5%。 （文章来源：新京报） ...

Group 1: Gold Market Insights - Goldman Sachs indicates that central banks may purchase significant amounts of gold in November to diversify reserves against geopolitical and financial risks, maintaining a price forecast of $4,900 by the end of 2026 [1] - Year-to-date, gold prices have risen by 55%, driven by economic and geopolitical concerns, increased inflows into exchange-traded funds, and expectations of further interest rate cuts in the U.S. [1] - In September, central banks purchased 64 tons of gold, up from 21 tons in August [1] Group 2: Oil Price Forecasts - Goldman Sachs has lowered its average price forecasts for Brent and WTI crude oil to $56 and $52 per barrel, respectively, due to strong global supply (excluding Russia) [2] - UBS expects Brent crude oil prices to fluctuate between $60 and $70 per barrel, with a year-end target of $62 per barrel and a 2026 target of $67 per barrel [3] Group 3: Chinese Stock Market Outlook - UBS forecasts a prosperous year for the Chinese stock market in 2026, driven by factors such as innovation and a projected 14% upside for the MSCI China Index by year-end [4] - Earnings per share are expected to grow by 10% in 2026, supported by anti-involution measures and a decrease in depreciation expenses [4] Group 4: Currency Trends - Barclays economists suggest that the USD/JPY exchange rate may continue to rise, recommending investors to remain long on USD/JPY due to Japan's fiscal policies [5] Group 5: Central Bank Policies - Goldman Sachs Asset Management predicts that the Federal Reserve may cut interest rates twice in 2026, while the European Central Bank may maintain rates and the Bank of England may resume cuts in December [6] - Morgan Stanley anticipates further rate cuts from the European Central Bank in the first half of next year, with a target for the 10-year German bond yield at approximately 2.45% by the end of 2026 [8] Group 6: Semiconductor Sector - Galaxy Securities asserts that the long-term growth logic for the semiconductor sector remains intact despite recent underperformance, emphasizing supply chain security and domestic substitution trends [11] Group 7: AI and Consumer Electronics - Galaxy Securities highlights the potential for smart glasses to become a major consumer electronics category, following the entry of major tech companies into the AI glasses market [12] Group 8: Multi-Modal AI Trends - CITIC Securities identifies the shift towards native multi-modal architectures as a pivotal point for the industry, suggesting investment opportunities in both foundational and application layers [13] Group 9: Energy Demand and Coal Prices - Huatai Securities predicts that electricity consumption growth in October may exceed 10%, supporting a positive outlook for thermal coal prices in the fourth quarter [14]

北京商报讯11月18日，小米集团披露2025年三季报。公告显示，集团三季度营收1131.2亿元，同比增长 22.3%；经调整净利润113.1亿元，同比增长80.9%。 业务分部方面，三季度小米集团手机×AIoT分部收入841.1亿元，同比增长1.6%；智能电动汽车及AI等 创新业务分部收入290.1亿元，创历史新高，同比增长199.2%。 （文章来源：北京商报） ...

Group 1 - The core point of the article is that Xiaomi Group reported a revenue of 113.12 billion RMB for the third quarter, representing a year-on-year growth of 22.3% [1] - The adjusted net profit for the same period was 11.31 billion RMB, showing a significant year-on-year increase of 80.9% [1]

Core Insights - Xiaomi's Q3 2025 financial report shows significant growth in electric vehicle deliveries and overall revenue, indicating a strong performance in the automotive sector and innovative business areas [4][6]. Financial Performance - Total revenue reached 113.1 billion yuan, exceeding 100 billion yuan for four consecutive quarters, with a year-on-year growth of 22.3% [6]. - Adjusted net profit was 11.3 billion yuan, reflecting a substantial year-on-year increase of 80.9% [6]. Electric Vehicle Segment - Revenue from smart electric vehicles and AI-related innovative businesses amounted to 29 billion yuan, with 108,796 new vehicles delivered in the quarter [6]. - Cumulative vehicle deliveries reached 265,967 units, with Q1, Q2, and Q3 deliveries recorded at 75,869, 81,302, and 108,796 units respectively [4]. Research and Development - R&D investment totaled 9.1 billion yuan, marking a year-on-year increase of 52.1%, with an expected total investment exceeding 30 billion yuan for the year [6]. - The total number of R&D personnel stands at 24,871 [6]. Product Launches - Xiaomi announced the upcoming release of the enhanced version of its end-to-end assisted driving system, Xiaomi HAD, at the Guangzhou Auto Show [4].