新浪科技讯 12月17日上午消息，在今日的2025小米人车家全生态合作伙伴大会上，小米集团合伙人、 集团总裁卢伟冰发表《一路同行，澎湃未来》的主题演讲。 他宣布小米自研AI大模型Xiaomi MiMo-V2-Flash已正式开源上线，他将其称为迈向Agent时代的全新语 言基座。 根据卢伟冰公布的小米自研MiMo系列的时间表，目前小米已经推出推理大模型MiMo-7B，视觉推理大 模型MiMo-VL，原生端到端音频生成模型MiMo-Audio，端侧视觉语言大模型MiMo-VL-Miloco，具身 大模型MiMo-Embodied。 新浪科技讯 12月17日上午消息，在今日的2025小米人车家全生态合作伙伴大会上，小米集团合伙人、 集团总裁卢伟冰发表《一路同行，澎湃未来》的主题演讲。 他宣布小米自研AI大模型Xiaomi MiMo-V2-Flash已正式开源上线，他将其称为迈向Agent时代的全新语 言基座。 根据卢伟冰公布的小米自研MiMo系列的时间表，目前小米已经推出推理大模型MiMo-7B，视觉推理大 模型MiMo-VL，原生端到端音频生成模型MiMo-Audio，端侧视觉语言大模型MiMo-VL-Milo ...

消息面上，苹果据称计划未来两年大幅扩展智能手机产品线，2027年秋季前可能发布至少七款新的旗舰 机型，首款可折叠iPhone预计在2026年秋季发布。 截至2025年12月17日 09:52，中证消费电子主题指数(931494)上涨0.86%，成分股环旭电子(601231)上涨 9.99%，卓胜微(300782)上涨7.91%，景旺电子(603228)上涨3.34%，电连技术(300679)上涨3.26%，欣旺 达(300207)上涨2.94%。消费电子ETF(561600)上涨0.61%，最新价报1.15元。 数据来源：wind 风险提示：基金有风险，投资需谨慎。基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资 产，但不保证本基金一定盈利，也不保证最低收益。基金管理人提醒投资人基金投资的"买者自负"原 则，在做出投资决策后，基金运营状况与基金净值变化引致的投资风险，由投资人自行负担。基金的过 往业绩及其净值高低并不预示其未来业绩表现，基金管理人管理的其他基金的业绩不构成对本基金业绩 表现的保证。投资人购买基金，既可能按其持有份额分享基金投资所产生的收益，也可能承担基金投资 所带来的损失。投资人应当认 ...

Core Insights - The report highlights a positive outlook for the US economy following better-than-expected non-farm payroll data for November [4] - The report notes significant developments in various sectors, including the approval of the world's first invasive brain-machine interface product for treating drug addiction in China [4] - The report indicates that major PC manufacturers globally are planning to increase prices [4] Economic Data - The Baltic Dry Index closed at 2193.00, down by 0.54% [5] - The Nasdaq Index closed at 23111.46, up by 0.23%, while the Dow Jones Industrial Average closed at 48114.26, down by 0.62% [5] - The ICE Brent crude oil price decreased by 2.84% to $58.84 [5] - The USD/CNY exchange rate was reported at 7.04, down by 0.11% [5] - The Hang Seng Index closed at 25235.41, down by 1.54% [5] - The Shanghai Composite Index closed at 3824.81, down by 1.11% [5]

据The Information，美国苹果公司计划扩大iPhone生产线，到2027年秋季或将推出7款全新iPhone机型， 较目前的5款大幅增多，当中将包括首款真正无折痕的折叠手机。 苹果计划从明年开始调整iPhone的发布时间表，届时将不再在秋季发布所有旗舰机型，而是先在秋季发 布Pro，标准版iPhone则在春季发布。苹果此举是为了迎接即将推出的新机型，包括传闻中的可折叠 iPhone和iPhone Air，这意味苹果将在明年秋季发布iPhone 18 Pro、Pro Max和可折叠iPhone，随后在 2027年春季发布iPhone 18、iPhone 18 Air 2及/或iPhone 18e。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 据悉，苹果2027年秋季将推出iPhone 20周年纪念版，采用前后曲面玻璃外壳，呈现真正的全面屏无边 框设计，屏幕将延伸至设备边缘，消除传统黑色边框。iPhone 18、iPhone 18e和iPhone Air 2则延至2027 年春季发售。 iPhone业务占苹果总经营收入的近一半，但近年增长停滞，消费者换机周期延长。在截至今年9月27日 ...

| 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.16 | 720.00 | 41.000 | 40.360 | 29364.39 | | 2025.12.15 | 720.00 | 42.000 | 41.780 | 30166.04 | | 2025.12.11 | 230.00 | 42.280 | 42.220 | 9720.35 | | 2025.12.10 | 240.00 | 41.920 | 41.820 | 10050.51 | | 2025.12.09 | 720.00 | 41.360 | 41.080 | 29711.89 | | 2025.12.08 | 480.00 | 42.720 | 42.140 | 20398.26 | | 2025.12.04 | 240.00 | 41.920 | 41.820 | 10050.24 | | 2025.12.03 | 750.00 | 40.360 | 40.140 | 30183.90 | | 2 ...

Core Viewpoint - Apple is set to launch its first truly foldable iPhone, with a 7.7-inch display, expected to debut in the fall of 2026, as part of a significant expansion of its iPhone product line, which will include at least seven new models by fall 2027 [1][2][3]. Product Launch Plans - The foldable iPhone, codenamed V68, will feature a design that resembles a small iPad when opened, with a 5.3-inch outer screen and a 7.7-inch inner screen [5][6]. - The iPhone 20th Anniversary Edition is planned for fall 2027, featuring a curved glass design and a true edge-to-edge display [2][14]. - Apple aims to release the iPhone 18 Pro and Pro Max in fall 2026, followed by the iPhone 18 and 18e in spring 2027, with the iPhone Air 2 delayed to spring 2027 [1][11][15]. Market Strategy - The expansion of the iPhone lineup is a strategic move to rejuvenate growth in Apple's most critical business segment, which has seen stagnation due to extended consumer upgrade cycles [2][11]. - The company plans to introduce a budget model, the iPhone 17e, in spring 2026, to cater to a broader consumer budget range [11]. Technological Innovations - The foldable iPhone will utilize a complex hinge design aimed at eliminating visible creases, a common issue in current foldable devices [6][7]. - The iPhone 18 Pro series will feature an under-display Face ID sensor, eliminating the black oval area on the screen [8][9]. - Apple is adopting new chip packaging technology from TSMC to enhance AI capabilities without relying on cloud servers [10]. Production Adjustments - The iPhone 18 will be the first base model released in spring, six months after the Pro models, with production initially taking place in India before moving to China [12][13]. - The iPhone Air 2's release has been postponed due to poor sales of the first generation, with plans for redesign and cost reduction [15]. Other Product Developments - Apple is also developing various other products, including new versions of AirTag, Apple Studio Display, and smart home devices, alongside advancements in wearables and Mac products [16][17].

Core Viewpoint - The electric vehicle (EV) industry is facing significant challenges, with many companies struggling to achieve profitability, as highlighted by the statement from Duan Yongping, a prominent investor in China [4][10]. Group 1: Industry Challenges - Duan Yongping emphasizes that while the automotive industry has value, it is difficult to turn it into a "good business" due to intense competition and product homogenization [6][14]. - The automotive sector has historically experienced a high level of product similarity, which has led to fierce competition and a lack of unique selling propositions [14][18]. - The transition from traditional fuel vehicles to electric vehicles may exacerbate these challenges, as the EV market is predicted to become increasingly homogeneous [15][18]. Group 2: Business Model Insights - A strong business model requires differentiation, which is currently lacking in the automotive industry, making it hard for companies to establish a competitive moat [12][14]. - Duan Yongping argues that the automotive industry is at risk of falling into a price war, which can undermine long-term profitability and innovation [20][21]. - Companies need to focus on creating unique value propositions rather than competing solely on price, as this can lead to a race to the bottom [20][21]. Group 3: Strategic Recommendations - To transform the automotive business into a sustainable venture, companies should concentrate their efforts and resources rather than diversifying too broadly [22][24]. - The single product model, exemplified by companies like Apple, allows for focused resource allocation and can lead to superior product quality and customer loyalty [26][29]. - Companies should explore the potential of electric vehicles as platforms for additional services, leveraging the time consumers spend in their vehicles to create new revenue streams [32][36]. Group 4: Future Outlook - The future of the automotive industry may hinge on the ability to innovate beyond traditional vehicle sales, potentially integrating software and services that enhance user experience [32][36]. - Duan Yongping's evolving views on electric vehicles and autonomous driving reflect a broader trend of adapting to new market realities and consumer behaviors [37][39].

Group 1 - The AI sector has experienced volatility and corrections recently, raising concerns among investors about future investments in AI, especially considering the significant gains achieved this year [2] - The outlook for 2026 suggests that new chips and models will drive new commercial applications and revenue growth, with strong performance indicated by Nvidia's latest financial report and Google's advancements in AI models [4] - The recent market pullback is viewed as a good opportunity for positioning, with AI expected to remain a major industry theme in 2026, influencing not only the IDC sector but also infrastructure investments and the broader economy [6] Group 2 - There is a growing divergence in the overseas tech market, but the performance improvements of large models like Gemini 3.0 indicate a positive cycle for applications, maintaining optimism for the overseas computing power sector [8] - Despite concerns about an AI bubble, the long-term trends and advancements in AI are accelerating, with a focus on the iterative improvements in models and computing power, marking a new phase in Silicon Valley's AI landscape [10] - The AI industry is experiencing differentiation, but it is not considered to be in an overall bubble; there is a structural preference for domestic AI supply chains and specific segments like Google’s ASIC chain and North American power [12] Group 3 - The market for AI-related companies is facing challenges due to high valuations, making further price increases difficult; however, a more balanced market is anticipated next year [14] - By 2026, there is an urgent need to see the commercialization of AI applications, including personal assistants and advancements in robotics and smart driving [16] - The focus on value selection in both AI technology and cyclical industries will be crucial for generating excess returns amid market fluctuations [16]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The report highlights that the company's high-end strategy and the integration of its ecosystem across vehicles and home appliances provide stronger resilience compared to previous storage cycles [4] - The company has reported slightly better-than-expected earnings for Q3 2025, with revenue of 113.1 billion RMB, a year-on-year increase of 22% [6] - Adjusted net profit for Q3 2025 reached 11.3 billion RMB, up 81% year-on-year [6] Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 271 billion RMB - 2024: 366 billion RMB - 2025E: 476 billion RMB - 2026E: 565 billion RMB - 2027E: 679 billion RMB - Year-on-year growth rates are projected at -3% for 2023, 35% for 2024, 30% for 2025, 19% for 2026, and 20% for 2027 [5] - Adjusted net profit forecasts are: - 2025E: 43.5 billion RMB - 2026E: 44.5 billion RMB - 2027E: 58.4 billion RMB - Corresponding year-on-year growth rates for net profit are 59% for 2025, 2% for 2026, and 31% for 2027 [5][6] Business Segment Performance - Smartphone segment: - Q3 2025 revenue of 460 billion RMB, with an average selling price (ASP) of 1,063 RMB per unit [6] - The company aims to ship 170 million units in 2025, with a slight adjustment in forecasts due to market conditions [6] - IoT segment: - Q3 2025 revenue of 27.6 billion RMB, with a gross margin of 23.9% [6] - The company anticipates a revenue growth rate of 29% for 2025 [6] - Internet services: - Q3 2025 revenue of 9.4 billion RMB, with a gross margin of 76.9% [6] - Electric vehicle (EV) segment: - Q3 2025 revenue of 29 billion RMB, with a gross margin of 25.5% and a delivery target of 400,000 units for 2025 [6]

财务数据显示，截至2025年03月31日，创智环球收入总额1224.85万美元，同比减少40.35%；归母净利 润-1525.98万美元，同比减少1097.44%。 据交易所数据显示，12月16日，创智环球(CGTL)开盘上涨6.84%，截至22:30，报1.25美元/股，成交1.6 万美元，总市值3215.62万美元。 本文源自：市场资讯 作者：行情君 资料显示，创智环球科技控股有限公司是一家在开曼群岛注册成立的境外控股母公司,主要通过其香港 实体子公司创智环球科技有限公司运营开展业务。创智环球负责采购和转售回收的消费电子设备,目前 主要是智能手机、平板电脑和笔记本电脑。 ...