Group 1 - Honor has officially submitted its IPO counseling application on June 26, 2023, with CITIC Securities as the counseling institution [1] - The company is facing multiple challenges, including market share, as it prepares for its IPO [1][3] - Honor's registered capital is 32.239 billion yuan, with Shenzhen Zhixin New Information Technology Co., Ltd. holding 49.55% of the shares [3] Group 2 - Honor aims to transform from a smartphone manufacturer to a leading AI terminal ecosystem company, planning to invest $10 billion over the next five years [1][2] - The company has launched several new products targeting niche markets, which has led to a recovery in sales, achieving a 13.7% market share in a recent week [4] - Honor's overseas market sales increased by 50% last year, with plans to establish Europe as its second home market outside China [5] Group 3 - The CEO of Honor, Li Jian, highlighted three main challenges for AI implementation: scene efficiency, performance limitations, and trust issues related to privacy and ethics [6] - Honor is focusing on key technologies to enhance AI deployment, including intelligent agent collaboration and interconnectivity across different brand devices [6] - The market perception of AI companies is changing, with expectations that Honor will receive higher valuations as it positions itself as the first AI terminal ecosystem company in the A-share market [7]

本周有不少科技新鲜事：小米发了第一台SUV，1小时大定破28万辆、多家充电宝暴雷被集体召回、特斯拉无人驾驶出租车正式上路、 苹果官方终于接入国补，更便宜的买法要来了？本期《科技很有料》（6月27日）@三易生活、@快科技、@躺倒鸭、@公子故事会、 @唐辰同学、@虎嗅、@手机中国、@通信世界、@果粉俱乐部、@机智猫，一起跟着他们看看那些有料的产品和有料的事儿： 小米新车1小时28万辆，雷军连喊三个安全 回顾：小米YU7、小米MIX Flip 2、小米AI眼镜发布，其中最受期待的是小米首款SUV——小米YU7，1小时大定突破了28万辆，雷军 发布会上指安全是前提是基础也是一切。 @三易生活：在常温环境下，我们手头这台12GB+512GB的MIX Flip 2，CPU单核已经可以跑到2900分以上的成绩，已然胜过了许多大 尺寸的直板和折叠屏机型。在加上额外的散热措施后，MIX Flip 2的单核释放更是激进到接近3100分。不同温差下的跑分差异大约为 6.3%，远低于我们的预期。 小米MIX Flip 2首测，重塑"小折叠"性能秩序 @快科技：雷军说全系车型累计投入653台测试车，完成1062万公里多场景验证，涵盖辅 ...

Core Viewpoint - The article discusses the recent economic data in China, highlighting the growth in consumer spending supported by policies like "trade-in for new" and the stabilization of the real estate market. It raises questions about sustaining this growth amid potential pressures from declining export growth and real estate price fluctuations. Group 1: Consumer Spending - In May, China's total retail sales reached 41,326 billion yuan, growing by 6.4% year-on-year, with accelerated growth in consumer goods, particularly in home appliances and mobile phones, driven by the "trade-in for new" policy [1][3] - The "trade-in for new" policy has significantly supported consumption, contributing 1.3 percentage points to the retail sales growth in the first five months of the year [4] - The internal growth momentum for consumer spending has improved due to a decrease in unemployment rates and an increase in disposable income [4][5] Group 2: Economic Growth Forecast - The GDP growth rate for the second quarter is expected to be around 5.3%-5.4%, with retail sales growth also projected at approximately 5.4% [6] - However, there are concerns that internal consumption growth may face pressures from declining export growth and fluctuations in real estate prices in the second half of the year [6] Group 3: Export and Trade - China's total import and export value in the first five months was 17.94 trillion yuan, with a year-on-year growth of 2.5%. Exports to ASEAN and the EU increased, while exports to the US declined [8] - The diversification of export destinations has effectively mitigated geopolitical risks, with ASEAN becoming China's largest export market [8][9] Group 4: Real Estate Market - The real estate market is still in an adjustment phase, with new housing sales showing significant variation across cities. First-tier cities have shown resilience, while second-hand housing prices continue to decline [12][15] - Policies aimed at increasing the supply of quality housing are seen as crucial for stabilizing the real estate market, with expectations for further relaxation of restrictive policies in major cities [15]

Group 1 - Honor has completed its listing counseling filing on June 26, 2023, with CITIC Securities as the counseling institution, and the IPO process is expected to be completed between January and March 2026 [1] - The registered capital of Honor is 32.239 billion yuan, with the controlling shareholder being Shenzhen Zhixin New Information Technology Co., Ltd., holding 49.55% of the shares [1] - Honor has undergone approximately six rounds of financing since its independence in April 2020, with the latest round in October 2024, valuing the company at 200 billion yuan [1] Group 2 - Under the new leadership of CEO Li Jian, Honor has launched the Alpha strategy, aiming to transform from a smartphone manufacturer to an AI terminal ecosystem company, with a planned investment of 10 billion USD over the next five years [2] - Honor has established new AI-related R&D departments, including a new industry incubation department and a brand marketing department [2] Group 3 - Honor officially announced its entry into the robotics sector in May 2023, seeking additional growth avenues [3] - In Q1 2025, Honor's smartphone sales in China reached approximately 9 million units, capturing a market share of 13.7%, ranking sixth in the market [3] - Honor has experienced significant growth in Latin America, the Middle East, and Africa, with sales in Southeast Asia exceeding 100% growth and a 66% increase in the Middle East and Africa in the first four months of this year [3]

瑞银集团：给予小米集团中性评级 目标价62港元 智通财经6月27日电，瑞银集团就小米集团-W(01810.HK)发布研报。认为小米提供的未交付SU7订单升 级至YU7选项会对小米电动车产能造成挑战，且由于小米YU7预售量大胜预期，产能扩张值得观察。给 予小米"中性"评级，目标价62港元。 ...

Group 1 - Xiaomi launched the Xiaomi MIX Flip 2 and REDMI K80 Supreme Edition on June 26, with the MIX Flip 2 being a highlight due to its lightweight design and advanced features [1][2] - The Xiaomi MIX Flip 2 weighs only 199g and is 7.57mm thick, featuring a 4.01-inch full outer screen with a new "dragon bone hinge" structure that enhances screen flatness and durability [1] - The REDMI K80 Supreme Edition is equipped with a Dimensity 9400+ flagship chip and a 7410mAh battery, along with a 6.83-inch 144Hz display, representing a significant step for the REDMI brand [1][2] Group 2 - The Xiaomi MIX Flip 2 will be available in various colors and is priced at 5999 yuan for the 12GB+256GB version, with additional discounts available through national subsidies [2] - Xiaomi's collaboration with Vipshop has deepened, with various promotional events since the launch of national subsidy policies, offering significant discounts on multiple products [2] - The design of the Xiaomi MIX Flip 2, featuring lightweight and high-capacity battery characteristics, is expected to appeal to the female market, potentially making it a popular choice among female consumers [4]

6月27日，小米集团-W（1810.HK）高开，公司股价首次突破60港元，创历史新高。 6月26日晚间，小米CEO雷军在发布会后接受采访时，谈到旗下首款SUV小米YU7的预定数据，"拿到这 么多订单，我的心情很激动，远超过此前想象。" 在现场采访中，雷军始终密切关注手机，当发现订单数量不断上涨，并迅速破万时，他发出"天呐"的感 叹。雷军表示，一定要把产品质量搞好、加快交付。 据经视直播报道，当天，各地小米汽车门店夜晚灯火通明，武汉一门店甚至通宵营业，门店工作人员表 示："还有很多从地级市过来的（顾客）。" 当天，留足悬念的小米YU7正式公布售价：25.35万元起步。据小米方面披露，3分钟内大定（支付5000 元定金，7天后自动锁定不可退）数据突破20万台，一小时大定突破28.9万台，雷军在发布会上曾表 示，对于定价，"团队只花了5分钟就达成了共识。" 此次YU7的首批销售数据远比小米首款汽车SU7惊艳。据SU7发布后当晚，小米汽车官方微博发文表 示，"4分钟大定破万。7分钟大定破2万。" "这次YU7的发布，也是应特斯拉的邀请。"雷军表示，"比不过也没关系，特斯拉敢发战书，我们就敢 比，小米是一家不服输的企业 ...

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 ...

Group 1 - Honor has received approval for its IPO guidance, with plans to complete the process between January and March 2026, guided by CITIC Securities [1] - The company has undergone a name change to Honor Terminal Co., Ltd. in December 2024, paving the way for its IPO [1] - Honor has attracted over 20 shareholders, including major institutions like China Mobile and China Telecom, with Shenzhen Zhixin holding a 49.55% stake [1] Group 2 - Despite a decline in market share in China, Honor's smartphone sales increased by nearly 3% year-on-year due to rapid growth in overseas markets, particularly in Latin America, the Middle East, and Asia-Pacific [1] - The domestic smartphone market saw a 5% increase in market share during the launch week of Honor Power, allowing Honor to return to the top five in the market [2] Group 3 - Honor aims to return to the top three in the Chinese market by the end of this year, coinciding with organizational changes and the opening of 38 key management positions for competition [3] - The company has established new departments focused on AI and software, emphasizing AI research as a strategic priority, and announced its entry into the robotics industry [3] - Honor plans to invest over $10 billion in AI over the next five years and has formed a strategic partnership with China Mobile to develop customized AI smartphone products [3] Group 4 - Honor's IPO guidance signals confidence in the capital market, aiming to become the first publicly listed company representing the AI application terminal ecosystem [4]

Group 1: Alibaba's Partner Restructuring - Alibaba Group has reduced its partner organization from 26 to 17 members, focusing on frontline business leaders and further rejuvenating its core management team [2] Group 2: Xiaomi's Product Launches - Xiaomi officially launched the YU7 series with prices ranging from 253,500 to 329,900 yuan, and announced a total investment of 5.79 billion yuan in the assisted driving sector [3] - Xiaomi also introduced AI glasses starting at 1,999 yuan, with plans to invest an additional 200 billion yuan in R&D over the next five years [3] Group 3: Honor's IPO Progress - Honor Technology has completed its IPO counseling registration with the Shenzhen Securities Regulatory Commission, potentially becoming the first AI terminal ecosystem company listed in A-shares [4] Group 4: Meituan's AI Investment - Meituan's core local business CEO revealed that the company invests over 10 billion yuan annually in AI, emphasizing the importance of building a solid AI infrastructure [5] Group 5: Apple's CarPlay Ultra Controversy - Apple faces opposition from car manufacturers regarding its CarPlay Ultra system, with several luxury brands stating they will not adopt the new software [6] Group 6: Changes in Apple's App Store Policies - Apple has revised its App Store terms to provide developers with more options for directing users to better deals outside the App Store, in response to EU digital antitrust laws [6] Group 7: He Kaiming Joins Google DeepMind - He Kaiming, a prominent figure in computer vision, has joined Google DeepMind as an outstanding scientist, enhancing the company's research capabilities [7] Group 8: Google Cloud's New CFO - Google Cloud has appointed Kobi Bar Nathan as its new CFO, who previously held a similar position at Oracle [8] Group 9: SoftBank's AI Ambitions - SoftBank aims to become the largest platform supplier in the "super artificial intelligence" sector within the next decade, with a total investment commitment of 32 billion USD to OpenAI [9] Group 10: NVIDIA's Challenge to Cloud Giants - Major cloud providers like Amazon, Microsoft, and Google are facing competition from NVIDIA, which has launched its own cloud computing service and invested in AI cloud startups [10] Group 11: CoreWeave's Acquisition Attempt - CoreWeave is seeking to acquire AI server supplier Core Scientific to expand its capacity in the AI server cloud rental market [11] Group 12: OceanBase's Brand Upgrade - OceanBase has officially adopted the Chinese brand name "Haiyang Database" as part of its strategy to embrace the AI era [13] Group 13: Growth in True Wireless Earbuds Market - The global shipment of true wireless earbuds increased by 18% year-on-year in Q1 2025, reaching 78 million units, marking the highest growth rate since 2021 [15]