丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨港股公司点评丨小米集团-W（01810.HK） [Table_Title] 汽车业务实现扭亏，Q3 业绩再创新高 报告要点 [Table_Summary] 2025 年前三季度，小米集团实现营收 3403.70 亿元，同比增长 32.5%；经调整净利润 328.17 亿元，同比增长 73.5%。毛利率 22.75%，同比提升 1.69pct；净利率 9.64%，同比提升 2.28pct。 2025Q3 单季度实现营收 1131.21 亿元，同比增长 22.28%；经调整净利润再创新高，达到 113.11 亿元，同比增长 80.92%。毛利率 22.75%，同比提升 1.69pct；净利率 9.64%，同比提升 2.28pct。 分析师及联系人 [Table_Author] 杨洋 高伊楠 陈亮 张永乾 SAC：S0490517070012 SAC：S0490517060001 SAC：S0490517070017 SAC：S0490524030002 SFC：BUW100 SFC：BUW101 SFC：BUW408 请阅读最后评级说明和重要声明 % ...

Core Viewpoint - The competition in the AI glasses market is intensifying as major companies like Baidu, Alibaba, and Li Auto launch their products, with Li Auto's Livis glasses selling out quickly after release [1][3]. Group 1: Market Dynamics - Li Auto's AI glasses Livis were launched without pre-sale, directly shipping at a competitive price of 1699 yuan, leading to rapid sell-out within two hours [1]. - Other major players, including Google, Vivo, and Xiaomi, are also exploring AI glasses, with Google reportedly in the POC stage for two products [3][4]. - The entry of various companies into the AI glasses market indicates a significant shift, with many viewing it as a strategic necessity for data collection and user interaction [4][18]. Group 2: Strategic Importance - AI glasses are seen as a critical extension of existing hardware experiences for consumer electronics companies, while for internet giants, they represent a necessary entry point for data collection and model enhancement [4][17]. - Companies like Alibaba and Baidu are aggressively pursuing AI glasses as a strategic product, with Baidu defining it as an S-level strategic initiative [20][22]. - The competition is not just about hardware but also about the underlying data that can be collected through these devices, which is crucial for future AI developments [12][17]. Group 3: Industry Trends - The hardware barrier for entering the AI glasses market has lowered significantly, allowing a wide range of players to participate [25][29]. - The supply chain for AI glasses is rapidly evolving, with companies like Qualcomm and Foxconn involved in production, leading to shorter project cycles and controlled hardware costs [28][29]. - The market is characterized by a "comprehensive competition," where the ability to deliver high-quality products without flaws is essential for success [30].

2025年前6个月，苹果在美股"科技七巨头"中表现倒数第二，截至6月底股价累计下跌18%。但是从那以 后，情况发生逆转，苹果股价飙升35%，而Meta和微软等AI宠儿的股价转为下跌，就连英伟达也表现不 佳。同期，标普500指数上涨10%，科技股占比较高的纳斯达克100指数上涨13%。 "在所有同行都走向相反方向的时候，苹果仍能保持冷静并控制支出，这实在令人赞叹。"持有苹果股票 的Needham Aggressive Growth Fund投资组合经理约翰.巴尔(John Barr)表示。 苹果股价跑赢标普500和英伟达 结果，苹果市值达到4.1万亿美元，在标普500指数中的权重跃居第二，不仅超越了微软，更直逼英伟 达。这一转变反映出，市场正在审视科技巨头们投入数千亿美元开发AI的做法，同时也表明苹果已做 好准备，将在该技术成熟普及时最终受益。 "虽然苹果未来必然会将更多AI技术整合到手机中，但他们成功避开了这场耗资巨大的AI军备竞赛。"持 有苹果股票的Glenview信托公司首席投资官比尔.斯通(Bill Stone)表示。 当然，这波上涨也让苹果股票变得比很长一段时间以来都更贵。该股目前股价对应未来12个月 ...

Core Insights - The AI mobile phone concept is gaining traction, with companies like Shenghong Technology and Furong Technology seeing significant stock price increases following the announcement of the open-sourcing of the AutoGLM AI model by Zhiyu Technology [1][2] Industry Developments - Zhiyu Technology has open-sourced its AutoGLM model, which is recognized as the world's first AI agent capable of mobile operations, enabling complex tasks like food ordering and flight booking [1][2] - The open-sourcing of AutoGLM is expected to lower the technical barriers for AI mobile phones, transitioning the ecosystem from a closed to an open collaborative model [1][2] - The project supports both local and cloud deployment, ensuring users maintain control over their data and privacy [1][2] Market Trends - The AI mobile phone sector is witnessing significant interest from major players, with the recent collaboration between Douyin's AI assistant "Doubao" and ZTE marking a substantial step in the integration of AI models with mobile hardware [2][3] - AI mobile phones are moving from concept to real-world applications, capable of automating tasks in various scenarios such as food delivery and customer service [2][3] Future Outlook - Citic Securities predicts that AI mobile phones will be a major transformation in the industry, with expectations for the launch of AI phones equipped with advanced capabilities by the end of 2025 [3] - The Chinese government's policies are increasingly supportive of AI mobile technology, aiming to foster a comprehensive ecosystem for smart products [3][4] - Experts believe that the continuous breakthroughs in core technologies will unlock significant market potential, driving the evolution of consumer electronics from tools to intelligent partners [4]

花旗：将苹果(AAPL.O)目标价从315美元上调至330美元。 本文源自：金融界AI电报 ...

Group 1: Economic Policies and Market Outlook - The Central Political Bureau of the Communist Party of China emphasizes the implementation of more proactive macroeconomic policies for 2026, including sustained fiscal and moderately loose monetary policies [2][7] - The meeting proposed eight key tasks, focusing on domestic demand and innovation-driven growth, signaling positive policy intentions to stabilize market expectations [2][7] - The U.S. government allows Nvidia to export H200 chips to China, with a 25% revenue share for the government, indicating a shift in U.S. chip export policies [2][7] Group 2: Stock Market Performance - A-shares show mixed performance with major indices fluctuating; trading volume reached 1.9 trillion yuan, with sectors like computing hardware and retail performing well [3][8] - Pop Mart's stock price dropped by 8.49%, raising concerns about slowing sales momentum, with a cumulative decline of 41% from its peak [3][8] - China Metallurgical Group plans to sell assets worth 606.76 billion yuan to its controlling shareholder, leading to a near limit-down situation in the A-share market [3][9] Group 3: Sector-Specific Developments - The Hong Kong Stock Exchange launches the "HKEX Technology 100" index to track 100 listed technology companies, providing a new investment tool for tech investors [4][9] - Silver prices have doubled this year, driven by high demand and low inventory, with 13 silver concept stocks in the A-share market showing strong performance and low valuations [4][9] - Xiaomi increases its investment in AI, planning to invest 300 billion yuan this year and 2 trillion yuan over the next five years, indicating a strong commitment to AI development [5][9]

格隆汇12月9日｜花旗将苹果目标价从315美元上调至330美元。 ...

2025年的加州库比蒂诺，阳光依旧毫不吝啬地洒在Apple Park巨大的曲面玻璃上。 这座造价50亿美元、被乔布斯视作生平最后一件作品的环形建筑，宛如一艘停泊在地球表面的外星飞 船，象征着一种近乎神性的完美秩序。 在这里，包装盒的设计都拥有专利，每一棵树的种植位置都经过精确计算，空气中弥漫着一种对「控 制」的极致迷恋。 然而，在这个被视为科技界「梵蒂冈」的圣地内部，一种不易察觉却致命的动荡正在蔓延。 那些曾将苹果工牌视为职业生涯最高勋章的顶尖工程师、设计师和架构师，正在成群结队地寻找「救生 舱」。 他们并不是因为这里待遇微薄而离开，也不是因为厌倦了加州的阳光。 他们离开，是因为感觉这艘飞船虽然依旧航行平稳，但似乎已经偏离了通往未来的航线。 他们驱车向北，穿过 280 号州际公路，涌向了 Meta 位于门洛帕克的园区，或是旧金山那个充斥着极客 与理想主义的 OpenAI 总部。 这是一场关乎信仰的迁徙。 根据彭博社、华尔街日报等多方信源的交叉印证，苹果正在经历自1997年乔布斯回归以来最严重的人才 流失潮。 从定义了 iPhone 触感的设计师，到掌控着全球数亿台设备算力命脉的芯片造物主，再到试图在生成式 A ...

Group 1 - Xiaomi has recently initiated a series of personnel adjustments in its China operations, affecting key positions in mobile phones, automotive, and home appliances [1] - Wang Xiaoyan, the current President of Xiaomi China, has taken on additional responsibilities as the General Manager of the Sales Operations Department, while Guo Jinbao has been appointed as the General Manager of the Sales Operations Department II [1] - The restructuring is seen as a response to the recent performance pressure in Xiaomi's China operations, indicating Wang Xiaoyan's direct involvement in improving performance [4] Group 2 - Xiaomi is experiencing a slowdown in order growth for its automotive, mobile phone, and home appliance segments, attributed to external environmental factors [4][5] - An internal notice from November indicates that Xiaomi's focus for 2026 will shift from "scale expansion" to "quality improvement," leading to the planned closure of inefficient and loss-making stores [4] - Some distributors have reported inventory pressure, with instances of low-priced sales in the secondary market to recover funds, reflecting the challenges faced by Xiaomi [5]

Core Viewpoint - The launch of the "影翎A1" drone by影石创新 has faced significant criticism regarding its sales performance, with claims of low sales and rapid resale on second-hand platforms, prompting a strong response from the company's founder, Liu Jingkang [1][4]. Group 1: Product Launch and Sales Performance - The影翎A1, the world's first 8K panoramic drone, was officially released on December 4, with a standard price of 6,799 yuan after subsidies [3]. - Within 48 hours of its launch in China, the影翎A1 reportedly generated over 30 million yuan in sales [1][2]. - Despite initial sales figures, there were rumors of only a few hundred units sold, leading to concerns about the product's market acceptance [1][4]. Group 2: Competitive Landscape -影石 and DJI are engaged in fierce competition, with影石 aiming to penetrate DJI's stronghold in the consumer drone market [2][6]. - DJI holds over 70% of the global consumer drone market, while影石 has been the leader in the consumer panoramic camera market for six consecutive years [2][6]. - Both companies have recently launched products targeting each other's core markets, leading to a price war [7]. Group 3: Financial Performance and Investment -影石 reported a revenue of 6.611 billion yuan for the first three quarters of the year, a year-on-year increase of 67.18%, but a net profit decline of 5.95% to 792 million yuan [8]. - The company has significantly increased its R&D investment, reaching 1.085 billion yuan in the first three quarters, a 127.02% increase year-on-year [8]. - Despite the pressure from competition,影石's stock price has seen a significant increase of over 440% since its IPO, although it has dropped more than 30% from its peak in September [9].