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]

金十数据6月27日讯，美银证券发表研究报告指，小米集团(01810.HK)日前举行「人车家全生态发布 会」，当中市场聚焦於YU7的定价，YU7、YU7Pro及YU7Max的定价分别为25.35万元、27.99万元及 32.99万元人民币。该行指，YU7定价大致符预期，虽然Max版本的定价稍高於其预期的25至30万元范 围，但价格表现仍好过Tesla Model Y。而YU7开售一小时内，已收到逾28.9万辆订单，表现较SU7首日 订单量约8.9万辆更好。该行维持买入评级，基於强劲的电动车势头，以及稳健的智能手机及物联网增 长；目标价66港元。 美银证券：小米YU7定价大致符合预期 订单胜SU7 ...

预售首日销量超过60万台的iPhone4，小定首日超过20万辆Cybertruck；现在，还有Yu7发布后1个小时大定超28.9万台，如果一切顺利，这辆车将毫无疑问 载入全球消费电子产品的历史，多年之后，我们依然能在很多地方看到它的名字。 小米最值得一说的，是在"内卷式"竞争的新能源汽车市场里，走出了一条不靠性价比的路，凭借一款同价位段性价比"较低"的产品，实现如此规模的社会 关注度和销量水平。 在资本市场的通常意义之下，这就是成功，也是一家公司走向伟大的必经之路。说白了，你什么时候见过苹果、特斯拉和索尼他们跟你聊过性价比？ 当然，你可以说这20万的大定数字，有不少是Su7未交付订单转过来的；也可以说网络上各种各样的质疑声音，包括安全、智驾、外观抄袭等等；上一段 写的那两款消费电子产品，黑子也非常多、声音也非常大，但丝毫不影响他们成就了现象级的商业成功。没办法，老百姓喜欢才是真的喜欢，黑的声音越 大，买的人越多。 从舆论场的观察看，小米已经悄悄开始步上特斯拉的后尘：网上黑子多，销量没输过。在Yu7发布之前，小米Su7已经和曾经的全球车王Model Y在中国全 部车辆月销榜首的位置上斗得有来有回，今年2月、4月 ...

以下文章来源于创业板观察 ，作者黄心怡 创业板观察 . 创业板观察致力于发布深交所创业板的市场发展、政策变化、监管导向、上市企业动态等的及时信息， 提供有价值的市场资讯。 荣耀终端股份有限公司（以下简称"荣耀"）获深圳证监局上市辅导备案，中信证券担任辅导机 构。 荣耀于去年年底完成了股改，并为IPO做准备，引入了国有和大型机构资本，截至目前，共有 包括深圳智信、国信资本、中国移动、中国电信、京东方等在内的20余家股东。 荣耀CFO彭求恩此前在采访中对《科创板日报》表示，已经聘用了券商、律所、会计师等中介 机构，各项筹备工作都在积极开展中，未来会选择合适的时机上市。 除了内部架构调整，荣耀还发力产业投资， 联合深圳国资出资成立了AI终端产投基金。 近 日，深圳市人工智能终端产业私募股权投资基金合伙企业（有限合伙）已正式成立。该基金的 出资规模为14.4亿元，经营范围包括股权投资、投资管理、资产管理等。穿透股权后，该基金 由荣耀终端股份有限公司、深圳市引导基金、深圳市福田引导基金、深圳市红土创业投资有限 公司等共同出资。其中荣耀认缴出资3亿元，出资比例为20.83%。 荣耀在一季度并未发布新机，导致其国内市场份额 ...

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 ...