Core Viewpoint - The success of Xiaomi's automotive business is fundamentally rooted in the "Xiaomi Methodology," which has allowed it to "disrupt" the traditional automotive industry over the past 2-3 years. Unlike the product-driven logic of traditional automakers, Xiaomi employs a user-driven approach, leveraging big data to optimize product quality and expand its market presence [2][6]. Group 1: Product Strategy - Xiaomi aims for a comprehensive product layout, focusing on strengthening its presence in the market above 200,000 yuan with models like SU7 and YU7, while also targeting the market below 200,000 yuan, similar to its Redmi phone strategy [2][6]. - The company is committed to executing its "user-car-home ecosystem" strategy, emphasizing brand elevation and globalization, ensuring that its automotive business aligns with its overall strategic goals [2][3]. Group 2: Technology Strategy - Xiaomi positions itself as a "fast follower" in technology, with a focus on enhancing electric and intelligent driving capabilities. The company plans to allocate approximately 30% of its annual R&D budget, which is no less than 30 billion yuan, to automotive research and development [3][6]. Group 3: Market Performance - Since the official delivery of the SU7, Xiaomi's automotive revenue and gross margin have been on the rise, achieving a gross margin of 23.2% in Q1 2025. The average selling price (ASP) per vehicle remains around 240,000 yuan, with single-vehicle operating losses gradually narrowing [38][40]. - The SU7 has surpassed the Tesla Model 3 to become the best-selling electric sedan in its price range, with an average monthly sales of 26,500 units in the first five months of 2025 [49][52]. Group 4: User Demographics - The user demographic for the SU7 shows a higher proportion of female users compared to Xiaomi's smartphone users, with a significant focus on young consumers aged 25-35. The vehicle's design and performance appeal to this demographic, particularly in first- and second-tier cities [53][54]. Group 5: Sales and Distribution - Xiaomi's automotive sales strategy employs a "t+N" model, where "t" represents self-operated delivery centers and "N" includes partnerships with top automotive dealers. As of May 31, 2025, Xiaomi has established 298 brand stores across 82 cities, with plans to expand further into emerging markets [43][44].

以下文章来源于中国宏观经济论坛 CMF ，作者江小涓 中国宏观经济论坛 CMF . 创立于2006年，由中国人民大学国发院、经济学院、中诚信国际信用评级有限公司联合主办。依托人大 经济学一级学科排名全国第一的优秀研究力量，诚邀社会知名专家，集中从事中国宏观经济动态和重大 经济问题研究，定期发布分析与预测报告。 江小涓 中国社科院大学教授 以下观点整理自江小涓在CMF2025年中期论坛（总第69期）上的发言 01 尽全力保持经济回升向好的势头 2025年上半年中国经济展现出回升向好势头。5月份社会消费品零售总额表现良好，出口也较为出 色。 4月25日中央政治局会议对宏观经济政策做出全面部署，涵盖投资、消费、出口等层面，政策部 署"多管齐下"、"能用尽用"，体系均衡且全面。政策还特别强调宏观政策的民生导向（不仅是促消 费，更是"投资于人"，体现投资消费统筹）。房地产市场政策开放度提升，城市政府在收购主体价 格和用途方面获更大自主权。新型城镇化政策推进市民化，释放消费潜力。 对比近三年中央经济工作会议精神，政策导向持续深化：在质与量的关系上，最新要求是将"质的有 效提升"和"量的合理增长"统一于高质量发展的全过程， ...

每经记者｜蔡鼎 每经编辑｜陈俊杰 6月25日，港交所文件显示，酷赛智能科技股份有限公司（以下简称酷赛智能）向港交所提交上市申请 书，独家保荐人为中信证券。由于这是酷赛智能第一次呈交的申请版本，因此并未包含任何关于拟募集 资金或发行股份数量的内容。 申请文件显示，酷赛智能计划将此次IPO（首次公开募股）募集资金分为五部分，分别用于扩大产能、 提升研发及AI（人工智能）能力、战略并购、升级IT（信息技术）系统及基础设施，以及运营资金及一 般企业用途，但公司尚未披露每项用途的拟投入资金及占比。 领跑"本土手机解决方案"市场 酷赛智能成立于2006年，是一家专注于智能手机端到端解决方案的提供商，其主要业务涵盖智能手机的 研发、设计、生产、销售及服务供应。公司定位为中国本土智能手机品牌端到端解决方案市场的重要参 与者，尤其服务于缺乏自主设计和生产能力的本土品牌客户，为客户提供消费类智能手机、三防手机 （注：专为抵御恶劣条件而设计，依据特定行业标准具备防水、防震和防尘性能。这类智能手机在极端 温度与高湿度环境中表现出色，能够承受强烈的物理冲击，非常适合在恶劣环境下使用）以及其他物联 网产品。 申请文件显示，酷赛智能总部及 ...

在日前举办的上海世界移动通信大会上，人工智能（AI）是最热门的话题之一。 与会嘉宾认为，在个人通信领域，移动终端正从以APP为中心走向以智能体（Agent）为中心，让每个 人都有专属的智慧助手。到2030年，全球将有近百亿款个人AI Agent，重塑用户交互体验。 在荣耀终端股份有限公司CEO李健看来，只有让AI落地生根，让用户使用起来，才能真正释放AI潜 力。为此，荣耀给出的解决方案是：硬件与智能体双轮驱动。硬件提供核心载体，Agent是理解用户意 图、自主执行任务、反馈结果的重要应用。 李健还透露，荣耀将于7月2日发布Magic V5手机，以全面升级的AI智能体为亮点，提升用户使用体 验。 此前，荣耀就提出了阿尔法战略，旨在从智能手机制造商向AI终端生态公司转型。荣耀认为，终端的 本质是连接物理世界与数字世界的桥梁，AI将从硬件、软件和应用3个层面重新定义人机交互、数字内 容和服务：用户只需要简单地表达意图，就能实现数字内容的个性化生成和数字服务的自动化执行。 在阿尔法战略中，从手机到智能体，再到通用人工智能，荣耀将与合作伙伴一道，以技术创新打开产业 边界，共创AI终端新范式。 大会期间，荣耀和中国移动（ ...

Core Viewpoint - The Trump Organization has launched its own mobile network brand "T1 Mobile" and the first smartphone "T1," emphasizing "Made in America" as a selling point, while President Trump has urged Apple CEO Tim Cook to keep iPhone production in the U.S. [1] Group 1: Product Overview - The Liberty phone developed by Purism is reported to be the closest product to achieving the "Made in America" goal, but its specifications are considered outdated, with a high price of $1,999 (approximately 14,336 RMB) [2][4] - The Liberty phone focuses on privacy and is manufactured, produced, and packaged in the U.S., with its printed circuit boards (PCBs) also produced domestically. However, key components like the casing, camera, modem, and WiFi/BT modules are sourced from overseas suppliers, primarily from China and India [4][8] Group 2: Production and Market Comparison - Purism's CEO Weaver stated that he can produce about 10,000 Liberty phones per month, but sales have not yet reached 100,000 units. In contrast, Apple is projected to ship approximately 220 million phones in 2024 [4][6] - The production cost of the Liberty phone is around $650, while the manufacturing cost of a 256GB iPhone 16 Pro Max is approximately $485 [6][7] Group 3: Market Position and Target Audience - Weaver indicated that the Liberty phone is not designed to compete with the iPhone, and its price reflects the value of supply chain security and traceability. About half of Purism's customers are U.S. government agencies [8][9] - The target audience for the Liberty phone includes security enthusiasts, parents buying phones for their children, seniors, and those looking to avoid large tech companies, rather than consumers needing high-quality cameras [9]

Group 1 - The founder of Cat King Sound, Zeng Dejun, responded to a controversial video regarding Lei Jun, stating he has no negative opinions towards Lei Jun or Xiaomi and hopes for no further misinterpretations [1][3] - The 2025 New Fortune Rich List revealed that Zhong Shanshan lost his position as the richest person, while Lei Jun's family saw a significant wealth increase of 96%, reaching a market value of 201 billion yuan, moving up to the 6th position [4] - Vivo's legal department announced that it has initiated an internal investigation regarding the leakage of product information by a third party, which has resulted in the involved party admitting fault and bearing compensation [13] Group 2 - Starbucks confirmed it is not considering a full sale of its Chinese business, despite previous reports suggesting otherwise [9] - Anker Innovation announced a recall of 712,900 power banks due to safety risks, which could lead to economic losses ranging from 106 million to 163 million yuan if all users opt for full refunds [32] - Neta Auto may face the risk of returning over 2 billion Thai Baht (approximately 438 million yuan) in subsidies due to not meeting production targets in Thailand [27]

Group 1 - The core viewpoint of the article is that KUSAI Intelligent Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading provider of end-to-end solutions for local smartphone brands and telecom operators [1][3] - KUSAI is recognized as the second-largest end-to-end solution provider for local smartphone brands by shipment volume in 2024, and it is projected to become the largest by the first quarter of 2025 [1] - The company has developed over 526 models of smartphones and printed circuit board components, along with more than 46 types of other smart devices by the end of 2024 [1] Group 2 - KUSAI's revenue has shown robust growth, increasing from RMB 1,713.5 million in 2022 to RMB 2,301.9 million in 2023, representing a growth of 34.3%, and further rising by 18.0% to RMB 2,717.0 million in 2024 [2] - The gross profit also increased significantly, from RMB 328.4 million in 2022 to RMB 504.1 million in 2023, a growth of 53.5%, and then by 20.2% to RMB 605.8 million in 2024 [2] - Net profit rose from RMB 110.1 million in 2022 to RMB 203.2 million in 2023, an increase of 84.6%, and further to RMB 206.6 million in 2024 [2]

Group 1 - Apple has launched a direct sales channel for the national subsidy program, but there are several restrictions in place [5][6] - The eligible products for the subsidy include various models of iPhone, iPad, Apple Watch, and Mac, with specific limitations on refunds and exchanges [6] - The iPhone 17 Air is expected to feature a 6.6-inch screen with a resolution of approximately 1260×2740, aligning with new wallpaper resolution leaked in iOS 26 Beta2 [5] Group 2 - Xiaomi's founder Lei Jun expressed confidence that the upcoming YU7 model will be as popular as the SU7, with user interest significantly exceeding expectations [11] - The YU7 will have 90% of its components newly developed, differentiating it from the SU7, and will be officially launched on June 26 [11] Group 3 - Nvidia's CEO Jensen Huang has begun a stock sell-off plan, with a total of 6 million shares expected to be sold, amounting to approximately $865 million [17][18] - As of now, Huang still holds over 900 million shares, which is nearly 4% of Nvidia's total shares [19] Group 4 - Meta's acquisition discussions with AI video startup Runway AI are currently on hold, with no formal offer made yet [20] - Runway AI was valued at over $3 billion earlier this year, and Meta has been actively pursuing AI company acquisitions [20] Group 5 - Snowcap Compute, an AI chip startup, has raised $23 million in seed funding and appointed former Intel CEO Pat Gelsinger to its board [22] - The company aims to develop commercially viable AI computing chips using superconductors, with plans to launch its first chip by 2026 [21][22] Group 6 - Starbucks China is evaluating options for future growth amid reports of investment interest from firms like Hillhouse Capital and Carlyle Group, with the business valued at approximately $5 to $6 billion [43]

Group 1 - The article highlights ten Chinese companies that showcase the diverse landscape of China's industrial sector, including leaders in electric vehicle batteries and popular toy companies [1] - CATL is recognized as the global leader in electric vehicle battery manufacturing, holding approximately 38% of the market share, and has maintained steady profit growth despite price pressures [2] - Huawei has shown strong recovery in 2024, investing one-fifth of its total revenue back into R&D, focusing on future technologies amidst challenges from U.S. sanctions [5] Group 2 - Meituan processed nearly 22 billion orders in 2023, demonstrating its strong operational capacity and dominance in the food delivery sector while expanding into grocery retail and local services [5] - Pop Mart has redefined the collectible toy market, with revenue expected to double in 2024, driven by its unique designer toys and the global phenomenon of "blind boxes" [6] - The article also mentions other significant companies like Envision Energy, Haier, JinkoSolar, and LONGi Green Energy, emphasizing their roles in shaping the real economy and adapting to new geopolitical environments [6][7]

[Table_Title] 研究报告 Research Report 24 Jun 2025 东南亚可选消费必需消费 Southeast Asia Discretionary Staples 东南亚见闻之越南：消费出海正当时 Vietnam Tracking：Consumer Expansion to Vietnam is Timely 经济高速增长。当前越南政府将经济发展放在中心位置；加之，越南具有丰富资源、人口红利以及地理优势等， 越南经济进入高速发展阶段。外资和外贸的发展推动了越南经济的不断抬升，尤其是 2018 年中美贸易摩擦后，越 南得到进一步发展。 制造机遇在升级。中资制造在越南的布局，经历了纺织服装、太阳能光伏、家电、消费电子、新能源汽车等的出 海历程。当前越南制造业正处于不断升级的发展阶段，而中资制造的综合优势依然较为显著未来的发展前景依然 可观。 rebecca.jl.hu@htisec.com q.song@htisec.com liting.wang@htisec.com [Table_yemei1] 热点速评 Flash Analysis [Table_summary] (Please ...