周一市场风险偏好回升，美国国债 收益率走高，曲线陡化。20 年期美 债拍卖表现稳健。亚洲债市流量较 轻，但市场情绪坚挺。中国投资级 债券表现不一，整体债券利差轻微 收窄。 产品及投资方案部 注：bp/bps=基点；pt/pts=百分点 中信证券财富管理 (香港) 免责声明请参考封底 2025 年 6 月 17 日 环球市场动态 二 季 度 内 地 经 济 有 望 延 续 较 快 增 长 股 票 中东紧张局势持续但市场担忧有所 降温，全球股市周一回暖。A 股港 股上涨，"稳定币"概念爆发，内房股 上扬；欧洲股市走高，收复前一日 跌幅；美股大幅反弹，科技股跑赢 大市，金龙中国指数上涨超 2%。 外 汇 / 商 品 据报伊朗寻求缓和与以色列的敌对 局势，周一国际油金价回落；日本 议息前夕日元领跌 G-10 货币。 固 定 收 益 123 ▪ 今年 5 月，内地工业和服务业生产保持较快增长，内需中消费有超预期表现，外需景气度受短期因素影响小幅 下降。从生产端来看，5 月工业增加值增速小幅回落，主要是中美谈判缓和促使工业生产在 5 月下旬显著改善。 从需求侧来看，"618 购物节" 叠加消费品以旧换新政策带动下 5 月 ...

Group 1: Robotics Industry - The demand for humanoid robots has surged, with job postings increasing by 409% year-on-year in the first five months of 2025 [1] - Overall, the robotics industry saw a 6% increase in job postings and a 32% rise in job seekers during the same period [1] - Technical positions account for over 60% of the job postings in the humanoid robotics sector, with algorithm engineers earning an average salary of 25,368 yuan per month [1] Group 2: AI and Technology Companies - NVIDIA CEO Jensen Huang criticized Anthropic CEO Dario Amodei for claiming that 50% of entry-level white-collar jobs could be replaced by AI, calling it alarmist and self-aggrandizing [2] - Huang has been advocating for the concept of "sovereign AI," emphasizing the need for countries to develop their own AI systems tailored to their unique languages and cultures [3] - OpenAI is reportedly considering antitrust allegations against Microsoft due to stalled cooperation negotiations, which could jeopardize their six-year partnership [4] Group 3: Consumer Electronics - Former President Donald Trump's group launched its own mobile phone brand, Trump Mobile, and the smartphone T1 Phone, priced at $499 [5] - Xiaomi's public relations manager clarified that a university's ban on Redmi phones for online exams was not a school requirement but rather a decision by the technology support company [6] - Xiaomi's CEO Lei Jun announced the upcoming release of the Xiaomi YU7 and other significant products at the end of June [6] Group 4: Retail and Consumer Products - A new Pop Mart store in Hangzhou closed shortly after opening due to internal issues, following customer complaints about scalpers [7] - Shenzhen Romoss Technology announced a recall of 491,745 power banks due to potential overheating risks, offering replacements or refunds to affected consumers [8] Group 5: Corporate News - Leonard Lauder, honorary chairman of Estée Lauder, passed away at the age of 92, having played a significant role in the company's history [9]

正值"618"，想要"'618'补贴和国补同时享受"的消费者却发现，没那么容易了。 据媒体此前报道，多地家电"国补"由统补变为抢券补。与此同时，重庆、湖北等地包括家 电、家装厨卫"焕新"产品在内的消费品以旧换新"国补"出现暂停或调整的情况。 "国补"对于消费的带动作用十分明显。 据国家统计局最新发布的数据，1-5月份，社会消 费品零售总额203171亿元，同比增长5.0%。全国网上零售额60402亿元，同比增长 8.5%。其中，实物商品网上零售额49878亿元，增长6.3%，占社会消费品零售总额的比重 为24.5%。1-5月份，服务零售额同比增长5.2%。 家电"国补"还将持续 据新华网报道，记者6月9日登录京东APP平台，查看补贴资格领取和使用流程。在江苏家 电国家补贴专区，页面提示"因活动升级，家电品类国补资格暂时停止领取"。湖北专区提 示"智能家居国补活动升级中，升级期间暂时无法享受国补优惠，后续开启时间另行通 知"。类似暂停和调整的情况在重庆、河南、广东等多地出现。 记者还注意到，一些可领取补贴资格的地区，对领取时间和时效做了限定。比如，河北地区 每日8:30-22:00点限量领取；四川地区每日8:0 ...

6月16日，特朗普集团宣布特朗普移动将通过AT&T、Verizon和T-Mobile提供5G服务，同时计划于9月推 出"T1手机"。(证券时报) ...

Group 1: Core Insights - Xiaomi's launch of the Xuanjie O1 chip marks a significant milestone in its ambition to create a comprehensive "human-vehicle-home ecosystem" [1][6] - The company has invested 13.5 billion yuan over the past four and a half years in developing the Xuanjie O1, which is part of a broader strategy to enhance its technological capabilities [1][6] - Xiaomi's SU7 vehicle has achieved remarkable sales, becoming the best-selling model in the 200,000 yuan and above category, with 250,000 units sold within 14 months [4][6] Group 2: Manufacturing and Production - Xiaomi's super factory employs over 700 robots, achieving 100% automation in key manufacturing processes, including die-casting and assembly [3] - The factory's integrated die-casting production line simplifies 72 parts into one, reducing production time by 74% [3] - Once fully operational, the factory can produce a new SU7 vehicle every 76 seconds, with a monthly capacity of 28,000 to 29,000 units [4] Group 3: Research and Development - Xiaomi plans to invest an additional 200 billion yuan in R&D over the next five years, building on its previous commitment of 102 billion yuan from 2021 to 2025 [7] - The company has seen a 30.1% year-on-year increase in R&D investment, reaching 6.7 billion yuan in Q1 2025, with total R&D personnel rising to 21,731 [7] - Xiaomi's focus on long-term investment in core technologies aims to establish itself as a leading hard-tech company globally [6][7] Group 4: Strategic Importance of Chip Development - The re-launch of Xiaomi's "big chip" strategy is crucial for building a self-sufficient technological moat and reducing supply chain dependencies [8] - Self-developed chips are expected to enhance product performance and user experience, supporting Xiaomi's high-end market penetration [8] - The integration of chips, operating systems, and AI is seen as essential for creating a cohesive ecosystem across devices [7][8]

Investment Rating - The report maintains an "Outperform" rating for the consumer electronics sector [8] Core Insights - The electronic sector index increased by 0.73% during the week of June 9 to June 13, 2025, outperforming the Shanghai Composite Index by 0.98 percentage points [1][15] - The brand consumer electronics segment saw significant growth, with a notable increase of 65.19% [1][17] - The report highlights the successful listing of Ying Shi Innovation Technology on the STAR Market, with a first-day opening price of 182 CNY per share, representing a 285% increase from the issue price [88] Summary by Sections 1. Weekly Performance - The electronic sector index rose by 0.73%, outperforming the Shanghai Composite Index by 0.98 percentage points [1][15] - The brand consumer electronics, printed circuit boards, and other electronics III sectors had the highest increases, at 65.19%, 2.22%, and 1.64% respectively [1][15] 2. Consumer Electronics Demand - In Q1 2025, global smartphone shipments increased by 1.53% year-on-year, totaling 305 million units [27] - Global PC shipments in Q1 2025 grew by 4.98% year-on-year, reaching 63.2 million units [41] - The wearable market saw a 13% increase in global shipments of wearable wristbands in Q1 2025, totaling 47 million units [53] - AI smart glasses shipments surged by 215.79% year-on-year in Q1 2025, reaching 600,000 units [74] 3. Industry Dynamics - Ying Shi Innovation Technology's listing on June 11, 2025, raised 1.938 billion CNY, marking the highest fundraising scale on the STAR Market for 2025 [88] - The company reported a revenue of 1.355 billion CNY in Q1 2025, reflecting a year-on-year growth of 40.7% [88] - The report notes that Ying Shi Innovation has a strong focus on R&D, with a cumulative investment of 1.48 billion CNY over the past three years [89] 4. Key Company Announcements - Ying Shi Innovation's successful listing and significant first-day performance highlight the potential for growth in the consumer electronics sector [88] - The report emphasizes the importance of continuous investment in R&D to maintain competitive advantages in technology [89]

新华社北京6月16日电 题：76秒，下线一辆车！——在小米汽车工厂感悟分秒间的创新力 新华社记者陈芳、温竞华、陈旭 更智慧、更柔性、更绿色——这是现代化汽车工厂的新气质，数字技术全链条全方位对生产线赋能，人 工智能与机器人技术以前所未有的速度重塑生产逻辑。参加"活力中国调研行"主题采访活动的记者们不 禁感叹：汽车制造业加速步入智能时代。 "推开"压铸车间厚重的隔音门，富有生命力的"智造"韵律扑面而来：9100吨一体化压铸机，如同一只钢 铁巨兽，将炽热的铝合金溶液注入模具。"传统后地板件需要70多个零部件焊接，现在一次成型。"车间 的工程师介绍，这个大块头的压铸设备全球领先，彰显着汽车制造业挑战高峰的勇气与实力。 一路穿行车身车间腹地，记者感受最深的不是单一机械臂飞舞作业，而是超700个机器人有条不紊地作 业，各自繁忙又浑然一体。"嗒、嗒、嗒"，现场的机械马达低鸣与气动工具嘶鸣声此起彼伏。在200多 道关键工序中，自动化率达到100%。 安全是一辆新能源汽车的生命线。小到一个压铸件的内部结构，大到整车结构安全、电池安全，容不得 一丝一毫的疏忽。 记者在现场看到，大压铸件成型后，就像人在医院体检一样，由X光机连拍 ...

Group 1 - Shanghai continues to implement the existing national subsidy policy across all categories, despite reports of changes in other provinces [1] - The subsidy for home appliances, mobile phones, and home decoration in Shanghai is provided through a payment reduction method, funded by both central and local finances [1] - As of now, the order volume for related consumer goods in the home appliance, mobile phone, and home decoration categories has exceeded 11 million, with sales exceeding 26 billion yuan [1]

小米YU7是小米首款SUV车型，于今年5月22日发布。雷军此前曾表示，YU7对标Model Y的配置。根据 官方信息，2025款特斯拉Model Y后轮驱动版指导价为26.35万元，长续航全轮驱动版指导价为31.35万 元。 小米汽车副总裁李肖爽今日对记者表示，作为小米集团15年发展历程中的重要战略业务，小米汽车由创 始人雷军亲自挂帅牵头。李肖爽称，小米在15年发展中涉足手机、生态链等多品类领域，积累了跨界经 验和踩坑经验，也深知进入新行业充满敬畏之心。面对汽车这一技术复杂度极高的赛道，小米的战术方 法是"守正出奇"。在智能化架构、机械底盘技术、电动化三电系统三大核心维度上做好守正工作，对标 行业最领先的两个头部企业，电动化领域的标杆企业特斯拉和整车机械素质领先的保时捷。 "小米汽车工厂目前每月能生产两三万辆车，工厂实现了高度自动化，绝大部分工序都由机器完成。"小 米集团创始人雷军表示。 "小米汽车工厂目前每月能生产两三万辆车，工厂实现了高度自动化，绝大部分工序都由机器完成。"小 米集团创始人雷军6月16日在"活力中国调研行"活动上表示。 雷军认为，小米汽车首战告捷，在过去的14个月销售了25万辆汽车，智能制 ...

特朗普进军手机市场 旗下集团推出自有品牌手机网络 金十数据6月16日讯，周一，特朗普集团推出了一个名为"特朗普移动"（Trump Mobile）的自有品牌移 动手机网络，这标志着特朗普集团为争取保守派消费者做出了新的努力，其定位为大型电信运营商的替 代选择。长期以来，特朗普家族以其房地产帝国、豪华酒店和高尔夫度假村而闻名，近年来，他们开始 涉足数字媒体和加密货币等新领域。特朗普集团在总统就职典礼前表示，公司的控制权将移交给特朗普 的子女，与他第一个任期时的安排类似，不过对潜在利益冲突的担忧仍然存在。该公司是特朗普大部分 商业企业的主要控股实体。特朗普集团周一表示，其新的移动合资企业将在美国设立呼叫中心，并在美 国制造手机。今日，特朗普集团还推出售价499美元的T1智能手机，将于9月上市，官方网站显示，该 手机的操作系统为安卓15。 ...