金十数据5月28日讯，美银证券表示，小米首季调整后盈利超出该行及市场共识各5%及18%，得益于更 高的毛利率和营运费用控制，毛利率超出该行及市场共识预期各1.6及1.4个百分点，达到22.8%，推动 实际营运收超出该行预期27%。在智能手机方面，小米对行业出货量预测相对保守，但管理层强调专注 于在部分地区推动中高端智能手机交付，从而提升平均售价（ASP）并支持毛利率增长。小米管理层目 标在2025年成为中国第三大家电品牌，并看好长期增长潜力。此外，小米管理层对电动车需求充满信 心，供应仍是主要瓶颈，SU7与YU7共享同一平台，有助于灵活调整产能和零部件分配，应可支持毛利 率扩张。该行上调小米目标由63港元升至66港元，此按综合方式作估值（对其核心业务每股估值预测30 元（按预测明年市盈率22倍）、电动车业务每股估值36元，按2026年下半年至2027年上半年综合市销率 5倍作估值）。 美银证券：小米首季调整后盈利超预期 升目标价至66港元 ...

苹果和三星推动高端市场份额创历史新高 Canalys高级分析师Runar Bj rhovde表示："在苹果和三星的带动下，欧洲高端机型的需求持续强劲，售价高于800欧元的设备占比在第一 季度达到了创纪录的32%。苹果是本季度的最大赢家，尽管进入第一季度时仍有大量iPhone13和14的库存(这两款产品因USB-C法规于 2024年12月停产)，其出货量依然实现了两位数增长。欧洲消费者和企业对iPhone的需求依然旺盛，持续推动苹果的市场表现，尽管监管 方面的挑战和罚款仍困扰其在该地区的整体业务。三星也创下其历史最高的季度高端机出货量，得益于Galaxy S25系列的强劲市场反 响。Galaxy S系列的出货量同比增长12%，通过渠道中的积极促销措施激励消费者换机与升级，例如，以旧换新优惠、设备捆绑、配置 免费升级和直接折扣等。此外，三星最近推出的Galaxy Club计划，承诺用户在购买12至15个月后可享受50%的设备回收价值，旨在加速 忠实用户的换机周期。" Canalys的最新研究显示，2025年第一季度，欧洲(不含俄罗斯)智能手机出货量同比下降2%，至3240万部，主要受入门级设备需求疲软的 影响。入 ...

Group 1 - Xiaomi reported a revenue of 111.29 billion yuan for Q1 2025, a year-on-year increase of 47.4%, with adjusted net profit reaching 10.68 billion yuan, up 64.5% [2] - Xiaomi's smartphone business generated 50.6 billion yuan in revenue, achieving a record high gross margin of 12.4%, with the SU7 series delivering 258,000 units since launch [2] - Pinduoduo's Q1 2025 revenue was 95.67 billion yuan, reflecting a 10% year-on-year growth, but a 45% decline in net profit under non-GAAP standards, totaling 16.92 billion yuan [2] Group 2 - Deep Blue Automotive faced backlash from 480,000 car owners for advertising on their vehicle screens without consent, leading to an apology from the CEO [4] - Apple’s App Store was deemed non-compliant with EU regulations, particularly regarding its "anti-steering" policy that restricts developers from promoting alternative payment options [7] - Geely's chairman Li Shufu emphasized the company's commitment to not engage in price wars, focusing instead on value, technology, quality, service, brand, and corporate ethics [8]

（2）2026-2030 年：新目标为2000 亿元研发投入。 小米集团（1810.HK）于北京时间 2025 年 5 月 27 日晚的港股盘后发布了 2025 年第一季度财报（截止 2025 年 3 月），要点如下： 以 下是小米 2025 年第一季度的财报电话会纪要，财报解读请移步《小米：一手汽车、一手国补，这次真要 "赢麻" 了？》 一、小米集团 财报核心信息回顾 | Xiaomi (1810.HK) Earnings Wrapup | (in RMB/,00mns) | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1Q23 | 2Q23 | 4Q23 | 2Q24 | 3023 | 1Q24 | 3Q24 | 4Q24 | 1Q25 | 1Q25E | Gap | O ...

Canalys（现已并⼊ Omdia）的最新研究显示，2025年第一季度，欧洲（不含俄罗斯）智能手机出货量同比下降2%，⾄3240万 部，主要受⼊门级设备需求疲软的影响。三星以1220万部的出货量稳居欧洲市场第一，同比小幅增长。其Galaxy S系列出货量创下 新⾼，带动三星在欧洲实现历史最⾼的季度平均销售价格（ASP）。苹果排名第二，出货量同比大增10%⾄800万部，主要受终端 需求强劲及 iPhone 16e 上市初期渠道备货的推动。尽管目标市场需求不佳，小米依然展现出强劲韧性，出货量仅小幅下滑2%，⾄ 530万部，连续第20个季度稳居欧洲前三。摩托罗拉和谷歌分列第四与第五，出货量分别为170万和90万部。其中，谷歌首次进⼊欧 洲智能手机市场的季度前五排名。 ⼊门级设备出货量大幅下滑 Canalys （现并⼊ Omdia ）⾼级分析师 Runar Bjørhovde 表示： "2025 年 开局对许多欧洲智能手机⼚商来说颇为艰难，尤其是那些依赖于售价低于 400 欧 元设备的⼚商。继去年小幅复苏后，不少⼚商在 2024 年第四季度末⾼估了终端 需求，导致 2025 年第一季度时渠道库存积压严重。⼊门级设备 ...

中信证券判断宏观、AI、市场结构这三重叙事，将推动港股在下半年延续反转行情。宏观层面，2024 年港股企业美洲营收占比已降至1.8%，且港股地产/大消费权重更高，在国内经济复苏背景下，预计较 A股更有吸引力。AI维度，参考ChatGPT发布后美股表现，港股科技巨头在下半年有望迎来盈利超预期 上行。 值得关注的标的： 5月28日，港股恒指高开涨0.01％，国企指数涨0.21％，科指开涨0.52%。相关热门ETF方面，恒生ETF （159920）、恒生国企ETF（159850）均小幅微涨近0.5%，港股消费ETF（513230）涨近1%。 消息面上，5月27日，小米集团公布财报，2025年第一季度，集团收入及盈利均再次创下历史新高。 2025年第一季度，小米集团总收入为人民币1113亿元，创历史新高，同比增长47.4%。业务分部来看， 2025年第一季度，手机×AIoT分部收入为人民币927亿元，同比增长22.8%，智能电动汽车及AI等创新业 务分部收入为人民币186亿元。本季度，集团经调整净利润为人民币107亿元，创历史新高，同比增长 64.5%。 网罗港股消费核心资产：港股消费ETF（513230） 全球医药 ...

Group 1 - The "2025 Elite Internship Program" launched by Industrial Bank aims to provide internship opportunities for high-net-worth clients' children, requiring a minimum deposit of 10 million yuan for new clients and 5 million yuan for existing clients [4][6] - The program faced backlash and was suspended due to misunderstandings in its promotion, with the bank apologizing for the confusion [6][4] Group 2 - Xiaomi Group reported a record revenue of 111.3 billion yuan for Q1 2025, a year-on-year increase of 47.4%, with adjusted net profit rising by 64.5% to 10.7 billion yuan [8][9] - The smart electric vehicle segment generated 18.1 billion yuan in revenue, contributing to a total of 18.6 billion yuan for the innovative business segment [8][9] - The delivery of the Xiaomi SU7 series reached 75,869 units in Q1 2025, with a total delivery exceeding 258,000 units [8] Group 3 - Deep Blue Automotive faced criticism for advertising to 480,000 old car owners without consent, leading to an apology from the CEO who admitted the decision was his fault [10][9] - The CEO promised not to use intrusive advertising methods in the future after acknowledging the negative impact on user experience [10] Group 4 - Geely's chairman Li Shufu emphasized the company's stance against price wars, advocating for value-based competition and sustainable growth in the automotive industry [13][12] - He highlighted the importance of foundational skills in the automotive sector, referencing Geely's acquisitions of established brands like Volvo [13] Group 5 - The competition in the Chinese food delivery market has led to a combined market value loss of approximately 100 billion USD for Meituan and JD.com [15][14] - Both companies have seen their stock prices drop over 30% since last October, reflecting the high costs of their aggressive market strategies [15][14] Group 6 - Long-term plans for Changan Automobile's high-end electric vehicle brand Avita indicate that 59% of its users come from traditional luxury brands like BBA (Benz, BMW, Audi) [19][18] - Changan plans to invest over 200 billion yuan in new energy and smart vehicle technologies, aiming for significant advancements in the automotive sector [19] Group 7 - Meta's Llama AI team has experienced significant talent loss, with 11 out of 14 core members leaving for competitors, raising concerns about the company's ability to retain top AI talent [25][26] - The company is facing internal challenges and has delayed the launch of its most powerful AI model due to performance concerns [25] Group 8 - Google has started integrating ads into its AI search results, claiming they provide useful connections for users, despite concerns about potential misleading information [27][28] - The company reported 72.5 billion USD in ad revenue, with expectations for growth as advertising expands into new areas [27] Group 9 - Volvo Cars announced plans to cut 3,000 jobs as part of a restructuring effort to address high costs and declining demand for electric vehicles [28][29] - The company is facing significant financial challenges, reporting a net loss of 670.9 billion yen (approximately 35.5 billion yuan) for the fiscal year [28][29]

5月27日，一加Ace 5至尊系列发布会在成都召开，雷科技受邀到现场参加。 在手机性能普遍不足，难以稳定60帧运行《和平精英》《尼米亚传奇：光明山脉》等游戏的时代，秉承 着「极客」理念的一加手机，就开始了对性能上限和极致游戏体验的探索。 （图源：雷科技摄制） 此前天玑9400系列SoC在各大品牌旗舰机上的表现有目共睹，但手机游戏体验除了SoC本身的性能，也 与优化技术密不可分。 一加Ace 5至尊版加入了风驰游戏内核，通过重构GPU渲染管线实现原生插帧，可原生级120帧流畅运行 《逆水寒》，运行吃鸡类手游《和平精英》5个小时，依然保持满帧，而且不会因游戏时间过长导致 SoC发热降频，引发游戏帧率下降。 除了SoC的性能和风驰游戏内核，一加Ace 5至尊版长时间游戏不掉帧还仰仗于「冰河散热系统」带来 的超强散热能力。该系统石墨面积高达12300mm²，专为散热设计的手机冰河后盖，更是让一加Ace 5至 尊版散热面积达到了41875mm²。 到如今，性能不断提升的手机SoC，面对常见热门游戏已经能够流畅运行，但可以流畅运行不代表能够 长时间、高帧率稳定运行。 仍未停止追寻游戏体验上限的的一加，一次又一次突破了极限 ...

Financial Performance and Market Position - Total revenue for Q1 2025 reached 111.3 billion yuan, a year-on-year increase of 47.4% [3] - Adjusted net profit was 10.7 billion yuan, up 64.5% year-on-year [3] - Revenue from electric vehicles and AI innovation business amounted to 18.6 billion yuan, with vehicle deliveries totaling 75,869 units, bringing cumulative deliveries to over 258,000 units [3] - The smartphone business regained the top market share in China after ten years, with high-end models (priced above 4,000 yuan) capturing a market share of 9.6% [3] R&D Investment - R&D expenditure reached 6.7 billion yuan, reflecting a 30.1% year-on-year increase, with R&D personnel accounting for 47.7% of the workforce [4] - The company plans to invest 200 billion yuan in R&D over the next five years, focusing on chips, AI, and operating systems [4] Automotive Business Breakthrough - The SU7 series was the best-selling model in the 200,000 yuan and above category for Q1, with high user satisfaction, although some feedback indicated a need for optimization in the smart parking feature [5] - The YU7 model, positioned as a luxury SUV, features a variable steering ratio system and is expected to launch in July with a target annual delivery of 350,000 units [5] Technology Integration and Ecosystem Layout - The SU7 Ultra features UWB key technology for seamless unlocking via the Xiaomi 15S Pro, advancing the "human-vehicle-home ecosystem" strategy [6] Chip Development and Controversy - The newly developed Xuanjie O1 chip utilizes TSMC's second-generation 3nm process, integrating 19 billion transistors and achieving a CPU frequency of 3.9GHz, competing with Apple's A18 Pro and Qualcomm's Snapdragon 8 Elite [7] - ARM officially certified the Xuanjie O1 as a self-developed design by Xiaomi, highlighting its system-level design capabilities [8] - Despite some user skepticism regarding the chip's self-developed status, Xiaomi and ARM have clarified that the Xuanjie O1 does not utilize any customized services and is entirely self-designed [9][10] IoT and Home Appliance Growth - Significant growth in smart home appliances, with air conditioner, refrigerator, and washing machine shipments increasing by 65%, 65%, and 100% respectively; the IoT platform now connects 944 million devices [11] - Introduction of the Xiaomi TV S Mini LED 2025 series, featuring low-reflective film screens and the Pengpai OS2 system, with hardware performance comparable to Sony [12] Public Sentiment and Strategic Challenges - The design of the SU7/YU7 has faced criticism for allegedly borrowing from Porsche and Ferrari, with some users questioning its originality [13] - The successful development of the Xuanjie O1 chip demonstrates the self-innovation capabilities of domestic technology companies [13] - Xiaomi aims to strengthen its foundational technology development through a "technology-based" strategy while facing challenges in automotive production capacity and chip ecosystem construction [14]

5月27日，小米集团(又称"小米")发布2025年第一季度业绩报告。财报显示，今年一季度，小米集团实 现营收1113亿元，同比增长47.4%；经调整净利润首次突破百亿元，达到107亿元，同比增长64.5%，创 下小米史上最强的单季度业绩。 "第一季度业绩的核心关键词是再创新高，总收入、核心业务收入、经调整净利润等多项指标均创单季 度历史新高。"小米集团合伙人兼总裁卢伟冰在媒体电话会上表示，这些数字背后是小米各条业务线都 发展得很好。一方面，持续的研发投入支撑小米做出有竞争力的产品；另一方面，随着高端化在小米手 机和汽车上的突破，已经带动小米全产品线的高端化。此外，小米推行全球化的市场战略，实现从产 品"出海"到品牌"出海"再到模式"出海"。 小米汽车方面，卢伟冰透露，小米SU7系列自上市以来累计交付25.8万台，第一季度新车交付达到 75869台，连续6个月单月交付超2万台。今年4月份，小米SU7系列交付超过2.8万台。截至5月26日，小 米SU7Ultra最新锁单数已超过2.3万台，远超预期。"小米汽车会尽全力提升产能，全力保障35万辆的年 度交付目标实现。"卢伟冰说。 值得一提的是，第一季度小米大家电业务 ...