Core Viewpoint - Goldman Sachs expects Xiaomi Group-W (01810) to disclose more AI-related achievements in the coming quarters, which will enhance its "human × vehicle × home" ecosystem and strengthen its differentiated ecological advantage, supporting its brand premiumization strategy. Therefore, the firm maintains a "Buy" rating with a target price of HKD 53.5 based on SOTP valuation [1] Group 1 - Despite potential short-term stock price volatility, Xiaomi Group's risk-reward ratio remains attractive [1] - Xiaomi has increased its share buybacks in recent months, with a total buyback amount reaching HKD 2.3 billion this year, at an average repurchase price of HKD 42.2 per share [1] Group 2 - On November 21, Xiaomi officially launched the open-source cross-entity foundational model MiMo-Embodied and an upgraded version of its Super Autonomous Driving (HAD) system [1] - Looking ahead, Xiaomi aims to upgrade its smart driving technology from "rule-driven" and "data-driven" to "cognitive-driven," focusing on developing a visual-language-action model (VLA) based on its self-developed foundational model, with specialized fine-tuning for autonomous driving scenarios [1]

近日，深圳腾势新能源汽车有限公司宣布，与美的集团股份有限公司旗下高端AI科技家电品牌科 慕（COLMO）达成战略合作。此后，腾势N8L汽车用户可在车内控制全屋智能家电，在家中也能实时 查看车辆状态或执行远程操控。 几乎同期，阿维塔科技也与海尔集团旗下卡泰驰控股正式达成合作，双方将基于阿维塔全新百万元级旗 舰车型，在产品定制共创、车家场景互通、车载功能设计等方向展开联合创新，共同打造更具高端体验 与科技融合感的智慧出行方案。 了"人车家"三大场景的全面打通，推动硬件设备的无缝连接与实时协同。2025年6月，广汽丰田正式宣 布与小米达成战略合作，双方将在智能生态领域深度融合。此次合作的核心在于，广汽丰田车型接入小 米"人车家全生态"，并开放硬件接口标准，首款搭载该生态的车型为计划于2026年量产的铂智7。据 悉，小米的AIoT生态（如米家App）也将实现上车，支持远程控制家居设备与车载场景联动。 技术驱动与生态破局 随着车企与家电企业合作的深入，智能汽车作为移动智能终端的功能将被进一步激活，"人车家"生态场 景有望得到实质性拓展。具体来看，一是双向控制成为标配，用户可在车内控制家电、在家中查看车辆 状态或远程备车 ...

截至2025年11月21日收盘，港股科技ETF天弘(159128)换手25.61%，成交1.74亿元，市场交投活跃。跟踪的 国证港股通科技指数(987008)下跌2.74%。成分股方面，小米集团-W(01810)收涨超1%，京东健康(06618)领 跌超8%，华虹半导体(01347)、金斯瑞生物科技(01548)、中芯国际(00981)等个股跟跌。 截至11月21日，港股科技ETF天弘(159128)近1周规模增长3241.02万元，实现显著增长。份额方面，港股科 技ETF天弘(159128)最新份额达7.40亿份，创成立以来新高。 从资金净流入方面来看，港股科技ETF天弘(159128)近6天获得连续资金净流入，合计"吸金"1.15亿元。 【产品亮点】 港股科技ETF天弘(159128)跟踪的国证港股通科技指数聚焦30家最具代表性的科技龙头，涵盖互联网、电 子、通信、生物科技、智能汽车等高成长赛道，兼具高研发投入、高营收增长、高流动性等特征。 从估值层面来看，截至11月21日，港股科技ETF天弘(159128)跟踪的国证港股通科技指数最新市盈率（PE- TTM）仅23.60倍，处于近5年18.78%的分位， ...

回顾从2021年至今，这几年12月的行情似乎都有一个规律，大家是否发现了呢？每年11月底到12月中 旬，市场表现都不错，但为什么到了12月12日前后，行情就会出现拐点呢？原因或许就在这轮行情的核 心逻辑——博弈。每年12月中旬都会召开重要会议，大家可以看看会议的结束时间，与2021年以来每年 12月行情拐点的时间是否完全一致。我们的市场一直都有这样的规律，在重大事件之前，市场表现通常 都很稳定，但等大事落地之后，市场就不那么乐观了。每年12月的大会就是一个很好的例子。12月是一 个关键节点，既要总结过去一年的工作，又要规划下一年的工作。就拿去年来说，当时提到的消费、科 技反内卷等概念，完全主宰了今年大部分的行情。所以每年从10月底到12月中旬，市场都会围绕大会进 行博弈，等到大会结束就会迎来预期兑现。 那么接下来这一轮反弹我们该如何把握呢？关键就在于你认为大会将会提到哪些方向。这几年有两个明 显的变化：一是产业重点方面，2021年和2022年提到的是数字经济新基建，也就是AI应用和算力。那 时候炒作算力和现在还不一样，炒作的是国资云概念，也偏重于AI软件。等到2023年和2024年，进一 步提出要发展心智生产 ...

Core Viewpoint - Xiaomi is making significant investments in intelligent driving technology, focusing on safety, comfort, and efficiency, with safety being the top priority in their development strategy [4][7]. Development Progress - Xiaomi's intelligent driving has progressed through several versions: from high-precision maps for highway NOA (version 24.3) to urban NOA (version 24.5), and moving towards light map and no map versions (version 24.10) [7]. - The company is advancing through three stages of intelligent driving: 1.0 (rule-driven), 2.0 (data-driven), and 3.0 (cognitive-driven), with a focus on VLA (Vision Language Architecture) for the next production phase [7][10]. World Model Features - The world model introduced by Xiaomi has three essential characteristics: diversity in generated scenarios, multimodal input and output, and interactive capabilities that influence vehicle behavior [8][9]. - The world model is designed to enhance model performance through cloud-based data generation, closed-loop simulation, and reinforcement learning, rather than direct action outputs from the vehicle [10]. VLA and Learning Models - VLA is described as an enhancement over end-to-end learning, integrating high-level human knowledge (traffic rules, values) into the driving model [13]. - Xiaomi's development roadmap includes various model training stages, from LLM pre-training to embodied pre-training, with recent advancements in MiMo and MiMo-vl models [13]. Community and Knowledge Sharing - The "Automated Driving Heart Knowledge Sphere" community aims to provide a comprehensive platform for learning and sharing knowledge in the field of autonomous driving, with over 4,000 members and plans to expand [15][26]. - The community offers resources such as technical routes, video tutorials, and Q&A sessions to assist both beginners and advanced learners in the autonomous driving sector [27][30].

Core Insights - The 23rd Guangzhou International Auto Show showcases a strong presence of local automotive companies and technology firms, highlighting the integration of traditional automotive manufacturing with advanced technology solutions [1][2] - The event emphasizes the trend of cross-industry collaboration, with companies like Huawei providing smart automotive solutions, indicating a shift towards a more integrated automotive ecosystem [2] Group 1: Local Automotive Companies - GAC Group occupies an entire exhibition hall, showcasing brands such as GAC Toyota, GAC Honda, GAC Trumpchi, Aion, and Haobo, and highlights the achievements of its "Panyu Action" reform initiative [1] - BYD continues to dominate the A Zone 2.1 hall, presenting its own brand along with sub-brands like Yangwang, Fangchengbao, and Tengshi [1] Group 2: Technology Integration - Huawei, despite its stance of "not manufacturing cars," has a significant presence at the auto show, promoting its HarmonyOS and smart automotive solutions, which are being adopted by various manufacturers [2] - The event features innovative products such as Xiaopeng's newly launched X9 super-range extender vehicle, humanoid robots, and flying cars, showcasing the company's commitment to expanding its technological offerings [2] Group 3: Industry Trends - The automotive industry is experiencing rapid integration and extension, driven by Guangdong's robust industrial system, extensive supply chain, and strong R&D capabilities [2] - The Guangzhou Auto Show has evolved into a platform not just for automobiles but also for showcasing cross-industry collaborations and technological advancements [2]

图 片系AI生成 今年的广州车展，除了表面上的新车扎堆首发，还有一场隐藏在中控屏背后暗战——谁的大模型装得最 多、用得最顺，谁就更像未来智能车里的"操作系统"。 最新一个信号是：在2025年新上市的量产车型里，豆包大模型的搭载量已经冲到行业第一，从奔驰纯电 CLA 到上汽奥迪 E5 Sportback，再到荣威 M7 DMH、东风奕派 007、长安马自达 EZ60，一圈扫过去， 火山引擎几乎成了展馆里最忙的大脑。 这背后折射的是智能汽车竞争逻辑的一个拐点：从卷算力、卷芯片，走向卷谁家的模型更成熟、谁的大 模型更懂车、更懂人。火山引擎和豆包大模型，正在成为这一轮拐点上最典型的样本之一。 大模型上车，从炫技进入落地时代 两年前，"大模型上车"更多是发布会 PPT 上的关键词：调用个开放 API、堆几个 demo 视频，就敢自称 AI 座舱。用户真正的体感往往是——问路要等三秒、连续对话就卡死，最后还是乖乖伸手去点屏幕。 今年广州车展的变化在于：大模型不再只是有没有，而是开始卷好不好用。火山引擎一口气把豆包塞进 了一串重量级车型里，从豪华品牌奔驰、奥迪，到主流家用的荣威、长安马自达、东风奕派，价格带横 跨十万级到三 ...

Core Viewpoint - The company has announced an upgrade to its assisted driving system, emphasizing improved comfort in longitudinal acceleration and deceleration, smoother lane changes, and better understanding of road conditions. The company also reminds users that assisted driving is not equivalent to autonomous driving, and drivers must remain attentive at all times [1] Group 1 - The upgrade enhances longitudinal acceleration and deceleration for a more comfortable driving experience [1] - The system provides smoother lane changes, improving overall driving dynamics [1] - The assisted driving system has a better understanding of various road conditions, enhancing safety and usability [1] Group 2 - The company stresses the importance of driver attention, clarifying that assisted driving does not mean full autonomy [1]

事件：11 月20 日，蓝思科技发布投资者关系活动记录表，表示，目前公司已切入北美及国内多家头部 机器人企业的供应链，关节模组、灵巧手、结构件已批量交付，人形机器人、四足机器人整机组装规模 位居行业前列。预计今年人形机器人出货3000 台以上，四足机器狗10000 台，初步成为最大的具身智能 硬件制造平台之一。 2026 年，预计实现人形机器人核心部件和整机组装规模翻番，2027 年人形机器人与四足机器狗出货量 稳居全球前列。 拥有众多全球知名客户，持续走向平台化：在消费电子产品和智能汽车领域，公司拥有众多全球知名客 户，包括苹果、三星、华为、小米、OPPO、vivo、荣耀、谷歌、Meta，特斯拉、宁德时代、宝马、奔 驰、大众、理想、蔚来、比亚迪等。平台化布局方面，公司已具备以核心技术为支撑的产业化能力体 系，紧抓市场扩展所带来的机遇，积极拓展从消费电子、智能汽车与座舱到智能穿戴，以及智慧零售、 智能机器人等方面的全领域应用。在智能手机与电脑方面，根据公司发布的2025 年半年报显示，2025 年上半年，公司智能手机与电脑类业务实现营业收入271.85 亿元，同比增长13.19%。公司持续巩固在 玻璃、陶瓷、 ...

在此前的媒体沟通会上，靳玉志解释为什么还要与广汽再造一个新品牌时表示，启境之所以出现，是因为市场依然有空 白。 "目前为止，我们很难找到一个既时尚又安全，还要智能，更具有操控的车，所以希望能打造这样的'Dream Car'，来填 补市场空白。"他说，启境的目标就是打造"既要又要还要更要"的车型。 11月20日晚，广汽集团与华为联合打造的全新品牌——"启境"，在华为乾崑生态大会上首次公开亮相。 据悉，这一由华为乾崑与启境团队联合打造、广汽集团投资的新品牌，旨在成为"年轻高端可信赖的品智旗舰"。 华为智能汽车解决方案BU CEO靳玉志在大会现场以"一启入境，共赴美好"为双方合作定调，强调将秉持"绝不妥协"的 态度，打造一款集"美的出色、驾的热爱、智的自在"于一体的"六边形战士"车型，全面突破用户对智能汽车的想象边 界。 启境品牌CEO刘嘉铭在现场介绍，启境计划于2026年推出两款新车。目前，被誉为"华系最美猎装轿跑"的首款车型，已 完成高温环境测试与设计定型，预计2026年6月正式上市交付。该车型全系搭载华为乾崑全栈智能方案，从底层技术到 用户体验均实现深度绑定。 刘嘉铭透露，第一款车本来没打算做猎装轿跑，双方在 ...