Investment Rating - The report maintains a "Buy" rating for Xiaomi Group (1810.HK) [5][7]. Core Insights - Xiaomi's AI strategy is characterized as a long-distance race rather than a sprint, with significant investments planned for the next five years, exceeding 200 billion RMB [5]. - The newly released Mimo-V2-Flash model demonstrates industry-leading performance with a lightweight design featuring 309 billion total parameters and 15 billion activation parameters, outperforming competitors in key metrics [2]. - Xiaomi has established the largest consumer hardware platform globally, with 1.8 billion connected devices, including 740 million active mobile users and over 1 billion IoT devices, which provides a robust foundation for AI technology deployment [3]. Summary by Sections AI Model Development - The Mimo-V2-Flash model achieves a 2.0 to 2.6 times increase in inference speed and has a throughput of 5000-15000 tokens per second, significantly enhancing efficiency and cost-effectiveness for large-scale AI applications [2]. - The model is fully open-sourced, with APIs and web experiences available, aiming to attract global developers and create a positive feedback loop for model iteration [2]. Hardware Ecosystem - Xiaomi's hardware ecosystem includes 1.8 billion connected devices, with a focus on personal, automotive, and home devices, which enhances the potential for AI technology applications [3]. Software Infrastructure - The upcoming release of the Pengpai OS 3 in August 2025 will enhance ecosystem collaboration, supporting over 60 applications and 70 scenarios, with a daily active user base of 410 million [4]. - The Vela lightweight system and MINT platform are designed to facilitate AI deployment across various devices, with over 100 open-source partners contributing to the ecosystem [4]. Financial Projections - Revenue projections for Xiaomi indicate a growth trajectory, with expected revenues of 270.97 billion RMB in 2023, increasing to 635.31 billion RMB by 2027, and Non-IFRS net profits projected to rise from 19.27 billion RMB in 2023 to 50.97 billion RMB in 2027 [6][26]. - The report anticipates a significant increase in Non-IFRS earnings per share, from 0.77 RMB in 2023 to 1.96 RMB in 2027, reflecting strong profitability growth [6][26].

Group 1 - ByteDance is advancing partnerships with hardware manufacturers such as Vivo, Lenovo, and Transsion to develop AI smartphones [1][2] - The collaboration aims to pre-install AIGC plugins on devices to gain user access and shift the current passive position of AI in execution [1][2] - Lenovo has been closely cooperating with ByteDance's subsidiaries like Doubao and Volcano Engine in the smart terminal sector [1][2]

Group 1 - The semiconductor sector is experiencing active trading, with the Tianhong Chip ETF (159310) showing a premium trading rate of 0.07% [1] - The electronic ETF (159997) has a trading volume exceeding 12 million yuan and a turnover rate of nearly 1%, focusing on semiconductor, consumer electronics, and AI chip sectors [2] - The index tracked by the Tianhong Chip ETF is expected to see a 37.62% year-on-year growth in net profit attributable to shareholders in the first half of 2025 [2] Group 2 - The semiconductor industry presents opportunities for expansion and localization, with domestic wafer fabs expected to increase production next year [3] - The demand for high-end DRAM, HBM, and enterprise SSDs is being driven by AI computing expansion, indicating a new upward cycle in the storage industry [3] - The upstream price increase trend continues, with supply contraction and structural demand growth providing price upward elasticity for related products [3]

Core Insights - The report from Counterpoint Research predicts a 46% year-on-year growth in foldable smartphone panel shipments by 2026, driven primarily by Apple's entry into the foldable market with its first foldable iPhone [1][3]. Group 1: Market Growth and Trends - Apple's procurement of panels for its foldable iPhone is expected to significantly boost market demand, reactivating the entire foldable screen market [1]. - The overall shipment of foldable smartphones is projected to grow by 14% in 2025 and by 38% in 2026, with book-style models maintaining a dominant position [3]. - The average selling price (ASP) of foldable panels is anticipated to rise significantly, benefiting companies like Samsung Display, which is expected to surpass a 50% market share [3]. Group 2: Consumer Preferences and Market Dynamics - There is a growing consumer demand for larger screens and enhanced multitasking capabilities, leading to the popularity of book-style foldable designs despite their higher prices [5]. - The book-style foldable smartphones are rapidly gaining traction, with Samsung's Galaxy Z7 series showing that the Fold model's sales have surpassed that of the Flip model during the early sales phase in the second half of 2025 [3].

Core Insights - Counterpoint Research predicts a 46% year-on-year growth in foldable smartphone panel shipments by 2026, driven by Apple's entry into the market with its first foldable iPhone [4][5] - The book-style foldable panels are expected to solidify their dominant position, with Samsung Display projected to capture over 50% market share [4][5] - The overall foldable smartphone shipments are forecasted to grow by 14% in 2025 and 38% in 2026, with book-style models leading the market [5][7] Market Trends - The demand for larger screens and enhanced multitasking capabilities is driving consumer preference towards book-style foldable designs, despite their higher price [7] - The global foldable smartphone market is showing signs of recovery, with a 45% year-on-year growth in Q2 2025, setting the stage for explosive growth in 2026 [7] - The introduction of new models, such as the Galaxy Z TriFold, will maintain the market share of multi-fold designs in the low single digits [5][7] Company Overview - Counterpoint Research specializes in technology ecosystem market research, providing services to a wide range of clients from smartphone OEMs to chip manufacturers and large tech companies [8] - The company has a team of experienced analysts covering various sectors, including AI, automotive electronics, consumer electronics, and semiconductors [8]

Core Insights - The global smartphone shipment volume is expected to decline by 2.1% in 2026 due to rising storage costs, marking a downward revision of 2.6 percentage points from previous forecasts [4][5][7]. Group 1: Market Trends - The increase in component costs is anticipated to impact end-user demand, particularly affecting Chinese OEMs like HONOR, OPPO, and vivo, which have seen significant adjustments in their forecasts [5][7]. - The average selling price of smartphones is projected to increase by 6.9% in 2026, up from a previous estimate of 3.6%, driven by rising Bill of Materials (BoM) costs [7][10]. Group 2: Cost Implications - DRAM prices have risen, leading to an increase in BoM costs by approximately 25% for low-end models, 15% for mid-range, and 10% for high-end models, with further increases expected in the second quarter of 2026 [7][9]. - The cost of storage is projected to rise by about 40% before the second quarter of 2026, further exacerbating BoM costs [9]. Group 3: Strategic Responses - OEMs are likely to adjust their product strategies in response to cost pressures, with some low-SKU models already experiencing reduced shipments [10]. - Companies are adopting various strategies, including adjusting specifications of camera modules, displays, and storage configurations, as well as streamlining product lines to cope with market changes [10].

Group 1 - TikTok CEO Zhou Shuzi announced the establishment of a new joint venture, TikTok USDS Joint Venture LLC, to handle data protection and algorithm security in the U.S. while ByteDance retains control over e-commerce and advertising [1] - The new joint venture is expected to be finalized by January 22, 2026, and will focus on content review and software security [1] Group 2 - Hainan Free Trade Port officially launched its full island closure operation, leading to significant discounts on iPhone products, with prices reduced by over 2,000 yuan for certain models [3] - The iPhone 17 Pro Max 256GB version is priced at 9,299 yuan, which is 700 yuan cheaper than e-commerce platforms [3] Group 3 - OpenAI is in preliminary talks for a new funding round, aiming for a valuation of approximately $750 billion, with potential funding reaching hundreds of billions [3] - This valuation represents a 50% increase from the previous funding round in October 2022 [3] Group 4 - Elliott Investment Management has accumulated over $1 billion in shares of Lululemon and is advocating for a former Ralph Lauren executive to become the new CEO [12] - Lululemon's current market capitalization is around $25 billion [12] Group 5 - Apple announced adjustments to its iOS rules in Japan, allowing developers to use third-party app stores and payment methods, in compliance with new regulations [12] - This change enables developers to add alternative payment options within their apps [12] Group 6 - Honda confirmed a temporary suspension of production at its joint venture factory in China due to supply chain issues, specifically related to semiconductor shortages [16] - The suspension will last for three days starting December 29, 2023 [16] Group 7 - Xiaomi's founder announced the official release of the Xiaomi 17 Ultra next week, following leaked images of the device [7] - The new model is expected to generate significant consumer interest [7] Group 8 - Amazon is restructuring its AI team, integrating chip and model development under a new business unit led by a veteran from its cloud computing division [18] - This move aims to enhance Amazon's capabilities in artificial intelligence and maintain competitiveness in the market [18]

Core Insights - Shenzhen's economy has maintained a high-speed growth during the "14th Five-Year Plan" period, with an average annual GDP growth rate of 5.5%, leading among first-tier cities in China [2] Economic Performance - Shenzhen's GDP increased from 2.78 trillion yuan in 2020 to 3.68 trillion yuan in 2024, marking a significant growth trajectory [2] - The city's industrial output and added value have ranked first nationally since 2022, with total foreign trade volume rising from 3.05 trillion yuan in 2020 to 4.5 trillion yuan in 2024 [2] Innovation and R&D - The average annual growth rate of Shenzhen's strategic emerging industries exceeded 10%, with their contribution to GDP rising to 42.3% [3] - R&D investment increased from 1510.8 billion yuan in 2020 to 2453.1 billion yuan in 2024, with an annual growth rate of 12.9%, positioning Shenzhen second nationally in total R&D investment [4] - Shenzhen has established 1333 national-level "specialized, refined, and innovative" enterprises, leading all cities in China [3] Social and Public Services - Total public spending on social welfare reached 1.6 trillion yuan, accounting for nearly 70% of fiscal expenditure, with significant increases in education and healthcare facilities [5][6] - The city has developed extensive public amenities, including parks and cultural venues, enhancing the quality of life for residents [6]

昨夜今晨 大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 【国盾量子董事长离世，警方通报：已排除案件】 国盾量子12月18日公告，公司董事长吕品先生不幸逝世。吕品先生于2025年5月起担任公司董事长，并担任战 略与投资委员会主任委员、薪酬与考核委员会委员。公司及公司董事会对吕品先生的逝世表示沉痛哀悼并向其 家属表达深切慰问。截至本公告披露日，吕品先生不持有公司股票，亦不存在应当履行而未履行的股份锁定承 诺。吕品先生的逝世不会导致公司董事会成员人数低于法定人数，不会影响公司董事会的正常运作。公司将根 据有关法律法规和《公司章程》的规定，尽快完成董事补选及董事长选举的相关工作，并及时履行信息披露义 务。 当晚，合肥高新公安分局晚间发布了警情通报：2025年12月18日13时许，我局接报警称，吕某（男，46岁）在 望江西路与孔雀台路交口某公司一办公室内失去意识。接警后，民警立即到场处置。经120现场确认，吕某已 无生命体征。经公安机关勘查调查，已排除案件。 【苹果宣布：大幅降低日本"苹果税"】 12月17日，苹果在官网宣布，为遵守日本《特定智能手机软件竞争促进法》，已在日本市 ...

雷军亲自下场，小米AI隆重出场，瞬间"炸翻"全场。 正面PK豆包、DeepSeek，"小米发布最新MiMo大模型"登上热搜同时震惊行业。 又一个国产模型，悄悄跻身到了开源第一梯队。 曾被雷军千万元年薪挖角，曾是DeepSeek关键开发者的95后"AI天才"罗福莉，在加入小米一个多月后完成了AI首秀，"国内外模型代差从三年缩短至数 月"。 作者：枫叶 小米，再次炸场了！ 这次不是汽车，更不是手机，而是近期爆火的赛道——AI。 虽说，小米的2025年激情澎湃；但同时，争议不断。 对雷军而言，应该是极其复杂的一年： 小米手机从稳定到高端，小米汽车从加速到成熟，小米"人车家全生态"愈发清晰，期间经历可谓是煎熬； 然后，又是激烈的市场竞争、全方位的舆论审视、消费者预期跌落的重重考验。 刚越过煎熬，又陷入"囚鸟"，小米急需一场"大胜"来总结2025。 总参数3090亿，活跃参数150亿，采用专家混合架构 (MoE)，推理速度狂飙2.6倍......小米AI在早已沸腾的大模型"江湖"，甩出了一颗重磅炸弹，开源模型 也迎来一位重磅选手——"天才少女"罗福莉。 出身农村普通家庭的罗福莉，曾主导研发多款知名大模型，她提出下一代智 ...