Core Viewpoint - Xiaomi's latest flagship phone, the Xiaomi 17 Ultra Leica Edition, features a significant collaboration with Leica, allowing the use of its iconic red logo for the first time on a product, which is a notable achievement compared to previous collaborations with other brands [1][3] Group 1: Product Features and Innovations - The Xiaomi 17 Ultra incorporates a "Master Zoom Ring," a mechanical structure that allows users to control zoom, exposure compensation, white balance, and focus speed, aiming to provide an experience similar to that of a digital camera [3][6] - The design of the Master Zoom Ring includes a precision mechanical transmission structure made of stainless steel and 20 high-strength ball bearings [14] Group 2: Quality Issues and Consumer Feedback - Following the launch, users reported issues with the Master Zoom Ring being loose, which affected the overall user experience and raised concerns about product quality [5][10] - Some users experienced noise from the zoom ring during operation, which could interfere with video recording, leading to dissatisfaction among consumers [7][9] - Xiaomi's response to the complaints was perceived as inadequate, merely attributing the issue to "reserved activity space" without addressing the underlying quality concerns [11][13] Group 3: Market Position and Competitive Analysis - The article discusses the paradox in the tech market where products with poor design can achieve high sales, while well-received innovations may not perform as expected in the market [21][24] - It highlights the importance of defining the next generation of interaction and product forms, suggesting that Xiaomi needs to focus on innovations that compel competitors to follow suit, similar to successful features in their automotive line [25][27]

Investment Rating - The report initiates coverage on Lens Technology (300433.SZ) with a "Buy" rating [4]. Core Insights - Lens Technology is positioned as a one-stop precision manufacturing solution provider for the global smart terminal industry, focusing primarily on mobile glass processing. The company is expected to benefit significantly from the upcoming launch of foldable iPhones in 2026, which could drive substantial revenue growth [4]. - The report forecasts Lens Technology's revenue for 2025, 2026, and 2027 to be approximately 90.66 billion, 112.84 billion, and 134.90 billion yuan, respectively, with year-on-year growth rates of 29.7%, 24.5%, and 19.6% [4]. - The anticipated launch of foldable iPhones is expected to fill a gap in the high-end smartphone market, as the demand for Pro versions of iPhones has been increasing significantly [4]. - The company is also expanding into the AI glasses sector, providing comprehensive production services for Rokid Glasses, which may offer a first-mover advantage in the smart glasses market [4]. - Lens Technology is diversifying its business by engaging in humanoid robotics, with plans to assemble the Lingxi X2 robot and participate in the development of key components [4]. Financial Data and Profit Forecast - Total revenue is projected to grow from 54.49 billion yuan in 2023 to 134.90 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 19.6% [4]. - The net profit attributable to the parent company is expected to increase from 3.02 billion yuan in 2023 to 7.93 billion yuan in 2027, reflecting a CAGR of 18.3% [4]. - Earnings per share (EPS) are forecasted to rise from 0.57 yuan in 2023 to 1.59 yuan in 2027 [4]. - The report indicates a stable gross margin, projected at 16.1%, 15.9%, and 15.8% for the years 2025, 2026, and 2027, respectively [4]. Market Trends and Competitive Landscape - The global foldable smartphone market is expected to see significant growth, with an estimated 15.3 million units sold in 2024, and Lens Technology is well-positioned to capitalize on this trend with its manufacturing capabilities [4]. - The report highlights that the average selling price (ASP) of iPhones is significantly higher than that of competitors, suggesting that the introduction of a foldable iPhone could outperform market expectations due to brand premium [4]. - The increasing sales proportion of Pro versions of iPhones indicates a shift in consumer demand towards higher-end models, which could further enhance Lens Technology's market position [4].

Group 1 - Northbound capital recorded a net purchase of 34.49 billion HKD in the Hong Kong stock market on December 31, with the Shanghai-Hong Kong Stock Connect contributing 30.97 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing 3.51 billion HKD [1] - The total net purchase of Northbound capital for the year reached a historical high of 1.41 trillion HKD, significantly increasing from approximately 807.9 billion HKD in 2024 [1] - The most purchased stocks by Northbound capital included China Merchants Bank (03968), Industrial and Commercial Bank of China (01398), and China Construction Bank (00939) [1] Group 2 - Alibaba-W (09988) had a net purchase of 850 million HKD, while Tencent Holdings (00700) faced a net sell of 660 million HKD [2] - China Merchants Bank, Industrial and Commercial Bank of China, and China Construction Bank received net purchases of 7.24 billion HKD, 5.88 billion HKD, and 5.61 billion HKD respectively [4] - Semiconductor stocks also saw increased investment, with SMIC (00981) and Hua Hong Semiconductor (01347) receiving net purchases of 391 million HKD and 69.94 million HKD respectively [5] Group 3 - Xiaomi Group-W (01810) received a net purchase of 237 million HKD, supported by government policies promoting consumption [5] - Jiangxi Copper Co. (00358) had a net purchase of 158 million HKD, while Zijin Mining (02899) experienced a net sell of 682 million HKD [6] - UBTECH Robotics (09880) received a net purchase of 86.86 million HKD, as it announced plans to acquire a controlling stake in Fenglong Co. [6]

小米集团-W回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.12.31 | 380.00 | 39.300 | 39.140 | 14902.31 | | 2025.12.29 | 390.00 | 38.640 | 38.560 | 15055.20 | | 2025.12.24 | 380.00 | 39.260 | 39.080 | 14893.66 | | 2025.12.23 | 375.00 | 39.280 | 39.100 | 14702.62 | | 2025.12.22 | 375.00 | 39.900 | 39.800 | 14947.28 | | 2025.12.19 | 375.00 | 40.560 | 40.420 | 15178.09 | | 2025.12.18 | 375.00 | 40.240 | 40.120 | 15066.09 | | 2025.12.16 | 720.00 | 41.000 | 40.360 | 29 ...

2025年12月31日，OPPO｜一加旗舰店(郑州郑东万象城店)正式开业。这是OPPO在中原地区落地的 首家旗舰店，也是OPPO探索科技潮流与城市文化融合的又一次实践。门店延续了"年轻人的城市公 园"的核心定位，以河南代表性文化符号汝瓷为设计灵感，结合年轻人喜爱的二次元潮流文化，在跨年 节点推出多元创意互动体验。 OPPO副总裁、大零售负责人李杰表示："郑州旗舰店是OPPO面向中原地区年轻用户打造的沉浸式 趣味潮流空间。我们希望通过融合二次元、游戏、影像等年轻人熟悉且热爱的元素，让门店突破传统零 售的功能边界，进化为集文化体验、兴趣社交与科技互动于一体的城市公园。" "城市公园"再进化：河南文化与二次元潮流巧妙融合 数据显示，购买 Reno15 系列的用户中，年轻人占比已超过半数。 打造跨年创意新玩法，OPPO全面拥抱年轻用户 开业当天，OPPO郑州旗舰店以二次元文化为切入口，人气二次元KOL"在下悟空是也"将作为一日 店长 & Reno15 新色体验官与大家共庆开业，并开启跨年开业狂欢派对。活动现场，"悟空"店长参与外 场暖场互动、店长见面会1V1交流等环节，粉丝在排队应援、现场互动与近距离交流中持续释放情 ...

苹果(AAPL.US)是2025年少数表现不佳的美国大型科技股之一。年内涨幅8.5%的表现大幅落后于标普 500指数。财经分析师A.J.Button撰文发表了他的看法，称苹果在2025年表现不佳的原因在于几方面。 首先，公司几乎没有实现营收增长，且自由现金流出现负增长。其次，与同行相比，公司的人工智能 (AI)战略被认为不够充分，特别是Apple Intelligence获得评论家的评价不高。第三，一些近期的产品发 布(例如Apple Vision Pro)被视为失败之作。Button不主张这些动作是否真的失败，称重点在于市场存在 这种看法。 上述事实解释了苹果在2025年表现不佳的原因，这也可能预示着公司的未来。虽然苹果拥有强大的品牌 和忠实的客户群，但其体量已如此庞大，以至于难以找到有意义的投资机会。对于一家去年销售额为 1000万美元的小型初创公司来说，一个带来10亿美元年度经常性收入(ARR)的产品发布意味着10000% 的同比增长。 而对于一家年营收已达4160亿美元的公司来说，同样的10亿美元产品发布仅代表0.2%的增长。这就是 沃伦.巴菲特所说的"规模是业绩的锚"的含义：规模越大，获得高于平均水 ...

时隔七年，这场迟到的大会依然得到了现场观众的掌声。只是综合整场大会的表现，网友的评价更为犀 利。尽管现场门票全额退还，但直播弹幕依然被"罗永浩重新定义了7点"刷屏。大会相继展示了"傻瓜 式"无人机，桌面3D打印机，人体工学椅等产品后，网友观感更像是一场直播带货，被认为与"纯创新 分享，非直播带货"的宣传并不相符。 从手机行业的理想主义者，到直播带货的顶流主播，再到如今聚焦AI赛道的创业者，罗永浩的跨界轨 迹始终备受关注。只是，被质疑"翻车"的"跨界春晚"，还能否成为他回归科技圈的跳板？这场创新产品 及新品展示，是复制过去一闪而过的辉煌，还是新创业阶段的开启？ 01 "科技春晚"变成"带货现场"？ 产品乏善可陈、现场状况频出， 罗永浩的回归之路，为何越走越艰难？ "这么多年了，我宁可少一只手，也不希望发生这样的事情。"2025年12月30日晚，上海西岸国际会展中 心内，原定7点开始的年度科技创新分享大会，延迟了近一小时。 直到7点48分，罗永浩穿着标志性的黑色立领衬衫现身，登台后向观众鞠躬道歉，随后直奔主题，阐述 大会的初衷。"作为一个被历史淘汰的产品经理"他以自嘲的口吻表示，自己接下来更想成为一名"加速 器教 ...

Market Overview - The Shanghai Composite Index closed nearly flat, while the Shenzhen Component Index rose, with a trading volume of 2.16 trillion yuan, unchanged from the previous trading day[1] - Over half of the industries experienced declines, with oil, automotive, non-ferrous metals, and machinery sectors leading in gains, while commerce, real estate, and public utilities saw the largest declines[1] - The market's overall performance remains stable, with a significant adjustment in the commercial aerospace sector, yet no severe sell-off occurred[1] Sector Insights - The commercial aerospace sector is facing short-term adjustments but is expected to maintain upward momentum in the medium term due to its strong characteristics[2] - The robotics sector is likely to take on the market's leading position, supported by favorable policies and industry developments, including the establishment of a humanoid robot standardization committee[2] - Despite recent volatility, multiple non-ferrous metal prices remain at historically high levels, indicating sustained strength rather than short-term fluctuations[3] Fund Flow - On December 30, net inflows into the Shanghai Stock Exchange were 16.644 billion yuan, while the Shenzhen Stock Exchange saw net inflows of 24.740 billion yuan[5] - The top three sectors for capital inflows were automotive parts, general equipment, and consumer electronics, while the largest outflows were from the power, liquor, and components sectors[5] Fund Dynamics - The total scale of public funds in China has reached a historic high of 37.02 trillion yuan, marking the first time it has surpassed this threshold[13] - The ETF trading volume across both markets was reported at 445.827 billion yuan, with stock ETFs accounting for 152.3 billion yuan and bond ETFs for 186.805 billion yuan[14][15]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300136 | 信维通信 | 62.00 | 16.98% | 204.51万 | | 119.11亿 | | 600363 | 联创光电 | 63.06 | 9.99% | 17.87万 | | 10.80亿 | | 300857 | 协创数据 | 168.68 | 7.51% | 22.31万 | | 36.88亿 | | 603626 | 科森科技 | 20.94 | 7.22% | 128.15万 | | 26.54亿 | | 301567 | 贝隆精密 | 47.00 | 5.40% | 4.50万 | | 2.08亿 | | 000021 | 深科技 | 25.28 | 3.27% | 157.52万 | | 40.30亿 | | 300115 | 长盈精密 | 46.50 | 3.04% | 157.75万 | | 72.25 Z | | 301189 | 奥尼电子 | 43.49 | 2.74% | 6.97万 | ...

2025年A股最后一个交易日圆满收官。回望全年，市场交易活跃，"日成交超万亿"已成常态，结构性"科技牛"行情贯穿始终，各大主要指数全线飘红，交出 亮眼成绩单。其中，创业板指以近50%的年度涨幅强势领跑；沪指于10月28日一举突破4000点大关，创下近十年新高；A股总市值跃升至近109万亿元，年 内新增近23万亿元，一举刷新历史纪录。 从个股角度来看，2025年的十大牛股涨幅均超过500%。其中，上纬新材以1821%涨幅夺魁，天普股份以1662%涨幅位居第二，*ST宇顺（719%）、*ST亚振 （636%）紧随其后，胜宏科技（588%）排在第五。 十大牛股：科技方向全线爆发，最高涨幅超18倍 从个股涨幅角度来看，今年市场共有11股涨超500%。从领涨的个股属性上看，主要算力（天普股份、*ST宇顺、胜宏科技、鼎泰高科）题材占有四席，ST 股也有两只。 c 厕康社 2025年十大牛股 1. 上纬新材 总市值(亿) 现价(元) 127.37 513.8 机器人、化工新材料 2025年涨幅:前复权 2025.01.02-2025.12.31 1821% 2. 天普股份 总市值(亿) 现价(元) 292.3 218.02 ...