Core Viewpoint - Xiaomi is set to launch its "next-generation personal smart device" - Xiaomi AI Glasses on June 26, which integrates AI technology with traditional eyewear, potentially revolutionizing mobile smart terminals [1][3]. Group 1: Product Launch - Xiaomi officially announced the release of its AI Glasses on June 25, with the launch event scheduled for June 26 at 7 PM [1]. - The AI Glasses are expected to be a significant advancement in personal smart devices, combining features like a camera, Bluetooth headset, and AR capabilities [3]. Group 2: Market Potential - According to Guotou Securities, AI Glasses represent one of the best applications for AI large models, serving as a non-contact multimodal interaction interface that integrates visual, auditory, and linguistic capabilities [3]. - The glasses are anticipated to gain rapid popularity due to their lightweight, stylish design, affordable pricing, and the maturity of the required technology, making them suitable for daily use [3]. - The integration of high-penetration features such as cameras and Bluetooth headsets positions AI Glasses as essential for both work and entertainment, indicating a strong demand and potential for quick market adoption [3]. Group 3: Competitive Landscape - The AI Glasses are viewed as a potential successor to smartphones in the mobile smart terminal market, with AI and AR technologies expected to play a crucial role in this evolution [3].

Core Viewpoint - Xiaomi is set to launch its AI glasses on June 26, which are seen as a significant advancement in personal smart devices and a potential next-generation mobile terminal [2][5]. Group 1: Product Overview - The AI glasses will integrate artificial intelligence technology with traditional eyewear, featuring components like cameras, Bluetooth headsets, and AR capabilities [4]. - These glasses are positioned as a non-contact, multi-modal interaction device, combining visual, auditory, and verbal inputs, making them an ideal platform for AI applications [4]. Group 2: Market Potential - According to Guotou Securities, AI glasses are expected to gain rapid popularity due to their lightweight, stylish design, affordable pricing, and the maturity of the required technology [4][5]. - The glasses are anticipated to meet essential needs in high-frequency scenarios for work and entertainment, which supports their quick adoption in the market [5]. Group 3: Competitive Landscape - The AI glasses are viewed as a potential successor to smartphones in the mobile intelligent terminal space, with the ultimate form of AI+AR technology [5]. - Xiaomi's upcoming product launch also includes other devices such as the Xiaomi Flip2 foldable phone and the Xiaomi Pad 7S Pro, indicating a broader strategy in the personal electronics market [5].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The current lithium carbonate market shows a situation of oversupply, with continuously declining spot transaction prices. The supply side has sufficient available goods and large inventory pressure, while the demand side is weak, and the downstream cathode material enterprises adopt a cautious procurement strategy. The terminal new energy market demand has not improved substantially, and the inventory at each link of the industrial chain remains high. [2] - The option market sentiment is bullish, with the call position dominant and the implied volatility slightly rising. Technically, the 60 - minute MACD has double - lines below the 0 - axis and the red column is expanding. The operation suggestion is to conduct light - position oscillating trading and control risks. [2] Summary by Relevant Catalogs Futures Market - The closing price of the main contract is 60,700 yuan/ton, up 1,580 yuan; the net position of the top 20 is - 26,827 hands, up 170 hands; the position volume of the main contract is 343,564 hands, down 13,390 hands; the spread between near - and far - month contracts is 440 yuan/ton, down 300 yuan; the Guangzhou Futures Exchange warehouse receipt is 26,779 hands/ton, down 1,014 hands. [2] Spot Market - The average price of battery - grade lithium carbonate is 59,900 yuan/ton, down 50 yuan; the average price of industrial - grade lithium carbonate is 58,300 yuan/ton, down 50 yuan; the basis of the Li₂CO₃ main contract is - 800 yuan/ton, down 1,630 yuan. [2] Upstream Situation - The average price of spodumene concentrate (6% CIF China) is 689 US dollars/ton, unchanged; the average price of amblygonite is 6,075 yuan/ton, down 390 yuan; the price of lepidolite (2 - 2.5%) is 1,548 yuan/ton, unchanged. [2] Industry Situation - The monthly output of lithium carbonate is 42,100 tons, down 5,800 tons; the monthly import volume is 21,145.78 tons, down 7,190.11 tons; the monthly export volume is 286.74 tons, down 447.55 tons; the monthly operating rate of lithium carbonate enterprises is 47%, down 6 percentage points; the monthly output of power batteries is 123,500 MWh, up 5,300 MWh. [2] Downstream and Application Situation - The monthly output of new energy vehicles is 1,270,000 vehicles, up 19,000 vehicles; the monthly sales volume is 1,307,000 vehicles, up 81,000 vehicles; the cumulative sales penetration rate is 43.99%, up 1.25 percentage points; the cumulative sales volume is 5,608,000 vehicles, up 1,713,000 vehicles; the monthly export volume is 212,000 vehicles, up 12,000 vehicles; the cumulative export volume is 855,000 vehicles, up 336,000 vehicles. [2] Option Situation - The total call position is 129,888 contracts, up 6,399 contracts; the total put position is 51,472 contracts, up 5,389 contracts; the total position put - call ratio is 39.63%, up 2.3105 percentage points; the at - the - money IV implied volatility is 0.23%, up 0.0048 percentage points. [2] Industry News - Xiaomi will release its first SUV YU7 car on the evening of June 26, along with other new products. [2] - BYD offers a rebate of 666 yuan per vehicle to dealers, with the rebate scale exceeding 1 billion yuan. It also responds that the rumor of equipping the Seal model with solid - state batteries is false. [2] - The All - China Federation of Industry and Commerce Automobile Dealers Chamber of Commerce calls on automobile manufacturers to optimize the rebate policy and shorten the rebate settlement period. [2] - In May 2025, China's lithium carbonate imports were about 21,146 tons, a 25% month - on - month decrease and a 14% year - on - year decrease. The import average price was about 9,392 US dollars/ton, a 1.7% month - on - month decrease from April. Exports were 287 tons, a 156% month - on - month decrease and a 35% year - on - year increase, mainly exported to Japan and India. [2]

Group 1 - Alibaba Group has merged Ele.me and Fliggy into its China e-commerce business group, with both companies continuing to operate under their own management while aligning with centralized goals [3] - ByteDance's Douyin has denied rumors regarding the departure of its commercialization vice president, stating that the information was false and originated from an AI-generated rumor [3] - Wang Sicong's company, Huanju Commercial, has undergone a change in leadership, with He Youjun appointed as chairman following the exit of several shareholders [4] Group 2 - Pang Donglai responded to rumors about closing multiple stores, clarifying that while some older stores will be gradually closed due to quality concerns, the company is not shutting down many locations [6] - ByteDance has dismissed its former Seed large language model head and an associated HRBP due to conflicts of interest and false statements during an investigation [7] - Meituan's "Meituan Youxuan" has temporarily suspended sales in several regions, including Shanghai, due to a transformation upgrade, while operations continue in other areas [7] Group 3 - Starbucks clarified that it is not considering a full sale of its China business, emphasizing the market's long-term potential and the strength of its team and brand [9] - Xiaomi is set to launch its first SUV, the YU7, on June 26, along with other products including a foldable phone and a new tablet [10] - BYD has denied rumors regarding solid-state batteries being used in its Seal model, stating that such information is unverified [14] Group 4 - The chip manufacturer Wolfspeed plans to file for bankruptcy in the U.S. under a restructuring agreement that will reduce its debt by nearly 70% [15] - Tencent has announced a small-scale test for a new feature in WeChat that allows users to add stickers and images in comments, currently not available for general application [15] - IDC reported that China's PC monitor market saw a total shipment of 7.07 million units in Q1 2025, marking a 14% year-on-year increase [30] Group 5 - The global best-selling game console list shows Sony dominating with five entries, led by the PlayStation 2 at 160 million units sold [32] - The new Switch 2 is expected to sell 15 million units in its first year, surpassing the original Switch's sales [33] - Various companies, including Galaxy General and Haibo Robotaxi, have announced significant funding rounds to support their operations and technological advancements [19][20]