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。 据财联社，当地时间周二（8月26日），苹果公司宣布，将于太平洋时间9月9日上午10点（北京时间10日凌晨1 点）在总部举办一年一度的秋季发布会，主题为 "Awe dropping"（令人惊叹）。 活动将在苹果园区（Apple Park）的史蒂夫·乔布斯剧院举行，苹果在人工智能（AI）技术竞赛中落后于竞争对 手之际，除了消费者之外，投资者也将密切关注此次发布会。 过去苹果的发布会多为现场举行，由高管亲自登台演示功能，但自2020年以来，发布会改为预录视频。苹果周 二表示，本次发布会将在官网进行直播。 按照惯例，苹果预计将在此次活动中发布新一代iPhone，即iPhone 17系列。 此外，苹果据称还将推出一款更纤薄的机型，可能命名为iPhone 17 Air，在摄像头和续航方面有所取舍，以换 取更轻薄的设计。 除了iPhone，新品阵容还可能包括新款Apple Watch（涵盖入门级与高端机型）、升级版iPad Pro，以及性能更 强的Vision Pro头显。 【美联储首次回应特朗普解雇理事库克：将尊重司法裁决】 据央视新 ...

最后朱磊强调，制造业是实实在在干出来的。"让我们一起努力，让行业里少一些虚假的转发，多一分 踏实与清朗。" 8月26日，格力电器股份有限公司市场总监@朱磊Gree 发微博称，针对近日小米高管卢伟冰微博转发的 一张"小米中央空调"和"格力中央空调"的主板结构对比图，"这是一张拉踩明显且经恶意处理的图片， 却被广泛传播，刻意引导'格力做工粗糙'的印象。" 朱磊表示，经过核实发现：图中展示的格力机型十年前早已退市，不是现售产品；其内部结构还被人动 过手脚，刻意营造出"凌乱"的效果。同时，他还在微博中展示了真实照片，并指出，和网传图完全不 同，即便是十多年前的产品，格力的内部结构，仍然是规整、严谨的。 朱磊喊话到，"如果确实出于技术兴趣，小米的卢总应该拆解实机来比较，而不是随手转发未经核实的 内容。" 此外，他还用格力2021年生产的家用小多联 ，与小米2025年推出的同类新品进行比较，并提到，这足 以说明：哪怕是格力四年前的产品，在核心技术和生产工艺上，依然领先于小米2025年的新品，其差距 甚至是代际级的。 此前有数据称，小米空调线上销量已超越格力，卢伟冰转发了这个消息，而随后格力高管朱磊发布的数 据显示格力远远 ...

Core Viewpoint - Xiaomi Group reported a record high revenue of 116 billion RMB for Q2 2025, marking a 30.5% year-on-year increase, and an adjusted net profit of 10.8 billion RMB, up 75.4% year-on-year, indicating strong financial performance and growth potential in key business segments [1][2]. Financial Performance - Revenue for Q2 2025 reached 115,956.1 million RMB, a 30.5% increase from 88,887.8 million RMB in Q2 2024, and a 4.2% increase from 111,293.3 million RMB in Q1 2025 [2]. - Gross profit was 26,101.0 million RMB, up 41.9% year-on-year, and operating profit increased by 128.2% to 13,436.7 million RMB [2]. - Adjusted net profit for the quarter was 10,830.7 million RMB, reflecting a 75.4% increase compared to 6,175.4 million RMB in the same period last year [2]. Business Segments - The smartphone segment generated 455 million RMB in revenue with a shipment of 42.4 million units, showing a slight increase from 42.2 million units year-on-year [3]. - IoT and lifestyle products revenue reached 387 million RMB, a 44.7% increase, with smart home appliances seeing a significant growth of 66.2% [3]. - The automotive and innovative business segment reported revenue of 213 million RMB, a remarkable 234% increase, with 81,302 units delivered in the quarter [3]. Strategic Focus - Xiaomi is focusing on a dual strategy of scaling and high-end positioning in the smartphone market, shifting its focus from the 4000-6000 RMB range to the ultra-high-end segment above 6000 RMB [3][4]. - The company aims to expand its retail presence, targeting 30,000 stores in China and 400-500 overseas by the end of the year [4]. - Xiaomi's goal is to join the "2 billion club" alongside Apple and Samsung within the next three to five years, emphasizing its commitment to growth despite a stagnant global market [4][5]. R&D and Innovation - R&D investment reached a record high of 7.8 billion RMB in Q2 2025, a 41.2% increase, with an annual target of 30 billion RMB [6]. - Key technological advancements are focused on automotive, chips, and AI, including the development of a prototype car and a self-developed 3nm flagship chip [6]. - The company believes that having self-developed chips will create a significant competitive advantage in the future [6].

Investment Rating - The report maintains a "Recommended" rating for the smart home industry [6][27]. Core Insights - The smart home industry is expected to benefit from a combination of policy support, technological advancements, and evolving consumer demands, driving rapid growth in the sector [4][27]. - Recent government policies, including expanded subsidies for home appliances and a focus on digital economy development, are set to stimulate consumption in the smart home market [19][27]. - The shift in consumer preference from "single product intelligence" to "whole-home smart solutions" is accelerating due to rising living standards and the aging population, which is increasing demand for home care solutions [4][27]. Summary by Sections Market Review - In the past two weeks (March 3, 2025 - March 14, 2025), the Shanghai Composite Index rose by 2.97%, the Shenzhen Component Index by 3.46%, and the ChiNext Index by 2.60%. The smart home index (399996.SZ) increased by 4.65%, outperforming the Shanghai Composite by 1.68 percentage points [1][11]. - Year-to-date (January 1, 2025 - March 14, 2025), the smart home index has risen by 15.37%, significantly outperforming the Shanghai Composite by 13.35 percentage points [11][14]. Industry Policy Tracking - New national subsidies have been introduced, including the inclusion of kitchen and bathroom renovation products in the subsidy program, which is expected to enhance market penetration of energy-efficient products [17]. - The "Shenzhen Action Plan for Accelerating the Development of the Artificial Intelligence Terminal Industry (2025-2026)" aims to integrate AI capabilities into various smart home products [18]. Industry News Tracking - The 2025 government work report emphasizes actions to boost consumption, develop the digital economy, and promote aging-friendly renovations, providing a supportive direction for the smart home industry [19]. - Notable collaborations, such as the establishment of a smart home IoT open platform by Haoleke, Haotaitai, and Fengzhushou, aim to enhance smart home integration and control [22]. - The MWC 2025 highlighted smart home technology as a core focus, showcasing innovations in AI and IoT that redefine future living [24][25]. Investment Recommendations - The report suggests that the combination of policy support, technological innovation, and consumer demand will create a resonant effect, driving the smart home industry into a rapid growth phase [4][27]. - The expansion of subsidy categories from 8 to 12 and the focus on recycling and upgrading consumer goods are expected to further stimulate market consumption [27].