Group 1: Product Launches - Xiaomi held a comprehensive ecosystem launch event on June 26, introducing multiple new products including the Xiaomi YU7 car, MIX Flip 2 foldable phone, AI glasses, and various wearable devices [2] - The Xiaomi YU7 standard version is priced at 253,500 yuan, with the YU7 Pro at 279,900 yuan and the Max version at 329,900 yuan [26] - The MIX Flip 2 features a three-sided micro-curved screen and is priced starting at 5,999 yuan, while the K80 Supreme version offers a battery life of 2.26 days starting at 2,599 yuan [2][9] Group 2: AI Glasses and Wearables - The AI glasses serve as a first-person camera, open-ear headphones, and an AI assistant, starting at a price of 1,999 yuan [18] - The Xiaomi Watch S4 supports comprehensive health management and the Xiaomi Band 10 boasts a battery life of up to 21 days, priced at 269 yuan [13][14] Group 3: Automotive Developments - Xiaomi's YU7 electric vehicle is expected to become a popular model in the high-end new energy SUV market, with Deutsche Bank projecting annual deliveries of 100,000 units by 2025 [28] - The YU7 features a 0-100 km/h acceleration in 3.23 seconds and a top speed of 253 km/h, with a maximum storage capacity of 1,970 liters [23][26] Group 4: Market Outlook - Analysts from Deutsche Bank and Goldman Sachs are optimistic about the demand for the YU7, suggesting it could compete effectively with models like the Tesla Model Y [28]

Core Viewpoint - Xiaomi has officially launched its first SUV, the Xiaomi YU7, along with several other products, indicating a strong push into the automotive and AI technology sectors. Group 1: Xiaomi YU7 Launch - The Xiaomi YU7 SUV features a maximum horsepower of 690PS, a top speed of 253 km/h, and can accelerate from 0 to 100 km/h in 3.23 seconds [1][4] - The starting price for the standard version of the YU7 is set at 253,500 yuan, with the Pro version priced at 279,900 yuan and the Max version at 329,900 yuan [3][10] - The standard version offers an impressive range of 835 km on a single charge, showcasing Xiaomi's commitment to long-range electric vehicles [4] Group 2: Xiaomi AI Glasses - Xiaomi has introduced its AI glasses, priced starting at 1,999 yuan, which are described as a next-generation personal smart device [2][11] - The glasses weigh 40g and feature a 12MP camera, allowing for immersive photography and video recording, as well as support for third-party app video calls and live streaming [15][16] - Over 30,000 users participated in a pre-launch "blind reservation" for the AI glasses, indicating strong consumer interest [17] Group 3: Additional Product Launches - The launch event also included the introduction of the MIX Flip 2 smartphone, starting at 5,999 yuan, and the Xiaomi Pad 7S Pro, starting at 3,299 yuan [30][31] - Xiaomi's CEO Lei Jun announced plans to invest an additional 200 billion yuan in research and development over the next five years, emphasizing the company's commitment to innovation [32] Group 4: Market Context - The AI glasses market is becoming increasingly competitive, with major players like Meta, Samsung, and ByteDance expected to release new products in the coming months [25] - Recent data shows a significant increase in interest for AR glasses, with searches for related products on e-commerce platforms rising by 380% year-on-year [26]

Core Viewpoint - Xiaomi held a comprehensive ecosystem launch event on June 26, introducing multiple new products including smartphones, tablets, AI glasses, and wearables [1] Group 1: Smartphones - The MIX Flip 2 features enhanced specifications, starting at a price of 5999 yuan, equipped with a Snapdragon 8 Gen 2 mobile platform and a unique folding structure that allows for 72,000 folds with minimal crease visibility [2][9] - The K80 Supreme Edition smartphone is powered by the Dimensity 9400+ flagship chip, featuring a 7410mAh battery with a battery life of up to 2.26 days, and is priced from 2599 yuan [13] - The Xiaomi Pad 7S Pro, starting at 3299 yuan, is equipped with a 10610mAh battery and supports PC-level applications [11] Group 2: Tablets - The K Pad, an 8.8-inch tablet, features a custom 3K LCD screen and is powered by the Dimensity 9400+ chip, priced from 2799 yuan [15] Group 3: Wearable Devices - The Xiaomi Watch S4 supports comprehensive health management and features over 150 sports modes [17] - The Xiaomi Band 10, priced from 269 yuan, boasts a 21-day battery life and a 2mm ultra-narrow four-edge screen [19] Group 4: AI Glasses - The AI glasses, weighing 40g and priced from 1999 yuan, include a 12MP camera for immersive video recording and live streaming capabilities, and function as an open-ear headphone [23][25] Group 5: Other Products - Xiaomi also launched various home appliances including a hairdryer, sweeping and mopping robot, wireless floor washer, and air conditioner, which can benefit from national subsidies [21]

Core Insights - The report highlights the significant growth of the semiconductor third-party testing industry, with a projected domestic market space reaching 180-200 billion yuan by 2027, driven by rapid technological iterations and increased R&D investments in the semiconductor sector [15][16]. Company Overview - The specific company, Victory Nano (688757.SH), is recognized as a leading semiconductor third-party testing service provider in China, often referred to as the "chip general hospital." The company has experienced rapid growth, with a CAGR of 35% in revenue and 43% in net profit from 2021 to 2024 [4][14]. - In 2023, the company achieved a market share of 7.86% in the failure analysis and material analysis sectors, solidifying its position as a top player in the industry [14][16]. - The company's testing capabilities extend to 3nm process technology, with nearly 80% of its advanced process revenue coming from the first half of 2024. Future investment projects are expected to further enhance revenue from advanced processes [14][16]. Industry Analysis - The semiconductor third-party testing industry is characterized by a "small, scattered, and weak" competitive landscape, but leading companies are expected to benefit significantly from industry demand growth and the deepening of the Labless model [15][16]. - Key drivers of industry demand include the rapid iteration of semiconductor technology, which increases R&D spending, and the rising requirements for fault tolerance due to advanced process iterations [15][16]. - The report emphasizes that leading companies in the sector are well-positioned to capitalize on the growth opportunities presented by the expanding semiconductor industry and can achieve counter-cyclical growth by relying on resilient R&D demand during market fluctuations [15][16]. Technology Trends - The report discusses the emergence of AI glasses as the next generation of personal smart devices, with major companies like Meta and Xiaomi leading the innovation [5][18]. - Key trends in AI glasses include electrochromic technology, SIP packaging, AR/VR displays, and bone conduction technology, which are expected to enhance user experience and functionality [19][21][22].

Group 1 - The Hang Seng Index opened lower by 0.42% and the Hang Seng Tech Index by 0.61%, but the latter briefly turned positive during trading [1] - Key stocks in the Hang Seng Tech Index ETF (513180) included declines in Tongcheng Travel, BYD, SMIC, Haier Smart Home, and Meituan, while Kingsoft, Kingdee International, and Xiaomi saw gains, with Kingsoft rising over 12% [1] - Xiaomi's upcoming product launch, including the YU7 and the Xiaomi Pad 7S Pro, is expected to positively impact the index due to its significant weight of 7.76% in the ETF [1] Group 2 - The Hang Seng Tech Index ETF (513180) leads in both scale and liquidity among A-share listed ETFs in the same sector, supporting T+0 trading [2] - The ETF combines hard technology and new consumption attributes, focusing on AI core assets and representing major players like Alibaba, Tencent, Xiaomi, Meituan, SMIC, and BYD [2] - Over half of the weight in the Hang Seng Tech Index is in sectors such as e-commerce, automotive, home appliances, consumer electronics, and tourism, including companies like NIO, Xiaomi, Lenovo, Ctrip, Tongcheng, Haier, and Midea [2]

Group 1 - The core point of the article is that Xiaomi's Yu7 will be officially launched at the end of June, along with several other significant new products [1] - Xiaomi will also introduce the Xiaomi Pad 7S Pro, which is equipped with the advanced Xuanjie O1 chip [1]