不得不说，最近几个月，自从YU7交付以来，雷军及它的小米汽车，虽然销量一路飙升，打的友商都抬不起头来，业绩也是越来越好，但舆论风波却是越来 越升级，攻击越来越多。 我们先看看交付量，自从YU7交付以来，从交付量来看，7月份直接跨过3万大关，到9月份则跨过4万大关，到10月份时，月交付超过了4.8万辆。 仅用时602天（不足20个月），小米就交付了50万辆，刷新全球新能源车企50万辆下线的最快纪录。 9月25日的时候，小米的市值是超过1.54万亿港元的，但到现在，连1万亿都没有了，只有9917亿港元，相当于2个月跌没了5500多亿。 这5500多亿，相当于蔚来+小鹏+理想+零跑之和还要多，相当于每天都要损失92亿多元。 同时小米在今年的三季度，也终于实现了盈利，首次季度盈利7个，收入290亿，增长了200%。可以说，小米汽车真的是气势如虹，没人可以阻挡它的光 芒，哪个新势力都不行。 但是，或许是因为交付的太好了，太吓人了，成为了最红的汽车，自然也是是非多，任何一点问题都会被放大，甚至没有问题，也会因为流量被人为制造成 问题。 再基于当前各大内容平台算法下的"信息茧房"，即你看了几篇关于小米问题的视频或文章，那么 ...

Core Insights - Xiaomi's automotive division achieved a significant milestone with the production of its 500,000th vehicle in just 1 year and 7 months, marking the fastest record in China's new energy vehicle industry [2] - The company aims to deliver over 400,000 vehicles in 2025, a 33% increase from the initial target of 300,000 vehicles [2] - In Q3, Xiaomi's revenue from smart electric vehicles and AI reached a record high of 29 billion yuan, with a quarterly operating profit of 700 million yuan [3] Group 1 - The 500,000th vehicle was produced in 602 days since the launch of the first model, SU7, setting a new global record for mass production ramp-up [2] - The YU7 model became the best-selling SUV in China, surpassing the Model Y in sales for the first time in recent years [2] - Xiaomi's automotive division plans to maintain focus on safety, delivery, technological innovation, and the integration of AI and smart manufacturing [3] Group 2 - Xiaomi's total R&D investment for the year is expected to be between 32 billion and 33 billion yuan, with a projected investment of 200 billion yuan over the next five years [4]

管理层称，小米汽车将提前一个月达成全年36万台的销量目标，明年汽车毛利率或会出现下滑。 小米迎来史上最强季报。 11月18日下午，小米集团2025年三季度财报。财报显示，营收1131亿元，经调整净利润人民币113亿 元，利润连续3个季度破百亿，并创历史新高。其中，智能电动汽车销售收入达283亿元、毛利率为 25.5%。 "没想到上个月还在探讨小米会先实现单月盈利还是单季度盈利，这一季度就宣布实现了单季度盈利， 还是非常令人激动的。"小米集团合伙人、集团总裁卢伟冰在财报会上表示。 去年同期，小米汽车贡献的营收仅为95亿元，今年同比激增197.9%，财报解释称是由于汽车交付量及 ASP(平均销售价格)均有大幅增长。 三季度，小米共交付了108796台新车，实现首次季度交付量破10万，相比二季度的8.13万辆的交付量环 比增加33.8%。 管理层在财报会上介绍，首款纯电轿车SU7连续十个月成为2025年中大型轿车销量第一；首款纯电SUV YU7连续三个月位列中大型SUV的销量第一，YU7也是10月份不分车型的国内SUV销量第一。 今年前三季度，小米汽车累计交付26.6万辆。卢伟冰预计，小米将在本周完成全年交付量目标 ...

Core Viewpoint - The article discusses the brands expected to experience the fastest sales growth in the coming year, focusing on year-on-year comparisons rather than overall sales volume [2]. Group 1: Brand Performance Predictions - BYD is highlighted for its impressive overseas market expansion and the successful launch of its popular model, the Titanium 7, with new technologies expected to enhance market performance next year [4]. - Geely is noted for its stable performance in the fuel vehicle market and successful low-price strategies, particularly with the Galaxy model, which has become a bestseller [4]. - Xiaomi's automotive division is recognized for its strong sales in October and a robust order pool, with expectations for increased sales driven by capacity improvements and new model releases [5]. Group 2: Growth Rate Estimates - Xiaomi is projected to have a significant growth rate, with Goldman Sachs predicting sales of 655,000 units by 2026, representing an approximate growth rate of 87% from a 2025 estimate of 350,000 units [6]. - Other brands like NIO and Li Auto are also expected to rebound quickly, with predictions of substantial growth based on low initial sales bases [8]. - The article mentions that new entrants like Leap Motor could see explosive growth, with estimates suggesting a potential increase of over 2000% in sales [10]. Group 3: Market Dynamics - The article emphasizes that the competitive landscape is shifting, with brands like Xiaomi and Geely employing various strategies to capture market share from established players like BYD [7]. - The rise of A0-level electric vehicles is noted as a significant trend, indicating a complete replacement of fuel vehicles in certain segments [10]. - The importance of product definition and marketing capabilities is highlighted, particularly for Xiaomi, which is expected to leverage its strong brand presence to drive sales growth [10].

Core Viewpoint - The article discusses the recent emotional responses from Lei Jun, the CEO of Xiaomi, regarding criticisms of the safety of Xiaomi's vehicles, particularly in light of serious accidents involving the SU7 model. It highlights the tension between design aesthetics and safety concerns, and the need for Xiaomi to address public anxieties more effectively. Group 1: Lei Jun's Response - Lei Jun expressed frustration over misinterpretations of his previous statements regarding vehicle design, emphasizing that aesthetics and safety are not mutually exclusive [2][4][6] - He criticized the online narrative that pits "good looks" against "safety," asserting that this framing is misleading [6][10] - In his public appearances, he has shifted the focus from specific safety concerns to broader industry issues, calling for a rational perspective on the growth of new automotive players [9][10] Group 2: Public Perception and Trust Issues - Following recent accidents, there has been a significant drop in Lei Jun's social media followers, indicating a loss of public trust in Xiaomi's automotive safety [14] - The article notes that the public's sensitivity to safety discussions is heightened due to real-life accidents, which have raised serious concerns about vehicle safety features [14][16] - Xiaomi's marketing strategies, which may have been acceptable in the consumer electronics sector, are viewed as inadequate in the automotive industry, where safety is paramount [12][16] Group 3: Need for Accountability and Action - The article argues that instead of focusing on defending against accusations, Xiaomi should provide detailed explanations regarding safety features, particularly concerning the vehicle doors in extreme situations [17][22] - It suggests that Xiaomi should take a leadership role in safety discussions and support new regulations aimed at improving vehicle safety standards [20][24] - The need for a tiered driving license system is highlighted as a necessary step to ensure that drivers are adequately trained to handle high-performance vehicles [24][26]

Core Insights - The Hong Kong stock market saw a net inflow of 44.67 billion HKD from Northbound trading on November 11, with the Shanghai Stock Connect contributing 26.81 billion HKD and the Shenzhen Stock Connect contributing 17.86 billion HKD [1] Group 1: Stock Performance - The most bought stocks included Xiaomi Group-W (01810), with a net inflow of 11.76 billion HKD, and the Yingfu Fund (02800), which saw a net inflow of 6.5 billion HKD [1][5] - The most sold stocks were XPeng Inc-W (09868), with a net outflow of 22.65 billion HKD, Alibaba-W (09988) with a net outflow of 20.24 billion HKD, and Tencent (00700) with a net outflow of 4.64 billion HKD [1][6][7] Group 2: Company-Specific Developments - Xiaomi Group-W reported strong sales in the electric vehicle sector, with 48,654 units sold in October, and is expected to announce third-quarter earnings on November 18, with projected revenue of 29 billion CNY from innovative businesses [4][5] - The Yingfu Fund is supported by low valuations in the Hong Kong stock market and multiple favorable factors, indicating a potential continuation of the market's upward trend into next year [5] - XPeng Inc-W's stock surged by 18%, attributed to the launch of new products, including the second-generation VLA model and Robotaxi, which may enhance market sentiment and valuation [7] Group 3: Market Sentiment and Predictions - Analysts predict that the Hong Kong stock market may experience continued upward momentum due to low valuations and supportive factors, despite short-term volatility [5] - Concerns regarding AI market bubbles and high valuations in overseas tech stocks may lead to increased short-term volatility for Tencent and Alibaba as they prepare to announce their earnings [6]

Group 1: New Energy Vehicle Deliveries - Xiaopeng Motors delivered 42,013 vehicles in October, setting a new monthly record and achieving a total of 355,209 deliveries from January to October, a year-on-year increase of 190% [1] - NIO delivered 40,397 vehicles in October, a year-on-year increase of 92.6%, with a total of 241,618 vehicles delivered year-to-date, up 41.9% [1] - Leap Motor delivered 17,342 vehicles in October, marking a year-on-year increase of 301.5% and a month-on-month increase of 13.7% [1] - Li Auto delivered 31,767 vehicles in October, with a cumulative total of 1,462,788 vehicles delivered as of October 31, 2025 [1] - Xiaomi Motors continued to deliver over 40,000 vehicles in October [1] - Zero Run delivered 70,289 vehicles in October, a year-on-year increase of over 84% [1] - Zeekr delivered 61,636 vehicles in October, a year-on-year increase of 9.8% [1] - BAIC New Energy sold 30,542 vehicles in October, with Arcfox sales exceeding 23,000 vehicles, a year-on-year increase of 110% [1] - Lantu delivered 17,218 vehicles in October, with a year-on-year increase of 82% for the January-October period [1] - Avita sold 13,506 vehicles in October [2] - Zhijie Motors surpassed 10,000 vehicle deliveries in October [2] Group 2: Xiaomi Automotive Developments - Xiaomi's vehicle delivery cycle has been shortened again, with the YU7 model expected to be delivered in 35-38 weeks, a reduction of 10 weeks from the original timeline [4][5] - The YU7 Pro is expected to be delivered in 34-37 weeks, shortened by 8 weeks, while the YU7 Max is expected in 32-35 weeks, shortened by 4 weeks [5] Group 3: Global Automotive Market Insights - By September 2025, China's share of the global automotive market is projected to reach 38%, with a total global sales volume of 8.55 million vehicles, a year-on-year increase of 10% [23] - From January to September 2025, global automotive sales reached 70.53 million units, a year-on-year increase of 6%, with China contributing 24.32 million units, up 13% [23] - The U.S. automotive market saw sales of 12.58 million units, an increase of 4%, while the Indian market grew by 2% to 4 million units [23]

Core Viewpoint - Xiaomi has faced significant media scrutiny and criticism since entering the automotive industry, yet it continues to thrive in sales and market performance despite the negative press [1][3][10] Group 1: Media Criticism - Numerous media outlets have aggressively criticized Xiaomi and its founder Lei Jun, with some suggesting that such intense scrutiny could potentially harm other companies, but Xiaomi has managed to withstand these attacks [3] - The media's focus on Xiaomi's incidents in the automotive sector has been likened to the previous treatment of Tesla in China, indicating a pattern of aggressive media behavior towards successful companies [5] Group 2: Reasons for Criticism - The criticism stems from Xiaomi's success in disrupting traditional markets, leading to job losses for competitors, which has prompted a backlash similar to that faced by Tesla [5] - Xiaomi's perceived lack of respect for media relations, including low compensation for media attendance at events, has contributed to the negative sentiment from journalists and influencers [7][8] Group 3: Market Performance - Despite the media attacks, Xiaomi's sales have continued to grow, with the company achieving a market capitalization of 1.2 trillion yuan, reflecting a three to fourfold increase since entering the automotive sector [10]

Core Viewpoint - The article discusses the challenges faced by Xiaomi in the electric vehicle market, particularly following recent accidents involving its SU7 model, highlighting a growing public distrust in the company's safety measures and marketing strategies [2][4]. Group 1: Company Strategy and Marketing - Xiaomi's founder Lei Jun emphasized design and aesthetics in the development of their vehicles, often neglecting critical safety features [3][4]. - The marketing approach of Xiaomi, which has been successful in the smartphone sector, is being questioned in the automotive industry due to the different nature of consumer expectations regarding safety [4][5]. Group 2: Safety Concerns and Public Perception - Following the "10·13 Chengdu SU7 explosion incident," public scrutiny of Xiaomi's vehicle safety has intensified, leading to a crisis of trust [2][5]. - The company has faced backlash for prioritizing aesthetics over safety, with consumers questioning whether Xiaomi cars are suitable for first-time buyers or pose significant risks [2][4]. Group 3: Regulatory and Industry Response - In response to safety concerns, Xiaomi announced a recall of 116,887 SU7 vehicles due to potential risks associated with the L2 highway navigation assistance feature [5]. - Lei Jun acknowledged the heightened expectations from the public and the need for Xiaomi to act responsibly as a major player in the automotive industry [5][6].

早在2015年，小米长江产业基金、顺为资本就悄悄入股蔚来、小鹏、禾赛、宁德时代、比亚迪半导体等60余 家产业链公司。2021年后又豪掷110亿元收购深动科技、投资黑芝麻、联电、英飞凌，把三电、智驾、芯片 核心能力"打包"收入囊中。 近日，小米汽车来自新疆的路测谍照引发汽车圈高度关注。雷军带着胡峥楠、张剑慧、于锴等小米汽车核心 高管，集体出现在海拔4000米的路试现场，督测小米第三款车型内部代号"昆仑"YU9。 从曝光的照片上看，YU9是一款车长超5米2的大型SUV，轴距约 3.1 米，采用6/7座三排布局。第三排放倒后 可形成2.2米纯平空间，一张标准双人充气床垫正好塞下，"露营模式"呼之欲出。尾部双边共两出排气口清 晰可辨，坐实了它是小米首款增程车型的身份。 据称，YU9搭载约80 kWh电池，纯电续航>400 km，多方消息指出YU9的综合续航有望突破1500公里，百公 里加速仅需5秒左右，还支持800V高压快充，15分钟就能补充300公里续航。 测试车车顶前缘凸起的激光雷达格外醒目，业内判断量产版将全系标配高阶智驾，延续SU7的"激光雷达 +Orin"组合。内饰则取消双联屏，不过，是否采用 YU7 同款 ...