Investment Rating - The report maintains an "Overweight" rating for the automotive industry [5] Core Insights - The launch of Xiaomi YU7 has seen overwhelming demand, with over 200,000 orders in just 3 minutes and 289,000 in 1 hour, indicating strong product capability, pricing strategy, brand influence, and ecosystem synergy [1][13] - The Xiaomi YU7 comes in three configurations, priced at 253,500 CNY, 279,900 CNY, and 329,900 CNY, with impressive range and performance metrics [1][13] - The vehicle features advanced technology, including an 800V silicon carbide high-voltage platform and a comprehensive suite of high-level driving assistance hardware [2][14] Summary by Sections 1. Product Launch and Performance - Xiaomi YU7's performance includes a maximum power of 288 kW, peak torque of 528 N·m, and a 0-100 km/h acceleration time of 3.23 seconds [1][13] - The vehicle's configurations offer ranges of 835 km, 770 km, and 760 km, showcasing its competitive edge in the electric vehicle market [1][13] 2. Investment Strategy and Focus Areas - The report highlights opportunities in the supply chain, particularly for core technology suppliers like CATL and Huichuan Technology, which are expected to benefit from increased orders as Xiaomi's sales grow [3][15] - It also emphasizes the potential for smart driving and cockpit system suppliers, such as Desay SV and Huayang Group, to gain from the rising demand for automotive intelligence [3][15] - Companies specializing in integrated die-casting and lightweight components, like Top Group, are noted for their technological leadership and existing partnerships with Xiaomi [3][15] 3. Market Review - The automotive sector experienced a weekly increase of 2.88%, ranking 19th among 31 sectors, outperforming the Shanghai Composite Index and CSI 300 [4][16] - The report provides detailed performance metrics for various automotive sub-sectors, including automotive services and components, indicating a positive trend in the market [4][16]

Core Viewpoint - The launch of Xiaomi YU7 is expected to structurally change the prosperity of the automotive parts industry, with a significant increase in orders indicating a positive outlook for the supply chain [2][3]. Group 1: Product Launch and Market Impact - Xiaomi YU7 has been officially launched with a starting price of 253,500 yuan, featuring the Xiaomi Super Motor V6s Plus, achieving 0-100 km/h in 3.23 seconds, and a maximum range of 835 km due to its 800V silicon carbide high-voltage platform [2]. - The YU7 is available in three configurations: YU7 priced at 253,500 yuan, YU7 Pro at 279,900 yuan, and YU7 Max at 329,900 yuan, which are considered competitive in the market [2]. - The initial response to the YU7 has been strong, with over 289,000 pre-orders within the first hour of its release, indicating a robust demand in the 200,000-300,000 yuan electric vehicle market [3]. Group 2: Market Potential and Sales Forecast - The stable annual sales of YU7 are projected to reach 300,000 to 400,000 units, supported by the large market for electric SUVs priced between 200,000 and 300,000 yuan, which is estimated to exceed one million units collectively [3]. - The YU7 is expected to drive additional market growth due to its product strength and influence, potentially creating a new demand in the domestic passenger car market [3]. Group 3: Supply Chain Opportunities - The introduction of influential products like the Xiaomi YU7 is anticipated to lead the domestic passenger car consumption into a phase where supply creates demand, presenting new opportunities for the automotive parts supply chain [3].

小米 YU7 订单火爆，供应链迎来新机遇 [Table_Industry] 汽车 股票研究 /[Table_Date] 2025.06.27 2025-06-27 行 业 跟 踪 报 告 证 券 研 究 报 告 本报告导读： 请务必阅读正文之后的免责条款部分 YU7 的热销有望结构性改变零部件行业景气度。 投资要点： [Table_Invest] 评级： 增持 票 研 究 | 公司名称 | 代码 | 收盘价 | | EPS | | | PE | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （2025/6/26） | 2024A | 2025E | 2026E | 2024A | 2025E | 2026E | | 无锡振华 | 605319.SH | 35.66 | 1.51 | 2.00 | 2.42 | 14 | 18 | 15 | | 华阳集团 | 002906.SZ | 32.83 | 1.24 | 1.72 | 2.27 | 25 | 19 | 14 | | 德赛西威 | 002920.SZ | 101.92 | 3 ...

Group 1 - Xiaomi's first SUV, the YU7, was officially launched with a starting price of 253,500 CNY, and pre-orders exceeded 200,000 units within 3 minutes and 289,000 units within 1 hour [4] - The YU7 features a high-performance electric motor with a maximum speed of 22,000 RPM and utilizes an 800V silicon carbide high-voltage platform, allowing for rapid charging from 10% to 80% in just 12 minutes [4] - Analysts believe that Xiaomi's unique ecological advantages will significantly contribute to the surge in YU7 orders, positioning the company to lead the automotive industry towards an interconnected ecological era [4] Group 2 - Xiaomi automotive concept stocks saw a collective rise, with Xiaomi Group-W's stock opening up by 8.96% and closing up by 4.39% on June 27 [3] - A total of 25 Xiaomi automotive concept stocks are tracked, with 9 stocks receiving ratings from 3 or more institutions, indicating strong institutional interest [5] - Forecasts suggest that several Xiaomi automotive concept stocks, including Yachuang Electronics and BYD, are expected to achieve net profit growth rates exceeding 20% from 2025 to 2027 [5][6] Group 3 - QFII holdings in Xiaomi automotive concept stocks showed that 6 stocks were heavily invested by QFII as of the end of the first quarter, with Pengling Co. having the highest QFII holding ratio at 2.87% [6] - Pengling Co. has indicated that Xiaomi Automotive is a significant client, and the company will supply fluid pipeline products for Xiaomi's vehicles [7]

Core Viewpoint - The highly anticipated SUV YU7 from Xiaomi is set to make waves in the automotive market, despite the company facing challenges in the second quarter of the year. The launch event emphasized Xiaomi's resilience and optimism, showcasing the YU7 as a symbol of the company's determination to rebound from difficulties [1][26]. Group 1: Performance and Specifications - The YU7 is positioned as a "luxury high-performance SUV," featuring the Xiaomi Super Motor V6s Plus, delivering 690 horsepower (508 kW) and achieving 0-100 km/h in 3.23 seconds, with a top speed of 253 km/h [3]. - The vehicle utilizes CTB battery technology, offering three configurations with battery capacities of 100 kWh, 96.3 kWh, and 101.7 kWh, providing a maximum electric range of 835 km. It supports rapid charging, allowing for 620 km of range in just 15 minutes [3]. - The YU7 is built on an 800V high-voltage platform, enhancing its performance capabilities [3]. Group 2: Design and Interior - The YU7 features a family design language consistent with Xiaomi's other models, while also incorporating unique elements to establish its individuality [7]. - The vehicle's proportions are emphasized, with a 1:3 head-to-body ratio and a muscular appearance reminiscent of sports cars, enhancing its visual appeal [12]. - The interior boasts a new design with a panoramic display using three Mini LED screens, eliminating physical buttons for a more modern interface [15]. Group 3: Space and Comfort - The YU7 offers spacious seating, with a wheelbase of 3 meters. It provides ample headroom and legroom, featuring zero-gravity front seats and adjustable rear seats [19]. - The storage capacity is practical, accommodating multiple pieces of luggage, including three 24-inch suitcases in the rear [19]. Group 4: Technology and Safety - The YU7 integrates a four-in-one domain control module, utilizing the third-generation Snapdragon 8 mobile platform, and supports dual 5G networks, UWB keys, and Wi-Fi 7 [22]. - It is equipped with laser radar and the NVIDIA DRIVE AGX Thor computing platform, boasting a computing power of 700 TOPS, enhancing its safety and driving assistance features [24]. Group 5: Market Position and Future Outlook - The YU7 has generated significant online buzz, with discussions surrounding its launch trending on social media platforms. Xiaomi's ability to leverage this attention reflects its strong fanbase and market presence [26]. - The official pricing and pre-order details are yet to be announced, with the vehicle expected to launch in July, allowing Xiaomi to gather market feedback for potential adjustments [30].

5月22日晚间，在小米战略新品发布会上，雷军正式发布了玄戒O1、小米15S Pro、平板7Ultra、手表S4，以及小米首款SUV小米YU7等产品。 发布会上，雷军还披露了小米过去五年的成绩单：小米手机连续19个季度位居全球前三；小米汽车、芯片、智能工厂实现"从0到1"的跨越，小米"人车家 全生态"战略正式闭环，小米从此成为拥有完整生态的科技公司。 "无论高峰低谷，无论顺境逆境，小米始终坚持技术为本、不断向前，这就是我们的成长之路。"雷军表示，小米在过去五年研发投入1020亿元，在下一个 五年，在核心技术的研发上，小米决定再投入2000亿元。 当晚，"小米发布会""小米未来五年研发再投入2000亿元""小米YU7"等多个话题相继冲上微博热搜。 据雷军介绍，小米的芯片要对标苹果。目前玄戒O1已展现出第一梯队的性能表现。最新发布的小米15S Pro、平板7Ultra、手表S4全部搭载小米自主研发 设计的玄戒芯片。 玄戒O1性能跻身旗舰芯片第一梯队 雷军介绍，玄戒O1采用第二代3nm先进工艺制程，集成了190亿个晶体管，芯片面积仅有109mm²。在实验室跑分测试中，其成绩突破300万分大关，展现 出第一梯队的性能表 ...

Group 1: Market Overview - The US stock market showed mixed results with the Dow Jones down by 0.15%, the Nasdaq up by 0.52%, and the S&P 500 down by 0.01% [1] - Popular Chinese concept stocks experienced varied performance, with Li Auto and Xpeng Motors both dropping over 1%, while Weibo rose by over 7% [1] - Major tech giants mostly saw gains, with Google increasing by over 2%, and the cryptocurrency sector rising nearly 2% [1] Group 2: Company News - Xiaomi - Xiaomi Group's chairman Lei Jun announced the launch of the first SUV, Xiaomi YU 7, positioning it as a "luxury high-performance SUV" [2] - The Xiaomi YU 7 features the Xiaomi Super Electric Motor V6s Plus, with a maximum horsepower of 690PS, 0-100 km/h acceleration in 3.23 seconds, and a top speed of 253 km/h [2] - The SUV will have three versions, with the standard version offering a range of 835 kilometers, and the official price will not be disclosed until July [2] Group 3: Company News - Kraken - Kraken, a cryptocurrency exchange, plans to allow non-US customers to trade popular stocks like Apple, Tesla, and Nvidia in tokenized form [3] - These "tokenized stocks" will enable easier investment in US stocks for non-Americans and will support continuous trading, even when the US stock market is closed [3] Group 4: Company News - Bawang Tea - Bawang Tea plans to expand its store presence significantly by 2025, targeting over 1,000 new stores in mainland China, 50 in Hong Kong, and over 100 in Southeast Asia, along with 10 in the US [4] - The company has not provided further comments on this expansion plan [4]

小米YU7后排135°豪华电动座椅 在动力性能方面，小米YU7搭载了小米超级电机V6s Plus，最大马力可达690PS，0-100km/h加速仅需 3.23秒，最高时速可达253km/h，而100-0km/h的最短制动距离仅为33.9米。配合豪华底盘配置，小米 YU7在运动与舒适之间达到了完美的平衡，为驾驶者带来了人车合一的驾控体验。 小米YU7搭载了小米超级电机V6s Plus 续航能力一直是消费者关注的焦点，而小米YU7在这方面表现卓越。全系配备800V碳化硅高压平台， 小米YU7的续航最高可达835km，位列中大型纯电SUV续航第一；小米YU7 Pro的CLTC续航里程为 770km，位列四驱纯电SUV续航第一。15分钟最快补能620km，彻底解决了消费者的充电焦虑。 800V碳化硅高压平台为小米YU7带来超长续航能力 安全是汽车的核心要素之一，小米YU7在这方面也毫不含糊。铠甲笼式钢铝混合车身再度升级，采用 2200MPa小米超强钢，强度全面提升，并应用于"内嵌式防滚架"和全车四门防撞梁。经过50项以上的被 动安全性能开发测试验证，覆盖了C-NCAP、C-IASI的所有碰撞标准，为驾乘者提供了全方位 ...

小米YU7今日正式发布，搭载小米超级电机V6s Plus，最大马力可达690PS。0-100km/h加速3.23s，最高 时速253km/h，100-0km/h最短制动距离33.9m。小米YU7共有三个版本——单电机后驱的小米YU7，双 电机四驱的小米YU7Pro和最高性能的小米YU7Max，标准版续航达835公里。 ...

小米汽车：小米YU7搭载小米超级电机V6s Plus，最大马力可达690PS。0-100km/h 加速3.23s，最高时速 253km/h，100-0km/h最短制动距离33.9m。 ...