小米正站在十字路口，处于向硬科技企业转折的关键节点。 2022年底以来，AI大模型汹涌澎湃，成为本轮人工智能浪潮的核心焦点。AI手机、AI电脑、AI耳机、AI眼镜、AI学习机、机器人等各类智能硬件也迎来 爆发式增长。"人工智能时代，所有硬件都值得用AI重做一遍"，早已成为行业共识。 作为手机厂商，布局AI大模型，持续投入AI研发是题中之义。 2025年4月底，小米开源首个推理大模型Xiaomi MiMo，数学推理（AIME 24-25）和代码竞赛（LiveCodeBench v5）能力表现出色。 12月17日，小米发布并开源最新MoE大模型MiMo-V2-Flash，总参数309B，激活参数15B。 据小米介绍，Xiaomi MiMo-V2-Flash通过引入Hybrid注意力架构创新及多层MTP推理加速，在多个Agent测评基准上进入全球开源模型Top 2；代码能力超 过所有开源模型，比肩标杆闭源模型Claude 4.5 Sonnet，但推理价格仅为其 2.5%且生成速度提升至2倍，成功将大模型效果和推理效率推向极致。 值得一提的是，在2025小米"人车家全生态"合作伙伴大会上，Xiaomi MiMo大模型 ...

智能手机：25Q3 出货量4340 万部，同比+1.3%，实现连续9 个季度同比增长，市占率13.6%位列全球第 三。但受海外市场手机ASP 下降的影响，公司智能手机平均ASP 下降3.6%至1062.8 元，由此导致智能 手机业务营收同比下滑3.1%至460 亿元。展望后续，凭借新颖的背屏设计以及影像与澎湃系统的不断升 级，小米17 系列发布后销量同比上代增长30%，且Pro 系列占比超80%。25Q3 小米在国内3000 元机型 占比达到24.1%，同比提升4.1pct；4000~6000 元以上机型占比达到18.9%，同比提升5.6pct。小米高端化 进程稳步向前，在国内成效显著，且可通过规模效应以及供应商管理能力在存储上涨周期中彰显龙头韧 性。 IoT：2025Q3 公司IoT 与生活消费产品实现营业收入276 亿元，同比增长5.6%，其中受高基数、国补退 坡等压力影响，智能大家电业务收入同比下滑15.7%。毛利端，IoT 与生活消费产品毛利率同比提升3.2 个百分点，预计智能大家电业务受益于高端化战略拉动同样实现提升。展望后续，我们认为在基数效应 叠加需求前置的影响下，家电行业整体增速或边际放缓。 ...

这话虽是调侃，却也道出了现实，背后是消费者无数次被"套路"后的条件反射，是对企业擦边营销的疲惫与不满。 商家使用大字突出产品的优势、优惠力度……却将可能影响消费者判断的重要限制条件、潜在风险等以小字形式呈现，这无疑是在玩文字游戏，误导消费 者。 近日，新华社的一篇评论，撕开了行业"小字"宣传的遮羞布。"大字吸睛，小字免责"，这八个字说出了无数消费者的心声，直戳心窝子，也让小米再次站 上了舆论的风口浪尖。 小米走到关键拐点。 出品 | 大佬说 作者 | 青云 消费者苦"小字广告"久矣，不少人直呼已经养成"先看小字再决定购买"的新习惯了。 新华社发文痛批"大小字"，小米风波再起 罗永浩曾站出来发声，海报小字是行业普遍陋习。 诚然，这种玩法并非新鲜事物，可能早已成为常规操作。但普遍如此，便对吗？答案显然是否定的。 在文章里，新华社指出，媒体将此类行为概括为"三吹" ，分别是吹功效、吹销量、吹优惠。 在功效上，新华社并未直接点名，具体说的是：某品牌手机，在海报推广中，用显眼大字高调标注"逆光之王"，却在偏僻角落里用一行小字注解：逆光之 王是产品设计目标。拿设计目标当产品事实宣传，商家的胆量为何这么大？ 虽然没点名，但 ...

（来源：另镜） ■豆包AI助手引发手机生态系统权限博弈 ■国产手机正抢占高端市场心智卡位 ■明年高端手机市场竞争必将进一步白热化，苹果正加速融入中国的社交与内容电商生态 但很快，所谓豆包AI手机就因登不上微信、支付被支付宝截停等生态适配问题迅速遇冷，跨应用操作触碰风控边界。豆包AI手机被大厂集体拉黑，也引 发AI助手与APP生态系统权限博弈。 产品的创新一直是手机企业捍卫行业地位关键，当年的诺基亚就是因为系统和产品的后知后觉，渐渐消失在市场。而如今，豆包打响第一枪，对手机厂商 而言，让AI深度操控应用是高端化的关键。 作者：萌萌 编辑|陈秋 另镜ID：DMS-012 进入12月后，国产手机进入本年度最后的搏杀阶段。 12月第一天，搭载"豆包AI手机助手"的努比亚M153亮相，试图以"AI对话"重塑手机交互，"赛博保姆"上线。只要给豆包AI助手看下想要的商品，豆包AI 助手就可以自己通过各平台自动比价，找出最便宜的链接下单，就像有人在替操作手机。 可见豆包AI手机想变革的是手机底层底层系统权限，想成为手机智驾系统供应商。豆包AI手机被周鸿祎喊话"手机操作要变天了，美团淘宝的高管们可能 要连夜开会了"。 与此同时 ...

摘要：本案例描述了高通技术公司在2025骁龙峰会上重磅发布的第五代骁龙8至尊版移动平台，它凭借 卓越的性能、能效和终端侧AI处理能力，为年度旗舰手机树立全新性能标杆。截至11月底，包括小米 17、小米17 Pro、小米17 Pro Max、荣耀Magic8、荣耀Magic8 Pro、红魔11 Pro、红魔11 Pro+、iQOO 15、真我GT8 Pro、努比亚Z80 Ultra、REDMI K90 Pro Max以及一加15在内的12款首批搭载该平台的商 用机型密集亮相，这一阵容不仅汇聚行业顶尖硬核实力，更为广大用户带来前所未有的极速体验与创新 突破，全面开启旗舰性能新时代。 关键词：第五代骁龙8至尊版移动平台；芯片；科技创新；智能手机；人工智能 第五代骁龙8至尊版移动平台 第五代骁龙8至尊版基于先进的3nm工艺制程，集成了包括定制的第三代Qualcomm Oryon CPU、全新架 构的高通Adreno GPU与增强的高通Hexagon NPU在内的一系列创新技术，在峰值性能与能效表现上实 现显著突破。Qualcomm Oryon CPU采用全新微架构，配备2个主频高达4.6GHz的超级内核与6个 3.6 ...

Core Insights - The 2023 Double Eleven shopping festival saw significant sales fluctuations among major smartphone brands, with Apple experiencing a 37% increase in sales, while Xiaomi, Huawei, and Honor faced declines of 11%, 22%, and 14% respectively [1][3][5]. Sales Performance - Apple's sales surge is attributed to the strong performance of the iPhone 17, despite a strict pricing strategy limiting discounts to around 500 yuan [3][5]. - Xiaomi's decline is linked to the early launch of the Xiaomi 17 series, which sold over 1 million units before the Double Eleven period, resulting in lower sales during the event [7][11]. - Huawei's significant drop in sales is due to a lack of new product launches during the Double Eleven period, with previous successful models released earlier in the year [8][10]. Market Dynamics - The competitive landscape is shifting, with OPPO and Vivo reporting sales growth due to successful new product launches, contrasting with the declines of Xiaomi and Huawei [11][12]. - Consumer behavior is changing, with a growing preference for first-sale benefits over traditional Double Eleven discounts, indicating a shift in purchasing psychology [13][15]. Future Trends - The smartphone market is evolving, with brands likely to adjust their strategies for future sales events, potentially leading to earlier flagship releases to capture consumer interest [16].

Group 1 - The core viewpoint of the articles indicates that Apple dominated the smartphone sales during the Double 11 shopping festival, capturing 26% of the total smartphone sales, while overall smartphone sales increased by 3% year-on-year [1] - Excluding Apple, smartphone sales during the Double 11 period actually declined by 5%, highlighting Apple's strong performance with the iPhone 17 [1] - The Double 11 shopping festival this year saw a total sales figure of 1.70 trillion yuan (approximately 240 billion USD), an increase from last year's 1.44 trillion yuan, although the shorter duration of last year's event affects comparability [2] Group 2 - Huawei's market share decreased from 17% last year to 13% this year, partly due to the missed sales period for its flagship Mate 80 [1] - Xiaomi held the second position with a 17% market share, but its sales declined compared to the previous year, attributed to the early release of the Xiaomi 17 series [1] - Major platforms started their Double 11 promotions significantly earlier this year, with Tmall, JD, and Douyin launching activities on October 15, October 9, and October 9 respectively, extending the shopping festival period to 31-57 days [1]

Core Insights - Huawei's Mate 80 series was launched with a significant price reduction, dropping by 500-800 yuan compared to the previous generation, indicating a strong ambition for increased sales [1][4][9] - The pricing strategy reflects lessons learned from the earlier Pura 80 series, which faced poor sales due to high pricing and an underdeveloped ecosystem [1][5][9] - The Mate 80 series features enhanced specifications, including a 42% performance increase in the new Kirin 9030 Pro chip and significant improvements in camera technology [8][9] Pricing Strategy - The Mate 80 series has adopted a surprising pricing strategy, moving away from the traditional naming conventions and opting for a fruit-themed naming similar to competitors [2] - Despite rising supply chain costs, including a 260% increase in DRAM prices, Huawei has chosen to lower prices, contrasting with competitors who have raised their prices [4][9] Market Position - Huawei's market share has declined, with a drop from 18.1% in Q2 2025 to 15.2% in Q3 2025, falling behind Apple [9][10] - The Mate 80 series is seen as a crucial product to recover from declining sales and regain market position [9][21] Competitive Landscape - The competitive pressure from Apple is significant, with the iPhone 17 series achieving remarkable sales, nearly doubling the previous year's figures [12][13] - Huawei's strategy appears to mimic Apple's approach of enhancing specifications while reducing prices to attract consumers [13] Ecosystem Development - Huawei's ecosystem, particularly the HarmonyOS, is still developing, with a global market share of only 4% compared to iOS at 17% and Android at 79% [19][22] - The company is focused on increasing sales to accelerate the growth of its ecosystem, which is essential for long-term success [21][22]

Group 1 - A new stringent regulation for power banks will eliminate nearly 70% of existing production capacity, as the old 3C certification will become invalid. The new standards are expected to be published in December 2025 and implemented by June 2026 [5][6] - NIO aims for profitability in Q4 2025, with a target of 50,000 monthly sales in the first half of 2026 and plans to launch three large new models [8][9] - Baidu has established two new AI model research departments, indicating a focus on enhancing its capabilities in artificial intelligence [9][10] Group 2 - Li Xiang, founder of Li Auto, announced that the company will not produce smartphones but will release smart glasses as part of its ecosystem [15] - Zhihu reported a net loss of 46.7 million RMB in Q3 2025, with a significant decline in revenue across various segments [17] - Alibaba's Q2 FY2026 revenue reached 247.8 billion RMB, driven by a 34% increase in AI-related product revenue, indicating strong demand in the AI sector [12] Group 3 - Trump signed an executive order to launch the AI "Genesis Plan," aimed at transforming scientific research through AI [35] - Apple confirmed layoffs in its sales department and significantly reduced production of the iPhone Air due to lower-than-expected sales [36] - Amazon announced a plan to invest up to $50 billion in expanding AI and supercomputing capabilities for its cloud services [37]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [1] Core Views - The company achieved a record high adjusted net profit of 11.3 billion yuan in Q3 2025, with a year-on-year growth of 80.9% [8] - The automotive business delivered over 100,000 units in the quarter, marking the first operational profit in a single quarter [8] - The Xiaomi 17 series saw a significant increase in sales, with a 30% year-on-year growth compared to the previous generation [8] - The company is focusing on innovation, with R&D investment reaching 91 billion yuan in Q3 2025, and a total of 235 billion yuan for the first three quarters [8] Financial Performance - Revenue for Q3 2025 reached 113.1 billion yuan, a 22.3% year-on-year increase [8] - The company forecasts earnings per share of 1.69, 1.76, and 2.38 yuan for 2025, 2026, and 2027 respectively [9] - The projected revenue for 2025 is 473.24 billion yuan, with a year-on-year growth of 29% [7] - The gross margin is expected to improve to 22.5% in 2025 [7] Market Position - Xiaomi's smartphone revenue in Q3 2025 was 46 billion yuan, with a shipment of 43.3 million units, marking a 0.5% year-on-year increase [8] - The market share for smartphones priced between 4000-6000 yuan reached 18.9%, an increase of 5.6 percentage points year-on-year [8] - The company has expanded its automotive sales network, with 402 stores opened across 119 cities in mainland China by September 30, 2025 [8] Valuation - The target price for Xiaomi Group is set at 55.86 HKD, based on a 29x PE ratio for 2026 [6][9] - The current market capitalization of H shares is approximately 1,006.835 million HKD [1]