Core Insights - The recent meeting with Lei Jun focused on additional information regarding the YU7 model, highlighting key points about order transitions, production plans, and market strategy. Group 1: Order and Production Insights - Approximately 15% of YU7 orders are from the SU7 series, translating to about 36,000 units, which has a minimal impact on overall SU7 orders [1] - The current backlog for SU7 is estimated at around 250,000 units, while total orders for Xiaomi's vehicles exceed 500,000 units, indicating a significant demand [1][2] - The company plans to prioritize domestic deliveries and aims to be ready for international expansion by 2027, as current orders will take until mid-2024 to fulfill [2][40] Group 2: Capacity and Financial Projections - Once the first three phases of production ramp up, Xiaomi's monthly production capacity could exceed 80,000 units, leading to an annual capacity of nearly 1 million units [3] - By 2027, with an average vehicle price of 255,000 yuan and a projected gross margin of 25.7%, the core operating profit for Xiaomi's automotive business is expected to reach 22.1 billion yuan, a 43% increase year-on-year [3] Group 3: Market Positioning and Strategy - Xiaomi will not pursue the production of a low-cost vehicle under the Redmi brand, focusing instead on the mid-to-high-end market segment priced between 200,000 to 350,000 yuan [1][26] - The company has made significant investments in production capacity and quality testing, with over 1 million kilometers of road testing completed for the SU7 model [23] Group 4: Competitive Analysis - The YU7 model has shown strong initial order performance, with 240,000 units locked in within 18 hours of the launch, indicating robust market interest [7][8] - The company aims to compete directly with established players like Tesla, using performance metrics from the Nürburgring as a benchmark for quality and capability [30][31]

// 市场要闻 // 1、5月规模以上工业企业利润增速公布 周五（6月27日），国家统计局公布5月规模以上工业企业利润增速。上月公布的数据显示，1-4月份，规模以上工业企业利润增长1.4%， 较1—3月份加快0.6个百分点，延续恢复向好态势。 2、逾9600亿元逆回购到期 Wind数据显示，本周央行公开市场将有9603亿元逆回购到期，其中本周一至本周五分别到期2420亿元、1973亿元、1563亿元、2035亿 元、1612亿元。此外，本周一还将有1000亿元国库现金定存到期。 3、美国通胀数据出炉 周五（6月27日），美国公布5月PCE物价指数。经济学家预计美国5月PCE物价指数同比增2.3%，较上月的2.1%提升0.2个百分点；核心 PCE物价指数同比增2.6%，较上月加速0.1个百分点，显示通胀温和升温。分析指出，按环比预期值看，近三个月将是五年以来涨幅最温 和的三个月。 4、鲍威尔半年度货币政策证词 周二（6月24日），美联储主席鲍威尔将在众议院发表半年度货币政策证词。届时，鲍威尔或将阐述美联储对当前经济形势的评估，包括 就业、通胀等关键领域。除了密切关注有关利率或通胀的线索，交易员还将高度警惕政策独 ...