Core Viewpoint - Xiaomi's founder and CEO Lei Jun addressed various challenges faced by the company, particularly regarding negative online sentiment and misinformation about its automotive division during a live stream event, while also outlining delivery targets for the upcoming year [1][3][7]. Group 1: Delivery and Performance - Lei Jun shared the delivery status of Xiaomi's Yu7 car over the past year and set new delivery goals for 2025 [1]. - The company has faced significant online criticism, being labeled as one of the most attacked car manufacturers since the launch of its automotive line [7]. Group 2: Response to Online Criticism - Xiaomi's public relations manager, Xu Jieyun, indicated that the negative labeling of the company, such as "Green Belt War God," is a result of malicious editing and targeted attacks [3]. - The legal department has evaluated 16,465 instances of online sentiment since 2025, monitoring 231 accounts and filing civil lawsuits against 92 malicious accounts [3]. Group 3: Legal Actions and Support for Users - Xiaomi has initiated 35 lawsuits to support car owners who have faced unwarranted online attacks, demonstrating a commitment to protecting its customers [3]. - Lei Jun encouraged users to report any attacks they face, assuring them that the company will assist in their defense [7]. Group 4: Industry Practices and Marketing - Lei Jun acknowledged the issue of "small print marketing" as a common industry practice and committed to improving transparency in Xiaomi's marketing strategies [10]. - The company aims to clarify that compliance-related practices should not be misconstrued as false advertising, emphasizing the importance of user perception [10].

雷军还表示，因为大家买 YU7 多半是家庭，特别担心小朋友的健康，YU7 在设计的时候就考虑了家庭 的需求。所以在健康这一点上，考虑了父母的想法，考虑到孩子的需求。他表示，小米获得了五星健康 车的荣誉，在清新空气、健康防护、绿色出行方面都获得了五星标准。 雷军在拆车时透露，小米 YU7 的空气滤网比 N95 口罩要强很多，"N95 口罩能够将颗粒物过滤到 95%，我们这个可以过滤到 99.95%"。 IT之家 1 月 3 日消息，小米创办人，董事长兼 CEO 雷军今晚举行新年直播，现场直播工程师拆车，拆 一台新的小米 YU7。 ...

IT之家注意到，雷军还提到，有一个拆车博主说他为什么拆小米的车呢？小米的车特别火，你说它好会 火，说它不好也会火。但总体说来，说它不好更高一些。所以他刚开始也是抱着挑毛病的心态来猜的， 猜完以后发现确实还可以。他讲了一句话挺打动我的，他说"人不可能违背良心去说一些内容"。 雷军表示，估计今天这个拆车直播之后会有更多的博主来拆小米的车，他都欢迎，他特别希望大家能说 一些公道话，不要为了流量去故意夸大，故意找茬。"当然如果你觉得我们设计得不好或者用料不好， 欢迎大家随时指出。" IT之家 1 月 3 日消息，小米创办人、董事长兼 CEO 雷军今晚举行新年的第一场直播，当被问及为何要 做拆车直播时，雷军表示，有博主评价说"SU7 是小米的第一辆车，雷军肯定知道会被别人拆的，所以 用料特别扎实，第二辆车就不一定了"。 雷军对此回应："YU7 是我们的第二辆车，我今天就决定邀请几个工程师现场给大家拆开看看，大家一 起看看，然后顺便可以进一步地了解一下。" 雷军表示，这次拆车是为了回应一些过去这段时间网上对小米汽车的各种问题，过去小米回应得很少， 是因为觉得好产品自己会讲话，清者自清，不要不停地自证。但是前段时间看到不少 ...

你说这种团队作案的情况之下，不管是起诉，还是投诉，都跟不上抹黑的节奏，并且这种被动应对的办 法，真不是好办法。 众所周知，自从小米汽车从SU7到YU7爆火之后，网上的舆论一直对小米非常不利，特别是最近这几个 月，铺天盖地的攻击小米汽车，甚至还攻击小米汽车的车主。 并且有意思的是，夸小米汽车的没人看，但要是是小米汽车的负面，就会被投流，然后播放量大增，造 成全网好像就只有小米汽车出事的假象。 这种舆论，怎么应对？说真的，还真没有太多的见效特别快的办法，只能见招拆招。 因为抹黑的账号，不是几个或几十个，而是批量的，12月份的时候，公安机关不是打掉了一个长期抹黑 小米、理想等新能源汽车的团队么？抓了12个人，关停账号8000余个。 所以雷军受到了启发，这次打算跨年直播时，就直播拆YU7这台车，当然现在雷军表示因为感冒，直播 要延迟，要放到1月3日。 通过拆车，小米可以将YU7的用料，做工全部展示给大家看，回归技术本身。 同时拆车时，还可以向大家展示自主研发成果，以及讲解设计理念，零部件功能，让大家普及小米YU7 的技术特色，以及技术本身。 这样可以让大家更好的看清楚小米YU7是一台什么样的车。 不过，我觉得雷军还是 ...

Core Viewpoint - Xiaomi's CEO Lei Jun announced a New Year's Eve live stream originally scheduled for December 31, which has been postponed to January 3 due to his health issues [1][3] Group 1: Live Stream Details - The live stream will feature a review of 2025 and a look ahead to 2026, with a focus on Xiaomi's developments [1] - During the live stream, an engineer will disassemble the Xiaomi YU7 car while discussing its features [1] Group 2: Anticipated Topics - The live stream is expected to cover important topics such as the delivery status of Xiaomi's cars and new models [3] - Discussions may also include plans for the Xiaomi玄戒O1 chip, new actions for Xiaomi smartphones in 2026, and pricing strategies amid rising storage costs [3]

昨夜今晨 【2026年"国补"来了！汽车定额补贴调整为按车价比例补贴】 大家早上好！这里是今天的早报，每天早上，我都会在这里跟你聊聊昨夜今晨发生了哪些大事儿。 国家发展改革委、财政部印发的《关于2026年实施大规模设备更新和消费品以旧换新政策的通知》12月30日对 外发布，明确2026年"两新"政策的支持范围、补贴标准和工作要求。 一是优化支持范围。设备更新在总体延续的基础上，增加老旧小区加装电梯、养老机构、消防救援、检验检 测、线下消费商业设施等领域，更好满足民生和安全需要。 二是优化补贴标准。设备更新方面，将住宅老旧电梯更新由定额补贴调整为按电梯层（站）数分档差异化补 贴；消费品以旧换新方面，在保持汽车补贴上限不变的基础上，将定额补贴调整为按车价比例进行补贴。 三是优化实施机制。设备更新方面，优化项目申报机制和审核流程，进一步降低申报项目的投资额门槛，加大 对中小企业的支持力度，扩大政策惠及面。消费品以旧换新方面，优化资金分配方式，完善全链条实施细则， 严厉打击骗补套补和"先涨后补"等违法违规行为。 【软银据悉已完成对OpenAI的400亿美元投资承诺】 据媒体周二援引知情人士消息报道称，日本软银集团已完 ...

Core Insights - Xiaomi's founder Lei Jun emphasized the company's transition from an "internet company" to a "hardcore technology company" through its chip development journey, which is a crucial step in investing in core technologies [2][3] Group 1: Chip Development Journey - Xiaomi's ambition to develop its own chips began in 2014 with the establishment of Pinecone Electronics, leading to the release of its first SoC in 2017, but faced significant challenges thereafter [3][4] - The failure of the initial SoC project prompted a reevaluation, revealing that entering the high-end market is essential for success, as no smartphone company has successfully entered the SoC market from the low-end [3][4] - The complexity of chip development has increased significantly, requiring at least ten years and an investment of 50 billion yuan, leading to the re-initiation of the chip project in 2021 with the establishment of "Xuanjie" [4][5] Group 2: Financial Challenges and Strategic Decisions - In 2022, Xiaomi experienced a 15% decline in revenue, marking its first revenue drop in 15 years, which raised concerns about continuing chip development projects that require hundreds of millions in investment [4][5] - Despite financial difficulties, Lei Jun expressed strong support for continuing the chip development efforts, emphasizing the importance of building a robust chip R&D team regardless of the outcome [4][5] Group 3: Product Launches and Innovations - The self-developed mobile chip "Xuanjie O1" is set to be produced using advanced 3nm technology, with a production cost of approximately 20 million USD, and is expected to be featured in Xiaomi's upcoming devices [4][5] - The Xiaomi 17 series was launched with prices starting at 4,499 yuan, featuring high-end specifications comparable to the iPhone 17, including a 7000mAh battery for extended battery life [7][9] - The Xiaomi 17 Pro series includes innovative features such as a "wonderful back screen" for selfies and notifications, and the new "Surging OS 3" enhances connectivity with Apple devices [9]

Core Viewpoint - The annual speech by Lei Jun, founder and CEO of Xiaomi Group, emphasized the theme of "Change," highlighting the importance of self-developed chips and the company's venture into the automotive industry as essential for future success [2][4]. Group 1: Chip Development - Xiaomi's journey in chip development began in 2014 with the establishment of Pinecone Electronics, but after the release of the "Surge S1," the company halted SoC chip development due to challenges faced [4][5]. - Lei Jun stated that self-developed chips are crucial for Xiaomi's success, asserting that top global tech giants have become chip leaders, and Xiaomi must follow this path despite the complexities involved [5][6]. - In a pivotal meeting in 2022, Lei Jun emphasized the long-term value of investing in chip development, stating that even if the company does not succeed, it will cultivate a strong chip R&D team and transform the company's quality [6][7]. Group 2: Automotive Ventures - Xiaomi's automotive project, the SU7 Ultra, was initiated in December 2021, aiming to compete with luxury brands like Porsche and Tesla. However, the project faced challenges, leading to the temporary suspension of the Ultra variant [7]. - The YU7 model achieved remarkable sales, with over 200,000 units reserved within three minutes of its launch, showcasing the potential impact of Xiaomi's automotive ambitions on the industry [7][8]. Group 3: New Product Launch - The Xiaomi 17 series was launched during the autumn product release event, with the standard version starting at 4,499 yuan. The series features advanced technology, including the fifth-generation Snapdragon 8 processor and a 7,000mAh battery, which significantly outperforms competitors like the iPhone 17 [8][9]. - The Xiaomi 17 series is marketed as the "king of small-size endurance," with a battery capacity nearly double that of the iPhone 17, and it incorporates innovative materials to enhance energy storage [8][9].

Core Insights - Xiaomi Group reported record high core indicators in Q2, with revenue reaching 116 billion yuan, a year-on-year increase of 30.5%, marking the third consecutive quarter of exceeding 100 billion yuan [1] - Adjusted net profit for the quarter was 10.8 billion yuan, a significant year-on-year increase of 75.4%, continuing the trend of surpassing 10 billion yuan for two consecutive quarters [1] Revenue Breakdown - Revenue from the smart electric vehicle and AI innovation business exceeded 20 billion yuan, indicating a shift towards scalable growth [2] - Xiaomi's automotive deliveries reached 81,302 units in Q2, with cumulative deliveries surpassing 300,000 units by July 10, and a monthly delivery of over 30,000 units for the first time in July [2] - The smartphone and AIoT segment generated revenue of 94.7 billion yuan, a year-on-year increase of 14.8%, with smartphone revenue at 45.5 billion yuan and IoT and consumer products revenue at 38.7 billion yuan, up 44.7% [2] Market Position - Despite a challenging global smartphone market, Xiaomi's smartphone business achieved growth, with 11.5 million new device activations in Q2, maintaining a 16.8% market share in China, ranking first domestically [3] - Internationally, Xiaomi's smartphone shipments have seen year-on-year growth for eight consecutive quarters, ranking in the top three in 60 countries and regions [3] IoT and Home Appliances - The IoT and consumer products segment continued to grow, with smart home appliance revenue increasing by 66.2% [4] - In Q2, Xiaomi's air conditioning product shipments exceeded 5.4 million units, with a growth rate of over 60%, while refrigerator and washing machine shipments also saw significant increases [4] Strategic Developments - Xiaomi's internet service revenue grew steadily, with global monthly active users reaching 731 million and IoT devices connected to the AIoT platform reaching 989 million [5] - The company is focusing on high-end market positioning, with high-end smartphone sales accounting for 27.6% of total sales in China, a year-on-year increase of 5.5 percentage points [5] - The launch of the YU7 SUV, priced from 253,500 yuan, saw significant initial demand, with over 240,000 orders within 18 hours [5] R&D and Innovation - Xiaomi's R&D investment reached 7.8 billion yuan in Q2, a year-on-year increase of 41.2%, with an expected total investment of 30 billion yuan for the year [6] - The company launched its self-developed 3nm flagship chip, becoming the first in mainland China to do so, with new high-end devices featuring this chip released in Q2 [7] - The launch of AI glasses exceeded expectations, with a high approval rating on e-commerce platforms and ongoing efforts to ramp up production [7]

Market Overview - The Hang Seng Index (HSI) has shown a strong performance over the past six months, starting at 19,600 and reaching a high of 24,800, with a current level around 24,200, indicating a fluctuation of over 5,000 points [1] - The pharmaceutical sector has been the best-performing industry, with notable stocks like Kangfang Biotech (9926), China Biologic Products (1177), and WuXi Biologics (2269) showing exceptional gains [1] - Technology stocks, particularly Xiaomi (01810), have also performed well, with a 74% increase, while NetEase (09999) and Kuaishou (01024) saw gains of 50% and 48%, respectively [1] IPO and Derivative Market - The overall Hong Kong stock market has strengthened significantly in the first half of the year compared to 2023, with notable IPOs such as CATL and increased interest in consumer stocks like Pop Mart (9992) [2] - The issuance of structured products has been active, with the market responding to stock price movements, particularly for high-performing stocks [2] Investment Signals - The current sentiment in the market shows a bullish outlook, with 70% of investors holding bullish positions in HSI bull certificates, while 30% are bearish [5] - Caution is advised as the market lacks strong momentum, and there may be a potential pullback to around 23,700 before any further upward movement [5] Stock Analysis - Xiaomi has recently launched a new product, the YU7 car, which received 200,000 orders within an hour, driving its stock price to around 61, marking a 74% increase in the first half of the year [9] - BYD's sales in June reached 382,000 vehicles, with stock prices showing resilience around the 120 mark, indicating potential for further gains [13] - China Construction Bank has seen its stock price rise above 8, with a strong buy signal indicated for its derivatives [16] - China General Nuclear Power (01816) has shown a steady upward trend, with a buy signal for its structured products [19]