Core Insights - Xiaomi held a comprehensive ecosystem launch event on June 26, introducing flagship products including the Xiaomi YU7 SUV, Xiaomi MIXFlip 2, and Xiaomi AI glasses, along with various other new products [1][3] Product Launch and Specifications - The Xiaomi YU7 SUV achieved over 208,900 pre-orders within the first hour, with pricing set at 253,500, 279,900, and 329,900 CNY for the Standard, Pro, and Max versions respectively [1] - The YU7 is positioned as a mid-to-large SUV, featuring dimensions of 4999mm x 1996mm x 1608mm and a wheelbase of 3000mm, offering more spacious interior compared to competitors like XPeng G7 and Model Y [1] - Performance-wise, the YU7 offers dual-motor all-wheel drive versions with total power outputs of 496Ps and 690Ps, surpassing the XPeng G7 (296Ps) and Model Y (450Ps) [1] - The standard version boasts a CLTC range of 835km with a 96.3kWh battery, outperforming the XPeng G7 (702km, 80.8kWh) and Model Y (593km, 62.5kWh) in terms of range [1] Intelligent Features - All versions of the YU7 are equipped with Qualcomm Snapdragon 8 Gen 3 cockpit chips and NVIDIA Thor autonomous driving chips, providing a computing power of 700 TOPS, comparable to XPeng G7 and Model Y [2] - The YU7 features standard hardware including Hesai AT128 lidar and a 4D millimeter-wave radar, enabling urban Navigation on Autopilot (NOA) capabilities [2] AI Glasses Specifications - The Xiaomi AI glasses emphasize a blend of fashion and technology, with lenses available in four color-changing options and a lightweight design of only 40g [3] - Pricing for the glasses is set at 1,999 CNY for the standard version, 2,699 CNY for the single-color electrochromic version, and 2,999 CNY for the color-changing version [3] - The glasses are powered by Qualcomm Snapdragon AR1 Gen1 and feature a dual-chip architecture for high performance and long battery life, with a standby time of 21 hours and typical usage of 8.6 hours [3] - They include a 12MP IMX681 camera supporting 2K video recording, dual speakers, and a five-microphone array for enhanced audio capabilities [3] - Software features include comprehensive AI interaction based on Xiao Ai, supporting various applications and functionalities such as real-time translation and smart home control [3] Financial Outlook - The company maintains its revenue forecasts for 2025-2027 at 483.6 billion, 580.8 billion, and 688.9 billion CNY, with adjusted net profits of 42.7 billion, 48.4 billion, and 58.6 billion CNY respectively [3] - The projected price-to-earnings ratios for 2025 and 2026 are 33X and 29X respectively, indicating a positive outlook based on the strong product capabilities and competitive pricing of the YU7 and AI glasses [3]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810) [2][19] Core Views - The report highlights the strong product capabilities and competitive pricing of the Xiaomi YU7 SUV and AI glasses, predicting they will create new blockbuster products [7] - Revenue forecasts for 2025-2027 are maintained at RMB 483.6 billion, RMB 580.8 billion, and RMB 688.9 billion respectively, with adjusted net profits of RMB 42.7 billion, RMB 48.4 billion, and RMB 58.6 billion [7] Financial Data and Profit Forecast - Revenue (RMB billion): 2023: 271.0, 2024: 365.9, 2025E: 483.6, 2026E: 580.8, 2027E: 688.9 [6][10] - Year-on-year growth rates for revenue: 2023: -3%, 2024: 35%, 2025: 32%, 2026: 20%, 2027: 19% [6] - Net profit (RMB billion): 2023: 19.3, 2024: 27.3, 2025E: 42.7, 2026E: 48.4, 2027E: 58.6 [6][10] - Earnings per share (RMB/share): 2023: 0.76, 2024: 1.07, 2025E: 1.68, 2026E: 1.90, 2027E: 2.30 [6] - Price-to-earnings ratio (PE): 2025: 33, 2026: 29, 2027: 24 [6] Product Launch Insights - Xiaomi launched the YU7 SUV with over 208,900 pre-orders in the first hour, with competitive pricing and specifications compared to rivals like Xpeng G7 and Tesla Model Y [7][8] - The AI glasses feature a lightweight design and advanced technology, with various pricing tiers and capabilities that enhance user interaction and connectivity [7][9]

Company News - Xiaomi Group (01810.HK) launched its flagship processor, the玄戒O1, utilizing second-generation 3nm advanced process technology, which will be featured in the 15S Pro, Tablet 7 Ultra, and Watch S4 [1] - Heng Rui Pharmaceutical (01276.HK) saw its shares open over 27% higher in the dark market yesterday, closing up 32.24% at HKD 58.25, with a trading volume of HKD 751 million [1] - New China Life Insurance (01336.HK) invested HKD 10 billion to subscribe to the second phase of the Guofeng Xinghua Honghu Zhiyuan private securities investment fund [1] - BOSS Zhipin (02076.HK) reported total revenue of RMB 1.923 billion for the year ending March 31, 2025, a year-on-year increase of 12.88%, with net profit attributable to shareholders at RMB 518 million, up 111.53% year-on-year [1] - AIA Group (01299.HK) repurchased 325,000 shares at a cost of HKD 21.2 million on May 22 [1] - Mirxes-B (02629.HK), a Singapore-based microRNA technology company, debuted today, with its shares rising over 40% during the dark market trading period yesterday [1] Industry News - HSBC Holdings (00005.HK) repurchased 1.6 million shares at a cost of HKD 152.2 million on May 21, and spent GBP 32.8 million to repurchase a total of 3.7 million shares on other exchanges [2] - China Health Group (00673.HK) announced that its shares will resume trading at 9:00 AM today [2] - Country Garden (02007.HK) reportedly received support from nearly 75% of bondholders for its debt restructuring plan [2]

Market Overview - US stock indices showed a mixed performance with the Dow Jones remaining flat, S&P 500 down 0.04%, and Nasdaq up 0.28% [1] - Apple experienced a seven-day decline, while Tesla rebounded nearly 2% [1] - The solar sector faced a significant drop, with Sunrun falling 37% due to the cancellation of key clean energy tax credits [1] - Fannie Mae saw an increase of over 50%, while nuclear power stocks like Oklo rose more than 10% after hours [1] Cryptocurrency - Bitcoin reached an all-time high, approaching $112,000 for the first time [3] Commodities - Crude oil prices fell over 2%, marking a third consecutive decline [4] - Gold hit a near two-week high before dropping more than 1% [4] Automotive Industry - BYD's electric vehicle sales in Europe surpassed Tesla for the first time in April [5] Technology Developments - Apple is intensifying its AI initiatives, planning to launch smart glasses by 2026 and halting the development of camera-equipped smartwatches [6] - OpenAI announced an expansion of its data center in Abu Dhabi and is considering further expansion into the Asia-Pacific region [7] - Anthropic released Claude 4, touted as the "world's strongest programming model," demonstrating stable performance over seven hours [8] Domestic Financial Developments - The Financial Regulatory Bureau plans to approve a third batch of insurance fund long-term investment reform pilots, with a scale of 60 billion yuan [9] - The central bank will focus on supporting top-tier equity investment institutions in issuing bonds within the "technology board" of the bond market [10] - The central bank conducted a 500 billion yuan MLF operation with a one-year term on May 23 [11] Industry Insights - The National Development and Reform Commission is conducting research on the photovoltaic industry in Henan and Jiangsu provinces [12] - The China Automotive Engineering Society released a group standard for solid-state battery identification methods, defining solid-state batteries for the first time [13] New Product Launches - Xiaomi announced the launch of the Xiaomi 15S Pro, Pad 7 Ultra, and Watch S4, all featuring the company's self-developed Xuanjie chip, set to compete with Apple [14] Market Trends - Securities firms noted a shift in market dynamics, indicating that high-dividend stocks are performing well, while thematic stocks are lagging [16] - AI technology is expected to enhance advertising growth through more precise content recommendations and improved ad material creation efficiency [17] Elevator Industry - The State Administration for Market Regulation is seeking public opinion on a draft notice regarding the update of old residential elevators, emphasizing safety and quality standards [19] - The old elevator update market is projected to grow significantly, driven by policy incentives and increasing demand for safety upgrades [20] New Stock Offerings - Zhongce Rubber is set to launch a new stock offering at a price of 46.5 yuan per share, requiring a minimum subscription value of 260,000 yuan [21] Company Announcements - Lizhu Group plans to acquire a 64.81% stake in Vietnam's IMP Company for approximately 1.587 billion yuan, a leading pharmaceutical firm [22] - Various companies, including Demais and Hongchuang Holdings, announced significant acquisitions and strategic partnerships [23] Historical Highs - Several companies reached historical highs, including Huibo Yuntong and Luyou Technology, with notable percentage increases [24] Unlocking of Shares - A list of companies with significant share unlocks on May 23 includes Yantian Port and Dongtianwei, with varying unlock ratios and values [25]

Core Insights - Xiaomi launched several new products including the玄戒O1 chip, Xiaomi 15S Pro, Pad 7 Ultra, Watch S4, and its first SUV, the Xiaomi YU7, during its strategic product launch event [2][4][14] - The company aims to position its chips to compete with Apple's, with the玄戒O1 chip showcasing first-tier performance [2][4] - Xiaomi reported significant achievements over the past five years, including being in the top three globally for smartphone sales for 19 consecutive quarters and successfully developing its automotive and chip sectors [2][6] - The company plans to invest an additional 200 billion yuan in core technology research and development over the next five years, following a previous investment of 102 billion yuan [2][6] Product Launch Details - The玄戒O1 chip features a second-generation 3nm process with 19 billion transistors and achieved a benchmark score exceeding 3 million [4][6] - The Xiaomi 15S Pro, Pad 7 Ultra, and Watch S4 all utilize the玄戒O1 chip, with the 15S Pro priced at 5,499 yuan for the 16+512GB version [8][10][12] - The Pad 7 Ultra is Xiaomi's largest tablet to date, featuring a 14-inch OLED display and starting at 5,699 yuan for the 12GB RAM + 256GB version [10] - The Watch S4 includes a long-lasting 4G chip and is priced at 1,299 yuan [12] Xiaomi YU7 SUV Highlights - The Xiaomi YU7 is positioned as a luxury high-performance SUV, featuring a maximum power of 690PS and a 0-100 km/h acceleration time of 3.23 seconds [14] - The standard version of the YU7 boasts a range of 835 kilometers, making it the leader in range for mid-to-large electric SUVs [14] - The SUV will be available in nine color options, with four announced at the launch [16] - Safety features include enhanced side collision protection and standard laser radar across all models [17] Future Plans and Market Position - Xiaomi aims to deliver 258,000 vehicles by 2025, with over 28,000 units delivered in April alone [22] - The company is preparing for the official launch of the YU7 in July, with pricing expected to be higher than the Tesla Model Y [20]

Group 1 - The central bank announced a 500 billion MLF operation with a fixed amount and interest rate bidding, with a term of one year [1] - The Financial Regulatory Bureau stated that the first batch of pilot reforms for long-term investment of insurance funds is 50 billion, the second batch is 112 billion, and a third batch of 60 billion is pending approval, totaling 222 billion [2] - The CSRC's Chief Risk Officer emphasized the continuous optimization of the domestic listing environment for technology companies, supporting high-quality red-chip tech firms to return to domestic listings [3] Group 2 - Xiaomi launched the Xiaomi 15S Pro, Pad 7 Ultra, and Watch S4, all equipped with the self-developed Xuanjie chip; the Xiaomi YU 7 was officially released, positioned as a "luxury high-performance SUV" [4] - Three Life Health reached a cooperation with Pfizer on project 707, with uncertainties regarding the sales milestone payments and royalties [5] - Nanjing Port saw an 8-day cumulative increase of 102.4%, with individual investors accounting for 88.47% of purchases [5]

Core Viewpoint - Xiaomi has launched the Xiaomi 15S Pro, Pad 7 Ultra, and Watch S4, all equipped with the company's self-developed Xuanjie chip [1] Group 1 - The Xiaomi 15S Pro features advanced technology and performance enhancements due to the integration of the Xuanjie chip [1] - The Pad 7 Ultra is designed for high-end tablet users, leveraging the capabilities of the Xuanjie chip for improved functionality [1] - The Watch S4 incorporates the Xuanjie chip, enhancing its smart features and overall user experience [1]