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]

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 - 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]