综合考虑，该行将目标价微调至69港元，维持"买入"评级，长期增长逻辑未变，短期催化剂包括第三季 业绩指引、电动车二期产能扩张、小米16系列发布及新款电动车上市。 花旗下调小米2025至2026年智能手机出货量预测200万部，并同步下调毛利率预测0.5个百分点。尽管市 场担忧价格竞争及补贴效应减弱，该行认为小米IoT业务基本面稳健。对于电动车业务，虽然存在第二 阶段产能爬坡的疑虑，该行维持原有预测不变，并预期平均售价与毛利率的上升趋势将持续。 花旗发表报告指出，小米预计于8月19日公布第二季业绩。整体而言，该行相信第二季表现基本符合预 期，集团总收入及物联网(IoT)与电动车业务收入均创历史新高，但受第一季高基数影响，呈现季节性 回落。花旗预计调整后净利润达104亿元，按年增长68%，按季下降3%，按季下滑主要由于智能手机平 均售价和毛利率下降，以及营运开支增加。 ...

Core Insights - Tesla is at a "critical turning point" according to Lars Moravy, Vice President of Vehicle Engineering, which has garnered significant market attention [1] - The production of the Semi electric truck at the Nevada factory is highlighted as a key part of Tesla's mission [3] - Tesla's core automotive business faces challenges due to aging models and declining sales in key global markets, with California sales dropping for seven consecutive quarters [3] - New initiatives include the production of a more affordable electric vehicle starting in June, aimed at boosting sales before tax incentives expire [3] - Tesla showcased its direction with the presentation of the Cybercab and Optimus robot, emphasizing the importance of robotics, AI, and autonomous driving for its future [4] Summary by Sections Company Developments - Tesla is currently navigating a critical phase with multiple projects being advanced by a team of approximately 6,000 engineers led by Moravy [4] - The company is focusing on the production of a new, more affordable electric vehicle, which is expected to be fully launched later this year [3] Market Challenges - The automotive sector is experiencing significant challenges, including model obsolescence and a decline in market share, particularly in California [3] - Changes in federal tax credits and regulatory reforms are impacting the company's revenue and profitability [3] Future Prospects - The introduction of the Semi truck and advancements in autonomous driving technology are seen as pivotal for Tesla's future growth [3][4] - The company is also exploring new technologies, such as the Cybercab, which reflects its commitment to innovation in the automotive and robotics sectors [4]

Group 1 - Google shares increased by nearly 1% driven by AI tools boosting cloud business, with the market optimistic about its Q2 performance [1][2] - iQIYI shares rose nearly 4% due to increased subscriptions from summer content releases [2] - Tesla shares rose nearly 2% as the market anticipates better-than-expected Q2 earnings [2] Group 2 - The Nasdaq Composite Index saw a significant increase, surpassing 21,000 points for the first time, currently up 0.51% [1] - The Dow Jones Industrial Average is at 44,431.01, up 0.20%, while the S&P 500 is at 6,310.83, up 0.22% [3] - Block shares surged over 10% after being included in the S&P 500 index [2]