研究所： 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 陈重伊 S0350525010002 chency@ghzq.com.cn [Table_Title] 智能手机与 IoT 业务短期承压，预计 2025Q4 经调整利润同比下滑 ——小米集团-W（1810.HK）2025Q4 前瞻点评 最近一年走势 2026 年 03 月 02 日 公司研究 评级：增持(维持) 《小米集团-W（1810.HK）2025Q2 财报点评：持 续"稳健进取"的核心经营策略，盈利再创历史新 高（增持）*消费电子*陈梦竹，陈重伊》—— 2025-08-21 《小米集团-W（1810.HK）2025Q1 财报点评：营 投资要点: 1、主要财务指标前瞻：我们预计小米集团 2025Q4 实现收入 1164 亿元， 同比增长 7%。其中，智能手机业务收入约 452 亿元，同比下滑 12%；IoT 与生活消费产品业务收入约 233 亿元，同比下滑 25%；智能电动汽车收 入约 380 亿元，同比增长 133%；互联网服务收入约 98 亿元，同比增长 5%。利润方面，预计小米集团 20 ...

Market Performance - The Hang Seng Index closed at 26,630, up 0.95% for the day and up 3.90% year-to-date [1] - The Hang Seng Tech Index closed at 5,137, up 0.56% for the day but down 6.86% year-to-date [1] - The Shanghai Composite Index closed at 4,162, up 0.39% for the day and up 4.89% year-to-date [1] - The Dow Jones Index closed at 48,977, down 1.05% for the day and up 1.90% year-to-date [1] Currency Performance - The Renminbi Index is at 97.810, down 0.74% over the last month but up 1.84% over the last six months [2] - The US Dollar Index is at 97.744, up 1.58% over the last month but down 0.50% over the last six months [2] - The exchange rate for Renminbi to USD is 0.146, down 1.38% over the last month and down 4.09% over the last six months [2] Commodity Performance - Brent crude oil is priced at $71.39 per barrel, up 7.21% over the last month and up 7.92% over the last six months [3] - Gold is priced at $5,179.43 per ounce, down 0.02% over the last month but up 52.45% over the last six months [3] - Silver is priced at $89.872 per ounce, down 19.82% over the last month but up 132.83% over the last six months [3] Company News - NIO (09866.HK) has signed a strategic cooperation agreement with Bosch, focusing on core technologies for smart electric vehicles [22] - New World Development (00017.HK) reported a narrowed interim loss of HKD 37.3 billion, with a core operating profit decline of 17.7% [23][24] - The Hong Kong Monetary Authority reported a 1.1% increase in M2 and M3 money supply in January [17][18] Economic Indicators - Hong Kong's overall export value in January increased by 33.8% year-on-year, exceeding market expectations [14][16] - The Hong Kong government recorded a surplus of HKD 879 billion in the first ten months of the fiscal year, with fiscal reserves increasing to HKD 7,422 billion [19]

蔚来-SW(09866)发布公告，于2026年2月26日-全球智能电动汽车市场的先驱及领跑者蔚来集团(纽交 所：NIO;港交所：09866;新交所：NIO)宣布，公司及公司的子公司GeniTech Co.,Ltd.(神玑)与若干中国 投资者(神玑投资者)订立最终协议，据此，神玑投资者将以现金合共22.57亿元人民币认购神玑新发行股 份(投资交易)。神玑主要负责蔚来的智能驾驶芯片相关业务。投资交易须待达成惯常交割条件。待投资 交易完成后，蔚来一家子公司将继续持有神玑62.7%的控股权，而蔚来会继续将其财务业绩合并入账。 神玑投资者将合共持有神玑27.3%的股权。若干为管理神玑股份激励计划而持有股份的实体将合共持有 神玑余下10.0%的股权。 蔚来集团是全球智能电动汽车市场的先驱及领跑者。成立于2014年11月，蔚来致力于共创可持续和更美 好的未来，实现"Blue Sky Coming"的使命。蔚来的愿景是成为技术与体验领先的用户企业。蔚来设 计、开发、制造及销售智能电动汽车，推动新一代核心技术的创新。蔚来通过持续的技术突破及创新、 极致的产品及服务，和共同成长的社区使自己脱颖而出。公司旗下的蔚来品牌专注于高端智 ...

蔚来集团是全球智能电动汽车市场的先驱及领跑者。成立于2014年11月，蔚来致力于共创可持续和更美 好的未来，实现"Blue Sky Coming"的使命。蔚来的愿景是成为技术与体验领先的用户企业。蔚来设 计、开发、制造及销售智能电动汽车，推动新一代核心技术的创新。蔚来通过持续的技术突破及创新、 极致的产品及服务，和共同成长的社区使自己脱颖而出。公司旗下的蔚来品牌专注于高端智能电动汽 车，乐道品牌聚焦于家庭智能电动汽车，萤火虫品牌提供智能电动高端小车。 智通财经APP讯，蔚来-SW(09866)发布公告，于2026年2月26日 - 全球智能电动汽车市场的先驱及领跑 者蔚来集团(纽交所： NIO;港交所：09866;新交所：NIO)宣布，公司及公司的子公司GeniTech Co., Ltd. (神玑)与若干中国投资者(神玑投资者)订立最终协议，据此，神玑投资者将以现金合共22.57亿元人民币 认购神玑新发行股份(投资交易)。神玑主要负责蔚来的智能驾驶芯片相关业务。投资交易须待达成惯常 交割条件。待投资交易完成后，蔚来一家子公司将继续持有神玑62.7%的控股权，而蔚来会继续将其财 务业绩合并入账。神玑投资者将合共持 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及C類普通股。對於提呈我們股東大會的任 何決議案，A類普通股持有人每股可投一票，而C類普通股持有人則每股可投八票，惟法律或 《香港聯合交易所有限公司證券上市規則》或我們的組織章程大綱及細則另行規定者除外。股東 及有意投資者務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存 託股代表一股A類普通股）於美國紐約證券交易所上市，股份代號為NIO。 蔚來集團 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：9866） 自願公告 蔚來子公司就22.57億元人民幣投資訂立最終協議 香港，2026年2月26日 於2026年2月26日 － 全球智能電動汽車市場的先驅及領跑者蔚來集團（紐交所： NIO；港交所：9866；新交所：NIO）（「蔚來」或「本公司」）宣佈，本公司及本公 司的子公司GeniTech Co., Ltd.（「神璣」）與若干 ...

在中华文化里，马是刚健雄壮、自强不息的象征，昭示着行稳致远、兴旺发达的前景。 丙午马年，我结束7年驻外任期，在国内度过新春佳节。所见所闻，拼成一幅万马奔腾的图景，令归乡的我回味良久。"中国年"的意蕴，活力 满满。 我想起2012年报道巴黎国际车展时，参加车展的中国汽车品牌并不多。但2024年巴黎国际车展时，中国车企多款智能电动汽车集体亮相，这些 车企的展台前围满了欧洲汽车制造商、经销商、合作伙伴和媒体，掀起了一股"中国风"。仅仅10多年的光景，中国电动车已经站到了世界舞台 的中央。 2月20日，孩子们在张家口市民广场公园里的户外游乐场里玩耍。新华社记者 唐霁 摄 对中国高铁发出赞叹的不仅仅是我这个"归客"。79岁的法国人拉克塞奈尔告诉我，2024年他携全家到中国旅游时，选择高铁作为主要的交通工 具。"高铁比飞机更舒适快捷。工作人员非常友好，服务优质，舒适度无可挑剔。" 拉克塞奈尔还发现中国网约车十分方便。"所有计划外的旅行，我们通常是在最后一刻预定网约车，车子几分钟内就能到，而且价格非常便 宜。"他说。 节前和多年不见的老同学聚会，聊起买车的话题。我记得驻外前最后一次聚会，大家讨论的主要内容是选德国车还是日本 ...

俄罗斯游客达里娅在春节期间专程到珲春景区渤海古镇预约了汉服旅拍，她认为这是更能体验中国传统春节的方式。旅居中国的匈牙利人帝汉尼 今年首次以"本地人"的身份，招待三位远道而来的同乡在天津的菜市场里吃糖墩儿、尝干果。广东佛山一些餐厅的年夜饭餐桌上，多了不少外国 游客的身影。 今年，越来越多的国际游客选择跨越山海，在春节这个中国人最重要的团圆时刻来华旅游、购物，深度体验中国传统文化。 国家移民管理局预测，春节假期全国口岸日均出入境人员将突破205万人次，同比增长14.1%。旅游平台数据显示，春节前后外国游客赴华机票预 订量同比增长超400%。 更重要的是，他们中许多人不再满足于走马观花的旅游——他们渴望的，正是近期社交媒体上流传的"very Chinese time"(很中国的时刻)，他们逛 庙会、写福字、贴春联，看新春灯会、舞狮和英歌舞，与家人和朋友分享在中国观看燃放鞭炮的视频。 外国游客的到来带动了消费。国家税务总局数据显示，2025年办理离境退税的境外旅客数量同比增长305%，退税商品销售额、退税额分别同比 增长95.9%、95.8%。 今年2月初，网信办和商务部等11部门联合出台政策，提出到2027年显著提 ...

Core Insights - The Chinese automotive industry is experiencing simultaneous growth in scale and a decline in profitability, with 2025 production reaching 34.78 million vehicles, a 10% year-on-year increase, while revenue grew by 7.1% to 11.18 trillion yuan, and profits slightly increased by 0.6% to 461 billion yuan, resulting in a profit margin of 4.1%, the lowest in a decade [1] Group 1: Profitability Challenges - The automotive industry is facing a paradox where increasing sales do not translate into higher profits, with December 2025 revenues at 1.16 trillion yuan, down 0.8% year-on-year, and profits plummeting by 57.4% to 20 billion yuan, leading to a profit margin of only 1.8% [1][2] - Rising costs due to supply chain pressures, including a doubling of lithium prices and increases in copper and aluminum costs, are significantly impacting profit margins, with electric vehicle costs rising by 4,000 to 7,000 yuan per unit [2][3] - Intense market competition and price wars are further eroding profits, with some vehicles being sold below cost, leading to a "loss on every sale" scenario that is damaging overall industry profitability [3][4] Group 2: Strategic Solutions - To address profitability issues, companies are encouraged to innovate and gain more control over core technologies, which can enhance their bargaining power within the global supply chain and reduce production costs [5][6] - Expanding revenue streams beyond vehicle sales, such as entering the insurance market and enhancing after-sales services, is seen as a practical approach to uncover new profit opportunities [6][7] - The automotive service market is projected to reach 5 trillion yuan by 2030, indicating significant potential for growth in after-sales services, connected vehicle services, and charging services [7] Group 3: Future Directions - The industry is shifting from low-level competition to value-based competition, emphasizing the need for continuous technological innovation and efficiency improvements to maintain profitability [8][9] - Companies are urged to focus on creating unique technological advantages and enhancing user experiences through AI and smart technologies, which can lead to sustainable profit growth [9][10] - Emphasizing a transition from price competition to competition based on technology, service, and value is crucial for long-term success in the evolving automotive landscape [10]

Core Viewpoint - The narrative of "decoupling from China" in the automotive industry is countered by significant investments and strategic shifts by foreign automakers, indicating a deeper integration into the Chinese market driven by market and technological needs rather than solely political pressures [2][12][25]. Group 1: Foreign Automakers' Strategies in China - Toyota has transferred decision-making authority for its models in China from Japan to local teams [2]. - Volkswagen has established a €2.5 billion smart connected vehicle R&D center in Hefei, known as "Oriental Wolfsburg" [2]. - Mercedes-Benz and BMW have announced plans to invest over 100 billion RMB in R&D in China over the coming years [2]. Group 2: Historical Context and Market Dynamics - In the 1980s, foreign automakers entered China through joint ventures with local companies, dominating the market for decades [3][4]. - The "smile curve" illustrates that while foreign companies controlled R&D and profits, local partners were confined to low-end manufacturing [5][6]. - The U.S.-China trade war initiated a wave of domestic substitution, leading to significant changes in the automotive landscape, including the rise of new players like Tesla and local startups [6][7]. Group 3: Shifts in Consumer Preferences - Chinese consumers are increasingly prioritizing advanced technologies over traditional brand prestige, leading to a shift in competitive dynamics [7][8]. - The rapid evolution of electric and smart vehicles has created a new competitive landscape where innovation speed is crucial [8][11]. Group 4: Localized Innovation and R&D - Foreign automakers are now decentralizing decision-making, with many appointing local executives to lead their China operations [13][15]. - Companies like Volkswagen and BMW are establishing R&D centers in China to focus on local market needs and global trends [15][16]. - The integration of local engineers into core development processes is transforming foreign R&D centers from mere adaptation units to hubs of original innovation [15][16]. Group 5: Supply Chain and Manufacturing Evolution - Foreign automakers are increasingly relying on Chinese manufacturing capabilities, viewing local factories as benchmarks for global production standards [17][19]. - The shift from "made in China" to "designed in China" is evident, with Chinese innovations being exported globally [20][24]. Group 6: Standardization and Global Influence - China is actively working to establish global standards in the automotive industry, aiming for a significant increase in the international standard conversion rate [26][27]. - The push for standardization is supported by government initiatives, enhancing China's role in shaping future industry norms [26][27]. Group 7: Future Outlook and Strategic Opportunities - The trend of "reverse localization" presents a strategic opportunity for the Chinese automotive industry to lead in the next era of automotive innovation [25][29]. - The focus is shifting from merely being a part of the global supply chain to becoming a rule-maker in the smart electric vehicle era [29].

Group 1: Core Themes of CES 2026 - The core theme of CES 2026 is "human-centered" AI applications, attracting over 4,500 companies from more than 150 countries, including around 1,400 startups, with an exhibition area of 2.6 million square feet [3] - AI has transitioned from a showcase tool to a fundamental component in various smart hardware, including humanoid robots, smart glasses, smart appliances, AI smartphones, AI toys, and smart electric vehicles [2][3] - The event highlights a significant shift in AI's role from consumer-level toys to enterprise-level productivity tools, addressing real-world labor shortages in sectors like healthcare, logistics, and manufacturing [2] Group 2: Chinese Companies at CES 2026 - A total of 207 Chinese companies participated in CES 2026, with a net exhibition area exceeding 4,900 square meters, showcasing a strong presence in the global tech landscape [4] - Chinese companies, particularly in the robotics sector, are gaining attention for their global strategies, with firms like Fourier and Yushutech presenting advanced humanoid robots and solutions [4][5] - The participation of Chinese companies reflects a shift from merely showcasing consumer electronics to demonstrating capabilities in AI hardware manufacturing and assembly, indicating a growing confidence in global supply chain management [6][7] Group 3: Supply Chain Trends - An increasing number of electronic supply chain companies are participating in CES, showcasing their full-stack capabilities in AI hardware manufacturing and assembly [6] - Companies like Lianyi Zhizao and OFILM are using CES to communicate their core service offerings and deepen technical exchanges with global partners [6][7] - The active participation of supply chain enterprises at CES signifies a recognition of their manufacturing capabilities on a global scale, as they aim to expand their market presence [7]