国金证券发布研报称，小米集团-W(01810)发布MiMo-V2-Flash模型，优化推理成本与速度，并依托人 车家全生态闭环加速AI物理世界落地，覆盖手机、IoT、汽车等多场景赋能。同时，泡泡玛特 (09992)Crybaby特展在上海举行，通过门票销售与社交裂变延长IP生命周期。此外，宠物用品、银发经 济及AI+3D打印等细分领域保持较高景气度。 泡泡玛特Crybaby特展延长IP生命周期 Crybaby特展上海站将于2025年12月20日至2026年1月25日在上海西岸梦中心梦工场举行。展览门票分为 普通票和VIP票，价格分别为109元和258元。此次特展不仅有适合打卡分享的大型装置艺术，还设有需 线上抢购后到店取限量商品和限量周边，有望吸引多样化的人群参展并分享。不仅拓展了泡泡玛特除商 品销售以外的变现手段（展览门票收入），更有望通过参展人员在社交媒体平台的自发打卡分享实现信 息传播裂变，保持品牌的"在场感"的同时增加信息"触点"，通过成熟且多样化的运营手段延长IP生命周 期、提高IP高度。 细分赛道景气跟踪 （1）宠物食品&用品：佩蒂股份（300673）新西兰工厂产品及品牌部分产品即将上市，预计1Q ...

Group 1: Xiaomi Group - Xiaomi Group has launched the MiMo-V2-Flash model, optimizing inference costs and speed, and accelerating the implementation of AI in the physical world across various scenarios including mobile, IoT, and automotive [1][2] - The MiMo model serves as an AI ecosystem entry point, with Xiaomi being the only company to establish a comprehensive ecosystem integrating mobile, automotive, and home [2] - The performance and cost-effectiveness of the MiMo-V2-Flash model are highlighted, with innovations in structure and post-training paradigms enhancing model inference and agent capabilities [2] Group 2: Bubble Mart - The Crybaby exhibition by Bubble Mart will take place in Shanghai from December 20, 2025, to January 25, 2026, with ticket prices set at 109 yuan for regular and 258 yuan for VIP [3] - The exhibition aims to extend the IP lifecycle through ticket sales and social media engagement, enhancing brand presence and increasing touchpoints [3] Group 3: Industry Trends - The pet food and supplies sector is seeing growth, with Petty's New Zealand factory products expected to launch in Q1 2026, potentially improving performance after previous capacity constraints [4] - The silver economy is being supported by a new action plan from various health authorities aimed at enhancing elderly care services [4] - The AI and 3D printing sector is experiencing significant growth, with exports increasing by 89% in quantity and 136% in value year-on-year, indicating a robust industry outlook [4]

Group 1: Apple Developments - Apple challenges the Australian court ruling, asserting it does not hold a monopoly in the App Store market globally [1] - The Australian court previously ruled that Apple abused its market dominance in iOS app distribution and in-app payments, citing the prohibition of sideloading apps and alternative payment methods [1] - Apple plans to launch six new products by the end of 2025, including a new Apple TV featuring the A17 Pro chip and enhanced capabilities [2] Group 2: New Product Features - The new Apple TV will support Wi-Fi 7 and may include a FaceTime camera, although this is not confirmed [2] - The updated HomePod mini will feature an S9 chip, improved sound quality, and potentially new color options [2] - The next generation of AirTag is expected to triple its tracking range and include anti-tampering features [2] Group 3: AirPods and iPhone Innovations - Apple is set to introduce a real-time translation feature for AirPods, which will not initially be available to European users [3] - The iPhone Air represents Apple's vision of a seamless glass design, as envisioned by Steve Jobs [4] - The iPhone Air is designed to be extremely thin at 5.6 mm, with enhanced durability features to prevent bending [5] Group 4: Industry Reactions - OPPO's design director commented on the iPhone 17's significant upgrades, noting that the gap between Android and Apple is narrowing [7] - The iPhone 17 standard model will support 120Hz refresh rates for the first time, while the iPhone Air will feature a 6.5-inch screen [8]

Group 1 - The annual speech by Lei Jun is expected to take place at the end of this month, coinciding with the launch of the Xiaomi 16 smartphone [1][2] - Xiaomi 16 is likely to feature Qualcomm's latest flagship chip, which is set to be announced on September 24-25, indicating a tight schedule for Xiaomi's launch [1][2] - The timing of the launch is strategic, as it aligns with other major smartphone releases, including Huawei's recent launch, showcasing Xiaomi's confidence in its high-end product line [2] Group 2 - Lu Weibing has been actively promoting the new device, indicating a fast-paced period ahead for Xiaomi, which is expected to include significant announcements and developments [2][11] - The previous themes of Lei Jun's speeches were "Growth" and "Courage," raising speculation about this year's theme [4] - The recent events surrounding Xiaomi, including the successful launch of new vehicles and challenges faced, highlight the need for a dialogue between the company and its stakeholders [3]

Core Viewpoint - Xiaomi is set to launch the official version of its new operating system, Surge OS 3, with the Xiaomi 16 series, while older models will have early access to the beta version [1] Group 1: Operating System Features - Surge OS 3 represents a significant system overhaul for Xiaomi, incorporating Android 16 as its foundation along with a range of innovative software features [1] - The new OS will introduce an interactive feature similar to Apple's Dynamic Island, allowing users to view and manage real-time statuses of third-party applications like food delivery and music playback from the top of the screen without opening the apps [1] Group 2: Rollout Strategy - The beta version of Surge OS 3 will first be available for the Xiaomi 15 series and REDMI K80 series, followed by a gradual rollout to older models [1] - This update strategy prioritizes the latest flagship models for the new system, with plans to extend the update to mid-range products subsequently [1] Group 3: Upcoming Product Launch - The Xiaomi 16 series is scheduled to be unveiled in September [1]