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]

从年初曝出与雷军接触、离职，到上个月官宣加入小米，再到本月出席小米"人车家全生态大会"，被冠以"天才少女"名号的罗福莉，站在台前拿出了新模 型MiMo-V2-Flash。 刚刚在这个领域开始起跑的小米，交出了一份看起来不错的成绩单。 作为一个参数309B、激活参数15B的"大"模型（罗福莉本人也提到，这个尺寸小到不愿意称之为大模型），在小米团队的构想中，这个模型是为了给 Agent当基座来训练的。 为此，这个模型的优化更加侧重一些特定的方向，核心是高性价比、快速： 比如能够达到每秒150 tokens的生成速度、极低的成本，在保持高性价比的同时，它还保证了模型的性能。 "它的代码能力和 Agent 能力在世界级公开公正的评估榜单上，已经进入了全球开源模型 Top 1-2 的行列。"罗福莉说，"大部分评估基准已经超过或者和 DeepSeek-V3、Kimi K2- Thinking、Qwen等模型相当，但它的参数是后者们的1/2-1/3。" 发布的小米模型，也面临了两极分化的口碑，有人盛赞模型代码能力领先，有人则认为这是一个"刷分"之作。 无论如何，小米需要AI。 选在12月18日的人车家全生态大会，更说明了A ...

Core Insights - Goldman Sachs highlights that while Apple has not made significant progress in Apple Intelligence, major Chinese smartphone brands have integrated OS-native AI assistants powered by self-developed LLMs and/or third-party LLMs [1] Group 1: ByteDance's Doubao - The newly released Doubao smartphone assistant has achieved system-level integration through collaboration with smartphone OEC manufacturers, reflecting ByteDance's intention to expand into mobile internet infrastructure and the smartphone ecosystem [1] - Doubao's recent input method product further emphasizes this strategic direction [1] Group 2: Xiaomi's AI Strategy - Xiaomi's substantial investment in GUI has positioned its AI assistant, Super Xiao Ai, among the top three OS-native AI assistants in China, alongside OPPO and Huawei [1] - The penetration rate of Super Xiao Ai among Xiaomi smartphone monthly active users (MAU) is reported to be 71% [1] Group 3: Jumpshare's Developments - Jumpshare has recently open-sourced its GUI intelligent agent, Gelab, which can be deployed locally and has achieved state-of-the-art (SOTA) performance in several benchmark tests [1] - The company has previously collaborated with ZTE to develop a smartphone assistant aimed at elderly users and has engaged in AI smartphone feature partnerships with domestic manufacturers such as Honor and OPPO [1]

Core Insights - The article discusses the "AI Application Industry Monthly Report" for August 2025, highlighting the growth and challenges within the AI application landscape, driven by government initiatives and user engagement metrics [3][4][7]. Group 1: Industry Overview - The "Opinions on Deepening the Implementation of 'Artificial Intelligence +'" was released by the State Council, outlining milestones for 2027, 2030, and 2035, focusing on enhancing foundational model capabilities and data supply innovation [4][7]. - As of August 2025, the user base for native apps in the internet and AI technology sector reached 277 million, while In-App AI users totaled 622 million, indicating a combined AI application user base of 645 million [4][22]. Group 2: User Engagement and Growth Metrics - The top 50 AI applications by monthly active users show that In-App AI applications dominate with 29 entries, followed by PC web applications (9), mobile AI assistants (6), native apps (5), and PC client applications (1) [4][28]. - The leading AI search engine and comprehensive assistant applications have user bases of 672 million and 651 million, respectively, with AI information retrieval emerging as a significant growth area, showing a 39% month-over-month increase [4][26][38]. Group 3: Competitive Landscape - The competitive landscape reveals that while major applications continue to grow, long-tail applications (under 100,000 users) are struggling, with an average month-over-month decline of 6.7% [5][37]. - Mobile AI assistants from manufacturers like OPPO, Xiaomi, and Huawei hold significant market shares, with user engagement rates varying, where Xiaomi's assistant shows a 37.7% active user rate due to its integration with smart home devices [5][58]. Group 4: Application Categories and Challenges - The report categorizes AI applications into five main types, each facing unique challenges: native apps are stable but long-tail applications struggle; In-App AI applications show a clear divide between top and bottom performers; and PC applications are experiencing traffic declines [5][35][46]. - The AI search sector is characterized by a "function easy to popularize, habit hard to cultivate" dilemma, with only three of the top ten search applications achieving over 10% usage [67][69]. Group 5: Future Directions - The future focus for mobile AI assistants is shifting towards enhancing user experience and retention, with a growing emphasis on intelligent data management and personalized services [57][60]. - The integration of AI search with service offerings is becoming a consensus, with the need to stimulate user search behavior being critical for commercial success [73][75].

Core Viewpoint - Xiaomi is set to launch the new Xiaomi 17 series, which is described as the most significant leap in the history of its digital series, and it will be released a month earlier than the previous generation [1][2]. Group 1: Product Launch - The Xiaomi 17 series will include three models: Xiaomi 17, Xiaomi 17 Pro, and Xiaomi 17 Pro Max [2]. - The launch is part of Xiaomi's high-end strategy initiated five years ago, aiming to compete directly with Apple's iPhone series [2]. Group 2: Competitive Positioning - Xiaomi's leadership expresses confidence in the new series, stating that it will directly compete with the iPhone, which remains a strong competitor in the market [2]. - The company emphasizes that the product capabilities of the Xiaomi 17 series have undergone a generational upgrade to match the iPhone [2]. Group 3: Consumer Engagement - As of September 15, the Xiaomi 17 series is available for pre-order on the Xiaomi Mall app, indicating strong consumer interest and engagement [4].

Core Points - Xiaomi officially launched the Xiaomi Surge OS 3, which will begin rolling out to the first batch of Beta models on August 29, 2025, covering various devices including the Xiaomi 15 series and REDMI K80 Pro [2] - The new OS enhances performance and graphics technology, introducing features like hotspot compilation acceleration, which improves SoC execution efficiency, with CPU execution instruction counts reduced by up to 4% and energy efficiency optimized by up to 10% [2] - The OS also includes graphical improvements, such as window drawing sinking technology, which reduces frame drop rates by 18.9% and decreases desktop icon rendering load by up to 60% [2] Cross-Platform Capabilities - Xiaomi Surge OS 3 enables comprehensive support for Apple devices, allowing cross-platform collaboration between Xiaomi smartphones and Apple devices like iPhone, iPad, and Mac [3] - Notifications from Xiaomi phones can be relayed to iPhones, and users can reply to WeChat messages through iPhone mirroring [3] - The OS features a revamped Super Xiao Ai, which offers intelligent operation suggestions based on screen context and can recognize and provide solutions for various tasks, with support for over 1,000 capabilities expected by the end of September [3]

Core Viewpoint - Xiaomi has launched its third-generation operating system, 澎湃OS 3, which emphasizes user experience and introduces several new features, including a Xiaomi version of "Dynamic Island" and an enhanced AI assistant, Super Xiao Ai [1][10][12]. Group 1: Event Overview - The launch event was described as "the most special launch event in Xiaomi's history" due to its sudden announcement and the significant focus on the operating system [6][9]. - 澎湃OS 3 marks a renewed emphasis on operating systems by Xiaomi, indicating a strategic shift in prioritizing software development [9][10]. Group 2: System Performance Enhancements - 澎湃OS 3 has improved application performance, showing better response and completion latency compared to competitors [15]. - In gaming, the system has enhanced the minimum average frame rate by 1% and reduced power consumption during gameplay [17]. - For video consumption, the system allows for over an hour more usage on a 5000mAh battery compared to the second-best competitor [19]. Group 3: Core Technology Optimization - The operating system has optimized its core technology, including a self-developed micro-architecture scheduler and instruction compilation layer, improving CPU efficiency [23]. - Graphics technology has been enhanced to improve animation stability and rendering efficiency [24]. - The system performs well under high-pressure multitasking scenarios, achieving excellent response times and fewer exceptions [26]. Group 4: New Features and Design Updates - 澎湃OS 3 introduces a multi-island feature similar to "Dynamic Island," allowing for better information display and multitasking [32][35]. - The design has been overhauled, featuring a cinematic lock screen and improved user interface elements, including a new grid layout and customizable status bar [38][46]. - The photo album feature has been revamped for better customization and search capabilities, including pet recognition for easier photo management [48][56]. Group 5: Cross-Ecosystem Connectivity - The system supports cross-device connectivity, allowing Xiaomi devices to interact seamlessly with Apple products, including notifications and cloud photo sharing [61][64]. - Enhanced tablet features include improved handwriting recognition and multi-window support [67]. Group 6: AI Assistant Enhancements - The Super Xiao Ai assistant has been significantly upgraded for faster interactions and improved functionality, including scene-aware suggestions and enhanced photo recognition capabilities [72][76]. - The assistant can now perform tasks in a more human-like manner, streamlining user interactions [90]. Group 7: Privacy and Security Improvements - 澎湃OS 3 has implemented enhanced privacy measures, including a new security protocol and dual authentication for cloud data protection [99][100]. - The system encrypts data during transmission and employs post-quantum cryptography for future-proofing against potential threats [101][102]. Group 8: Beta Testing and User Feedback - The beta version of 澎湃OS 3 will be available for eight Xiaomi devices, with user feedback being a critical component of the testing process [112][114]. - The company aims to improve the operating system based on user experiences and has initiated a recruitment process for beta testers [120][121].

Core Insights - The article emphasizes that the era of AI in smartphones should extend beyond basic functionalities like translation and document processing, advocating for a broader imagination of AI's capabilities in mobile devices [1] - Honor's release of the MagicGUI model, with 7 billion parameters, marks a significant advancement in AI assistants, evolving from traditional voice assistants to more capable digital assistants that can understand complex needs and execute multi-step tasks [1][2] Group 1: Evolution of AI Assistants - Since the rise of large models in 2023, major smartphone manufacturers have recognized the shift from basic voice assistants to lightweight intelligent agents capable of perception, reasoning, decision-making, and operation [2] - Honor's YOYO has evolved from executing single tasks to coordinating multiple intelligent agents, showcasing a significant leap in functionality compared to traditional voice assistants [2][7] Group 2: Comparison with Competitors - Apple's Siri, introduced in 2011, has seen limited updates and remains largely underutilized, while Android counterparts like Honor's YOYO, Vivo's "Blue Heart Little V," and Xiaomi's "Super Xiao Ai" have advanced to task-oriented intelligent agents capable of executing complex tasks [5][6] - The transition from app-driven interactions to agent-driven frameworks signifies a major shift in user-device interaction, with AI assistants taking the lead in understanding and executing tasks [8] Group 3: Technical Advancements - The MagicGUI model employs a two-phase training paradigm, enhancing the model's screen perception and positioning capabilities through large-scale GUI knowledge injection and reinforcement learning [9] - The trained MagicGUI model allows YOYO to think and act based on visual information from the screen, improving its efficiency and adaptability in task execution [9] Group 4: Open Source Initiative - Honor has announced that the MagicGUI model and related testing data will be made available on open-source platforms, promoting collaboration and further development in the field [9]

Core Viewpoint - Xiaomi has officially launched its first luxury high-performance SUV, the Xiaomi YU7, starting at a price of 253,500 yuan, featuring advanced technology and smart driving capabilities [1]. Group 1: Product Features - The Xiaomi YU7 is built on an industry-first four-in-one domain control electronic architecture, integrating Xiaomi's smart cockpit and a 10 million Clips end-to-end auxiliary driving system for a comprehensive smart travel experience [1]. - The vehicle is equipped with the Xiaomi HyperVision panoramic display, which utilizes three Mini LED screens to provide clear driving information and enhance user interaction [5][6]. - The YU7 features a high-performance NVIDIA Thor chip with a computing power of 700 TOPS, along with laser radar and 4D millimeter-wave radar, significantly improving driving smoothness and intersection efficiency [1][2][18]. Group 2: Smart Cabin and Interaction - The smart cabin includes the upgraded Super Xiao Ai voice assistant, which supports five audio zones for precise voice interaction and can recognize voice commands from different passengers [10][12]. - The Xiaomi YU7 supports seamless integration with Apple devices, allowing iPhone users to control the vehicle through UWB technology and access various features via Apple Carplay [15][16]. Group 3: Advanced Communication and Reliability - The vehicle features industry-leading dual 5G parallel communication networks, UWB keys, and WiFi 7, enhancing connectivity and IoT communication capabilities [3]. - The new electronic architecture has undergone rigorous reliability testing, exceeding industry standards by two times, covering over 17 environmental categories and 280 testing scenarios [3]. Group 4: Auxiliary Driving System - The Xiaomi YU7 is equipped with a comprehensive auxiliary driving hardware platform, including a laser radar, 4D millimeter-wave radar, 11 high-definition cameras, and 12 ultrasonic radars, enhancing safety and driving experience [18][20]. - The vehicle's end-to-end auxiliary driving system, powered by 10 million Clips data, improves acceleration and deceleration control, making driving more human-like and efficient at intersections [20][22]. Group 5: Availability - The Xiaomi YU7 is now available for purchase through the Xiaomi Automotive app, official website, and nationwide experience centers, with the first batch of vehicles expected to be delivered in July 2025 [1][22].