Core Insights - Xiaomi hosted its "Human x Car x Home" ecosystem launch event on June 26, unveiling three key products: Xiaomi YU7, foldable phone MIX Flip 2, and Xiaomi AI glasses, indicating a significant expansion in its automotive ambitions and premium consumer technology execution [1][2] Group 1: Xiaomi YU7 - The starting price of Xiaomi YU7 is RMB 253.5k, which is largely in line with market expectations, and it achieved 289k preorders within the first hour, significantly exceeding the 89k preorders of SU7 in the first 24 hours [1][2] - YU7 models (Standard/Pro/Max) feature an extended range, with the Standard model offering 835km and the Max model achieving 0-100 km/h in 3.23 seconds, positioning YU7 among top-tier electric SUVs [2] - The pricing strategy for YU7 is competitive against brands like Tesla Model Y and Li L series, with expectations of positive market reaction and potential upside to the estimated 360k EV shipments in FY25E [2] Group 2: Xiaomi AI Glasses - Xiaomi's AI glasses feature a D-shaped frame, a 12MP camera, and Qualcomm's AR1 SoC, powered by HyperAI LLM, marking a step into next-gen personal AI [3] - The battery capacity of Xiaomi AI glasses is 64% higher than that of Meta AI glasses, and the integration of XiaoAI enables real-time translation, AI summarization, and IoT control [3] - The expected price range of RMB 1,999-2,999 aligns with market expectations, reinforcing Xiaomi's AI ecosystem strategy [3] Group 3: Other Product Launches - Xiaomi also released the second-generation foldable smartphone MIX Flip 2, along with REDMI K80, Pad 7S Pro 12.5, Watch S4 41mm, Smart Band 10, and open earphones Pro [4] - In the smart home category, new products include a high-speed hair dryer Pro, Vacuum-Mop M40 S, wireless floor scrubber 4 Max, and Mi home air conditioner Pro [4] - The company reiterates a BUY rating with a target price of HK$65.91 [4]

Core Insights - Li Auto Inc. delivered 33,939 vehicles in April 2025, marking a year-over-year increase of 31.6%, with cumulative deliveries reaching 1,260,675 as of April 30, 2025 [1] - The company has maintained its position as the sales leader for SUVs priced above RMB200,000 for three consecutive quarters, achieving the highest market share in multiple SUV segments [2] - Li Auto launched new models including Li MEGA Home and Li L6 at Auto Shanghai 2025, with Li MEGA Home accounting for over 90% of order intake for its models, indicating strong consumer endorsement [3] Company Overview - Li Auto Inc. is a leader in China's new energy vehicle market, focusing on the design, development, manufacturing, and sales of premium smart electric vehicles [5] - The company has a mission to create a mobile home and happiness for families, emphasizing innovations in product, technology, and business models [5] - As of April 30, 2025, Li Auto operates 500 retail stores and 500 servicing centers across 151 cities, along with 2,267 supercharging stations equipped with 12,340 charging stalls in China [4]