雷军直播截图 1月3日，雷军举行2026年第一场直播，重点拆解小米YU7，并集中回应网络上长期以来关于小米的不实 信息。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作者丨何煦阳 编辑丨张明艳 2026年开年一周，雷军已经举办了两场直播。 四天之后，即1月7日，雷军举办第二场直播。原本主题应是介绍小米SU7的26款升级车型，然而在两个 半小时的直播中，辟谣内容仍占据近两小时，涉及"丢轮保车""1300公里充一次电""一个杯子开15次 会"等多个传言。 相比之下，1月7日晚对26款SU7的介绍仅占约40分钟。雷军表示，26款SU7在电机、底盘、碳化硅平台 等方面均进行了重大升级。但观察此次小米对26款SU7的宣传侧重，被动安全和辅助驾驶的升级在各新 媒体平台均被置于首位。 在两次直播中，雷军均坦言"被黑怕了""睡不着觉"。 过去十多年，小米靠"参与感"起家，靠粉丝共建放大声量，入局造车后，小米也用该策略获得成功，雷 军被捧为"爽文男主"。但"参与感"是一把双刃剑，其负面效应也在历经两次安全插曲后被放大，雷军从 镜头面前的意气风发，到如今减少露面、反复解释、反复道歉、反复辟谣。 雷军 ...

雷军直播截图 1月3日，雷军举行2026年第一场直播，重点拆解小米YU7，并集中回应网络上长期以来关于 小米的不实信息。 四天之后，即1月7日，雷军举办第二场直播。原本主题应是介绍小米SU7的26款升级车型， 然而在两个半小时的直播中，辟谣内容仍占据近两小时 ，涉及"丢轮保车""1300公里充一次 电""一个杯子开15次会"等多个传言。 作者丨何煦阳 编辑丨张明艳 2026年开年一周，雷军已经举办了两场直播。 策略转向：从"出奇"到"守正" 雷军曾称小米造车的策略是"守正出奇"。但经过2025年的两次事故与随之而来的舆论风波后， 小米似乎才真正意识到，需暂时收起以"颜值"与"性能"为代表的"出奇"，重新回归"守正"—— 即安全。 此次小米将YU7的主被动安全配置全面下放至2026款小米SU7上。 2024款小米SU7发布时，官方称其采取铠甲笼式钢铝混合车身，最高强度达到2000MPa，配备 7个主动安全气囊。 2025年3月29日，一辆小米SU7以116公里/小时的速度在高速路上行驶，因变道不及时以97公 里/小时的速度撞上水泥护栏，车辆随后起火，车内三位女大学生不幸遇难。 相比之下，1月7日晚对26款SU7 ...

Core Viewpoint - The article discusses the entrepreneurial journey of Ma Ji, a former Xiaomi executive, who is venturing into the AI imaging hardware market with his new company, "Light of the Future" (光启之境), aiming to create a camera that simplifies photography for users by automatically generating popular styled photos without requiring technical knowledge [2][3][4]. Group 1: Company Background - Ma Ji has worked at Xiaomi for 11 years, transitioning from a frontline employee to management, and has been involved in various key projects including MIUI and Xiaomi's internet business [1][7]. - The new venture, "Light of the Future," focuses on developing an AI camera that addresses the creative needs of users rather than just providing hardware [2][3]. Group 2: Market Opportunity - The digital camera market has seen a significant decline, with sales dropping from over 100 million units at its peak to around 8 million units currently, raising questions about the necessity of new photography devices [2]. - Despite the decline in traditional camera sales, there is evidence of a growing demand for unique and aesthetically pleasing photography, as seen with the success of products from companies like DJI and Insta360 [3]. Group 3: Investment and Funding - "Light of the Future" has successfully completed a seed funding round, raising $27 million, led by Honghui Capital, with participation from several other investment firms [3]. Group 4: Product Development - The first product from "Light of the Future" is still in development, with plans for a release in the following year [4]. - The camera aims to allow users to take satisfactory photos effortlessly, without needing to understand complex camera settings or post-editing [14][30]. Group 5: User Insights and Challenges - Ma Ji emphasizes that the primary challenge is to create a product that meets the unarticulated needs of users, who often do not know what they want in terms of photography [19][20]. - The company aims to leverage AI to enhance the creative process, focusing on how to capture images that align with current aesthetic trends [21][22]. Group 6: Competitive Landscape - The company is entering a new product category, differentiating itself from existing competitors like DJI and Insta360, and aims to establish a unique market position [37]. - Ma Ji acknowledges the competitive pressure from larger companies but believes that the current landscape offers opportunities for smaller firms to innovate [36].

Core Insights - Lei Jun's investment of 50 billion yuan in chip manufacturing raises questions about whether this move is aimed at capitalizing on a mature domestic chip market or tackling the more challenging aspects of the industry [1][3] Group 1: Industry Context - Lei Jun's entry into chip manufacturing suggests that the most difficult "0 to 1" phase of China's chip industry may have been overcome, as he typically acts as an integrator rather than a disruptor [3][6] - The smartphone industry illustrates this approach, where Xiaomi entered the market after others defined it, leveraging its brand and operational efficiency to capture market share [5][6] Group 2: Strategic Approach - Xiaomi's strategy in the chip sector appears to focus on established technologies rather than cutting-edge challenges, indicating a preference for "buying certainty" in a more stable environment [5][7] - The investment is seen as a way to integrate resources and accelerate the commercialization of chip products, rather than taking high-risk bets on unproven technologies [6][7] Group 3: Market Reactions - Public sentiment reflects a mix of skepticism and optimism, with some viewing Lei Jun's approach as cautious and pragmatic, while others highlight the need for both innovators and integrators in the chip industry [6][7] - The entry of Xiaomi into the chip market is expected to enhance the commercialization of mature technologies, potentially accelerating the growth of the domestic chip industry [7]

Core Viewpoint - Xiaomi announced the return of the classic mobile game "Angry Birds" to the Chinese market during its product launch event, highlighting the long-standing relationship between the game and the company [2]. Group 1: Product Launch and Market Impact - The return of "Angry Birds" marks a significant moment as it is a well-known IP that has influenced mobile gaming since its launch by Rovio in 2009 [2]. - The game has achieved over 5 billion downloads by 2022, showcasing its popularity and potential for renewed engagement in the Chinese market [2]. Group 2: Historical Context and Brand Connection - Xiaomi's connection to "Angry Birds" dates back to 2011 when the company's founder, Lei Jun, wore "Angry Birds" themed shoes at a product launch [2]. - In 2012, the MIUI system introduced its first custom theme based on "Angry Birds," establishing a deep link between the IP and Xiaomi's ecosystem [2].

Core Insights - The article discusses the ten-year journey of Xiaomi's international expansion, highlighting its strategies and challenges in various markets [2][3][10] Group 1: International Expansion Strategy - Xiaomi's internationalization began in 2014, starting with the Indian market, and has gradually expanded from emerging markets to developed markets [3][6] - The company achieved a 1.5% market share in India in its first year through online sales and "hunger marketing," reaching a 27% market share by 2017 [3] - Xiaomi's strategy involved replicating its "hardware + internet + new retail" model overseas, utilizing local e-commerce platforms and offering competitively priced products [3][6] Group 2: Market Performance - In Q2 2024, Xiaomi's shipments in Latin America reached 6.2 million units, a 35% year-on-year increase, making it the second-largest brand in the region [3] - The company faced a decline in the Indian smartphone market, with a year-on-year shipment drop of 8% in Q1 2025, leading to a market share decrease to 12% [3][4] - In Europe, Xiaomi maintained a 15% market share in Q2 2024, with a 2.3 times increase in premium pricing capability since 2019 [6] Group 3: Marketing and Brand Development - Xiaomi has built a global community with over 22 million registered users and 4.7 million daily active users, enhancing user engagement through various online and offline activities [7] - The company has faced challenges in offline channel penetration, particularly in India, where its offline presence is below 30% compared to competitors [4][7] Group 4: Challenges and Risks - Xiaomi's operations in India have been affected by regulatory challenges, including a $670 million asset freeze and requirements for local management [8] - The company faces supply chain issues, with production costs in Brazil being 23% higher than importing from China due to tariff fluctuations [8] - Xiaomi's patent portfolio is significantly smaller than competitors like Huawei, which raises concerns about its technological independence [8] Group 5: Future Outlook - The article concludes that Xiaomi's future success will depend on its ability to transition from scale expansion to value creation, focusing on core technology, brand premiumization, and risk management [10][11]

Core Insights - The article discusses the evolving relationship between Xiaomi and Midea, highlighting their initial collaboration and subsequent competition in the context of China's manufacturing transformation [1][2][3]. Group 1: Initial Collaboration - In 2014, Midea invested 1.273 billion RMB in Xiaomi, while Xiaomi invested 1.266 billion RMB in Midea, marking a significant partnership aimed at combining traditional manufacturing with internet capabilities [3][5]. - Midea sought to leverage Xiaomi's internet expertise to overcome challenges in traditional appliance sales, while Xiaomi aimed to enhance its IoT ecosystem through Midea's supply chain [5][6]. Group 2: Strategic Divergence - By 2016, Midea shifted focus towards the B2B industrial internet, acquiring KUKA Robotics, while Xiaomi expanded its ecosystem from 30 to 200 companies, posing a direct threat to Midea's core business [8][10]. - Xiaomi's actions from 2018 to 2023, including stock reductions in Midea and a complete severance of IoT system integration, indicated a strategic pivot towards self-reliance and dominance in the smart home market [9][10]. Group 3: Financial Performance - Xiaomi's smartphone business faced low profit margins, with a gross margin of 12.6% in 2024, while its IoT and lifestyle products saw significant growth, with revenues reaching 104.1 billion RMB and a gross margin of 20.3% [11][12]. - Midea's revenue in 2023 surpassed 373.7 billion RMB, with a net profit of 33.7 billion RMB, demonstrating resilience despite increased competition from Xiaomi [13]. Group 4: Market Dynamics - Xiaomi's aggressive pricing strategy in the air conditioning market and its growing presence in smart home products have intensified competition with Midea [13][14]. - The article suggests that while Xiaomi's rapid expansion has been successful, it has also led to reputational challenges for its founder, Lei Jun, due to perceptions of opportunism in business partnerships [14].

Core Viewpoint - The article discusses the latest entrepreneurial venture of Luo Yonghao, focusing on the development of an AI operating system (AIOS) and its integration with AI hardware, indicating a strategic shift back to hardware after previous explorations in AR and AI assistants [3][6][7]. Group 1: Company Background and Strategy - Luo Yonghao is leveraging his previous company, The Red Line, which was initially focused on AR products, to expand into the AIOS market [4]. - The recruitment of Wang Wenjun, a former key employee at Xiaomi, highlights the importance of experienced personnel in the development of AIOS, as he has a strong background in software and hardware integration [6][7]. - The strategic plan involves first launching AIOS, followed by the development of AI smartphones, creating a coherent product ecosystem [7]. Group 2: Product Development and Challenges - The J1 Assistant, an AI assistant product, is currently in testing and is expected to be integrated into the AIOS, although initial market reactions have been lukewarm [9][10]. - The development team, led by CTO Zhu Yongsheng, is facing challenges in creating a robust operating system, which requires significant investment and technical expertise [11]. - Luo Yonghao is under pressure to successfully launch the J1 Assistant to attract further investment, making the upcoming month critical for the company's future [11].