Group 1 - The report highlights the frequent release of new products by companies like Xiaomi and Honor, emphasizing the importance of the domestic production process for new materials [5][6] - The Chinese government is supporting equipment upgrades in the petrochemical and chemical industries with a funding of 200 billion yuan, which is expected to accelerate the modernization of these sectors [5][6] - The introduction of new products, such as Xiaomi's first SUV and Honor's latest smartphones, is seen as a significant advancement in China's consumer electronics sector, potentially driving the domestic supply chain and high-end material development [6][9] Group 2 - The report indicates that the securities sector may experience upward momentum after a period of consolidation, with technical indicators showing positive trends [11][12] - The Shanghai Composite Index has shown resilience, maintaining above key moving averages despite recent fluctuations, suggesting potential for further gains [19][20] - The report notes that large capital inflows into the market indicate strong buying interest, which may support continued upward movement in the securities sector [15][19] Group 3 - The report tracks industry performance, noting that the petrochemical index has underperformed compared to the broader market, while the basic chemical index has outperformed [7][22] - Specific sub-sectors such as membrane materials and other plastic products have shown significant price increases, indicating strong demand and potential investment opportunities [7][22] - The report emphasizes the importance of selecting resilient and advantageous sectors within the chemical industry, particularly those benefiting from supply-side reforms and domestic production initiatives [9][10]

36氪独家获悉，6月27日，理想汽车发布内部公告，宣布新的人事任命，理想汽车总裁马东辉即日起全 面负责研发、供应制造、销售业务，向CEO李想汇报。本次调整的核心关键在于销售，将销售部门划归 到研发、供应群组，马东辉统管产供销工作，支撑"战略到经营"闭环。此次调整后，马东辉将从组织架 构上，更加深度参与整车的产、供、销环节。 理想汽车发布全新人事任命，整合成立智能汽车群组 大公司： 理想大调销售体系：总裁马东辉全面负责研发、供应链与销售 理想汽车发布全新组织架构调整和人事任命：原"研发与供应群组"和"销售与服务群组"整合并入新成立 的"智能汽车群组"，对理想汽车智能汽车业务的战略到经营闭环负责；总裁马东辉将担任智能汽车群组 的负责人，向董事长兼CEO李想汇报。李想仍将负责汽车业务相关的产品线、产品部、品牌、战略等团 队，并将更多精力投入AI领域。（新浪科技） 丰田5月全球销量创历史新高，但产量五个月来首度下滑 日本丰田汽车公司周五表示，尽管面临特朗普政府关税压力，该公司5月全球销量仍连续第五个月增 长，并创下当月份历史新高，主要得益于美国等市场的强劲需求。数据显示，受北美及日本市场强劲需 求的推动，丰田5月全球 ...

证券研究报告 | 公司点评报告 2025 年 06 月 27 日 小米集团-W（01810.HK） 发布手机、AI 眼镜、汽车等人车家新品，YU7 大定订单超市场预期 TMT 及中小盘/电子 事件：小米集团举办小米人车家全生态发布会，正式发布小米 YU7、小米 MIX Flip 2、小米 AI 眼镜，以及平板、红米手机、可穿戴、科技家电等系列新品。 我们点评如下： 强烈推荐（维持） 目标估值：NA 当前股价：56.65 港元 基础数据 | 总股本（百万股） | 25949 | | --- | --- | | 香港股（百万股） | 21433 | | 总市值（十亿港元） | 1470.0 | | 香港股市值（十亿港元） | 1214.2 | | 每股净资产（港元） | 9.2 | | ROE（TTM） | 9.9 | | 资产负债率 | 46.7% | | 主要股东 | Sunrise Vision Holdings | | | Limited | | 主要股东持股比例 | 16.2098% | 股价表现 % 1m 6m 12m 绝对表现 7 79 220 相对表现 3 58 186 资料来源：公司数据、招商证 ...

Xiaomi Corporation June launch event: YU7 pricing in line, upbeat orders to support share price Maintain Rating: BUY | PO: 66.00 HKD | Price: 56.90 HKD YU7 pricing largely in line, initial orders beat SU7's Xiaomi hosted "Human + Car + Home" new product launch event on 26 June. We note the market's key focus is on the pricing of YU7, which is at RMB253.5k/ RMB279.9k/ RMB329.9k for YU7/ YU7 Pro/ YU7 Max. Although the Max version's price is slightly above our estimated range of RMB250-300k, it still has bette ...

6月26日，在小米人车家全生态发布会上，小米MIX Flip 2、REDMI K80至尊版、小米Pad 7S Pro、 REDEMI K Pad、小米AI眼镜、小米Watch S4 41mm、小米手环10，以及米家空调Pro 健康风、米家扫拖 机器人M40 S、小米开放式耳机Pro等十余款人车家全生态新品正式发布，并全面开售。这些新品的发 布，也标志小米站上全生态科技创新爆发的新起点。 雷军表示："小米创业十五年走到今天，在手机、汽车、芯片多个领域取得突破，最核心的原因就是技 术为本、坚持高端化引领。"他特别表示，小米AI眼镜是面向下一个时代的个人智能设备、随身的AI入 口。 数字显示，今年一季度小米科技家电业务收入翻倍增长113.8%，小米新一代科技家电坚持"高智感"。本 次发布会推出的米家吹风机Pro，带来创新50摄氏度恒温吹护；米家无线洗地机带来活水贴边清洁臂专 利技术，还可实现脱手、APP控制；米家空调Pro 健康风带来小米离子净化技术，健康能力媲美专业净 化器。 业内指出，小米人车家全生态的相互协同、相互带动，正在加速构建小米智能生态的全新护城河。 此外，小米此次还发布了又一款搭载玄戒O1的旗舰平板 ...

Core Viewpoint - Xiaomi is expanding its ecosystem with the launch of the AI glasses, positioning itself in the wearable technology market and aiming to enhance user interaction within its "human-vehicle-home" strategy [12][13][21] Product Launch - On June 26, Xiaomi held a "Human-Vehicle-Home Ecosystem Launch Conference," introducing several smart hardware products including the MIX Flip 2 foldable phone, Pad 7S Pro, and the highly anticipated YU 7 [1] - The AI glasses, weighing only 40g, are designed for comfort and come in three colors, with a price range of 1999 to 2999 yuan [7][9] Technical Features - The AI glasses feature a dual-chip Snapdragon AR1 processor, a 12MP ultra-wide-angle camera, and support for various AI tasks such as real-time image recognition and video live streaming [4][11] - They offer a battery life of 8.6 hours and can be charged in 45 minutes via a Type-C port [9] Market Positioning - The AI glasses are seen as a significant step for Xiaomi in the wearable device market, with over 50,000 pre-orders before the launch [12] - Xiaomi aims to capture the market for AI assistant-enabled wearables, leveraging its established supply chain and ecosystem [12][20] Strategic Importance - The introduction of AI glasses aligns with Xiaomi's broader strategy to create a seamless smart ecosystem that integrates various devices for enhanced user experience [13][17] - The glasses serve as a hardware platform for the "Super Xiao Ai" assistant, facilitating voice interaction and smart home control [16] Industry Impact - Xiaomi's entry into the AI glasses market is expected to lower consumer price expectations for smart eyewear, challenging the perception of AR glasses as high-priced tech gadgets [20] - The move is likely to stimulate interest in the smart glasses category, potentially revitalizing the supply chain and encouraging further innovation in the sector [20][21]

Core Insights - Xiaomi held its most powerful launch event, introducing a wide range of products across various sectors, including automotive, smartphones, tablets, and smart wearables, emphasizing a "full ecosystem" approach [1][3] - The company plans to invest 200 billion yuan in research and development over the next five years, which is expected to enhance its market competitiveness [1] Automotive Sector - The highlight of the event was the launch of Xiaomi's first SUV, the YU7, which features nine color options and advanced technology [3] - The YU7 utilizes an 800V silicon carbide high-voltage platform and supports 5.2C ultra-fast charging, allowing for a 620 km range with just 15 minutes of charging, outperforming Tesla's supercharging network [5] - The YU7's pricing is competitive, with the standard version priced at 253,500 yuan, undercutting Tesla's Model Y by 10,000 yuan [7] - Analysts predict that the YU7's monthly sales could reach 30,000 to 40,000 units, with expectations of it becoming a significant market player [9] Consumer Electronics - Xiaomi introduced AI glasses that serve as a personal smart device, capable of first-person perspective recording and integration with smartphones [10][11] - The AI glasses support various applications, including video calls and live streaming, and are available in three color options [13] - The MIX Flip 2 foldable smartphone was also launched, featuring high-end specifications and a focus on durability with a new hinge design [14][16] - The MIX Flip 2 is priced at 5,999 yuan for the 12GB + 256GB version, with additional models available at higher price points [16] Tablets and Wearables - The Xiaomi Pad 7S Pro was unveiled as the lightest LCD tablet in its size category, featuring a 12.5-inch 3.2K display and a powerful battery [19] - The Pad 7S Pro supports high refresh rates and has a robust camera setup, ensuring consistent color display across devices [21] - The Xiaomi Watch S4 and Open Earphones Pro were also introduced, with the watch featuring advanced safety functions and the earphones offering high-quality sound and smart recording capabilities [21][23]

近日，深圳市商务局印发了《深圳市关于促进服务消费高质量发展的若干措施》。其中提出，深化服务业扩大对外开放。支持生物技术和外商独资医院等医 疗领域扩大开放试点。稳步放宽或取消跨境交付、境外消费和自然人移动等模式下服务贸易限制措施。持续深化电信、教育、养老、医疗、健康等服务业放 宽市场准入。积极参创国家服务贸易创新发展示范区。（新华财经） 国泰海通集团下属公司国泰君安国际控股有限公司正式获香港证监会批准，将现有证券交易牌照升级为可提供虚拟资产交易服务，以及在提供虚拟资产交易 服务的基础上提供意见。此次牌照升级后，客户将可在国泰君安国际平台直接交易加密货币（如比特币、以太币等）、稳定币（如泰达币等）等虚拟资产。 25日当天国泰君安国际涨198.39%，成交超163亿港元。（新华财经） 李强：期待各国企业为中国市场提供更多优质产品和服务中国将一如既往欢迎各国企业来华投资兴业 人民银行6月25日开展3000亿元MLF操作连续4个月加量续作 6月中期流动性净投放总额已达3180亿元 特朗普：会在三四个人之内选出下一任美联储主席美国与伊朗下周将举行会谈并可能签署一项协议 国务院总理李强6月25日下午在天津出席2025年夏季 ...

| 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 美团-W | 14.89 乙 | 19.20 亿 | 34.09 乙 | | HK 03690 | | | -4.31 乙 | | 泡泡玛特 | 15.36亿 | 18.26 乙 | 33.62亿 | | HK 09992 | | | -2.91亿 | | 建设银行 | 17.09亿 | 13.39 亿 | 30.48 乙 | | HK 00939 | | | +3.70 乙 | | 腾讯控股 | 10.76 乙 | 17.99亿 | 28.76亿 | | HK 00700 | | | -7.23 亿 | | 山东墨龙 | 12.12亿 | 12.41亿 | 24.53亿 | | HK 00568 | | | -2888.30万 | | 阿里巴巴-W | 10.81亿 | 10.30亿 | 21.12 乙 | | HK 09988 | | | +5109.12万 | | 小米集团-W | 11.84 亿 | 7.98亿 | 19.82 乙 | | HK 01810 | | ...