Core Insights - Xiaomi held a comprehensive ecosystem launch event on June 26, introducing flagship products including the Xiaomi YU7 SUV, Xiaomi MIXFlip 2, and Xiaomi AI glasses, along with various other new products [1][3] Product Launch and Specifications - The Xiaomi YU7 SUV achieved over 208,900 pre-orders within the first hour, with pricing set at 253,500, 279,900, and 329,900 CNY for the Standard, Pro, and Max versions respectively [1] - The YU7 is positioned as a mid-to-large SUV, featuring dimensions of 4999mm x 1996mm x 1608mm and a wheelbase of 3000mm, offering more spacious interior compared to competitors like XPeng G7 and Model Y [1] - Performance-wise, the YU7 offers dual-motor all-wheel drive versions with total power outputs of 496Ps and 690Ps, surpassing the XPeng G7 (296Ps) and Model Y (450Ps) [1] - The standard version boasts a CLTC range of 835km with a 96.3kWh battery, outperforming the XPeng G7 (702km, 80.8kWh) and Model Y (593km, 62.5kWh) in terms of range [1] Intelligent Features - All versions of the YU7 are equipped with Qualcomm Snapdragon 8 Gen 3 cockpit chips and NVIDIA Thor autonomous driving chips, providing a computing power of 700 TOPS, comparable to XPeng G7 and Model Y [2] - The YU7 features standard hardware including Hesai AT128 lidar and a 4D millimeter-wave radar, enabling urban Navigation on Autopilot (NOA) capabilities [2] AI Glasses Specifications - The Xiaomi AI glasses emphasize a blend of fashion and technology, with lenses available in four color-changing options and a lightweight design of only 40g [3] - Pricing for the glasses is set at 1,999 CNY for the standard version, 2,699 CNY for the single-color electrochromic version, and 2,999 CNY for the color-changing version [3] - The glasses are powered by Qualcomm Snapdragon AR1 Gen1 and feature a dual-chip architecture for high performance and long battery life, with a standby time of 21 hours and typical usage of 8.6 hours [3] - They include a 12MP IMX681 camera supporting 2K video recording, dual speakers, and a five-microphone array for enhanced audio capabilities [3] - Software features include comprehensive AI interaction based on Xiao Ai, supporting various applications and functionalities such as real-time translation and smart home control [3] Financial Outlook - The company maintains its revenue forecasts for 2025-2027 at 483.6 billion, 580.8 billion, and 688.9 billion CNY, with adjusted net profits of 42.7 billion, 48.4 billion, and 58.6 billion CNY respectively [3] - The projected price-to-earnings ratios for 2025 and 2026 are 33X and 29X respectively, indicating a positive outlook based on the strong product capabilities and competitive pricing of the YU7 and AI glasses [3]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810) [2][19] Core Views - The report highlights the strong product capabilities and competitive pricing of the Xiaomi YU7 SUV and AI glasses, predicting they will create new blockbuster products [7] - Revenue forecasts for 2025-2027 are maintained at RMB 483.6 billion, RMB 580.8 billion, and RMB 688.9 billion respectively, with adjusted net profits of RMB 42.7 billion, RMB 48.4 billion, and RMB 58.6 billion [7] Financial Data and Profit Forecast - Revenue (RMB billion): 2023: 271.0, 2024: 365.9, 2025E: 483.6, 2026E: 580.8, 2027E: 688.9 [6][10] - Year-on-year growth rates for revenue: 2023: -3%, 2024: 35%, 2025: 32%, 2026: 20%, 2027: 19% [6] - Net profit (RMB billion): 2023: 19.3, 2024: 27.3, 2025E: 42.7, 2026E: 48.4, 2027E: 58.6 [6][10] - Earnings per share (RMB/share): 2023: 0.76, 2024: 1.07, 2025E: 1.68, 2026E: 1.90, 2027E: 2.30 [6] - Price-to-earnings ratio (PE): 2025: 33, 2026: 29, 2027: 24 [6] Product Launch Insights - Xiaomi launched the YU7 SUV with over 208,900 pre-orders in the first hour, with competitive pricing and specifications compared to rivals like Xpeng G7 and Tesla Model Y [7][8] - The AI glasses feature a lightweight design and advanced technology, with various pricing tiers and capabilities that enhance user interaction and connectivity [7][9]

Group 1 - Xiaomi's first SUV model, YU7, is priced starting at 253,500 yuan, which is 10,000 yuan cheaper than the Model Y, with the Pro version priced at 279,900 yuan and the MAX version at 329,900 yuan. The standard version boasts an impressive range of 835 km [6] - Following the announcement, Xiaomi's stock saw a significant increase, with its ADR rising by 9.85% after the pre-order numbers exceeded 289,000 units within an hour of the launch [2][6] - Xiaomi plans to invest 200 billion yuan in research and development over the next five years, from 2026 to 2030 [6] Group 2 - The S&P 500 index is nearing its historical high, closing at 6,141.02 points, reflecting a strong rebound since April, with a weekly increase of 2.9% [8] - The market's positive sentiment is supported by strong corporate earnings, a stable job market, and renewed interest in artificial intelligence, with tech stocks being the main drivers of this rally [8] - The Nasdaq Composite index also saw a rise, closing at 20,167.91 points, approaching its historical record [8] Group 3 - The US dollar fell below the 97 mark due to multiple factors, including concerns over the potential appointment of a new Federal Reserve chair before Jerome Powell's term ends [11][12] - Analysts predict that the dollar may weaken further in the next 12 months due to uncertainties surrounding US tariffs and economic outlook [12] - Despite concerns about the US economy, there is optimism regarding the US stock market, with potential inflows of over 100 billion USD expected in the coming month [12]

（原标题：雷军官宣！YU7爆了！3分钟，超20万辆！） 【导读】雷军官宣YU7售价25.35万元起，发布后3分钟大定超20万辆 中国基金报记者 邱德坤 6月26日晚间，小米汽车官微发布消息称，YU7正式发布后3分钟，大定突破20万辆。 同时，词条"小米YU7价格"冲上微博热搜榜首位。 同日晚间，小米创始人、董事长兼CEO雷军在小米人车家生态发布会上宣布，小米汽车首款SUV车型YU7标准版的售价为25.35万元，比Model Y 便宜1万元。 小米称此次发布会是其史上内容最丰富的发布会，在连续发布的十几款新品中，由雷军发布的产品是小米AI眼镜、SU7 Ultra纽北限量版、YU7。 此外，小米称以技术为本，坚持高端化引领。雷军表示，未来5年（2026年至2030年），小米研发投入预计为2000亿元。 小米AI眼镜来了 在小米高管喊出"硬装结束，雷军出场"的口号后，雷军随即返回发布会舞台。 不过，在现场观众期待YU7之际，雷军先发布了小米AI眼镜，宣布定价为1999元起。 雷军称，小米AI眼镜的定位是面向下一个时代的个人智能设备，以及随身的AI入口。 据悉，小米AI眼镜搭载1200万像素的高清镜头，可沉浸式拍照、 ...

【导读】雷军官宣 YU7 售价25.35万元起 ，发布后3分钟大定超20万辆 中国基金报记者 邱德坤 6月26日晚间，小米汽车官微发布消息称，YU7正式发布后3分钟，大定突破20万辆。 据悉， 小米AI眼镜搭载1200万 像素的 高清镜头，可沉浸式拍照、录制视频；支持第三方A pp 视频通话、直播，实时分享，还可以化身 开放式耳机。 同日晚间，小米创始人、董事长兼CEO雷军在小米人车家生态发布会上宣布，小米汽车首款SUV车型YU7标准版的售价为25.35万元，比 Model Y便宜1万元。 同时， 词条"小米YU7价格"冲上微博热搜 榜首位 。 小米称此次发布会是其史上内容最丰富的发布会，在连续发布的十几款新品中，由雷军发布的产品是小米AI眼镜、SU7 Ultra纽北限量版、 YU7。 此外，小米称以技术为本，坚持高端化引领。雷军表示，未来5年（2026年至2030年），小米研发投入预计为2000亿元。 小米AI眼镜来了 在小米高管喊出"硬装结束，雷军出场"的口号后，雷军随即返回发布会舞台。 不过，在现场观众期待YU7之际，雷军先发布了小米AI眼镜，宣布 定价 为 1999元起 。 雷军称，小米AI眼镜的定位 ...