刘琼 林屹涵 马思宇 腾讯研究院 以大模型为核心的新一轮人工智能浪潮，正在全球范围内催生一批AI原生企业。本系列研究将AI原生企 业界定为：创立之初即将人工智能作为核心产品、服务或能力，并以此驱动价值创造和业务创新的公 司，有别于仅将AI嵌入现有业务或作为工具的企业。腾 讯研究院聚焦全球100+家AI原生企业，围绕三 大关键问题展开系列观察：1）AI原生企业正催生了哪些新技术、产品形态和商业模式？2）AI技术如何 深度融入千行百业的应用场景和核心流程，赋能产业升级？3）AI产业生态正在沿着怎样的路径加速演 进，带来哪些结构性变革？ 一、AI消费硬件的三大发展路线 2023年以来，AI消费硬件呈现高度形态创新，AI手机、智能眼镜、戒指和耳机、陪伴机器人等新品类快 速崛起。按照AI原生程度划分，大致可分为三条路线： 路线1：以Rabbit等为代表的AI原生设备探索范式 近两年，多款AI原生设备相继推出，试图跳出智能手机主导的交互范式，探索"意图即操作"的新路径。 他们普遍弱化App、菜单与窗口，依赖大模型驱动的语义理解与任务执行，是AI原生设备的雏形。 典型代表如Rabbit R1、Humane AI Pin，前 ...

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]