今年英伟达CEO黄仁勋已访华两次，早在今年1月，黄仁勋就先后到访深圳、中国台湾、北京和上海等城市，4月17日黄仁勋再度飞抵北京，此时距离美国宣 布限制H20芯片对华出口仅过去一天。 现在又有新消息传来，黄仁勋将在7月开启今年来的第三次访华进京，本次将在7月16日到访中国举行媒体吹风会，旨在强化英伟达在中国市场的战略布局。 据了解，英伟达将于9月上市的中国特供版Blackwell AI芯片RTX Pro 6000。 该芯片基于现有架构，但剥离了高带宽内存和NVLink高速互联技术，以符合美国出口管制政策。 尽管性能较原版有所下降，但凭借英伟达CUDA生态的兼容性优势，仍将被国内大厂视为关键采购选项，不少大厂都在等英伟达的特供芯片发布。 与此同时，网上还流出了一张黄仁勋与雷军的合影，恰逢英伟达CEO即将开启年内第三次中国之行之际出现这样一张看似普通的照片，或许是在暗指小米 与英伟达之间会有新的联系。 其实从照片穿着看，雷军和黄仁勋穿的都不是当季服装，这说明照片拍摄于往期黄仁勋访华行程。 英伟达官方也回应称"非公司发布"，知情人士透露此为路人拍摄的客户拜访场景。 其实早在2013年的小米3的发布会上，黄仁勋就曾和雷 ...

机器之心报道 机器之心编辑部 上上周的 2025 高考已经落下了帷幕！在人工智能领域，各家大模型向数学卷发起了挑战。 在 机器之心的测试 中，七个大模型在「2025 年数学新课标 I 卷」中的成绩是这样的：Gemini 2.5 Pro 考了 145 分，位列第一；Doubao 和 DeepSeek R1 以 144 分紧 随其后，并列第二；o3 和 Qwen3 也仅有一分之差，分别排在第三和第四。受解答题的「拖累」，hunyuan-t1-latest 和文心 X1 Turbo 的总成绩排到了最后两名。 其实，向今年数学卷发起挑战的大模型还有其他家，比如 Xiaomi MiMo-VL，一个只有 7B 参数的小模型 。 该模型同样挑战了 2025 年数学新课标 I 卷，结果显示， 总分 139 分，与 Qwen3-235B 分数相同，并只比 OpenAI o3 低一分 。 并且，相较于同样 7B 参数的多模态大模型 Qwen2.5-VL-7B， MiMo-VL 整整高出了 56 分 。 MiMo-VL-7B 和 Qwen2.5-VL-7B 是通过上传题目截图的形式针对多模态大模型进行评测，其余均是输入文本 lat ...

证券研究报告·策略报告·策略深度报告 策略深度报告 20250605 6 月港股金股：风偏或延续修复 2025 年 06 月 05 日 [Table_Tag] [观点Table_Summary] ◼ 我们对港股整体持谨慎乐观态度，港股外部风险仍在。 1、关税谈判仍有诸多变数。5 月 28 日美国国际贸易法院(CIT)宣布特朗普 "越权"，要求立即停止关税加征，次日美国联邦上诉法院暂时驳回 CIT 裁决。关税政策从全球普征逐步转向行业。短期内，关税政策料将反复。 2、美股重回 AI 叙事。美国科技股一季度财报相对乐观，市场重新关注美 国科技股。美国科技股一季度财报相对乐观，Mag7 中一半以上超过市场 预期，尤其是英伟达一季度财报超预期，市场重新关注美国科技股。目前 看，美股仍在震荡反弹过程中。 3、港股反弹还需增量资金和持续政策刺激。当前香港市场流动性充裕，利 于股市，但向上空间仍需新动能。 ◼ 我们相对看好 AI 科技、消费，同时建议配置部分高股息用作防御： 1、看好 AI 科技：一是，美股重回 AI 叙事，一定程度上对港股科技叙事 有所提振；二是，数据真空期，利好主题行情。 2、消费仍是全年主线。扩大消费 ...

Core Viewpoint - The company reported record high revenue and net profit for Q1 2025, driven by strong performance in automotive and IoT sectors, alongside a recovery in smartphone market share and continued high-end product strategy [1][2][3] Group 1: Financial Performance - Q1 2025 revenue reached 111.29 billion yuan, up 47.4% year-on-year and 2.1% quarter-on-quarter, marking a historical high [1] - Adjusted net profit for Q1 2025 was 10.68 billion yuan, an increase of 64.5% year-on-year and 28.4% quarter-on-quarter, also a record high [1] - Gross margin stood at 22.8%, up 0.5 percentage points year-on-year and 2.2 percentage points quarter-on-quarter [1] Group 2: Automotive Business - Automotive revenue for Q1 2025 was 18.58 billion yuan, up 11.5% quarter-on-quarter, with losses narrowing to 500 million yuan [1] - The automotive gross margin reached 23.2%, an increase of 2.8 percentage points quarter-on-quarter [1] - SU7 series deliveries totaled 75,869 units, up 8.9% quarter-on-quarter, with the number of sales outlets expanding to 235 across 65 cities [1] Group 3: Smartphone Market - Smartphone revenue for Q1 2025 was 50.61 billion yuan, up 8.9% year-on-year but down 1.4% quarter-on-quarter, with a gross margin of 12.4% [2] - Smartphone shipments reached 41.8 million units, a 3.0% increase year-on-year, with global market share rising to 14.1% [2] - In China, market share increased to 18.8%, regaining the top position, while the ASP rose by 5.8% to 1,211 yuan [2] Group 4: IoT and New Retail - IoT revenue for Q1 2025 was 32.34 billion yuan, up 58.7% year-on-year and 4.8% quarter-on-quarter, with a gross margin of 25.2% [2][3] - Air conditioning, refrigeration, and washing machine shipments exceeded 1.1 million, 880,000, and 740,000 units respectively, with growth rates exceeding 65% [3] - The number of new retail stores expanded to 16,000, with a target of 20,000 by the end of 2025, supporting growth in IoT and consumer products [3] Group 5: Future Outlook - The company is expected to benefit from high-end product strategies and global expansion in its smartphone and AIoT businesses [3] - Profit forecasts for 2025, 2026, and 2027 have been raised to 39.6 billion, 53.4 billion, and 65.9 billion yuan respectively [3]

导语 ： 小米 Q1 财报，给中国科技资产重估的干柴，再添一把烈火。 回望过去十年全球资本市场，以美国为代表的科技"七巨头"（ Magnificent 7 ），推动了美股长期走牛。而如今，以小米为代表的"中国科技巨头"， 正在开启对中国科技资产的重估叙事。 "重估中国科技资产"的论调，兴起于 2025 年初。彼时， DeepSeek 横空出世，全球对冲基金以数月来最快的速度涌入中国股市，小米（ 01810.HK ）等中国科技公司股票大涨，不到 5 个月的时间，小米股价涨幅便已超过 52% 。 高回报率吸引全球顶级投资机构纷纷加仓小米，今年 4 月，贝莱德对小米的持股比例，便从 4.90% 提升至 5.06% 。 5 月 27 日，小米发布 Q1 财报，给中国科技资产重估的干柴，再添一把烈火。 财报显示，小米 2025 年 Q1 营收同比增长 47.4% 至 1113 亿元，继 2024 年 Q4 后再破千亿；经调整净利润首次突破百亿，达到 107 亿元，同比增 幅高达 64.5% 。 47.4% 营收增长是什么概念？ 2021 年 Q4 ，时隔 6 年重回中国市场第一的苹果，曾"创下单季销量最好成绩"，即使如 ...

Core Insights - Xiaomi Group reported a remarkable quarterly performance for Q1 2025, with revenue soaring 47.4% year-on-year to 111.3 billion RMB, marking a historical peak. Adjusted net profit also surpassed 10 billion RMB for the first time, reaching 10.7 billion RMB, a 64.5% increase year-on-year [1][4]. Financial Performance - The operating profit for Q1 reached 13.125 billion RMB, reflecting a staggering 256.4% year-on-year growth. Gross profit was 25.406 billion RMB, up 51.0% year-on-year, with an overall gross margin of 22.8%, an increase of 0.5 percentage points [4][5]. - The breakdown of revenue sources shows that the smartphone and AIoT business generated 92.7 billion RMB, a 22.8% increase year-on-year, with smartphone revenue at 50.6 billion RMB (up 8.9%) and IoT and lifestyle products at 32.3 billion RMB (up 58.7%) [5][6]. Business Segments - Xiaomi's global smartphone shipments reached 41.8 million units in Q1, a 3.0% year-on-year increase, maintaining a market share of 14.1% and ranking among the top three globally for 19 consecutive quarters [6][7]. - The smart home appliance segment showed exceptional growth, with revenue increasing by 113.8% year-on-year. Notable product performance included air conditioners, refrigerators, and washing machines, all achieving significant shipment increases [7]. - Internet services revenue reached 9.1 billion RMB, a 12.8% year-on-year growth, driven by increased advertising revenue, with a gross margin of 76.9% [7]. R&D and Innovation - Xiaomi's R&D expenditure for Q1 was 6.7 billion RMB, a 30.1% increase year-on-year, with R&D personnel constituting 47.7% of the total workforce. The company holds over 43,000 patents globally [7][8]. - The company plans to exceed 30 billion RMB in R&D spending for 2025, with a five-year investment target of 200 billion RMB, focusing significantly on AI [8][10]. - Xiaomi recently launched its first self-developed flagship processor, the Xuanjie 01, utilizing advanced 3nm technology, and is prioritizing the development of flagship chips and modem technology [11][12].

最近身陷舆论漩涡的小米（01810.HK）交出了一份不错的2025年第1季成绩单。不过，需要注意的是， 这份业绩涵盖的是其截至2025年3月末止的第1季财务表现，3月末SU7事件和5月中的SU7 Ultra退订争议 所带来的负面影响尚不包括在内。 第1季多项财务数据创历史新高 得益于其各大核心业务线的增长表现，小米的2025年第1季度业绩刷新多个历史新高： 1）2025年第1季总收入按年增长47.40%，至1,112.93亿元（单位人民币，下同）。其中IoT与生活消费品 业务收入和毛利率均创新高，季度收入按年增长58.73%，至323.39亿元，毛利率达25.22%，按年提高 5.35个百分点；此外，还有汽车业务的加持，第1季智能电动汽车及AI等创新业务贡献收入185.80亿 元，而上年同期的贡献只有2,603万元。 2）2025年第1季整体毛利率同比提升0.54个百分点，至22.83%，其中手机与AIoT分部毛利率为 22.76%，按年提升0.47个百分点，IoT与生活消费品以及互联网服务分部毛利率分别按年提升5.35个百 分点和2.68个百分点，抵消了智能手机业务毛利率按年下降2.39个百分点的负面影响； ...

Xiaomi (01810) Q1 2025 Earnings Call May 27, 2025 07:30 AM ET Moderator Ladies and gentlemen, welcome to Xiaomi's twenty twenty five First Quarter Results Announcement Investor Conference Call and Audio Webcast. Today's conference is being recorded. If you have any objection, you may disconnect at this time. Now I would like to hand the conference over to your host today, Mr. Xu Ran, General Manager of Group Investor Relations. Please go ahead, sir. Good evening, ladies and gentlemen. Welcome to the investo ...

Xiaomi (01810) Q1 2025 Earnings Call May 27, 2025 07:30 AM ET Moderator Ladies and gentlemen, welcome to Xiaomi's twenty twenty five First Quarter Results Announcement Investor Conference Call and Audio Webcast. Today's conference is being recorded. If you have any objection, you may disconnect at this time. Now I would like to hand the conference over to your host today, Mr. Xu Ran, General Manager of Group Investor Relations. Please go ahead, sir. Good evening, ladies and gentlemen. Welcome to the investo ...

金山云（KC.US） 2025-05-15 星期四 | 目标价： | 17.60 | 美元 | | --- | --- | --- | | 现 价： | 13.77 | 美元 | | 预计升幅： | 27.8% | | 重要数据 | 日期 | | | 2025-05-14 | | --- | --- | --- | --- | | 收盘价(美元) | | | 13.77 | | 总股本(亿份 | | ADS) | 2.74 | | 总市值(亿美元) | | | 37.86 | | 净资产(亿美元) | | | 11.47 | | 总资产(亿美元) | | | 22.33 | | 52 周高低(美元) | | | 2.02/22.26 | | 每 | ADS | 净资产(美元) | 2.83 | 数据来源: Wind 、国元证券经纪(香港)整理 主要股东 | 金山软件 | 37.40% | | --- | --- | | 纽约梅隆银行 | 15.97% | | 小米集团 | 10.89% | | 摩根大通 | 5.36% | | 摩根大通证券 | 5.05% | 相关报告 金山云（KC.US）-首发报告-202 ...