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 ...

5月27日，小米集团交出了一份亮眼的季度"成绩单"！ 报告显示，2025年一季度，小米营收同比猛增47.4%至1113亿元，刷新历史峰值；经调整净利润更首次突破 百亿大关，达到107亿元，同比增长64.5%，同样创下历史新高。 当日港股收盘时，小米集团股价小幅上涨0.49%至51.55港元，总市值为1.34万亿港元。 亮眼的一季报 手机×AIoT业务：一季度收入927亿元，同比增长22.8%。其中手机业务收入506亿元，同比增长8.9%；IoT 与生活消费产品业务收入323亿元，同比增幅达58.7%。 | | 未經審核 | | | | | --- | --- | --- | --- | --- | | | 截至以下日期止三個月 | | | | | | 2025年3月31日 | | 2024年3月31日 | | | | 佔總收入 | | | 佔總收入 | | | 金額 | 自分比 | 金額 | 自分比 | | | (人民幣百萬元,除非另有説明) | | | | | 手機×AIoT | | | | | | 智能手機 | 50,612.0 | 45.5% | 46.479.7 | 61.6% | | IoT與生活消 ...

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 ...

Group 1 - Gan Wei announced her divorce from Jia Yueting, citing a "widow-style marriage" as the reason, and denied rumors of asset transfer and a 4 billion yuan settlement [2] - Japanese restaurant chain SASAYA apologized for a discriminatory notice against Chinese customers, emphasizing their commitment to equal service for all [2] - Xiaomi's founder Lei Jun limited comments on his Weibo posts to followers who have been following for over 100 days to combat spam [3] Group 2 - Microsoft announced a company-wide layoff of 6,000 employees, representing less than 3% of its total workforce, to streamline management [4] - Burberry reported a 94% drop in adjusted operating profit to 26 million pounds and plans to cut 1,700 jobs globally as part of a restructuring [4] - Ford is recalling over 273,000 vehicles in the U.S. due to brake failure issues that could increase the risk of accidents [10] Group 3 - Tencent reported a 23% year-on-year increase in international game revenue, reaching 16.6 billion yuan, driven by successful titles like PUBG MOBILE [15][16] - Sony projected a 7 million USD impact from U.S. tariffs, affecting its operating profit growth expectations [7] - Alibaba opened its video generation and editing model, Tongyi Wanshang Wan2.1-VACE, which supports various video creation capabilities [13]