卓创资讯监测全国瘦肉型生猪交易均价为9.71元/公斤，创历史新低。 整理 ｜迟雨 DeepSeek瘫痪超过8小时 3月29日晚上22点开始，一直到至30日早上7点，DeepSeek服务出现大规模访问异常，大量用户遭遇页面卡顿、反复提示"服务 器繁忙"甚至功能完全中断的情况，相关话题半小时内冲上热搜，引发全网热议。用户反馈网页端和App频繁弹出"服务器繁 忙"提示，页面持续转圈或完全无法登录，部分高阶功能（如"深度思考"模式）被严格限流，实测4小时内仅能使用1次。（鞭牛 士） 雀巢12吨巧克力被盗 点击上方【36氪随声听】，一键收听大公司热门新闻。听完音频记得添加进入 【我的小程序】 中哟！ 全国猪价跌破5元创历史新低，全国瘦肉型生猪交易均价为9.71元/公斤 3月23日，卓创资讯监测全国瘦肉型生猪交易均价为9.71元/公斤（即跌破5元/斤），创历史新低。与此同时，生猪期货主力合 约在3月27日盘中跌至9815元/吨，这也是该期货品种自2021年1月上市以来的历史新低。 另据农业农村部披露的全国农产品批发市场一周价格行情监测报告，自2026年1月29日当周以来，猪肉批发均价已连降七周。 农业农村部全国重点农产品 ...

Group 1 - The core viewpoint of the article is that Yanlu New Energy has acknowledged its infringement on Xiaomi's design patents and has ceased using the related components, expressing regret for any confusion caused to Xiaomi [2][3] - Yanlu New Energy has withdrawn its request for patent invalidation on March 25, 2026, and will publicly announce this information through the National Intellectual Property Administration [2] - The company has gained a deeper understanding of intellectual property laws and appreciates Xiaomi's support throughout the process [3] Group 2 - Yanlu New Energy, a small company with only 20 employees, initiated a patent invalidation request against Xiaomi's three design patents, which are critical features of Xiaomi's main products, SU7 and YU7 [7][8] - The three patents in question include the rear bumper, front bumper, and front headlight, with specific application numbers provided [9] - Yanlu New Energy is primarily engaged in the research, manufacturing, sales, and after-sales service of new energy vehicles, with its main product being the "Yunlei" electric tricycle [10]

Core Viewpoint - Xiaomi Automotive faces its first patent dispute after its market entry, initiated by a small company named Shandong Yanlu New Energy Vehicle Co., Ltd, which has only 20 employees and primarily produces electric tricycles [1][10]. Group 1: Patent Dispute Details - Shandong Yanlu New Energy has filed a request for invalidation of three design patents held by Xiaomi Automotive, specifically concerning the rear bumper, front bumper, and front headlights, which are key features of Xiaomi's SU7 and YU7 models [1]. - The three patents in question are: - Rear Bumper (Application No. / Patent No. 2023300280286) - Front Bumper (Application No. / Patent No. 2023300278040) - Front Headlight (Application No. / Patent No. 2023300276401) [1]. Group 2: Resolution of Dispute - As of March 25, 2023, both parties have reached a settlement regarding the patent dispute, although the specific terms of the agreement have not been disclosed [2]. - A representative from Yanlu New Energy confirmed the settlement and indicated that Xiaomi Automotive would make an announcement regarding the matter soon [2].

Core Viewpoint - Goldman Sachs believes that despite facing rising memory costs and pressure from R&D investments in electric vehicles, Xiaomi demonstrates strong resilience through its "backbone profit" from internet services and AIoT, projected to reach RMB 33.6 billion by 2026 [2][5]. Financial Performance - Xiaomi's Q4 revenue grew by 7% year-on-year, slightly above Goldman Sachs' estimate of 1%, while adjusted net profit fell by 24%, aligning with market expectations [3]. - Following the earnings report, Goldman Sachs slightly adjusted its revenue and adjusted net profit forecasts for 2026-2028 down by 1% to 2%, maintaining a target price of HKD 41 [3][11]. AI Strategy - Xiaomi plans to invest a total of RMB 60 billion in AI over the next three years, with approximately RMB 16 billion allocated for 2026 [5][9]. - The company has seen a significant increase in market share for its large language models, rising from 7.7% to 19% in a week, surpassing competitors like Google and OpenAI [5][9]. Backbone Profit - Goldman Sachs introduced the "backbone profit" framework to assess Xiaomi's profit resilience, estimating it at RMB 33.6 billion for 2026, which is 110% of the projected adjusted net profit of RMB 30.2 billion [11]. - The backbone profit includes net profits from internet services, AIoT, and other revenues, providing a solid foundation for the company's valuation [11]. Mobile Business - Xiaomi's mobile business faces ongoing pressure from rising memory prices, with a notable decline in gross margin by 3.8 percentage points year-on-year to 8.3% [7][13]. - The company is proactively managing costs by locking in supply and increasing inventory levels, with raw material inventory up by 67% year-on-year [13]. Electric Vehicle Business - The electric vehicle segment shows strong momentum, with the SU7 model receiving 30,000 orders within three days of its launch [15]. - Goldman Sachs projects 600,000 electric vehicle deliveries for 2026, slightly above the company's guidance of 550,000 [15]. AIoT Business - The AIoT segment is expected to see a slight revenue decline of 2% in 2026, with domestic revenue down by 14%, but overseas revenue is projected to grow by 27% [17]. - Management remains optimistic about long-term growth in AIoT, with plans to expand its retail network significantly by the end of 2026 [17].

Core Viewpoint - Xiaomi has officially signed sponsorship agreements with three major domestic motorsport events, aiming to enhance its brand presence in the automotive sector and promote safety through its vehicles [1] Group 1: Sponsorship Agreements - Xiaomi has entered into naming sponsorships with the China Touring Car Championship (CTCC), China GT, and China Endurance Championship (CEC) [1] - The Xiaomi SU7 Ultra and YU7 will serve as the official safety and medical vehicles for these events [1] Group 2: Product Development and Culture - The company emphasizes that high-quality and safe vehicles are tested on racetracks, which helps instill a deep understanding of performance and safety within the team [1] - Xiaomi has initiated a program encouraging employees to obtain racing licenses, fostering a strong automotive culture within the organization [1] Group 3: Vehicle Performance - The first generation of the SU7 has received positive reviews, and the new generation SU7 features significant improvements in chassis and driving control [1] - The SU7 Ultra has achieved commendable results on various racetracks, including the Nürburgring [1]

Summary of Xiaomi Corp. (1810.HK) Conference Call Company Overview - **Company**: Xiaomi Corp. (1810.HK) - **Industry**: Electric Vehicles (EV) and Consumer Electronics Key Highlights from the SU7 New Facelift Launch - **Launch Date**: March 19, 2026 - **Pricing**: - SU7: US$32.0k (Rmb219.9k) - SU7 Pro: US$36.4k (Rmb249.9k) - SU7 Max: US$44.2k (Rmb303.9k) - Prices are only Rmb4k higher than first-gen models despite comprehensive upgrades [1][11] - **Order Performance**: - 15,000 confirmed orders within the first 34 minutes, outperforming the first-gen SU7 which had 89,000 pre-orders in the first 24 hours [2] - Initial order momentum expected to be steadier compared to previous models due to improved consumer expectations and delivery policies [3] Consumer Experience and Order Volume - **Consumer Focus**: Enhanced purchase experience leading to more stable order volumes compared to initial spikes seen in previous models [3] - **Delivery Expectations**: Improved manufacturing capacity and delivery policies, including "ready-to-ship" vehicles within 1-5 weeks [3] Future Product Launches - **Upcoming Models**: - YU7 GT model expected to launch around mid-2026 - A full-size extended-range electric vehicle SUV anticipated in late Q3 2026 [4] Investment in AI - **Investment Commitment**: Rmb60 billion planned for AI over the next three years, with Rmb16 billion earmarked for 2026 [5] - **Strategic Positioning**: Xiaomi aims to leverage its "Human x Car x Home" ecosystem to capture growth in the global AI model industry [5] Financial Projections - **EV Volume Expectations**: Projected to reach 610,000 units in 2026, with 190,000 units for SU7, 380,000 for YU7, and 40,000 for the large-sized SUV model [21] - **Gross Profit Margin (GPM)**: Expected to decline to 17.9% in Q1 2026 and 20.7% in Q2 2026 due to increased consumer benefits and rising costs [23] Competitive Positioning - **Market Comparison**: The SU7 facelift model is positioned competitively against peers like Tesla and Xpeng in terms of size, driving dynamics, and range [19] - **Performance Enhancements**: Significant upgrades in powertrain performance, chassis control, and safety features compared to first-gen models [11][18] Risks and Challenges - **Market Risks**: - Intense competition in the smartphone and EV sectors - Potential pressure on gross margins due to rising costs and market dynamics [25] - **Execution Risks**: Concerns regarding the execution of brand premiumization and the EV business strategy [25] Investment Thesis - **Long-term Outlook**: Xiaomi is viewed as a leader in the physical AI space with strong ecosystem integration capabilities, positioning it well for future growth in the EV market [26] Price Target - **12-Month Target Price**: HK$41.00, representing a potential upside of 12.9% from the current price of HK$36.32 [28]

3 月 17 日，小米创始人雷军在其官方微博账号发布《答网友问（第二集）》。 在回应为何很早停售前一代 SU7 时，雷军表示， " （停 售）确实对我们前三个月的销售产生了影响，但我们不想背刺老用户。 " 对于过去两年小米汽车的发展，雷军用 " 跌宕起伏、冰火两重天 " 来形容， " 所取得的成绩远超想象，但我们也收到很多批评和质疑，有 些批评也是非常中肯的，但也有很多误解。 " 雷军坦言作为后来者，小米汽车还有很长的路要走， " 造车是一场马拉松 " 。 谈及新一代 SU7 ，雷军说，想要超越第一代 SU7 " 确实不容易 " 。新一代的设计作为小米的第一次改版，花了两年多时间，继承和吸纳 了第一代的 SU7 优点，在安全、驾控、智能体验、豪华质感等方面都有提升。 此前一天，小米汽车官方微博发文称，新一代 SU7 将于 3 月 19 日 19:00 正式上市。 3 月 13 日早间，雷军 在社交平台发文称，目前已全力投入到备产工作中，发布后将开启大规模交付。 据小米汽车官方介绍，新一代 SU7 在被动安全升级方面，采用了 2200MPa 小米超强钢"内嵌式防滚架"；全系标配 9 个气囊，新增 2 个 后排侧 ...

Xiaomi Corp. (1810.HK) Conference Call Summary Company Overview - **Company**: Xiaomi Corp. (1810.HK) - **Market Cap**: HK$866.1 billion / $110.7 billion - **Enterprise Value**: HK$677.0 billion / $86.4 billion - **Current Price**: HK$33.42 - **Target Price**: HK$41.00 - **Upside Potential**: 22.7% [1] Key Industry Insights - **Headwinds**: Rising upstream costs in consumer electronics and automotive sectors, alongside softening demand due to the taper-off of national subsidies and NEV incentives, are major challenges impacting Xiaomi's profitability and valuation [1] - **Revenue Adjustments**: Revenue estimates for 2025-2027 have been reduced by 2% to 9%, with adjusted net profit estimates cut by 8% to 24% for the same period [1] Financial Performance - **2026E Revenue**: Estimated at Rmb496.2 billion, down from previous estimates [6] - **Adjusted Net Profit**: Expected to be Rmb27.9 billion in 2026E, reflecting a significant decline from Rmb39.5 billion in 2025E [6] - **EBITDA**: Projected at Rmb40.3 billion for 2026E [6] - **EPS**: Expected to be Rmb1.13 in 2026E, down from Rmb1.47 in 2025E [6] Strategic Insights - **Backbone Profit**: Internet services, AIoT, and other income are expected to provide a buffer against industry challenges, with an estimated "backbone profit" of Rmb33.5 billion in 2026E [19] - **R&D Investments**: Increased R&D spending (Rmb40 billion in 2026E) is anticipated to drag near-term profits but is aimed at establishing Xiaomi as a leader in physical AI [20] - **Smartphone Segment**: Expected to face a decline in shipments, with a projected drop of 10% to 15% year-over-year in 4Q25E and 1Q26E [25][28] Market Position and Competitive Landscape - **Market Share**: Xiaomi is experiencing a decline in market share, while competitors like Apple and OPPO are gaining [30] - **Pricing Strategy**: Xiaomi's pricing for new models varies by region, with some markets seeing price increases while others remain stable [41] Future Catalysts - **Upcoming Events**: Key events include the release of 4Q25 results, new EV models, and updates on AI initiatives [22] - **Product Launches**: The launch of new smartphone models and EVs is expected to drive revenue growth in the coming years [22] Conclusion - Despite facing significant challenges, Xiaomi's strategic investments in AI and R&D, along with a strong balance sheet, provide a favorable risk-reward scenario for investors. The company maintains a "Buy" rating with a target price of HK$41, reflecting a potential upside of 22.7% [1][2]

Core Viewpoint - The article discusses the impact of the Spring Festival holiday on February's new energy vehicle (NEV) sales, highlighting the performance of various manufacturers and the upcoming product launches in the industry [4][5][7]. Group 1: February NEV Sales Performance - Li Auto's delivery volume increased by 0.6% year-on-year but decreased by 4.5% month-on-month to 26,421 units [4] - NIO's delivery volume rose by 57.6% year-on-year but fell by 23.5% month-on-month to 20,797 units, with the NIO brand up by 65.8% year-on-year and down by 27.5% month-on-month to 15,159 units, while the Lada brand decreased by 26.4% year-on-year and 14.3% month-on-month to 2,981 units [4] - Xpeng's delivery volume dropped by 49.9% year-on-year and 23.8% month-on-month to 15,256 units [4] Group 2: New Flagship Models Launch - On February 6, Li Auto officially launched the L9 Livis, a flagship SUV featuring an 800V fully active suspension and a self-developed high-performance driving platform [5] - On February 8, Xpeng announced the core parameters of the GX, an AI luxury six-seat flagship SUV, equipped with an 800V high-voltage platform and L4-level autonomous driving capabilities [5] - The flagship models from Li Auto and Xpeng aim to enhance product strength through chassis architecture and intelligent driving features to capture high-end NEV market share [5] Group 3: Financing and Delivery Updates - Tesla's domestic Model 3 delivery cycle has been shortened to 1-3 weeks, with various financing policies extended, including an 8,000 yuan limited-time insurance subsidy [6] - Li Auto maintains delivery cycles for L6/L9 at 1-3 weeks, while the delivery cycle for L8 has been extended to 2-4 weeks [6] - NIO's delivery cycles for several models remain stable, with the new ES8's cycle shortened to 4-5 weeks [6] - Xpeng's delivery cycles for several models have been adjusted, with the G9's cycle extended to 1-5 weeks [6] - Xiaomi's delivery volume exceeded 20,000 units in February, with financing offers continuing [6] - Huawei's Hongmeng Zhixing saw a year-on-year delivery increase of 31.1% but a month-on-month decrease of 51.3% to 28,000 units [6] Group 4: Upcoming Product Launches and Financial Performance - The industry anticipates a surge of new vehicle launches from multiple manufacturers in March and April, with a focus on financial performance amid rising costs [7][8] - Tesla is expected to launch the third-generation Optimus humanoid robot in Q1 2026, presenting potential investment opportunities in components related to domestic and international robot mass production [8]

这一概念，在2026年的国内车市被发挥到了极致。 过去几年，车市开年总是伴随着刺刀见红的"价格战"。从自主品牌内卷，到合资品牌跟进，再到豪华品牌官降，虽然硝烟换来了短暂增长，却也 让车企深陷利润缩水、品牌贬值的泥潭。 2026年开局，剧情悄然反转。往年你来我往的直接降价并未大规模发酵，取而代之的是近30家品牌集体入局"七年超低息金融战"。 当"日付一杯咖啡钱"就能把新车开回家的口号铺天盖地袭来，车企的竞争焦点也早已从冷冰冰的"整车总价"，转移到了更具诱惑力的"日均支付"。 金融杠杆被疯狂加码的背后，是车市从增量博弈转入存量竞争的残酷现实，也是车企维持销量规模与财务数据的那根"救命稻草"。 加入轩辕同学 ， 成就新汽车人! 设计 | 甄 尤 美 撰文 | 常 笑 编辑 | 张 南 在行为经济学中，有一个著名的概念叫"支付痛感"。相较于一次性支付一大笔款项，消费者对于分散的、小额的定期支付往往表现出惊人的迟钝 甚至愉悦。 每月1号本是车企争先报喜的时刻，然而直到3月1日中午，仅有小米、零跑、理想及极石汽车四家发布了各自的2月销量数据。 更为耐人寻味的是，除了极石汽车高调亮出同比200%的增长海报外，其余几家头部新 ...