智通财经APP获悉，财通证券发布研报称，理想汽车-W(02015)盈利能力稳健，智能化与组织升级驱动 长期成长空间。该行预计公司2025–2027年实现Non-GAAP归母净利润47/80/124亿元，对应PE分别为 32x/19x/12x。首次覆盖，给予"增持"评级。 财通证券主要观点如下： ADMax快速渗透，AI战略拓展长期空间 公司自2021年开启自研算法，2024年完成三代迭代，ADMax交付占比在2024全年30万元以上车型渗透 率达75.4%，40万元以上达84.6%。2025年5月，L系列智能焕新版全系芯片升级至NVIDIA Thor-U，并 于8月20日随I8车型同步交付VLA司机大模型，进一步强化智驾体验。长期来看，公司将战略延展至人 工智能赛道，未来将探索AI终端应用并切入人形机器人，AI战略扩展潜力显著，重估空间可期。 i6承担走量任务，双线并进打开成长空间 公司自2025年起加快纯电布局，继Mega后，I8已于8月正式上市，售价33.98万元;自2025年9月上市以 来，i6在半个月内订单突破5万台、首批产能即告售罄，成为理想汽车纯电产品线的首个现象级车型。 其核心竞争力在于高性价比 ...

本次监测周期内，比亚迪、丰田和小米汽车分别以 1.98、1.82 和 1.70 的综合热度位列榜单前三名。 | 世研指數 | | | 世研消费指南计系列榜单 | | | | --- | --- | --- | --- | --- | --- | | | 品牌消费热门指数榜 | | | | Vol.82 - 汽车消费行业 | | 胡诗 第 | | 品牌 | 3 | 综合热度 指数 | 价 排名变化 | | 01 | CHE | 比亚迪 | | 1.98 | | | 02 | (49 | 幸田 | | 1.82 | | | 03 | ml | 小米汽车 | | 1.70 | NEW | | 04 | 7 | 特斯拉 | | 1.69 | NEW | | 05 | 3 | 奔驰 | | 1.65 | NEW | | 06 | | 章司 | | 1.62 | | | 07 | 8 | 大众 | | 1.56 | V4 | | 08 | S | 长安 | | 1.55 | ▲ 1 | | 09 | NISSAN | 日产 | | 1.42 | ▲5 | | 10 | CHENY | 育瑞 | | 1.31 | | | ...

Core Viewpoint - Jianyin International has slightly lowered the target price for Xiaomi Group-W (01810) by 2.9% from HKD 69 to HKD 67 while maintaining an "Outperform" rating due to adjustments in profit margins for IoT and smartphones [1] Financial Performance - The forecast for Xiaomi's Q3 2025 revenue is expected to be slightly below market expectations, with a year-on-year increase of 22% to RMB 112.7 billion, but a quarter-on-quarter decrease of 3% [1] - Adjusted net profit for Q3 is projected to be RMB 9.7 billion, a year-on-year increase of 55% but a quarter-on-quarter decrease of 10% [1] - The smartphone gross margin is anticipated to be under pressure, expected to be around 11% due to rising component prices, particularly for LPDDR4X smartphones [1] IoT and Electric Vehicle (EV) Growth - Growth in the IoT segment is expected to slow significantly, primarily due to a high base from the previous year influenced by government subsidies, with a reduction in subsidies this quarter [1] - Despite the impact of price wars being limited, the IoT segment is projected to grow by 25% and 22% in the fiscal years 2025 and 2026, respectively [1] - For the EV sector, Q3 deliveries are expected to reach 108,800 units, a quarter-on-quarter increase of 34%, with revenue from EVs projected at RMB 28.7 billion [1]

Core Insights - The electric vehicle (EV) market in China is becoming increasingly competitive, with Xiaomi emerging as a significant challenger to Tesla, leveraging its established ecosystem and aggressive pricing strategy [6][7][18]. Group 1: Xiaomi's Position and Strategy - Xiaomi has a strong foothold in the human-vehicle-home ecosystem, with 731 million monthly active users, which may lead to increased trust in its vehicles [2]. - The YU7 model launched by Xiaomi has achieved nearly 240,000 firm orders within 18 hours, priced at 253,500 yuan ($35,364), which is lower than Tesla's Model Y [4][5]. - Xiaomi's SU7 sedan outperformed Tesla's Model 3 in sales in December 2024, indicating strong demand for its vehicles [5]. Group 2: Tesla's Market Challenges - Tesla's global market share has decreased to 7.5% in the first half of 2025, down 4.2 percentage points year over year, while BYD leads with a 19.9% share [7]. - Tesla's share in the Chinese EV market has dropped from 16% in 2020 to 4.4% in August 2025, highlighting the intense competition from local players [14]. - Despite delivering 497,099 vehicles in Q3 2025, Tesla's production decreased by 5%, raising concerns about future sales normalization [11][12]. Group 3: Financial Performance - Xiaomi reported a 30.5% year-over-year revenue increase to 116 billion yuan ($16.11 billion) in Q2 2025, with net profit surging by 75% to 10.8 billion yuan ($1.5 billion) [9]. - The company is investing heavily in R&D, with spending up 41% year over year to 7.8 billion yuan, indicating strong financial flexibility [10]. - Tesla's revenue increased by 12% year over year to $28.09 billion in Q3 2025, but its operating margin fell by 501 basis points to 5.8% due to price cuts [13]. Group 4: Future Outlook - Xiaomi's focus on pricing, perceived performance, and ecosystem benefits may allow it to continue gaining market share in China, while Tesla faces cost pressures and competition [18][19]. - Tesla is expanding its energy storage and AI-powered autonomy initiatives, but these may not translate into immediate high-growth and high-margin businesses [19].

Core Viewpoint - Xiaomi has announced a comprehensive tax subsidy policy for its electric vehicles, which aims to alleviate the financial burden on customers due to potential delivery delays, showcasing the company's commitment to customer trust and brand loyalty [2][8][23]. Group 1: Policy Details - The subsidy covers all models currently available, including the SU7 series and YU7 series, with a maximum subsidy of 15,000 yuan per vehicle if delivery is delayed until 2026 due to Xiaomi's reasons [2][12]. - The policy is triggered for orders locked in by November 30, 2025, and aims to provide certainty to customers amid rising vehicle costs due to tax changes [8][12]. - Xiaomi is expected to incur over 2 billion yuan in costs due to this subsidy policy, reflecting a significant financial commitment [7][8]. Group 2: Market Impact - The announcement generated substantial engagement on social media, with over 40,000 interactions, indicating strong public interest and approval of the subsidy [4][8]. - The delivery timeline for the SU7 and YU7 series remains at 30-40 weeks, with an anticipated total delivery of around 120,000 vehicles this year, alongside an order backlog of 200,000 units [4][8]. - Industry experts have positively evaluated the policy, noting that it not only reassures customers but also demonstrates Xiaomi's sincerity and commitment to user relationships [12][23]. Group 3: Brand Strategy - This subsidy initiative aligns with Xiaomi's long-standing brand culture of prioritizing user value and building trust, which has been a core aspect of its business strategy [19][23]. - The approach reflects a shift in industry competition from product technology to deeper brand culture and customer relationship dynamics [24]. - Xiaomi's historical precedent of substantial customer incentives, such as the full refund for early smartphone buyers, reinforces its commitment to customer satisfaction and loyalty [17][19].

10月24日，小米汽车宣布推出全系购置税补贴方案：2025年11月30日24点前完成锁单的用户，若因小米 生产或运输等原因需延期至2026年交付的，可享受跨年购置税差额补贴。补贴将通过购车尾款直接减免 方式，最高达1.5万元，覆盖SU7、YU7、SU7Ultra全系车型。 小米汽车方面表示，截至目前，小米汽车全系车型的订单量超出预期。考虑到部分车主担心车辆因跨年 交付，可能导致其享受的购置税优惠减少，特为用户准备跨年购置税补贴方案。 ...

Core Insights - September marked a record high in retail sales for the domestic passenger car market, driven by traditional sales peaks and the expiration of new energy consumption policies, with retail sales reaching 2.244 million units, a year-on-year increase of 6.4% and a month-on-month increase of 11.2% [1][2] Sales Performance - In September, the breakdown of sales by vehicle type showed that sedans, SUVs, and new energy vehicles all exceeded one million units, with new energy vehicle sales reaching 1.299 million units, up 15.7% year-on-year and 16.5% month-on-month [2][12] - The total retail sales for the first nine months reached 17.008 million units, reflecting a year-on-year growth of 19.2% [2] Brand Competition - The competitive landscape in the retail market showed a clear trend of "independent brands expanding comprehensively while joint ventures face collective pressure," with independent brands capturing 66.9% of the retail market share, a year-on-year increase of 3.6 percentage points [3][7] - BYD led the sales rankings with 347,353 units sold in September, maintaining a market share of 15.5%, despite a year-on-year decline [4][12] Manufacturer Rankings - In the September sales rankings, Geely ranked second with 232,460 units sold, achieving a remarkable year-on-year growth of 42.8% [4][5] - Changan and Great Wall Motors also showed strong performance, with sales of 138,396 units and 75,813 units respectively, reflecting year-on-year increases of 32.1% and 37.3% [5][7] New Energy Vehicle Market - The new energy vehicle market saw retail sales of 1.296 million units in September, marking a year-on-year increase of 15.5% and a penetration rate of 57.8%, up 5 percentage points from the previous year [11][12] - BYD maintained its leading position in the new energy market with sales of 347,353 units, while Geely and Changan also reported significant growth in their new energy vehicle sales [12][13] Emerging Players - New entrants like Leap Motor, Hongmeng Zhixing, and Xiaomi Auto have made their mark, with Leap Motor achieving a remarkable year-on-year growth of over 84% [15] - Xiaomi Auto's sales reached 41,948 units, reflecting a year-on-year increase of 209.4%, driven by the successful positioning of its main model [15]

王如晨/文 演讲从自研玄戒芯片与汽车业务切入，尤其聚焦 SU7 Ultra 与 YU7 两大关键成果，还原了小米一段复杂的创新突破之旅。 这让无数人瞬间产生强烈感受，那就是，凡是小米涉入的领域，无论从MIUI到手机、手机到IOT/家电，还是澎湃OS到汽车、芯片等领域，仿佛 "干啥啥 成"的样子。 直接上问题：小米创新为何成功率如此之高？ 答案恐怕并非运气。在我们的观察中，这家公司有一套植根于长期实践、可验证的创新方法论。它背后有着用户为先、技术为本、性价比、效率革命以及 领导力共同生成乘法效应，最终驱动小米在各种生态与跨界探索中不断破局，并逐渐成为整个行业的创新标杆。 芯片、汽车突破背后："灵魂反思"与"复盘三问" 摘要 ◎"灵魂反思"与"复盘三问" ◎"用户×技术×效率×领导力"：小米方法论方程 ◎ 溢出效应 9月25日晚，雷军以《改变》为主题的第六次年度演讲，为小米15周年发展历程留下了一个意味深远的注脚。 小米芯片与汽车领域的突破，起点并非凭空的跨界野心，而是雷军开场提及的５年前那场"触及灵魂深处的大反思"。 那是2020年，小米已诞生10年，IPO已两年。彼时营收已破2000亿、跻身世界500强，外人 ...

Group 1 - The automotive industry in China is expanding beyond traditional ground vehicles, with companies like Geely and Changan focusing on low-altitude and low-orbit technologies [1][4] - Geely has deployed 64 satellites in low orbit and is exploring satellite communication technology for its brands and Robotaxi services [4][6] - Changan plans to mass-produce humanoid robots by 2028 and aims to launch flying cars by 2030, with a projected market size for embodied intelligence exceeding $23 billion by 2030 [8][10] Group 2 - The penetration rate of L2 advanced driver-assistance systems (ADAS) in passenger vehicles reached 63% from January to July [8] - The chairman of Seres, Zhang Xinghai, reported that the AITO M9 has delivered over 230,000 units and has accumulated over 3.8 billion kilometers of assisted driving mileage [12][14] - BAIC's chairman, Zhang Jianyong, announced the launch of an ADAS based on Qualcomm's 8775 chip, targeting the 100,000 to 150,000 yuan market [15] Group 3 - Lei Jun emphasized the importance of safety in the industry and called for a collective effort to resist online manipulation and "black PR" [23][27] - The smart driving team at Lei Jun's company has grown to 1,800 members, with an initial investment of 5.79 billion yuan [25]

2025年10月13日上午9时11分，雷军在微博转发了YU7车主摄影大赛的作品，配文"帕米尔高原非常美。 我用YU7也拍几张风景"。 此时，距成都天府大道凌晨3时18分发生的SU7 Ultra碰撞起火事故，仅过去不足6小时。现场有多人参 与救援，4人合力"拳打脚踢"SU7门窗，但车门仍无法打开，车辆严重焚毁，驾驶人员未能脱逃。 从今年3月29日安徽铜陵3人遇难的"爆燃事故"，到10月13日凌晨成都"焚毁悲剧"。198天的时间里，某 汽车品牌接连陷入安全、智能驾驶宣传、产品质量问题等争议。 而电池安全、辅助驾驶安全、门把手安全三大国家强标今年来密集出台，恰似一面镜子，精准映照出企 业和快速发展的新能源汽车产业在安全设计等方面的疏漏。 一边是雷军微博里的"帕米尔高原"与汽车产品宣发，一边是车祸事故舆论与公众的质疑。某汽车品牌的 市场口碑正从上市初期的"爆款光环"陷入滑坡，更折射出新能源汽车行业智能化浪潮下的安全焦虑。 雷军的高音与沉默 去年3月底车祸事件后，雷军微博持续日常打卡，更新樱花摄影和产品宣发信息，在沉默72小时后首次 就车祸事故致歉。 成都车祸事故后，雷军当天的微博动态，仍沿着既定的"宣传轨道"推进。 ...