整理 | 华卫 昨日，英伟达（Nvidia）宣布，其最新机器人芯片模块 Jetson AGX Thor 现已正式上市，将以 3499 美元的价格作为开发者套件出售。据悉，Jetson Thor 芯片的性能相比上一代产品有巨大提升。该公司将这款芯片称为"机器人大脑"，客户可借助其研发机器人。 首批套件将于下月发货，包含 Jetson T5000 模组、带有丰富接口的参考载板、带风扇的主动式散热器及电源适配器。用于安装在具备量产条件的机器 人中的 Thor T5000 模块，英伟达也将同步推出。若客户单次订购 Thor 芯片的数量达到 1000 片及以上，该模块将以每片 2999 美元（约和人民币 21452 元）的批发价销售。目前，Jetson AGX Thor 开发套件在 Arrow 平台显示的交货时间为 24 周。 英伟达机器人与边缘 AI 部门副总裁 Deepu Talla 在与记者的电话会议中表示："我们不生产机器人，也不制造汽车，但我们通过基础设施计算机及相关 软件，为整个行业提供技术支持。" 比上一代快 7.5 倍， 价格也翻倍了 "全球有数百万开发者正致力于研发与物理世界交互、且对物理世界影响日益 ...

Core Viewpoint - Citi expects Xiaomi Group's Q2 performance to remain strong, with total revenue projected to grow by 26% year-on-year to 112 billion yuan, and adjusted net profit expected to increase by 62% year-on-year to 10 billion yuan, although slightly below market consensus due to weak smartphone sales and profit margins, as well as slower-than-expected electric vehicle production capacity improvements [1] Group 1: Financial Performance - Total revenue is projected to grow by 26% year-on-year to 112 billion yuan [1] - Adjusted net profit is expected to increase by 62% year-on-year to 10 billion yuan [1] - Performance may be slightly below market consensus due to weak smartphone sales and profit margins [1] Group 2: Electric Vehicle Business - The YU7 model has shown excellent market performance, with orders exceeding 250,000 units [1] - Improvement in electric vehicle business gross margins is anticipated due to rising average selling prices and economies of scale [1] - The electric vehicle business is expected to achieve breakeven by Q3 2025 [1] Group 3: Future Growth Drivers - AIoT and electric vehicle businesses are expected to continue as core growth engines for Xiaomi [1] - Citi maintains a target price of 69 HKD and reaffirms a "highly confident outperform" rating [1]

Group 1: New Energy Vehicle Industry - The China Securities New Energy Vehicle Industry Index (930997) decreased by 0.22% as of June 30, 2025, with mixed performance among constituent stocks [1] - EVE Energy's subsidiary in Malaysia plans to invest up to 8.654 billion yuan in a new energy storage battery project, reflecting a trend of lithium battery companies establishing overseas factories to avoid trade barriers and be closer to end markets [1] - Xiaomi's YU7 model achieved over 240,000 orders within 18 hours of its launch, indicating strong market demand for electric vehicles [1] Group 2: Electric Vehicle Sales - In May, electric vehicle sales reached 1.307 million units, showing a month-on-month increase of 37% and a year-on-year increase of 7%, with an annual sales growth forecast of 30% [2] - In Europe, nine countries reported a total of 229,000 electric vehicle sales, with a month-on-month increase of 36% and a year-on-year increase of 7%, leading to an upward revision of the annual sales forecast to 25% [2] Group 3: Battery and Energy Storage Sector - The demand for energy storage remains stable, with popular models being prepared for early stockpiling, indicating an upward trend in production for July [2] - The sector is currently at a valuation bottom, with recommendations for leading lithium battery companies such as CATL, BYD, and EVE Energy [2] Group 4: Photovoltaic Industry - The China Securities Photovoltaic Industry Index (931151) increased by 1.08%, with significant gains from companies like Aiko Solar and Longi Green Energy [4] - The Photovoltaic ETF fund reached a new high in scale at 61.8152 million yuan [4] Group 5: Automotive Parts Sector - The China Securities Automotive Parts Theme Index (931230) rose by 0.51%, with notable increases from companies like Chengfei Integration and Zhejiang Rongtai [6] - The Automotive Parts ETF also saw an increase, with the latest price at 1.12 yuan [6] Group 6: New Materials Sector - The China Securities New Materials Theme Index (H30597) increased by 0.73%, with significant gains from companies like China Aerospace and Feilihua [8] - The New Materials ETF index fund reported a 12.18% increase in net value over the past year [8] Group 7: Index Composition - The New Materials Theme Index includes 50 companies involved in advanced steel, non-ferrous metals, chemicals, and other strategic materials, with the top ten stocks accounting for 52.54% of the index [11] - The Photovoltaic Industry Index comprises up to 50 representative companies in the photovoltaic industry, with the top ten stocks making up 56.2% of the index [12] - The Automotive Parts Theme Index includes 100 companies in automotive systems and components, with the top ten stocks representing 43.86% of the index [14]

Core Insights - The stock performance of major new energy vehicle manufacturers has shown significant divergence, with Li Auto being the only company to experience a decline in stock price year-to-date [1][2] Group 1: Stock Performance - Leap Motor leads the sector with a year-to-date stock increase of 68.36% [1] - Xpeng Motors follows closely with a cumulative stock rise of 64.97% [1] - Ideal Auto has seen a year-to-date stock increase of 23.05% [1] - Xiaomi Group's overall stock has risen by 53.91% due to its automotive business [1] - Seres has experienced a stock increase of 76.80% year-to-date and has initiated a secondary listing process [1] - NIO is the only company with a negative stock performance, showing a year-to-date decline of 16.74% [1] Group 2: Financial Performance - NIO reported a net profit loss of 6.891 billion yuan for Q1 of fiscal year 2025, with a year-on-year increase in losses of 31.06% [1] - NIO's liquidity ratio has decreased to 0.84, and its debt-to-asset ratio has reached 92.55% [1] - As of the end of Q1, NIO's cash and cash equivalents stood at 26 billion yuan, down from 41.9 billion yuan at the end of the previous year [1] Group 3: Market Trends - Analysts believe that the stock performance of new energy vehicle manufacturers is closely related to sales growth and technological advancements [2] - The upcoming launch of new vehicles by Xiaomi and Seres' IPO in Hong Kong are expected to create new market volatility in the sector [2]

Investment Rating - The investment rating for Xiaomi Group-W (1810.HK) is "Buy" and is maintained [7]. Core Insights - Xiaomi's moat is built on its core model, focusing on high-end strategies and new retail formats. The company aims to strengthen its foundation in "chips, AI, and OS" while continuing to delve into core technology sectors. The integration of software and hardware will empower the entire ecosystem of people, vehicles, and homes [2][4]. Summary by Sections Event Description - On June 3, Xiaomi held its 2025 Investor Day, where the founder Lei Jun and President Lu Weibing discussed the company's high-end strategy and new retail formats. Xiaomi's moat is attributed to its core model, with a focus on "chips, AI, and OS" as the three foundational pillars of hard technology [2][4]. Smartphone and Consumer Electronics - Xiaomi is entering a balanced development year, with a projected net user inflow of over 13 million in China for 2024. From 2020 to 2024, the market share is expected to increase by 5.3 percentage points. In Q1 2025, global smartphone sales reached 41.8 million units, a year-on-year increase of 3.0%, with a global market share of 14.1% [8]. - In mainland China, sales reached 13.3 million units, a year-on-year increase of 40.0%, reclaiming the top position after 10 years. The average selling price of Xiaomi smartphones in Q1 2025 was 1,210.5 yuan, up 5.7% year-on-year, with a market share of 24.4% in the 4k-5k price range [8]. IoT Business - In Q1 2025, the IoT and lifestyle consumer products segment generated revenue of 32.3 billion yuan, a year-on-year increase of 58.7%, with a gross margin of 25.2%, up 5.4 percentage points. The revenue from major appliances doubled, indicating the initial success of the high-end strategy [8]. Automotive Business - The automotive segment's losses narrowed significantly, with a loss of 500 million yuan in Q1 2025, a reduction of 50.2% quarter-on-quarter. The new YU7 model is expected to launch in July, continuing the product positioning logic of the SU7 series. The automotive business is anticipated to achieve profitability in Q3 to Q4 of this year [8]. Overall Outlook - Xiaomi's comprehensive ecosystem is advancing, with steady growth in smartphones, rapid growth in IoT appliances, and the automotive business. The projected net profits for Xiaomi Group from 2025 to 2027 are 42.39 billion, 55.75 billion, and 70.08 billion yuan, respectively, maintaining a "Buy" rating [8].