Core Viewpoint - Nvidia has launched its latest robot chip module, Jetson AGX Thor, priced at $3499, which significantly enhances performance compared to its predecessor, aimed at supporting developers in creating advanced robotic systems [2][6][12]. Product Details - The first batch of Jetson AGX Thor developer kits will ship next month, including the Jetson T5000 module, a reference board with multiple interfaces, an active cooling fan, and a power adapter [4]. - The Jetson Thor chip boasts a performance increase of 7.5 times over the previous generation, with a 3.5 times improvement in energy efficiency, 3.1 times better CPU performance, and double the memory capacity [6][8]. - The chip is designed to run generative AI models and visual models that interpret the surrounding environment, crucial for humanoid robots [6][8]. Market Position and Applications - Nvidia's Jetson Thor is being utilized by various robotics companies, including Agility Robotics, Amazon, and Boston Dynamics, enhancing their robots' capabilities [9][10]. - The chip is also applicable in various robotic fields, such as surgical assistance, delivery robots, and industrial robotic arms, providing real-time inference capabilities for complex AI models [10]. Business Growth Potential - Nvidia's robotics business currently contributes about 1% of total revenue but is experiencing rapid growth, with a 72% year-over-year increase in quarterly sales [12]. - The company views the robotics sector as a significant growth opportunity beyond its traditional AI business, with plans to invest heavily in this area [13].

Bernstein分析师报告表示，预计2025年中国乘用车批发销量约为2,950万辆，增长8%，其中包括2,400万 辆的国内销量和550万辆的出口量。Bernstein称，尽管电动汽车渗透率接近50%，但该行仍对电动汽车 的持续普及持乐观态度，因为目前电动汽车的定价普遍低于传统汽车，对中国消费者来说是越来越有吸 引力的选择。比亚迪和小米集团仍是Bernstein在电动汽车板块里首选的"强于大盘"个股。比亚迪强劲的 海外表现正在抵消国内市场压力的影响，同时比亚迪面向小鹏汽车和小米集团等主要客户的电池销售也 表现强劲。Bernstein对小米集团在推出YU7车型后的长期电动汽车发展潜力持乐观态度。 ...

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].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group with a target price of HK$70.00, indicating a potential upside of 36% from the current price of HK$51.55 [3][12][18]. Core Insights - Xiaomi's 1Q25 performance exceeded expectations, with revenue and adjusted net profit reaching RMB 111.2 billion and RMB 10.6 billion, respectively, surpassing forecasts by 3% and 5% [10]. - The smartphone segment showed a 3% year-on-year sales growth, with high-end models accounting for 25% of shipments in China [10]. - The IoT segment experienced a significant revenue increase of 59% year-on-year, driven by a doubling of revenue from IoT home appliances and a 65% increase in sales volume [10]. - The electric vehicle (EV) and AI business generated RMB 18.6 billion in revenue, with a gross margin of 23.2%, higher than the forecasted 20.8% [10]. - Overall gross margin reached 22.8%, the highest since 2017, attributed to improved operational efficiency and increased investment income [10]. Financial Projections - Revenue for 2025 is projected at RMB 481.3 billion, reflecting a 32% year-on-year growth, with adjusted net profit expected to reach RMB 41.9 billion, an 82% increase [16][20]. - The report anticipates a cautious outlook for smartphone shipment growth, projecting a 3% increase in 2025, with price increases being a key growth driver [11]. - Adjusted EPS for 2025 is forecasted to be RMB 1.64, up from RMB 1.57, representing a 5% increase [4][16]. Valuation - The target P/E ratio for 2026 has been adjusted down to 28.5 times adjusted net profit, reflecting ongoing macroeconomic uncertainties [17]. - The valuation remains at an 8% premium compared to Apple's current P/E ratio, based on stronger growth prospects for Xiaomi [17][18].