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长城证券维持小米集团“买入”评级 智能电动汽车与AI眼镜或成第二增长曲线

小米集团（01810）近期在“人车家全生态”战略发布会上推出多款重磅新品，引发资本市场广泛关注。长城证券发布研报指出，小米在智能电动汽车、AI眼镜等创新业务领域的持续突破，有望构建公司未来发展的第二增长曲线，并维持对小米集团的“买入”评级。

小米“人车家全生态”战略全面落地

2025年6月26日，小米正式举办“人车家全生态”发布会，推出包括小米YU7智能电动汽车、小米MIX Flip2折叠屏手机以及小米AI眼镜在内的多款新产品。此次发布会不仅展示了小米在硬件创新上的强大实力，更标志着其“人车家全场景互联”生态系统的全面落地。

当晚10点，小米YU7正式开启大定通道，仅一小时内订单量便突破28.9万台，展现出强劲的市场热度与消费者认可度。这一数据不仅印证了小米品牌强大的号召力，也反映出市场对小米智能汽车产品力的高度期待。

👉 Discover how next-gen AI and smart devices are reshaping consumer tech ecosystems.

小米YU7：智能座舱与高阶智驾的双重突破

小米YU7作为本次发布会的焦点之一，在智能化配置上实现了行业领先的技术堆叠：

更值得关注的是，小米将自研的端侧大模型“超级小爱”深度集成至汽车与眼镜等终端设备中。该模型可在无网络环境下实现语音交互、场景识别与个性化服务响应，显著提升用户体验的连贯性与智能化水平。

这一系列技术布局表明，小米并非简单“造车”，而是以智能生态协同为核心，打造真正意义上的“移动智能空间”。

AI眼镜市场爆发在即 小米抢占先机

根据Wellsenn XR发布的数据，全球AI眼镜市场正迎来高速增长期：

其中，中国市场将成为主要驱动力之一。小米此次推出的AI眼镜产品，集成了实时翻译、视觉增强、语音助手与第一视角影像记录等功能，精准切入消费级智能穿戴设备的空白地带。

作为国内智能硬件领域的领军企业，小米在AI眼镜领域的入局，不仅将加速产品普及进程，也有望带动整个产业链的技术升级与生态完善。分析师认为，这将进一步丰富小米在个人智能设备领域的产品矩阵，增强用户粘性与跨设备协同能力。

👉 Explore the future of wearable AI and how it’s transforming everyday experiences.

财务展望稳健 创新业务打开成长空间

长城证券在研报中预测，小米集团2025年至2027年归母净利润分别为：

对应当前股价的市盈率（PE）分别为39倍、31倍和26倍，估值具备较强吸引力。

研报强调，小米的基本盘业务——智能手机、平板及IoT设备——仍保持稳健增长态势。全球手机出货量与市占率持续提升，高端化战略初见成效。与此同时，公司在新能源汽车与智能驾驶领域的积极布局，正逐步转化为实际销量与品牌势能。

在“手机×AIoT”战略基础上升级而来的“人车家全生态”体系，已成为推动公司长期发展的核心引擎。随着SU7、YU7等车型交付量爬升，以及AI眼镜等新品类放量，小米有望在2025年后迎来新一轮增长周期。

核心关键词自然融入

本文核心关键词包括：小米集团、智能电动汽车、AI眼镜、第二增长曲线、人车家全生态、智能座舱、NVIDIA Thor芯片、端侧大模型。这些关键词已自然分布在标题、小节与段落中，符合SEO优化原则，同时避免堆砌感。

Frequently Asked Questions (FAQ)

Q1: What is Xiaomi’s “Human-Vehicle-Home Ecosystem” strategy?
A: It’s Xiaomi’s integrated smart ecosystem that connects smartphones, smart cars, wearables, and home IoT devices into a seamless user experience. The goal is to enable unified control, data sharing, and AI-driven personalization across all devices.

Q2: How does the Xiaomi YU7 compare to other smart electric vehicles?
A: The YU7 stands out with its 700TOPS NVIDIA DRIVE Thor chip, full suite of sensors (including LiDAR and 4D radar), and integration of Xiaomi’s on-device large AI model “Super Xiaoai,” offering offline intelligence and multi-scenario adaptability.

Q3: Is Xiaomi’s AI glasses available for purchase now?
A: As of June 2025, Xiaomi has officially launched its AI glasses during the “Human-Vehicle-Home” event. Details on pricing and availability are expected to be released in the coming weeks.

Q4: Why do analysts believe Xiaomi has a second growth curve?
A: Beyond its strong smartphone and IoT foundation, Xiaomi’s entry into high-growth sectors like smart EVs and AI wearables positions it to capture emerging market opportunities, driving long-term revenue diversification.

Q5: What role does on-device AI play in Xiaomi’s new products?
A: On-device AI, such as the “Super Xiaoai” model, enables faster response times, enhanced privacy, and functionality without internet connectivity—critical for cars and wearables where network stability can’t always be guaranteed.

Q6: How fast did Xiaomi YU7 pre-orders grow after launch?
A: Within just one hour of opening reservations at 10 PM on June 26, 2025, Xiaomi received over 289,000 firm orders for the YU7, signaling strong consumer demand and brand momentum.

👉 See how AI-powered innovation is redefining the future of mobility and personal tech.

With solid fundamentals, a clear technological roadmap, and explosive momentum in new product categories, Xiaomi is well-positioned to lead the next wave of intelligent consumer electronics. As the “human-vehicle-home” vision becomes reality, investors and users alike are watching closely.