Xiaomi-W (01810) has launched the MiMo-V2-Flash model, optimizing inference costs and speed while accelerating AI integration into the physical world through its "Human-Car-Home" ecosystem, empowering scenarios like smartphones, IoT, and automotive. Meanwhile, POP MART (09992) hosted its Crybaby exhibition in Shanghai, leveraging ticket sales and social media virality to extend IP lifecycle. Additionally, high-growth segments like pet supplies, silver economy, and AI+3D printing remain robust.
**Xiaomi: AI-Driven Ecosystem Strengthens Moat** The MiMo-V2-Flash model marks Xiaomi’s AGI roadmap, balancing performance and cost efficiency. At its December 17 ecosystem partner conference, MiMo team lead Luo Fuli unveiled the model’s breakthroughs: (1) optimized inference cost/speed, (2) structural innovation for efficient inference, and (3) enhanced post-training paradigms for agent capabilities. As the only global tech firm with a closed-loop "Human-Car-Home" ecosystem, Xiaomi dominates physical-world AI deployment, positioning for commercial scalability. - **Smartphones**: HyperOS integrates AI to elevate cross-device synergy and scenario-based services. The upgraded XiaoAI on-device LLM and "Xiaomi Super Island" redefine information delivery. Long-term, system-level and application-level AI agents will deepen integration, while in-house chip adoption and OS optimizations fuel high-end disruption. - **IoT**: Smart factories boost hardware specs, while Xiaomi Miloco advances home solutions from connectivity to physical-world applications. - **Automotive**: The MiMo-Embodied model, paired with L3 autonomous driving, completes the ecosystem loop. CarIoT’s open ecosystem has attracted automakers like BYD, GAC Toyota, and Great Wall, expanding influence.
**POP MART: Crybaby Exhibition Extends IP Lifespan** The Shanghai Crybaby exhibition (Dec 20, 2025–Jan 25, 2026) features tiered ticketing (¥109/¥258) and limited-edition merchandise, driving social media engagement. Beyond direct revenue, the event amplifies brand visibility and diversifies IP monetization.
**Sector Highlights** 1. **Pet Supplies**: Pette’s New Zealand plant products to launch in Q1 2026, easing capacity constraints. U-Party’s Honeycare ranked #1 in Amazon’s "Pads & Training Trays" category (October). 2. **Silver Economy**: China’s health authorities released an elderly care service enhancement plan. 3. **AI+3D Printing**: November exports surged 89% YoY (volume) and 136% (value). Bambu Lab’s hardware+ecosystem strategy may consolidate upstream material standards, benefiting suppliers like HomeUnion.
**Risks**: Escalating U.S.-China trade tensions, currency volatility, weak consumer demand, promotional setbacks, new business underperformance, and memory price hikes pressuring smartphone margins.
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