小米增程不过下限：物理AI才是未来

财中社07-29 18:50

7月29日，小米集团-W（01810.HK）以29.70港元开盘，最高触及32.00港元，收于31.88港元，单日涨幅达8.95%，成交额放大至151.54亿港元，总市值回升至约8238亿港元。　　这一强劲走势与小米即将于7月30日举办的“小米澎程系列技术发布会”密切相关，更因小米创始人兼董事长雷军在午间的一番公开回应而被推向高潮。　　基本触底　　此番股价大涨，可谓小米股价的“深蹲起跳”。　　...

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Max定位大五座四驱增程SUV，车身尺寸4960×1998×1765mm，轴距2950mm；小米澎程N90 Max定位大七座旗舰增程SUV，车身尺寸5285×1998×1825mm，轴距3080mm，提供5座和2+2+3七座两种布局。两款车型均采用增程式动力。　　入局早晚　　7月29日午间，雷军通过社交媒体公开发文，系统回应了外界最为关注的两大疑问——“小米澎程为什么要做增程”以及“现在进入是不是太晚”。　　针对第一个问题，雷军明确表示：“增程还是纯电，从来不是路线之争，而是产品定义和体验追求的选择。”他指出，SU7和YU7系列定位为“驾驶者之车”，追求极致的动力响应和操控体验，纯电是最简洁、最纯粹的答案。　　而澎程系列定位为“智能可变大空间SUV”，要真正承载生活的各种可能性。大型SUV的方盒子造型风阻本就不小，加上全尺寸车身自重，如果做成纯电车就必须配备超大电池，而电池又会进一步增加车身重量、反过来影响续航——“这是物理上的限制，而增程恰好把它解开了。”　　针对“现在入局是否太晚”的质疑，雷军直言“不晚”。他以理想新一代L6上市后销量持续走高为例，指出增程需求真实且旺盛，市场远未饱和。雷军还强调，增程系统本身正在经历“断代式的进化”，澎程搭载的新一代增程技术与早期产品已不可同日而语。澎程系列CLTC纯电续航最高可达505公里，日常城市通勤一周一充可完全当纯电车使用；亏电油耗方面，N70系列最低可达5.7L/100km，N90系列四驱为6.26L/100km；增程器支持92、95、98号汽油，首保后保养周期为3年或增程器行驶3万公里。　　雷军的表态迅速引发市场共鸣。理想汽车（02015.HK）CEO李想随即发文回应：“热烈欢迎雷总加入增程赛道，预祝小米澎程大卖！”在此消息提振下，理想汽车7月29日收盘亦大涨9.9%。　　不过，值得注意的是，小米选择此时切入增程赛道，恰逢国内增程市场处于下行周期。　　乘联分会数据显示，2026年上半年，增程式乘用车累计批发销量为50.4万辆，同比下滑13.1%；6月单月批发销量进一步降至9.4万辆，同比暴跌25.2%，创下近五年最大单月跌幅；增程车占新能源汽车市场份额从2025年同期的10.3%收缩至7%，其中6月单月已进一步跌至6.4%。乘联分会秘书长崔东树直言，当前市场上的增程车比同级纯电车更重、电耗更高，“增程市场下行压力比预想的更大”。　　修复动因　　对雷军而言，小米集团近一年的股价高点下挫及近期修复，堪称小米造车高光之后的“炼狱”。而从低点反弹约50%，澎程的即将发布，仅是催化之一。　　5月26日，小米集团公告称，董事会批准了一项新的股份回购计划，计划在未来12个月内，截至2027年股东周年大会结束前，回购总价值不超过200亿港元的B类普通股。2026年至今，小米集团已回购约84亿港元。　　这当然是小米集团对外界释放的充分信心和善意，但对高位参与了小米集团增发的投资者而言，当下的反弹力度依然远远不够；而澎程入市和高额回购，更多是业绩托底。小米集团的股价“上限”，需要更性感的题材和想象空间。　　一如2024年3月底小米SU7首发前，小米集团股价曾徘徊于15港元左右；SU7及稍后YU7的成功，让小米集团“人车家生态”战略闭环的同时，带来了小米集团营收和市值的双重催化；市值增长逾400%。　　循此逻辑，小米集团未来的业绩和市值空间，肯定不是澎程所能完全撬动，反而是自研玄戒芯片、MiMo大模型、机器人、家电和汽车出海等更受关注。　　雷军对此心知肚明。　　4月23日，小米MiMo-V2.5开启公测并开源，凭借混合专家（MoE）、百万级上下文窗口以及低廉的推理成本，吸引了大量海外开发者接入，在智能体（Agent）运行和全模态交互方面表现突出 。OpenRouter发布的7月20-26日最新数据显示，小米MiMo-V2.5当周登顶全球第一，单周调用量10.5万亿Tokens，环比增长12%，是当周唯一突破10万亿级别的大模型 。　　这不是说MiMo已然大成，在Anthropic、OpenAI及国内智谱（02513.HK）GLM5.2、DeepSeek V4及月之暗面K3等强手环伺下，小米MiMo要走的路还有很长。但正如具身智能此前火热但尚未在生产力领域有跨越性表现，小米的“人车家”终端硬件生态结合芯片、大模型、具身智能等“物理AI”的更多融合，才更应成为小米集团的“上限”底气。（文章来源：财中社）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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