Group 1 - Southbound funds recorded a significant net purchase of 7.894 billion yuan today [1] - In the Hong Kong Stock Connect (Shanghai), the top net purchases were in the Yingfu Fund and Alibaba-W, with net purchases of 1.066 billion HKD and 1.005 billion HKD respectively [1] - Xiaomi Group-W had the highest net sell amount, totaling 398 million HKD [1] Group 2 - In the Hong Kong Stock Connect (Shenzhen), Yingfu Fund and Alibaba-W also saw net purchases of 639 million HKD and 319 million HKD respectively [1] - Xiaomi Group-W again led in net sell amounts, with a total of 549 million HKD [1]

Investment Rating - The report initiates coverage with a "Buy" rating for Xiaomi Group [9] Core Views - Xiaomi Group has evolved from its origins in the MIUI system and mobile phones to become a leading platform in consumer electronics, integrating smartphones, IoT devices, and electric vehicles into a cohesive ecosystem [2][6] - The company is experiencing initial success in its high-end smartphone strategy, with a focus on combining online and offline retail to enhance market penetration [2][7] - Xiaomi's IoT platform is robust, contributing to high user retention and brand loyalty, positioning the company favorably in the consumer electronics market [2][8] Summary by Sections Company Overview - Xiaomi started with the MIUI system and launched its first smartphone in 2011, quickly becoming the top seller in China by 2014. The company has since expanded into the IoT market and announced its entry into the smart electric vehicle sector in 2021, with the first vehicle expected to be delivered in 2024 [6][13] Smartphone Market - The smartphone market is currently in a mature phase, with growth driven by high-end product offerings and global expansion. Xiaomi has focused on enhancing its product quality and brand recognition through strategic partnerships, such as with Leica for camera technology [7][39] - Xiaomi's average selling price (ASP) for smartphones is increasing, particularly in the $400-$800 price range, indicating successful penetration into the high-end market [7][39] IoT and Ecosystem - Xiaomi's IoT strategy leverages its smartphone user base to drive growth in connected devices. The company has a leading position in the IoT market, benefiting from its established brand and product ecosystem [8][15] - The integration of various devices within the "human-vehicle-home" ecosystem enhances user experience and promotes cross-selling opportunities [15][28] Financial Performance - In 2024, Xiaomi reported revenue of 365.91 billion yuan, a 35% year-on-year increase, with net profit also rising by 35% to 23.658 billion yuan. The smartphone segment remains dominant, contributing 52.41% of total revenue [25][26] - The IoT segment accounted for 28.45% of revenue, with significant growth in home appliances, while the electric vehicle segment contributed 8.95% [25][26] Future Outlook - The report forecasts that Xiaomi's net profit will continue to grow, reaching 35.404 billion yuan in 2025, 51.653 billion yuan in 2026, and 65.531 billion yuan in 2027, supported by its diversified product strategy and ecosystem development [8][25]

Summary of Key Points Core Viewpoint - Southbound funds recorded a net sell-off of 40.33 billion yuan today, indicating a bearish sentiment in the market [1] Group 1: Stock Performance - In the Hong Kong Stock Connect (Shanghai), the Yingfu Fund and Hang Seng China Enterprises experienced net sell-offs of 13.338 billion HKD and 2.932 billion HKD respectively [1] - Alibaba-W topped the net buy list with an amount of 1.468 billion HKD [1] - In the Hong Kong Stock Connect (Shenzhen), Hang Seng China Enterprises and Yingfu Fund saw net sell-offs of 4.818 billion HKD and 1.846 billion HKD respectively [1] - Xiaomi Group-W led the net buy list with a total of 0.906 billion HKD [1]

Group 1 - The Hong Kong stock market opened lower on April 9, with the CSI Hong Kong Stock Connect Consumer Theme Index initially declining but then recovering [1] - The Hong Kong Consumer ETF (159735) experienced a decrease of 0.99% but saw a trading volume exceeding 400 million yuan and a turnover rate of over 7% [1] - Notable constituent stocks such as Xiaomi Group-W and China Feihe rose over 2%, with Uni-President China leading the gains [1] Group 2 - Jilin and Hainan provinces are actively researching measures to boost consumption, with Jilin's government discussing a special action plan to enhance consumer spending and improve living standards [1] - Hainan's government is focusing on increasing residents' income and tapping into consumer potential from demographics like "Generation Z" and the "silver economy," while also attracting international tourists [1] Group 3 - Wanlian Securities suggests that the U.S. tariffs may negatively impact China's exports in the short term, but the overall effect on China's economy will be limited due to its large scale [2] - The firm anticipates that the tariff policy will accelerate China's efforts to explore other overseas markets and boost domestic demand, particularly in sectors like catering, tourism, and retail [2] - Tianfeng Securities recommends focusing on domestic consumption trends, highlighting potential investment opportunities in the food sector, particularly in themes like "catering," "going abroad," and "raw milk turning point" [2]

Group 1 - The Hang Seng Index fell by 13.22% on April 7, with total southbound trading amounting to HKD 243.97 billion, including buy transactions of HKD 129.67 billion and sell transactions of HKD 114.30 billion, resulting in a net buy of HKD 15.37 billion [1] - The southbound trading through Stock Connect (Shenzhen) had a total trading amount of HKD 98.50 billion, with buy transactions of HKD 52.35 billion and sell transactions of HKD 46.15 billion, leading to a net buy of HKD 6.20 billion [1] - The southbound trading through Stock Connect (Shanghai) had a total trading amount of HKD 145.47 billion, with buy transactions of HKD 77.32 billion and sell transactions of HKD 68.15 billion, resulting in a net buy of HKD 9.17 billion [1] Group 2 - The most actively traded stock by southbound funds was Tencent Holdings, with a total trading amount of HKD 28.23 billion, followed by Xiaomi Group-W at HKD 25.65 billion and Alibaba-W at HKD 20.88 billion [2] - Among the net buying stocks, Xiaomi Group-W had the highest net buy amount of HKD 2.54 billion, despite its closing price dropping by 20.59% [2] - Tencent Holdings had a net buy amount of HKD 1.94 billion, while China Mobile saw a net buy of HKD 1.16 billion [2] Group 3 - Alibaba-W experienced the highest net sell amount of HKD 1.95 billion, with its closing price down by 17.98% [2] - Other notable net sells included XPeng Inc. with HKD 0.89 billion and Innovent Biologics with HKD 0.42 billion [2] - Three stocks, including Tencent Holdings, SMIC, and Xiaomi Group-W, have seen continuous net buying for more than three days, with Xiaomi Group-W leading with a total net buy of HKD 5.51 billion [2]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 06 年 月 日 小米集团-W（01810.HK） 人车家全生态积极增长 小米集团 2024 年收入创历史新高。小米集团 2024 年录得总收入 3659 亿元，同比增长 35.0%，创历史新高。公司 2024 年经调整净利润约 272 亿元，创历史新高，同比增长 41.3%。若剔除汽车及创新业务约 62 亿元 经调整亏损，则消费电子主业录得经调整净利 334 亿元。 按业务线看，小米集团 2024 年手机录得收入 1918 亿元，同比增长 21.8%； IoT 录得收入 1041 亿元，同比增长 30.0%；互联网录得收入 341 亿元， 同比增长 13.3%；汽车及创新业务录得收入 328 亿元。 手机：国内高端突破、国外份额扩张。国内地区：据小米财报披露，2024 小米手机在中国大陆 4000-5000 元价格带市占率第一，达到 24.3%；在 5000-6000 元价格带市占率达 9.7%。国外市场：根据 Canalys 数据，2024 年小米在全球 56 个国家和地区的智能手机出货量排前三名，在 69 个国家 和地区的智能手机 ...

智通财经APP获悉，特朗普"对等关税"即将落地，港股三大指数早盘走高，恒科指数曾涨超2%，午后 涨幅显著收窄。截止收盘，恒生指数涨0.38%或87.26点，报23206.84点，全日成交额2502.31亿港元；恒 生国企指数涨0.24%，报8537.34点；恒生科技指数涨0.23%，报5407.38点。 交银国际表示，全球不确定性升温，港股以守待攻。该行指出，进入4月，后续消费、地产等各项基本 面的数据验证、以及关税等外生性影响将成为市场关注重点，也是4月底中央政治局会议会否释放更进 一步政策刺激信号的关键。 蓝筹股表现 2. 石油股普遍上扬。截至收盘，中海油(00883)涨2.7%，报19.02港元；中海油服(02883)涨2.5%，报6.57 港元；中石油(00857)涨2.07%，报6.42港元；中石化(00386)涨0.24%，报4.11港元。 美国总统特朗普周一表态，要求伊朗尽快达成核协议，并称考虑对俄罗斯能源出口实施新的制裁。这些 言论引发投资者对中东和东欧地缘冲突升温的担忧情绪，隔夜国际油价应声上涨。中信证券研报指出， 综合来看，考虑到近期美国对伊朗、委内瑞拉制裁及地缘扰动等多重因素影响，202 ...

证券研究报告 | 2025年03月31日 小米集团-W（01810.HK）24Q4 财报点评 优于大市 收入利润强劲，持续推动产品高端化和生态协同 智能手机：整体份额提升，高端化推进。2024 全年出货量 1.68 亿台，ASP 为 1138 元、同比+5.2%，4-5000 元机国内份额提升至 24%，公司 2025 年目 标实现 1.8 亿出货量。2024Q4 收入同比+16%，全球智能手机市占率 13.8%。 随着国补政策、产品迭代带动出货量上升。毛利率 12.0%，同比-4pcts、环 比+0.3pct，去年元器件成本上涨、年末企稳，预计今年对毛利影响有限。 loT：24 年出货量高增长，2025 年大家电增长目标超 50%，持续海外市场布 局。2024Q4 收入 309 亿元，同比+52%，得益于国补政策以及产品生态不断完 善，2024 年出货量增速空调超 50%、冰箱超 30%、洗衣机超 45%。毛利 63 亿 元，毛利率 20.5%，同比+5.5pct，利润提升包括规模效应和高附加值产品占 比增加。未来一是将扩大中国销售网络，二是将继续推动海外市场布局，特 别是东南亚、欧洲、日韩区域布局。 互联 ...

智通财经APP获悉，3月28日港股市场，北水成交净买入82.42亿港元，其中港股通(沪)成交净买入55.91 亿港元，港股通(深)成交净买入26.51亿港元。 腾讯(00700)获净买入5.75亿港元。消息面上，育碧成立新游戏子公司，腾讯投资11.6亿欧元，收购25% 股份，公司估值约40亿欧元，新公司持有包括《刺客教条》、《孤岛惊魂》及《虹彩六号》在内的IP系 列。腾讯总裁刘炽平表示，很高兴通过今次投资扩大与育碧的长期合作伙伴关系。 中海油(00883)获净买入2.28亿港元。消息面上，花旗表示，中国海洋石油去年净利润同比增长11%至 1380亿元，较该行预期低约3%。公司宣派末期息66港仙，全年股息达1.4港元，意味着派息率为 44.7%，股息率达7.5%，且公司预期在2025至2027年将保持不低于45%的派息率。该行将中海油今明两 年的盈利预测上调13%及下调3%，主要由于将今年油价预测由每桶60美元上调至67美元。 药明生物(02269)获净买入2312万港元。消息面上，交银国际发表报告指，药明生物24年下半年复苏趋 势明显。管理层指引2025年收入增长12%至15%，持续经营业务增长17%至20% ...

汽车、电子 2025 年 03 月 26 日 小米集团-W(1810.HK) 生态优势稳，汽车绘蓝图 推荐（首次） 股价：53.4 元（港币） 主要数据 | 行业 | 汽车、电子 | | --- | --- | | 公司网址 | www.mi.com | | 大股东/持股 | | | 实际控制人 | 雷军 | | 总股本(百万股) | 25111.69 | | 流通 A 股(百万股) | | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 12375.22 | | 流通 A 股市值(亿元) | | | 每股净资产(元) | 7.52 | | 资产负债率(%) | 53.07 | 行情走势图 证券分析师 | 投资咨询资格编号 | | --- | | S1060511010006 | | BQV509 | | WANGDEAN002@pingan.com.cn | | 投资咨询资格编号 | | S1060523080001 | | BVG944 | | WANGGENHAI964@pingan.com.cn | | 投资咨询资格编号 | | S1060517070006 | | YANLEI511 ...