Group 1 - The core point of the article is that Beijing Xiaomi Mobile Software Co., Ltd. has applied for a patent for a method, device, medium, and program product for predicting the charging temperature of devices, with the publication number CN121365295A and an application date of July 2024 [1] Group 2 - The patent involves a method for multi-round prediction of the temperature of a target device during charging, utilizing a pre-trained temperature prediction model to extract nonlinear and linear features from two sets of information related to temperature changes and influencing factors [1] - The company, Beijing Xiaomi Mobile Software Co., Ltd., was established in 2012 and is primarily engaged in software and information technology services, with a registered capital of 148.8 million RMB [2] - The company has made investments in four enterprises, participated in 149 bidding projects, and holds 5,000 patent records along with 123 administrative licenses [2]

Group 1 - The core viewpoint of the article highlights Deep Blue Automotive's intention to adopt a live streaming style similar to that of Xiaomi's founder Lei Jun, as expressed by the company's chairman, Deng Chenghao [1][3] - During the live stream, viewers noted that the layout of Deep Blue Automotive's streaming room resembled "Lei-style," leading to some confusion about whether Lei Jun was hosting the stream [3] - Deng Chenghao emphasized the need for Deep Blue Automotive to improve its ability to showcase its strengths, despite having good products, technology, and policies [3] Group 2 - In the first half of January 2026, Lei Jun completed three live streams, including a product teardown and pre-launch events for the new Xiaomi SU7 [5] - Deep Blue Automotive reported a total global sales volume of 333,000 vehicles in 2025, marking a year-on-year increase of 36.6%, with cumulative deliveries surpassing 700,000 vehicles [5] - The company announced it secured 6.1 billion yuan in Series C financing and successfully obtained an L3-level autonomous driving road test license [5]

Core Insights - The article discusses the quality ranking of popular SUVs in China for Q4 2025, highlighting a significant drop in quality complaint rates compared to Q3 2025 [1] Summary by Category Quality Performance - The average quality complaint rate for the 358 SUV models covered by the China Passenger Car Association is 24.8 complaints per ten thousand units sold, showing a noticeable decline from the previous quarter [1] - 71 models performed better than the average, with new energy vehicles (NEVs) making a strong showing, occupying 8 out of the top 10 spots [1] Brand Analysis - The top-ranked model is the Xiaomi YU7, with a quality complaint rate of 0.9 complaints per ten thousand units, remaining stable from the previous quarter [1] - Japanese brands have seen a recovery in market share, increasing by 2.5 percentage points compared to Q3 2025 [1] - Domestic brands continue to lead with a significant market share, increasing by 0.7 percentage points [1] - In contrast, German brands have underperformed this quarter, with their market share decreasing by 3.4 percentage points [1]

Core Viewpoint - The recent positive feedback from a German car modification shop owner regarding the Xiaomi YU7 highlights the growing appreciation for the vehicle among automotive professionals, as noted by Xiaomi's investment partner and founder [1][5]. Group 1 - A blog post by a German car modification shop owner praised the Xiaomi YU7 after a test drive [1][5]. - Xiaomi's investment partner, Pan Jiutang, indicated that many automotive professionals admire and like the Xiaomi YU7 [1][5]. - Xiaomi's founder, Lei Jun, shared the blog post, emphasizing that a good product speaks for itself [1][5].

Group 1 - On January 21, 42 Hong Kong-listed companies conducted share buybacks, totaling 29.73 million shares and an amount of HKD 512 million [1] - Xiaomi Group-W had the highest buyback amount of HKD 248 million, repurchasing 7 million shares [1] - Other notable buybacks included Pop Mart with HKD 96.49 million and Sunny Optical Technology with HKD 61.39 million [1] Group 2 - The highest buyback price for Xiaomi was HKD 35.480, while the lowest was HKD 35.220, with a cumulative buyback amount of HKD 20.49 billion for the year [1] - Pop Mart's buyback ranged from HKD 194.900 to HKD 191.100, with a cumulative buyback amount of HKD 348 million for the year [1] - Sunny Optical Technology's buyback prices were between HKD 63.950 and HKD 62.300, with a cumulative buyback amount of HKD 686 million for the year [1]

Market Overview - The Hong Kong stock market opened higher on January 22, with the Hang Seng Index rising by 0.62% to 26,750.51 points, the Hang Seng Tech Index increasing by 0.85% to 5,795 points, and the National Enterprises Index up by 0.55% to 9,173.54 points [1] - Major tech stocks mostly rose, with Alibaba up 1.72%, Tencent Holdings up 0.33%, JD Group up 0.98%, and Xiaomi Group up 0.9% [1] - Chip stocks opened high, with Zhaoyi Innovation rising over 7% [1] - The innovative drug concept was active, with WuXi Biologics rising over 1% [1] - Gold stocks generally fell, with Shandong Gold down over 2% [1] - Longqi Technology's IPO on the Hong Kong stock market saw a nearly 13% increase on its first day [1] Company News - Shanghai Electric (02727.HK) expects a net profit of RMB 1.1 billion to RMB 1.32 billion for 2025, an increase of approximately 47% to 76% year-on-year [2] - Kingdee International (00268.HK) anticipates total revenue of approximately RMB 6.95 billion to RMB 7.05 billion for 2025, a year-on-year growth of about 11.1% to 12.7% [2] - Beijing Machinery Electric (00187.HK) expects a net loss of RMB 46 million to RMB 55.2 million for 2025, primarily due to intensified international trade frictions affecting its gas storage and transportation export business [2] - Chow Tai Fook (01929.HK) reported a retail value growth of 17.8% for the three months ending December 31, 2025, with mainland China retail value increasing by 16.9% [2] - Zai Lab (09911.HK) anticipates a cumulative download of approximately 970 million for its social business by 2025, a year-on-year increase of about 5.9% [2] Strategic Developments - Ruiri Medical Technology (01696.HK) signed a letter of intent for cooperation with Stryker Medical to establish localized production in China [3] - Cathay Pacific (00293.HK) and Hong Kong Express expect to carry over 36 million passengers in 2025, a year-on-year increase of 27% [4] - Shenyang Public Development (00747.HK) has initiated edge computing infrastructure and service business [5] - Flat Glass Group (06865.HK) plans to absorb and merge with Zhongda Quartz Development [6] Share Buybacks - Xiaomi Group (01810.HK) repurchased 7 million shares for HKD 248 million at prices between HKD 35.22 and HKD 35.48 [7] - Pop Mart (09992.HK) repurchased 500,000 shares for HKD 96.49 million at prices between HKD 191.1 and HKD 194.9 [8] - Sunny Optical Technology (02382.HK) repurchased 970,000 shares for HKD 61.39 million at prices between HKD 62.30 and HKD 63.95 [9] - Geely Automobile (00175.HK) repurchased 2.376 million shares for HKD 39.62 million at prices between HKD 16.62 and HKD 16.81 [10] Financial Instruments - Huaneng International Power (00902.HK) completed the issuance of RMB 2 billion medium-term notes [11] - CICC (03908.HK) plans to issue up to RMB 5 billion in bonds for technology innovation companies [12] Institutional Insights - Dongwu Securities noted that despite a general reduction in the Fed's interest rate cut expectations in overseas markets, domestic investors remain optimistic [13] - Orient Securities highlighted that recent U.S. measures against Venezuela and Greenland have increased geopolitical risks, supporting gold prices [14] - Zheshang Securities suggested that the humanoid robot sector has formed an ecological closed loop, recommending attention to component suppliers and undervalued transformation targets [14] - CITIC Securities indicated that new policies from the National Medical Insurance Administration will accelerate the promotion of surgical robots in China [14]

Group 1 - On January 21, a total of 38 Hong Kong stocks were repurchased by companies, with 5 stocks having repurchase amounts exceeding 10 million HKD [1] - The companies with the largest repurchase amounts included Xiaomi Group-W, Pop Mart, and Sunny Optical Technology, with repurchase amounts of 248 million HKD, 96.49 million HKD, and 61.39 million HKD respectively [1] - As of January 21, 105 Hong Kong stocks have been repurchased this year, with 7 stocks having cumulative repurchase amounts exceeding 100 million HKD [1] Group 2 - The companies with the highest cumulative repurchase amounts this year are Tencent Holdings, Xiaomi Group-W, and Sunny Optical Technology, with repurchase amounts of 6.358 billion HKD, 2.049 billion HKD, and 686 million HKD respectively [1]

Core Insights - The top three smartphone brands in China by activation volume in 2025 are vivo, Xiaomi, and Apple, with vivo maintaining the first position despite a slight decline in activation volume [1][5] - Xiaomi surpassed Apple to claim the second position, largely due to the success of the Xiaomi 17 series, which includes models with activation volumes exceeding one million [2][6] - The activation volume gap between the top five brands is minimal, with less than 3 million units separating vivo from Huawei, indicating a highly competitive market where a single popular model can significantly influence brand rankings [1][5] Brand Performance Summary - **Vivo**: Ranked first with an activation volume of 4,635.70 thousand units, a market share of 16.77%, and a year-on-year decline of 2.58% from 4,758.52 thousand units in 2024 [2][6] - **Xiaomi**: Ranked second with an activation volume of 4,588.45 thousand units, a market share of 16.60%, and a year-on-year growth of 5.41% from 4,352.78 thousand units in 2024 [2][6] - **Apple**: Ranked third with an activation volume of 4,520.65 thousand units, a market share of 16.35%, and a year-on-year growth of 9.34% from 4,134.30 thousand units in 2024 [2][6] - **OPPO**: Ranked fourth with an activation volume of 4,399.58 thousand units, a market share of 15.91%, and a year-on-year growth of 7.63% from 4,087.78 thousand units in 2024 [2][6] - **Huawei**: Ranked fifth with an activation volume of 4,340.02 thousand units, a market share of 15.70%, and a year-on-year decline of 0.96% from 4,382.18 thousand units in 2024 [2][6] - **Others**: The remaining brands collectively accounted for 5,164.91 thousand units, with a market share of 18.68% and a year-on-year decline of 8.93% from 5,671.15 thousand units in 2024 [2][6] Market Dynamics - The competition among the top brands is extremely tight, with minor differences in activation volumes leading to significant shifts in rankings [5][9] - The timing of new product launches, such as the Huawei Mate 80 series, can greatly impact market standings, suggesting that strategic release schedules are crucial for maintaining competitive positions [5][8] - Xiaomi's Lu Weibing emphasized the intense competition in the Chinese market, indicating that the leading positions are very fragile and require continuous effort to maintain [9]

Group 1 - The Ministry of Finance extends the implementation period of the personal consumption loan interest subsidy policy to the end of 2026 and raises the subsidy standards [1] - The subsidy cap of 500 yuan for a single consumption loan is removed, and the cumulative subsidy limit of 1,000 yuan for each borrower at one institution is also eliminated, while maintaining the annual limit of 3,000 yuan [1] - The range of institutions eligible for the subsidy is expanded to include various financial entities such as city commercial banks and foreign banks [1] Group 2 - The National Development and Reform Commission announces a unified subsidy standard for the "two new" policies, focusing on the replacement of old consumer goods, including cars and home appliances [2] - A national-level merger fund is being considered, along with the establishment of regulations for a unified national market [2] - Plans for a strategic implementation scheme to expand domestic demand from 2026 to 2030 are being developed [2] Group 3 - The Ministry of Finance emphasizes support for small and micro enterprises through loan interest subsidies, particularly in key industries such as new energy and automotive [3] - The policy targets 14 key industrial chains, including industrial robots and medical equipment [3] Group 4 - The State Administration for Market Regulation will implement a verification and evaluation standard for domestically produced testing instruments in the automotive sector by 2026 [4] - The focus will be on creating authoritative standards and addressing critical technologies in high-end equipment [4] Group 5 - By 2025, the number of cars owned per 100 households in China is projected to increase by 1.7 vehicles, reaching 52.9 vehicles [5] - The production and sales of new energy vehicles are expected to exceed 16 million units annually [5] Group 6 - A new interim measure for the recycling and comprehensive utilization of used power batteries from electric vehicles will be implemented starting April 1, 2026 [6] - The measure aims to enhance lifecycle management and establish a nationwide information platform for battery tracking [6] Group 7 - GAC Group announces the establishment of a new business unit (BU) for its Trumpchi brand, aimed at enhancing operational efficiency and market responsiveness [7][8] - The new BU will focus on brand rejuvenation and product innovation, emphasizing a high-quality brand positioning [7][8] Group 8 - Hyundai Motor plans to introduce its high-end brand to the Chinese market, leveraging local channels for better market competitiveness [9] - This move aligns with the deepening economic cooperation between China and South Korea [9] Group 9 - Xiaomi launches a 7-year low-interest car purchase policy for its new electric SUV, the Xiaomi YU7, following a similar initiative by Tesla [10] - The policy includes a low down payment and monthly payment options, indicating a competitive strategy in the electric vehicle market [10]

Core Insights - The smart device industry is experiencing significant growth driven by increasing consumer demand and advancements in technology, with the market size in China projected to grow from 5,133 billion yuan in 2018 to 17,157 billion yuan by 2024, representing a compound annual growth rate (CAGR) of 22.28% [1][14][15] - The industry is categorized into three main segments: smart home, smart wearables, and smart mobility, each with distinct applications and market dynamics [3][16][17] Industry Overview - Smart devices integrate hardware, software, and internet technologies, enabling them to perform tasks such as data collection and self-optimization [1][14] - The market is expected to reach 20,979 billion yuan by 2025, indicating continued growth and innovation in the sector [1][14] Industry Development Stages - The smart device industry in China has evolved through three phases: the initial stage (1990s to early 2000s), the development stage (2000 to 2015), and the explosive growth stage (2015 to present), with significant technological advancements and market expansion occurring in the latter two phases [6][8] Industry Policies - The Chinese government has implemented various policies to support the smart device industry, including initiatives to promote digital transformation and the development of smart products across multiple sectors [8][9] Industry Value Chain - The smart device industry value chain consists of upstream raw materials, hardware, and software systems; midstream manufacturing; and downstream applications in sectors such as healthcare, education, and transportation [10][11] Market Segmentation - The smart home market is characterized by diverse competition among traditional appliance manufacturers and tech companies, with a focus on integrated solutions and consumer experience [15] - The smart wearable segment includes products like smart glasses and smartwatches, with significant growth potential driven by consumer acceptance and technological advancements [16][17] - The smart mobility sector, particularly smart cars, is rapidly expanding, with the market size projected to grow from 777 billion yuan in 2020 to 2,152 billion yuan by 2024, reflecting a CAGR of 29% [17][18] Competitive Landscape - The smart device industry is marked by an ecosystem of competition, with leading companies leveraging core technologies and brand advantages to create comprehensive solutions across various applications [18][19] Future Trends - The industry is expected to see innovations in human-computer interaction, moving towards more natural and multi-modal interfaces [21] - There will be a shift from single-product intelligence to integrated scene intelligence, enhancing cross-device collaboration and user experience [22] - Smart devices will increasingly focus on personalized health management, evolving into digital health assistants capable of providing tailored recommendations [24]