Core Viewpoint - Hong Kong Stock Exchange announced the introduction of weekly options contracts for five stocks starting November 10, 2025, enhancing short-term risk management tools for investors [1]. Group 1: New Weekly Options - The five stocks that will have new weekly options include China National Offshore Oil Corporation (00883), China Mobile (00941), Semiconductor Manufacturing International Corporation (00981), AIA Group Limited (01299), and Xiaomi Corporation (01810) [1]. - The new weekly options will complement existing monthly contracts, providing investors with greater flexibility [1]. Group 2: Contract Details - The contract trading units for the respective stocks are as follows: - China National Offshore Oil Corporation (883): 1,000 shares - China Mobile Limited (941): 500 shares - Semiconductor Manufacturing International Corporation (981): 2,500 shares, with weekly expirations on November 14 and November 21, 2025 - AIA Group Holdings Limited (1299): 1,000 shares - Xiaomi Corporation (1810): 1,000 shares [2].

Core Viewpoint - The company, Jizhi Technology, is a significant partner of Xiaomi, providing various optical film products and technical solutions for Xiaomi's television and mobile phone models [1] Group 1: Partnership with Xiaomi - The company supplies diffusion films, brightness enhancement films, composite films, quantum dot films, and core layers tailored to Xiaomi's specifications for their television products [1] - The optical films are also utilized in certain models of Xiaomi's mobile phones [1] Group 2: Investment and R&D Collaboration - In 2017, the company invested in OLED emitting materials company Ningbo Lumi Blue through Ningbo Woyan Fund [1] - The M10 new red emitting material used in Xiaomi's 17 series mobile phones was developed in collaboration between Lumi Blue and Xiaomi's joint laboratory [1]

港股互联网板块今日震荡，截至14:40，中证港股通互联网指数下跌0.7%。Wind数据显示，相关ETF 中，港股通互联网ETF（513040）已连续37个交易日获资金净流入，合计超33亿元，规模再创历史新 高。 中国银河证券研报表示，随着底层大模型能力的不断迭代，当前AI应用已经初步具备发展基础；AI在 各个行业不断展开试水，AI应用落地将对多数行业产生变革性的影响。 中证港股通互联网指数聚焦AI应用，由港股通范围内30家涉及互联网相关业务的股票组成，前四大成 分股为腾讯控股、阿里巴巴、小米集团、美团，合计占比超50%。指数当前滚动市盈率为26.7倍，处于 2021年发布以来34.1%分位处，配置价值值得关注。投资者可借道港股通互联网ETF（513040）便捷布 局AI应用发展机遇。 近日，OpenAI发布Sora2，实现音视频同步生成、物理一致性与可控性显著提升，AI应用预期随之提 升。国产模型也加速迭代，腾讯"混元图像3.0"在LMArena文生图榜单"盲测"登顶、智谱发布并开源 GLM-4.6、阿里通义千问开源Qwen3-VL-30B-A3B并推出FP8版本，显示国内开源与国产化协同强化。 ...

为什么小米公司创始人雷军身居中国富豪榜，而华为老总任正非却榜上无名？ 这是一个两年前的问题，但今天推送给我了，也许很多人会关注富豪榜，也许小米相关的人以及雷军本 人会关注富豪榜！但我觉得任老不会关注的！因为他对于自家公司的股份都要的很少了，而且华为也没 有上市！ 这两种模式没有绝对对错，只是走了不同的路。华为靠"财散人聚"把几万人拧成一股绳，在通信这种需 要长期投入的硬科技领域杀出重围；小米用互联网模式快速上市，让早期投资者和核心团队实现财富暴 增，也让消费者用上了便宜手机。 华为更多是从科技的角度，去参与到科技创新、社会民生、国家相关重大工程的网络解决方案当中。同 样华为人也追求利润，也追求赚钱，但这个钱更多是带动华为的员工和高管一起共同富裕，一起赚钱才 是硬道理！而能做到这样精神的企业不多，我能看到因为制度因为舍得分钱的另外一个公司就是胖东 来！ 这样华为和胖东来这样的企业就会以员工为驱动力，让企业滚雪球一样发展起来！这是非常好的良性发 展规律！但我们发现雷军虽然是富豪，但他依旧在亲力亲为很多事情，也只能用高工资以及部分的股份 和期权绑定一些高管。以互联网公司的制度架构建立。同样他们还是上市企业还需要为股 ...

Group 1 - DJI's lawsuit against the U.S. Department of Defense was dismissed, expressing disappointment and asserting that its products are unrelated to military use [3][5] - DJI holds over 50% of the commercial drone market in the U.S. and claims to have lost business contracts due to being labeled a national security threat [3][5] - The U.S. Department of Defense included DJI in the "Chinese Military Companies List" in 2023, which DJI contests as illegal and misleading [5] Group 2 - Deli Group faced backlash for discrimination against a job applicant with a disability, leading to an apology from the CEO [7] - Kuaishou announced a restructuring of its local life services division, with Liu Xiao taking over leadership [11][12] - Xiaomi's 17 series has surpassed 1 million units sold, with the 17 Pro Max model breaking sales records [12] Group 3 - Chinese automakers captured a record 9.8% share of the hybrid vehicle market in Europe as of August [13] - BYD and other manufacturers are increasing their presence in the European electric vehicle market, with a focus on competitive pricing [13] - Lantu Automotive submitted an application for listing on the Hong Kong Stock Exchange, reporting nearly 19.4 billion yuan in revenue last year [15] Group 4 - Aima Technology announced the suspension of its Guangdong factory operations, shifting production capacity to Guangxi and Chongqing [16] - Mixue Group plans to acquire a 53% stake in Fulu Family for approximately 297 million yuan, entering the fresh beer market [17] Group 5 - OpenAI responded to Elon Musk's lawsuit, denying the need for any trade secrets and asserting the right to hire employees from xAI [23] - A notorious ransomware group claims to have breached Oracle's E-Business Suite, targeting executives for extortion [24] Group 6 - Apple has paused upgrades on its Vision Pro headset to focus on developing AI-powered smart glasses [25] - Judson Althoff has been appointed as the new CEO of Microsoft's commercial business, with Satya Nadella shifting focus to technology [28]

雷军称，这是小米有史以来定位最高、音质表现最出色的智能音箱产品，不仅在设计上实现了突破，更在音质和智能体验上达到了新的高度。 小米智能音箱Sound 2 Max，在9月26日的小米17系列发布会上亮相。 小米1999元的新品，受到了雷军强力推荐，但这款产品并非小米手机。 在国庆假期后的首个工作日，当许多人还在适应工作节奏时，小米创始人雷军便通过社交平台发布了一条种草消息——强力推荐小米旗下全新高端智能音箱 Sound 2 Max。 Sound 2 Max还配备了织物、金属、木质三种可磁吸更换的面板，用户可根据家居风格或个人喜好随意切换，真正实现产品与生活美学的无缝融合。 音质表现是这款产品的核心亮点。Sound 2 Max 采用高端音响中常见的MTM三分频对称声学结构，搭载双4英寸30W低音单元、一个4英寸30W中音单元及一 个1.5英寸10W高音单元，系统总功率高达100W。 低音单元采用纸碳复合振膜材料，具备出色的瞬态响应能力，配合5升超大容积音腔，低频下潜深度可达47Hz。在专业监听模式下，其频响范围达到50Hz– 21kHz（±2.5dB），并获得中国计量科学研究院与中国科学院声学研究所双重"监听级音 ...

Core Viewpoint - The recent performance of the Hang Seng Tech Index has attracted market attention, reaching a new high since November 2021 without the injection of southbound funds, prompting discussions among investors about potential opportunities in the Hong Kong stock market, especially for those who missed the A-share rebound [1] Group 1: Valuation Advantage - The valuation of the Hang Seng Tech Index remains significantly lower compared to its peak in 2021, with a current P/E ratio of approximately 24 times, which is about 40% lower than the 70 times seen at its peak [2] - Historical data indicates that the current valuation is at the 33rd percentile, suggesting that two-thirds of the time, valuations have been higher than the current level [2] - In comparison, the A-share Sci-Tech 50 Index has a P/E ratio exceeding 180 times, while the Nasdaq Index's valuation is at the 95th percentile, highlighting the relative attractiveness of Hong Kong tech stocks [2] Group 2: Performance Recovery - The fundamentals of Hong Kong tech companies are showing signs of recovery, with major firms like Alibaba, Tencent, and Meituan reporting better-than-expected earnings in Q1 2023 [4] - These companies are increasing investments in AI, with Alibaba announcing additional capital expenditures beyond the previously planned 380 billion, aiming to establish a strong position in the AI sector [4] - Market expectations indicate that the earnings growth rate for Hang Seng Tech constituents will remain between 15% and 25% over the next three years, which is considered substantial in the current market environment [4] Group 3: Investment Opportunities in ETFs - The recent launch of the Tianhong Hang Seng Tech ETF (520920) provides a new tool for investing in Hong Kong tech, with top holdings including Tencent, Alibaba, and BYD, which together account for nearly 70% of the ETF [5] - The presence of high-quality tech companies in the Hong Kong market, combined with their low valuations, suggests that a valuation recovery could significantly boost the Hang Seng Tech Index [5] Group 4: Long-term Investment Value - The long-term investment value of Hong Kong tech stocks is reaffirmed by the ongoing growth trend of the Chinese economy and the central role of technological innovation in economic development [7] - The internationalization of the Hong Kong market and the maturity of its valuation system imply a high likelihood of valuation recovery once market sentiment improves [7] - Current domestic policies aimed at stabilizing growth and the onset of a U.S. interest rate cut cycle are improving the external environment for Hong Kong stocks, making it a potentially opportune time for investors to enter the market [7]

Core Insights - The retail market for narrow passenger vehicles in September is estimated to be around 2.15 million units, showing a year-on-year increase of 2.0% and a month-on-month increase of 6.5%, with new energy vehicle (NEV) retail expected to reach 1.25 million units, achieving a penetration rate of approximately 58.1% [1][3] - The new energy vehicle market continues to see stable pricing and increasing penetration rates, which supports the overall automotive market [3] Company Performance - **Leap Motor**: Delivered 66,657 units in September, a year-on-year increase of 97.4% and a month-on-month increase of 16.8%. The growth is attributed to strong product offerings like C10 and B01, with C10 accounting for 27.1% of deliveries [4][5] - **Xpeng Motors**: Reported 41,581 units delivered in September, up 94.7% year-on-year and 10.3% month-on-month. The company has expanded its charging network significantly, with over 2,590 self-operated stations and more than 14,000 charging piles [5][6] - **NIO**: Achieved 34,749 units delivered in September, reflecting a year-on-year increase of 64.1% and a month-on-month increase of 11.0%. New models like ES8 and ET9 were launched, enhancing the product lineup [6] - **Li Auto**: Delivered 33,951 units in September, a year-on-year decrease of 36.8% but a month-on-month increase of 19.0%. The company is focusing on expanding its charging network to maintain competitiveness [7] - **Zeekr**: Reported 18,257 units delivered in September, with a year-on-year decrease of 14.4% but a month-on-month increase of 3.6%. The new Zeekr 9X model was launched, featuring advanced technology [8] - **Xiaomi**: Delivered over 40,000 units in September, with the new SUV YU7 positioned as a competitive product in the market [8] Market Trends - The overall automotive market is experiencing growth, with stable pricing and increasing penetration of new energy vehicles, which is expected to continue supporting market dynamics [3] - The trend towards intelligent driving technology is accelerating, with companies like Xpeng and Huawei leading the charge in promoting and iterating on smart driving capabilities [9] - The automotive industry is witnessing a shift towards smart technology, which is becoming a critical competitive factor among manufacturers [10]

| 旭日企业(00393) | 8000.00 | 1.05 万 | 108.00 | 万 | 0.072% | | --- | --- | --- | --- | --- | --- | | 天福(06868) | 3000.00 | 9120.00 | 49.70 | 万 | 0.046% | 智通财经APP获悉，中国恒有源集团(08128)、石四药集团(02005)、蒙牛乳业(02319)、永安国际 (00289)、信利国际(00732)、IGG(00799)、VITASOY INT'L(00345)、希玛眼科(03309)、腾讯控股 (00700)、旭日企业(00393)、恒生银行(00011)、九毛九(09922)、首佳科技(00103)、创新奇智(02121)、联 易融科技-W(09959)、天福(06868)、百宏实业(02299)、骏杰集团控股(08188)、固生堂(02273)、力鸿检 验(01586)、安东油田服务(03337)、明源云(00909)、小米集团-W(01810)、美亨实业(01897)、永达汽车 (03669)、归创通桥-B(02190)、绿城管理控股(09979)、心玮医 ...

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are Green Power Environmental (70.12%), China Telecom (69.73%), and COSCO Shipping Energy (69.52%) [1][2] - Alibaba-W, Tracker Fund of Hong Kong, and Tencent Holdings saw the largest increases in holding amounts over the last five trading days, with increases of +36.52 billion, +14.31 billion, and +11.54 billion respectively [1][2] - The largest decreases in holding amounts were observed in China Mobile (-6.21 billion), China Telecom (-3.50 billion), and China Construction Bank (-3.35 billion) [1][3] Group 1: Hong Kong Stock Connect Holding Ratios - Green Power Environmental (01330) has a holding ratio of 70.12% with 284 million shares [2] - China Telecom (00728) has a holding ratio of 69.73% with 9.678 billion shares [2] - COSCO Shipping Energy (01138) has a holding ratio of 69.52% with 901 million shares [2] Group 2: Recent Increases in Holdings - Alibaba-W (09988) increased by +36.52 billion with a change of +20.56 million shares [2] - Tracker Fund of Hong Kong (02800) increased by +14.31 billion with a change of +52.11 million shares [2] - Tencent Holdings (00700) increased by +11.54 billion with a change of +1.71 million shares [2] Group 3: Recent Decreases in Holdings - China Mobile (00941) decreased by -6.21 billion with a change of -7.46 million shares [3] - China Telecom (00728) decreased by -3.50 billion with a change of -66.46 million shares [3] - China Construction Bank (00939) decreased by -3.35 billion with a change of -45.96 million shares [3]