Group 1 - On January 16, 2026, Alibaba-W (09988), Tencent Holdings (00700), and SMIC (00981) were the top three companies by trading volume in the Southbound Stock Connect, with transaction amounts of 40.30 billion, 34.43 billion, and 33.48 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also ranked as the top three, with transaction amounts of 29.23 billion, 23.54 billion, and 22.23 billion respectively [1] Group 2 - The top active companies in the Southbound Stock Connect included Alibaba-W (09988) with a net buying amount of +56.02 million, Tencent Holdings (00700) with +57.91 million, and SMIC (00981) with +510 million [2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988) had a net selling amount of -16.43 million, while SMIC (00981) recorded a net buying amount of +574 million [2]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 小米集团 (於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期： 2026年1月16日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | | 股份類別 B | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01810 | 說明 | | | | | | | | 多櫃檯證券代號 | 81810 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | ...

Group 1 - The core viewpoint of the article highlights that Beijing Xiaomi Mobile Software Co., Ltd. has applied for a patent related to a "large page allocation method, device, equipment, storage medium, and program product" aimed at improving memory resource utilization and application performance [1] Group 2 - The patent application was published under CN121326541A with a filing date of July 2024 [1] - The method described in the patent allows for flexible allocation of large pages based on the size of the virtual memory area, which helps to avoid excessive memory resource usage and addresses issues related to page faults and TLB misses [1] - Beijing Xiaomi Mobile Software Co., Ltd. was established in 2012, is located in Beijing, and primarily engages in software and information technology services, with a registered capital of 148.8 million RMB [1] - The company has made investments in 4 enterprises, participated in 149 bidding projects, and holds 5000 patent records along with 123 administrative licenses [1]

Group 1 - The net buying of southbound funds amounted to 0.94 billion HKD, with the top three net purchases being SMIC, Xiaomi Group-W, and Hua Hong Semiconductor, which received net purchases of 10.84 billion HKD, 8.67 billion HKD, and 5.85 billion HKD respectively [1] - On the selling side, China Mobile, Alibaba Health, and CNOOC experienced net sales of 10.74 billion HKD, 4.62 billion HKD, and 1.08 billion HKD respectively [1]

Core Insights - The 2026 Beijing Commercial Brand Conference and the announcement of the "Top Ten Commercial Brands of Beijing 2025" took place, focusing on the theme of "New Demand, New Supply" [1] - The event highlighted the importance of quality, taste, and brand in driving high-quality development in Beijing's commercial landscape [3] Group 1: Brand Recognition - The "Top Ten Commercial Brands of Beijing 2025" includes brands such as Beijing Daoxiangcun, Beijing Huaten, Beijing SKP, and Xiaomi, representing various sectors like shopping centers, dining, and e-commerce [3] - These brands are recognized as leaders in their fields and are pivotal in promoting the continuous development of Beijing's commercial sector [3][4] Group 2: Market Trends and Innovations - The year 2025 is characterized by industry integration and cross-border innovation, with new special awards introduced to recognize outstanding practices in financial products, cultural tourism, and fashion consumption [7] - The focus has shifted from production capacity to understanding market needs and stimulating demand, opening new opportunities for brands [4] Group 3: Service and Innovation - Four permanent sub-lists were established to recognize excellence in service quality, business model innovation, craftsmanship, and emerging brands, encouraging self-innovation and meeting diverse consumer needs [6] - The event also emphasized the rapid growth of the fashion and trendy play market in Beijing, with initiatives to promote these brands and enhance consumer experiences [8] Group 4: Future Directions - A new platform for cross-industry collaboration was launched, aimed at integrating various sectors such as culture, commerce, tourism, and sports, enhancing resource sharing and market cooperation [8] - The "Top Ten Commercial Brands" initiative has evolved over 20 years, reflecting the growth of numerous brands and the dynamic development of the commercial ecosystem in Beijing [8]

Core Viewpoint - The Hong Kong stock market in 2025 is characterized by a "dual-driven" capital active state of "IPO + refinancing," with both segments experiencing significant recovery, raising a total of 285.6 billion HKD in IPOs and 273.5 billion HKD in refinancing, indicating equal importance in the competition for underwriting strength in the Hong Kong equity financing market [1][7]. Group 1: Market Overview - The total IPO fundraising in the Hong Kong market reached 285.6 billion HKD as of January 16, 2026, while refinancing (including convertible bonds) amounted to 273.5 billion HKD, showing a balanced financing scale [1][7]. - The competition among major players such as CITIC, CICC, Morgan Stanley, and Goldman Sachs has led to distinct competitive paths, with domestic institutions focusing on the IPO track and foreign institutions concentrating on the refinancing track [1][7]. Group 2: Major Players and Their Strategies - CITIC Securities led the underwriting market with a total underwriting scale of 90.1 billion HKD, including 57.8 billion HKD in IPOs and 32.3 billion HKD in refinancing [2][8]. - Morgan Stanley achieved a total underwriting scale of 62.9 billion HKD, with nearly equal contributions from IPOs (30.8 billion HKD) and refinancing (32.2 billion HKD), making it one of the few firms excelling in both areas [3][9]. - Goldman Sachs focused heavily on the refinancing sector, leading with an underwriting scale of 43 billion HKD, primarily through large projects like BYD and Xiaomi, while only participating in 8 IPOs throughout the year [5][11]. Group 3: Project Highlights - Morgan Stanley's top IPO projects included Zijin Mining International (28.7 billion HKD), Hengrui Medicine (11.4 billion HKD), and Haitian Flavoring & Food (10.6 billion HKD) [4][10]. - Goldman Sachs' notable refinancing projects included BYD (43.5 billion HKD) and Xiaomi (42.6 billion HKD), which accounted for 90% of its refinancing scale [6][12].

Core Viewpoint - Xiaomi is planning to adopt TSMC's N3P process for its second-generation self-developed SoC, the Xuanjie O2, instead of the latest 2nm process, and aims to expand the application of its self-developed chips beyond smartphones [1][2] Group 1: Product Development and Strategy - The Xuanjie O2 is expected to be applied in "non-smartphone" products, indicating Xiaomi's intention to broaden its chip usage [1] - The first-generation SoC, Xuanjie O1, was launched last year but was only used in a limited number of products, such as the Xiaomi 15S Pro and Xiaomi Pad 7 series [1] - Industry insiders suggest that the Xuanjie O1 served primarily to test Xiaomi's technical capabilities and market acceptance rather than to replace existing SoC suppliers like Qualcomm and MediaTek [1] Group 2: Market Competition and Challenges - Qualcomm and MediaTek are transitioning to more advanced 2nm processes for their flagship SoCs, which could weaken the market competitiveness of Xiaomi's Xuanjie O2 if it uses the N3P process [2] - TSMC's 2nm process has limited initial capacity, already allocated to major clients like Apple and Nvidia, making it difficult for Xiaomi to secure early production capacity [2] - The cost of 2nm processes is significantly higher than that of 3nm, which, combined with rising memory chip prices, has increased the overall material costs for smartphones by over 25% [2] Group 3: Pricing and Financial Implications - The launch price of the Xiaomi 17 Ultra has increased by around 500 yuan compared to its predecessor, indicating a trend of rising product prices [3] - Xiaomi's president has indicated that significant price increases are expected across the industry in the coming year, which may further pressure profit margins if higher-cost processes are adopted [3] - Xiaomi is likely to use its self-developed processors in mid-range and sub-flagship products, potentially exerting pressure on MediaTek, which primarily supplies non-flagship models [3] Group 4: Future Innovations and Investments - Xiaomi's founder has stated that by 2026, the company aims to achieve a "triple integration" of self-developed chips, operating systems, and AI models in a single product, marking a significant technological milestone [4] - Over the past five years, Xiaomi has committed approximately 105 billion yuan to core technology research and plans to invest 200 billion yuan over the next five years [4] - The company is targeting comprehensive chip coverage across its entire product line, including tablets, PCs, and automobiles, with the Xuanjie O2 leading this initiative [3][4]

Core Viewpoint - The Hong Kong stock market in 2025 is experiencing a resurgence in capital activities driven by a dual engine of "IPO recovery and refinancing revival," positioning it back at the forefront of global capital markets [1][11]. IPO Market - The total amount raised through IPOs in Hong Kong reached 285.6 billion HKD in 2025, making it the largest IPO fundraising exchange globally [1][11]. - Major contributors to the IPO market include established companies such as CATL, which raised 41 billion HKD through an A to H share offering, and Zijin Mining, which raised 28.7 billion HKD through a spin-off listing [3][13]. Refinancing Market - The total amount raised through refinancing (including convertible bonds) surged to 273.5 billion HKD, a 417% increase from 53.3 billion HKD in 2024, bringing the combined total for IPOs and refinancing to 559.1 billion HKD, nearly quadrupling from 1.414 billion HKD in 2024 [1][11]. - The consumer discretionary sector dominated the refinancing market with 98.9 billion HKD, accounting for 36% of the total, supported by significant projects like BYD's 43.5 billion HKD issuance [3][13]. Major Refinancing Projects - The top refinancing projects in 2025 included: - BYD: 43.5 billion HKD - Xiaomi: 42.6 billion HKD - NIO: 13.1 billion HKD from two issuances [4][14]. Market Dynamics - A total of 63 companies completed two or more refinancing rounds in 2025, indicating a trend of "on-demand financing" to support business expansion and R&D [5][15]. - Overnight bookbuilding became the predominant method for refinancing, accounting for over 95% of the total refinancing scale, with all top ten refinancing projects executed through this method [6][16]. Quarterly Trends - The refinancing peaks occurred in the first and third quarters, with amounts reaching 106.5 billion HKD and 93.4 billion HKD, respectively, aligning with the performance cycles of the Hang Seng Index [7][18]. - The first and third quarters coincided with phases of rising market sentiment, allowing companies to capitalize on high stock prices for optimal fundraising [8][18].

Core Insights - The event "2026 Beijing Commercial Brand Conference" was successfully held, revealing the "Top Ten Commercial Brands of Beijing for 2025" under the theme "New Demand, New Supply" [1] Group 1: Event Overview - The conference was guided by the Beijing Municipal Bureau of Commerce and co-hosted by Beijing Daily Media Group and Beijing Commercial Association [1] - The event gathered government leaders, commercial experts, and corporate representatives to witness the unveiling of outstanding brand cases [1] Group 2: Top Ten Commercial Brands - The "Top Ten Commercial Brands of Beijing for 2025" recognizes ten brands that have shown outstanding performance and led industry development [4] - The awarded brands include: - Beijing Daoxiangcun: A century-old brand that redefines new Chinese aesthetics through traditional craftsmanship [4] - Beijing Huatian: A restaurant brand that merges traditional flavors with modern technology [5] - Beijing SKP: A retail center known for its luxury and local high-end brand aggregation [6] - Beijing Sanlitun Taikoo Li: A hub of fashion that continuously innovates and leads global aesthetic trends [7] - Caibai Jewelry: Innovates industry standards with RFID technology and creates cultural IP collaborations [8] - JD.com: Reshapes retail with a super supply chain and drives digital transformation through AI [9] - Meituan: Redefines urban life with a blend of retail and technology, achieving rapid delivery solutions [10] - Pop Mart: A Chinese original toy brand that has gained international recognition and cultural significance [11] - Wuyutai: A century-old tea brand that modernizes traditional tea products for younger consumers [12] - Xiaomi: Focuses on high-end transformation and technological innovation to enhance competitiveness in Beijing [12]

Group 1 - The core point of the article is that Beijing Xiaomi Mobile Software Co., Ltd. has applied for a patent related to an information display method and device, which aims to enhance online display functionality and improve user experience [1] Group 2 - The patent application, titled "Information Display Method and Device, Electronic Equipment, Storage Medium, Program Product," was published under CN121326201A with an application date of July 2024 [1] - The method involves obtaining real-time images of physical objects to be displayed along with their marking information, marking the objects in the images, and generating a marked display in real-time [1] Group 3 - 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 [1] - The company has made investments in 4 enterprises, participated in 149 bidding projects, and holds 5000 patent records along with 123 administrative licenses [1]