Core Insights - The initial sales results of the Xiaomi 17 have been very positive, with the Pro Max model selling the best, followed by the Pro model, surpassing the 6K+ threshold [1] - The decision not to include a 1TB version in the initial launch was based on low sales proportions of the previous generation's standard version [1] - Following user feedback, the company has decided to increase the production of the 1TB version, which will begin delivery on October 5 [1]

Market Performance - The Hong Kong stock market experienced a significant rise, with the Hang Seng Index closing up 1.89% at 26,622.88 points and a total trading volume of HKD 309.1 billion [1] - The Hang Seng Tech Index increased by 2.08%, closing at 6,324.25 points, while the Hang Seng China Enterprises Index rose by 1.62% to 9,454.12 points [1] Blue-Chip Stocks - Alibaba (09988) saw a notable increase of 4.14%, closing at HKD 173.4, contributing 104.49 points to the Hang Seng Index [2] - Morgan Stanley raised its forecast for Alibaba's capital expenditure for FY2026-2028 from RMB 100-108 billion to RMB 130-135 billion, citing growth in Alibaba Cloud [2] - Other blue-chip stocks like New Oriental (09901) and Zijin Mining (02899) also performed well, with increases of 7.86% and 5.86% respectively [2] Sector Performance - Large technology stocks generally rose, with Kuaishou and Alibaba both up over 4%, while Xiaomi saw a decline of 2.01% [3] - The financial sector showed strong performance, with Huatai Securities (06886) up 12.55% and other major brokerages also experiencing significant gains [3] - The metals sector performed well, with stocks like Zhaojin Mining (01818) and Ganfeng Lithium (01772) rising by 6.68% and 6.55% respectively [4][5] Policy and Economic Outlook - The central bank emphasized the need for a moderately loose monetary policy to boost credit and investment in the financial sector [4] - The A-share margin trading balance reached a historical high, indicating increased trading activity and potential for growth in brokerage earnings [4] Emerging Trends - The demand for energy storage is strong, with leading battery companies operating at full capacity and orders extending into next year [7] - The new energy storage installation target for 2027 is set at 180 million kilowatts, which is expected to drive an investment of approximately RMB 250 billion [7] - The gaming and tourism sectors are anticipated to benefit from the upcoming National Day holiday, with hotel occupancy rates nearing 90% [8] Notable Stock Movements - Ubiquitous Robotics (09880) reported a significant contract worth RMB 30 million for its humanoid robots, indicating strong demand in the robotics sector [6] - Lai Kai Pharmaceutical (02105) saw an increase of 11.16% after positive results from its obesity treatment trials [10] - Xiaomi (01810) faced a decline of 2.01% due to a downward revision in expected shipments for its 17 series smartphones [11]

Core Viewpoint - Xiaomi has no plans to reduce orders for its products, as the introduction of the Xiaomi 17 standard version with a 16GB+1TB configuration and increased orders for the 17 Pro series will lead to a change in product structure and an overall increase in product orders compared to the previous generation [1][2]. Group 1 - The Xiaomi 17 series aims to compete directly with Apple by enhancing product structure and targeting the high-end market starting from 6,000+ [3]. - Initial sales results for the Xiaomi 17 series have been promising, with the Pro Max model performing the best among the three variants, indicating a significant improvement in product structure [4]. - The company has decided to increase the production of the 1TB version of the standard model due to user feedback, with deliveries set to begin on October 5 [4]. Group 2 - The company acknowledges the risks associated with its bold innovations and changes in the Xiaomi 17 series but believes that the risk of not adapting is greater [4]. - User feedback and purchasing behavior have validated the company's innovative approach, reinforcing confidence that the Xiaomi 17 series will outperform the previous Xiaomi 15 series in sales [4].

Market Performance - The Hong Kong stock market experienced a significant rise, with the Hang Seng Index closing up 1.89% at 26,622.88 points and a total trading volume of 309.1 billion HKD [1] - The Hang Seng Tech Index rose by 2.08%, while the Hang Seng China Enterprises Index increased by 1.62% [1] Blue-Chip Stocks - Alibaba (09988) saw a notable increase of 4.14%, closing at 173.4 HKD, contributing 104.49 points to the Hang Seng Index [2] - Morgan Stanley raised its forecast for Alibaba's capital expenditure for 2026-2028 from 100-108 billion RMB to 130-135 billion RMB, citing growth in Alibaba Cloud [2] - Other blue-chip stocks like New Oriental (09901) and Zijin Mining (02899) also performed well, while Xiaomi (01810) and Li Auto (02015) faced declines [2] Sector Performance - Major technology stocks generally rose, with Kuaishou and Alibaba increasing over 4%, while Xiaomi fell over 2% [3] - Financial stocks surged, with Huatai Securities (06886) up 12.55% and other major brokerages also showing strong gains [3] - The non-ferrous metals sector performed well following the release of a growth plan, with stocks like Zhaojin Mining (01818) and Ganfeng Lithium (01772) seeing significant increases [4][5] Policy and Economic Outlook - The central bank emphasized the need for a moderately loose monetary policy to boost credit and investment in the financial sector [4] - The A-share margin trading balance reached a historical high, indicating increased trading activity and potential for growth in brokerage earnings [4] Emerging Trends - The demand for energy storage is strong, with leading battery companies operating at full capacity and orders extending into next year [7] - The new energy storage installation target for 2027 is set at over 180 million kilowatts, which is expected to drive significant investment [7] - The gaming and tourism sectors are anticipated to perform well during the upcoming National Day holiday, with hotel occupancy rates nearing 90% [8] Notable Stock Movements - Dazhong Public Utilities (01635) surged by 15.97% following news of a successful IPO application for Moole Thread, which aims to raise 8 billion RMB [9] - Lakai Pharmaceuticals (02105) rose by 11.16% after reporting positive initial results for its obesity treatment in China [10] - Xiaomi (01810) faced a decline of 2.01% due to a downward revision in expected shipments for its 17 series smartphones [11]

Core Viewpoint - Xiaomi currently has no plans to reduce orders, indicating a positive outlook for product demand and sales growth [1] Group 1 - Xiaomi has introduced a new version of the Xiaomi 17 standard model with 16GB RAM and 1TB storage, which contributes to an increase in overall product orders compared to the previous generation [1] - The company is experiencing a shift in product structure due to increased orders for the Xiaomi 17 Pro series, suggesting a strategic focus on higher-end products [1] - Xiaomi expresses gratitude for user support in its high-end product offerings and encourages customers to visit stores to see the new models during the National Day holiday [1]

Core Viewpoint - Xiaomi Group's public relations manager Wang Hua stated that there are currently no plans to reduce orders, indicating a positive outlook for product demand and production levels [1] Group 1 - The introduction of the Xiaomi 17 standard version with a 16GB+1TB configuration is expected to increase overall product orders compared to the previous generation [1] - The addition of orders for the 17 Pro series will lead to a change in the product structure and distribution [1]

他认为，从竞争角度看，小米2026年于中国高阶市场面临挑战。苹果的iPhone在中国的最坏时机已过， 小米需面对来自新款iPhone的竞争压力，包括明年上半年的新款iPhone SE，及下半年苹果有新款高阶 iPhone系列。若小米17系列在十一国庆长假销情没有进一步改善，为提振高阶机型的总出货量，降低特 定机型售价是其中一个可能的做法。展望2026年，小米18系列的竞争策略与端侧AI布局，为高阶机型 能否恢复增长的关键。 郭明錤解释称，下降主因是小米17标准版需求低于预期。原先预估标准版需求最强劲，可占整体小米17 系列约50%至55%，但实际开卖后仅占约15%至20%，小米17 Pro Max与Pro虽有增加订单，但仍无法抵 销17标准版砍单，故整体出货预估下降约两成。至于小米17标准版需求低于预期的主因之一，是由于苹 果的iPhone17标准版在中国市场的销量超预期。 智通财经APP获悉，小米(01810)上周发布小米17系列等新产品，最平价的小米17标准版索价4499元起。 郭明錤表示，根据其最新的产业调查显示，小米17系列总出货量将显著下降20%，原先目标约1000万 部，若后续无更积极的价格策略或 ...

Investment Rating - The report maintains a "Recommended" rating for Xiaomi Group-W (1810.HK) [7] Core Viewpoints - Xiaomi is transitioning from an "Internet company" to a "hardcore technology" company, with significant investments in self-developed chips and electric vehicles [2] - The launch of the Xiaomi 17 series and the introduction of customized automotive services are expected to enhance sales and profitability [5] Summary by Relevant Sections Product Launch and Innovation - On September 25, Xiaomi held its annual event, unveiling the Xiaomi 17 series, Xiaomi Pad 8 series, and various other products, including the Xiaomi TV S Pro Mini LED 2026 and Mi Home appliances [1] - The Xiaomi 17 series features a starting price of 4,499 RMB, equipped with a new 6.3-inch OLED screen and the fifth-generation Snapdragon 8 processor, showing a 20% performance improvement over the previous generation [3] Financial Projections - The company is projected to achieve revenues of 509.30 billion RMB in 2025, 640.91 billion RMB in 2026, and 749.65 billion RMB in 2027, with corresponding net profits of 44.44 billion RMB, 64.05 billion RMB, and 81.83 billion RMB [6] - The expected P/E ratios for the years 2025, 2026, and 2027 are 29, 20, and 16, respectively [5] Automotive Business Development - The Xiaomi YU7 has achieved significant sales, with over 240,000 units locked in within 18 hours of launch, and it is noted for its impressive range and family-friendly features [4] - The introduction of customized services for the YU7 aims to enhance profit margins in the automotive sector [5]

Group 1 - Nvidia and OpenAI have established a strategic partnership, with Nvidia planning to invest up to $100 billion in phases to build AI data centers and deploy at least 10 gigawatts of computing power to support the training and operation of OpenAI's next-generation AI models [1][2][3] - The initial phase of the computing cluster is set to launch in the second half of 2026 on the NVIDIA Vera Rubin platform, which will integrate between 5 million to 10 million Nvidia Rubin series GPU chips [3] - OpenAI will become Nvidia's preferred computing and networking partner, enhancing collaboration on model optimization and infrastructure development, while also complementing existing partnerships with Microsoft, Oracle, and others [3] Group 2 - Xiaomi held a product launch event, introducing the Xiaomi 17 series, which aims to directly compete with the iPhone, showcasing innovations across consumer electronics and smart ecosystems [1][4] - The Xiaomi 17 series features the fifth-generation Snapdragon 8 processor, built on a 3nm process, with significant advancements in screen, battery, and imaging technology [5] - The series includes a 7000mAh battery with improved energy density and low-temperature performance, and a camera system with a 50MP main sensor, highlighting Xiaomi's commitment to innovation in the smart ecosystem [5][4] Group 3 - The electronic industry is experiencing a mild recovery, with a recommendation to focus on AI server supply chains, AIOT, equipment materials, and domestic automotive electronics [2][7] - The semiconductor sector has shown a notable increase of 7.64%, while other electronic sub-sectors have varied performance, indicating a mixed market response [6] - Investment suggestions include companies benefiting from strong domestic and international demand in AIOT, AI innovation-driven sectors, and those involved in the domestic replacement of semiconductor supply chains [7]

Core Viewpoint - The smartphone industry is undergoing a significant transformation driven by advancements in AI, foldable screens, and imaging technology, moving away from incremental innovations to substantial technological breakthroughs [1][4][8] Group 1: Recent Developments by Major Manufacturers - Apple launched the iPhone 17 series, featuring a significant storage increase and the introduction of a high refresh rate screen across all models, marking a major leap in the iPhone lineup [2][3] - Huawei showcased the long-awaited Kirin 9020 chip and HarmonyOS 5.1 during its Mate XTs launch, emphasizing a 36% performance improvement [3][4] - Xiaomi announced the Xiaomi 17 series, which includes the fifth-generation Snapdragon 8 processor, promising significant enhancements in performance and efficiency [2][3] Group 2: Market Trends and Competitive Dynamics - The smartphone market is shifting from a focus on parameter competition to core technological innovations, as manufacturers respond to the saturation of the market and the need for substantial consumer engagement [4][5] - The global smartphone market saw a slight decline in shipments, with a total of 140 million units shipped in the first half of the year, a decrease of 3 million units compared to the previous year [4][6] - The high-end smartphone segment (priced above $600) experienced an 8% year-on-year growth in the first half of 2025, with Apple maintaining a 62% market share despite a slower growth rate [6][8] Group 3: Consumer Behavior and Demand Shifts - The average smartphone replacement cycle has extended to approximately three years, indicating that consumers are increasingly valuing durability and long-term usability [5][6] - Consumers are shifting their focus from mere performance specifications to overall user experience, including battery life, imaging capabilities, and AI functionalities [5][6] Group 4: Future Outlook and Strategic Directions - The smartphone industry is expected to continue evolving towards experience-driven competition, with a focus on AI, ecosystem integration, and foundational technological innovations [7][8] - Companies are exploring new growth avenues through ecosystem collaboration and global expansion, with Huawei and Xiaomi leading in market share recovery and growth [7][8]