Core Insights - The article highlights the emergence of domestic AI models, particularly focusing on Xiaomi's MiMo-V2-Flash, which has shown significant advancements in efficiency and performance [1]. Group 1: MiMo-V2-Flash Overview - MiMo-V2-Flash was officially released and open-sourced on December 17, featuring a total parameter count of 309 billion and active parameters of 150 billion, utilizing a mixture of experts (MoE) architecture [1]. - The model achieves a remarkable inference speed of 150 tokens per second, with costs reduced to $0.1 per million tokens for input and $0.3 for output [1]. Group 2: Cost Efficiency Innovations - The model employs a hybrid sliding window attention mechanism, which significantly reduces the storage of KV cache by nearly six times while maintaining long text capabilities, supporting a context window of approximately 256k [9]. - MiMo-V2-Flash integrates a three-layer MTP setup, enhancing encoding task speed by about 2.5 times and addressing GPU idle time issues in small batch on-policy reinforcement learning [10]. - The model utilizes a multi-teacher online policy distillation (MOPD) approach, requiring only 1/50th of the computational power of traditional methods to achieve peak performance, allowing for faster model iterations and self-evolution [10]. Group 3: Competitive Positioning - MiMo-V2-Flash has achieved high rankings in benchmark tests, placing among the top two in the AIME 2025 mathematics competition and GPQA-Diamond science knowledge test, with a programming capability score of 73.4% in the SWE-bench Verified test [6][11]. - The model's performance is noted to be competitive with leading models, closely approaching GPT-5-High in programming tasks [6].

Group 1 - Tencent Holdings (00700), Xiaomi Group-W (01810), and Kuaishou-W (01024) ranked the top three in net inflow of southbound funds, with net inflows of 1.412 billion, 0.870 billion, and 0.775 billion respectively [1] - Alibaba-W (09988), Laopuhuang (06181), and Meituan-W (03690) ranked the top three in net outflow of southbound funds, with net outflows of -2.615 billion, -0.468 billion, and -0.367 billion respectively [1] - In terms of net inflow ratio, Changjiang Infrastructure Group (01038), CLP Holdings (00006), and Hong Kong and China Gas (01083) led the market with ratios of 65.87%, 58.38%, and 56.59% respectively [1] Group 2 - The top ten stocks by net inflow included Tencent Holdings (00700) with 1.412 billion and a net inflow ratio of 12.94%, and Kuaishou-W (01024) with 0.775 billion and a net inflow ratio of 26.20% [2] - The top ten stocks by net outflow included Alibaba-W (09988) with -2.615 billion and a net outflow ratio of -15.38%, and Laopuhuang (06181) with -0.468 billion and a net outflow ratio of -29.76% [2] - The top three stocks by net inflow ratio were Changjiang Infrastructure Group (01038) at 65.87%, CLP Holdings (00006) at 58.38%, and Hong Kong and China Gas (01083) at 56.59% [3]

Core Viewpoint - The Hang Seng Index (HSI) experienced a slight decline, closing at 26,787.80, down 0.23% from the previous close, indicating a mixed performance in the Hong Kong stock market [1]. Group 1: Market Performance - The Hang Seng Index closed at 26,787.80, down 60.67 points or 0.23% [1]. - The index reached a high of 26,950.81 and a low of 26,739.26 during the trading session, with a trading volume of 52.77 million shares [1]. - The average price for the session was 26,845.04, with a 52-week high of 27,275.90 and a low of 19,335.70 [1]. Group 2: Major Blue-Chip Stocks - HSBC Holdings closed at HKD 127.188, up 0.62% compared to the previous close [2]. - Tencent Holdings closed at HKD 624.864, down 0.42% from the previous close [2]. - Alibaba Group saw a price increase of 3.63%, closing at HKD 159.900 [3]. - Other notable performances include AIA Group up 0.84% at HKD 84.400 and China Construction Bank up 1.17% at HKD 7.810 [3].

Core Insights - The global smartwatch market is expected to rebound with a 7% year-on-year growth in 2025 after experiencing a decline in 2024, marking the first downturn in the market's history [1] - The growth in 2025 is driven by strong performances from Chinese brands like Huawei, Xiaomi, and Little Genius, as well as Apple's expansion through new smartwatch models [1][2] - The market is witnessing a structural shift towards mid-to-high-end smartwatches, with a focus on health-related applications and advanced features such as AI integration and 5G support [2] Group 1: Market Performance - In Q3 2025, global smartwatch shipments are projected to increase by 9% year-on-year, reaching 41 million units, continuing the rebound from the previous quarter [1] - Apple's new smartwatch models are expected to see a 12% year-on-year increase in shipments for the entire year of 2025, helping the company recover from seven consecutive quarters of decline [1] - The global smartwatch market experienced its first decline in 2024, primarily due to Apple's performance drop and reduced demand for basic models [1] Group 2: Regional Insights - China has emerged as the most significant growth engine in the global smartwatch market, with three out of the top five brands being Chinese [3] - The market share of Chinese brands is projected to rise from 25% in 2024 to an estimated 31% in 2025, maintaining the largest shipment share globally [3] - Huawei's shipments are expected to surge by 42% year-on-year in 2025, increasing its market share from 13% to 18%, while Xiaomi is projected to grow by 22%, moving its share from 8% to 9% [3] Group 3: Future Projections - The shipment volume of HLOS (Host Operating System) smartwatches is expected to grow at a compound annual growth rate of 7% from 2025 to 2030, with a 14% year-on-year increase in 2025 [3] - Apple and Huawei are expected to perform well in the HLOS smartwatch segment, while Samsung's shipments are projected to decline by 5% [3] - The shipment volume of children's smartwatches is anticipated to grow by 4% year-on-year, with Little Genius maintaining its leading position [3]

小米集团-W回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2026.01.13 | 400.00 | 38.040 | 37.940 | 15200.88 | | 2026.01.09 | 400.00 | 37.920 | 37.740 | 15132.64 | | 2026.01.08 | 500.00 | 38.160 | 38.040 | 19057.99 | | 2026.01.07 | 390.00 | 38.200 | 38.120 | 14883.60 | | 2026.01.06 | 385.00 | 38.900 | 38.860 | 14967.00 | | 2026.01.05 | 380.00 | 39.320 | 39.220 | 14929.13 | （文章来源：证券时报网） 证券时报·数据宝统计，小米集团-W在港交所公告显示，1月13日以每股37.940港元至38.040港元的价格 回购400.00万股，回购金额达1.52亿港元。该股当日收 ...

Market Overview - On January 13, the Hang Seng Index rose by 0.90%, closing at 26,848.47 points, with a total net inflow of HKD 1.296 billion through the southbound trading channel [1][4] - The total trading volume for the southbound trading was HKD 137.348 billion, with a net buy of HKD 1.296 billion [1] Trading Activity - In the Shanghai-Hong Kong Stock Connect, the trading volume was HKD 82.493 billion, with a net buy of HKD 0.149 billion, while the Shenzhen-Hong Kong Stock Connect had a trading volume of HKD 54.855 billion and a net buy of HKD 1.147 billion [1] - The most actively traded stock in the Shanghai-Hong Kong Stock Connect was Alibaba-W, with a trading amount of HKD 81.051 billion, followed by Tencent Holdings and Xiaomi Group-W, with trading amounts of HKD 29.445 billion and HKD 28.570 billion, respectively [1][3] Stock Performance - In terms of net buy amounts, Xiaomi Group-W led with a net buy of HKD 0.324 billion, despite its closing price dropping by 1.96% [1] - Alibaba-W had the highest net buy in the Shenzhen-Hong Kong Stock Connect, amounting to HKD 1.161 billion, with its closing price increasing by 3.63% [2][3] - The stock with the highest net sell was China Mobile, with a net sell of HKD 0.804 billion, and its closing price decreased by 0.25% [1][3] Detailed Trading Data - The top ten actively traded stocks in the southbound trading included: - Alibaba-W: HKD 81,050.183 million (net sell: HKD 9.046 million, daily change: +3.63%) [3] - Tencent Holdings: HKD 29,449.159 million (net buy: HKD 0.661 million, daily change: +0.72%) [3] - Xiaomi Group-W: HKD 28,572.459 million (net buy: HKD 32.370 million, daily change: -1.96%) [3] - SMIC: HKD 22,715.902 million (net sell: HKD 17.347 million, daily change: -1.13%) [3]

Market Overview - On January 13, the Hang Seng Index rose by 0.90%, with total southbound trading amounting to HKD 137.35 billion, including buy transactions of HKD 69.32 billion and sell transactions of HKD 68.03 billion, resulting in a net buying amount of HKD 1.30 billion [1] Southbound Trading Activity - The southbound trading through Stock Connect (Shenzhen) recorded a total trading amount of HKD 54.86 billion, with buy transactions of HKD 28.00 billion and sell transactions of HKD 26.85 billion, leading to a net buying amount of HKD 1.15 billion [1] - The southbound trading through Stock Connect (Shanghai) had a total trading amount of HKD 82.49 billion, with buy transactions of HKD 41.32 billion and sell transactions of HKD 41.17 billion, resulting in a net buying amount of HKD 0.15 billion [1] Active Stocks - Alibaba-W was the most actively traded stock with a total trading amount of HKD 139.06 billion and a net buying amount of HKD 10.71 billion, closing with a price increase of 3.63% [1][2] - Tencent Holdings followed with a total trading amount of HKD 52.93 billion and a net buying amount of HKD 7.56 billion, closing with a price increase of 0.72% [1][2] - Xiaomi Group-W had a total trading amount of HKD 49.62 billion and a net buying amount of HKD 6.07 billion, closing with a price decrease of 1.96% [1][2] Continuous Net Buying and Selling - Three stocks experienced continuous net buying for more than three days, with Xiaomi Group-W, Tencent Holdings, and Kuaishou-W having net buying days of 9, 5, and 3 respectively [2] - Tencent Holdings had the highest cumulative net buying amount of HKD 69.99 billion, followed closely by Xiaomi Group-W with HKD 69.33 billion [2] - Two stocks faced continuous net selling, with China Mobile and Meituan-W having net selling amounts of HKD 52.84 billion and HKD 11.67 billion respectively [2]

| 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2026.01.13 | 400.00 | 38.040 | 37.940 | 15200.88 | | 2026.01.09 | 400.00 | 37.920 | 37.740 | 15132.64 | | 2026.01.08 | 500.00 | 38.160 | 38.040 | 19057.99 | | 2026.01.07 | 390.00 | 38.200 | 38.120 | 14883.60 | | 2026.01.06 | 385.00 | 38.900 | 38.860 | 14967.00 | | 2026.01.05 | 380.00 | 39.320 | 39.220 | 14929.13 | 今年以来该股累计进行6次回购，合计回购2455.00万股，累计回购金额9.42亿港元。（数据宝） 小米集团-W回购明细 证券时报 数据宝统计，小米集团-W在港交所公告显示，1月13日以每股37.940港元至38.04 ...

Core Viewpoint - The practice of benchmarking flagship smartphone models against Apple's Pro Max is a common commercial strategy, utilized by major companies including Apple, Google, and others, which often involves imitation and adaptation [1][5]. Group 1: Industry Insights - Xiaomi's investment partner, Pan Jiutang, emphasizes that benchmarking is a prevalent business strategy, not limited to Chinese companies but also adopted by tech giants like Apple, Microsoft, and Google [1][5]. - Huang Xiaowen, co-founder and editor-in-chief of C Technology, suggests that many smartphone manufacturers may label their flagship models as Pro Max this year to reduce user recognition costs and marketing expenses [4][8]. Group 2: Company Specifics - The naming controversy surrounding Xiaomi's 17 series is highlighted, as it coincides with the launch of Apple's iPhone 17 series, leading some to accuse Xiaomi of riding on Apple's coattails [9]. - Xiaomi's mobile division president, Lu Weibing, clarifies that the naming of the Xiaomi 17 series was a result of long-term planning and not a hasty imitation, indicating that the decision was based on technological evolution and market strategy [9].

Core Insights - Xiaomi's entry into the automotive industry was initially met with skepticism, but the company has successfully delivered over 500,000 vehicles by the end of November 2025, with an annual delivery target of 410,000 for that year [1][2][3] Group 1: Sales Performance - As of November 2025, Xiaomi has delivered more than 500,000 vehicles, indicating strong market acceptance and performance [1][2] - The demand for Xiaomi vehicles is so high that customers are facing wait times of over six months to receive their cars [3] Group 2: Used Car Market - Recently, there has been a significant decline in the prices of Xiaomi's used cars, particularly in Shanghai, where the SU7 has dropped by approximately 50,000 yuan, and the SU7 Ultra has seen a price drop of up to 140,000 yuan [3][4] - The price drop in used cars is attributed to the release of the new generation SU7, which features upgrades in range and technology, with only a slight price increase of 10,000 yuan [4] Group 3: Market Dynamics - The rapid evolution of the electric vehicle market has led to increased competition, making it challenging for Xiaomi to maintain the resale value of its vehicles [4] - Xiaomi's high visibility and media scrutiny have resulted in a backlash, impacting the brand's perception and the resale market for its cars [4]