Investment Rating - The report maintains an "Outperform" rating for the electronics industry [1][10]. Core Insights - The semiconductor sector is experiencing better-than-expected conditions, with price increases across multiple segments driven by rising AI demand. The industry is seeing a recovery in profitability as price hikes are being passed on to consumers [1]. - The CES 2026 event has showcased significant advancements in AR glasses, indicating a year of hardware innovation. Companies are encouraged to focus on AR glasses as they become independent smart devices with enhanced communication and computing capabilities [3]. - NVIDIA has introduced a new storage architecture that redefines the role of NAND Flash, significantly increasing its demand and value in AI applications. This shift is expected to benefit companies in the storage industry [4]. Summary by Sections Semiconductor Industry - The semiconductor industry is witnessing a supply-demand imbalance, particularly in storage and high-end PCB segments. Price increases are anticipated across various manufacturing stages, including wafer foundries and high-end packaging [1]. - The report highlights the potential for domestic semiconductor materials to replace imports, particularly in light of recent anti-dumping investigations against Japanese products [2]. AR Glasses and Consumer Electronics - CES 2026 has seen a variety of AR glasses, with advancements in full-color display technology enhancing user experience and application scenarios. Companies are advised to monitor developments in this area [3]. - The report emphasizes the importance of AR glasses as a platform for AI technology, suggesting a growing market for these devices [3]. Storage Industry - The introduction of NVIDIA's new storage processor platform is expected to revolutionize the role of NAND Flash, making it a critical component in AI processing. This change is likely to drive demand for storage-related companies [4]. - The storage industry is projected to benefit from ongoing AI demand, with a positive outlook for companies involved in NAND Flash production [4]. Key Companies and Recommendations - The report recommends several companies for investment, including: - Semiconductor: 中芯国际 (SMIC), 翱捷科技 (Aojie Technology), 德明利 (Demingli), 蓝思科技 (Lens Technology) [10]. - Storage: 德明利 (Demingli), 江波龙 (Jiangbolong), 佰维存储 (Baiwei Storage) [4][10]. - AR Glasses: 蓝特光学 (Lante Optics), 水晶光电 (Crystal Optoelectronics) [3].

对于小米汽车的谣言是一波接一波，甚至越来越离谱，越来越降智！ 比如前两天，有人造谣卢伟冰离职，还有人称小米高层大换血，雷军也要被替换…… $\begin{array}{c}\includegraphics[height=36.135pt]{28.eps}\end{array}$ \(\begin{array}{c}\includegraphics[height=36. 看了这些标题，恍惚感觉小米汽车这是要走上哪吒汽车老路了？ 甚至还有标题称，小米二手车开始"血崩"，标题都将雪崩写成血崩，不知道的还以为小米汽车患了妇科病，然后还称雷军坐不住了…… 而在社交媒体上，还有大量车商哭惨下跪等表演唱衰行情。 还有车商表示砸手里了，在地上撒泼打滚…… 而米黑们，也是抓住这些视频，当成攻击小米的素材，开始全网剪辑传播。 而真实情况到底是什么样的呢？我们看一下下图：小米SU7的一年保值率达88.91%，在一众新势力中排行第一。 | 排名 | 品牌 | 车系 | 年保值率 | | --- | --- | --- | --- | | 1 | והו | 小米SU7 | 88.91% | | 2 | | 问界M9 | 84.45% ...

Group 1 - Anta Sports (82020), Lenovo Group (80992), and Kuaishou (81024) have the highest short-selling ratios at 100.00%, 78.04%, and 71.83% respectively [1][2] - Alibaba (09988), Tencent Holdings (00700), and Xiaomi Group (01810) lead in short-selling amounts, with 2.968 billion, 1.700 billion, and 1.588 billion respectively [1][2] - China National Building Material (03323), Jiangsu Nanjing Highway (00177), and China Liansu (02128) have the highest deviation values at 33.68%, 31.58%, and 22.77% respectively [1][2] Group 2 - The top short-selling stocks by amount include Alibaba (09988) at 2.968 billion, Tencent Holdings (00700) at 1.700 billion, and Xiaomi Group (01810) at 1.588 billion [2] - The top short-selling ratios are led by Anta Sports (82020) at 100.00%, followed by Lenovo Group (80992) at 78.04%, and Kuaishou (81024) at 71.83% [2] - The highest deviation values are recorded for China National Building Material (03323) at 33.68%, Jiangsu Nanjing Highway (00177) at 31.58%, and China Liansu (02128) at 22.77% [2][3]

Core Insights - The top three companies by Hong Kong Stock Connect shareholding ratios are China Telecom (71.39%), Gree Power Environmental (69.71%), and Kaisa New Energy (68.10%) [1][2] - Tencent Holdings, Xiaomi Group-W, and China Construction Bank saw the largest increases in shareholding amounts over the last five trading days, with increases of +4.302 billion, +3.564 billion, and +1.688 billion respectively [1][2] - The largest decreases in shareholding amounts over the same period were recorded by the Tracker Fund of Hong Kong (-4.857 billion), Alibaba-W (-2.314 billion), and Hang Seng China Enterprises (-2.098 billion) [1][3] Group 1: Shareholding Ratios - China Telecom (00728) has a shareholding ratio of 71.39% with 9.909 billion shares [2] - Gree Power Environmental (01330) has a shareholding ratio of 69.71% with 0.282 billion shares [2] - Kaisa New Energy (01108) has a shareholding ratio of 68.10% with 0.170 billion shares [2] - Tianjin Chuangye Environmental (01065) has a shareholding ratio of 67.45% with 0.229 billion shares [2] - China Shenhua (01088) has a shareholding ratio of 66.32% with 2.240 billion shares [2] Group 2: Recent Increases in Shareholding - Tencent Holdings (00700) increased its shareholding by +4.302 billion, with a change of +6.8552 million shares [2] - Xiaomi Group-W (01810) increased its shareholding by +3.564 billion, with a change of +9.3845 million shares [2] - China Construction Bank (00939) increased its shareholding by +1.688 billion, with a change of +21.6074 million shares [2] - China Life (02628) increased its shareholding by +0.890 billion, with a change of +2.6972 million shares [2] Group 3: Recent Decreases in Shareholding - Tracker Fund of Hong Kong (02800) decreased its shareholding by -4.857 billion, with a change of -17.962 million shares [3] - Alibaba-W (09988) decreased its shareholding by -2.314 billion, with a change of -1.4471 million shares [3] - Hang Seng China Enterprises (02828) decreased its shareholding by -2.098 billion, with a change of -2.2106 million shares [3] - China Mobile (00941) decreased its shareholding by -2.049 billion, with a change of -2.5313 million shares [3]

（文章来源：每日经济新闻） 小米创办人、董事长兼CEO雷军1月14日在微博发文表示，小米汽车车主课堂今年计划开课600多场，覆盖全国50多个城市，全程免费。 ...

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 ...