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]

对这件事，整个小米公司做了非常认真地调查，最后做出严肃处理。我觉得不是因为这个KOL批评了 小米，也不是因为这个KOL得罪了米粉。其实15年来批评小米的人很多，甚至大家开玩笑说很多批评 小米的同学们最后加入了小米，我觉得这都很正常。 也希望米粉朋友们能理解，过去八九个月小米一直处在长期持续高烈度的负面舆情之中，让我们公关部 的团队疲惫不堪，我觉得他们的动作确实有些变形。我也希望米粉朋友们给他们一个改过的机会。 雷军：最近几天，我们接触了某一个自媒体，对洁云也有一些处罚。大家为他抱不平，说是不是处罚有 点重？甚至觉得我们是不是被极端一些人裹挟等等。 （视频编辑：许婷婷） 21世纪经济报道记者何煦阳 报道 那么这次为什么这么严重？我觉得是因为这个KOL一直在攻击、贬低小米用户，甚至诅咒小米用户。 作为企业我们肯定不能容忍，我们的底线是要坚定站出来保护我们的用户，保护我们的车主，绝对不能 容忍任何诋毁车主、诅咒车主的KOL，不能容忍和这样的人合作。 ...

但是现在距离当时已经过去十多年了，小米的规模、业务复杂程度、跨度也不可同日而语。在这个过程 当中，我们也逐步向同行学习，一点一点、一步一步去建立市场营销体系。 大家有时候对此俗称"挖坟"，去找十几年前我在某个地方说的某一句话，再拿出来跟今天的小米比。 其实十多年前雷总确实在接受采访的时候说过小米不投广告，基本上也没有市场部、公关部等组织。但 注意，那个时候小米刚刚创业不久，也的确主要靠工程师活跃在社区、微博上，跟用户直接沟通。 21世纪经济报道记者何煦阳报道 雷军：当时的小米可能才一两千人，今天的小米已经七八万人，差很远。 徐洁云：之前我们网友有问："雷军原来说自己不做投放推广"，结果这次啪啪打脸，不仅投放了，而且 还找的是不友好阵营的博主。 ...

Core Insights - On January 13, 2026, Alibaba-W (09988), Tencent Holdings (00700), and Xiaomi Group-W (01810) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 81.05 billion, 29.45 billion, and 28.57 billion respectively [1] - The same companies also led in trading volume in the Shenzhen-Hong Kong Stock Connect, with trading amounts of 58.01 billion, 23.48 billion, and 21.05 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - Alibaba-W (09988) had a trading amount of 81.05 billion and a net buy amount of -90.46 million [2] - Tencent Holdings (00700) recorded a trading amount of 29.45 billion with a net buy amount of +6.61 million [2] - Xiaomi Group-W (01810) achieved a trading amount of 28.57 billion and a net buy amount of +3.24 billion [2] - Other notable companies included Goldwind Technology (02208) with 23.07 billion and a net buy of +85.70 million, and SMIC (00981) with 22.72 billion and a net buy of -1.73 billion [2] Southbound Stock Connect (Shenzhen-Hong Kong) - Alibaba-W (09988) had a trading amount of 58.01 billion and a net buy amount of +1.16 billion [2] - Tencent Holdings (00700) recorded a trading amount of 23.48 billion with a net buy amount of +749 million [2] - Xiaomi Group-W (01810) achieved a trading amount of 21.05 billion and a net buy amount of +283 million [2] - Other significant companies included SMIC (00981) with 18.13 billion and a net buy of -661 million, and Kuaishou-W (01024) with 12.21 billion and a net buy of +114 million [2]