Core Viewpoint - The Hong Kong internet sector is experiencing a competitive landscape, highlighted by a significant promotional battle between Alibaba's Ele.me and Meituan, indicating aggressive market share acquisition strategies [3][4]. Group 1: Market Performance - As of July 7, 2025, the CSI Hong Kong Internet Index (931637) decreased by 0.46%, with mixed performance among constituent stocks [3]. - Notable gainers included Zhong An Online (06060) up 5.52%, Ping An Good Doctor (01833) up 3.23%, and Dongfang Zhenxuan (01797) up 3.11% [3]. - Conversely, Kingdee International (00268) led the declines at 4.29%, followed by Kingsoft (03888) down 4.06% and Yimaitong (02192) down 2.92% [3]. - The Hong Kong Internet ETF (159568) saw a slight increase of 0.06%, closing at 1.67 yuan, with a 1.21% rise over the past two weeks [3]. Group 2: Liquidity and Trading Activity - The Hong Kong Internet ETF recorded a turnover of 20.01% during the trading session, with a transaction volume of 63.6452 million yuan, indicating active market participation [3]. - Over the past year, the ETF has averaged daily trading volume of 174 million yuan [3]. Group 3: Industry Trends and Investment Outlook - According to CICC, the internet sector has entered a new investment cycle since 2025, with AI, overseas expansion, and instant retail emerging as key focus areas [4]. - The Hong Kong Internet ETF has shown a net value increase of 47.93% over the past year, ranking 218 out of 2897 index funds, placing it in the top 7.53% [4]. - The ETF's highest monthly return since inception was 30.31%, with a historical one-year holding profitability rate of 100% [4]. Group 4: Valuation and Tracking Accuracy - The latest price-to-earnings ratio (PE-TTM) for the CSI Hong Kong Internet Index is 21.75, indicating a valuation below 89.06% of the past year, suggesting historical low valuation levels [5]. - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.052% over the past three months [5]. - The top ten weighted stocks in the index account for 72.11% of the total, including major players like Xiaomi Group-W (01810), Tencent Holdings (00700), and Alibaba-W (09988) [5].

Core Viewpoint - The recent competition among leading companies in the food delivery sector has drawn attention to the Hang Seng Technology Index, with significant capital inflows into the Hang Seng Technology ETF (513130) [1] Group 1: Market Activity - The Hang Seng Technology ETF (513130) saw a net inflow of 1.053 billion yuan over three trading days (July 2 to July 4), with a single-day inflow of 634 million yuan on July 4, highlighting its investment appeal [1] - The total shares of the Hang Seng Technology ETF (513130) reached a record high of 38.642 billion, marking an increase of 2.752 billion shares in the past month [1] - The average daily trading volume of the Hang Seng Technology ETF (513130) exceeded 5 billion yuan this year, indicating its scale and liquidity advantages [1] Group 2: Industry Insights - Goldman Sachs suggests that the current price war in the food delivery sector aims to acquire user traffic for cross-selling to more profitable e-commerce and travel businesses, rather than focusing solely on profitability from food delivery [1] - As competition normalizes, leading companies are expected to reallocate marketing expenditures towards food delivery subsidies, gradually achieving moderate profitability or breakeven, thus enhancing GMV profit margins [1] Group 3: Investment Outlook - The Hang Seng Technology ETF (513130) closely tracks the Hang Seng Technology Index, which includes 30 leading companies in the Hong Kong internet and technology manufacturing sectors, representing a scarce core asset direction in the Hong Kong market [1] - The top five weighted stocks in the Hang Seng Technology Index include Xiaomi Group-W, NetEase-S, Tencent Holdings, Alibaba-W, and BYD Company, all of which are competitive leaders in the internet and technology manufacturing sectors [1] - According to a recent report by Galaxy Securities, the absolute valuation of Hong Kong stocks is relatively low, with mid-to-high historical valuation percentiles, indicating high medium-to-long-term allocation value [1] - The technology sector continues to present significant investment opportunities, supported by strong policy backing and leading profit growth, with valuations at historical low levels, suggesting substantial upside potential [1]

以下文章来源于小林coding ，作者小林coding 小林coding . 专注图解计算机基础，让天下没有难懂的八股文！刷题网站：xiaolincoding.com 以前互联网圈谁不知道 BAT 啊？百度管搜索，阿里管购物，腾讯管聊天，三巨头把 PC 时代的流量 入口全占了。 不过这个榜单让我比较意外是，百度已经跌出前10了，甚至都比不上腾讯音乐的市值。 你们肯定也会问，怎么没有小红书、华为、滴滴这些公司？因为这些企业都没有上市，所以没有纳 入排名。 眼看 26届的秋招就要开启了，这次就跟大家一起盘点一下，目前 国内互联网市值排名前10公司的 校招薪资 。 这次主要盘点是开发岗（后端/前端/客户端/测开）的薪资，不涉及算法、产品等其他岗位的，收集 的数据来源小林自己网上征集+训练营同学爆料的薪资，并非官方的发布的，所以仅供参考。 但是步入移动互联网时代的时候，迎来了互联网圈的大洗牌，百度就有点掉队了，曾经的 BAT 已名 存实亡，B 离着 A和T实在太遥远了，现在 "B" 大家都觉得是ByteDance（字节跳动）。 不过，字节跳动还没有上市，如果从已经上市的互联网公司来看的话，将中国最值钱的10家互联网 ...

Core Viewpoint - The Hong Kong stock market opened lower on July 7, but stablecoin concept stocks rose, with the Hong Kong Stock Connect Technology ETF (513860) showing a year-to-date increase of over 27% [1] Group 1: Market Performance - As of 10:20 AM, the Hong Kong Stock Connect Technology ETF (513860) was flat after a pullback, with notable individual stock performances including Health Road up over 17% and Kuaishou-W up over 3% [1] - The Hong Kong Stock Connect Technology Index increased by 30.85% as of July 4, 2025, while the Hang Seng Index rose by 19.22% and the Hang Seng Technology Index by 16.74% [1] Group 2: Fund Flows - According to Wind data, the Hong Kong Stock Connect Technology ETF (513860) saw a net inflow of 240 million yuan over the past five days, 520 million yuan over the past three months, and 657 million yuan year-to-date [1] Group 3: IPO Activity - In the first half of 2025, there were 42 IPOs in Hong Kong, raising over 107 billion HKD, which is approximately 22% more than the total for the previous year, making Hong Kong the global leader in IPO fundraising [1] Group 4: Valuation Metrics - The Hang Seng Index had a TTM price-to-earnings (P/E) ratio of 10.68 as of July 1, 2025, with a historical percentile of 63.98% and a dividend yield of 3.93% [1] - The Hang Seng Technology Index had a TTM P/E ratio of 20.10, with a historical percentile of 8.95%, indicating a relatively low valuation level [1]

Group 1 - The core viewpoint of the article highlights the initial market performance and order dynamics of the YU7 vehicle, indicating strong demand but also notable order cancellations due to various factors [1][2][3] Group 2 - In the first week post-launch, YU7 secured approximately 340,000 orders, but over 70,000 cancellations were noted, primarily due to long delivery times and impulsive buying behavior [1] - The order structure shows that low-spec versions account for 57% of total orders, with expectations that this will shift to around 62% as consumer decisions become more rational [2] - The YU7 project began mass production in July, with an annual capacity target between 140,000 to 185,000 units, but actual output may fall at the lower end of this range due to production ramp-up challenges [3] Group 3 - To alleviate supply-demand imbalances, the company plans to lease existing factories and modify equipment, potentially releasing new capacity by December 2025, alongside plans for a new factory expected to be operational by April 2026 with a capacity of 300,000 to 400,000 units [4]

Core Viewpoint - Xiaomi's new magnetic tissue box priced at 169 yuan has sparked discussions about its value, with some consumers questioning whether it is overpriced compared to traditional tissue boxes [1][3][5]. Pricing Discussion - The price of 169 yuan for a tissue box is considered high when compared to regular tissue boxes that cost only a few yuan [5]. - However, when viewed in the context of its compatibility with the Xiaomi YU7 car, the price may be justified [5][6]. Product Features - The tissue box is designed to withstand extreme temperatures, from -30℃ to 95℃, using high-temperature resistant PU leather and specialized magnets [6][7]. - It has passed automotive-grade certification for its plastic components and magnets, ensuring durability under harsh conditions [7][10]. Market Positioning - The pricing strategy reflects a broader trend in the automotive industry where companies are increasing profit margins through accessory sales rather than vehicle sales alone [20][22]. - Xiaomi's approach to pricing its accessories aligns with the growing market for automotive-related products, projected to reach 110 billion yuan by 2025 [20][22]. Consumer Perception - The debate over the tissue box's price highlights a disconnect between perceived practical value and brand premium, with some consumers viewing it as a "smart tax" while others appreciate its quality [10][16]. - The willingness of consumers to purchase high-priced accessories indicates a shift in consumer behavior towards valuing brand and quality over mere functionality [17][20].

Core Viewpoint - Xiaomi's public relations manager Wang Hua denied rumors about the termination of the partnership with Leica, stating that such claims are unfounded [1][3]. Group 1: Partnership Details - The collaboration between Xiaomi and Leica began in May 2022, focusing on mobile imaging technology [3]. - The first product launched from this partnership was the Xiaomi 12S series in July 2022, which received positive feedback from professional photographers [3]. - In April 2023, both companies announced an upgrade to their mobile imaging optical system, introducing the Summicron lens on the new Xiaomi 13 Ultra, described as Leica's most perfect lens in mobile imaging to date [3]. Group 2: Speculations and Financial Considerations - A report suggested that Xiaomi might end its partnership with Leica to focus on developing its own camera technology for the next generation Snapdragon 8 Elite 2 devices, indicating a shift in strategy [3]. - The report also mentioned that terminating the partnership could help Xiaomi reduce licensing fees, which could be as high as $3-5 per device, thereby lowering production costs and enhancing pricing advantages, particularly for its Redmi and POCO series [3]. Group 3: Previous Issues and Clarifications - In May 2023, there were rumors about issues in the partnership when the "LEICA" watermark disappeared from the camera interface of some Xiaomi models after a system update [4]. - Xiaomi's camera product manager clarified that this change was in compliance with Leica's updated visual standards, emphasizing adherence to strict branding guidelines [4]. Group 4: Industry Context - Leica is a renowned German optical company known for its high-quality cameras and lenses, which have become cultural symbols in the photography community [5]. - Previously, Huawei had a partnership with Leica, which ended in March 2022, marking the last Huawei phone with Leica branding as the P50 series [5]. - The competition among domestic smartphone manufacturers is intensifying, particularly in the area of imaging capabilities and partnerships with established lens manufacturers [5].

行业研究丨深度报告丨电子元件 [Table_Title] 《乘时驭势，启新立潮——电子行业 2025 年度 中期投资策略》 1 丨证券研究报告丨 报告要点 [Table_Summary] 本文以产业发展阶段为脉络，我们认为 2025 年下半年三类投资机会主要包括：1）以 AI 眼镜、 苹果折叠屏、人形机器人、国产算力为代表的产业趋势早期投资机会。建议关注小米、META、 特斯拉人形机器人等新品发布事件催化下的主题机会，提前进行布局；2）以 AI 算力（HDI、 PTFE、CCL、NPU）、半导体设备、智能驾驶等为代表的产业业绩爆发期投资机会。建议关注 NV 产业链核心供应商；3）以面板、基础元器件、模拟芯片等为代表的产业成熟期投资机会。 建议关注大尺寸 LCD 龙头公司利润表修复带来的重估机会，以及部分关键环节自主可控。 分析师及联系人 [Table_Author] 杨洋 谢尔曼 王泽罡 SAC：S0490517070012 SAC：S0490518070003 SAC：S0490521120001 SFC：BUW100 钟智铧 蔡少东 张梦杰 SAC：S0490522060001 SAC：S04905220 ...

Domestic News - The National Development and Reform Commission of China signed cooperation documents with Brazilian authorities, including a memorandum on the second phase of strategic alignment and cooperation in artificial intelligence [2] - The State Administration for Market Regulation exposed six typical cases of "involution" competition in product quality, including a case involving Shaoxing Hongguan New Energy Co., which sold substandard "liquid wax alcohol ether composite diesel fuel" [3] - In the first five months of 2025, the cumulative transaction volume of second-hand cars in China reached 7.91 million units, a year-on-year increase of 0.6%, while the transaction value was 516.4 billion yuan, a year-on-year decrease of 2.1% [4] International News - Tesla's Cybertruck sales are sluggish, with a global delivery of approximately 384,000 units in Q2, a year-on-year decline of 13.5%, marking the largest drop in the company's history. Deliveries of "other models" (including Model S, Model X, and Cybertruck) were about 10,400 units, down 52% year-on-year. Cybertruck sales in Q1 were estimated to be between 5,000 to 6,000 units, far below the target of 250,000 units per year set by Elon Musk for 2025 [5] - Japanese Prime Minister Kishida stated that Japan is prepared for all possible tariff scenarios and will defend its interests while promoting zero tariffs on automobiles [6] - Dubai's Roads and Transport Authority signed a memorandum with Pony.ai to launch pilot tests for autonomous vehicles, with plans for phased implementation starting in 2025 and full commercial operation by 2026 [7] - The EU is experiencing significant internal divisions regarding trade negotiations with the US, with countries like Germany and Italy pushing for quick agreements, while France, Spain, and Denmark express concerns about potential concessions. The outlook for negotiations is not optimistic [8] Corporate News - NIO's CEO Li Bin announced that the starting price for the L90 model will be below 300,000 yuan, with display vehicles set to arrive on July 10 and pre-sales commencing [11] - Li Xiang, CEO of Li Auto, emphasized the importance of open communication among new energy vehicle leaders and suggested that Xiaomi's success in the automotive sector requires a full commitment [12] - BYD announced a strategic partnership with Shanghai LEGO Land Resort to focus on green travel and immersive driving experiences for children aged 2-12 [13] - TSMC is reportedly delaying the construction of its second factory in Japan due to potential tariffs from the Trump administration, as the company accelerates investments in the US [14] - New Stone Technology's autonomous vehicles signed a strategic cooperation agreement with the Shenzhen Car Rental Industry Association, aiming to provide 1,000 autonomous vehicles to enhance smart logistics [15]

Group 1 - Xiaomi's YU7 electric vehicle has set a new record for the fastest pre-orders in the industry, with over 200,000 orders in just 3 minutes and 240,000 within 18 hours, surpassing its own previous model, SU7 [1][2] - The delivery timeline for the YU7 has significantly extended, with the standard version now taking over 50 weeks and the Max version at least 33 weeks, leading to customer frustration and potential cancellations [1][3] - Competitors such as Zeekr, NIO, and others are actively targeting YU7 customers by offering to reimburse their deposits if they switch to their brands, indicating a competitive market response [1][10][11] Group 2 - The YU7's delivery delays are longer than those of the SU7, which had a maximum delivery time of 30 weeks, highlighting a growing demand that exceeds current production capabilities [3][13] - The high demand for YU7 has led to a secondary market where orders are being resold for thousands to tens of thousands of yuan, reflecting the vehicle's desirability and potential for rental income [4][7] - Xiaomi's production capacity is currently limited to 30,000 vehicles annually, which is insufficient to meet the overwhelming demand for both YU7 and other models, leading to a backlog of orders [13][15] Group 3 - Xiaomi is implementing strategies to increase production capacity, including optimizing supply chains and potentially establishing a third factory, to address the delivery challenges posed by high order volumes [16][19] - The company is facing a critical period where it must balance production ramp-up with maintaining consumer trust, as competitors leverage the delivery delays to attract potential customers [17][19] - The situation mirrors challenges faced by other electric vehicle manufacturers like Tesla, indicating that overcoming production hurdles is a common rite of passage for emerging players in the industry [15][18]