Group 1 - The Hong Kong stock market is experiencing a resurgence in AI investments, with the core ETF, Hong Kong Internet ETF (513770), showing a price increase of 1.54% and a significant premium indicating strong buying interest [1][2] - Xiaomi is set to launch its new flagship smartphone series, Xiaomi 17, which includes three high-end models. The series aims for a comprehensive upgrade in product capabilities and will feature the new Xiaomi Surge OS 3, enhancing system fluidity and AI capabilities [2] - The Hong Kong Internet sector remains a resilient investment theme, supported by loose liquidity and strong growth in cloud services from major players like Alibaba and Tencent, which are exceeding expectations in a favorable industry environment [2] Group 2 - The top ten weighted stocks in the Hong Kong Internet ETF (513770) include Alibaba, Tencent, Xiaomi, Meituan, SenseTime, JD Health, Alibaba Health, Bilibili, Kuaishou, and Kingdee International, indicating a diverse portfolio of leading tech companies [2] - Recent market signals, such as the MACD golden cross, suggest positive momentum for stocks like Xiaomi, Bilibili, Kuaishou, Tencent, and Meituan, with notable price increases observed [4]

Group 1: Electric Vehicle Business - The first phase of Xiaomi's electric vehicle factory has upgraded its technology, increasing weekly delivery volume from 7,000-8,000 units in early August to 10,000-12,000 units since late August [1] - The second phase of the factory has a similar design capacity to the first phase and is currently awaiting final government approval [1] - Xiaomi plans to launch new models in 2026 and aims to start exporting electric vehicles to the European market in 2027, with a focus on capturing market share rather than entering the 150,000 RMB price range in the next 5-10 years [1] Group 2: Smartphone Business - Due to rising memory costs, Xiaomi expects smartphone gross margins to be 11%-12% in the second half of 2025, with pressure easing in the first half of 2026 [2] - The company is exploring upgrading smartphone specifications and considering passing costs onto consumers, while predicting a gradual exit from smartphone subsidies with limited impact due to 70% of sales being overseas [2] - Xiaomi aims to achieve a revenue target of 700 billion RMB within three years, with specific goals including increasing smartphone shipments by 10 million units to 200 million, doubling IoT revenue to 200 billion RMB, and delivering 1 million electric vehicles annually contributing 250 billion RMB in revenue [2]

Group 1: Electric Vehicle Business - The first phase of Xiaomi's electric vehicle factory has upgraded its technology, increasing weekly delivery volumes from 7,000-8,000 units in early August to 10,000-12,000 units since late August [1] - The second phase of the factory is designed to have a similar capacity as the first phase and is currently awaiting final government approval [1] - Xiaomi plans to launch new electric vehicle models in 2026 and aims to start exporting vehicles to the European market in 2027, with a focus on capturing market share rather than entering the 150,000 RMB price range in the next 5-10 years [1] Group 2: Smartphone Business - Due to rising memory costs, Xiaomi expects smartphone gross margins to be between 11% and 12% in the second half of 2025, with pressure easing in the first half of 2026 [2] - The company is exploring upgrading smartphone specifications and considering passing costs onto consumers, while predicting a gradual exit from smartphone subsidies with limited impact due to 70% of sales being overseas [2] - Xiaomi aims to achieve a revenue target of 700 billion RMB within three years, with specific goals including increasing smartphone shipments by 10 million units to 200 million, doubling IoT revenue to 200 billion RMB, and delivering 1 million electric vehicles annually contributing 250 billion RMB in revenue [2]

Group 1 - The Hong Kong stock market indices collectively rose on September 25, with the Hang Seng Tech Index increasing by nearly 1.5% [1] - Chip stocks continued their upward trend, and the non-ferrous metals sector saw widespread gains [1] - The largest ETF tracking the Hang Seng Tech Index (513180) surged nearly 2%, with leading stocks including Xiaomi, Hua Hong Semiconductor, JD Group, Xpeng Motors, Baidu, and Li Auto [1] Group 2 - Lei Jun's sixth annual personal speech titled "Change" is scheduled for September 25, featuring the launch of Xiaomi's new flagship products: Xiaomi 17, Xiaomi 17 Pro, and Xiaomi 17 Pro Max [1] - The new Xiaomi 17 series will feature the Xiaomi Surge OS 3 and will debut the fifth-generation Snapdragon 8 Supreme version, with Xiaomi 17 being labeled as "the strongest standard flagship in history" [1] - Alibaba's Cloud Summit 2025 has sparked bullish sentiment, with expectations for the Hang Seng Tech Index to break upward again [2] - Alibaba's stock price has doubled this year, making it the largest weighted stock in the Hang Seng Tech Index at 9.36% [2] - The potential for continued inflow of southbound funds is anticipated due to the Federal Reserve's interest rate cuts and the strengthening narrative around AI [2]

大和发表报告指，于昨日(24日)与小米管理层举行非交易路演，该行引述小米第一阶段电动车工厂技术 升级提升产能，已推动周付运量由7月至8月初的7000辆至8000辆，提升至8月下旬以来的10000辆至 12000辆。第二阶段工厂设计产能与第一阶段相若，现正等待最终政府批准。管理层认为小米电动车并 未面临产能过剩或内卷压力。公司现阶段以抢占市场份额为优先目标，并无计划于未来5年至10年进入 15万元价格带，而是集中于中高端市场。2025年电动车交付目标维持35万辆不变，整体业务目标进度良 好，不受补贴政策变动显著影响。 大和引述小米管理层指，公司营收目标在三年内达成7000亿元，计划未来3年实现以下目标：1)智能手 机年出货量增加1000万台至2亿台，从而带动手机业务营收达2500亿元；物联网(IoT)营收翻倍至2000亿 元；未来三年电动车年交付量达100万辆，营收贡献2500亿元。大和重申小米"买入"评级及12个月目标 价76港元，基于2025年至2026年市盈率36倍。 ...

Group 1 - Xiaomi Group-W (1810.HK) saw a 4% increase in stock price, reaching HKD 59.2, marking the highest level since July 3 [1] - Xiaomi announced plans to sell electric vehicles in the European market by 2027 during an international conference held on September 24 [3] - The company is considering establishing car showrooms in Europe and may not design entirely new models for the market [3] Group 2 - Xiaomi has launched the Xiaomi SU7, the high-end SU7 Ultra, and the SUV model Xiaomi YU7, with the SU7 achieving 300,000 deliveries in the first 15 months [3] - The Xiaomi YU7 received 200,000 orders within 3 minutes of its launch [3] - By 2030, Xiaomi plans to open 10,000 self-operated Xiaomi Home stores globally and will increase sales of smart IoT appliances overseas [3] - The company aims to integrate its "Human x Car x Home" smart ecosystem for global customers [3]

Core Viewpoint - Xiaomi Group's stock rose over 4% following the announcement of the Snapdragon 8 Gen 2 mobile platform, which is touted as the "world's fastest mobile CPU" [1] Group 1: Product Launch - Xiaomi's founder and CEO Lei Jun confirmed that the Xiaomi 17 series will be the first to feature the new Snapdragon platform, with the official launch scheduled for tonight [1] - The Xiaomi 17 series will include three models: Xiaomi 17 Standard, Xiaomi 17 Pro, and the compact imaging flagship Xiaomi 17 Pro Max, all running on Xiaomi's own operating system, MIUI 3 [1] Group 2: Financial Goals - Daiwa reported that during a non-deal roadshow with Xiaomi's management, the company set a revenue target of 700 billion RMB within three years [1] - Xiaomi aims to increase its annual smartphone shipments by 10 million units to reach 200 million units, contributing 250 billion RMB to mobile business revenue [1] - The company plans to double its IoT revenue to 200 billion RMB and achieve annual electric vehicle deliveries of 1 million units, contributing an additional 250 billion RMB in revenue over the next three years [1]

Core Viewpoint - Xiaomi Group's stock price increased by over 4% following the announcement of the Snapdragon 8 Gen 2 mobile platform, which is touted as the fastest mobile CPU globally, and the upcoming launch of the Xiaomi 17 series smartphones [1] Group 1: Product Launch - Qualcomm officially launched the Snapdragon 8 Gen 2 mobile platform on September 25, which Xiaomi's CEO Lei Jun praised as "indeed strong" [1] - The Xiaomi 17 series will be globally launched tonight, featuring three models: Xiaomi 17 Standard, Xiaomi 17 Pro, and the compact imaging flagship Xiaomi 17 Pro Max, all equipped with Xiaomi's own OS, MIUI 3 [1] Group 2: Financial Goals - Daiwa reported that during a non-deal roadshow with Xiaomi's management, the company set a revenue target of 700 billion RMB within three years [1] - Xiaomi aims to increase its annual smartphone shipments by 10 million units to reach 200 million units, contributing 250 billion RMB to mobile business revenue [1] - The company plans to double its IoT revenue to 200 billion RMB and achieve annual electric vehicle deliveries of 1 million units, contributing 250 billion RMB in revenue over the next three years [1]

Group 1 - Qualcomm's fifth-generation Snapdragon 8 Gen 2 chip was officially launched on September 25, with Xiaomi's 17 series set to globally debut the same evening [1] - Executives from Honor, OnePlus, iQOO, and Nubia announced that their new products featuring the Snapdragon 8 Gen 2 chip will be released in October [1] - Honor's product president Fang Fei showcased the Honor Magic 8, while OnePlus China president Li Jie presented the OnePlus 15, and iQOO's product line general manager Jian Zhong displayed the iQOO 15 [2] Group 2 - Nubia's executive vice president Yu Hang previewed the Red Magic 11 Pro series, which is scheduled for an official release in October, but did not showcase the new device at the event [2]

Core Viewpoint - Xiaomi's Chairman and CEO Lei Jun expressed the immense pressure of simultaneously pursuing electric vehicle manufacturing and restarting chip production, likening it to supporting two children in college, indicating a significant commitment of resources and courage [1]. Group 1 - Xiaomi will hold an annual speech by Lei Jun on September 25, focusing on the themes of the Xiaomi chip and the Xiaomi car, revealing the stories behind these initiatives [5]. - The annual speech was initially planned for June but was postponed to September to align with the launch of the Xiaomi 17 series flagship, allowing for greater audience engagement [6].