在净流出比方面，丘钛科技（01478）、中国重汽（03808）、耐世特（01316） 以-58.31%、-53.04%、-43.99%位列市场前三。 前10大资金净流入榜 | 股票名称 | 净流入(元)↓ | 净流入比 | 收盘价 | | --- | --- | --- | --- | | 阿里巴巴-W(09988) | 32.96 亿 | 20.59% | 154.600（-0.19%） | | 小鹏汽车-W(09868) | 11.47 亿 | 25.58% | 85.950（-10.47%） | | 小米集团-W(01810) | 8.53 亿 | 9.75% | 40.780（-2.81%） | | 中国宏桥(01378) | 8.11 亿 | 4.76% | 30.400（-5.88%） | | 南方恒生科技(03033) | 5.17 亿 | 6.73% | 5.530（-2.12%） | | 中芯国际(00981) | 3.75 亿 | 7.29% | 74.000（+1.44%） | | 华虹半导体(01347) | 3.67 亿 | 8.60% | 80.250（+3.48%） | | 赣锋 ...

智通财经APP获悉，周四，美股三大指数集体下跌。恒生指数ADR下跌，按比例计算，收报25425.45点，较香港收市跌410.12或1.59%。 | .HSIADR 恒生指数ADR | | --- | | 25425.45 ↓ -410.12 -1.59% - 收盘价 11/20 16:00 美东 | | 三月日日 中 | | 最高价 25922.90 开盘价 25760.04 成交量 5613.7万 | | 最低价 25425.45 昨收价 25835.57 平均价 25674.17 | | 52周最高 27275.90上 涨 -- 本 智能 | | 52周最低 18856.77 下 跌 -- 振 幅 1.93% | | A | | 800000 恒生指数 25835.57 +4.92 +0.02% | 大型蓝筹股集体下跌，汇丰控股收报105.18港元，较香港收市跌2.25%；腾讯控股收报605.843港元，较香港收市跌2.44%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价(HKD) | 较 较港股升跌 | | --- | --- | --- | ...

来源：格隆汇APP 纳斯达克中国金龙指数收跌3.26%，热门中概股中，阿特斯太阳能收跌18.3%，大全新能源跌9.2%，蔚 来跌6%，晶科能源跌5.7%，小马智行、小鹏、小米、拼多多、百度跌超4%，网易则涨0.6%，贝壳涨 1.3%，万国数据涨1.8%，逸仙电商涨3.3%。 格隆汇11月21日｜英伟达业绩报告虽然强劲，但没能持续稳住市场信心。美股三大指数集体收跌，道琼 斯指数跌0.84%，标普500指数跌1.56%，纳斯达克综合指数跌2.15%。大型科技股集体下挫，AMD跌超 7%，甲骨文跌超6%，奈飞、英伟达跌超3%，特斯拉、亚马逊跌超2%，微软跌超1%。博通跌2.14%， 高通跌3.90%，Adobe跌1.79%，Salesforce跌1.10%，奈飞跌3.94%。 ...

更重要的地方在于，很多所谓的专家解读也把这种情况称之为"精英的傲慢"，好像所有错都是这些创始人的错。 这也影响了我们很多做创始人IP的企业家，本来站在镜头前就不容易，现在连雷军、俞敏洪都在挨骂，那自己还有必要继续做创始人IP吗？ 02 其实，我的回答很简单，那就是必须要做。 最近这段时间，互联网上批评雷军、俞敏洪的声音此起彼伏。 这两位都是创始人IP做的极为出色和出圈的创业者，不管是事业还是口碑都非常好，但依然避免不了今天被挂在热搜上挨骂，被称为"老登"，被骂"虚 伪"。 同时，雷军本人又极具亲和力跟娱乐精神，非常有网感，愿意下场玩梗。 这种接地气的形象，打破了公众对企业家的刻板印象，让雷军赢得了大量用户的喜爱，也构建了一个极具凝聚力的米粉群体， 而且，我们要理解问题的本质，雷军、俞敏洪今天遇到的舆论批评，是因为他们的创始人IP做的不好吗？ 其实恰恰相反，就是因为做好了，才会陷入这种"知名度悖论"。 什么叫做知名度悖论呢？ 我们就拿熟悉的雷军来说，他把自己的个人IP跟小米公司的命运深度绑定，以创始人的身份出镜，花了大量时间拍摄视频、做直播，去讲解晦涩难懂的技 术细节，用视频带着用户走进工厂、供应链，展示小米的 ...

中低端机型首当其冲，高端机型较为安全：苹果iPhone 17 Pro Max等高端机型内存占ASP仅4%，受涨价影响极小。安卓高端机型如小米17 Pro内存 占比7%，影响相对较小。而Redmi等安卓中低端机型内存占ASP超10%，成为涨价冲击的重灾区。 伯恩斯坦最新研报显示，AI需求强劲推动下的内存芯片涨价周期已经到来， 2025年四季度移动DRAM合约价环比上涨30%-40%，NAND价格环比上涨 高个位数百分比，涨势或持续至2026年上半年。 伯恩斯坦表示，历史经验表明， 内存价格上涨对不同定位智能手机的冲击存在显著差异。 中低端机型如Redmi系列受创最重， 内存成本占ASP超 10%，若面临40%涨价，小米智能手机毛利率或下降2-3个百分点。 相比之下，高端机型如iPhone影响轻微，因为内存成本仅占ASP的4%。 分析师指出，内存涨价对相机组件供应商的影响呈现差异化和滞后性特征。相机镜头供应商受冲击较小，而相机模组存在1-2个季度的滞后影响，且 苹 果供应链受冲击程度明显小于安卓供应链。 与过往单纯由供需周期主导的价格波动不同，此次涨价的核心驱动力来自AI需求的爆发式增长 —— 每台AI服务器的D ...

业绩简评 25 年 11 月 18 日公司披露三季报，25 年 Q1-Q3 实现营收 3403.7 亿元人民币（下同），同比+32.5%；经调整净利润 328.2 亿元，同 比+73.5%。其中，Q3 实现营收 1131.2 亿元，同比+22.3%；经调整 净利润 113.1 亿元，同比+80.9%。 人车家全生态战略维持韧性，新十年目标稳健进取。公司 AIoT 平 台已连接IoT设备首次突破10亿台，达到10.35亿台，同比+20.2%， 设备接入数已超三星（约 2 亿台）、亚马逊（约 1 亿台）、谷歌（约 8 千台）等全球互联网巨头量级。11 月公司发布智能家居探索方 案 Xiaomi Miloco，探索大模型驱动的全屋智能生活，至此小米 Mimo 已完成语音、语言及多模态全系列模型矩阵，逐步构筑围绕 2026-2030 年高增长的 AI 时代智能家居新增长极。 经营分析 智能手机：高端化定位持续强化。25Q3 公司智能手机实现营收 460 亿元，全球出货量 43.4 百万台，同比+0.5%，全球/中国市占率分 别为 16.7%/13.6%。Xiaomi 17 系列中 Pro 和 Pro Max 销量占比 ...

Core Viewpoint - Xiaomi Group's stock price has been declining, leading to a market capitalization drop below 1 trillion HKD, prompting the company to initiate a significant share buyback to signal confidence in its future prospects [2][4]. Group 1: Stock Performance and Buyback - Xiaomi's stock price fell to 37.7 HKD, with a market cap of 981.8 billion HKD as of the latest close [2]. - On November 20, Xiaomi announced a buyback of 13.5 million shares at an average price of 37.61 HKD, totaling over 507 million HKD, marking the largest single-day buyback since its listing [2]. - The buyback had a positive effect, with the stock price recovering by 2.89% at the close of trading [2]. Group 2: Automotive Milestone - Xiaomi celebrated the production of its 500,000th vehicle, achieved in just over 1 year and 7 months, which signifies a major milestone for the company [4]. - CEO Lei Jun emphasized that this achievement validates Xiaomi's capabilities across the entire automotive value chain and marks a new phase of scaling for Xiaomi's automotive business [4][6]. Group 3: Financial Performance - In Q3 2025, Xiaomi reported revenue of 113.12 billion CNY, a 22.3% increase from 92.5 billion CNY year-over-year, with operating profit rising by 150.1% to 15.11 billion CNY [7][9]. - The operating profit margin reached 13.4%, the highest in recent years [7]. - Xiaomi's electric vehicle segment generated 28.3 billion CNY in revenue, with a notable achievement of turning a profit in this segment for the first time, reporting 700 million CNY in operating income [9]. Group 4: Challenges and Market Perception - Despite strong financial results, Xiaomi's stock has faced significant declines due to various factors, including underperformance in smartphone sales and external market pressures [9]. - Criticism has been directed at Xiaomi's management regarding dividend policies and product quality, particularly in comparison to established competitors [10]. - The company is urged to improve product quality and investor relations to mitigate negative market sentiment and restore confidence [11].

雷军被自家法务"背刺"，堪称2025年最魔幻的职场大戏。 前脚他还在微博苦口婆心辟谣："安全是小米汽车的底线！"后脚法庭上，小米法务团队甩出84页证据，核心逻辑竟是，老板不懂技术，乱发微 博，别信他，信合同。 这话听着耳熟吗？像极了某些餐厅服务员对顾客说："菜单上写的'秘制酱料'只是老板随口一说，真吃起来就是酱油加糖，您别较真。" 可问题在于，消费者买小米SU7(配置|询价)，真不是冲着合同条款去的，而是冲着雷军那句"为梦想窒息"、那个"技术直男"的人设。如今法务一 句"雷总不懂结构"，等于亲手拆了小米最值钱的招牌。 更讽刺的是，当初发布会上，雷军把4.2万元的碳纤维机盖，吹成"性能图腾"，循环播放赛车视频，营造极致性能感；转头法务在法庭上却 说："这不算购车关键因素"、"普通人用不上"。 一边造梦，一边拆台，这不是公关，是自爆。 网友调侃："原来雷总在小米的定位，是个爱吹牛但不用负责的野生博主？"这话扎心，却真实。 当一家公司的法务团队，需要靠"切割老板言论"来规避责任时，说明它的产品宣传早已跑偏，只能靠法律文字游戏兜底。 可吊诡的是，就在舆论翻车的同时，小米财报却亮得刺眼：三季度净利润暴涨80%，汽车业务 ...

Core Insights - Xiaomi Auto has officially produced its 500,000th vehicle, marking a significant milestone in the company's automotive journey, achieved in just over 1 year and 7 months since the first vehicle was produced [1][4] - The achievement signifies the validation of Xiaomi Auto's capabilities across research, manufacturing, sales, delivery, and service, indicating a new phase of scalability for the company [4] Company Development - Xiaomi announced its entry into the automotive industry in March 2021, with CEO Lei Jun committing his reputation to the project, describing it as his last major entrepreneurial venture [4] - The company has launched two models: the Xiaomi SU7, set to debut on March 28, 2024, priced between 215,900 to 299,900 RMB, and the Xiaomi YU7, which was launched on June 26, 2023, priced between 253,500 to 329,900 RMB [6] Sales Performance - As of October 2023, Xiaomi Auto has sold a total of 315,400 vehicles, with the SU7 being the best-selling large vehicle of the year at 234,500 units, and the YU7 at 80,900 units [11] - The company aims to deliver 350,000 new vehicles by the end of 2023, a target that is expected to be met ahead of schedule [11] Future Strategy - Lei Jun emphasized that the production of the 500,000th vehicle is just a new starting point for Xiaomi Auto, with a focus on safety, delivery, technological innovation, and the integration of AI and smart manufacturing [12]

Investment Rating - The report does not explicitly state an investment rating for the headphone industry Core Insights - The global headphone market is projected to grow significantly, reaching 800 million units by 2030, with a compound annual growth rate (CAGR) of 8.3% from 2020 to 2030 [7][11] - The market is shifting from developed regions to emerging economies, particularly India, which is expected to become a key growth market by 2030 [6][12] Market Distribution - The global headphone market is experiencing a transition from developed markets to emerging economies, with China reaching a mature stage and the US and Western Europe showing slow growth [12][16] - The market share of China is expected to decline from 17.5% in 2024 to 15.1% by 2030, while India's market share is projected to rise from 11.1% in 2024 to 13.9% by 2030 [6][16] Competitive Landscape - Apple continues to lead the market, increasing its share from 12.2% in 2018 to 17.7% in 2024, driven by the success of the AirPods series [5][19] - In the mid-to-high-end market, brands like Sony, Bose, and JBL maintain stable market shares due to their superior sound quality and noise-cancellation technology [19] - Emerging brands such as boAt are gaining traction in the Indian market, with their share rising from virtually zero in 2018 to nearly 4% in 2024 [19] Growth Drivers - The rise of open-ear headphones is expected to expand their market share, projected to reach 65.7 million units by 2030, with a CAGR of 11.3% [32][34] - The AI headphone market is anticipated to grow rapidly, reaching a market size of 18.48 billion yuan by 2030, with a CAGR of 32.9% from 2025 to 2030 [36][37]