Market Overview - The Hong Kong stock market has been experiencing a downward trend, with the index dropping to around 26,300 points after reaching 27,000 points [1][2] - The market sentiment remains cautious, and the index needs to stabilize around 26,400 points to avoid further declines, with a potential drop to 25,800 points if it fails to hold [2][3] Investment Strategies - Investors are advised to monitor the distribution of warrants, particularly the heavy positions around 25,800 points, which is a critical support level [2][4] - The current trading range for the index is suggested to be between 25,800 and 27,500 points for investment deployment [2] Stock Analysis: Xiaomi Group (01810) - Xiaomi's stock has shown weakness, dropping to a low of 35.6 HKD, with concerns about its automotive safety impacting investor sentiment [6][7] - Despite previous strong performance, the stock has fallen below key support levels, leading to cautious investor behavior regarding long-term entry points [8] - Investors are considering options like call warrants with lower entry costs to mitigate risks while betting on potential rebounds [8][9] Stock Analysis: Semiconductor Industry (SMIC 00981) - SMIC has seen a decline in stock price, currently around 34 HKD, after a peak of 94 HKD, but investor interest remains strong for rebound opportunities [10][11] - New high-leverage products have been introduced to attract investors looking for higher returns in the semiconductor sector [11][13] Stock Analysis: Pop Mart (09992) - Pop Mart's stock has shown signs of recovery after management's first buyback in two years, indicating confidence in the company's future [15][16] - Investors are encouraged to consider call warrants as a way to capitalize on potential rebounds, with specific products highlighted for their favorable terms [16][24] Resource Sector Insights - The resource sector, particularly gold and silver, is gaining attention as prices reach historical highs, with recommendations for investing in related stocks or ETFs [19][20] - Investors are advised to consider leveraged products in the resource sector to maximize returns while managing capital [20] Domestic Consumption Sector - The domestic consumption sector is expected to benefit from ongoing policies promoting local brands, with companies like Li Ning and Midea being highlighted for potential investment [23][24] - Specific warrants for these companies are suggested as viable options for investors looking to capitalize on the domestic consumption trend [24][25]

Group 1 - The company, Kabeiyi, has entered the supply chains of major electric vehicle manufacturers including BYD, Tesla, Geely, NIO, Li Auto, Xpeng, and Xiaomi in the new energy vehicle sector [2]

1月20日，数码博主"数码闲聊站"晒出2025年中国手机市场激活量数据。 数据显示，前三名分别为vivo、小米、苹果。其中，vivo激活量同比裸游下降，小米凭借小米17系列的 热销，排名超越苹果升至第二。 对此，前REDMI总经理王腾发文称，恭喜小米手机和中国区的兄弟们，中国市场第二，非常不容易。 还表示，2026年供应链大涨价，竞争更激烈、挑战更大，祝福大家安好。 责任编辑：李昂 1月20日，数码博主"数码闲聊站"晒出2025年中国手机市场激活量数据。 数据显示，前三名分别为vivo、小米、苹果。其中，vivo激活量同比裸游下降，小米凭借小米17系列的 热销，排名超越苹果升至第二。 | | | | 2025年中国手机市场激活量排名 | | | | --- | --- | --- | --- | --- | --- | | 排名 | 品牌 | 2025年 | 2025年 | 同比增长 | 2024年 | | | | 激活量(万台) | 市场份额 | | 激活量(万台) | | NO.1 | VIVO [含iQ00] | 4635.70 | 16.77% | -2.58% | 4758.52 | | NO.2 ...

Group 1 - The core point of the news is that the Hong Kong stock market saw significant net buying from northbound capital, totaling HKD 36.63 billion, with Tencent, Meituan, and Xiaomi being the most purchased stocks [2][6] - Tencent Holdings (00700) had a net inflow of HKD 5.03 billion, with total buy and sell amounts of HKD 21.15 billion and HKD 16.12 billion respectively [3][5] - Meituan (03690) recorded a net inflow of HKD 3.19 billion, with total buy and sell amounts of HKD 5.98 billion and HKD 2.79 billion respectively [3][6] Group 2 - Semiconductor stocks showed divergence, with Hua Hong Semiconductor (01347) receiving a net inflow of HKD 2.45 billion, while SMIC (00981) faced a net outflow of HKD 7.17 billion [7] - The report from Open Source Securities indicated that TSMC raised its capital expenditure forecast significantly, reflecting strong long-term demand driven by AI [7] - Long-distance fiber optic cable stocks like Changfei Optical Fiber (06869) saw a net inflow of HKD 1.54 billion, supported by rising prices in the G.652.D fiber market [7] Group 3 - Xiaomi Group-W (01810) received a net inflow of HKD 3.95 billion, while China Mobile (00941) faced a net outflow of HKD 6.37 billion [8] - The report from Bank of America noted that the growth in metal demand is no longer cyclical, as economies are restructuring their energy infrastructure [8] - The sentiment around resource competition is affecting copper prices, which may remain volatile in the short term [8]

Core Insights - On January 20, 2026, Tencent Holdings (00700), Xiaomi Group-W (01810), and Alibaba-W (09988) were the top three companies by trading volume in the Southbound Stock Connect, with trading amounts of 3.726 billion, 3.051 billion, and 2.391 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Tencent Holdings (00700), Alibaba-W (09988), and SMIC (00981) led the trading volume, with amounts of 2.662 billion, 2.502 billion, and 1.936 billion respectively [1] Southbound Stock Connect Trading Activity - The top active companies in the Southbound Stock Connect included: - Tencent Holdings (00700) with a trading amount of 3.726 billion and a net buying amount of +0.503 billion [2] - Xiaomi Group-W (01810) with a trading amount of 3.051 billion and a net buying amount of +0.287 billion [2] - Alibaba-W (09988) with a trading amount of 2.391 billion and a net selling amount of -5.778 million [2] - Other notable companies included Pop Mart (09992) and SMIC (00981) with trading amounts of 2.178 billion and 2.123 billion respectively [2] Shenzhen-Hong Kong Stock Connect Trading Activity - The top active companies in the Shenzhen-Hong Kong Stock Connect included: - Tencent Holdings (00700) with a trading amount of 2.662 billion and a net buying amount of +0.160 billion [2] - Alibaba-W (09988) with a trading amount of 2.502 billion and a net buying amount of +7.257 million [2] - SMIC (00981) with a trading amount of 1.936 billion and a net selling amount of -5.420 billion [2] - Other notable companies included Xiaomi Group-W (01810) with a trading amount of 1.603 billion and a net buying amount of +0.108 billion [2]

Group 1 - The company announced a share buyback plan, committing HKD 196 million to repurchase 5.5 million shares at a price range of HKD 35.46 to HKD 35.86 per share [1] - Additionally, the company will issue 87,000 shares as part of a share incentive plan for participants, excluding the directors of the issuer [1]

Group 1 - The company, Xiaomi Group-W (01810), announced a share buyback plan, intending to repurchase 5.5 million shares at a total cost of HKD 196 million [1] - The buyback price per share is set between HKD 35.46 and HKD 35.86 [1] - Additionally, the company will issue 87,000 shares as part of a share incentive plan for participants, excluding the directors of the issuer [1]

Group 1 - Southbound funds net bought Hong Kong stocks worth HKD 3.663 billion today [1] - The top net purchases included Tencent Holdings at HKD 663 million, Meituan-W at HKD 573 million, and Xiaomi Group-W at HKD 395 million [1] - Continuous net buying trends were observed for Tencent over 10 days totaling HKD 10.62116 billion and Alibaba over 7 days totaling HKD 4.75655 billion [1] Group 2 - Southbound funds net sold shares of SMIC at HKD 717 million and China Mobile at HKD 637 million [1] - China Mobile has seen continuous net selling for 12 days, amounting to HKD 9.29936 billion [1] - Hua Hong Semiconductor and Xiaomi also experienced net buying trends over multiple days, with Hua Hong totaling HKD 1.33901 billion over 4 days and Xiaomi HKD 1.42914 billion over 3 days [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 小米集团 (於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期： 2026年1月20日 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | | 股份類別 B | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01810 | 說明 | | | | | | | | 多櫃檯證券代號 | 81810 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 ...

Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound trading, with a total net buy of HKD 36.63 billion on January 20, 2023, indicating strong investor interest in certain stocks [1]. Group 1: Net Buying and Selling Activities - Tencent (00700) received the highest net buy of HKD 21.15 billion, with a total trading volume of HKD 37.26 billion, reflecting a net inflow of HKD 5.03 billion [2]. - Meituan-W (03690) saw a net buy of HKD 16.69 billion, with a total trading volume of HKD 30.51 billion, resulting in a net inflow of HKD 2.87 billion [2]. - Xiaomi Group-W (01810) had a net buy of HKD 3.95 billion, contributing to the overall positive sentiment in the tech sector [7]. - Conversely, SMIC (00981) faced the largest net sell of HKD 9.73 billion, with a total trading volume of HKD 21.23 billion, indicating a net outflow of HKD 1.76 billion [2]. - China Mobile (00941) also experienced significant net selling, with a net outflow of HKD 6.37 billion [7]. Group 2: Sector Insights and Market Trends - The technology sector, particularly companies like Tencent, Meituan, and Alibaba, is seeing increased investment interest, driven by expectations of growth in AI and cloud computing [4]. - The semiconductor sector showed divergence, with Hua Hong Semiconductor (01347) receiving a net buy of HKD 2.45 billion, while SMIC faced a net sell of HKD 7.17 billion, reflecting varying investor confidence [5]. - The optical fiber and cable industry is experiencing a price recovery, with Longi Optical Fiber (06869) receiving a net buy of HKD 1.54 billion, supported by rising market prices for G.652.D optical fibers [5]. - The mining sector, particularly Zijin Mining (02899) and Luoyang Molybdenum (03993), faced net selling pressures, attributed to changing market sentiments regarding metal demand and supply dynamics [6].