大型蓝筹股涨跌不一，汇丰控股收报108.109港元，较香港收市涨1.23%；腾讯控股收报622.043港元，较香港收市跌0.47%。 | .HSIADR 恒生指数ADR | | | --- | --- | | 25939.89 ↑ +45.34 +0.18% | 收盘价 11/25 16:00 美东 | | 三月日日 | | | 最高价 26014.67 开盘价 26014.67 成交量 6141.2万 | | | 最低价 25878.31 昨收价 25894.55 | 平均价 25946.49 | | 52周最高 27275.90上 涨 -- | 中国 | | 52周最低 18856.77下 跌 -- | 振 幅 0.53% | | 800000 恒牛指数 25894.55 +178.05 +0.69% | | 智通财经APP获悉，周二，美股三大指数集体收涨。恒生指数ADR上涨，按比例计算，收报25939.89点，较香港收市涨45.34或0.18%。 | 序号 名称 | | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADR代码 | ADR换算价 | 较港股升跌 | 较港股升跌% | ADR | | ...

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group [1] Core Views - The company achieved a record high adjusted net profit of 11.3 billion yuan in Q3 2025, with a year-on-year growth of 80.9% [8] - The automotive business delivered over 100,000 units in the quarter, marking the first operational profit in a single quarter [8] - The Xiaomi 17 series saw a significant increase in sales, with a 30% year-on-year growth compared to the previous generation [8] - The company is focusing on innovation, with R&D investment reaching 91 billion yuan in Q3 2025, and a total of 235 billion yuan for the first three quarters [8] Financial Performance - Revenue for Q3 2025 reached 113.1 billion yuan, a 22.3% year-on-year increase [8] - The company forecasts earnings per share of 1.69, 1.76, and 2.38 yuan for 2025, 2026, and 2027 respectively [9] - The projected revenue for 2025 is 473.24 billion yuan, with a year-on-year growth of 29% [7] - The gross margin is expected to improve to 22.5% in 2025 [7] Market Position - Xiaomi's smartphone revenue in Q3 2025 was 46 billion yuan, with a shipment of 43.3 million units, marking a 0.5% year-on-year increase [8] - The market share for smartphones priced between 4000-6000 yuan reached 18.9%, an increase of 5.6 percentage points year-on-year [8] - The company has expanded its automotive sales network, with 402 stores opened across 119 cities in mainland China by September 30, 2025 [8] Valuation - The target price for Xiaomi Group is set at 55.86 HKD, based on a 29x PE ratio for 2026 [6][9] - The current market capitalization of H shares is approximately 1,006.835 million HKD [1]

Core Points - Xiaomi Group-W repurchased 2.5 million shares on November 25 at a price range of HKD 40.160 to HKD 40.340, totaling HKD 101 million [2] - The stock closed at HKD 40.340 on the same day, reflecting a 4.35% increase, with a total trading volume of HKD 12.795 billion [2] - Year-to-date, Xiaomi has conducted 15 share repurchases, totaling 58.1252 million shares and an aggregate repurchase amount of HKD 2.449 billion [2] Repurchase Details - On November 25, 2025, 250,000 shares were repurchased at a maximum price of HKD 40.340 and a minimum price of HKD 40.160, amounting to HKD 10.0718 million [2] - On November 21, 2025, 800,000 shares were repurchased at a maximum price of HKD 38.040 and a minimum price of HKD 37.640, totaling HKD 30.33468 million [2] - On November 20, 2025, 1.35 million shares were repurchased at a maximum price of HKD 38.100 and a minimum price of HKD 37.380, with a total amount of HKD 50.77622 million [2] - Other notable repurchases include 1.07 million shares on October 17 at a maximum price of HKD 46.760 and a minimum price of HKD 45.900, totaling HKD 49.36009 million [2] - The repurchase activity reflects a strategic move by the company to enhance shareholder value through share buybacks [2]

11月25日港股通成交活跃股 | 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | 港股通(沪) | 1005982.72 | 350409.44 | 2.14 | | 09988 | 阿里巴巴-W | 港股通(深) | 640151.00 | 211183.37 | 2.14 | | 01810 | 小米集团-W | 港股通(沪) | 506056.06 | -20340.43 | 4.35 | | 00981 | 中芯国际 | 港股通(沪) | 282316.23 | 24589.52 | -0.15 | | 01810 | 小米集团-W | 港股通(深) | 252327.00 | 43480.79 | 4.35 | | 00700 | 腾讯控股 | 港股通(沪) | 207284.09 | -16891.78 | 0.08 | | 00981 | 中芯国际 | 港股通(深) | 206974.00 | -42209.63 | -0.15 | ...

据悉，自2019年成立以来，小米公益基金会在科技创新及人才培养领域已规划捐赠17.8亿元，形成了科 技、教育、人才三位一体的"小米公益模式"。截至目前，小米公益基金会已支持285名优秀青年学生的 基础研究项目、141个"市基金-小米联合基金"科研团队、807名小米青年学者以及1.2万名小米奖助学金 获得者。据了解，小米公益基金会资金主要来自于小米创始团队和员工的捐赠，其中绝大部分来自雷军 个人出资。 责任编辑：何俊熹 新浪科技讯 11月25日晚间消息，小米公益基金会向中国工程界最高奖项——光华工程科技奖捐赠5500 万元，中国工程院党组书记、院长李晓红和小米集团创始人、董事长兼CEO雷军，共同见证了签约仪 式。 光华工程科技奖是中国工程院设立的工程科技类奖项，用以表彰在工程科学技术及工程管理领域做出重 要贡献、取得杰出成就的华人工程科技专家，也是中国社会力量设立的中国工程界的最高奖项，成立三 十年来，推动了一批重大技术突破。 雷军在签约仪式上表示，光华工程科技奖三十年来推动了一批重大技术突破，向光华工程科技奖捐赠， 是希望以小米的实际行动，向中国科技的灯塔致敬。一直以来，小米都积极参与国家创新驱动发展战略 的 ...

Group 1 - Xiaomi's stock price increased by 4.35% to HKD 40.34 as of November 25 [1] - Founder and CEO Lei Jun invested over HKD 100 million to purchase 2.6 million shares, raising his ownership stake to 23.26% [1] Group 2 - Xiaomi reported a total revenue of RMB 113.1 billion for Q3 2025, a year-on-year increase of 22.3% but a quarter-on-quarter decline of 2.4% [3] - Adjusted net profit for the third quarter was RMB 11.3 billion, reflecting an 80.9% year-on-year increase and a 4.4% quarter-on-quarter growth [3] - The smart electric vehicle and AI innovation segment achieved an operating profit of RMB 700 million, marking its first profitable quarter [3] - Xiaomi has invested over RMB 7 billion in AI this year and established a team of over 1,800 for smart driving, with R&D centers in Beijing, Shanghai, and Wuhan [3]

Group 1: Company Performance - Best Buy reported Q3 revenue of $9.67 billion, a year-over-year increase of 2.7%, with adjusted diluted EPS of $1.40 compared to $1.26 in the same period last year [1] - RoboSense achieved total revenue of approximately 407 million yuan in Q3, with LiDAR sales volume increasing by 34.0% year-over-year [2] - Alibaba's instant retail business generated revenue of 22.906 billion yuan in Q2 of FY2026, marking a 60% year-over-year growth [3][5] - Xiaomi repurchased 2.5 million shares for over 100 million HKD, with a total of 24 million shares repurchased this month [4] - NIO reported Q3 revenue of 21.79 billion yuan, a 16.7% year-over-year increase, with vehicle deliveries reaching 87,071 units, up 40.8% [8] - Zhihu's Q3 revenue was 659 million yuan, with a non-GAAP operating loss narrowing by 16.3% year-over-year [11] Group 2: Market Developments - Nokia announced its intention to delist from the Paris Stock Exchange, effective December 31, 2025 [2] - The Singapore National AI Program has shifted from using Meta's model to Alibaba's Qwen open-source architecture [13] - The U.S. investment consulting firm predicts that TSMC's market value could surpass Apple's by 2030, driven by AI demand [16] Group 3: New Products and Innovations - Huawei officially launched its first Harmony OS 2-in-1 tablet, the MatePad Edge, starting at 5,999 yuan [15] - Tuya Smart reported Q3 revenue of $82.5 million, marking the ninth consecutive quarter of year-over-year growth [6]

Core Viewpoint - The article discusses the competitive dynamics in the domestic air conditioning market, particularly focusing on the conflict between Midea Group and Xiaomi, highlighting Midea's recent actions against Xiaomi's service providers as a response to Xiaomi's rapid growth in the air conditioning sector [1][5]. Group 1: Midea's Actions and Market Dynamics - Midea Group has reportedly instructed its nationwide service providers to stop servicing Xiaomi and Gree, primarily targeting Xiaomi due to its immature service system in the air conditioning sector [1][5]. - The competitive landscape is described as a "Three Kingdoms" battle, with Midea facing pressure from Xiaomi's rapid market expansion and Gree's established presence [1][11]. - Midea's decision to cut ties with Xiaomi's service providers is seen as a strategic move to protect its market share and service network, which is crucial for maintaining its competitive edge [6][7]. Group 2: Xiaomi's Growth and Market Strategy - Xiaomi's air conditioning sales have surged, with a reported shipment of over 4.4 million units in 2023, marking a 49% year-on-year increase, and projections of reaching 6.8 million units in 2024 [5][6]. - The company has adopted a direct sales model, significantly reducing prices and increasing its market share, which poses a direct threat to Midea's traditional distribution channels [6][11]. - Xiaomi's strategy includes building its own supply chain and leveraging its ecosystem to integrate various smart home devices, which could disrupt Midea's traditional business model [6][11]. Group 3: Historical Context and Strategic Partnerships - The relationship between Midea and Xiaomi began in 2014 with a strategic partnership that aimed to combine Midea's manufacturing capabilities with Xiaomi's smart technology [2][3]. - Initial collaborations, such as the "i-Youth smart air conditioner," faced challenges due to misaligned strategic priorities and brand positioning conflicts [3][4]. - The turning point came in 2018 when Xiaomi launched its "Mijia Internet Air Conditioner," which directly targeted Midea's market segment, leading to a significant shift in market dynamics [4][5]. Group 4: Future Outlook and Industry Implications - The ongoing competition is expected to lead to a prolonged battle for market dominance, with Midea tightening its distribution channels as a defensive strategy against Xiaomi's aggressive pricing and market penetration [11][12]. - The article suggests that the traditional manufacturing industry is facing a critical transformation due to the disruptive influence of internet companies like Xiaomi, which challenges established business models [13][14]. - The outcome of this competitive struggle will likely reshape the air conditioning market and influence the broader home appliance industry [12][14].

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深港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 64.02 亿元 | +21.12 亿元 | | 小米集团-W(01810) | 25.23 亿元 | +4.35 亿元 | | 中芯国际(00981) | 20.70 亿元 | -4.22 亿元 | | 腾讯控股(00700) | 19.92 亿元 | +7893.05 万元 | | 快手-W(01024) | 10.86 亿元 | +4.47 亿元 | | 中国海洋石油(00883) | 7.77 亿元 | -2.03 亿元 | | 汇量科技(01860) | 6.28 亿元 | -6434.96 万元 | | 中国移动(00941) | 6.07 亿元 | +1.65 亿元 | | 赣锋锂业(01772) | 5.68 亿元 | +2720.67 万元 | | 长飞光纤光缆(06869) | 5.20 亿元 | +4935.83 万元 | 智通财经APP获悉，2025年11月25日当天，阿里巴巴-W(09988)、小米集团-W(01810)、中芯国际( ...