随着公募、私募、险资等机构资金持续入场，南向资金的增量空间仍值得期待；11月世界互联网大会乌镇峰 会、2025全球计算大会等科技盛会接连揭幕，有望点燃新的产业预期，最终推动港股科技行情向上拓展。 AI重塑全球股市 10月帷幕之下，全球科技巨头再度以夺目的市场表现，昭示其无可撼动的"统治力"。 英伟达于10月29日叩开5万亿美元市值之门，微软市值一度站上4万亿美元关口；OpenAI与AWS签署的380亿美 元算力协议，也将亚马逊股价推至历史新高。 美国科技七巨头的强势，直接带动纳指和标指走高。这场狂欢背后，本质上是AI产业从概念逐渐落地的缩 影。大模型训练、云服务、算力需求都在快速变现，产业浪潮仍处在增长势头中。 在中国，AI产业链在政策与资本的助推下狂飙突进。宏观和微观层面的变动，也让全球投资者看到了中国科 技产业的希望，并积极借道港股来参与。 即便在当前港股调整之际，南向资金却依旧表现出强烈的买入意愿，近三个月买入近4000亿港元，年内净流入 量更是达到1.26万亿港元。当各路资金对港股科技板块维持"扫货"态势时，港股通互联网ETF（159792）的规 模也在不断扩张，一度接近千亿元关口。 当旧金山、杭州、 ...

Core Viewpoint - Xiaomi Group demonstrates strong confidence in its future growth through significant stock buybacks and personal share purchases by its founder, Lei Jun, indicating a positive outlook for the company [1][3]. Group 1: Stock Buybacks and Shareholding - Lei Jun, the founder and CEO of Xiaomi Group, personally invested over 100 million HKD to acquire 2.6 million shares, increasing his shareholding to 23.26% [1]. - Xiaomi Group executed substantial stock buybacks on November 20 and 21, repurchasing 21.5 million shares for over 800 million HKD, bringing the total buyback amount for the year to over 2.3 billion HKD, positioning it among the top in the Hong Kong tech sector [3]. Group 2: Financial Performance - In Q3, Xiaomi Group reported a total revenue of 113.1 billion CNY, reflecting a year-on-year growth of 22.3%, while adjusted net profit reached 11.3 billion CNY, marking an 80.9% increase [3]. - The company's core business in smartphones and AIoT continues to grow steadily, with innovative sectors like smart electric vehicles and AI accelerating towards profitability, achieving a milestone of 500,000 electric vehicles produced, the fastest record for a global new energy vehicle company [3].

外资险企再添新军。 11月24日，记者注意到，金融监管总局公布的行政许可信息显示，已同意北京法巴天星财产保险股份有限公司（下称"法巴天星财险"）开业，并 接受北京金融监管局的属地监督管理。 朱仁栋出生于1973年，北京大学理学学士、中国人民大学经济学硕士，同时拥有中国精算师、北美准精算师资格。2005年6月加入阳光财险，历 任精算部副总经理、总经理、财务负责人、精算责任人等职，2014年8月起任公司副总经理，2019年12月起任公司总精算师。 该公司业务范围为：机动车保险，包括机动车交通事故责任强制保险和机动车商业保险；企业/家庭财产保险及工程保险（特殊风险保险除 外）；责任保险；船舶/货运保险；短期健康/意外伤害保险；上述业务的再保险业务；国家法律法规允许的保险资金运用业务；经金融监管总局 批准的其他业务。 根据批复文件，法巴天星财险注册资本为10亿元。从股东构成及出资比例来看，法国巴黎保险集团出资4.9亿元，持股49%；四川银米科技有限 公司出资3.3亿元，持股33%；大众汽车金融服务海外股份公司出资1.8亿元，持股18%。 | 序号 | 发起人名称 | 出资额 | 出资比例 | | --- | --- ...

格隆汇11月24日｜小米集团于港交所发布公告表示，小米集团创始人、董事长兼CEO雷军个人斥资超1 亿港元增持小米集团260万股(平均价为每股约38.58港元)，雷军持股比例增加至23.26%。本月，小米集 团已分别于20日和21日连续两日回购公司股票2150万股，总斥资金额超8亿港币。 ...

Core Viewpoint - Xiaomi Group's founder Lei Jun has increased his stake in the company by purchasing 2.6 million Class B shares at an average price of approximately HKD 38.58 per share, totaling over HKD 100 million, reflecting his confidence in the company's growth potential and long-term commitment [1]. Financial Performance - For Q3 2025, Xiaomi reported revenue of RMB 113.1 billion, a year-on-year increase of 22.3%, and an adjusted net profit of RMB 11.3 billion, up 80.9%, marking the highest quarterly profit in the company's history [5]. - The innovative business segment, including smart electric vehicles and AI, generated revenue of RMB 29 billion, with smart electric vehicle sales contributing RMB 28.3 billion, showing a growth of over 199% year-on-year [5][8]. - Xiaomi delivered a record 108,796 new vehicles in Q3, with the innovative business segment achieving a gross margin of 25.5% [7][8]. Stock Performance - As of the latest market close, Xiaomi's stock rose by 1.52% to HKD 38.66, but has seen a cumulative decline of over 35% since reaching a year-to-date high of HKD 61.45 on June 27 [3]. Share Buyback - In November, Xiaomi repurchased 21.5 million shares over two days, with total expenditures exceeding HKD 800 million, indicating a strategy to support its stock price amid market fluctuations [3]. Market Challenges - The company anticipates challenges in 2026 for its electric vehicle segment due to reduced purchase tax subsidies and increased competition in the automotive industry, which may lead to a decline in gross margins compared to 2025 [8].

IT之家注意到，半年来小米集团股价下跌约 28%，市值蒸发约 3900 亿港元（现汇率约合 3563.53 亿元人民币）。 IT之家 11 月 24 日消息，小米集团于港交所发布公告表示，小米集团创始人、董事长兼 CEO 雷军个人斥资超 1 亿港元增持小米集团 260 万股，雷军持股比 例增加至 23.26%。本月，小米集团已分别于 20 日和 21 日连续两日回购公司股票 2150 万股，总斥资金额超 8 亿港币。 小米集团此前披露的 2025 年第三季度财报显示，集团三季度实现总营收 1131.21 亿元，连续 4 个季度超千亿元，同比增长 22.3%；经调整净利润 113.11 亿 元，同比增长 80.9%。 本月，小米集团连续两日大手笔回购公司股票 2150 万股，总斥资金额超 8 亿港币。今年以来，小米集团累计回购金额已超 23 亿港币。 ...

董事会认为增持事项显示雷先生对本公司的发展前景及增长潜力充满信心，以及其对本公司的长期承 诺。 小米集团-W(01810)发布公告，公司董事会获本公司创始人、执行董事、董事长、首席执行官兼控股股 东雷军先生(雷先生)通知，雷先生于2025年11月24日自公开市场通过由其全资拥有的Team Guide Limited 购入合共260万股本公司B类普通股，平均价为每股约38.58港元(增持事项)。 在上述增持事项后，雷先生于本公司40.63亿股A类普通股及19.94亿股B类普通股中拥有权益，合共相当 于本公告日期本公司已发行股份数约23.26%。 ...

Core Viewpoint - Xiaomi Group's founder and CEO Lei Jun has invested over HKD 100 million to increase his stake in the company, reflecting confidence in its future despite recent stock price declines [1][4]. Group 1: Stock Buyback and Personal Investment - Lei Jun purchased 2.6 million shares at an average price of approximately HKD 38.58 per share, raising his ownership to 23.26% [1]. - Xiaomi has repurchased 21.5 million shares over two days, with total expenditures exceeding HKD 800 million [3]. Group 2: Financial Performance - For Q3 2025, Xiaomi reported total revenue of RMB 113.1 billion, a year-on-year increase of 22.3% [6]. - The mobile and AIoT segment generated RMB 84.1 billion, a 1.6% increase year-on-year, while the smart electric vehicle and AI segment reached RMB 29 billion, marking a record high with a 199.2% year-on-year growth [6]. - Adjusted net profit for Q3 was RMB 11.3 billion, a significant increase of 80.9% year-on-year [6]. Group 3: Innovations and Future Goals - The smart electric vehicle and AI segment achieved its first quarterly operating profit of RMB 700 million [7]. - Xiaomi's CEO announced the production of the 500,000th vehicle, emphasizing commitments to safety, delivery, technological innovation, and the integration of AI with smart manufacturing [7]. - The company aims to meet its annual delivery target of 350,000 vehicles by the end of the week [7].

Core Insights - On November 24, 2025, Alibaba-W (09988), SMIC (00981), and Xiaomi Group-W (01810) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 9.685 billion, 4.391 billion, and 2.454 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also ranked as the top three, with trading amounts of 7.089 billion, 4.143 billion, and 2.119 billion respectively [1] Southbound Trading Activity - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong)** - Alibaba-W (09988): Trading amount of 9.685 billion, net buying of 0.882 billion [2] - SMIC (00981): Trading amount of 4.391 billion, net selling of 0.483 billion [2] - Xiaomi Group-W (01810): Trading amount of 2.454 billion, net buying of 0.107 billion [2] - Other notable companies include Hua Hong Semiconductor (01347) with 2.341 billion and Tencent Holdings (00700) with 2.145 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong)** - Alibaba-W (09988): Trading amount of 7.089 billion, net buying of 3.184 billion [2] - SMIC (00981): Trading amount of 4.143 billion, net selling of 0.541 billion [2] - Tencent Holdings (00700): Trading amount of 2.119 billion, net buying of 1.054 billion [2] - Other significant companies include Hua Hong Semiconductor (01347) with 1.997 billion and Xiaomi Group-W (01810) with 1.443 billion [2]

小米集团 （01810.HK） 24日于港交所发布公告表示，小米集团创始人、董事长兼CEO雷军个人斥资超 1亿港元增持小米集团260万股，平均价为每股约38.58港元，雷军持股比例增加至23.26%。 本月，小米集团已分别于20日和21日连续两日回购公司股票2150万股，总斥资金额超8亿港币。 近期，小米集团股价整体呈现持续走低态势，从近60港元/股跌至38港元/股附近。 业绩方面，三季报显示，2025年第三季度，小米集团总收入为人民币1131亿元，同比增长22.3%。业务 分部来看，手机×AIoT分部收入为人民币841亿元，同比增长1.6%；智能电动汽车及AI等创新业务分部收 入为人民币290亿元，创历史新高，同比增长199.2%，其中，第三季度，小米智能电动汽车收入为人民 币283亿元，其他相关业务收入为人民币7亿元。三季度，小米经调整净利润为人民币113亿元，创历史新 高，同比增长80.9%。 值得注意的是，三季度，小米的智能电动汽车及AI等创新业务分部首次实现单季度经营盈利，经营收益为 人民币7亿元。 11月20日，小米创始人、董事长兼CEO雷军在微博表示，小米第50万辆汽车当天下线。"今天下线的第 ...