Market Overview - The Hang Seng Index (HSI) closed at 26,739.45, up by 109.49 points or 0.41% as of January 22, 16:00 Eastern Time [1] - The index reached a high of 26,865.49 and a low of 26,707.64 during the trading session, with a trading volume of 74.379 million shares [1] Stock Performance - HSBC Holdings closed at HKD 130.600, an increase of 0.69% compared to the previous close [2] - Tencent Holdings closed at HKD 594.990, a decrease of 0.42% compared to the previous close [2] - Alibaba Group (ADR) saw a price increase of 4.78%, closing at HKD 164.800, while its ADR price was USD 172.684 [3] - Other notable stock movements include: - China Ping An: down 2.34% to HKD 66.900 [3] - Baidu Group: up 4.10% to HKD 160.000 [3] - BYD Company: up 0.71% to HKD 99.750 [3] - New World Development: up 3.63% to HKD 114.200 [3]

Core Insights - Heihe City has rapidly developed its cold-region vehicle testing industry, leveraging opportunities in the new energy vehicle and intelligent connected vehicle sectors, achieving a transformation from "single testing" to "full-chain leadership" with a growth rate of 10% annually [1][2] Group 1: Strategic Development - The cold-region vehicle testing industry has been integrated into Heihe's modern industrial system with a strategic path defined as "one core, two wheels driving, and two wings flying" [2] - Policies such as the "Cold Region Vehicle Testing Industry Service Regulations" and the "Heihe Cold Region Vehicle Testing Full Industry Chain Development Plan (2022-2035)" have been established to support industry growth [2] - Over 1 billion yuan has been invested in cold-region testing infrastructure, leading to the establishment of significant testing facilities [2] Group 2: Technological Empowerment - Heihe has made significant advancements in intelligent connected vehicle testing, including the construction of a 1.6 km testing road and the successful outdoor cold-weather flight tests for drones and flying cars [3] - The proportion of new energy vehicle testing in Heihe has increased from less than 30% to over 60% during the 14th Five-Year Plan period, with major companies like Xiaomi and Tesla conducting long-term tests [3] Group 3: Economic Integration - The integration of cold-region vehicle testing with tourism and sports has led to the successful hosting of events like the Cold Region Vehicle Testing Festival, generating over 600 million yuan in revenue and creating more than 1,500 jobs [4] - The cold-region vehicle testing industry has become a vital part of Heihe's urban development, with significant contributions to local economic growth [5] Group 4: Industry Impact - Heihe's cold-region vehicle testing accounts for 85% of the national market and 45% of the global market, earning accolades such as "China Heihe Automotive Cold Region Testing Base" [5] - The industry has transitioned from "industrial advantages" to "brand advantages," enhancing its reputation and recognition [5]

智东西 虽然与2020年巅峰时期体量相比尚有差距，但历经五年摸爬滚打逆势前行，华为手机是实实在在地回来 了，在中国市场重回榜首。 | 厂商 | 2025年 | 2025年 | | --- | --- | --- | | | 出货量 | 市场份额 | | | (单位:百万台) | | | 1. Huawei | 46.7 | 16.4% | | 2*. Apple | 46.2 | 16.2% | | 2*. vivo | 46.1 | 16.2% | | 4*. Xiaomi | 43.8 | 15.4% | | 4*. OPPO | 43.4 | 15.3% | | | 2020年全年 HS& | 2020年全年 | | | (单位:自同台) | 市场份额 | | 1.华为 | 124.9 | 38.3% | | 2. vivo | 57.5 | 17.7% | | 3. OPPO | 56.7 | 17.4% | | 4. 小米 | 39.0 | 12.0% | | 5. Apple | 36.1 | 11.1% | ▲2025年、2020年华为全年手机出货量及市场份额，来源：IDC 随着芯片供应逐渐稳定 ...

Core Viewpoint - The automotive market is shifting from direct price reductions to low-interest financing options, with several brands introducing long-term low-interest plans to stimulate demand amid consumer hesitation and inventory pressure [1][3]. Group 1: Low-Interest Financing Strategies - Following Tesla's introduction of a "7-year low-interest" financing plan, brands like Xiaomi, Li Auto, Xpeng, and Dongfeng Yipai have launched similar "6 to 7-year low-interest" and "low down payment, low monthly payment" installment policies [1][2]. - Tesla's financing plan offers an annual interest rate as low as 0.5% (approximately 0.98% annualized), with options tailored to different models and down payment levels [2]. - Xiaomi and Li Auto have adopted the "7-year low-interest" model to attract budget-sensitive consumers, emphasizing low monthly payments and down payment thresholds [2]. Group 2: Market Dynamics and Consumer Behavior - The introduction of low-interest financing is closely linked to fluctuations in consumer demand, with data indicating a 3.8% year-on-year increase in retail sales of passenger vehicles in 2025, but a decline in December retail numbers [3]. - The current market environment, characterized by consumer hesitation, has led automakers to utilize financial tools to stimulate demand and secure orders [3]. Group 3: Regulatory Environment and Compliance - Regulatory bodies have emphasized the need to resist chaotic price wars, enhancing the tactical value of financial subsidies as a means to maintain market order [4]. - The Ministry of Industry and Information Technology and other agencies have called for strict monitoring of pricing behaviors and compliance with regulations to ensure fair market practices [4]. - The introduction of guidelines for pricing behavior in the automotive industry aims to standardize promotional and pricing practices, indicating that financial subsidies are not outside regulatory scrutiny [5]. Group 4: Potential Implications and Concerns - While low-interest financing can reduce immediate cash flow pressure and encourage purchases, there are concerns about the long-term sustainability of such strategies [5]. - Risks include potential consumer leverage issues, demand being pulled forward, and the possibility of a return to price wars if financial incentives are not managed properly [5][6]. - The future effectiveness of these promotional strategies will depend on transparent compliance with promotional rules and the ability of companies to provide sustainable product value beyond financial incentives [6].

此外，就在今年1月7日，小米汽车宣布，新一代SU7预计2026年4月份上市，小米SU7将迎来首次改 款。据了解，小米SU7正式发布仅1年9个月时间，交付超过36万辆，月均超过1.7万辆。 小米集团创始人、董事长兼CEO雷军近日表示，小米汽车非常重视智能驾驶领域的团队建设、人才投 入，目前小米汽车智能驾驶团队超过1800人，并设立了北京、上海、武汉三大研发中心。 万联证券投资顾问屈放对《证券日报》记者表示，小米集团的回购举措，彰显了公司稳定市场信心、提 升股东回报率以及现金流充沛的优势。 本报记者 向炎涛 1月22日，小米集团公告称，公司已与一家独立经纪商签订协议，该经纪商将根据经纪协议所记载的预 定参数在港交所回购不超过25亿港元小米集团的B类普通股。此项自动股份回购计划将于1月23日正式 启动。 小米集团在公告中表示，实施自动股份回购计划可展示公司对自身业务前景充满信心，符合公司及股东 的整体最佳利益。公司其后将注销自动股份购回计划下购回的股份。 事实上，开年以来小米集团已密集开展股份回购操作。据Wind数据统计，2026年以来截至1月22日，小 米集团累计斥资22.5亿港元用于股份回购。 小米集团发布的2 ...

【重大事项】 优必选(09880)拟出资3亿元成立合伙企业在智能机器人产业链领域开展投资 天鸽互动(01980)获新浪香港折让约1.41%提部分要约收购3250万股股份 1月22日复牌 复星医药(02196)：重酒石酸去甲肾上腺素注射液药品注册申请获批 启明医疗-B(02500)：Cardiovalve Ltd.与MTH IP, L.P.就美国第385号专利对Edwards提起专利侵权诉讼 五矿资源(01208)2025年铜总产量50.69万吨 同比增长27% 保诚(02378)斥资约3.75亿美元将其于PAMB的股份权益增加至70% 诺科达科技(00519)旗下智能搬运机械人在香港公共屋邨实现创新落地 意达利控股(00720)B-ON Global S.àr.l.拟收购13亿股公司股份 将成为公司主要股东 【债券票据】 维立志博-B(09887)：维利信™用于治疗肺外神经内分泌癌获欧盟委员会授予孤儿药认定(ODD) 嘉利国际(01050)获AI巨头服务器机壳订单 ASIC业务量产提速 泰国新基地启动建设 中国罕王(03788)拟筹资约7.83亿港元以支持Mt Bundy金矿项目的开发 南山铝业国际(0261 ...

Group 1 - The People's Bank of China will continue to implement a moderately loose monetary policy in 2026, focusing on promoting stable economic growth and reasonable price recovery [1] - The central bank plans to conduct a 900 billion yuan MLF operation on January 23, 2026, to maintain liquidity in the banking system [1] Group 2 - The State Council's Food Safety Office is drafting national standards for prepared dishes to protect consumer rights and promote high-quality industry development [2] - Major banks in China, including ICBC and ABC, have announced the implementation of personal consumption loan interest subsidy policies [2] Group 3 - Beijing plans to increase computing power supply, aiming to build a total computing power scale of around 200,000 P by 2027 [2] Group 4 - Xiaomi Group has initiated a share repurchase plan of up to 2.5 billion HKD [5] - Hengyi Petrochemical plans to repurchase shares worth 500 million to 1 billion yuan [5] - Yunyi Electric plans to repurchase shares worth 100 million to 150 million yuan [5] Group 5 - Xidong Pharmaceutical plans to repurchase shares worth 25 million to 50 million yuan [6] - Several companies, including Haikang Information and Huitian Ruisheng, have announced plans for shareholder reductions [6] - Notable profit forecasts for 2025 include a projected net profit increase of 241.55% to 339.13% for Te Yi Pharmaceutical and 137.73% to 201.74% for Qingsong Co. [6]

证券时报·数据宝统计，小米集团-W在港交所公告显示，1月22日以每股34.920港元至35.240港元的价格 回购571.38万股，回购金额达2.01亿港元。该股当日收盘价35.240港元，下跌0.51%，全天成交额47.19 亿港元。 自1月13日以来公司已连续8日进行回购，合计回购4001.38万股，累计回购金额14.60亿港元。 其间该股 累计下跌9.03%。 小米集团-W回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2026.01.22 | 571.38 | 35.240 | 34.920 | 20073.39 | | 2026.01.21 | 700.00 | 35.480 | 35.220 | 24772.29 | | 2026.01.20 | 550.00 | 35.860 | 35.460 | 19607.97 | | 2026.01.19 | 400.00 | 36.520 | 36.360 | 14582.26 | | 2026.01.16 | 590 ...

1月22日，小米集团在港交所公告称，拟购回不超过25亿港元的公司B类普通股。 公告称，购回计划将自1月23日起，持续至2026年股东周年大会前一日、购回总额达25亿港元或协议提前终 止三者中最早发生之日。 小米集团认为，实施自动股份购回计划可展示本公司对自身业务前景充满信心，符合公司及股东的整体最 佳利益。公司其后将注销自动股份购回计划下购回的股份。 （文章来源：证券时报） ...

智通财经1月22日讯（编辑 冯轶）据Wind数据显示，南向资金今日成交约931.59亿港元，较前一日再度缩量约158亿；约占今日恒指成交总额的39.68%，占 比跌破四成。 趋势上，南向资金已连续5个交易日保持流入，期间累计买入252.17亿港元。 个股方面，交易所数据显示，今日南向资金 港股今日延续震荡走势，三大指数涨跌不一。南向资金净流入约52.39亿港元。其中，沪港股通净流入约27.75亿港元，深港股通净流入约24.64亿港元。 中国移动今日跌0.25%，资金前5日减持4235万股，短线延续流出趋势。 腾讯控股今日跌0.83%，资金前5日加仓470万股，短线流入趋缓。 大幅净买入：阿里巴巴-W(09988.HK)14.13亿港元；中国海洋石油(00883.HK)5.92亿港元；快手-W(01024.HK)4.79亿港元；中国人寿 (02628.HK)4.45亿港元；泡泡玛特(09992.HK)3.74亿港元；小米集团-W(01810.HK)4.47亿港元。 大幅净流出：中国移动(00941.HK)8.74亿港元；腾讯控股(0700.HK)6.69亿港元；地平线机器人-W(09660.HK)1.21亿港元 ...