Core Viewpoint - The recent news highlights a significant drop in the resale prices of Xiaomi's electric vehicles, particularly the SU7 model, leading to public controversy and scrutiny of the company's automotive segment [1][3][8]. Group 1: Resale Price Decline - Reports indicate that the resale prices of Xiaomi's electric vehicles have plummeted, with the SU7 model experiencing a drop of over 100,000 yuan from its initial price of approximately 530,000 yuan to around 410,000 yuan [3][11]. - The SU7 Ultra has seen the most dramatic depreciation, with some vehicles losing more than 150,000 yuan in value within a year [3][11]. - The media's portrayal of the situation suggests a collapse of the "value retention myth" associated with Xiaomi's vehicles, raising concerns about their market performance [3][6]. Group 2: Company Response - In response to the negative publicity, Xiaomi executives, including Lei Jun and Xu Jieyun, publicly refuted claims of a drastic price drop, stating that the actual turnover efficiency and value retention rates of Xiaomi's second-hand cars are above average [8][11]. - A report from the China Automobile Circulation Association indicates that the SU7's value retention rate was 88.91% in the first half of 2025, ranking it first among all models, and 80.1% by December of the same year, indicating that the vehicle's value retention remains strong despite some decline [11]. Group 3: Factors Behind the Controversy - The controversy surrounding Xiaomi's vehicles is attributed to various factors, including the natural pressure of model updates, the fading of initial hype, and the stabilization of supply after ramping up production [6][12]. - The company has become a target for negative publicity due to its high visibility and the competitive nature of the automotive market, where rival companies may resort to discrediting tactics [12][15]. - Internal controversies, such as marketing strategies that have drawn criticism, also contribute to the negative narrative surrounding the company [12][15].

Market Overview - The Hang Seng Index (HSI) closed at 26,783.18, down by 216.63 points or 0.80% as of January 14, 16:00 Eastern Time [1] - The index reached a high of 26,918.58 and a low of 26,724.89 during the trading session, with a trading volume of 82.41 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 127.501, up by 0.39% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 632.594, down by 0.06% compared to the Hong Kong close [2] Stock Price Movements - Tencent Holdings (00700) latest price is HKD 633.000, with an increase of HKD 5.500 or 0.88%, but its ADR price is HKD 632.594, showing a decrease of HKD 0.406 [3] - Alibaba Group (09988) latest price is HKD 169.000, up by HKD 9.100 or 5.69%, with an ADR price of HKD 165.595, down by HKD 3.405 [3] - HSBC Holdings (00005) latest price is HKD 127.000, up by HKD 0.600 or 0.47%, with an ADR price of HKD 127.501, up by HKD 0.501 [3] - Other notable movements include Meituan (03690) down by 3.24% and Ctrip Group (09961) down by 6.49% [3]

Core Insights - The global smartphone market experienced a 2.3% year-on-year growth in Q4 2025, reaching 336.3 million units, with total shipments for the year at 1.26 billion units [1] - In China, smartphone shipments in 2025 were approximately 285 million units, a decline of 0.6% year-on-year, with Huawei regaining the top position in market share [1] - The smartphone industry is expected to face challenges in 2026, including rising costs and market share pressures, leading to potential reshuffling among domestic manufacturers [1] Market Performance - Huawei led the Chinese smartphone market in 2025 with shipments of 46.7 million units, followed closely by Apple and Vivo with 46.2 million and 46.1 million units, respectively [1] - The top five manufacturers (Huawei, Apple, Vivo, Xiaomi, and OPPO) accounted for 79.4% of the total market share in China, indicating intensified competition [1] Market Trends - Mid-to-high-end brands dominated the shipment rankings, reflecting a trend towards increased market concentration and consumer willingness to pay for differentiated experiences [2] - The storage market is expected to see price increases of 40% to 50% in Q1 2026, further impacting the cost structure of smartphone manufacturers [2] Strategic Responses - Apple is adopting a "more quantity for less price" strategy, while Chinese manufacturers are targeting the ultra-high-end market with new product launches [3] - Companies are reducing shipments of low-end models to maintain profitability amid rising costs [3] Innovation and Growth - The integration of artificial intelligence into smartphones is becoming a key focus for manufacturers, with new models emphasizing AI capabilities as core selling points [4] - Companies like Huawei, Vivo, and Xiaomi are investing in AI and collaborating with internet giants to establish differentiated advantages in the AI ecosystem [4] Industry Adaptation - The Chinese smartphone industry is adjusting to export market fluctuations by establishing overseas factories and transitioning to high-tech, high-value core segments [6] - The resilience of the Chinese smartphone market is evident in its shift from pursuing scale benefits to exploring technological advantages [6]

凤凰网科技讯1月14日，小米汽车官方发布答网友问(第206集)。针对"新一代小米SU7要4月份才正式上 市，为什么现在就公布了？"的问题，官方称，买车是件"大事"，提前3个月公布小米SU7改款消息可以 给大家预留更多的时间来比较、体验和购买产品。此外，在新一代小米SU7公布预售之后，就可以拆除 测试车的重伪装，进行更加严密的道路测试验证。 关于新一代小米SU7疑似取消中控物理按键，官方称新一代小米SU7仍然保留了中控物理按键。并且按 照横向排布，更符合直觉，不占用驾驶注意力。 ...

Market Performance - On January 14, the Hang Seng Index rose by 0.56%, closing at 26,999.81 points, with a net inflow of HKD 28.65 billion through the southbound trading channel [1] - The total trading volume for the southbound trading on January 14 was HKD 1,606.16 billion, with a net buying amount of HKD 28.65 billion [1] Stock Activity - In the Shanghai-Hong Kong Stock Connect, Alibaba-W had the highest trading volume at HKD 165.92 billion, followed by Tencent Holdings and SMIC with trading amounts of HKD 40.03 billion and HKD 29.60 billion, respectively [1] - Tencent Holdings recorded a net buying amount of HKD 12.24 billion, while China Mobile had the highest net selling amount of HKD 9.13 billion, closing down by 0.19% [1] Shenzhen-Hong Kong Stock Connect - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W also led with a trading volume of HKD 87.98 billion, followed by Tencent Holdings and Alibaba Health with trading amounts of HKD 25.24 billion and HKD 22.69 billion, respectively [2] - Alibaba Health had the highest net buying amount of HKD 11.61 billion, with a closing increase of 18.96% [2] ETF Performance - The Food and Beverage ETF (Product Code: 515170) has seen a decrease of 0.71% over the past five days, with a price-to-earnings ratio of 20.06 times and a net redemption of HKD 40.35 million [4] - The Gaming ETF (Product Code: 159869) increased by 10.84% over the past five days, with a price-to-earnings ratio of 43.58 times and a net redemption of HKD 180 million [4] - The Sci-Tech 50 ETF (Product Code: 588000) rose by 3.88% over the past five days, with a price-to-earnings ratio of 176.27 times and a net subscription of HKD 620 million [4] - The Cloud Computing 50 ETF (Product Code: 516630) increased by 17.69% over the past five days, with a price-to-earnings ratio of 104.56 times and a net redemption of HKD 11.55 million [5]

（原标题：小米集团-W(01810.HK)连续2日回购，累计斥资3.03亿港元） 证券时报•数据宝统计，小米集团-W在港交所公告显示，1月14日以每股37.720港元至37.800港元的价格 回购400.00万股，回购金额达1.51亿港元。该股当日收盘价37.780港元，下跌0.53%，全天成交额66.98 亿港元。 自1月13日以来公司已连续2日进行回购，合计回购800.00万股，累计回购金额3.03亿港元。 其间该股累 计下跌2.48%。 今年以来该股累计进行7次回购，合计回购2855.00万股，累计回购金额10.93亿港元。（数据宝） 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） | | --- | --- | --- | --- | --- | | 2026.01.14 | 400.00 | 37.800 | 37.720 | 15109.00 | | 2026.01.13 | 400.00 | 38.040 | 37.940 | 15200.88 | | 2026.01.09 | 400.00 | 37.920 ...

证券时报 数据宝统计，小米集团-W在港交所公告显示，1月14日以每股37.720港元至37.800港元的价格 回购400.00万股，回购金额达1.51亿港元。该股当日收盘价37.780港元，下跌0.53%，全天成交额66.98 亿港元。 自1月13日以来公司已连续2日进行回购，合计回购800.00万股，累计回购金额3.03亿港元。 其间该股累 计下跌2.48%。 | 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） | | --- | --- | --- | --- | --- | | 2026.01.14 | 400.00 | 37.800 | 37.720 | 15109.00 | | 2026.01.13 | 400.00 | 38.040 | 37.940 | 15200.88 | | 2026.01.09 | 400.00 | 37.920 | 37.740 | 15132.64 | | 2026.01.08 | 500.00 | 38.160 | 38.040 | 19057.99 | | 2026.01.07 | 390.00 | 38.200 ...

来源：小米汽车 01 新一代小米SU7要4月份才正式上市，为什么现在就公布了？ 首先，我们认为买车是件"大事"，提前3个月来公布小米SU7改款的消息可以给大家预留更多的时间来比较、体验和购买产品。 此外，在新一代小米SU7公布预售之后，我们就可以拆除测试车的重伪装，进行更加严密的道路测试验证。新一代SU7基于第一代SU7的架构进行升级，目 前测试验证工作依然在同步进行中。截至新一代小米SU7正式上市并交付时，小米SU7车系的累计路测总里程预计将超过1500万公里（包含第一代SU7）。 小米SU7在各类工况及社会道路测试验证中，历经了从-30℃极寒到50℃极热的环境考验，并覆盖了高原、城市、乡村、高架、山路、国省道等几乎所有的行 车工况。新一代SU7，我们有信心继续为大家带来更加安心可靠的体验。 更多关于新一代SU7的消息，请您持续关注小米汽车官方信息。 02 小米SU7为什么要等2年才改款换代？ 第一代小米SU7产品力一直很强，所以销量和用户满意度一直很高，新一代SU7要全面超越第一代SU7，我们需要做更全面的测试和调校，以确保新一代小 米SU7既能延续经典，也能给用户带来更出色的用车体验。希望大家多多支持本 ...

Core Insights - The Chinese AI glasses market is entering a new phase after the "Hundred Glasses War" in 2025, with significant developments expected in 2026 as major players like Baidu and ByteDance join the competition [1][2] - Global market dynamics are shifting, with Meta maintaining a dominant position, while Google and Apple are also making strategic moves to capture market share [1][6] Investment and Financing - Companies like Thunderbird Innovation and Flash Technology have recently secured significant funding, indicating strong investor interest in the AI glasses sector [3][4] - Thunderbird Innovation raised over 1 billion yuan, while Flash Technology completed a financing round of nearly 100 million yuan to support the development of new AI glasses [3] Market Dynamics - The AI glasses market is expected to experience explosive growth in 2026, driven by successful commercialization efforts from companies like Ray-Ban Meta and the anticipated entry of tech giants like Apple and Samsung [5][6] - The global AI smart glasses market is projected to grow from 6 million units in 2025 to 20 million units in 2026, with revenue increasing from $1.2 billion to $5.6 billion [9] Competitive Landscape - The entry of major internet and mobile companies is intensifying competition, leading to potential market share erosion for existing players while also creating opportunities for startups [8][9] - The current consumer base for AI glasses primarily consists of early adopters, and the market has yet to establish a strong "must-have" demand [4][5] Technological Advancements - The introduction of eSIM technology is seen as a significant step towards making AI glasses independent devices, enhancing their functionality beyond being mere accessories [3] - Improvements in product quality and user experience are critical for retaining customers, as many users currently engage with AI glasses primarily out of curiosity [4][5] Ecosystem Development - Google is actively working on building an Android XR ecosystem through partnerships with companies like Qualcomm and Samsung, aiming to create a robust hardware ecosystem for smart glasses [6][7] - The ongoing development of the Android XR ecosystem is expected to foster innovation and application expansion in the smart glasses market, although widespread adoption may take time [7][8]

1）公司要闻 中信证券(06030.HK)：发布2025年度业绩快报，实现营业收入人民币748.30亿元，同比增长28.75%；净利润人民币300.51亿元，同比增长38.46%。 中信银行(00998.HK)：公布2025年度业绩快报，营业总收入为2,124.75亿元，同比减少0.55%；净利润706.18亿元，同比增长2.98%。 北京北辰实业股份(00588.HK)：预计截至2025年12月31日止年度利润将继续亏损。 越秀地产(00123.HK)：2025年度累计合同销售金额约为1062.1亿元，同比下降约7.3%，约占销售目标的88.1%。其中12月销售金额约89.96亿元，同比下降约 33.4%。 交个朋友控股(01450.HK)：2025年第四季度，集团合计完成商品交易总额(GMV)约人民币64.9亿元，同比增长约4.34%；2025年累计完成GMV约人民币160.2 亿元，同比增长约6.23%。 赛晶科技(00580.HK)：预计2025年度收入约人民币22.5亿元，，同比增加约40%，主要由于来自柔性输电业务领域的收入增加，得益于有关工程订单产品陆 续交付及收入确认。 中广核新能源(0181 ...