1. Report Industry Investment Rating No information provided in the content. 2. Core Views of the Report - In the 37th week of 2025 (from September 8th to September 14th), the single - week retail sales of passenger cars were 453,000 units, a year - on - year decrease of 4.1%. Since the beginning of this year, the retail sales have reached 1.5182 million units, a year - on - year increase of 6.3%. The single - week retail sales of new energy passenger cars were 270,000 units, a year - on - year increase of 6.3%. Since the beginning of this year, the retail sales have reached 791,500 units, a year - on - year increase of 22.7%. The year - on - year growth rate has slowed down due to the high base and the termination of subsidies in some regions this year [1][11]. - The single - week penetration rate of new energy vehicles reached 59.6%, and the cumulative penetration rate for the year was 52.1%, showing a slow upward trend [1][21]. - The new energy vehicle market pattern is constantly changing. Traditional car companies such as Geely, Changan, and Chery are achieving excellent performance in new energy vehicle sales, and new brands like Xiaomi are bringing new variables to the market. Car companies like BYD, Tesla, and Li Auto have negative year - on - year growth, while XPeng, NIO, Leapmotor, Xiaomi, and Voyah maintain relatively high growth rates [2][27]. 3. Summary According to the Directory 3.1 Passenger Car Market Weekly Overview - In the 37th week of 2025, the single - week retail sales of passenger cars were 453,000 units, a year - on - year decrease of 4.1%. Since the beginning of this year, the retail sales have reached 1.5182 million units, a year - on - year increase of 6.3%. The single - week retail sales of new energy passenger cars were 270,000 units, a year - on - year increase of 6.3%. Since the beginning of this year, the retail sales have reached 791,500 units, a year - on - year increase of 22.7%. The growth rate has slowed down due to the high base and subsidy termination [1][11]. - By power type, in passenger cars, traditional fuel, hybrid, and new energy vehicles had retail sales of 167,000 units, 16,000 units, and 270,000 units respectively, with year - on - year changes of - 16.2%, - 15.1%, and 6.3%, accounting for 36.8%, 3.6%, and 59.6% of passenger cars respectively. In new energy passenger cars, pure - electric, plug - in hybrid, and extended - range vehicles had retail sales of 180,000 units, 68,000 units, and 23,000 units respectively, with year - on - year changes of 23.0%, - 14.5%, and - 21.3%, accounting for 66.5%, 25.1%, and 8.4% of new energy passenger cars respectively [22]. - By production attribute, in passenger cars, self - owned and joint - venture brands had retail sales of 307,000 units and 147,000 units respectively, with year - on - year changes of 2.9% and - 16.0%, accounting for 67.7% and 32.3% of passenger cars respectively. In new energy passenger cars, self - owned and joint - venture brands had retail sales of 243,000 units and 27,000 units respectively, with year - on - year changes of 7.9% and - 6.1%, accounting for 89.8% and 10.2% of new energy passenger cars respectively [24]. 3.2 Key New Energy Vehicle Companies' Sales Analysis - **Overall Situation**: In the 37th week, BYD sold 71,000 units, Geely Automobile 33,000 units, SAIC - GM - Wuling 19,000 units, Tesla (China) 15,000 units, Changan Automobile 14,000 units, Chery Automobile 10,000 units, and Hongmeng Zhixing 10,000 units. Among new - force car companies, Leapmotor sold 13,000 units, Xiaomi 10,000 units, Wenjie 9,000 units, XPeng and Li Auto 8,000 units each, and NIO 6,000 units [2][27]. - **BYD**: The weekly sales were 71,000 units. Since July, the year - on - year growth rate has turned negative. The cumulative sales this year reached 2.28 million units, with a year - on - year growth rate of 2.6%. The sales of pure - electric and plug - in hybrid (including extended - range) models are basically half and half. From January to August this year, the global cumulative sales were 2.864 million units, and the overseas cumulative sales of passenger cars and pick - up trucks were 630,000 units [31]. - **Geely Automobile**: The weekly sales were 49,000 units, including 33,000 new energy vehicles. The electrification rate of the car company is about 67%. The cumulative sales this year reached 1.591 million units, with a year - on - year growth of 48.2%, and the cumulative new energy sales were 942,000 units, with a year - on - year growth of 99.3% [33]. - **SAIC - GM - Wuling**: The overall weekly sales of passenger cars were 20,000 units, including 19,000 new energy vehicles. The electrification rate of the car company is as high as 91%. The cumulative sales this year reached 573,000 units, with a growth rate of 19.8%, and the new energy sales were 492,000 units, with a growth rate of 36.1%. Pure - electric models dominate the sales [36]. - **Changan Automobile**: The overall weekly sales of passenger cars were 23,000 units, including 14,000 new energy vehicles. The electrification rate of the car company is about 59%. The cumulative sales this year reached 821,000 units, with a year - on - year growth of 2.0%, and the new energy sales were 408,000 units, with a year - on - year growth of 18.7% [41]. - **Chery Automobile**: The overall weekly sales of passenger cars were 23,000 units, including 10,000 new energy vehicles. The electrification rate of the car company is about 43%. The cumulative sales this year reached 843,000 units, with a year - on - year growth of 24.0%, and the new energy sales were 302,000 units, with a year - on - year growth of 66.7% [46]. - **Tesla**: The weekly sales in China were 15,000 units. The cumulative sales this year reached 395,000 units, with a year - on - year negative growth of - 6.7%. The sales of Model 3, Model Y, and Model Y L were about 5,000 units, 9,000 units, and 1,000 units respectively. Tesla has launched multiple preferential activities this year, and the price of the long - range version of Model 3 has increased since July 1st [51]. - **Hongmeng Zhixing**: The weekly sales were 10,000 units, including about 9,000 units of Wenjie. The Shangjie H5, a new car in cooperation with SAIC, is planned to be officially launched in September [54]. - **New - Force Car Companies**: Leapmotor sold 13,000 units, Xiaomi 10,000 units, Wenjie 9,000 units, XPeng and Li Auto 8,000 units each, and NIO 6,000 units. XPeng, NIO, Leapmotor, Xiaomi, Voyah, etc. maintained relatively high year - on - year growth rates [62].

Summary of the Conference Call on China Auto Manufacturers Industry Overview - The conference call focused on the **China Auto Manufacturers** industry, particularly the performance of **New Energy Vehicles (NEVs)** in August 2025, as indicated by insurance retail sales trends and market share data. Key Points and Arguments 1. **NEV Market Share Growth**: - Major players such as **Tesla**, **SAIC GM Wuling**, **Nio**, **BYD**, and **Leapmotor** gained NEV market shares month-over-month (MoM) in August 2025. The sales of domestically produced NEV passenger vehicles (PV) increased by **12% MoM** and **8% year-over-year (YoY)**, aligning with expectations [2][10]. 2. **BEV Penetration Trends**: - Battery Electric Vehicle (BEV) penetration rose, while Internal Combustion Engine (ICE) sales penetration fell to **43.6%**, a decline of **2.2 percentage points (ppt) MoM**. BEV/PHEV/EREV trends showed increases of **2.3/0.7/-0.7 ppt MoM** respectively [3]. 3. **Market Share Changes**: - **Tesla**, **Nio**, **BYD**, and **Xiaomi** saw increases in BEV market share by **1.4/1.2/0.5/0.2 ppt MoM**. Conversely, **Geely** and **GAC** experienced declines of **1.3/0.8 ppt MoM** [3]. 4. **PHEV Market Dynamics**: - **Geely** and **Chery** gained PHEV market share by **2.4/0.8 ppt MoM**, while **GWM** and **Changan** lost share by **0.9/0.4 ppt MoM** [4]. 5. **EREV Market Performance**: - **Li Auto** lost EREV market share by **3.8 ppt MoM**, while **Dongfeng**, **Leapmotor**, and **Seres** gained shares of **2.2/1.1/0.9 ppt MoM** respectively [4]. 6. **ICE Market Share Trends**: - German brands increased their ICE market shares, while Chinese brands' ICE market share dipped slightly to **35.0%**, a decrease of **0.1 ppt MoM**. Notably, **Geely**, **GWM**, and **SAIC** gained ICE share by **1.2/0.7/0.5 ppt MoM** [4][5]. 7. **Tesla's Performance**: - Tesla's insurance retail sales for domestically produced vehicles reached **56,695 units**, a **38% increase MoM** but a **11% decrease YoY**. Wholesales totaled **83,192 units**, up **23% MoM** but down **4% YoY** [5][19]. 8. **Inventory Levels**: - Overall inventory for major OEMs decreased from **2.8 months** at the end of July to **2.6 months** at the end of August. Passenger vehicle inventory dropped to **2.2 months**, NEV inventory to **1.7 months**, while ICE inventory remained flat at **3.0 months** [6][24]. 9. **Local Brand Market Share**: - Local Chinese brands maintained a high NEV market share of **83.2%**, a decrease of **1.7 ppt MoM**, compared to US brands which increased to **12.4%** [7]. Additional Important Insights - The data indicates a competitive landscape where local brands are still dominant in the NEV sector, but foreign brands are gradually increasing their presence in the ICE market. - The trends in inventory levels suggest a tightening supply chain, which could impact future production and sales strategies for OEMs. - The performance of Tesla highlights the volatility in the market, with significant month-over-month fluctuations despite a year-over-year decline. This summary encapsulates the critical insights from the conference call regarding the current state and trends within the China Auto Manufacturers industry, particularly focusing on NEVs and market dynamics.

Core Insights - Xiaomi Group's financing guarantee license has been revoked, indicating regulatory challenges in its financial operations [2][5] - Alpha (Tianjin) Financing Guarantee Co., Ltd., fully owned by Xiaomi Financial (Hong Kong) Co., Ltd., had its business license canceled after approximately 5 years and 8 months of operation [3][4][5] Company Overview - Alpha Financing Guarantee was established in June 2019 with a registered capital of 100 million yuan, focusing on various financing guarantee services [3] - The legal representative of Alpha Financing Guarantee, Yue Kai, also holds positions in multiple Xiaomi-related companies, including Xiaomi Commercial Factoring and Xiaomi Consumer Finance [4] Financial Strategy - Xiaomi has been expanding its financial services since 2015, establishing several companies and acquiring various financial licenses, including online micro-lending and insurance brokerage [6][7] - The company aims to integrate its financial services into its broader business strategy, including automotive finance solutions [11] Financial Performance - Xiaomi's internet services revenue reached 18.17 billion yuan in the first half of 2025, showing a year-on-year growth of 11.4%, contributing approximately 8% to total revenue [12]

Core Insights - Vivo has achieved the top position in the Chinese smartphone market with a 19% market share, leading Huawei by 3 percentage points, while OPPO and Xiaomi follow closely with the same share [1][3] - The S30 and X200s series contributed over 60% of Vivo's sales in the first eight weeks of Q3 2025, indicating strong performance in the mid-to-high-end segment [3] - OPPO experienced the highest growth among manufacturers, with a 4% year-on-year increase in sales, driven by the popularity of the Reno 14 series [3] - Huawei maintained positive growth with a 2% year-on-year increase, supported by supply chain optimization and a strong product lineup, including the Nova 14 series [3] - Apple saw a 6% year-on-year decline in sales in the Chinese market, attributed to fierce competition from domestic brands [4] - Honor's sales dropped by 9% year-on-year, the largest decline among major manufacturers, due to ongoing adjustments in its channel strategy [4][5] - The overall smartphone market in China is expected to see a 3%-5% quarter-on-quarter decline in Q3 2025, influenced by weak consumer demand and a gap in new product releases [5] Company Performance - Vivo's strong performance is attributed to the S30 and X200s series, which are positioned in the mid-to-high-end market [3] - OPPO's growth is linked to its comprehensive product range, particularly the Reno 14 series, which has resonated well with consumers [3] - Huawei's growth is supported by its expanding product portfolio and successful launches, such as the Nova 14 series [3] - Apple's decline in market share is partially offset by the stable performance of the iPhone 16 Pro series [4] - Honor's significant sales drop highlights challenges in its channel strategy and market positioning [4][5] Market Trends - The shift in consumer preference towards mid-to-high-end products benefits brands like OPPO and Huawei [3] - The competitive landscape is intensifying, with domestic brands launching compelling models that meet consumer demands [4] - The overall smartphone market in China is facing a contraction, with expectations of a slight decline in Q3 2025 [5]

Core Insights - On September 18, 2025, Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 13.163 billion, 9.044 billion, and 5.634 billion respectively [1][2] - Alibaba-W (09988), SMIC (00981), and Tencent Holdings (00700) also led the trading volume in the southbound trading of the Shenzhen-Hong Kong Stock Connect, with trading amounts of 7.909 billion, 5.005 billion, and 3.531 billion respectively [1][2] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 13.163 billion, net buying of 0.315 billion [2] - SMIC (00981): Trading amount of 9.044 billion, net selling of 0.395 billion [2] - Tencent Holdings (00700): Trading amount of 5.634 billion, net selling of 0.940 billion [2] - Meituan-W (03690): Trading amount of 4.440 billion, net buying of 0.568 billion [2] - Xiaomi Group-W (01810): Trading amount of 3.518 billion, net buying of 0.280 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 7.909 billion, net buying of 0.895 billion [2] - SMIC (00981): Trading amount of 5.005 billion, net buying of 0.117 billion [2] - Tencent Holdings (00700): Trading amount of 3.531 billion, net buying of 0.522 billion [2] - Meituan-W (03690): Trading amount of 2.495 billion, net buying of 0.844 billion [2] - Xiaomi Group-W (01810): Trading amount of 2.236 billion, net buying of 0.381 billion [2]

Core Viewpoint - Southbound funds saw significant inflow today, with a total transaction amount of approximately 210.55 billion HKD, marking an increase of nearly 32 billion HKD compared to the previous day, representing about 50.94% of the total turnover of the Hang Seng Index [2] Southbound Fund Flow - The net inflow of southbound funds today was approximately 6.288 billion HKD, with the Shanghai-Hong Kong Stock Connect contributing about 1.907 billion HKD and the Shenzhen-Hong Kong Stock Connect contributing about 4.382 billion HKD [2][4] - Major net inflows included Meituan-W (14.12 billion HKD), Alibaba-W (12.1 billion HKD), Pop Mart (12.07 billion HKD), and Xiaomi Group-W (6.61 billion HKD) [2] - Significant net outflows were observed in Hua Hong Semiconductor (11.65 billion HKD), Tencent Holdings (4.18 billion HKD), and SMIC (2.77 billion HKD) [2] Stock Performance - Meituan-W increased by 0.29%, but short-term funds have been predominantly flowing out, with a reduction of 1.237 million shares over the past five days [3] - Alibaba-W decreased by 1.98%, with short-term funds continuing to flow in, accumulating 12 million shares over the past five days [3] - Pop Mart rose by 4.62%, yet short-term funds continued to show a trend of outflow, with a reduction of 397,000 shares over the past five days [3] - Xiaomi Group-W fell by 1.73%, with a continued outflow trend, reducing 2.099 million shares over the past five days [3] - Hua Hong Semiconductor increased by 8.62%, with an unclear short-term fund trend, having accumulated 1.069 million shares over the past five days [3] - Tencent Holdings decreased by 2.95%, with an unclear short-term fund trend, reducing 820,000 shares over the past five days [3] - SMIC rose by 2.66%, with short-term funds predominantly flowing in, accumulating 2.057 million shares over the past five days [3]

雷军今日转发小米集团招聘微博并称：欢迎同学们参加小米的校园招聘活动！ 据小米招聘官方消息，小米集团 2026 届全球校园招聘于8月5日正式启动，面向海内外招聘2026届应届 毕业生。招聘涵盖算法类、软件研发类、硬件研发类、产品类、设计类等 16 大职类，工作地点包括北 京、上海、南京、武汉、西安、深圳等国内城市及多个海外城市。 责任编辑：王翔 ...

Core Insights - The Chinese audio and audio recording glasses market experienced significant growth in Q2 2025, driven by the launch of new products from Xiaomi, including the Xiaomi AI glasses and Thunderbird V3, leading to a market share increase to 19.7% [3]. Market Performance - In Q2 2025, the total shipment of smart glasses in China reached 664,000 units, marking a year-on-year increase of 145.5% [2]. - The audio and audio recording glasses segment saw shipments of 514,000 units, reflecting a remarkable year-on-year growth of 256.6% [3]. - The AR/VR market in China recorded shipments of 150,000 units in Q2 2025, with a year-on-year growth of 18.7% [3]. Market Segmentation - The AR & ER category significantly contributed to the growth, achieving a market share of 76.4% with a year-on-year increase of 61.8%, while the VR & MR segment faced a decline of 36.2% [3]. - The competitive landscape is shifting, with notable performances from products like the Thunderbird Air 3S and Xreal One, while Pico experienced a decline due to a product transition period [3]. Future Projections - The Chinese smart glasses market is projected to reach 2.846 million units by 2025, representing a year-on-year growth of 116.4%, with audio and audio recording glasses expected to account for 2.202 million units, growing by 183.2% [3]. - The AR/VR device shipments are anticipated to reach 644,000 units, reflecting a year-on-year growth of 19.8% [3]. Industry Trends - Analysts predict that the second half of 2025 will see a comprehensive deepening of the smart glasses market in China, with a focus on AI ecosystem integration, channel optimization, technological collaboration, and matching of scene demands [4].

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Core Viewpoint - The article discusses Xiaomi's marketing strategy, particularly its recent product naming and positioning, which aims to generate buzz and attention in a saturated smartphone market. The strategy involves embracing criticism and leveraging it to enhance brand visibility and consumer curiosity, ultimately leading to potential sales growth [3][6][10]. Group 1: Marketing Strategy - Xiaomi's decision to skip the "1 6" model and directly launch the "1 7" series is seen as a tactic to create controversy and attract attention, even if it invites ridicule [3][4]. - The company understands that being criticized is less damaging than being ignored, and thus, it welcomes the attention generated by negative comments as a form of marketing [6][8]. - The article emphasizes that as long as the product quality is strong, negative perceptions can be transformed into positive outcomes, enhancing the product's market performance [6][10]. Group 2: Product Positioning - By positioning itself against Apple, Xiaomi shifts the competitive landscape, making it less likely to be compared with other Android brands, which could dilute its brand identity [8][10]. - The article suggests that the controversy surrounding Xiaomi's naming strategy has led to increased visibility, with consumers actively engaging in discussions about the brand in relation to Apple [8][11]. - The marketing approach is characterized as "段子营销" (joke marketing), where the perception of the brand can vary widely among consumers, leading to both ridicule and interest in the products [10][11]. Group 3: Industry Context - The smartphone industry is described as saturated, with numerous brands vying for consumer attention, making any form of visibility, even negative, a valuable asset [6][9]. - Competitors are portrayed as being frustrated by Xiaomi's ability to generate buzz without significant marketing expenditure, highlighting the effectiveness of its strategy [9][11]. - The article concludes that effective marketing, combined with strong product performance, can turn controversies into sales opportunities, positioning Xiaomi favorably in a competitive market [11].