Investment Rating - The report maintains an "Outperform" rating for the industry [2] Core Insights - The power semiconductor industry is experiencing a recovery in performance, with automotive and data center sectors showing clear growth trends [4] - The overall profit levels in the industry have reached a new high in the past eight quarters, driven by demand recovery and stabilization of prices [14] Summary by Sections Power Semiconductor Performance Review - The industry has seen revenue growth in Q2 2025, with traditional applications like industrial control and consumer electronics remaining stable. The automotive sector continues to be the main growth area, while server power demand is increasing the fastest [7] - The market share of domestic manufacturers is steadily increasing, particularly in the mid-to-low voltage power devices [14] New Energy Vehicles (NEVs) - In July 2025, the sales of NEVs reached 1.26 million units, a year-on-year increase of 27.4%, with a penetration rate of 48.7% [30] - The share of main drive power modules for NEVs with power above 200kW has increased from 9% in 2022 to 25% in the first seven months of 2025 [33] Market Trends and Projections - The penetration rate of SiC MOSFETs in NEVs reached 18% in the first seven months of 2025, with 800V models showing a penetration rate of 76% [5] - The report suggests that the industry is entering a phase of improvement, with overall profits at a new high and market share continuing to grow [6] Investment Recommendations - The report recommends focusing on companies such as Yangjie Technology, New Clean Energy, Huazhong Microelectronics, and others for their expansion in new devices, processes, and markets [6] - The transition from 6-inch to 8-inch substrates in the SiC sector is expected to benefit leading substrate companies [6]

Core Insights - On September 17, 2025, Alibaba-W (09988), SMIC (00981), and Meituan-W (03690) were the top three companies by trading volume in the southbound trading of the Stock Connect, with transaction amounts of 88.06 billion, 58.89 billion, and 51.92 billion respectively [1] - Alibaba-W (09988), SMIC (00981), and Meituan-W (03690) also led in the Shenzhen-Hong Kong Stock Connect southbound trading, with transaction amounts of 64.11 billion, 36.49 billion, and 27.15 billion respectively [1] Southbound Trading Highlights - The top three active companies in the southbound trading of the Shanghai-Hong Kong Stock Connect were: - Alibaba-W (09988): 88.06 billion with a net inflow of 21.56 billion - SMIC (00981): 58.89 billion with a net inflow of 1.42 billion - Meituan-W (03690): 51.92 billion with a net inflow of 11.79 billion [2] - Other notable companies included: - Xiaomi Group-W (01810): 32.59 billion with a net outflow of 10.57 billion - Tencent Holdings (00700): 31.36 billion with a net outflow of 3.24 billion [2] Shenzhen-Hong Kong Trading Highlights - The top three active companies in the southbound trading of the Shenzhen-Hong Kong Stock Connect were: - Alibaba-W (09988): 64.11 billion with a net inflow of 28.95 billion - SMIC (00981): 36.49 billion with a net inflow of 2.65 billion - Meituan-W (03690): 27.15 billion with a net inflow of 9.21 billion [2] - Other notable companies included: - Tencent Holdings (00700): 25.39 billion with a net inflow of 3.17 billion - Xiaomi Group-W (01810): 23.75 billion with a net inflow of 4.18 billion [2]

Core Insights - Southbound funds recorded a transaction volume of approximately 178.81 billion HKD, showing an increase of about 13 billion HKD compared to the previous day, indicating a continuous trend of increased trading volume [2] - The Hang Seng Index saw a significant increase in trading volume, with a net inflow of approximately 9.44 billion HKD from southbound funds, including 2.16 billion HKD from the Shanghai-Hong Kong Stock Connect and 7.28 billion HKD from the Shenzhen-Hong Kong Stock Connect [2] Stock Performance - Alibaba-W (09988.HK) experienced a net inflow of 5.28%, with a total net buy of 5.05 billion HKD, and an increase of 116 million shares over the past five days [2][6] - Meituan-W (03690.HK) saw a 4.89% increase, but short-term funds continued to flow out, with a reduction of 27.87 million shares over the past five days [2][3] - Longi Green Energy (06869.HK) had a slight decline of 0.09%, yet short-term funds continued to flow in, with an increase of 517,000 shares over the past five days [2] - SMIC (00981.HK) rose by 7.12%, with a net buy of 4.07 billion HKD and an increase of 26.76 million shares over the past five days [3][6] - Xiaomi Group-W (01810.HK) increased by 2.48%, but short-term funds continued to flow out, with a reduction of 39.31 million shares over the past five days [3][6] - SenseTime-W (00020.HK) surged by 15.79%, with a net buy of 2.18 billion HKD and an increase of 43.06 million shares over the past five days [3][6]

阿里巴巴-W(09988)再获净买入50.51亿港元。消息面上，9月16日晚间，央视《新闻联播》播出了中国联通三江源绿电智 算中心项目建设成效。央视画面披露，阿里旗下平头哥PPU芯片在部分重要参数上比肩英伟达的H20芯片，并超过A800芯 片。据此前业界传言，PPU是平头哥研发的专用AI芯片，针对大模型推理进行了深度优化，兼容CUDA生态，分为基础版 与高级版两个版本，基础版侧重AI推理，峰值算力达到120TFLOPS，高级版侧重AI训练。 智通财经APP获悉，9月17日港股市场，北水成交净买入94.4亿港元，其中港股通(沪)成交净买入21.56亿港元，港股通(深) 成交净买入72.85亿港元。 北水净买入最多的个股是阿里巴巴-W(09988)、美团-W(03690)、长飞光纤光缆(06869)。北水净卖出最多的个股是小米集 团-W(01810)、腾讯(00700)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W HK 09988 | 54.81亿 | 33.25亿 | 88.06亿 | | | | | ...

Core Viewpoint - The Hong Kong stock market saw significant net inflows from northbound trading, with a total net buy of HKD 94.4 billion on September 17, 2023, indicating strong investor interest in certain stocks [1]. Group 1: Northbound Trading Activity - Northbound trading through Stock Connect (Shanghai) recorded a net buy of HKD 21.56 billion, while the Shenzhen Connect saw a net buy of HKD 72.85 billion [1]. - The most purchased stocks included Alibaba-W (09988), Meituan-W (03690), and Changfei Optical Fiber (06869) [1]. - The most sold stocks were Xiaomi Group-W (01810) and Tencent (00700) [1]. Group 2: Individual Stock Performance - Alibaba-W (09988) had a net buy of HKD 54.81 billion, with total trading volume of HKD 88.06 billion, reflecting a strong investor sentiment [2]. - Meituan-W (03690) received a net buy of HKD 31.85 billion, with a report indicating its international expansion into Kuwait and plans for further growth in the Middle East and Latin America [5]. - Changfei Optical Fiber (06869) saw a net buy of HKD 10.21 billion, supported by positive outlooks from analysts regarding its product diversification and market positioning [5]. - Semiconductor stocks, including SMIC (00981) and Huahong Semiconductor (01347), received net buys of HKD 4.07 billion and HKD 2.36 billion, respectively, amid reports of technological advancements [6]. - Pharmaceutical company Yaojie Ankang-B (02617) had a net buy of HKD 46.47 million, despite recent volatility in its stock price [6][7]. - Xiaomi Group-W (01810) and Tencent (00700) faced net sells of HKD 6.39 billion and HKD 686.3 million, respectively, indicating a shift in investor sentiment away from these stocks [7].

Group 1 - The core announcement is that Xiaomi's partner and president, Lu Weibing, will host a live stream on September 19 to address the 17 most frequently asked questions about the Xiaomi 17 series [1] - The Xiaomi 17 series is described as a transformative product after five years of high-end development, marking a significant shift in the digital series with a comprehensive upgrade in product capabilities [3] - The Xiaomi 17 series will include three models: Xiaomi 17, Xiaomi 17 Pro, and Xiaomi 17 Pro Max, all of which will globally debut with the fifth-generation Snapdragon 8 Supreme mobile platform [3] Group 2 - Xiaomi's founder, Lei Jun, stated that the Xiaomi 17 series represents a generational upgrade in product capabilities and aims to directly compete with the iPhone [3]

Core Viewpoint - The article discusses the competitive landscape between Xiaomi and Apple, highlighting the significance of their product launches and strategies in the smartphone market, particularly focusing on the Xiaomi 17 series and iPhone 17 series as reflections of broader industry trends and consumer preferences [4][24]. Group 1: Xiaomi 17 Series Launch - Xiaomi 17 series is positioned as a major leap forward, skipping the 16 series and launching directly to compete with iPhone 17, indicating a strategic move to capitalize on Apple's market momentum [8][10]. - The series includes three models: 17, Pro, and ProMax, featuring the world's first Snapdragon 8 Gen 2 chip, which boasts a nearly 30% improvement in performance and efficiency compared to its predecessor [9]. - Xiaomi has invested 100 billion yuan in R&D over the past five years and plans to invest an additional 200 billion yuan, showcasing its commitment to innovation and competitiveness [9]. Group 2: iPhone 17 Series Strategy - The iPhone 17 series has seen record pre-sale numbers, with over 2 million reservations on JD.com on the first day, reflecting strong consumer interest [12]. - The pricing strategy for the iPhone 17 standard model is notable for maintaining the same price as its predecessor while offering enhanced features, which aims to attract mid-range consumers [14]. - In contrast, the Pro series has adopted a luxury pricing strategy, with the iPhone 17 Pro Max 2TB version priced at 17,999 yuan, indicating a focus on high-end market segments [14]. Group 3: Market Dynamics and Consumer Behavior - The competition between Xiaomi and Apple is not just about brand rivalry but represents a shift in Chinese tech companies from following to competing directly with global leaders [4][6]. - Consumer preferences are shifting towards value and user-centric innovations, with a growing demand for products that respect user needs rather than just brand prestige [6][25]. - The article emphasizes that the ultimate competitive edge in the smartphone industry lies in genuine innovation and sincerity towards technology and users, rather than just numerical specifications [25].

据悉，上述三只ETF均为规模靠前、流动性好的品种，且在底层资产端各有侧重。恒生科技ETF龙头 （513380）跟踪恒生科技指数，聚焦港股泛科技资产；港股通科技ETF（159262）跟踪恒生港股通科技 主题指数，行业层面剔除医药、汽车、家电，聚焦港股通范围内的AI和半导体等科技资产，科技锐度 更高，截至9月16日，该指数近一年涨幅翻倍；中概互联ETF（159605）跟踪中证海外中国互联网30指 数，一键打包港交所及其他海外交易所上市的中国互联网资产，更聚焦科技互联网公司。 北京时间9月18日凌晨，美联储将公布议息会议决策。受美联储降息预期升温、流动性改善影响，港股 近期持续走高。展望后市，东方财富证券认为，历史上预防式降息期间港股弹性更大，预计具备景气支 撑和业绩想象空间的AI算力、半导体、创新药以及走向AI叙事的恒生科技、港股互联网或将继续受 益；若我国货币政策跟进宽松，也看好后续非银金融板块表现。（王鹤静） 中证网讯 9月17日，港股科技板块爆发，腾讯控股、阿里巴巴、小米集团等大型科技股集体上涨，带动 相关ETF走强。恒生科技ETF龙头（513380）收涨4.01%，单日成交额超9亿元；中概互联ETF （1 ...

爱企查显示，小米已申请注册"小米妙享""妙享""妙想澎湃"等商标，国际分类涉及科学仪器、网站服 务、通讯服务等。 | | 小米妙享 [MEERIN | | | | | | --- | --- | --- | --- | --- | --- | | 小米妙享 | 中高手册号: 47885035 | 日南日期：2020-07-07 | 聖父亲武 2000年 | | 面积分类体 | | | 申请人：小米科技制设计公司 | 力理代理机构：北京两轮国灯学务所 | | | | | 時候进度(7) | | | | | 1 量2型 | | | V | | | | | | | 汁用申请 | 初市公告 | 日开 | 续止 | | | | 2020-07-07 | 2020-11-20 | 2021-02-21 | 2031-02-20 | | 责任编辑：王翔 小米公司官方9月16日宣布，全新小米 17 Pro 与小米 17 Pro Max 搭载全新妙享背屏，据悉，全新小米 17 系列手机官宣将于本月发布。 ...

Group 1 - Xiaomi's chairman Lei Jun showcased the customizable rear screen design of the Xiaomi 17 Pro, which can display clocks, personalized patterns, and support rear camera selfies and car control functions [1] - The rear screen concept has been previously attempted by other manufacturers like Meizu and Vivo but failed to gain widespread acceptance due to a lack of high-frequency usage scenarios [1] - Xiaomi Group's president Lu Weibing announced that the 17 Pro series will feature a new imaging solution and will include the Xiaomi 17, 17 Pro, and 17 Pro Max models, all powered by the fifth-generation Snapdragon 8 flagship platform [3] Group 2 - The Xiaomi 17 Pro Max is positioned as Xiaomi's strongest imaging flagship to date, with the series aiming to directly compete with Apple's iPhone 17 series [3]