智通财经9月2日讯（编辑 冯轶）据Wind数据显示，南向资金今日成交约1670.60亿港元，较前一日继续缩量约330亿；约为今日恒指成交总额的50.91%，占 比短线连续走低但保持5成以上。 今日恒指出现回调，南向资金则继续加仓，全天净买入约92.81亿港元。其中，沪港股通净流入约56.36亿港元，深港股通净流入约36.45亿港元。 个股方面，交易所数据显示，今日南向资金 大幅净买入：阿里巴巴-W(09988.HK)34.43亿港元；腾讯控股(0700.HK)4.93亿港元；地平线机器人-W(09660.HK)2.90亿港元。 大幅净流出：中芯国际(00981.HK)10.37亿港元；华虹半导体(01347.HK)10.15亿港元；小米集团-W(01810.HK)4.10亿港元。 中芯国际今日跌4.63%，短线资金持续流出，前5日减持2894万股。 华虹半导体今日跌5.53%，短线资金仍以流入为主，前5日加仓1383万股。 小米集团-W今日涨3.43%，短线资金连续流出，前5日减持4925万股。 注：由于港交所T+2结算，实际为向前递延两个交易日的前5日数据。 | 港股通速递(南向) | | | | | -- ...

Core Viewpoint - The public fund market in China has shown significant growth in the first half of 2025, with an increase in the number of funds and total net assets, indicating a positive trend in investment activities [3]. Asset Allocation - As of the end of Q2 2025, the total number of public funds reached 12,834, with total net assets amounting to 34.24 trillion yuan, reflecting a quarter-on-quarter increase of 6.77% [3]. - The largest asset type held by funds is bonds, with a market value of 21.15 trillion yuan, accounting for 57.73% of total fund assets. Stocks follow with a market value of 7.19 trillion yuan, representing 19.64% [5][6]. - Cash holdings have seen the fastest growth, increasing from 3.56 trillion yuan to 4.71 trillion yuan, a growth rate of 32.17%. Conversely, the market value of repurchase agreements has decreased by 6.43% [5][6]. Industry Distribution - The top three industries in terms of stock holdings are manufacturing (52.62%), finance (11.62%), and information transmission, software, and information technology services (6.58%) [6]. Top Holdings - The top three stocks held by public funds are: 1. Ningde Times (CATL) with a total market value of 142.66 billion yuan, held by 1,776 funds [8][9]. 2. Kweichow Moutai with a market value of 126.45 billion yuan, held by 1,072 funds [9]. 3. Tencent Holdings with a market value of 102.31 billion yuan, held by 1,277 funds [9]. Increased Fund Holdings - The stock with the highest increase in the number of funds holding it is Zhongji Xuchuang, which saw an increase of 394 funds, bringing the total to 595 funds with a market value of 28.64 billion yuan [12][13]. - Other notable increases include New Yisheng and Huadian Power, both seeing significant increases in fund holdings [12]. Decreased Fund Holdings - The stock with the largest decrease in holdings is Xugong Machinery, which saw a reduction of 38.81 million shares, dropping from 815 million shares to 427 million shares [16][17]. - China Bank and Aier Eye Hospital also experienced significant reductions in holdings [16]. Increased Proportion of Circulating Shares - Yifang Bio led the increase in the proportion of circulating shares held by funds, rising from 8.19% to 22.93%, with a total market value of 3.02 billion yuan [18][20]. Decreased Proportion of Circulating Shares - Chongqing Department Store experienced the highest decrease in the proportion of circulating shares held by funds, dropping from 15.2% to 0.85% [21].

Core Viewpoint - Xiaomi's stock performance is under scrutiny, showing slight fluctuations in the market, with a recent price of 53.9 HKD indicating a 1.99% increase from the previous close of 52.85 HKD, which had a decline of 0.47% [1] Technical Analysis - The overall technical indicators for Xiaomi suggest a "buy" signal with a strength of 9, indicating a positive medium to long-term trend [1] - Multiple moving averages are signaling a "buy," while several oscillators are in a "neutral" state, reflecting market indecision regarding Xiaomi's short-term direction [1] - Key support levels are identified at 51.3 HKD and 49.6 HKD, while resistance levels are at 54.8 HKD and 56.3 HKD, placing the current stock price between these levels [1] - The system assesses a 57% probability of upward movement, with a recent volatility of 4.8% over the past five days, suggesting significant short-term speculative opportunities [1] Investment Products - For bullish investors, UBS bull certificates (57477) and Morgan Stanley bull certificates (53165) are highlighted, with leverage of 11x and 9x respectively, and lower premium rates [4][5] - For bearish positions, Morgan Stanley bear certificates (54810) and Societe Generale bear certificates (54560) are noted for their high leverage and low premiums [4][5] - Options for call warrants include HSBC call warrants (14677) and Morgan Stanley call warrants (16984), both offering favorable leverage and lower premiums [5] Market Sentiment - The market is currently divided on whether Xiaomi will break through the resistance level of 54.8 HKD or retrace to the support level of 51.3 HKD, indicating a critical decision point for investors [7]

Core Insights - On September 2, 2025, Alibaba-W (09988), Xiaomi Group-W (01810), and SMIC (00981) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 86.47 billion, 60.46 billion, and 59.59 billion respectively [1] - In the southbound trading of the Shenzhen-Hong Kong Stock Connect, SMIC (00981), Alibaba-W (09988), and Xiaomi Group-W (01810) also ranked as the top three, with trading amounts of 48.12 billion, 45.52 billion, and 34.29 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Hong Kong Stock Connect)** - Alibaba-W (09988): Trading amount of 86.47 billion, net buying of +20.88 billion [2] - Xiaomi Group-W (01810): Trading amount of 60.46 billion, net selling of -5.92 billion [2] - SMIC (00981): Trading amount of 59.59 billion, net buying of +4.18 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong Stock Connect)** - SMIC (00981): Trading amount of 48.12 billion, net selling of -14.55 billion [2] - Alibaba-W (09988): Trading amount of 45.52 billion, net buying of +13.55 billion [2] - Xiaomi Group-W (01810): Trading amount of 34.29 billion, net buying of +1.81 billion [2]

Core Insights - Northbound capital recorded a net purchase of HKD 92.81 billion in the Hong Kong stock market on September 2, with a total annual net purchase exceeding HKD 1 trillion, marking the highest since the launch of the Stock Connect mechanism [1][2] Group 1: Stock Performance - Alibaba-W (09988) was the most bought stock, with a net purchase of HKD 53.68 billion, while it had a total transaction volume of HKD 86.47 billion [2][4] - Xiaomi Group-W (01810) faced a net sell of HKD 4.1 billion, with total transactions amounting to HKD 60.46 billion [2][7] - Semiconductor stocks, SMIC (00981) and Hua Hong Semiconductor (01347), experienced significant net sells of HKD 10.36 billion and HKD 10.14 billion respectively [6] Group 2: Analyst Insights - Morgan Stanley reported that Alibaba's delivery and instant retail business has reached a scalable level, expecting a reduction in losses for Ele.me in the coming quarters [4] - CICC highlighted that despite short-term liquidity issues affecting Hong Kong stocks, long-term structural advantages remain significant [5] - UBS expressed optimism about Horizon Robotics (09660) following a successful investor meeting, anticipating growth driven by design orders from multiple automotive manufacturers [5] Group 3: Market Trends - The net buying trend from Northbound capital indicates a strong interest in major tech stocks, particularly Alibaba and Tencent, which received net purchases of HKD 34.43 billion and HKD 4.92 billion respectively [4][5] - The semiconductor sector is facing pressure, with analysts suggesting that the market may have been overly optimistic about companies like ZTE Corporation (00763) due to disappointing earnings [6]

Core Viewpoint - The competition in the new energy vehicle market continues to intensify in August, with BYD leading the market with over 370,000 units delivered, while other brands like Leap Motor and Xpeng also show significant growth in delivery numbers [1][2]. Group 1: BYD Performance - BYD's August sales reached 373,626 units, with a cumulative total exceeding 13.4 million units [3][5]. - The breakdown of BYD's sales includes 342,838 units from the Dynasty and Ocean series, 16,265 units from the Fangchengbao brand, 11,993 units from the Tengshi brand, and 405 units from the Yangwang brand [5]. Group 2: Leap Motor Performance - Leap Motor achieved a record delivery of 57,066 units in August, marking an 88.3% year-on-year increase [2][8]. - The company has adjusted its annual sales target to between 580,000 and 650,000 units and aims to challenge the 1 million unit mark next year [8]. Group 3: Other Brands' Performance - Hongmeng Zhixing delivered 44,579 units in August, with total deliveries surpassing 900,000 units [10]. - Xpeng Motors reported 37,709 units delivered in August, a 169% year-on-year increase, with a cumulative total of 271,615 units for the year [12]. - NIO delivered 31,305 units in August, a 55.2% increase year-on-year, with the new ES8 model launched [16]. - Xiaomi delivered over 30,000 units in August, maintaining a consistent delivery rate [19]. - Li Auto delivered 28,529 units in August, with a total of 1,397,070 units delivered historically [22]. - Deep Blue delivered 28,234 units, with the Deep Blue S05 model performing well [26]. - Aion delivered 27,044 units, with the Aion i60 model in the pipeline [29]. - Zeekr delivered 17,626 units, with the Zeekr 9X model pre-selling well [31]. - Lantu delivered 13,505 units, with the Lantu Taishan model set to open for blind orders [34]. - Avita delivered 10,565 units, with the Avita 06 Ultra model recently launched [38]. - Arcfox delivered 10,554 units, with the Arcfox T1 model set to launch soon [40]. - Zhiji delivered 6,108 units, with the new Zhiji LS6 model receiving significant pre-orders [41]. Conclusion - Multiple brands are launching high-cost performance intelligent electric vehicles, providing consumers with a wider range of choices, which will drive the industry forward [42].

Group 1 - The core message of the news is the launch of Xiaomi's first three-tub washing machine, the Mi Home Three-Tub Washing Machine Pro, which features a new generation of healthy washing technology and is available for pre-order [1][7]. - The initial price for the Mi Home Three-Tub Washing Machine Pro (10kg) is set at ¥9999, with promotional offers including a 365-day exchange policy, a 3-year warranty for the entire machine, a 10-year warranty for the motor, and a 6-month interest-free payment plan [3][6]. - As of September 2, 15:00, only 1,407 people had made reservations for the washing machine, indicating a potentially slow initial uptake [7]. Group 2 - The washing machine is designed with three tubs: a large tub for regular clothing and two smaller tubs for washing underwear and socks separately, which highlights a focus on hygiene and convenience [7]. - A competitive product in the market is the Haier Leader three-tub washing machine, which also features a similar design with one large tub (10.5kg) and two smaller tubs (1kg each) for specific clothing items, suggesting a growing trend in multi-tub washing machines [7].

Core Viewpoint - The planned divestment by Suzhou Shunwei, controlled by Lei Jun, raises concerns about the future development of Longqi Technology, given its high dependency on Xiaomi and low profit margins in its core business [2][5]. Group 1: Shareholder Actions - Suzhou Shunwei plans to divest up to 19.19 million shares of Longqi Technology, representing 4.09% of the total share capital, with a market value of approximately 881 million yuan based on the closing price of 45.92 yuan per share [2]. - Suzhou Shunwei and Tianjin Jinmi, both controlled by Lei Jun, collectively hold 9.04% of Longqi Technology's shares, indicating their significant influence as major shareholders [2]. Group 2: Business Dependency and Financial Performance - Longqi Technology's revenue heavily relies on its ODM/OEM smartphone business, with sales to Xiaomi accounting for 37.83% of total revenue as of the first half of 2023, down from a peak of 57.66% [3]. - The smartphone business is projected to contribute 77.90% of total revenue in 2024, but it has a low gross margin of only 4.92%, limiting overall profitability [4]. - In the first half of 2025, Longqi Technology reported total revenue of 19.908 billion yuan, a year-on-year decline of 10.65%, while net profit slightly increased by 5.01% to 356 million yuan, indicating a concerning revenue trend [4]. Group 3: Market Concerns and Competitive Landscape - The planned divestment reflects market worries about Longqi Technology's growth prospects, particularly its reliance on low-margin smartphone manufacturing [4][5]. - Compared to competitors like Huaqin Technology, which has diversified into higher-margin sectors such as laptops and automotive electronics, Longqi Technology appears to be lagging in its transformation efforts [4].

Group 1 - The core holdings of active funds in the mid-2025 report are Tencent Holdings, Alibaba, and Xiaomi Group, with Tencent Holdings having the highest total market value of 64.031 billion, held by 1499 active funds [1] - The top three holdings of passive funds in the mid-2025 report are Kweichow Moutai, CATL, and Ping An of China [1] - The top three Hong Kong stock holdings for active funds are also Tencent Holdings, Alibaba, and Xiaomi Group [1] Group 2 - The top three Hong Kong stock holdings for passive funds are Xiaomi Group, Tencent Holdings, and Alibaba [2]

Core Viewpoint - Xiaomi Group's stock price increased by nearly 5%, reaching 56.6 HKD, with a trading volume of 10.042 billion HKD, following the announcement of over 30,000 vehicle deliveries in August [1] Group 1: Company Performance - Xiaomi Auto reported a delivery volume exceeding 30,000 units in August, marking the second consecutive month of such performance since July [1] - The company plans to open 32 new stores in September, expanding its presence to 370 stores across 105 cities [1] - First Shanghai's recent report indicates that Xiaomi's order volume significantly exceeds its current delivery capacity, highlighting a notable supply-demand gap [1] Group 2: Production Capacity - To address market demand, Xiaomi's second-phase factory has officially commenced production, with current capacity gradually ramping up [1] - As production capacity is released, it is expected to alleviate the current supply shortage [1] Group 3: Strategic Investments - Recent business changes at Guohua (Qingdao) Intelligent Equipment Co., Ltd. include the addition of Beijing Xiaomi Intelligent Manufacturing Equity Investment Fund Partnership as a shareholder, with registered capital increasing from approximately 9.3522 million RMB to about 10.4745 million RMB [1] - Guohua Intelligent, established in February 2021, focuses on the research and development of core components for robotics and the integration of intelligent manufacturing systems [1]