Core Viewpoint - Xiaomi has announced the publication of patents related to panoramic image generation methods and devices, which aim to enhance user experience and driving safety in smart cockpit scenarios [1][2] Group 1: Patent Details - The patents involve a method for generating panoramic images by calibrating the camera's external parameters based on the vehicle's real-time suspension height [1] - The technology is designed to improve the user experience in smart cockpit applications by providing enhanced panoramic imagery [1] Group 2: Product Launch - Xiaomi's first SUV model, YU7, will feature the PHUD (Virtual Panoramic Head-Up Display) technology, which offers a continuous display area from A-pillar to A-pillar [2] - The display supports information partitioning for both the driver and passenger, allowing for flexible combinations of five types of information cards [2] - The vehicle's system is powered by the NVIDIA Thor chip and integrates laser radar for comprehensive driving assistance interactions [2]

Investment Rating - The report maintains a "Buy" rating for the company, Xiaomi Group, with a target price of HKD 75.0, indicating a potential upside of 43% from the current price of HKD 52.55 [1][3][27]. Core Views - The short-term and long-term fundamentals of Xiaomi show growth potential, driven by strong demand in the new energy vehicle sector and ongoing investments in technology such as chips and AI [1][2]. - The company is expected to achieve a smartphone shipment of 175 million units in 2025, with high-end products supporting margin growth [1][3]. - The IoT segment is projected to grow nearly 50% due to the expansion of major appliances and overseas business [1][3]. - The internet business is anticipated to maintain stable revenue growth and high margins due to a growing user base [1][3]. - The automotive segment is expected to exceed the delivery target of 350,000 units, with scale effects and high-end models improving margins [1][3]. Financial Projections - Revenue is forecasted to grow from RMB 270.97 billion in 2023 to RMB 756.75 billion by 2027, with a compound annual growth rate (CAGR) of approximately 20% [3][12]. - Adjusted net profit is expected to increase significantly from RMB 19.27 billion in 2023 to RMB 71.50 billion in 2027, reflecting a CAGR of around 39% [3][12]. - The target price corresponds to a price-to-earnings (P/E) ratio of 29.9x, indicating room for valuation growth [2][13]. Segment Valuation - The report employs a sum-of-the-parts valuation method, assigning target P/E ratios of 23.0x for smartphones, 27.0x for IoT, and 20.0x for internet services, along with a target price-to-sales (P/S) ratio of 2.5x for electric vehicles [2][13]. - The total valuation for Xiaomi is estimated at HKD 75.0, based on projected revenues and net profits across its business segments [2][13].

Group 1 - Goldman Sachs maintains a sell rating on Dongfang Zhenxuan (01797.HK) and raises the target price to HKD 9, while adjusting the GMV forecast down by 1% to 3% for FY2026-2027 due to weak fundamentals and high valuation [1] - CITIC Securities maintains an outperform rating on Pop Mart (09992.HK) and raises the target price to HKD 368, expecting strong global demand with sales growth of 14%, 12%, and 12% for 2025-2027 [1] - CMB International maintains a buy rating on Kuaishou-W (01024.HK) and raises the target price to HKD 90, citing optimism about its multi-scenario e-commerce strategy and AI commercialization [1] Group 2 - Huazhang Securities maintains a buy rating on Xiaomi Group-W (01810.HK), forecasting revenue growth of RMB 478.1 billion, 618.2 billion, and 732 billion for 2025-2027, with adjusted net profit of RMB 41.1 billion, 59.3 billion, and 72.4 billion [2] - Morgan Stanley maintains an overweight rating on NIO-SW (09866.HK) with a target price of HKD 50.7, noting strong ES8 orders and expected monthly sales of 40,000 to 50,000 vehicles starting in October [3] - CICC maintains an outperform rating on Bruker (00325.HK) with a target price of HKD 135, reporting a 27.9% revenue growth to HKD 1.34 billion for the first half of 2025 [4] Group 3 - Haitong International maintains an outperform rating on Genscript Biotech (01548.HK) with a target price of HKD 24.62, reporting an 81.9% revenue growth to USD 519 million for the first half of 2025 [5] - Cathay Pacific maintains a buy rating on Sunny Optical Technology (02382.HK) with a target price of HKD 108.05, noting a 15% net profit beat and an 18.2% revenue growth in automotive electronics [6] - Cathay Pacific maintains an overweight rating on Baidu Group-SW (09888.HK) with a target price of HKD 104, reporting a 34% increase in non-advertising revenue driven by AI cloud services [8]

Core Viewpoint - Gree Electric Appliances' marketing director criticized Xiaomi's executive for sharing a manipulated image comparing the internal structures of their air conditioning units, asserting that the image misrepresents Gree's product quality and is misleading [1] Group 1: Company Response - Gree's marketing director, Zhu Lei, stated that the image shared by Xiaomi's Lu Weibing features a Gree model that has been out of production for over ten years and has been altered to appear disorganized [1] - Zhu Lei provided authentic photos of Gree's internal structure, emphasizing that even older models maintain a neat and rigorous design, contrasting with the manipulated image [1] - He challenged Lu Weibing to conduct a hands-on comparison of the actual products instead of sharing unverified content [1] Group 2: Product Comparison - Zhu Lei compared a Gree home multi-split system produced in 2021 with a similar product from Xiaomi set to launch in 2025, claiming that Gree's technology and manufacturing processes remain superior, highlighting a generational gap in quality [1] - He emphasized the importance of genuine manufacturing efforts in the industry, advocating for a reduction in misleading information and promoting transparency [1] Group 3: Market Context - Prior to this exchange, data indicated that Xiaomi's online air conditioner sales had surpassed those of Gree, which prompted Lu Weibing to share this information [1] - However, Zhu Lei's subsequent data presentation claimed that Gree's sales significantly exceed those of Xiaomi, suggesting a competitive tension in the market [1]

此外，他还用格力2021年生产的家用小多联 ，与小米2025年推出的同类新品进行比较，并提到，这足 以说明：哪怕是格力四年前的产品，在核心技术和生产工艺上，依然领先于小米2025年的新品，其差距 甚至是代际级的。 此前有数据称，小米空调线上销量已超越格力，卢伟冰转发了这个消息，而随后格力高管朱磊发布的数 据显示格力远远超过小米。 朱磊喊话到，"如果确实出于技术兴趣，小米的卢总应该拆解实机来比较，而不是随手转发未经核实的 内容。" 责任编辑：李昂 8月26日，格力电器股份有限公司市场总监@朱磊Gree 发微博称，针对近日小米高管卢伟冰微博转发的 一张"小米中央空调"和"格力中央空调"的主板结构对比图，"这是一张拉踩明显且经恶意处理的图片， 却被广泛传播，刻意引导'格力做工粗糙'的印象。" 最后朱磊强调，制造业是实实在在干出来的。"让我们一起努力，让行业里少一些虚假的转发，多一分 踏实与清朗。" 朱磊表示，经过核实发现：图中展示的格力机型十年前早已退市，不是现售产品；其内部结构还被人动 过手脚，刻意营造出"凌乱"的效果。同时，他还在微博中展示了真实照片，并指出，和网传图完全不 同，即便是十多年前的产品，格力的内部 ...

Core Viewpoint - Mobile manufacturers are increasingly focusing on the materials used for phone backs, as different materials not only provide varying tactile experiences but also allow for bolder designs [1][3]. Material Analysis - **Plastic Back**: Offers high practicality with low production costs, durability, and does not interfere with signal reception, making it a common choice. However, it lacks aesthetic appeal, leading to its relegation to entry-level models [4][6]. - **Glass Back**: Since the introduction of the iPhone 4, glass has become a mainstream choice for flagship phones due to its excellent moldability, electromagnetic permeability, and superior tactile feel compared to plastic and metal. Innovations like microcrystalline glass have emerged, combining the benefits of glass and ceramics [7][9][11]. - **Ceramic and Leather**: Ceramic backs provide a premium feel but are costly and fragile, limiting their use. Leather backs, while initially seen as a novelty, have gained traction for their aesthetic and functional qualities, including durability and heat resistance [14][16]. - **Fiberglass**: Recently introduced by Huawei, fiberglass backs offer a lightweight, durable, and visually appealing alternative, effectively addressing the shortcomings of other materials and allowing for innovative designs [21][23]. Evolution of Materials - The evolution of mobile phone materials reflects advancements in technology and changes in design philosophy, transitioning from plastic and metal to glass, ceramics, and fiberglass. This shift indicates a pursuit of balance between functionality, aesthetics, and user experience [24][26].

Market Overview - The Chinese stock market has recently shown exceptional performance, with the Shanghai Composite Index reaching a ten-year high since 2015, and the CSI 300 Index surpassing a four-year peak [3] - The surge in the market reflects multiple macroeconomic factors, primarily driven by extremely ample domestic liquidity [3] Liquidity and Investment Trends - A significant influx of household savings into the stock market is observed as bank deposit rates and bond yields continue to decline, leading to daily trading volumes on the Shanghai and Shenzhen exchanges exceeding 2 trillion yuan for nine consecutive days, marking a historical record [3] Policy and External Factors - There is an increasing expectation of policy stimulus, coupled with a thaw in China-US trade relations, which has injected optimism into the market [3] - The extension of the tariff truce agreement by Trump has alleviated external uncertainties, further supporting market sentiment [3] - Strengthened expectations of interest rate cuts by the Federal Reserve have also enhanced the flow of capital from the US to China, creating a favorable external financial environment [3] Stock Flow Insights - On the Hong Kong Stock Connect, there was a net outflow of 1.37 billion HKD on Monday, with Alibaba (09988.HK) recording the highest net inflow of 590 million HKD, followed by Kuaishou (01024.HK) [3] - Conversely, the Tracker Fund of Hong Kong (02800.HK) experienced the largest net outflow, amounting to 2.3 billion HKD, followed by Xiaomi Group (01810.HK) [3]

Core Insights - Global smartphone shipments are projected to decline to 288.7 million units in Q2 2025, a decrease of over 8 million units or 2.8% quarter-on-quarter, and a slight year-on-year decrease of 20,000 units or less than 0.1% [1][2] Company Performance - Samsung remains the market leader with shipments of 55.3 million units, holding a market share of 19.2%, despite a quarter-on-quarter decline of 8.6% and a year-on-year increase of 3.3% [2][4] - Apple ranks second with shipments of 44.8 million units and a market share of 15.5%, experiencing a significant quarter-on-quarter decline of 18.6% and a slight year-on-year decrease of 1.8% [2][4] - Xiaomi holds the third position with 42.4 million units shipped, reflecting a minor quarter-on-quarter increase of 1.3% and a year-on-year increase of 0.2% [2][4] - Vivo and Transsion are tied for fifth place, each with a market share of 9%, with Vivo showing a strong quarter-on-quarter growth of 15.1% [2][5] - Honor, Lenovo, and Huawei have shown strong growth, with Huawei achieving a year-on-year increase of 16.0%, reclaiming its position in the Chinese market [5] Market Trends - The smartphone market is facing significant macroeconomic challenges, with a decline in consumer demand post-pandemic and a shift in purchasing behavior [1][5] - Many manufacturers have had to lower production targets to avoid excess inventory, particularly in the U.S. market due to uncertainties surrounding tariffs [1][4] - The introduction of innovative hardware, such as silicon-carbon anode batteries and ultra-thin smartphone designs, is being leveraged to stimulate replacement demand among existing users [6]

Group 1 - The core point of the article is that Beijing Xiaomi Mobile Software Co., Ltd. has obtained a patent for a method and device for sending and receiving physical downlink control channels, with the patent granted on August 26, 2025, and the application date being September 2020 [1] - Beijing Xiaomi Mobile Software Co., Ltd. was established in 2012 and is primarily engaged in software and information technology services, with a registered capital of 148.8 million RMB [1] - The company has made investments in 4 enterprises, participated in 139 bidding projects, and holds 5000 patent records, along with 123 administrative licenses [1]

继昨日上探历史新高，今日（8月26日）港股科网板块震荡盘整，重仓港股互联网龙头的港股互联网 ETF（513770）早盘低开震荡，午前发力翻红，场内价格现涨0．16%，实时成交额近5亿元，交投活 跃。 站在当下，兴业证券提示，6月以来，港股互联网持续跑输A股TMT产业链，后续港股互联网具备多重 补涨逻辑： 第一，美联储新一轮降息周期有望启动，外部流动性敏感的港股科技弹性更大； 第二，算力替代进程加速，大厂下半年资本开支重新提速； 科网龙头走势分化，截至发稿，昨日领涨逾5%的阿里巴巴-W回调下跌1%，美团-W跌0．8%，快手- W、腾讯控股、小米集团-W飘红。此外，美图公司、商汤-W、同程旅行涨幅居前。 | 序号 | 代码 | 名称 | 两日图 | 现价 | | 涨跌 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | 1 | 1357 1 | 美图公司 | | 11.360 | 0.730 | 6.87% | | 2 | 0020 | 商汤-W | | 1.960 | 0.070 | 3.70% | | 3 | 1860 | 汇量科技 | | 13.410 | ...