申万宏源证券指出，继续看好港股是潜在牛市中领涨市场，"牛市氛围"强化后，投资者在港股进行行业 轮动会更加积极，当前已经来到了港股大众消费品的补涨窗口。中期维度，继续看好港股科技、创新药 和新消费龙头。 港股消费ETF（513230）跟踪中证港股通消费主题指数，一键打包互联网电商龙头+新消费，成分股近 乎囊括港股消费的各个领域，包括泡泡玛特、老铺黄金、蜜雪集团、名创优品等新消费龙头，又包含腾 讯、快手、阿里巴巴、小米等互联网电商龙头，科技+消费属性突出。 8月22日，港股三大指数集体高开，恒指涨0.4%，国指涨0.56%，恒生科技指数涨0.99%。港股新消费概 念走强，名创优品绩后涨超13%，小米集团、古茗、蜜雪集团等个股跟涨。港股消费ETF（513230）早 盘震荡攀升，现涨近1%。 浙商国际指出，对于中短期港股市场走势继续保持谨慎乐观的态度。板块配置方面，我们看好行业相对 景气且受益于政策利好的汽车、新消费、创新药、科技等；业绩股价稳健且受益于政策利好的低估值国 央企红利板块；基本面独立且受益于降息周期的香港本地银行、电信及公用事业红利股。 ...

Core Insights - The African smartphone market is projected to grow robustly, with a year-on-year increase of 7% in Q2 2025, reaching 19.2 million units, making it one of the best-performing regions globally [1][7] - The growth is driven by improved consumer purchasing power due to easing inflation in key markets like Egypt, Nigeria, and South Africa, with a forecasted compound annual growth rate (CAGR) of 2.1% from 2025 to 2029 [1][6] Market Performance - Egypt leads the North African market with a 21% year-on-year growth, supported by local production capabilities to meet demand during the festive season [4] - Nigeria rebounded by 10% due to stabilized currency and inflation relief, while South Africa saw a modest 2% growth, with a significant 63% increase in 5G smartphone shipments [4] - Smaller markets like Kenya showed resilience with a slight decline of 2%, whereas Algeria and Morocco faced declines of 27% and 7% respectively due to weak demand and stricter import regulations [4] Manufacturer Insights - Demand for ultra-low-cost smartphones under $100 surged by 38%, leading to a decrease in average selling prices [3] - Transsion maintained the top position with a 6% growth, holding a 51% market share, while Samsung grew by 3% to capture 18% of the market through localized distribution and affordable models [3][7] - Xiaomi experienced a significant 32% growth, achieving a 14% market share, while Honor's sales surged by 161%, driven by popular entry and mid-range models [3][7] - OPPO faced an 11% decline but is restructuring and expanding its retail presence in Egypt [3] Future Outlook - The African smartphone market is expected to grow by 3% in 2025, outpacing the overall sluggish global market amid rising component costs [6] - The rural market is becoming a new competitive focus, with limited traditional banking services driving the adoption of mobile payments and fintech [6] - Local production and the rise of digital finance are anticipated to lead Africa into a new phase of sustainable growth, establishing it as a critical testing ground for global brands [6]

Core Insights - The REDMI Note 15 series has been officially launched, featuring improvements in durability, water resistance, battery life, display, and design [1] - The REDMI Note 15 Pro+ starts at a price of 1899 yuan, while the REDMI Note 15 Pro and Note 15 are priced at 1399 yuan and 999 yuan respectively [1] Product Features - The REDMI Note 15 Pro+ offers four color options and features Xiaomi's Dragon Crystal Glass, which enhances drop resistance by 10 times compared to the previous generation [1] - It supports IP66, IP68, IP69, and IP69K water resistance ratings and is equipped with a 6.83-inch 1.5K resolution display with a 120Hz refresh rate and a peak brightness of 3200 nits [1] - The device is powered by a 7000mAh battery with a charging capability of 90W, allowing it to charge to 100% in 47 minutes [2] - The camera system includes a flagship-level main sensor with optical image stabilization and a 2.5X telephoto lens, enabling an 8x zoom capability [2] - The REDMI Note 15 Pro features a 6.83-inch display and a 7000mAh battery with 22.5W wired reverse charging [3] - The REDMI Note 15 has a dual-curve design, weighs 178g, and features a 6.77-inch display with a peak brightness of 3200 nits and a battery capacity of 5800mAh [3] Technological Innovations - The REDMI Note 15 Pro+ is the first to use Xiaomi's self-developed silicon-carbon material with an energy density of 845Wh/L [2] - It also introduces the first satellite messaging version of the Note series, incorporating Beidou satellite capabilities [2] - The device is powered by the fourth-generation Snapdragon 7s processor, built on a 4nm process, featuring an 8-core CPU [2]

（文章来源：每日经济新闻） 每经AI快讯，8月22日，港股新消费概念盘初走强，名创优品绩后涨超13%，沪上阿姨涨超6%，小米集 团、布鲁可、古茗、蜜雪集团等个股跟涨。 ...

Core Viewpoint - Xiaomi Group is a leading internet company focused on smartphones, smart hardware, and IoT platforms, with a business model centered on innovation, high-quality hardware, efficient new retail, and a rich array of internet services [1][2]. Financial Performance - As of mid-2025, Xiaomi Group reported total revenue of 227.249 billion yuan and a net profit of 22.829 billion yuan [2]. Market Activity - On August 22, Xiaomi Group's stock price increased by 2.14%, reaching 52.45 yuan per share, with a trading volume of 828 million yuan [1]. Analyst Rating - On August 21, CMB International Securities maintained a "Buy" rating for Xiaomi Group, setting a target price of 60 Hong Kong dollars [3].

恒生指数高开0.4%，恒生科技指数涨0.99%。中芯国际(00981)涨超2%，小米集团(01810)涨超1%。 中国银河指出，展望后市，建议关注港股以下板块：(1)中报业绩表现超预期的板块，港股中报业绩表 现好于预期的板块有望补涨。(2)政策利好增多或政策利好持续发酵的板块，例如创新药、AI产业 链、"反内卷"行业等。(3)美国加征关税政策扰动不断，投资者风险偏好随之波动。在海内外不确定性 因素的扰动下，高股息标的可以为投资者提供较为稳定的回报。 本文转载自"腾讯自选股"，智通财经编辑：蒋远华。 兴业证券发布研报称，长期继续坚定看多做多港股。全球投资者特别是中国投资者对于中国股市的牛市 思维正在持续增强。兴业证券维持此轮港股行情将走出超级长牛的判断。中短期，维持下半年港股行情 震荡向上，持续创新高的判断。美联储降息可能只是时间问题，聚焦联储降息和美元走软对港股流动性 的进一步刺激动能。 关于港股后市 中信证券研报认为，展望8月份，半年报业绩期将是港股行情是否延续的重要节点，结合政策方面"反内 卷"的广泛影响与快速落地，预计短期市场可能由前期的流动性驱动转往业绩驱动与政策验证的共振阶 段。随着市场焦点从"预期 ...

Group 1 - The State Intellectual Property Office of China has granted a patent to Beijing Xiaomi Mobile Software Co., Ltd. and Beijing Xiaomi Pinecone Electronics Co., Ltd. for a technology related to "user behavior prediction methods, model training methods, electronic devices, and storage media" [1] - Beijing Xiaomi Mobile Software Co., Ltd. was established in 2012, has a registered capital of 148.8 million RMB, and has participated in 139 bidding projects, with a total of 5000 patent records [1] - Beijing Xiaomi Pinecone Electronics Co., Ltd. was founded in 2014, has a registered capital of 25 million RMB, and holds 15 trademark records and 1046 patent records [1]

Industry Overview - Near Field Communication (NFC) technology is maturing in China, with applications in mobile payments, public transportation, smart access control, and smart homes [1][11] - The market size of the NFC industry in China is projected to reach approximately 92.5 billion yuan in 2024, representing a year-on-year growth of 21.72% [1][11] - The continuous development of the digital economy and smart city initiatives is expected to further expand the application scenarios of NFC technology, particularly in smart homes and smart transportation [1][11] Technical Characteristics - NFC operates at a frequency of 13.56 MHz, allowing for non-contact point-to-point data transmission within approximately 10 centimeters [1][7] - NFC technology is based on RFID technology and features high security, ease of use, and high transmission rates [1][4] - Compared to other short-range wireless communication technologies, NFC has a lower cost and higher security, making it attractive to many enterprises since its inception in 2003 [4][5] Industry Chain - The upstream of the NFC industry chain includes chips, metal materials, electronic components, plastic materials, and antennas [7] - The midstream involves NFC production and system integration, while the downstream applications include mobile payments, public transportation, smart homes, smart access control, automotive electronics, and wearable devices [7] Market Dynamics - The number of mobile payment transactions in China reached 51.365 billion in the first quarter of 2025, with a year-on-year growth of 15.86% [9] - The total amount of mobile payments was 152.64 trillion yuan, showing a slight increase of 0.37% year-on-year [9] - The simplification of payment processes and enhanced security have led to increased consumer adoption of mobile payment methods, with NFC technology significantly lowering payment barriers [9] Key Companies - Huawei HiSilicon is a leading domestic communication chip design company, known for its high integration and low power consumption NFC chips [13][14] - Unisoc focuses on high-security NFC chips, which have passed multiple international and domestic security certifications [13][14] - Fudan Microelectronics is one of the early entrants in the NFC field, with a high market share in various applications including internet, finance, and smart locks [13][14] - Other notable companies include Macrocard New Technology, which specializes in NFC tags and devices, and Xi'an Unisoc, which provides high-security NFC chip solutions [14] Development Trends - NFC technology is increasingly integrating with AI, 5G, and blockchain, enhancing its application scenarios towards smart and personalized solutions [18] - The technology is expanding beyond traditional payment fields into smart cities, retail, and healthcare, creating a seamless living ecosystem [19][20] - Standardization and industry collaboration are crucial for high-quality market development, with NFC payment standards already implemented in 28 countries and regions [21]

Group 1: Xiaomi Group - The company reported a revenue of approximately 116 billion yuan in Q2 2025, representing a year-on-year growth of 30.5% and a quarter-on-quarter growth of 4.2% [3][4] - Adjusted net profit for Q2 2025 was approximately 10.8 billion yuan, a year-on-year increase of 75.4% and a quarter-on-quarter increase of 1.5% [3][4] - The gross margin for Q2 2025 was approximately 22.5% [3] - The revenue from IoT and lifestyle products reached approximately 38.7 billion yuan, a year-on-year increase of 44.7% [5] - The smart electric vehicle revenue was approximately 20.6 billion yuan, showing a year-on-year growth of 230.3% [6] - Internet service revenue reached 9.1 billion yuan, a year-on-year increase of 10% [6] Group 2: Gigabit Technology - The company achieved a revenue of 2.518 billion yuan in H1 2025, with a year-on-year growth of 28.49% [9][10] - In Q2 2025, the revenue was 1.382 billion yuan, representing a year-on-year increase of 33.89% and a quarter-on-quarter increase of 21.71% [9][11] - The net profit for Q2 2025 was 361 million yuan, a year-on-year increase of 36.64% [9][11] Group 3: Highlan Co., Ltd. - The company established a wholly-owned subsidiary in Singapore to expand its global industrial layout [16] - In 2024, high-power density thermal management products accounted for 47.47% of total revenue [17] - The company signed a procurement contract for the Saudi flexible direct current project worth 361 million yuan [17] Group 4: Xinli Tai Pharmaceutical - The company reported a revenue of 2.131 billion yuan in H1 2025, with a year-on-year growth of 4.32% [23][25] - The net profit for Q2 2025 was 165 million yuan, a year-on-year increase of 14.55% [25] - The gross margin for Q2 2025 was 75.31%, an increase of 4.55 percentage points year-on-year [25] Group 5: Express Delivery Industry - In July 2025, the express delivery industry experienced a business volume growth of 15.1% year-on-year [28][29] - The average revenue per package in July 2025 was 7.36 yuan, a year-on-year decrease of 5.33% [28] - Major companies like YTO Express and SF Express saw varying growth rates in business volume, with SF Express experiencing a significant decline in revenue per package [30] Group 6: Jiangyin Bank - The bank reported a revenue growth of 10.45% year-on-year in H1 2025 [31][32] - Non-interest income increased by 30.26%, primarily driven by investment income [32] - The non-performing loan ratio was stable at 0.86% [33] Group 7: AI Demand and Semiconductor Industry - Demand for AI continues to grow, while consumer electronics orders are becoming more conservative [34] - In July 2025, Taiwan's IC design companies reported a revenue decline, with MediaTek's revenue down 23.4% month-on-month [34][35] - The semiconductor industry is experiencing mixed performance, with some companies reporting significant year-on-year growth [35] Group 8: Used Car Industry - The used car business remains highly prosperous, with significant growth in financial technology services [44] - The company reported a revenue of 5.452 billion yuan in H1 2025, a year-on-year increase of 22% [44]

Short Selling Ratios - The top three stocks with the highest short selling ratios are Li Ning-R (100.00%), SenseTime-WR (98.29%), and Hang Seng Bank-R (95.38%) [1][2] - Other notable stocks with high short selling ratios include JD Health-R (91.13%) and China Resources Beer-R (90.75%) [2] Short Selling Amounts - The stocks with the highest short selling amounts are Meituan-W (2.526 billion), Xiaomi Group-W (1.858 billion), and Tencent Holdings (1.768 billion) [1][2] - Alibaba-SW and BYD Company also feature prominently with short selling amounts of 1.172 billion and 1.073 billion respectively [2] Short Selling Deviation Values - The stocks with the highest deviation values are SenseTime-WR (46.55%), Geely Automobile-R (45.06%), and China Resources Beer-R (44.55%) [1][3] - Other significant stocks include Hang Seng Bank-R (44.19%) and China Merchants China Fund (42.05%) [3]