Group 1 - The interest of South Korean residents in the Chinese stock market has significantly increased this year, with various professionals, including university professors and financial workers, showing strong interest [1] - A veteran investor, Yuan Guodong, has shifted focus from the Korean market to overseas markets, particularly Chinese stocks listed in Hong Kong, due to perceived undervaluation and growth potential in the Chinese market [1] - Yuan's investment strategy emphasizes three sectors: the new energy and electric vehicle industry, technology and consumer electronics, and emerging consumption and healthcare, highlighting companies like BYD, CATL, and Xiaomi [1] Group 2 - Yuan has achieved a return of approximately 15%-20% on his Chinese stock investments, outperforming the average returns of local Korean stocks [2] - The long-term outlook for the Chinese stock market is optimistic, driven by the global competitiveness of companies in new energy, AI, and consumer sectors, with many high-quality Chinese firms being undervalued compared to their US counterparts [2] - Yuan plans to increase the allocation of Chinese assets in his portfolio from around 20% to 30%-35%, aiming for a balanced core asset allocation alongside US stocks [2]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In the 33rd week of 2025 (August 11 - August 17), the sales of domestic passenger cars and new energy passenger cars increased month - on - month. The new energy penetration rate reached 57.0%, at a historically high level [2][13]. - The market pattern of new energy vehicles is constantly changing. Traditional car companies such as Geely, Changan, and Chery are achieving excellent new energy sales, and new brands like Xiaomi are bringing new variables to the market [3][22]. 3. Summary According to the Directory 3.1 Passenger Car Market Weekly Overview - In the 33rd week of 2025, passenger car retail sales were 432,000 units, a year - on - year increase of 7.6%; new energy passenger car retail sales were 246,000 units, a year - on - year increase of 13.7%. The cumulative new energy penetration rate this year was 51.4% [2][13]. - By power type, in passenger cars, traditional fuel, hybrid, and new energy vehicles retailed 171,000, 15,000, and 246,000 units respectively, with year - on - year changes of 1.6%, - 10.0%, and 13.7%. In new energy passenger cars, pure - electric, plug - in hybrid, and extended - range vehicles retailed 157,000, 69,000, and 21,000 units respectively, with year - on - year changes of 26.2%, - 2.6%, and - 5.5% [16]. - By production attribute, in passenger cars, self - owned and joint - venture brands retailed 289,000 and 144,000 units respectively, with year - on - year changes of 12.0% and - 0.3%. In new energy passenger cars, self - owned and joint - venture brands retailed 220,000 and 26,000 units respectively, with year - on - year changes of 15.0% and 3.4% [16]. 3.2 Key New Energy Vehicle Companies' Sales Analysis 3.2.1 BYD - Weekly sales were 71,000 units, with consecutive weeks of year - on - year negative growth. The cumulative sales this year were 2 million units, with a year - on - year growth rate of 6.7%. The sales of pure - electric and plug - in hybrid (including extended - range) models were basically half and half [25]. - From January to July this year, the global cumulative sales were 2.49 million units, and the overseas cumulative sales of passenger cars and pickups were 550,000 units. There were reports that BYD might slow down production and capacity expansion plans, and the annual sales target of 5.5 million units might be lowered [25]. 3.2.2 Geely Automobile - Weekly sales were 51,000 units, including 33,000 new energy vehicles. The electrification rate of the company was about 66%. The cumulative sales this year were 1.391 million units, a year - on - year increase of 50.2%, and the cumulative new energy sales were 813,000 units, doubling year - on - year [27]. - The company's 2025 sales target was raised from 2.71 million units to 3 million units [27]. 3.2.3 SAIC - GM - Wuling - Weekly sales of passenger cars were 18,000 units, including 17,000 new energy vehicles. The electrification rate was about 90%. The cumulative sales this year were 496,000 units, with a growth rate of 21.6%, and the new energy cumulative sales were 421,000 units, with a growth rate of 42.4% [29]. 3.2.4 Changan Automobile - Weekly sales of passenger cars were 22,000 units, including 12,000 new energy vehicles. The electrification rate was about 53%. The cumulative sales this year were 731,000 units, a year - on - year increase of 2.1%, and the new energy cumulative sales were 357,000 units, a year - on - year increase of 20.3% [34]. - The sales of its new energy brands Shenlan and Qiyuan were about 4,000 and 3,000 units respectively, and the sales of Avita were about 2,000 units [34]. 3.2.5 Chery Automobile - Weekly sales of passenger cars were 23,000 units, including 9,000 new energy vehicles. The electrification rate was about 37%. The cumulative sales this year were 750,000 units, a year - on - year increase of 27.4%, and the new energy cumulative sales were 263,000 units, a year - on - year increase of 71.2% [40]. - The sales of its new energy brands iCAR and Chery New Energy were both over 1,000 units [40]. 3.2.6 Tesla - The sales in China that week were 13,000 units. The cumulative sales this year were 342,000 units, a year - on - year negative growth of - 5.5%. Tesla has launched multiple promotional activities this year [45]. - On August 19, Tesla China launched the Model Y L, priced at 339,000 yuan. In the new energy vehicle countryside campaign in 2025, Tesla Model 3 and Model Y entered the countryside catalog for the first time [45][46]. 3.2.7 Hongmeng Zhixing - Weekly sales were 9,000 units, including about 8,000 units of Wenjie. The new Zunjie S800 started large - scale mass delivery in mid - August, aiming for a monthly production capacity of 3,000 units in September and 4,000 units by the end of the year [48]. 3.2.8 New Car - making Forces - In new car - making forces, Leapmotor sold 10,000 units, Wenjie and XPeng sold 8,000 units each, NIO and Xiaomi sold 7,000 units each, and Li Auto sold 6,000 units. XPeng, NIO, Leapmotor, Xiaomi, and Voyah maintained good year - on - year growth rates. The launch of NIO's new car LeDao L90 drove the sales recovery in the past three weeks [54].

Core Points - REDMI launched the Note 15 series, including Note 15, Note 15 Pro, and Note 15 Pro+, starting at a price of 999 yuan, emphasizing high cost-performance while upgrading design, performance, imaging, and durability [1][2] - The Note 15 Pro+ features the world's first Snapdragon 7s mobile platform based on TSMC's 4nm process, a 7000mAh dual-cell battery, and 90W wired fast charging, showcasing significant advancements in product capabilities [1][2] - The imaging system of Note 15 Pro+ includes a flagship-level main camera sensor and a 50MP telephoto lens, complemented by an 8MP ultra-wide-angle lens, forming a comprehensive rear camera setup [1][2] Product Specifications - The Note 15 Pro+ has a 6.83-inch 1.5K resolution screen with a peak brightness of 1800 nits and supports 3840Hz high-frequency PWM dimming for eye protection [2] - It incorporates the Surge T1S signal enhancement chip for voice calls without a network and a satellite messaging version supporting Beidou short messages for communication in extreme environments [2] - The device is built with Xiaomi's Dragon Crystal Glass and has multiple waterproof certifications, including IP68, IP69, and IP69K [2] Pricing and Variants - The Note 15 series is officially on sale, with prices starting at 999 yuan for the Note 15 (6GB+128GB), 1399 yuan for the Note 15 Pro (8GB+256GB), and 1899 yuan for the Note 15 Pro+ (12GB+256GB) [3] - The highest variant, the satellite messaging version with 16GB+512GB, is priced at 2399 yuan, providing a range of configurations for different user needs [3]

| 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 00700 | 腾讯控股 | 港股通(沪) | 352682.92 | 161844.29 | 0.42 | | 00763 | 中兴通讯 | 港股通(沪) | 307773.02 | 19502.71 | 5.38 | | 01810 | 小米集团-W | 港股通(沪) | 305180.48 | 82808.55 | -2.28 | | 03690 | 美团-W | 港股通(沪) | 274431.03 | 78855.83 | -3.06 | | 09988 | 阿里巴巴-W | 港股通(沪) | 257665.26 | 23823.73 | -1.53 | | 09988 | 阿里巴巴-W | 港股通(深) | 251722.00 | -51989.58 | -1.53 | | 00981 | 中芯国际 | 港股通(沪) | 218961.92 | -32961.86 | -0.10 | | 00763 | 中兴通讯 | ...

Market Overview - On August 21, the Hang Seng Index fell by 0.24%, with southbound capital totaling HKD 137.57 billion in trading volume, including HKD 72.51 billion in buying and HKD 65.05 billion in selling, resulting in a net buying amount of HKD 7.46 billion [1] Southbound Trading Details - The southbound trading through Stock Connect (Shenzhen) had a cumulative trading volume of HKD 55.40 billion, with HKD 30.33 billion in buying and HKD 25.07 billion in selling, leading to a net buying amount of HKD 5.26 billion [1] - The southbound trading through Stock Connect (Shanghai) had a cumulative trading volume of HKD 82.16 billion, with HKD 42.18 billion in buying and HKD 39.98 billion in selling, resulting in a net buying amount of HKD 2.20 billion [1] Active Stocks - Tencent Holdings was the most actively traded stock with a total trading volume of HKD 52.66 billion and a net buying amount of HKD 18.71 billion, closing with a price increase of 0.42% [1][2] - Meituan-W had a total trading volume of HKD 45.05 billion and a net buying amount of HKD 13.91 billion, while Xiaomi Group-W had a trading volume of HKD 50.34 billion and a net buying amount of HKD 12.74 billion [2] - Alibaba-W experienced a total trading volume of HKD 50.94 billion with a net selling amount of HKD 2.82 billion, and the stock closed down by 1.53% [2] Continuous Net Buying - Tencent Holdings and Xiaomi Group-W were the only two stocks to receive continuous net buying from southbound capital for more than three days, with Tencent Holdings having a total net buying of HKD 55.72 billion over five days and Xiaomi Group-W with HKD 21.99 billion over three days [2]

Investment Rating - The report maintains a "Recommended" rating for Xiaomi Group [6] Core Views - Xiaomi Group achieved record high revenue in Q2 2025, with a total revenue of 1159.56 billion RMB, representing a year-over-year increase of 30.5% [2] - The company's adjusted net profit for Q2 2025 reached 108.31 billion RMB, a year-over-year increase of 75.4% [2] - The automotive business is entering a phase of rapid growth, with Q2 2025 revenue from smart electric vehicles reaching 206 billion RMB [3] - The company is focusing on high-end smartphone development and has successfully launched its self-developed 3nm flagship SoC chip [4] Summary by Sections Financial Performance - For H1 2025, Xiaomi Group reported revenue of 2272.49 billion RMB, a year-over-year increase of 38.23%, and an adjusted net profit of 215.06 billion RMB, up 69.8% [1] - The gross margin for H1 2025 was 22.7%, an increase of 1.3 percentage points year-over-year [1] Business Segments - The smartphone segment generated revenue of 455.20 billion RMB in Q2 2025, with a year-over-year growth of 8.9% [3] - The IoT segment achieved revenue of 387.12 billion RMB in Q2 2025, marking a year-over-year increase of 44.7% [3] - The automotive and AI innovation segment reported revenue of 212.63 billion RMB in Q2 2025, with a gross margin of 26.4% [3] Market Position - Xiaomi's global smartphone market share reached 14.7% in Q2 2025, maintaining a top-three position for 20 consecutive quarters [3] - The company ranked second in the "2025 Kantar BrandZ Top 50 Globalization Brands" and improved its position in the Fortune Global 500 list to 297th, up 100 places from the previous year [2] Future Projections - Revenue projections for Xiaomi Group are estimated at 5092.95 billion RMB for 2025, 6251.70 billion RMB for 2026, and 7361.50 billion RMB for 2027 [4] - The expected adjusted net profit for the same years is 404.23 billion RMB, 525.07 billion RMB, and 652.09 billion RMB respectively [4]

Investment Rating - The report maintains an "Accumulate" rating for Xiaomi Group-W (1810.HK) as of August 21, 2025 [1][11]. Core Insights - The company continues to execute its core operational strategy of "steady progress," achieving record highs in both revenue and profit. In Q2 2025, the company reported revenue of approximately 116 billion yuan, a year-on-year increase of 30.5%, and an adjusted net profit of about 10.8 billion yuan, up 75.4% year-on-year [5][6]. - The smartphone segment experienced a slight revenue decline of 2.1% year-on-year, primarily due to a decrease in average selling price (ASP), although this was partially offset by an increase in shipment volume [6][7]. - Revenue from IoT and lifestyle products reached a historical high of approximately 38.7 billion yuan, growing 44.7% year-on-year, driven by increased sales in mainland China and global markets [7]. - The electric vehicle segment saw a significant revenue increase of over 200% year-on-year, with Q2 2025 revenue reaching approximately 20.6 billion yuan, supported by higher delivery volumes and ASP [8][9]. - Internet service revenue grew by 10% year-on-year, reaching 9.1 billion yuan, largely due to increased advertising revenue [9]. Summary by Sections Recent Performance - In Q2 2025, Xiaomi's revenue was approximately 116 billion yuan, with a year-on-year growth of 30.5% and a quarter-on-quarter growth of 4.2%. The adjusted net profit was about 10.8 billion yuan, reflecting a year-on-year increase of 75.4% and a quarter-on-quarter increase of 1.5% [5][6]. Smartphone Business - The smartphone revenue for Q2 2025 was approximately 45.5 billion yuan, down 2.1% year-on-year, primarily due to a decline in ASP, which was around 1,073.2 yuan. However, shipment volume increased to approximately 42.4 million units, mainly due to higher sales in mainland China [6][7]. IoT and Lifestyle Products - Revenue from IoT and lifestyle products reached approximately 38.7 billion yuan in Q2 2025, a 44.7% increase year-on-year. The smart home appliance segment also saw significant growth, with air conditioning units shipped exceeding 5.4 million, marking a year-on-year growth of over 60% [7]. Electric Vehicle Segment - The electric vehicle revenue in Q2 2025 was approximately 20.6 billion yuan, with a year-on-year growth of 230.3%. The number of vehicles delivered reached 81,302, supported by improved production capacity [8]. Internet Services - Internet service revenue reached 9.1 billion yuan in Q2 2025, a 10% increase year-on-year, driven by a 14.6% increase in advertising revenue, which amounted to approximately 6.8 billion yuan [9].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810.HK) [1] Core Views - The company reported a revenue of 115.96 billion yuan in Q2 2025, representing a year-on-year increase of 30.5% and a quarter-on-quarter increase of 4.2%. The adjusted net profit was 10.83 billion yuan, up 75.4% year-on-year and 1.5% quarter-on-quarter, with a gross margin of 22.5% [8] - The automotive segment achieved a record high gross margin of 26.4% in Q2 2025, with revenue of 21.26 billion yuan, a quarter-on-quarter increase of 14.4%. The company aims to achieve profitability in its automotive business by the second half of 2025 [8] - The smartphone market share continues to rise, with Q2 2025 smartphone revenue at 45.52 billion yuan, a year-on-year decrease of 2.1%. The global market share increased by 0.6 percentage points to 14.7% [8] - The IoT segment generated revenue of 38.71 billion yuan in Q2 2025, with a gross margin of 22.5%. The company has expanded its new retail stores to 17,000, with approximately 200 stores overseas [8] Financial Summary - The total revenue forecast for Xiaomi Group is projected to reach 491.83 billion yuan in 2025, with a year-on-year growth of 34.41% [1] - The net profit attributable to the parent company is expected to be 39.60 billion yuan in 2025, reflecting a year-on-year increase of 67.40% [1] - The earnings per share (EPS) is forecasted to be 1.52 yuan in 2025, with a price-to-earnings (P/E) ratio of 32.11 based on the closing price on August 20, 2025 [1]

Core Viewpoint - The article discusses the rapid rise and subsequent decline of the AI glasses market in China, highlighting consumer dissatisfaction and high return rates due to poor performance and functionality [4][10][34]. Group 1: Market Overview - The Chinese AI glasses market saw explosive growth in the first half of the year, with major companies like Huawei, Alibaba, and Xiaomi entering the space, leading to the launch of over ten new products [10]. - Xiaomi's AI glasses sold nearly 50,000 units within three days of launch, while the Thunderbird V3 had an estimated shipment of 25,000 units in the same period [10]. - Predictions indicate that the total shipment of smart glasses in China could reach 2.907 million units this year [10]. Group 2: Consumer Experience - Users like Li Cheng reported significant disappointment with the AI glasses, citing issues such as delayed translation, poor photo quality, and uncomfortable weight [5][6][12]. - The glasses' smart recognition feature failed to identify common items, leading to further dissatisfaction [7]. - Negative feedback on social media highlighted common complaints about short battery life, poor interaction experience, and low-quality photography across various brands [11][13]. Group 3: Historical Context - The history of smart glasses dates back to 2012 with the launch of Google Glass, which ultimately failed due to high costs and privacy concerns [15][18]. - Other attempts, such as Microsoft's Hololens, also faced similar challenges and did not progress to a second generation [19]. - The recent resurgence in the market was sparked by Meta's collaboration with Ray-Ban, which successfully integrated AI features into stylish designs, leading to a significant increase in global shipments [21]. Group 4: Competitive Landscape - The market is becoming increasingly crowded, with numerous companies, including TCL and Xiaomi, launching their own AI glasses, leading to a competitive "battle of the glasses" [22]. - Flash Technology, a company that transitioned from power banks to smart glasses, initially gained traction with a lower-priced product but faced backlash due to quality issues and delivery delays [23]. - The competitive environment has led to a focus on product differentiation, with companies like XREAL and Li Weike Technology also entering the fray, despite facing challenges from larger competitors [30][32]. Group 5: Market Challenges - The average return rate for AI glasses is reported to be between 40% and 50%, significantly higher than traditional consumer electronics, indicating a lack of consumer acceptance [34]. - Factors contributing to this high return rate include underwhelming product performance, technological limitations, and a lack of compelling use cases for consumers [34][35]. - Consumer sentiment suggests a growing reluctance to invest in AI glasses until the technology matures and offers a more satisfactory experience [36][38].

沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 25.17 亿元 | -5.20 亿元 | | 中兴通讯(00763) | 21.25 亿元 | +4.35 亿元 | | 小米集团-W(01810) | 19.82 亿元 | +4.46 亿元 | | 美团-W(03690) | 17.61 亿元 | +6.02 亿元 | | 腾讯控股(00700) | 17.39 亿元 | +2.53 亿元 | | 南方恒生科技(03033) | 13.99 亿元 | +1.37 亿元 | | 老铺黄金(06181) | 10.64 亿元 | +2.56 亿元 | | 汇量科技(01860) | 10.35 亿元 | -2.27 亿元 | | 中芯国际(00981) | 9.20 亿元 | +1.41 亿元 | | 盈富基金(02800) | 8.28 亿元 | -8.25 亿元 | | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 腾讯控股(00700) | 35.27 亿元 | ...