Core Viewpoint - Xiaomi's founder and CEO Lei Jun emphasizes the need for increased advertising for the Xiaomi SU7 Ultra model to enhance public awareness [1] Group 1: Company Developments - Xiaomi's automobile division reported over 30,000 units delivered in July [1] - The company has begun rolling out the 10 million Clips version of its end-to-end assisted driving system for the Xiaomi SU7 series, which includes the Pro, Max, and Ultra models [1] Group 2: Marketing Strategy - Lei Jun's social media post suggests a strategic focus on advertising to boost recognition of the SU7 Ultra model [1]

Investment Rating - The investment rating for Xiaomi Group-W (01810.HK) is "Buy" (maintained) [1] Core Views - The brand momentum remains strong, awaiting the release of automotive production capacity and the initiation of a new vehicle cycle [1] - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted downwards to 415 billion, 555 billion, and 686 billion CNY, respectively, reflecting a year-on-year growth of 52%, 34%, and 24% [1][4] - The current stock price of 52.55 HKD corresponds to a PE ratio of 30.1, 22.6, and 18.2 for the years 2025-2027 [1] Financial Summary and Valuation Metrics - Revenue for 2023A is 270,970 million CNY, with a year-on-year change of -3.2% [8] - Net profit for 2023A is 19,273 million CNY, with a year-on-year change of 126.3% [8] - Gross margin for 2023A is 21.2%, and net margin is 7.1% [8] - The diluted EPS for 2025E is projected at 1.59 CNY, with a PE ratio of 30.1 [8] - The company aims to achieve profitability in its automotive and new business segments in the second half of 2025 [6]

Group 1: Market Overview - The Hang Seng Index experienced a rebound after four consecutive days of decline, closing up 43 points or 0.17% at 25,165, with a total trading volume of 285.29 billion HKD [3] - The index opened lower at 24,968, dropping as much as 234 points before recovering, driven by strong performance in A-shares [3] Group 2: Fund Manager Sentiment - HSBC's survey indicates a reduction in bearish sentiment among fund managers towards Chinese stocks, with technology and consumer stocks being added to investment portfolios [6] - The allocation of Chinese stocks in nearly 300 actively managed emerging market funds has increased to approximately 28%, up from 22.5% a year ago, although still underweight by 340 basis points [6] Group 3: AI Development Market - The market size for large model development platforms in China is projected to reach 1.69 billion RMB in 2024, with expectations for sustained high growth over the next three years [7] - Key players in this market include Baidu Smart Cloud, Alibaba Cloud, SenseTime, and others, with a focus on enhancing productivity applications through AI [7] Group 4: Company News - Pop Mart - Pop Mart's founder expressed confidence in achieving 30 billion RMB in revenue this year, significantly higher than the previously stated target of 20 billion RMB [9][10] - The company reported a surge in adjusted net profit to 4.709 billion RMB in the first half of the year, a year-on-year increase of nearly 362% [10] Group 5: Company News - Xiaomi - Xiaomi's automotive business is expected to become profitable in the second half of the year, with significant reductions in losses reported [11] - The cumulative investment in the automotive sector has exceeded 30 billion RMB, indicating a strong commitment to this growth area despite previous losses [11]

Group 1 - The founder and CEO of Xiaomi, Lei Jun, shared a post on social media showcasing a large advertisement for the Xiaomi SU7 Ultra at Beijing Capital International Airport, indicating a push for greater visibility of the product [1][4][5] - Lei Jun questioned whether more advertising should be done for the SU7 Ultra model to increase public awareness [1][5] Group 2 - The advertisement at a major airport suggests a strategic marketing effort by Xiaomi to promote its new vehicle model [1][4] - The engagement on social media reflects the company's interest in consumer feedback regarding its advertising strategy [1][5]

金融界2025年8月21日消息，国家知识产权局信息显示，北京小米移动软件有限公司取得一项名为"卡托 及电子设备"的专利，授权公告号CN223246016U，申请日期为2024年09月。 专利摘要显示，本申请提供一种卡托及电子设备。卡托包括本体及固定在本体上的阻挡件。本体上设有 第一凹槽和第二凹槽，第一凹槽及第二凹槽沿本体的厚度方向依次设置且择一地安装一卡片。阻挡件包 括形变部，形变部至少可在第一状态与第二状态之间变形。在第一状态时，形变部伸入第一凹槽内，以 阻止卡片组装入第一凹槽内。在第二状态时，形变部伸入第二凹槽内，以阻止卡片组装入第二凹槽内。 本申请通过在本体上设置阻挡件，阻挡卡片装入第一凹槽或第二凹槽，以防止卡片装错。 天眼查资料显示，北京小米移动软件有限公司，成立于2012年，位于北京市，是一家以从事软件和信息 技术服务业为主的企业。企业注册资本148800万人民币。通过天眼查大数据分析，北京小米移动软件有 限公司共对外投资了4家企业，参与招投标项目139次，专利信息5000条，此外企业还拥有行政许可123 个。 本文源自：金融界 作者：情报员 ...

Core Insights - The report highlights the strong growth potential of Industrial Fulian (601138) driven by AI demand, with projected revenues of 843.4 billion, 1,320.3 billion, and 1,715.6 billion yuan for 2025-2027, reflecting growth rates of 38.5%, 56.5%, and 29.9% respectively, and net profits of 30.5 billion, 50.5 billion, and 59.4 billion yuan, with corresponding growth rates of 31.5%, 65.5%, and 17.6% [2][11] - Xiaomi Group (01810) reported record high revenues and profits in Q2 2025, with revenues of 116 billion yuan, a year-on-year increase of 30.5%, and adjusted net profits of 10.8 billion yuan, up 75% year-on-year, driven by IoT and EV segments [10][12] - Nine Dragons Paper (2689.HK) expects significant profit growth for FY25, with net profits projected between 2.1 billion and 2.3 billion yuan, representing a year-on-year increase of 165%-190%, attributed to increased sales and cost reductions [13][15] Industrial Fulian (601138) - The company’s main business includes cloud computing, communication, and industrial internet, with a notable increase in cloud computing revenue expected to reach 319.38 billion yuan in 2024, a 64.4% year-on-year growth [11] - AI server demand is surging, with global cloud providers' capital expenditures increasing by 64% year-on-year, indicating strong market demand [11] - The company is expected to maintain a leading position in the high-speed switch market, with revenues from 800G switches projected to triple compared to 2024 [11] Xiaomi Group (01810) - The company’s IoT segment saw a revenue increase of 45% in Q2, with smart home appliances achieving record sales, particularly in air conditioning and washing machines [12][14] - The electric vehicle segment reported a revenue of 21.3 billion yuan with a significant improvement in gross margin, indicating a positive trend towards profitability [12][14] - Xiaomi plans to expand its global footprint in the home appliance sector, marking 2025 as a pivotal year for international sales [12][14] Nine Dragons Paper (2689.HK) - The company is focusing on a diversified product strategy and integrated pulp-paper operations, which are expected to enhance profitability significantly [15][16] - The anticipated increase in paper prices due to improved supply-demand dynamics is expected to further boost profits [15][16] - The company’s production capacity is set to expand, with new lines expected to come online, reinforcing its market position [15][16] Electric Heavy Trucks Industry - The electric heavy truck market in China is experiencing rapid growth, with sales reaching 79,200 units in the first half of 2025, representing a penetration rate of 22% [18] - The European market is also seeing a rise in electric heavy truck adoption, with projections indicating significant growth in sales and market penetration by 2026 [18] - The industry is becoming increasingly collaborative, with a focus on developing specialized products across the supply chain, enhancing profitability potential [18] Other Companies - Keda Li (002850) reported strong revenue growth in Q2, driven by its structural components business and advancements in robotics [19] - China Hongqiao (01378) is set to benefit from increased production capacity and a favorable pricing environment for aluminum products, with projected net profits significantly increasing [20][21] - Blue Sky Technology (300487) continues to show growth potential, with a focus on expanding its product offerings and market presence [22]

Fiscal Revenue and Expenditure - In the first seven months, the national general public budget revenue reached 135839 billion yuan, a year-on-year increase of 0.1%, reversing the decline seen in the first half of the year [3] - National general public budget expenditure was 160737 billion yuan, up 3.4% year-on-year, with significant increases in social security, education, and health expenditures [3] - Government fund budget revenue decreased by 0.7% year-on-year, with local government fund revenue down 1.8%, indicating a continued downturn in the land market [3][4] Banking Sector - Several village and town banks have lowered deposit rates by 10 to 20 basis points, reflecting a broader trend of declining deposit rates across the banking sector [5] - The one-year Loan Prime Rate (LPR) remains unchanged at 3.00%, while the five-year LPR is at 3.50%, indicating stable lending conditions [5] - The banking sector faces pressure on profitability despite lower funding costs, with weak demand for new loans impacting growth [6] Xiaomi's Performance - Xiaomi reported a 30.5% year-on-year increase in Q2 revenue, reaching 1160 billion yuan, with a net profit of 108 billion yuan, up 75.4% [9] - The automotive business saw significant growth, with revenue from smart electric vehicles increasing by 233.9% to 213 billion yuan, indicating a strong second growth curve for the company [10] - Despite strong performance in the automotive sector, traditional smartphone sales showed signs of weakness, with market competition intensifying [9][10] Pop Mart's Financial Results - Pop Mart's revenue surged by 204.4% year-on-year to 138.8 billion yuan, with net profit increasing by 396.5% to 45.7 billion yuan [11] - The overseas market has become a key growth driver, with international revenue rising by 440% [11] - The company is shifting focus from blind boxes to higher-margin plush toys, indicating a strategic pivot to enhance profitability [11][12] Gaming Industry Developments - Game Science released a teaser for "Black Myth: Zhong Kui," indicating ongoing development in the single-player action RPG genre [13] - The success of "Black Myth: Wukong" has not led to a surge in domestic single-player game development, highlighting challenges in the industry [14] Meta's AI Team Restructuring - Meta is restructuring its AI team into four independent departments to accelerate its "superintelligence" goals, reflecting a strategic shift in response to competitive pressures [15][16] - The company is facing challenges in AI product innovation, necessitating a focus on core talent and effective restructuring to remain competitive [16] Stock Market Trends - The stock market showed resilience with the Shanghai Composite Index rising by 1.04%, reaching new highs, despite some sectors experiencing corrections [17][18] - Market activity remains robust, with over 3600 stocks rising, indicating a strong overall market sentiment [17]

Group 1 - Southbound funds net sold Hong Kong stocks worth 14.68 billion HKD, while increasing positions in Tencent and Pop Mart [1] - Muyuan Foods reported a net profit growth of 1169.77% year-on-year for the first half of the year, proposing a dividend of 9.32 HKD per 10 shares [1][2] - Heng Rui Pharmaceutical achieved a net profit of 4.45 billion CNY in the first half of the year, reflecting a year-on-year growth of 29.67% [1][2] Group 2 - Baidu's Q2 total revenue reached 32.7 billion CNY, with AI new business revenue exceeding 10 billion CNY for the first time [2] - The Korean government introduced a support plan worth 45.8 trillion KRW, focusing on key industries such as batteries, semiconductors, and critical minerals [2] - China's ETF market has surpassed Japan, becoming the largest in Asia [2]

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment and potential volatility in these companies' stock prices [1][2][3]. Short Selling Ratios - The top three stocks by short-selling ratio are: - Sun Hung Kai Properties-R (80016) at 100.00% - Lenovo Group-R (80992) at 98.00% - Tencent Holdings-R (80700) at 87.44% [2][3]. Short Selling Amounts - The leading stocks by short-selling amount are: - Xiaomi Group-W (01810) with a short-selling amount of 2.084 billion - Tencent Holdings (00700) at 1.612 billion - Pop Mart (09992) at 1.110 billion [1][3]. Deviation Values - The stocks with the highest deviation values are: - Tencent Holdings-R (80700) at 47.80% - Lenovo Group-R (80992) at 41.56% - China Mobile-R (80941) at 40.57% [1][3]. Additional Insights - The report provides a detailed table of the top ten stocks by short-selling ratios, amounts, and deviation values, indicating a trend of increased short-selling activity in certain sectors [2][3].

Core Viewpoint - Xiaomi Group has reported record-high financial results for Q2 2025, showcasing significant growth in revenue and profit across its main business segments [2][4][5]. Financial Performance - In Q2 2025, Xiaomi achieved revenue of 1159.56 billion yuan, a year-on-year increase of 30.45%, marking the third consecutive quarter with revenue exceeding 100 billion yuan [4][6]. - The adjusted net profit for Q2 2025 was 108.31 billion yuan, up 75.4% year-on-year, with the company surpassing 100 billion yuan in profit for two consecutive quarters [4][6]. - For the first half of 2025, Xiaomi's total revenue reached 2272.49 billion yuan, reflecting a 38.2% year-on-year growth, while the adjusted net profit was 215.06 billion yuan, up 69.80% [6]. Business Segments Performance - Xiaomi's smartphone and AIoT business generated revenue of 947 billion yuan in Q2 2025, a 14.8% increase, with smartphone revenue at 455 billion yuan and IoT and lifestyle product revenue at 387 billion yuan, which grew by 44.7% [7]. - Smartphone shipments reached 42.4 million units in Q2 2025, marking an 8-quarter streak of year-on-year growth and maintaining a global market share of 14.7% [8]. - The IoT segment saw significant growth, with smart home appliance revenue driven by a 66.2% increase in smart appliance sales [7][8]. Automotive Business - Xiaomi delivered 81,300 vehicles in Q2 2025, with total deliveries exceeding 300,000 units by July 10 [10]. - The automotive business reported a reduced loss of 300 million yuan in Q2, with expectations of profitability in the second half of the year [10][11]. R&D Investment - Xiaomi increased its R&D investment to 78 billion yuan in Q2 2025, a 41% year-on-year rise, with a total of approximately 22,600 R&D personnel as of June 30, 2025 [11][12]. - The company has committed over 30 billion yuan to innovative businesses, including electric vehicles and AI, from 2022 to mid-2025 [11]. Brand Recognition - Xiaomi's global brand influence continues to grow, ranking second in the "2025 Kantar BrandZ Top 50 Globalization Brands" and improving its position in the Fortune Global 500 list to 297th, up 100 places from 2024 [12].