Core Viewpoint - The global smartphone production is expected to decline by 10% in 2026 due to rising memory prices, potentially dropping to 1.135 billion units, with a pessimistic scenario predicting a decline of 15% or more [2][3]. Group 1: Market Impact - The significant increase in memory prices, with contract prices for 8GB+256GB models expected to rise nearly 200% in Q1 2026 compared to the same period in 2025, has led to the BOM cost share of memory in smartphones increasing from 10-15% to 30-40% [5]. - Brands are likely to raise terminal prices to maintain operations and may need to adjust product configurations to cope with the ongoing surge in memory prices [5]. Group 2: Brand Performance - Samsung, as the leading smartphone brand and a major player in the memory industry, is expected to see a decline in production, but the drop will be less severe due to its vertical integration advantages [5]. - Apple, with a higher proportion of high-end models, is better positioned to absorb rising memory costs and has a consumer base more accepting of price adjustments, providing some support for its production performance [5]. - Xiaomi and Transsion, which focus on lower-end models, are more sensitive to cost fluctuations and are expected to experience significant production cuts in 2026 due to the ongoing rise in memory prices [5]. Group 3: Competitive Landscape - Vivo, Oppo, Xiaomi, and Honor will face not only memory cost pressures but also strong competition from Huawei, which is expected to have the smallest production adjustment among brands and may even see growth due to its flexible pricing strategy [6]. - The current decline in terminal demand is attributed to rising memory prices, but the overall functionality of electronic devices has reached a level that satisfies most consumer needs, leading to longer replacement cycles and reduced upgrade momentum [6].

Core Viewpoint - The Hong Kong stock market is experiencing a significant influx of southbound capital despite recent declines in the Hang Seng Index and Hang Seng Tech Index, indicating a potential investment opportunity as valuations reach attractive levels [1][2]. Group 1: Market Performance and Capital Inflow - From January 29 to February 6, the Hang Seng Index fell by 4.55%, while the Hang Seng Tech Index dropped by 9.39%, yet southbound capital net bought HKD 636.64 billion during this period [1]. - On February 5, a record single-day net purchase of HKD 249.77 billion was noted, the highest since August 2025 [1]. - The increase in southbound capital is attributed to the perceived undervaluation of Hong Kong stocks, which have adjusted from 28,000 points to 26,200 points [1][2]. Group 2: Investment Strategies and Preferences - Southbound capital is focusing on two main types of stocks: technology leaders that are scarce in the A-share market and high-dividend stocks that offer better yields than their A-share counterparts [2][3]. - In 2025, the banking sector saw a net inflow of nearly HKD 210 billion, while tech giants Alibaba and Meituan attracted over HKD 250 billion combined, highlighting a preference for high-growth and dividend-paying stocks [2]. Group 3: Future Market Outlook - Analysts predict that the Hong Kong market has room for valuation recovery, with expectations of a slow bull market supported by increased southbound capital inflow and foreign investment [7][8]. - DBS Bank has raised its 12-month target for the Hang Seng Index to 30,000 points, while HSBC anticipates a target of 31,000 points by the end of 2026, driven by strong earnings growth and structural opportunities [8]. - Investment strategies for 2026 emphasize sectors such as technology, consumer goods, and essential retail, while cautioning against potential risks from geopolitical tensions and inflation [9].

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index halting a three-day rally, closing at 27,032.54, down 0.86% [1][2] - The Hang Seng Tech Index fell by 1.65%, while the Hang Seng China Enterprises Index dropped by 1% [1][2] Sector Performance Technology Sector - Major tech stocks saw significant declines, with Meituan and NetEase both dropping over 4%, and Baidu and Tencent falling more than 2% [2][4] - Other tech companies like Kuaishou, Xiaomi, JD.com, and Alibaba also reported losses [2][4] Financial Sector - Financial stocks, including banks, Chinese brokerage firms, and insurance companies, mostly declined, adding pressure to the market [2] Consumer Sector - The restaurant sector faced downturns, with Jiumaojiu falling over 5% and Haidilao dropping more than 3% [6] - The overall consumer demand in the restaurant industry is stabilizing, with expectations for improvement in 2026 [6] Entertainment Sector - The film and entertainment sector was weak, with Emperor Culture Industries dropping nearly 6% [7] Energy Sector - The power equipment sector showed strength, with Harbin Electric rising over 13% [9] - The oil sector was active, with China Petroleum and Sinopec both gaining over 2% [14] Heavy Machinery Sector - Heavy machinery stocks continued to rise, with China National Heavy Duty Truck Group and Sany International both increasing over 5% [12] Semiconductor Sector - Semiconductor stocks saw gains, with Tensun Zhixin and Zhaoyi Innovation both rising over 20% [10] Notable Stocks - Dipo Technology surged by 8.34%, reaching a market value of 29.707 billion HKD [16] - The stock has increased 2.46 times since its IPO price of 26.66 HKD [21]

Core Insights - The storage chip market has experienced a significant price surge since the second half of last year, with consumer-grade memory prices increasing by over 600%, making it a highly valuable investment product [1] - The demand for AI infrastructure has led to a depletion of production capacity among major storage chip manufacturers, including Samsung, Micron, and SK Hynix, with all their HBM production capacity booked until 2026 [1][11] - The rising prices of storage chips have disproportionately affected low-end smartphones, particularly brands like Transsion, which saw a 22.6% revenue increase but an 11% drop in net profit in Q3 last year [3][4] Market Dynamics - The high profit margins associated with HBM memory used in AI chips have prioritized its production over consumer-grade products, leading to supply constraints for low-end smartphones [3] - Various smartphone manufacturers are shifting focus from low-priced product lines to higher-margin high-end models due to the impact of rising storage costs [4][12] - Transsion's market share dropped from fourth to "others" category, indicating a significant decline in its competitive position [3][4] Pricing and Cost Structure - The cost structure of low-end smartphones is heavily impacted by the rising prices of storage chips, which are considered a rigid cost that cannot be easily adjusted [5][8] - The BOM (Bill of Materials) cost for a 12GB+256GB iPhone Pro Max indicates that storage costs account for approximately 10% of total costs, highlighting the sensitivity of low-end models to price increases [8][9] - The average selling price (ASP) of smartphones is projected to exceed $400 for the first time, reflecting a shift towards higher-priced models as low-end market segments shrink [13][16] Supply Chain Challenges - The demand for AI-related products has created a seller's market for storage chips, leading to unpredictable cost structures for smartphone manufacturers, especially in the low-end segment [12] - Major companies like Apple are facing significant supply pressures, with only partial agreements in place for NAND Flash and DRAM supplies for the upcoming quarters [11] - Samsung's internal conflicts regarding storage pricing have further complicated supply chain management, as the mobile division struggles to secure favorable terms from the semiconductor division [12]

Apple’s (AAPL) iPhone was the only smartphone to see growth in China sales in January, according to Counterpoint Research. Every major Chinese mobile maker, from Huawei Technologies to Xiaomi (XIACY), saw major declines in a market that was ...

Group 1 - Korean investors are increasingly enthusiastic about allocating assets to Chinese markets, with over $8.8 million invested in various stocks and ETFs as of February 10, 2026 [1] - The top ten stocks purchased by Korean investors include MINIMAX-WP, 华夏沪深300ETF, and 澜起科技, with MINIMAX-WP receiving the highest investment of approximately $2.07 million [1][2] - Compared to 2025, there is a noticeable shift in Korean investment towards emerging technology companies in China, indicating a strategic pivot in investment focus [2] Group 2 - In 2025, the top ten stocks purchased by Korean investors included Xiaomi Group and Global X China Semiconductor ETF, with Xiaomi Group leading at approximately $87.75 million [3] - The investment trend shows a growing interest in new and emerging industries, particularly in technology and semiconductor sectors, reflecting a broader market strategy [2][3]

Group 1 - Korean investors are increasingly enthusiastic about allocating assets in China, with over $8.8 million invested in the Hong Kong Stock Exchange as of February 10 [1] - The top ten stocks purchased by Korean investors include MINIMAX-WP, 华夏沪深300ETF, and 澜起科技, among others, indicating a shift towards emerging technology companies [1][2] - The total investment amounts for the top ten stocks are as follows: MINIMAX-WP at $20.67 million, 华夏沪深300ETF at $19.18 million, and 澜起科技 at $18.64 million [2][3] Group 2 - Compared to 2025, Korean investors are now focusing on new emerging industries and technology companies, as evidenced by the change in their top ten investments [3] - In 2025, the top ten net purchases by Korean investors included Xiaomi Group and Global X China Semiconductor ETF, highlighting a different investment focus compared to 2026 [4][5] - The total investment amounts for the top ten stocks in 2025 were significantly higher, with Xiaomi Group at $87.75 million and Global X China Semiconductor ETF at $74.03 million [5]

雷军特别强调，春节期间，小米汽车门店不打烊，有少量小米YU7现车，当天订单，最快当天提车。 2026年2月12日，小米创办人，董事长兼CEO雷军在社交媒体平台分享了小米YU7的最新销售数据。汽车之家数据显示，2026年1月，小米YU7销量达3.79万 台，位列全国乘用车零售销量排行榜第一。 | 7 | 星越L | 23815辆 | | --- | --- | --- | | 8 | 朗逸 | 23481辆 | | 9 | 途观L | 21330辆 | | 10 | 帕萨特 | 20799辆 | | 11 | 卡罗拉锐放 | 20188辆 | | 12 | 迈腾 | 19306辆 | | 13 | 星瑞 | 19027辆 | | 14 | 本田CR-V | 18900辆 | | 15 | 锋兰计 | 18629辆 | 据了解，小米YU7是小米汽车首款纯电中大型SUV，2025年6月发布，售价25.35-32.99万元。它基于800V碳化硅平台打造，后驱版CLTC续航835km，四驱 Max版零百加速3.23秒。车身尺寸4999×1996×1600mm，轴距3000mm，配无边框车门、隐藏式门把手。内饰有双零重力 ...

【雷军：小米YU 7今年1月份销量37869台】小米集团董事长雷军在微博发文称，据有关数据显示小米 YU 7今年1月份销量37869台，春节期间门店不打烊，有少量YU7现车，当天订单，最快当天提车。 ...

雷军今日引用汽车之家数据发文称，小米YU7今年1月份销量达37869台。春节期间门店不打烊，有少量 YU7现车，当天订单，最快当天提车。 | 2026年1月 · 全国 | | | | --- | --- | --- | | 乘用车零售销量排行榜 | | | | 11 | 小米YU7 | 37869辆 | | | 博越L | 34176辆 | | | 星愿 | 29007辆 | | 4 | 问界M7 | 26454辆 | | 5 | 速腾 | 25316辆 | | 6 | 轩逸 | 24209辆 | | | 星越L | 23815辆 | | 8 | 朗逸 | 23481辆 | | | 途观L | 21330辆 | | 10 | 帕萨特 | 20799辆 | | 11 | 卡罗拉锐放 | 20188辆 | | --- | --- | --- | | 12 | 迈腾 | 19306辆 | | 13 | 星瑞 | 19027辆 | | 14 | 本田CR-V | 18900辆 | | 15 | 锋兰达 | 18629辆 | | 16 | 蔚来ES8 | 17645辆 | | 17 | 凯美瑞 | 17426辆 | | ...