Group 1 - The Hang Seng Index closed up 0.31%, while the Tech Index rose by 0.9% [1] - Bilibili (09626.HK) and Tencent Music (01698.HK) both increased by over 4.5% [1] - Xiaomi Group (01810.HK) and Kingdee International (00268.HK) saw gains of over 4% [1] Group 2 - Pop Mart (09992.HK) experienced a decline of over 5% [1]

Core Viewpoint - Luoketech (Beijing) Co., Ltd. has submitted an application for a mainboard IPO to the Hong Kong Stock Exchange, aiming to become the "first AI smart lock stock" in the Hong Kong market [1] Group 1: Financial Performance - The company reported revenue growth from 1.015 billion to 1.086 billion yuan from 2023 to 2024, with a year-on-year increase of 11.5% in the first three quarters of 2025, reaching 774 million yuan [2] - Profits for 2023 and 2024 are projected at 14.03 million and 53.11 million yuan, respectively, with 31.98 million yuan reported for the first three quarters of 2025 [3] Group 2: Cash Flow Challenges - Operating cash flow showed a significant decline, with net inflow dropping from 89.485 million yuan in 2023 to just 1.247 million yuan in 2024, and turning negative with a net outflow of 38.307 million yuan in the first three quarters of 2025 [4] - As of September 2025, cash and cash equivalents were only 66.73 million yuan, a substantial decrease from the beginning of the period [5] Group 3: Business Structure and Dependency - The company's revenue growth heavily relies on ODM (Original Design Manufacturer) business, which accounted for 61.6% of total revenue in the first three quarters of 2025, up from 50.6% in 2023 [6] - Revenue from proprietary brand consumer products declined from 319 million yuan in 2023 to 301 million yuan in 2024, further dropping to 159 million yuan in the first three quarters of 2025, reducing its share from 27.8% to 20.5% [6] - The overall gross margin decreased from 35.2% in 2024 to 31.2% in 2025 due to the imbalance in business structure [7] Group 4: Client Dependency Risks - The company is significantly dependent on a single client, with sales to the top five clients accounting for 65.2% of total revenue, and sales to the largest client, Xiaomi, making up 60.6% [8] - The founder, Chen Bin, acknowledged that after receiving investment from Xiaomi, the company largely abandoned its proprietary brand, leading to a lack of product differentiation [9]

小米创办人雷军今日发文：很多网友反馈，过年回家，每次都要帮助家里长辈解决手机使用的问题。我 们准备了7万份《智能手机使用指南》，春节前会在小米之家发放，帮助长辈更好的使用手机。 责任编辑：王翔 责任编辑：王翔 小米创办人雷军今日发文：很多网友反馈，过年回家，每次都要帮助家里长辈解决手机使用的问题。我 们准备了7万份《智能手机使用指南》，春节前会在小米之家发放，帮助长辈更好的使用手机。 ...

Group 1 - The Hong Kong stock market showed a strong rebound on February 11, with the Hang Seng Tech Index rising nearly 1% and the Guozheng Hong Kong Stock Connect Tech Index increasing over 1% [1] - Notable performers among constituent stocks included Bilibili-W and Xiaomi Group-W, both rising over 5%, while BYD Company Limited saw an increase of nearly 4% [1] - The Tianhong Hong Kong Tech ETF (159128) has attracted significant capital, with a net subscription of 10 million units and a total inflow exceeding 720 million yuan over the past 20 trading days [1] Group 2 - Xiaomi Group's founder and CEO Lei Jun announced the completion of the first-generation Xiaomi SU7 production, with over 360,000 units delivered [2] - The production line is currently being modified to prepare for the next generation of the SU7 [2] - According to招商证券, the recent downturn in the Hong Kong tech sector presents significant investment opportunities, as the current market volatility is seen as a temporary liquidity shock [2]

2月11日，小米集团-W(1810.HK)今日表现强势，盘中一度涨5.4%报37.5港元。消息面上，雷军昨日于直播宣布，初代SU7正 式停产，最后一辆车型已下线。同时，雷军透露新一代SU7预计4月份上市。 另外，昨晚央视《新闻联播》播放了一段多终端智能体互操作测试版的场景，相关画面展示有三款终端设备，包括两台平 板和一部手机，分别演示智能家居 3D 视图、车机中控、智能语音助手相关功能。有媒体猜测这三款终端设备属于小米品 牌，中间的平板采用刘海屏设计，预计为小米平板 7 Ultra。值得一提的是，小米平板7 Ultra发布于去年5月，首发搭载玄戒 O1旗舰处理器。该平板此次展示了车机页面，或表明HyperOS车机系统已在玄戒芯片上跑通。 港股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 ...

Core Viewpoint - Xiaomi Group-W (1810.HK) showed strong performance today, with a peak increase of 5.4% reaching HKD 37.5 per share, following announcements from CEO Lei Jun regarding the production status of the SU7 model and the introduction of new devices [1] Group 1: Product Developments - The original SU7 model has officially ceased production, with the last unit having been completed [1] - A new generation of the SU7 is expected to launch in April [1] Group 2: Technology and Device Innovations - A segment on CCTV's "News Broadcast" showcased a multi-terminal smart device interoperability test, featuring three devices: two tablets and a smartphone [1] - The displayed devices are speculated to belong to the Xiaomi brand, with one tablet featuring a notch design, likely the Xiaomi Pad 7 Ultra [1] - The Xiaomi Pad 7 Ultra, released in May last year, is equipped with the flagship processor, the玄戒O1, and demonstrated a vehicle interface, indicating that the HyperOS vehicle system is operational on the玄戒 chip [1]

Core Viewpoint - The Hong Kong stock market is experiencing a strong performance in the hard technology sector, with significant gains in companies like Kintor Pharmaceutical and Kingsoft Cloud, indicating a potential investment opportunity in the semiconductor and technology industries [1][3]. Group 1: Market Performance - Kintor Pharmaceutical's stock surged over 13%, while Kingsoft Cloud rose more than 9%, and both Kintor Group and Xiaomi Group increased by over 5% [1]. - The first ETF focusing on the Hong Kong chip industry, the Hong Kong Information Technology ETF (159131), saw a price increase of 1.2%, with a trading volume exceeding 55.93 million yuan [1][3]. Group 2: ETF Composition and Strategy - The ETF is structured with a composition of 70% hardware and 30% software, heavily investing in semiconductor, electronics, and computer software sectors, covering 42 hard technology companies [3]. - Major holdings include Semiconductor Manufacturing International Corporation (15.21% weight), Xiaomi Group (12.08% weight), and Hua Hong Semiconductor (8.68% weight), excluding large-cap internet companies like Alibaba and Tencent, which allows for a sharper focus on AI hard technology trends [3]. Group 3: Market Analysis and Future Outlook - According to recent analysis from China Merchants Securities, the Hong Kong technology sector, represented by the Hang Seng Technology Index, has seen significant declines, suggesting a potential for value investment at this juncture [2]. - The current market volatility is characterized as a severe liquidity shock, with the situation not fundamentally different from past market conditions, indicating that favorable factors are accumulating for future growth [2].

官网显示，该公司是一家人形机器人领域的核心零部件供应商。 2月11日，天眼查App显示，近日，杭州曦诺未来科技有限公司发生工商变更，新增小米旗下瀚星创业 投资有限公司、宁德时代参投的福建时代泽远股权投资基金合伙企业（有限合伙）等为股东，同时，注 册资本由500万人民币增至约598.8万人民币。 杭州曦诺未来科技有限公司成立于2024年12月，法定代表人为夏宇轩，经营范围包括智能机器人的研 发、智能机器人销售、工业机器人制造等。股东信息显示，该公司现由夏长亮、夏宇轩及上述新增股东 等共同持股。 ...

Core Viewpoint - The Hong Kong stock market's hard technology sector is showing strong performance, with significant gains in stocks like Kintor Pharmaceutical and Kingsoft Cloud, alongside the launch of the first ETF focused on the Hong Kong chip industry, indicating potential investment opportunities in this sector [1][6]. Group 1: Market Performance - Kintor Pharmaceutical's stock rose over 13%, while Kingsoft Cloud increased by more than 9%, and both Kintor Group and Xiaomi Group saw gains exceeding 5% [1][6]. - The newly launched Hong Kong Information Technology ETF (159131), which focuses on the chip industry, has seen a price increase of 1.2% and a trading volume exceeding 55.93 million CNY [1][6]. Group 2: ETF Details - The ETF is the first in the market to focus on the Hong Kong chip industry, with its index composed of 70% hardware and 30% software, covering 42 hard technology companies [3][8]. - Major holdings in the ETF include Semiconductor Manufacturing International Corporation (15.21% weight), Xiaomi Group (12.08% weight), and Hua Hong Semiconductor (8.68% weight), excluding large internet companies like Alibaba and Tencent [3][8]. Group 3: Market Analysis - According to recent research from China Merchants Securities, the current market volatility presents a significant allocation value, suggesting that recent fluctuations are primarily due to liquidity shocks [2][8]. - The report indicates that the current market conditions are not fundamentally different from those observed in November 2025, with positive factors accumulating for future outlook [2][8].

Core Viewpoint - The article discusses the potential of Xiaomi's business model in the hairdressing industry, suggesting that Xiaomi could revolutionize the sector by integrating its technology and customer experience into hair salons, making them more appealing and efficient [5][9]. Group 1: Xiaomi's Unique Approach - Xiaomi's stores provide a unique shopping experience that encourages customers to explore its ecosystem, contrasting with traditional hair salons that often have a more rigid and less engaging atmosphere [5][6]. - The integration of Xiaomi products in the hairdressing process enhances customer experience, from using Xiaomi's heated towel racks to massage chairs, creating a seamless blend of service and technology [6][7]. Group 2: Pricing Strategy - Xiaomi's pricing strategy is highlighted as being significantly lower than traditional salons, with services priced at just 8.8 yuan, positioning it as a cost-effective alternative in the market [9][11]. - The article emphasizes that Xiaomi does not rely on high margins, instead focusing on volume and customer retention, which could disrupt the traditional pricing models in the hairdressing industry [9][11]. Group 3: Precision and Quality - The article asserts that Xiaomi's technological expertise allows for greater precision in haircuts, with a focus on data and accuracy, which could redefine standards in the hairdressing industry [11][12]. - The use of advanced technology in hairdressing, such as precise temperature control and high-quality hairdryers, enhances the overall service quality, making it a competitive advantage for Xiaomi [11][12]. Group 4: Market Impact - The potential impact of Xiaomi's entry into the hairdressing market could lead to a significant transformation, not only in hair salons but also in related retail sectors, as customers may be drawn to the innovative experience [11][12]. - The article suggests that if successful, Xiaomi's model could lead to a proliferation of its stores, creating a new standard in the industry and potentially leading to a renaissance in consumer experiences [11][12].