交银国际发表研报指，小米次季业绩符合市场预期，汽车业绩表现亮眼。收入/经调整净利润分别为 1160/108亿元，符合市场预期。汽车收入按年增40%；毛利率达26.4%，再创历史新高，主要来自平均 售价增长及同平台规模效应。智能手机收入按年降2%，主要来自REDMI A5 发布拉低海外平均售价， 而内地平均售价受益于高端机型占比提升，按年继续增长。 该行微调小米2026年汽车业务收入至1820亿元，前值预测1817亿元。考虑手机等业务的不确定性，下调 2025年及2026年收入预测至4830亿及6058亿元，下调2025年及2026年经调整每股盈利至1.67元及2.01 元。基于2026年手机xAIoT 25倍市盈率及汽车业务2.2倍市销率，目标价由67港元下调至60港元，维 持"买入"评级。 ...

该行上调公司2025-2027财年营业收入分别为4891亿、6418亿及7584亿元，前值预测为4861亿、6311亿 及7569亿元；经调整净利润预测为454亿、681亿及836亿元，前值预测为441亿、584亿及728亿元；上调 目标价至77.5港元，维持"增持"评级。 国泰海通证券发表报告指，小米公布次季业绩，汽车盈利能力大幅超预期，后续需观察产能爬坡情况。 智能手机保持韧性跑赢大盘，高端化成效显著，对长期毛利率保持乐观。智能大家电持续创新高，互联 网贡献稳健收入。 ...

值得关注的是，近期港股互联网ETF（513770）资金面持续升温，上交所数据显示，港股互联网ETF （513770）最新单日获资金净流入2.35亿元，近5日资金连续净流入4.18亿元。 港股互联网ETF（513770）及其联接基金（A类 017125；C类 017126）被动跟踪中证港股通互联网指 数，通过重仓港股互联网龙头，成为港股AI核心标的。数据显示，开年以来至7月末，中证港股通互联 网指数累计涨幅超35%，明显优于恒科指同期表现，领涨弹性突出。 8月22日，港股科网龙头走势较强，快手-W绩后领涨4%，小米集团-W涨超2%，腾讯控股重上600港 元，阿里巴巴-W跟涨。重仓港股互联网龙头的港股互联网ETF（513770）高开高走，场内价格现涨 1.29%，实时成交额1.8亿元。 | 分时 多日 ▼ | | | | F9 鼎前盘后 叠加 九转 画线 工具 @ 2 >> | | | | | | | 港股互联网ETF 2 买 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1183 | | ...

Core Viewpoint - The Hong Kong stock market, particularly the technology sector, is experiencing strong performance, with notable gains from major internet companies like Kuaishou, Xiaomi, Tencent, and Alibaba following their quarterly earnings reports [1][4]. Group 1: Company Performance - Kuaishou reported a Q2 revenue of 35 billion yuan, a year-on-year increase of 13.1%, with adjusted net profit reaching 5.6 billion yuan, up 20.1%, exceeding market expectations [3]. - Bilibili's Q2 revenue was 7.34 billion yuan, reflecting a 20% year-on-year growth, with both net profit and adjusted net profit hitting historical highs of 220 million yuan and 560 million yuan, respectively [1][4]. - The AI capabilities have significantly boosted the performance of leading tech companies, with Kuaishou's revenue from AI services surpassing 250 million yuan in Q2 [4]. Group 2: Market Trends - The Hong Kong Internet ETF (513770) has seen a continuous inflow of funds, with a net inflow of 235 million yuan in a single day and a total of 418 million yuan over the past five days [4][6]. - The index tracking the Hong Kong Internet sector has outperformed the Hang Seng Tech Index, with a cumulative increase of over 35% since the beginning of the year [6][7]. - The top four holdings in the Hong Kong Internet ETF include Xiaomi, Tencent, Alibaba, and Meituan, collectively accounting for 54.74% of the fund's total weight [7][8]. Group 3: Future Outlook - The upcoming half-year earnings reports are seen as a critical juncture for the Hong Kong market, with expectations shifting from liquidity-driven to performance-driven and policy validation phases [4]. - The "anti-involution" policy is anticipated to influence industry pricing dynamics, with potential marginal changes impacting market sentiment [4].

Core Insights - The African smartphone market is experiencing robust growth, with a year-on-year increase of 7% in Q2 2025, reaching a shipment volume of 19.2 million units, making it one of the best-performing regions globally [1][6] - Key markets such as Egypt, Nigeria, and South Africa are driving this growth due to easing inflation pressures and improved currency stability, enhancing consumer purchasing power [1][2] Regional Performance - Egypt leads the North African market with a 21% year-on-year growth, supported by local production capabilities meeting high demand during the Eid al-Fitr promotional season [2] - Nigeria rebounded by 10% due to inflation easing and a stable naira, while South Africa saw a 2% increase, with 5G smartphone shipments surging by 63% [2] - 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 restrictions [2] Market Dynamics - Demand for ultra-low-cost smartphones is reshaping the African market, with models priced under $100 experiencing a 38% surge, leading to a decrease in average selling prices [4] - Transsion maintained its leading position with a 6% growth, while Xiaomi saw a significant 32% increase, capturing a 14% market share [4][7] - Samsung's market presence expanded through localized distribution and retail, achieving a 3% growth, while Honor's sales surged by 161% due to successful entry and mid-range models [4][7] Future Outlook - The African smartphone market is projected 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, driven by limited traditional banking services, which is promoting mobile payments and digital services [6] - The region is transitioning from a consumer market to a production and assembly base, with countries like Egypt and Ethiopia leading the way in establishing local supply chains [6]

Group 1 - The core viewpoint of the articles highlights the strong performance of Hong Kong's internet sector, particularly after the earnings reports from major companies like Kuaishou, Xiaomi, Tencent, and Alibaba, which have positively influenced the market [1][3][5] - Kuaishou reported a Q2 revenue of 35 billion yuan, a year-on-year increase of 13.1%, and an adjusted net profit of 5.6 billion yuan, exceeding market expectations [3][6] - Bilibili's Q2 revenue reached 7.34 billion yuan, marking a 20% year-on-year growth, with both net profit and adjusted net profit hitting historical highs [3][6] Group 2 - The Hong Kong Internet ETF (513770) has seen significant inflows, with a net inflow of 235 million yuan in a single day and a total of 418 million yuan over the past five days, indicating strong investor interest [3][5] - The index that the ETF tracks has outperformed the Hang Seng Tech Index, with a cumulative increase of over 35% since the beginning of the year [5][6] - The top four holdings in the Hong Kong Internet ETF are Xiaomi, Tencent, Alibaba, and Meituan, which together account for 54.74% of the fund's total weight [6][7]

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。 ...

Canalys （现并入 Omdia ）的最新研究， 2025 年第二季度， 非洲智能手机市场实现稳健增长，同比提升 7% ，出货量达到 1920 万部，成为全球表现最好的地区之一。此次增长得益于埃及、尼日利亚和南非等关键市场通胀压力缓解，以及货币稳定提升 了消费者购买力。预计 2025 年至 2029 年，非洲智能手机市场将保持 2.1% 的复合年增长率（ CAGR ），有望跑赢全球整体疲 软的智能手机市场。 在地区表现方面 ： 总体来看，非洲的增长仍然主要由其最大经济体支撑，尽管一些小型市场仍面临结构性压力。 Canalys（现并入 Omdia）推出的全球 智能手机 Horizon服务，提供领先行业的国家级智能手机出货量预估 视角，领先竞争对手一步。该服务涵盖季度市场份额数据、及时的历史数据追踪，以及对存储、处理器、内存、摄像头等多项规格 的深入分析。 我们将各类产品的全球详细统计数据与 Canalys （现并入 Omdia ） 独有的一级和 二级渠道出货数据相结合，提供市场全貌的同时，还独家呈现终端用户类型的洞察。此外，该服务还定期发布深度分析报告，帮助 客户理解数据背后的逻辑与假设，为未来市场走势提供 ...

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。 ...