Core Viewpoint - Xiaomi Group is a leading internet company focused on smartphones, smart hardware, and IoT platforms, with a business model centered on innovation, high-quality hardware, efficient new retail, and a rich array of internet services [1][2]. Financial Performance - As of mid-2025, Xiaomi Group reported total revenue of 227.249 billion yuan and a net profit of 22.829 billion yuan [2]. Market Activity - On August 22, Xiaomi Group's stock price increased by 2.14%, reaching 52.45 yuan per share, with a trading volume of 828 million yuan [1]. Analyst Rating - On August 21, CMB International Securities maintained a "Buy" rating for Xiaomi Group, setting a target price of 60 Hong Kong dollars [3].

恒生指数高开0.4%，恒生科技指数涨0.99%。中芯国际(00981)涨超2%，小米集团(01810)涨超1%。 中国银河指出，展望后市，建议关注港股以下板块：(1)中报业绩表现超预期的板块，港股中报业绩表 现好于预期的板块有望补涨。(2)政策利好增多或政策利好持续发酵的板块，例如创新药、AI产业 链、"反内卷"行业等。(3)美国加征关税政策扰动不断，投资者风险偏好随之波动。在海内外不确定性 因素的扰动下，高股息标的可以为投资者提供较为稳定的回报。 本文转载自"腾讯自选股"，智通财经编辑：蒋远华。 兴业证券发布研报称，长期继续坚定看多做多港股。全球投资者特别是中国投资者对于中国股市的牛市 思维正在持续增强。兴业证券维持此轮港股行情将走出超级长牛的判断。中短期，维持下半年港股行情 震荡向上，持续创新高的判断。美联储降息可能只是时间问题，聚焦联储降息和美元走软对港股流动性 的进一步刺激动能。 关于港股后市 中信证券研报认为，展望8月份，半年报业绩期将是港股行情是否延续的重要节点，结合政策方面"反内 卷"的广泛影响与快速落地，预计短期市场可能由前期的流动性驱动转往业绩驱动与政策验证的共振阶 段。随着市场焦点从"预期 ...

Group 1 - The State Intellectual Property Office of China has granted a patent to Beijing Xiaomi Mobile Software Co., Ltd. and Beijing Xiaomi Pinecone Electronics Co., Ltd. for a technology related to "user behavior prediction methods, model training methods, electronic devices, and storage media" [1] - Beijing Xiaomi Mobile Software Co., Ltd. was established in 2012, has a registered capital of 148.8 million RMB, and has participated in 139 bidding projects, with a total of 5000 patent records [1] - Beijing Xiaomi Pinecone Electronics Co., Ltd. was founded in 2014, has a registered capital of 25 million RMB, and holds 15 trademark records and 1046 patent records [1]

Industry Overview - Near Field Communication (NFC) technology is maturing in China, with applications in mobile payments, public transportation, smart access control, and smart homes [1][11] - The market size of the NFC industry in China is projected to reach approximately 92.5 billion yuan in 2024, representing a year-on-year growth of 21.72% [1][11] - The continuous development of the digital economy and smart city initiatives is expected to further expand the application scenarios of NFC technology, particularly in smart homes and smart transportation [1][11] Technical Characteristics - NFC operates at a frequency of 13.56 MHz, allowing for non-contact point-to-point data transmission within approximately 10 centimeters [1][7] - NFC technology is based on RFID technology and features high security, ease of use, and high transmission rates [1][4] - Compared to other short-range wireless communication technologies, NFC has a lower cost and higher security, making it attractive to many enterprises since its inception in 2003 [4][5] Industry Chain - The upstream of the NFC industry chain includes chips, metal materials, electronic components, plastic materials, and antennas [7] - The midstream involves NFC production and system integration, while the downstream applications include mobile payments, public transportation, smart homes, smart access control, automotive electronics, and wearable devices [7] Market Dynamics - The number of mobile payment transactions in China reached 51.365 billion in the first quarter of 2025, with a year-on-year growth of 15.86% [9] - The total amount of mobile payments was 152.64 trillion yuan, showing a slight increase of 0.37% year-on-year [9] - The simplification of payment processes and enhanced security have led to increased consumer adoption of mobile payment methods, with NFC technology significantly lowering payment barriers [9] Key Companies - Huawei HiSilicon is a leading domestic communication chip design company, known for its high integration and low power consumption NFC chips [13][14] - Unisoc focuses on high-security NFC chips, which have passed multiple international and domestic security certifications [13][14] - Fudan Microelectronics is one of the early entrants in the NFC field, with a high market share in various applications including internet, finance, and smart locks [13][14] - Other notable companies include Macrocard New Technology, which specializes in NFC tags and devices, and Xi'an Unisoc, which provides high-security NFC chip solutions [14] Development Trends - NFC technology is increasingly integrating with AI, 5G, and blockchain, enhancing its application scenarios towards smart and personalized solutions [18] - The technology is expanding beyond traditional payment fields into smart cities, retail, and healthcare, creating a seamless living ecosystem [19][20] - Standardization and industry collaboration are crucial for high-quality market development, with NFC payment standards already implemented in 28 countries and regions [21]

Group 1: Xiaomi Group - The company reported a revenue of approximately 116 billion yuan in Q2 2025, representing a year-on-year growth of 30.5% and a quarter-on-quarter growth of 4.2% [3][4] - Adjusted net profit for Q2 2025 was approximately 10.8 billion yuan, a year-on-year increase of 75.4% and a quarter-on-quarter increase of 1.5% [3][4] - The gross margin for Q2 2025 was approximately 22.5% [3] - The revenue from IoT and lifestyle products reached approximately 38.7 billion yuan, a year-on-year increase of 44.7% [5] - The smart electric vehicle revenue was approximately 20.6 billion yuan, showing a year-on-year growth of 230.3% [6] - Internet service revenue reached 9.1 billion yuan, a year-on-year increase of 10% [6] Group 2: Gigabit Technology - The company achieved a revenue of 2.518 billion yuan in H1 2025, with a year-on-year growth of 28.49% [9][10] - In Q2 2025, the revenue was 1.382 billion yuan, representing a year-on-year increase of 33.89% and a quarter-on-quarter increase of 21.71% [9][11] - The net profit for Q2 2025 was 361 million yuan, a year-on-year increase of 36.64% [9][11] Group 3: Highlan Co., Ltd. - The company established a wholly-owned subsidiary in Singapore to expand its global industrial layout [16] - In 2024, high-power density thermal management products accounted for 47.47% of total revenue [17] - The company signed a procurement contract for the Saudi flexible direct current project worth 361 million yuan [17] Group 4: Xinli Tai Pharmaceutical - The company reported a revenue of 2.131 billion yuan in H1 2025, with a year-on-year growth of 4.32% [23][25] - The net profit for Q2 2025 was 165 million yuan, a year-on-year increase of 14.55% [25] - The gross margin for Q2 2025 was 75.31%, an increase of 4.55 percentage points year-on-year [25] Group 5: Express Delivery Industry - In July 2025, the express delivery industry experienced a business volume growth of 15.1% year-on-year [28][29] - The average revenue per package in July 2025 was 7.36 yuan, a year-on-year decrease of 5.33% [28] - Major companies like YTO Express and SF Express saw varying growth rates in business volume, with SF Express experiencing a significant decline in revenue per package [30] Group 6: Jiangyin Bank - The bank reported a revenue growth of 10.45% year-on-year in H1 2025 [31][32] - Non-interest income increased by 30.26%, primarily driven by investment income [32] - The non-performing loan ratio was stable at 0.86% [33] Group 7: AI Demand and Semiconductor Industry - Demand for AI continues to grow, while consumer electronics orders are becoming more conservative [34] - In July 2025, Taiwan's IC design companies reported a revenue decline, with MediaTek's revenue down 23.4% month-on-month [34][35] - The semiconductor industry is experiencing mixed performance, with some companies reporting significant year-on-year growth [35] Group 8: Used Car Industry - The used car business remains highly prosperous, with significant growth in financial technology services [44] - The company reported a revenue of 5.452 billion yuan in H1 2025, a year-on-year increase of 22% [44]

Short Selling Ratios - The top three stocks with the highest short selling ratios are Li Ning-R (100.00%), SenseTime-WR (98.29%), and Hang Seng Bank-R (95.38%) [1][2] - Other notable stocks with high short selling ratios include JD Health-R (91.13%) and China Resources Beer-R (90.75%) [2] Short Selling Amounts - The stocks with the highest short selling amounts are Meituan-W (2.526 billion), Xiaomi Group-W (1.858 billion), and Tencent Holdings (1.768 billion) [1][2] - Alibaba-SW and BYD Company also feature prominently with short selling amounts of 1.172 billion and 1.073 billion respectively [2] Short Selling Deviation Values - The stocks with the highest deviation values are SenseTime-WR (46.55%), Geely Automobile-R (45.06%), and China Resources Beer-R (44.55%) [1][3] - Other significant stocks include Hang Seng Bank-R (44.19%) and China Merchants China Fund (42.05%) [3]

"想了解和投资中国股票的年轻人越来越多。"韩国人李哲告诉记者，他曾就职于山东一家韩系汽车配件 厂，目前从事贸易工作。李哲本人就有投资中国的股票。"我本来想在中国的证券公司开设账户，但外 国人开户的流程和需要的资料比较复杂。所以只能回到韩国国内的券商开户。好处是方便，但现在只能 投资港股，不能直接投资A股。"李哲告诉记者，十多年前投资中国股票的韩国人并不多，他认识的韩 国人里，主要还是在中国工作过，熟悉中国产业和企业的人。 "因为工作的原因，我比较了解中国的汽车产业。相比韩国的汽车企业，中国企业的创新能力和成本控 制能力强。韩国企业原来一大优势是国际化，但现在中国企业出海的速度也很快。"李哲继续说道，"今 年的情况有些不一样，年轻一代的人越来越关注中国的市场，这或许和去年开始中国对韩国持普通护照 人员试行免签政策有关。越来越多人特别是年轻人，可以到中国了解到真实的发展状况。另外，现在社 交媒体发达，中国出现什么新潮东西，韩国这边很快就知道了。" 事实上，韩国拥有庞大且高度活跃的散户投资者群体。作为一个总人口仅为5000余万人的国家，截至 2023年底的活跃股票交易账户却高达6930万个。在2024年10月前，韩 ...

Market Overview - The Hang Seng Index (HSI) closed at 25,129.15, up by 24.54 points or 0.10% from the previous close [1] - The index reached a high of 25,167.65 and a low of 25,039.93 during the trading session [1] - The average trading price was 25,103.79, with a trading volume of 32.99 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 101.987, an increase of 1.08% compared to the Hong Kong close [2] - Tencent Holdings closed at HKD 597.451, up by 0.75% from the Hong Kong close [2] ADR Performance - Tencent Holdings (ADR) increased by 0.42% to USD 593.000, with an ADR conversion price of HKD 597.451, reflecting a gain of HKD 4.451 compared to the Hong Kong stock [3] - HSBC Holdings (ADR) rose by 1.41% to USD 100.900, with an ADR conversion price of HKD 101.987, showing an increase of HKD 1.087 compared to the Hong Kong stock [3] - Alibaba (ADR) decreased by 1.53% to USD 115.700, with an ADR conversion price of HKD 115.343, down by HKD 0.357 compared to the Hong Kong stock [3]

Group 1 - Foreign investment interest in the Chinese stock market has significantly increased this year, with global active funds' allocation to Chinese stocks rising to 6.4% as of July, indicating a potential for further allocation growth [1][2] - Passive funds have also shown strong inflows, with a total of $11 billion entering the Chinese stock market by the end of July, surpassing the entire inflow of $7 billion for 2024 [2] - The inflow of foreign capital has been driven by improved liquidity, a weaker dollar, and ample household savings, leading to increased activity in the Chinese stock market, particularly in growth sectors and high-quality tech stocks [1][3] Group 2 - Korean investors have increased their holdings in Chinese stocks, with a total investment of $3.386 billion as of August 19, marking a nearly 30% increase since the end of 2024 [1] - The trading activity of foreign capital has concentrated on leading industry stocks, with significant trading volumes in companies like CATL and Kweichow Moutai, indicating a preference for established market leaders [2] - The overall market activity has been enhanced by the resonance between foreign inflows and domestic capital, with average daily trading volume in A-shares reaching approximately 1.95 trillion yuan in August, up from 1.63 trillion yuan in July [3] Group 3 - The improvement in liquidity is attributed to a significant accumulation of excess savings by Chinese households, totaling over 7.2 trillion yuan since 2020, and a narrowing gap between M1 and M2 money supply metrics [3] - The investment focus is shifting towards growth-oriented strategies, with expectations that small-cap stocks may outperform large-cap stocks in the short term due to liquidity dynamics [3][4] - Long-term investment themes are emerging, with a focus on high-dividend companies and technology firms that are expected to benefit from AI applications, enhancing overall production efficiency in China [4]

Core Viewpoint - Xiaomi Group reported strong Q2 results, with significant revenue and profit growth despite market challenges [1][2][3] Financial Performance - Q2 total revenue reached 1159.56 billion RMB, a year-on-year increase of 30.5% [1] - Adjusted net profit for Q2 was 108 billion RMB, up 75.4% year-on-year [1] - For the first half of the year, total revenue was 2272.49 billion RMB, growing 38.2% year-on-year, with adjusted net profit of 215.06 billion RMB, a 69.8% increase [1] Business Segments - Smartphone revenue in Q2 was 455 billion RMB, accounting for 39.3% of total revenue, with global smartphone shipments of 42.4 million units, a 0.6% year-on-year increase [1][2] - IoT and lifestyle products revenue reached 387 billion RMB, a 44.7% year-on-year increase, with a gross margin of 22.5% [3][4] - Smart home appliances saw a revenue increase of 66.2%, with air conditioner shipments exceeding 5.4 million units, a 60% year-on-year rise [4] Market Position - Xiaomi ranked first in Southeast Asia with a market share of 18.9% and second in Europe with a 23.4% market share [2] - In the high-end smartphone segment in mainland China, Xiaomi's sales accounted for 27.6%, a 5.5 percentage point increase year-on-year [2] Automotive Business - Revenue from the smart electric vehicle and AI innovation segment was 213 billion RMB, with automotive revenue at 206 billion RMB [5] - Operating loss for the automotive segment was reduced to 3 billion RMB from 11.2 billion RMB year-on-year [6] - In Q2, Xiaomi delivered 81,302 vehicles, a 7.16% increase from the previous quarter [6][7] Future Outlook - Xiaomi aims to achieve profitability in its automotive business in the second half of the year, with expectations of surpassing competitors in the electric vehicle market [7][8] - The company plans to continue its transformation focusing on technology, brand enhancement, global market expansion, and ecosystem development [8]