| 代码 | 简称 | 类型 | 成交金额（万港元） | 成交净买入（万港元） | 日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 00700 | 腾讯控股 | 港股通(沪) | 352682.92 | 161844.29 | 0.42 | | 00763 | 中兴通讯 | 港股通(沪) | 307773.02 | 19502.71 | 5.38 | | 01810 | 小米集团-W | 港股通(沪) | 305180.48 | 82808.55 | -2.28 | | 03690 | 美团-W | 港股通(沪) | 274431.03 | 78855.83 | -3.06 | | 09988 | 阿里巴巴-W | 港股通(沪) | 257665.26 | 23823.73 | -1.53 | | 09988 | 阿里巴巴-W | 港股通(深) | 251722.00 | -51989.58 | -1.53 | | 00981 | 中芯国际 | 港股通(沪) | 218961.92 | -32961.86 | -0.10 | | 00763 | 中兴通讯 | ...

Market Overview - On August 21, the Hang Seng Index fell by 0.24%, with southbound capital totaling HKD 137.57 billion in trading volume, including HKD 72.51 billion in buying and HKD 65.05 billion in selling, resulting in a net buying amount of HKD 7.46 billion [1] Southbound Trading Details - The southbound trading through Stock Connect (Shenzhen) had a cumulative trading volume of HKD 55.40 billion, with HKD 30.33 billion in buying and HKD 25.07 billion in selling, leading to a net buying amount of HKD 5.26 billion [1] - The southbound trading through Stock Connect (Shanghai) had a cumulative trading volume of HKD 82.16 billion, with HKD 42.18 billion in buying and HKD 39.98 billion in selling, resulting in a net buying amount of HKD 2.20 billion [1] Active Stocks - Tencent Holdings was the most actively traded stock with a total trading volume of HKD 52.66 billion and a net buying amount of HKD 18.71 billion, closing with a price increase of 0.42% [1][2] - Meituan-W had a total trading volume of HKD 45.05 billion and a net buying amount of HKD 13.91 billion, while Xiaomi Group-W had a trading volume of HKD 50.34 billion and a net buying amount of HKD 12.74 billion [2] - Alibaba-W experienced a total trading volume of HKD 50.94 billion with a net selling amount of HKD 2.82 billion, and the stock closed down by 1.53% [2] Continuous Net Buying - Tencent Holdings and Xiaomi Group-W were the only two stocks to receive continuous net buying from southbound capital for more than three days, with Tencent Holdings having a total net buying of HKD 55.72 billion over five days and Xiaomi Group-W with HKD 21.99 billion over three days [2]

小米集团-W（1810.HK）2025 年中期业绩点评 Q2 业绩再创新高，IOT+汽车业务高速发展 2025 年 08 月 21 日 ➢ 事件：8 月 19 日，小米集团发布 2025 年中期业绩，公司 25H1 实现营收 2272.49 亿 元，YOY+38.23%；经调整净利润 215.06 亿元，YOY+69.8%；毛利率为 22.7%，YOY+1.3pcts； 经调整净利率为 9.5%，YOY+1.8pcts。 ➢ 品牌战略稳中有进，单季度营收历史新高。25Q2，公司实现营收 1159.56 亿元，创历史 新高，YOY+30.5%，QOQ+4.2%。分业务来看，手机×AIOT 分部实现营收 947 亿元， YOY+14.8%；智能电动汽车及 AI 等创新业务分部实现营收 213 亿元，两部分业务均创历史新 高。本季度，公司经调整净利润为 108.31 亿元，同样创历史新高，YOY+75.4%，QOQ+1.5%， 对应经调整净利率为 9.3%。同时，小米品牌在全球影响力持续扩大。2025 年 6 月，公司入选 《2025 凯度 BrandZ 中国全球化品牌》50 强，排名位列第二；2025 年 7 月 ...

Investment Rating - The report maintains an "Accumulate" rating for Xiaomi Group-W (1810.HK) as of August 21, 2025 [1][11]. Core Insights - The company continues to execute its core operational strategy of "steady progress," achieving record highs in both revenue and profit. In Q2 2025, the company reported revenue of approximately 116 billion yuan, a year-on-year increase of 30.5%, and an adjusted net profit of about 10.8 billion yuan, up 75.4% year-on-year [5][6]. - The smartphone segment experienced a slight revenue decline of 2.1% year-on-year, primarily due to a decrease in average selling price (ASP), although this was partially offset by an increase in shipment volume [6][7]. - Revenue from IoT and lifestyle products reached a historical high of approximately 38.7 billion yuan, growing 44.7% year-on-year, driven by increased sales in mainland China and global markets [7]. - The electric vehicle segment saw a significant revenue increase of over 200% year-on-year, with Q2 2025 revenue reaching approximately 20.6 billion yuan, supported by higher delivery volumes and ASP [8][9]. - Internet service revenue grew by 10% year-on-year, reaching 9.1 billion yuan, largely due to increased advertising revenue [9]. Summary by Sections Recent Performance - In Q2 2025, Xiaomi's revenue was approximately 116 billion yuan, with a year-on-year growth of 30.5% and a quarter-on-quarter growth of 4.2%. The adjusted net profit was about 10.8 billion yuan, reflecting a year-on-year increase of 75.4% and a quarter-on-quarter increase of 1.5% [5][6]. Smartphone Business - The smartphone revenue for Q2 2025 was approximately 45.5 billion yuan, down 2.1% year-on-year, primarily due to a decline in ASP, which was around 1,073.2 yuan. However, shipment volume increased to approximately 42.4 million units, mainly due to higher sales in mainland China [6][7]. IoT and Lifestyle Products - Revenue from IoT and lifestyle products reached approximately 38.7 billion yuan in Q2 2025, a 44.7% increase year-on-year. The smart home appliance segment also saw significant growth, with air conditioning units shipped exceeding 5.4 million, marking a year-on-year growth of over 60% [7]. Electric Vehicle Segment - The electric vehicle revenue in Q2 2025 was approximately 20.6 billion yuan, with a year-on-year growth of 230.3%. The number of vehicles delivered reached 81,302, supported by improved production capacity [8]. Internet Services - Internet service revenue reached 9.1 billion yuan in Q2 2025, a 10% increase year-on-year, driven by a 14.6% increase in advertising revenue, which amounted to approximately 6.8 billion yuan [9].

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group-W (01810.HK) [1] Core Views - The company reported a revenue of 115.96 billion yuan in Q2 2025, representing a year-on-year increase of 30.5% and a quarter-on-quarter increase of 4.2%. The adjusted net profit was 10.83 billion yuan, up 75.4% year-on-year and 1.5% quarter-on-quarter, with a gross margin of 22.5% [8] - The automotive segment achieved a record high gross margin of 26.4% in Q2 2025, with revenue of 21.26 billion yuan, a quarter-on-quarter increase of 14.4%. The company aims to achieve profitability in its automotive business by the second half of 2025 [8] - The smartphone market share continues to rise, with Q2 2025 smartphone revenue at 45.52 billion yuan, a year-on-year decrease of 2.1%. The global market share increased by 0.6 percentage points to 14.7% [8] - The IoT segment generated revenue of 38.71 billion yuan in Q2 2025, with a gross margin of 22.5%. The company has expanded its new retail stores to 17,000, with approximately 200 stores overseas [8] Financial Summary - The total revenue forecast for Xiaomi Group is projected to reach 491.83 billion yuan in 2025, with a year-on-year growth of 34.41% [1] - The net profit attributable to the parent company is expected to be 39.60 billion yuan in 2025, reflecting a year-on-year increase of 67.40% [1] - The earnings per share (EPS) is forecasted to be 1.52 yuan in 2025, with a price-to-earnings (P/E) ratio of 32.11 based on the closing price on August 20, 2025 [1]

Core Viewpoint - The article discusses the rapid rise and subsequent decline of the AI glasses market in China, highlighting consumer dissatisfaction and high return rates due to poor performance and functionality [4][10][34]. Group 1: Market Overview - The Chinese AI glasses market saw explosive growth in the first half of the year, with major companies like Huawei, Alibaba, and Xiaomi entering the space, leading to the launch of over ten new products [10]. - Xiaomi's AI glasses sold nearly 50,000 units within three days of launch, while the Thunderbird V3 had an estimated shipment of 25,000 units in the same period [10]. - Predictions indicate that the total shipment of smart glasses in China could reach 2.907 million units this year [10]. Group 2: Consumer Experience - Users like Li Cheng reported significant disappointment with the AI glasses, citing issues such as delayed translation, poor photo quality, and uncomfortable weight [5][6][12]. - The glasses' smart recognition feature failed to identify common items, leading to further dissatisfaction [7]. - Negative feedback on social media highlighted common complaints about short battery life, poor interaction experience, and low-quality photography across various brands [11][13]. Group 3: Historical Context - The history of smart glasses dates back to 2012 with the launch of Google Glass, which ultimately failed due to high costs and privacy concerns [15][18]. - Other attempts, such as Microsoft's Hololens, also faced similar challenges and did not progress to a second generation [19]. - The recent resurgence in the market was sparked by Meta's collaboration with Ray-Ban, which successfully integrated AI features into stylish designs, leading to a significant increase in global shipments [21]. Group 4: Competitive Landscape - The market is becoming increasingly crowded, with numerous companies, including TCL and Xiaomi, launching their own AI glasses, leading to a competitive "battle of the glasses" [22]. - Flash Technology, a company that transitioned from power banks to smart glasses, initially gained traction with a lower-priced product but faced backlash due to quality issues and delivery delays [23]. - The competitive environment has led to a focus on product differentiation, with companies like XREAL and Li Weike Technology also entering the fray, despite facing challenges from larger competitors [30][32]. Group 5: Market Challenges - The average return rate for AI glasses is reported to be between 40% and 50%, significantly higher than traditional consumer electronics, indicating a lack of consumer acceptance [34]. - Factors contributing to this high return rate include underwhelming product performance, technological limitations, and a lack of compelling use cases for consumers [34][35]. - Consumer sentiment suggests a growing reluctance to invest in AI glasses until the technology matures and offers a more satisfactory experience [36][38].

沪港通（南向）十大活跃成交公司 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 25.17 亿元 | -5.20 亿元 | | 中兴通讯(00763) | 21.25 亿元 | +4.35 亿元 | | 小米集团-W(01810) | 19.82 亿元 | +4.46 亿元 | | 美团-W(03690) | 17.61 亿元 | +6.02 亿元 | | 腾讯控股(00700) | 17.39 亿元 | +2.53 亿元 | | 南方恒生科技(03033) | 13.99 亿元 | +1.37 亿元 | | 老铺黄金(06181) | 10.64 亿元 | +2.56 亿元 | | 汇量科技(01860) | 10.35 亿元 | -2.27 亿元 | | 中芯国际(00981) | 9.20 亿元 | +1.41 亿元 | | 盈富基金(02800) | 8.28 亿元 | -8.25 亿元 | | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 腾讯控股(00700) | 35.27 亿元 | ...

Core Insights - The year 2025 is anticipated to be the "year of AI glasses," with significant growth projected in both global and Chinese markets [1] - Major companies like Xiaomi, Alibaba, and China Telecom are entering the AI glasses market, indicating a competitive landscape [1][2][3] - Despite initial consumer enthusiasm, there are notable concerns regarding product quality and functionality, leading to negative feedback from early adopters [1][11] Group 1: Market Overview - IDC forecasts that global smart glasses shipments will reach 14.5 million units in Q1 2025, with China accounting for 2.9 million units, representing year-on-year growth of 42.5% and 121.1% respectively [1] - Xiaomi's AI glasses sold over 10,000 units within 12 hours of launch, topping sales charts [2] - Alibaba's Quark AI glasses will integrate deeply with its ecosystem, offering unique features compared to existing products [2] Group 2: Product Developments - China Telecom launched its Tianyi AI smart glasses, featuring advanced imaging technology and a competitive price point [3] - HTC introduced the VIVE Eagle AI smart glasses, emphasizing long battery life and high-quality audio capabilities [4] - Li Auto is developing AI glasses in collaboration with Goertek, focusing on advanced imaging and payment functionalities [5] Group 3: Supply Chain Dynamics - The AI glasses market is characterized by a "hundred glasses war," with a focus on resolving core technology issues such as chips and AI capabilities [6] - The cost of AI glasses is significantly influenced by the chip, which accounts for 30% to 40% of the total product cost [6] - Various chip architectures are being explored to balance performance and cost, including SoC and dual-core solutions [6][7] Group 4: Challenges and Consumer Feedback - Early sales data indicates a decline in demand for Xiaomi's AI glasses, with a high return rate of 40% to 50% due to performance issues [11] - Common complaints include poor battery life, slow response times, and inadequate user experience [11][12] - Historical precedents, such as Google Glass and Microsoft's HoloLens, highlight ongoing challenges in the wearable tech space [12][13][14] Group 5: Future Outlook - For AI glasses to succeed, manufacturers must address hardware supply chain issues and enhance AI technology [15] - Consumer concerns include high prices, software performance, and data privacy, which need to be addressed for broader adoption [15] - The concept of "killer applications" for AI glasses is still under exploration, with suggestions for a shift from traditional apps to more streamlined interactions [15]

Core Insights - Xiaomi Group achieved record high revenue and adjusted net profit in Q2 2025, with revenue reaching 116 billion yuan, a year-on-year increase of 30.5%, marking three consecutive quarters of over 100 billion yuan [1] - Adjusted net profit was 10.8 billion yuan, exceeding Bloomberg's expectation of 10.2 billion yuan, and representing a year-on-year increase of 75% [1] - The performance was driven by strong IoT business growth, improved EV gross margins, and a slight offset from a decline in smartphone revenue [1] Smartphone Segment - Q2 smartphone revenue was 45.5 billion yuan, down 2% year-on-year, with a gross margin of 11.5%, a decrease of 0.7 percentage points [1] - The average selling price (ASP) was 1,073 yuan, down 2.7% year-on-year [1] - The company adjusted its annual shipment target to 175 million units, emphasizing product structure over sales volume [2] IoT Segment - Q2 IoT revenue reached 38.7 billion yuan, a year-on-year increase of 45%, exceeding expectations [2] - The gross margin for IoT was 22.5%, down 2.7 percentage points quarter-on-quarter, primarily due to promotional activities [2] - Smart home appliances saw significant growth, with air conditioner shipments exceeding 5.4 million units, a year-on-year increase of over 60% [2] Electric Vehicle Segment - Q2 revenue from the electric vehicle (EV) segment was 21.3 billion yuan, with 81,300 units delivered and an ASP of 253,700 yuan [3] - The operating loss in this segment was reduced to 300 million yuan from 500 million yuan in Q1, with a gross margin of 26.4% [3] - The management maintained the annual delivery target of 350,000 units and expects to achieve operational profitability in the second half of 2025 [3] Future Outlook - The company has raised its revenue forecasts for 2025-2027 to 485.4 billion, 597.2 billion, and 725.8 billion yuan, respectively [3] - Adjusted net profit forecasts for the same period are now 43.6 billion, 51.2 billion, and 64.9 billion yuan [3] - The company aims to enter the European market by 2027 and plans to expand its sales and service network in Southeast Asia and Europe [2][3]

Core Viewpoint - Xiaomi reported a strong 2Q25 performance with total revenue of 116 billion RMB, a year-on-year increase of 30.5% and a quarter-on-quarter increase of 4.2%, alongside an adjusted net profit growth of 75.4% to 10.8 billion RMB [1] Group 1: Automotive Business - In 2Q25, automotive deliveries reached a record high of 81,302 units, with revenue increasing by 14% quarter-on-quarter to 20.6 billion RMB [2] - The gross margin for smart electric vehicles and AI-related innovations rose from 15.4% in the same period last year to 26.4%, driven by scale effects, reduced core component costs, and a higher proportion of high-end model deliveries [2] - The company anticipates that the automotive business may achieve profitability in a single quarter or month in the second half of the year, supported by its high-end strategy [2] Group 2: Smartphone and IoT/Internet Business - The smartphone business faced challenges with revenue declining by 2.1% year-on-year to 45.5 billion RMB, and gross margin contracting to 11.5% due to intense competition in overseas markets [3] - IoT business revenue grew by 44.7% year-on-year to 38.7 billion RMB, driven by high-value smart home appliances, which saw a 66.2% increase [3] - Internet services continued stable growth with a 10.1% year-on-year revenue increase to 9.1 billion RMB, maintaining a high gross margin of 75.4% [3] Group 3: Financial Forecast and Valuation - Due to weak global smartphone demand, revenue forecasts for 2025-2027 were lowered by 2.2%/0.5%/0.2%, while net profit forecasts were raised by 9.5%/4.3%/7.8% to 44.31 billion RMB, 52.63 billion RMB, and 67.12 billion RMB respectively [3] - The target price is set at 65.4 HKD based on SOTP valuation, corresponding to a 30x PE for 2026, reflecting an adjustment from the previous target of 67.8 HKD [3]