Group 1 - The Hang Seng Tech Index experienced fluctuations and rose over 1% during the early trading session on February 11, with the automotive sector showing strong performance, particularly companies like BYD, Xiaomi, NIO, Xpeng, Li Auto, and Leap Motor [1] - The largest ETF tracking the Hang Seng Tech Index (513180) followed the index's upward trend [1] - Xiaomi announced that the first-generation Xiaomi SU7 has officially ended production, with a total delivery of 381,000 units since its launch in April 2024, achieving this milestone in less than two years [1] Group 2 - Apart from the automotive sector, companies like Bilibili and Tencent Music also showed strong performance [1] - The media industry has been active recently, influenced by ByteDance's launch of the Seedance 2.0 model, which is seen as a revolutionary leap in content production capabilities, according to Huaxin Securities [1]

Core Insights - Xiaomi's founder Lei Jun introduced the new generation of the SU7 model during a live stream, highlighting significant upgrades in chassis, motor, and battery components, along with enhanced safety features and intelligent driving capabilities [1][12][14]. Product Features - The new SU7 features a more robust chassis, precise steering, and improved grip, with all models equipped with nine airbags and enhanced battery protection [1][14]. - The vehicle includes advanced intelligent driving technology, featuring laser radar, 4D millimeter-wave radar, and 700 TOPS of driving assistance computing power, along with the Xiaomi HAD end-to-end driving assistance system [1][14]. - The new SU7 will be available in three versions: Standard, Pro, and Max, with pre-sale prices set at 229,900 CNY, 259,900 CNY, and 309,900 CNY respectively, reflecting a price increase of over 10,000 CNY compared to the previous generation [12][18]. Compliance and Safety Standards - Xiaomi's SU7 has been designed to meet new national standards for car door handles, which will be enforced starting January 1, 2027, ensuring that each door is equipped with at least one mechanical release handle [1][12]. - The company claims that its battery pack exceeds the new national standards, having undergone over a thousand tests during development [2][12]. Production and Delivery - The last unit of the initial SU7 has been produced, with a total delivery of nearly 370,000 units, marking the end of its production [6][21]. - Xiaomi's automotive division achieved a delivery of over 410,000 units in its first full year, surpassing its annual target by 117% [21]. Market Performance - As of February 10, Xiaomi's stock closed at 35.58 HKD per share, with a total market capitalization of 930.2 billion HKD, reflecting a year-to-date decline of nearly 9.5% [21].

雷军表示，当前销量得益于订单储备厚度与市场认可度，因SU7处于新老切换阶段，本月主力交付车型 为YU7，新一代SU7将于4月上市，2026年品牌整体销量目标为55万辆。而2025年，小米交付量超41万 辆。值得一提的是，小米汽车1月交付量超3.9万辆，成为2026年1月的造车新势力销冠。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 责任编辑：卢昱君 小米集团-W（01810）盘中涨超5%，截至发稿，股价上涨3.82%，报36.94港元，成交额42.32亿港元。 客户端 小米集团-W（01810）盘中涨超5%，截至发稿，股价上涨3.82%，报36.94港元，成交额42.32亿港元。 2月10日晚间，小米集团创始人、董事长兼CEO雷军小年夜直播在北京亦庄小米汽车工厂内开启。据雷 军透露，最后一辆第一代小米SU7已经下线，并已在运输途中。这也意味着，第一代小米SU7完全停 产。此外，雷军介绍，新一代SU7将从2月13日开始陆续进店，首批会在北京、上海、广州、深圳、杭 州、成都、武汉等地门店展示。 2月10日晚间，小米集团创始人、董事长兼CEO雷军小年夜直播在北京亦庄小米汽车工厂内开启。据雷 军 ...

Core Viewpoint - The automotive industry is experiencing an intense competition with the introduction of "7-year ultra-low interest" car loans by companies like Tesla, NIO, and Xiaomi, alongside Nissan's "0 down payment, 8-year loan" scheme, reflecting the anxiety and strategic shifts in the market as the penetration rate of new energy vehicles exceeds 54% [1][3]. Group 1: Loan Offerings - Dongfeng Nissan has launched a "0 down payment, 8-year ultra-long low-interest loan" for its Tianlai model, with a total cost of approximately 140,000 yuan and a monthly payment of around 55 yuan [2]. - The 8-year loan option has been extended to all models in Dongfeng Nissan's lineup, with the lowest daily payment for the Xuan Yi model being 27 yuan [2]. - Other automotive companies, including Tesla, NIO, and Xiaopeng, have also begun offering similar long-term loan options, breaking away from the traditional 1 to 5-year loan terms [2][3]. Group 2: Market Dynamics - The shift to ultra-long-term low-interest loans is a response to fierce market competition and reflects traditional automakers' anxiety during the critical transition to new energy vehicles [3]. - By 2025, new energy vehicles are projected to account for 50.8% of domestic car sales, indicating a significant market shift [3]. - The regulatory environment has also facilitated longer loan terms, allowing banks to extend personal consumption loans from a maximum of 5 years to 7 years for long-term consumers [3]. Group 3: Risks and Concerns - The ultra-long car loans are primarily offered through financing leasing companies rather than traditional bank loans, which raises potential legal and financial risks for consumers [5][6]. - Consumers may not legally own the vehicle until all payments are made, leading to a situation where they could lose both the vehicle and their payments if they default [6]. - The depreciation of electric vehicles poses a risk, as the residual value may fall below the outstanding loan balance, creating a "negative equity" situation for consumers [6][7].

Core Insights - Xiaomi's founder and CEO Lei Jun announced the completion of the initial production of the first-generation Xiaomi SU7 and introduced the new generation SU7 during a live stream event [1][3] - The new generation SU7 features significant upgrades in core components such as chassis, motor, and battery, and will be showcased in major cities starting February 13 [3] Group 1: Production and Launch - The last unit of the first-generation Xiaomi SU7, in olive green, has officially rolled off the production line, marking the end of its production cycle [3] - The new generation SU7 is fully prepared, with a new color "Capri Blue" displayed in the Xiaomi automotive showroom [3] Group 2: Technical Upgrades - The new generation SU7 includes major upgrades in chassis, motor, and battery, with all models featuring wider tires for improved grip and enhanced chassis tuning for better steering response [3] - Safety features include a structure made from 2200MPa ultra-high-strength steel, reinforced door beams, nine airbags, and a high-strength front beam for battery protection [3] Group 3: Testing and User Safety - The new generation SU7 underwent rigorous testing in extreme conditions, including a -39°C environment, validating its stability and reliability [3] - Lei Jun emphasized the importance of safe driving, especially in icy conditions, and advised users to ensure the ESP stability system is activated [4] Group 4: Customer Support Initiatives - To ensure worry-free travel during the Spring Festival, Xiaomi Automotive launched a special service plan offering 24-hour free roadside assistance and reimbursement for transportation and accommodation costs in case of vehicle breakdowns [4] - During the Spring Festival, all stores, service centers, and online customer service will remain operational, with some cities having available stock for same-day delivery [4]

Core Viewpoint - The Hua Bao Hong Kong Stock Connect Hang Seng China (Hong Kong Listed) 30 ETF (520560) has experienced significant net redemptions recently, indicating a potential decline in investor interest and confidence in the fund's performance [1][2]. Group 1: Fund Performance - On February 10, the fund faced a net redemption of 1.8691 million yuan, ranking 46th out of 215 in cross-border ETF net outflows [1]. - The fund's latest scale is 763 million yuan, showing a slight increase from the previous day's scale of 762 million yuan, with a net outflow accounting for 0.25% of the prior day's scale [1]. - Year-to-date, the fund's shares have decreased by 7.71% and its scale has reduced by 6.01% compared to December 31, 2025 [2]. Group 2: Trading Activity - Over the past 20 trading days, the cumulative trading amount for the fund reached 382 million yuan, with an average daily trading amount of 19.1033 million yuan [2]. - In the year-to-date period of 27 trading days, the cumulative trading amount is 590 million yuan, averaging 21.858 million yuan per day [2]. Group 3: Fund Management and Holdings - The current fund managers are Zhang Fang and Jiang Junyang, both managing the fund since its inception on September 24, 2025, with a return of -6.16% during their tenure [3]. - Major holdings in the fund include Tencent Holdings (14.92%), Alibaba-W (13.98%), and China Construction Bank (7.23%), among others, indicating a diversified portfolio focused on key Chinese companies [3].

Group 1 - Xiaomi Group's stock price increased by over 4% as of the report date [2] - Lei Jun announced the discontinuation of the first-generation SU7, with the last vehicle rolling off the production line [2] - The next generation of SU7 is expected to be launched in April [2]

Group 1 - Xiaomi Group (01810.HK) saw a stock increase of 5.34% [1] - Lei Jun announced during a live broadcast that the first generation SU7 has officially ceased production, with the last vehicle rolling off the production line [1] - The next generation SU7 is expected to be launched in April [1]

Core Viewpoint - Xiaomi Group's stock rose over 5% following the announcement of the completion of the first generation of its SU7 model and the upcoming launch of the new generation SU7, indicating strong market interest and sales potential [1] Group 1: Stock Performance - Xiaomi Group-W (01810) saw an increase of 5.06%, reaching HKD 37.38, with a trading volume of HKD 3.107 billion [1] Group 2: Product Development - The last unit of the first generation Xiaomi SU7 has been produced and is currently in transit, marking the end of its production [1] - The new generation SU7 will start to be showcased in stores from February 13, with initial displays in major cities including Beijing, Shanghai, Guangzhou, Shenzhen, Hangzhou, Chengdu, and Wuhan [1] Group 3: Sales and Delivery - Current sales are attributed to a strong order backlog and market acceptance, with the main delivery model for this month being the YU7 as the company transitions between old and new models [1] - Xiaomi aims to achieve a total sales target of 550,000 vehicles by 2026, with a projected delivery of over 410,000 vehicles in 2025 [1] - In January, Xiaomi's vehicle deliveries exceeded 39,000 units, making it the top-selling new energy vehicle manufacturer for that month [1]

消息面上，2月10日晚间，小米集团创始人、董事长兼CEO雷军小年夜直播在北京亦庄小米汽车工厂内 开启。据雷军透露，最后一辆第一代小米SU7已经下线，并已在运输途中。这也意味着，第一代小米 SU7完全停产。此外，雷军介绍，新一代SU7将从2月13日开始陆续进店，首批会在北京、上海、广 州、深圳、杭州、成都、武汉等地门店展示。 智通财经APP获悉，小米集团-W(01810)涨超5%，截至发稿，涨5.06%，报37.38港元，成交额31.07亿港 元。 雷军表示，当前销量得益于订单储备厚度与市场认可度，因SU7处于新老切换阶段，本月主力交付车型 为YU7，新一代SU7将于4月上市，2026年品牌整体销量目标为55万辆。而2025年，小米交付量超41万 辆。值得一提的是，小米汽车1月交付量超3.9万辆，成为2026年1月的造车新势力销冠。 ...