Core Insights - The 2025 World Intelligent Connected Vehicle Conference opened in Beijing, with Xiaomi's founder Lei Jun discussing the company's achievements in the smart electric vehicle sector and calling for industry collaboration to advance the ecosystem [1] Group 1: Company Achievements - Xiaomi has delivered approximately 400,000 vehicles since entering the automotive market four and a half years ago, with one and a half years of product availability [3] - The company has invested a total of 5.79 billion yuan in research and development, with a dedicated team of over 1,800 people focused on smart driving technology [3] - Xiaomi integrates mobile technology into its vehicles, allowing users to capture and share moments while driving, which has been well received by customers [3] Group 2: Industry Trends - The electric vehicle phase is considered complete, while the industry is now focusing on the second phase of smart technology integration [3] - AI technology is seen as a key driver for future development, with innovations in on-device AI models enhancing user experience without the need for internet connectivity [4] - The automotive sector is positioned as a crucial node in Xiaomi's broader strategy of creating an interconnected ecosystem of people, vehicles, and homes [5] Group 3: Call for Collaboration - Lei Jun emphasized the complexity of the smart connected vehicle industry, advocating for a collaborative approach among all stakeholders to build a shared ecosystem [5] - The rapid development of China's smart connected vehicle sector is attributed to supportive policies, such as the 2020 State Council's plan for the new energy vehicle industry [5] - Xiaomi is committed to participating as a co-builder in the industry, urging all parties to focus on safety, quality, and innovation while resisting negative practices like online misinformation [5]

雷军呼吁企业把资源和精力聚焦于科技创新和技术研发上，共同抵制网络水军、黑公关等网络乱象，携手营造积极向上、文明有序的产业发展环境。 雷军同时分享了小米在智能驾驶领域的投入情况。他表示，小米在组合辅助驾驶方面的第一期总投入已达到 57.9 亿元人民币，并组建了一支规模超过 1800 人的智能驾驶专业团队。 谈及行业发展，雷军指出，当前正处于智能网联汽车发展的历史机遇期。他强调，这并非"零和博弈"，需要全行业团结协作，通过共建共享来推动智能网联 汽车新生态的繁荣与发展。 【太平洋科技快讯】在 10 月 16 日举办的 2025 世界智能网联汽车大会上，小米集团创始人兼 CEO 雷军公布了小米汽车的交付进展。他透露，自产品上市一 年半以来，小米汽车截至目前已累计交付约 40 万辆。 ...

雷军表示，呼吁全行业在政府的指导下，以安全为基础、质量为根本、创新为方向，携手围绕重要的底 层技术和重要的研发领域，把精力集中到科技创新和技术研发上，共同抵制网络水军、黑公关等网络乱 象，一起营造积极向上、文明有序的产业发展环境。未来，小米愿意以更加开放的姿态与所有同行和合 作伙伴携手共同推进行业发展。 据智通财经消息，雷军在小米汽车成都事故后首次公开露面演讲。10月16日，世界智能网联汽车大会， 小米CEO雷军在演讲中表示，智能网联汽车不是零和博弈，需要全行业的团结一致，共建共享智能网联 汽车的新生态，共同推进行业发展。 但是，对于业界关注的"10·13小米SU7成都燃爆事故"，雷军只字未提。10月13日凌晨，一辆小米SU7在 成都天府大道发生致死交通事故，救援时车门无法打开。13日下午，成都公安微博发布警情通报，事故 造成司机邓某某死亡，经检测涉嫌酒后驾驶机动车。 此外，据中新经纬消息，雷军还表示小米汽车产品上市一年半的时间，截止目前交付大约40万辆。小米 在组合辅助驾驶方面坚持投入，第一期总投入57.9亿元，智能驾驶团队规模超过1800人。"我们小米 YU7智能化配置非常高，而且我们下决心全系一个配置， ...

Core Viewpoint - The Hong Kong stock market opened lower on October 17, with the technology sector leading the decline, particularly the Hong Kong Technology 30 ETF (513160) which fell approximately 2.4% as of 10:12 AM, nearing its 60-day moving average support level [1] Group 1: Market Performance - The Hong Kong Technology 30 ETF (513160) recorded a trading volume exceeding 270 million yuan, with all constituent stocks showing negative performance, including notable declines in ZTE Corporation, InnoCare Pharma, and Horizon Robotics [1] - Since July, the ETF has seen a continuous net inflow of funds for four months, approaching a historical high in product shares [1] Group 2: Institutional Insights - Multiple institutions indicate that the sustained inflow of southbound funds is expected to support the upward movement of the Hong Kong stock market [1] - Guotai Junan believes that with institutional forces driving the market, there is still potential for incremental southbound funds in the fourth quarter, which may continue to boost the Hong Kong market [1] - China Merchants Securities also notes that the inflow of southbound funds is ongoing and is likely to provide continued support [1] Group 3: ETF Characteristics - The Hong Kong Technology 30 ETF (513160) closely tracks the Hang Seng Hong Kong Stock Connect China Technology Index, which includes mainland companies engaged in technology business and listed in Hong Kong [1] - The top ten holdings of the ETF include major technology companies such as SMIC, Kuaishou-W, Tencent Holdings, Alibaba-W, and Xiaomi Group-W [1] - For ordinary investors, direct investment in multiple Hong Kong technology stocks can be complex and have high entry barriers; the ETF allows for a simplified investment in a basket of quality Hong Kong technology companies [1]

Group 1: RTFM Model Release - The RTFM (A Real-Time Frame Model) was launched by Li Feifei's team, capable of real-time operation, persistence, and 3D consistency, running on a single H100 GPU [1] - The model is designed based on three core principles: efficiency, scalability, and persistence, allowing real-time inference at interactive frame rates with just one H100 GPU [1] - RTFM can autonomously learn from massive video data without relying on explicit 3D representations, and users can interact with it indefinitely, with all scenes permanently retained [1] Group 2: OneStar Robotics Dissolution - OneStar Robotics, a company founded by Li Xingxing, son of Geely's founder, has announced its dissolution after being established in May 2025 [2][3] - The company was positioned in the "embodied intelligence" sector and had received investments from notable firms, including Baidu Ventures [2] - The dissolution may lead to a split where the original platform and business return to Geely, while the technology team may pursue independent ventures [2] Group 3: Smart Connected Vehicles Conference - The 2025 World Intelligent Connected Vehicle Conference has commenced, focusing on the establishment of a national AI automotive application pilot base [4] - The Ministry of Industry and Information Technology aims to advance "vehicle-road-cloud integration" applications and optimize industry standards and competition [4] - Xiaomi's founder, Lei Jun, emphasized the importance of industry unity in developing smart connected vehicles, advocating for collaboration and shared growth [4][6] Group 4: AI and Robotics Developments - Microsoft has launched a series of AI upgrades for Windows 11, enhancing the Copilot feature to support natural interactions through voice, vision, and actions [6] - The Ministry of Industry and Information Technology has initiated a "millisecond computing" action plan, targeting a 70% coverage rate for millisecond latency in urban areas by 2027 [7] - Zhiyuan Robotics has released the new industrial-grade interactive robot, G2, which has already secured several hundred million yuan in orders and is set for commercial delivery [8] Group 5: AI Innovations and Collaborations - Google has updated its Veo 3.1, enhancing narrative and audio control capabilities, and integrating with Gemini API and Vertex AI [9] - Oracle has introduced the OCI Zettascale10, a large-scale AI supercomputer capable of connecting tens of thousands of NVIDIA GPUs, achieving peak performance of 16 zettaFLOPS [10] - Yingmu Technology has launched the INMO GO3 AI smart glasses and plans to create a global AI+AR ecosystem in collaboration with Tencent and Ant Group [11]

Core Insights - The Hang Seng Index closed down 22 points, reflecting a volatile performance in the Hong Kong stock market, with significant fluctuations throughout the trading day [3][4] - The technology sector negatively impacted the market, with major companies like Xiaomi, Tencent, and Meituan experiencing declines [4] - The overall market saw a net inflow of capital from the north, amounting to 158.21 million [3] Market Performance - The Hang Seng Index opened lower at 25,890 points, peaked at 26,062 points, but ultimately closed at 25,888 points, down 0.09% [3] - Among 88 blue-chip stocks, 46 rose while 40 fell, indicating mixed performance across sectors [4] - The trading volume for the day was 27.54 billion [3] Technology Sector Developments - The Hong Kong Science Park Company announced the development of the INNOPOLE project, aimed at fostering innovation and economic growth in Hong Kong, with an initial phase covering approximately 2.5 hectares [7] - The Hong Kong Stock Exchange reported a significant increase in the number of hard technology companies applying for listings, with about 280 companies currently in the application process, half of which are technology firms [8] Smartphone Market Insights - In the third quarter, smartphone shipments in mainland China decreased by 2.75% year-on-year, with Vivo leading the market share at 18% despite a 9.23% decline in shipments [9] - The overall smartphone market has seen consecutive declines, but the rate of decline is narrowing, suggesting potential recovery in the upcoming quarter [9] Company-Specific News - Xtep International reported low single-digit growth in retail sales for the third quarter, with inventory turnover ranging from 4 to 4.5 months [11] - Hansoh Pharmaceutical entered a licensing agreement with Roche, receiving an upfront payment of $80 million (approximately 624 million HKD) and potential milestone payments totaling up to $1.45 billion (approximately 1,131 million HKD) [12] - China Tower reported a 6.81% year-on-year increase in profit for the first nine months, with total revenue growing by 2.58% [13] - China Pacific Insurance expects a net profit increase of approximately 40% to 60% for the first three quarters, driven by improved operational management and capital market performance [14]

Summary of Key Points Core Viewpoint - A total of 30 companies conducted share buybacks on October 16, 2025, with Xiaomi Group-W leading in terms of buyback amount and quantity [1] Group 1: Buyback Details - Xiaomi Group-W (01810) repurchased 4 million shares for a total of 192 million [1] - Mengniu Dairy (02319) repurchased 1 million shares for 14.44 million [2] - Yun Gongchang (N23027) repurchased 2.01 million shares for 8.19 million [2] Group 2: Cumulative Buyback Data - Xiaomi Group-W has a cumulative buyback of 16.59 million shares, representing 0.060% of total share capital [2] - Mengniu Dairy has a cumulative buyback of 17.32 million shares, representing 0.443% of total share capital [2] - Yun Gongchang has a cumulative buyback of 20.62 million shares, representing 4.483% of total share capital [2] Group 3: Other Notable Buybacks - Lianyi Rong Technology-W (09959) repurchased 2.39 million shares for 7.48 million, with a cumulative total of 60.47 million shares, representing 2.830% of total share capital [2] - Kangning Jiere Pharmaceutical-B (09966) repurchased 400,000 shares for 5.48 million, with a cumulative total of 801,000 shares, representing 0.083% of total share capital [2] - Guisheng Tongqiao-B (02190) repurchased 50,000 shares for 1.24 million, with a cumulative total of 330,350 shares, representing 1.009% of total share capital [2]

【CNMO科技消息】近日，小米集团CEO雷军通过社交媒体再次宣布，小米正式推出"米家空调10年免 费包修"服务，旨在将空调行业的服务标准提升至新高度。这一举措覆盖柜机、挂机及中央空调全品 类，用户无需支付任何额外费用。雷军表示：用户无需花一分钱，实打实降低长期使用成本。 小米集团总裁卢伟冰此前曾对该服务进一步阐释，该政策不仅追平行业现有标准，更致力于实现"全覆 盖"——中央空调因使用周期长、维修难度大，被特别纳入10年包修范围，体现了对产品品质的自信。 据悉，小米自2019年推出首款空调后，已完成全产品线布局与全栈自研，2025年武汉智能工厂投产助力 产能提升。市场数据显示，2025年7月小米空调市占率达13.7%，位列行业第三，同比增长53.9%。 CNMO认为，小米此次服务政策升级，或将推动更多企业关注长期用户价值，但中央空调等高维修成本 品类的包修实践，仍需市场长期检验。 行业观察指出，空调"十年包修"政策由格力于2021年首次推出，小米的跟进被视为对行业服务模式的深 化。格力方面回应强调"十年不用修才是实力"。分析师认为，此举虽短期内对销量拉动有限，但能增强 用户黏性，并可能推动行业竞争焦点向长期服务 ...

Group 1 - Private equity funds have achieved an average return of 25% in the first three quarters of the year, with over 90% of products showing positive returns [1] - Equity strategies have led the performance with an average return exceeding 30%, and over 70% of the total dividends distributed by private equity funds came from equity strategies [1] - The performance boost is attributed to sectors such as innovative pharmaceuticals, technology, and new consumption, with expectations for continued structural market trends in A-shares and Hong Kong stocks [1] Group 2 - Bank wealth management products saw a decline in scale at the end of the third quarter, with 13 out of 14 major firms reporting a total decrease of approximately 870 billion yuan [1] - In contrast, "fixed income+" and mixed wealth management products that include equity assets benefited from the strong stock market performance, leading to an increase in their scale [1] Group 3 - TSMC reported a third-quarter net profit of approximately 452.3 billion New Taiwan dollars, with a year-on-year increase of 39.1% [6] - The company's consolidated revenue reached about 989.9 billion New Taiwan dollars, marking a 30.3% year-on-year increase, with advanced process technologies accounting for 74% of total wafer revenue [6] Group 4 - OneStar Robotics is reportedly in the process of dissolution, despite having recently secured significant funding [6] - The company, founded by a member of the Geely Group, has seen a withdrawal of key personnel and has cleared its public communications [6] Group 5 - Juhua Optoelectronics reported a significant recovery in profitability in the third quarter, driven by adjustments in product structure and increased sales of high-end products [7] - The company noted a doubling of net profit growth compared to the first three quarters, attributed to improved production efficiency and rising product prices [7] Group 6 - Xtep International reported low single-digit year-on-year growth in retail sales for its main brand in mainland China during the third quarter [8] - The retail sales of the Saucony brand saw over 20% year-on-year growth, indicating a positive trend in the company's performance [8]

Market Overview - On October 16, Hong Kong's three major indices showed mixed results, with the Hang Seng Index down 0.09% at 25,888.51 points, the Hang Seng Tech Index down 1.18% at 6,003.56 points, and the National Enterprises Index up 0.09% at 9,259.46 points [1] - The banking, insurance, coal, and electricity sectors performed well, while new energy vehicle companies saw declines [1] - Notable stock movements included NIO down nearly 9%, Xiaomi Group down over 3.5%, SMIC down nearly 3%, and Meituan down over 1% [1] - The Hang Seng Tech Index ETF (513180) fell by 1.34% [1] Southbound Capital - On October 16, southbound capital net bought Hong Kong stocks worth 15.822 billion HKD, bringing the total net purchase for the year to 1,208.946 billion HKD, significantly exceeding last year's total [2] U.S. Market Performance - U.S. stock indices closed lower, with the Dow down 0.65%, S&P 500 down 0.63%, and Nasdaq down 0.47% [3] - Popular tech stocks had mixed results, with Tesla and AMD down over 1%, while Nvidia rose over 1% [3] - Gold prices reached a new historical high, with spot gold rising nearly 100 USD to 4,300 USD/ounce, a gain of nearly 2.5% [3] Key Messages - Spot gold accelerated its rise, breaking through 4,300 USD/ounce, marking a significant increase [4] - Recent comments from Federal Reserve officials indicate differing views on interest rate cuts, with some advocating for a cautious approach while others suggest more aggressive cuts [4] - Alibaba announced the launch of six AI shopping applications on Taobao Tmall, marking the first full-scale AI implementation for this year's "Double 11" shopping festival [4] Short Selling Data - On October 16, 651 Hong Kong stocks were short-sold, with a total short-selling amount of 35.962 billion HKD [5] - The top three stocks by short-selling amount were Xiaomi Group at 2.753 billion HKD, Alibaba at 2.042 billion HKD, and Pop Mart at 1.268 billion HKD [5] Institutional Perspectives - According to China Merchants Securities, the influx of southbound capital is expected to continue supporting the market, driven by strong fundamentals in the new economy and easing tariff issues [6] - Guoyuan International noted that policy expectations are currently a key pillar supporting Hong Kong stock valuations, with a resilient outlook for the medium to long term [6] Hong Kong-related ETFs - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [7] - The Hang Seng Tech Index ETF (513180) includes core AI assets and leading technology companies that are also relatively scarce in A-shares [7]