Core Viewpoint - Xiaomi is advancing its automotive manufacturing by utilizing integrated die-casting technology, which significantly reduces the number of components and enhances safety, although it comes with higher costs [3][5][6]. Group 1: Manufacturing Technology - Xiaomi's automotive production employs one-piece die-casting, which allows for the simultaneous casting of over seventy traditional components [3][5]. - The integrated die-casting process improves the strength and safety of the vehicles produced [3][5]. - The material used for the die-casting is called Xiaomi Titan Alloy, which is developed in-house by Xiaomi [6]. Group 2: Equipment and Production - The entire die-casting area and equipment are also self-developed by Xiaomi, showcasing the company's commitment to innovation [6]. - The die-casting machines are manufactured by Haitan Casting, indicating a collaboration with external partners for specific production needs [6].

"我们的电池包经过一千多项测试，有很多测试比国家标准的测试要求高，对待安全我们是非常非常认 真的。"雷军说。 新浪科技讯 2月10日晚间消息，今日，小米集团创始人、董事长兼CEO雷军开启小年夜直播，雷军在直 播中表示，当我们这个电池包就是这样的一个电芯，一排一排放上去的。我们在每一排电线后面都放了 一层，双大面水冷。这样的话，当某个电芯当某一个电芯失效的时候，它能很快把热量带走。这样的话 新浪科技讯 2月10日晚间消息，今日，小米集团创始人、董事长兼CEO雷军开启小年夜直播，雷军在直 播中表示，当我们这个电池包就是这样的一个电芯，一排一排放上去的。我们在每一排电线后面都放了 这样的话它会变得更安全。此外，除了有双大面冷却，电池包还有水冷板，能够帮助电池尽快的散热， 并且在电芯和电芯之间还有气凝胶。 一层，双大面水冷。这样的话，当某个电芯当某一个电芯失效的时候，它能很快把热量带走。这样的话 这样的话它会变得更安全。此外，除了有双大面冷却，电池包还有水冷板，能够帮助电池尽快的散热， 并且在电芯和电芯之间还有气凝胶。 "我们的电池包经过一千多项测试，有很多测试比国家标准的测试要求高，对待安全我们是非常非常认 真的。 ...

Market Overview - The Hang Seng Index rose by 0.58% to close at 27,183.15 points, while the Hang Seng Tech Index increased by 0.62% to 5,451.03 points, and the National Enterprises Index climbed by 0.81% to 9,242.75 points [1] - The index opened at 27,202.96 points, initially rising before retreating, and ultimately gained 155.99 points with a total turnover exceeding 234 billion HKD [1] - There were 1,344 advancing stocks, 923 declining stocks, and 896 stocks closing flat by midday [1] - The net inflow for the southbound trading (Hong Kong Stock Connect) was 84.7 million HKD [1] Sector Performance - Most sectors experienced gains, including chips, optical communications, biomedicine, new energy vehicles, oil and gas, banking, aviation, and port transportation [1] - Mixed performance was noted in new consumption, non-ferrous metals, and brokerage sectors, while gold, technology, real estate, and electricity sectors mostly declined [1] Individual Stock Movements - Notable stock movements included Pop Mart rising by 4.90%, Longi Green Energy increasing by 8.88%, Xiaomi Group up by 1.08%, and SMIC gaining 1.71% [1] - China Ping An rose by 0.62%, AIA fell by 0.52%, Zijin Mining increased by 2.52%, and Tianzuo Zhixin surged by 12.40% [1] - COSCO Shipping Energy rose by 5.49%, Zhihui gained 14.81%, and Rongchang Biotech increased by 3.64% [1] - HSBC Holdings rose by 0.72%, Industrial and Commercial Bank of China increased by 0.77%, and China Petroleum gained 1.64% [1] Top Traded Stocks - Tencent Holdings saw a decline of 1.61% with a turnover exceeding 16.1 billion HKD; Alibaba rose by 1.65% with a turnover over 9.3 billion HKD; Meituan fell by 2.47% with a turnover of 6.6 billion HKD [2]

雷军在直播中透露，小米YU7上市快一年时间，钛金属色在总销量中排第一。而对于小米SU7这款车， 璀璨洋红发布后，特别受女生喜欢，很长一段时间，这个颜色都排在SU7销售的第一名。"SU上市一年 来，很多人结婚的婚车都是小米SU7构成的。"他表示。 新浪科技讯 2月10日晚间消息，今日，小米集团创始人、董事长兼CEO雷军开启小年夜直播，雷军在直 播中表示，小米汽车工厂去年接待游客访客超过13万人。他提到，今天的直播会带网友"云参观"小米汽 车工厂，同时给大家拜个早年。 雷军在直播中透露，小米YU7上市快一年时间，钛金属色在总销量中排第一。而对于小米SU7这款车， 璀璨洋红发布后，特别受女生喜欢，很长一段时间，这个颜色都排在SU7销售的第一名。"SU上市一年 来，很多人结婚的婚车都是小米SU7构成的。"他表示。 责任编辑：何俊熹 责任编辑：何俊熹 新浪科技讯 2月10日晚间消息，今日，小米集团创始人、董事长兼CEO雷军开启小年夜直播，雷军在直 播中表示，小米汽车工厂去年接待游客访客超过13万人。他提到，今天的直播会带网友"云参观"小米汽 车工厂，同时给大家拜个早年。 ...

沪港通（南向）十大活跃成交公司 智通财经APP获悉，2026年2月10日当天，腾讯控股(00700)、阿里巴巴-W(09988)、长飞光纤光缆 (06869)位居沪港通（南向）成交额前3位，成交额分别为52.29 亿元、26.52 亿元、20.61 亿元；腾讯控 股(00700)、阿里巴巴-W(09988)、长飞光纤光缆(06869) 位居深港通（南向）成交额前3位，成交额分别 为42.37 亿元、21.69 亿元、12.08 亿元。 | 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 腾讯控股(00700) | 42.37 亿元 | -6.49 亿元 | | 阿里巴巴-W(09988) | 21.69 亿元 | -2.70 亿元 | | 长飞光纤光缆(06869) | 12.08 亿元 | +4.08 亿元 | | 中芯国际(00981) | 11.61 亿元 | -1.74 亿元 | | 泡泡玛特(09992) | 11.07 亿元 | -1.51 亿元 | | 美团-W(03690) | 10.28 亿元 | +1.83 亿元 | | 快手-W(01024) | 9 ...

Investment Rating - The investment rating for Xiaomi Group-W (1810 HK) is maintained at "Buy" with a target price of HKD 47.00 [1][2][5]. Core Insights - The report highlights that the rising prices of DRAM and NAND storage are negatively impacting the gross margins of consumer electronics, including Xiaomi's products. Despite this, Xiaomi's revenue is expected to grow by 10% year-on-year in 4Q25, driven by the delivery of 140,000 vehicles [1][2]. - The automotive business is showing significant growth, with expected revenue of RMB 37.2 billion in 4Q25, representing a 123% year-on-year increase. The gross margin for this segment is projected to be around 21.6% [1][3]. - The smartphone segment is facing challenges, with expected shipments declining to 37.8 million units in 4Q25, a decrease of 11.5% year-on-year, and a gross margin drop to approximately 8.5% [1][4]. - The Internet of Things (IoT) segment is anticipated to see a revenue decline of 19% year-on-year to RMB 25.2 billion, while maintaining a high gross margin of 22.2% [1][4]. - The Internet services revenue is expected to grow by 2% year-on-year to RMB 9.5 billion, with a stable gross margin of 76.9% [1][4]. Summary by Sections Automotive and New Business - In 4Q25, Xiaomi's automotive deliveries are expected to reach approximately 140,000 units, generating revenue of RMB 37.2 billion, a quarter-on-quarter increase of 28.2%. The gross margin for the automotive segment may decline to around 21.6% due to changes in model delivery proportions [3]. - For 2026, the company aims to deliver 650,000 vehicles, exceeding its initial target of 550,000 units, with an anticipated adjusted gross margin of 23.6% [3]. Smartphone/IoT/Internet - The global smartphone market is projected to see a slight decline in shipments, with Xiaomi's expected to drop to 37.8 million units in 4Q25, resulting in a gross margin decrease to 8.5% [4]. - The IoT business is forecasted to generate approximately RMB 25.2 billion in revenue for 4Q25, with a gross margin of 22.2% [4]. - Internet services are expected to yield RMB 9.5 billion in revenue, maintaining a gross margin of 76.9% [4]. Profit Forecast and Valuation - The revenue forecasts for 2025-2027 have been adjusted downward by 3.1%, 9.5%, and 11.5% respectively, with non-GAAP net profit estimates reduced by 9.1%, 21.4%, and 19.4% [5]. - The target price has been revised to HKD 47.00, based on a sum-of-the-parts (SOTP) valuation method, corresponding to a 29x PE ratio for 2026 [5][19].

Group 1 - Alipay has launched a new Robotaxi ride-hailing mini-program, which is an autonomous driving service platform [1] - The Robotaxi service currently aggregates multiple autonomous driving service providers, including Pony.ai, but has not been officially launched yet [4] - The operational areas for the Robotaxi mini-program include parts of five cities: Guangzhou, Dongguan, Beijing, Wuhan, and Shenzhen, with more cities expected to be added [4] Group 2 - Several banks have raised deposit interest rates [6]

Group 1: Market Overview - Northbound trading recorded a net buy of 0.85 billion HKD, with Shanghai Stock Connect contributing a net buy of 11.03 billion HKD and Shenzhen Stock Connect showing a net sell of 1.19 billion HKD [1] - The most bought stocks by northbound investors included Meituan-W (03690), CNOOC (00883), and SMIC (00981), while Tencent (00700) faced the highest net sell [1] Group 2: Individual Stock Performance - Meituan-W (03690) saw a net buy of 5.45 billion HKD, driven by its acquisition of Dingdong Maicai's China business for approximately 7.17 billion USD, indicating a significant shift in the domestic fresh food instant retail landscape [4][5] - CNOOC (00883) received a net buy of 4.2 billion HKD, supported by a report indicating a 3.5% week-on-week decline in US crude oil production due to cold weather, which is expected to influence oil prices [5] - SMIC (00981) had a net buy of 3.76 billion HKD, with a projected sales revenue of 2.489 billion USD for Q4 2025, reflecting a 4.5% quarter-on-quarter increase and a 16.2% year-on-year growth for the full year [5] - Longi Green Energy (06869) attracted a net buy of 2.87 billion HKD, as the bidding for a special optical cable procurement project by China Mobile has been completed, indicating a rising trend in optical fiber prices [5] - Xiaomi Group-W (01810) and Alibaba-W (09988) received net buys of 2.03 billion HKD and 1.6 billion HKD, respectively [8] - Tencent (00700) experienced a significant net sell of 14.02 billion HKD, indicating a bearish sentiment among investors [8] Group 3: Other Notable Stocks - Yueda Group (00772) gained a net buy of 1.63 billion HKD, with the CEO highlighting the increasing value of original content in the context of rapid AI development [6] - Fubo Group (03738) saw a net buy of 882 million HKD, benefiting from the global surge in AI video applications and copyright protection investments [7]

【太平洋科技快讯】2月10日消息，据外媒Carscoops近日报道，一辆悬挂伊利诺伊州制造商牌照的小米 YU7 Max汽车现身美国加州I-5州际公路，引发了外界对小米汽车可能进入美国市场的猜测。对此，小米创 办人、董事长兼CEO雷军今日在社交媒体作出了回应。 雷军明确表示，小米汽车"目前暂时没有进入美国市场的计划"。他推测，出现在美国的这辆YU7很可能是 当地同行或供应商购置的对标车辆。 据悉，小米集团总裁卢伟冰此前曾在业绩电话会上表示，小米汽车拟于2027年进军欧洲电动汽车市场。 ...

Core Viewpoint - Luoketech is aiming to become the first publicly listed company in the AI smart lock sector by submitting its prospectus to the Hong Kong Stock Exchange, with significant support from Xiaomi's ecosystem [1][3]. Group 1: Company Development - Luoketech, originally founded as Yunding Network in 2014, focused on B2B commercial applications in the early stages of China's smart lock industry [3]. - The company launched the "Luoketech" brand in 2017, pricing its product at 1,699 yuan through Xiaomi's crowdfunding platform, achieving a tenfold growth in the consumer market with 300,000 units sold that year [3]. - Luoketech became the only smart lock enterprise in Xiaomi's ecosystem, deepening their collaboration over time [3]. Group 2: Financial Performance - From 2019, Luoketech began providing ODM services to Xiaomi, which became its largest customer, contributing 48.6%, 51.7%, and 60.6% of Luoketech's revenue in 2023, 2024, and the first three quarters of 2025, respectively [3]. - ODM business has become a core revenue pillar for Luoketech, with ODM revenue accounting for 61.6% of total revenue in the first three quarters of 2025, leading to a revenue of 774 million yuan, an 11.5% year-on-year increase [3]. Group 3: Market Position - Luoketech is the first company globally to achieve large-scale production of vein smart locks, ranking first in global shipments in 2024 with a market share of 10.5% [3]. - The overall smart lock shipment volume ranks fourth globally with a market share of 2.6%, while in the Chinese mainland market, it ranks third with 1.2 million units shipped in 2024, capturing a market share of 5.8% [3].