Core Viewpoint - The Hong Kong stock market showed mixed performance with the Hang Seng Index slightly up by 0.09% while the Hang Seng Tech Index fell by 1.31%, indicating a divergence in sector performance influenced by geopolitical factors and currency fluctuations [1] Group 1: Market Performance - The Hang Seng Index closed up by 0.09% while the Hang Seng Tech Index experienced a decline of 1.31% [1] - The Hang Seng China Enterprises Index (国指) fell by 0.09%, reflecting weakness in the broader market [1] Group 2: Sector Performance - Major technology stocks faced downward pressure, with Baidu dropping by 4%, Xiaomi declining over 2%, and Alibaba falling by over 1% [1] - Gold and silver prices surged to new highs, positively impacting the performance of precious metals stocks such as Lingbao Gold, Shandong Gold, and Zijin Mining, which reached new peak prices [1] - The copper sector saw a significant increase, with China Nonferrous Mining rising by 11.5% [1] - Defense, semiconductor, and Apple-related stocks experienced notable declines [1]

Core Viewpoint - The REDMI Turbo 5 Max is positioned as the most flagship-quality performance device in REDMI's history, emphasizing its premium features and specifications [1][2]. Group 1: Product Features - The Turbo 5 Max will be launched this Thursday, featuring a 9000mAh Xiaomi Jinsha River battery for extended battery life [3][5]. - The device boasts high-quality materials and thoughtful design, aiming for aesthetic standards comparable to the iPhone standard version [3][5]. - It includes flagship-level dual speakers and full waterproof capabilities, providing a comprehensive premium experience [3][5]. Group 2: Market Positioning - The Turbo 5 Max is priced in the 2.5K range, which is considered unprecedented for such a complete flagship experience [3][5].

24 January 2026 | 6:48AM HKT Equity Research Xiaomi Corp. (1810.HK) Lower smartphone/EV volume estimates against softer industry backdrop; Refresh valuation scenarios and stay Buy | | | In this note, we lower our estimates on Xiaomi's 2026-27E revenue and profitability by 8%/17% on average primarily on account of: 1) Lower smartphone shipments (esp. in the mass segment) on ASP hike; we model smartphone ASP +6%/+4% yoy in 2026/27E (vs. 0% yoy in 2025E) and shipments -5%/+2% yoy to 158mn/162mn in 2026/27E (vs ...

Summary of Key Points from the Conference Call Industry Overview: Global Smartphones Market Size and Growth Projections - The global smartphone Total Addressable Market (TAM) is projected to decline by 6% in 2026 and grow by 2% in 2027, with volume estimates reduced to 1.19 billion units in 2026 and 1.21 billion units in 2027, reflecting a saturated market and rising memory costs [1][9][13] - The market value is expected to grow by 2% in 2026 to US$581 billion and by 6% in 2027 to US$615 billion, driven by a shift towards premium smartphones priced above US$600 [2][11] Segment Analysis - **Premium Segment**: Expected to grow at a 2% CAGR from 2025 to 2027, reaching 379 million units by 2027, accounting for 31% of total volume. This segment is projected to contribute 70% of total revenues by 2027 [18] - **Mid-End Segment**: Anticipated to decline at a -3% CAGR, with volume dropping to 347 million units by 2027, contributing 20% of total revenues [20] - **Entry-Level Segment**: Expected to decline at a -4% CAGR to 485 million units by 2027, accounting for 40% of the total market, with a revenue contribution of 10% [21] Foldable Phones - Foldable phones are projected to see increased penetration, with estimates revised to 3.8% in 2026 and 6.1% in 2027, translating to 45 million and 74 million units respectively [1][16] - The innovative designs and new model launches, such as Huawei Mate X7 and Moto Razr Fold, are expected to drive consumer interest and adoption [16] Company-Specific Insights: Transsion - Transsion maintains a strong position in the budget and AI smartphone markets, but the target price has been reduced from Rmb91 to Rmb55 due to rising memory costs impacting global demand, particularly in emerging markets where consumers are more price-sensitive [3] Additional Insights - The smartphone market is categorized into three segments based on pricing: Premium (>US$600), Mid-End (US$200-600), and Entry Level (<US$200) [17] - The premium smartphone market is expected to outpace the overall market growth, supported by strong purchasing power and continuous technology upgrades [18] - The mid-end segment is shrinking due to a lack of significant technological advancements and changing consumer behavior [20] - The entry-level segment is facing challenges from rising memory prices, which disproportionately affect price-sensitive consumers [21] Conclusion - The global smartphone market is experiencing a shift towards premium models, while mid and entry-level segments face challenges. Foldable phones are emerging as a significant growth area, and companies like Transsion must navigate rising costs and changing consumer preferences to maintain market share.

作者：龚进辉 最近，小米掌门人雷军转发网友晒出的熔岩橙小米YU7美图，并写道，"熔岩橙，很帅！但敢买的人太 少了。SU7和YU7都下架了！" 不难看出，他是真心喜欢熔岩橙配色，并对熔岩橙配色下架感到无比惋惜。在评论区，雷军继续留言说 道，"一款车漆，好看，而且大家都敢买，实在太难！"的确，小米SU7和小米YU7的熔岩橙之所以成为 绝版，根本原因在于橙色汽车过于小众。 要知道，汽车配色的选择通常以主流色为主，包括白色、黑色、灰色、银色，且主流色的汽车保值率会 略高。反观绿色、橙色、黄色的占比较低，冷门色的汽车保值率相对吃亏，即便车况与主流色版本相 同，评估价值也会有较大悬殊，最典型的要属白色奥迪A6L。 值得一提的是，雷军曾表示，车漆研发比大家想象的更加复杂，小米车漆研发周期基本需要15个月，目 标是确保在户外经历十年二十年风吹雨打不褪色。由此可见，熔岩橙配色是小米汽车团队的匠心之作， 只可惜叫好不叫座。 而即将在4月上市的新一代小米SU7，前不久雷军在直播中爆料，将提供9款配色，它保留了前代产品10 款配色中的四款，加入小米SU7 Ultra、小米YU7经典配色，并提供包括卡布里蓝在内的三款新配色。 你期待吗 ...

Core Viewpoint - The CEO of Yunmi Technology, Chen Xiaoping, announced a significant employee reward in the form of a Xiaomi YU7 car, reflecting the company's commitment to recognizing employee contributions and enhancing team morale [1][6]. Group 1: Employee Recognition - The company rewarded an employee responsible for major clients with a Xiaomi YU7 car for their diligent efforts and significant project advancements [1]. - Chen Xiaoping expressed a vision to reward more cars by 2026, indicating a long-term commitment to employee recognition [1]. Group 2: Product Details - The rewarded vehicle is a Xiaomi YU7 in "Cambrian Gray," a special color option that typically incurs an additional cost of approximately 7,000 yuan [3]. - The Xiaomi YU7 is set to be officially launched in June 2025, with three versions available: standard, Pro, and Max [3]. Group 3: Market Context - Yunmi Technology focuses on smart home solutions, particularly in the water purification sector, and is navigating a highly competitive market [6]. - The decision to offer high-value physical rewards, such as electric vehicles, is seen as a strategy to boost team morale and reinforce a performance-driven culture following key business breakthroughs [6]. - The rising appeal of smart electric vehicles as valuable rewards reflects their increasing status as "hard currency" prizes within technology companies [6].

Core Insights - The REDMI Turbo 5 series is set to be unveiled, with a focus on maintaining strong performance in the mid-range market despite industry challenges such as rising memory prices [1][9][11] - The Turbo series aims to bridge the gap in the 2.5K price segment, ensuring competitive offerings that uphold the brand's reputation for value [4][12] Industry Challenges - The smartphone industry is facing increased challenges, particularly due to rising memory prices, which may force brands to either increase prices or reduce specifications, undermining the value proposition of mid-range devices [1][4][11] - The Turbo series is positioned to tackle these challenges by delivering high-performance products that maintain affordability [4][12] Product Features - The Turbo 5 Max will feature a 9000mAh battery, which is the largest and highest energy density battery in its class, providing performance comparable to competitors with 10000mAh batteries [1][6][12] - The device will be powered by the Dimensity 9500s chip, achieving a benchmark score of 3.61 million, which positions it as a high-performance option even against devices priced above 4000 yuan [6][12] - The Turbo 5 Max emphasizes a premium user experience with high-quality materials, thoughtful design, and features such as dual speakers and full waterproofing [1][6][12] Market Positioning - The Turbo series has established itself as a performance leader, with previous models achieving significant sales milestones, including breaking records for first-day sales across all price segments [4][12] - The introduction of the Turbo 5 Max represents a strategic move to enhance the brand's appeal to younger consumers by offering uncompromised performance and features at competitive prices [1][12]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (00728) at 70.92%, Green Power Environmental (01330) at 69.34%, and Kaisa Group Holdings (01108) at 67.61% [1][2] - The largest increases in holding amounts over the last five trading days were seen in the following companies: Yingfu Fund (02800) with an increase of 4.041 billion, Hang Seng China Enterprises (02828) with 1.783 billion, and Alibaba - W (09988) with 1.455 billion [1][2] - The largest decreases in holding amounts over the last five trading days were recorded for China Mobile (00941) with a decrease of 2.395 billion, Innovent Biologics (01801) with 589 million, and UBTECH Robotics (09880) with 556 million [1][3] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 9.843 billion shares, representing 70.92% [2] - Green Power Environmental (01330) has a holding of 280 million shares, representing 69.34% [2] - Kaisa Group Holdings (01108) has a holding of 169 million shares, representing 67.61% [2] Group 2: Recent Increases in Holdings - Yingfu Fund (02800) saw an increase of 4.041 billion in holding amount, with a change of 14.9907 million shares [2] - Hang Seng China Enterprises (02828) increased by 1.783 billion, with a change of 1.8975 million shares [2] - Alibaba - W (09988) increased by 1.455 billion, with a change of 0.8637 million shares [2] Group 3: Recent Decreases in Holdings - China Mobile (00941) experienced a decrease of 2.395 billion, with a change of -3.01224 million shares [3] - Innovent Biologics (01801) saw a decrease of 589 million, with a change of -0.70319 million shares [3] - UBTECH Robotics (09880) had a decrease of 556 million, with a change of -0.38639 million shares [3]

Group 1 - The top short-selling ratios are led by AIA Group (81299) and JD Health (86618) at 100.00%, followed by Baidu Group (89888) at 95.46% [1][2] - The highest short-selling amounts are recorded for Pop Mart (09992) at 1.3 billion, Alibaba (09988) at 1.26 billion, and Xiaomi Group (01810) at 1.064 billion [1][2] - The highest deviation values are for Baidu Group (89888) at 62.11%, Shenzhen Expressway (00548) at 37.02%, and SenseTime (80020) at 34.65% [1][2] Group 2 - The top ten short-selling ratios include AIA Group (81299) at 100.00%, JD Health (86618) at 100.00%, and Baidu Group (89888) at 95.46% [2] - The top ten short-selling amounts show Pop Mart (09992) leading with 1.3 billion, followed by Alibaba (09988) with 1.26 billion, and Xiaomi Group (01810) with 1.064 billion [2] - The top ten deviation values highlight Baidu Group (89888) at 62.11%, Shenzhen Expressway (00548) at 37.02%, and SenseTime (80020) at 34.65% [2]

【CNMO科技早报】数码博主"智慧芯片案内人"发布了2025年中国手机市场各厂商高端机（售价4000元 以上）的出货量占比情况；小米创始人雷军发文称："小米造车的初心：为驾驶者们造一辆好车， 一辆 承载他们所有向往的梦想之车"；三星电子会长李在镕近日向公司高管强调："现在不是因'数字'略有改 善而自满的时候"；根据韩国贸易协会国际贸易通商研究院发布的报告，韩国在工业机器人安装数量上 排名全球第四，机器人密度位居全球第一。 从整体数据来看，中国市场高端机出货量占比平均值为35%。在这场激烈的竞争中，苹果以高达98%的 占比一骑绝尘；华为以56%的占比稳居第二；而小米以20%的占比位列第三。其余厂商中，vivo占 17%、OPPO占12%、荣耀占10%。 CNMO注意到，只有苹果和华为超过了35%的平均值，其余厂商均存在一定差距。换个角度看，这也意 味着它们在高端市场有着巨大的增长潜力和发展空间。 据CNMO了解，车质网发布的2025年第四季度国内热销SUV质量排行显示，小米YU7在投诉销量比这一 关键质量指标上表现突出，数值为万分之0.9，低于行业平均水平（万分之24.8），在参与评比的358款 车型中位列第一 ...