智能手机赛道早已进入"存量搏杀"时代。 近日，国际数据公司（IDC）发布的最新手机市场跟踪报告显示，2025年全年，中国智能手机市场出货量约2.84亿台，同比 下降0.6%。 IDC数据指出，上半年伊始，"国补"叠加春节销售旺季推动市场增长明显，但后继乏力。下半年随着部分市场需求提前释 放，多地"国补"资金提前用尽以及成本持续上升等因素影响，市场继续保持同比下滑趋势。面对存储价格预计仍将大幅上 涨的态势，手机厂商的成本压力将进一步加剧，IDC预计，2026年中国智能手机市场出货量或将出现较明显回落。 然而，排位的更迭难以掩盖整体市场的寒意。2025年，尽管华为凭借4670万台出货量重回第一，但同比仍下滑1.9%；而昔 日冠军vivo则遭遇重创，出货量同比下降6.6%，在头部阵营中表现垫底。 相比之下，小米、苹果及OPPO实现了出货量的小幅增长。IDC指出，从全年来看，苹果以并列第二的市场份额，终结了此 前连续三年的出货量下滑趋势，实现触底回升。其中，iPhone 17 Pro Max仍是最畅销机型，进一步扩大了苹果在800美元以 上高端市场的优势。全面升级的iPhone 17系列显著提升了产品吸引力，获得消费 ...

格隆汇1月22日丨小米集团-W(01810.HK)公告，1月22日耗资2亿港元回购571.4万股。 ...

图源：视觉中国 文丨雅萱 编辑丨叶锦言 每当三大市场调研机构（Omdia、IDC、Counterpoint）公布中国智能手机季度及年度数据时，总会出现一些反转和小插曲，这次也不例外。这次反转的线 索源于小米集团合伙人及总裁卢伟冰转评的一条微博。 1月20日，卢伟冰在微博转发了数码博主"数码闲聊站"一则关于"2025 年中国手机市场激活量排名"的微博，并评论称，"中国是全球竞争最激烈的市场，领 先的身位都非常微弱，极其焦灼。2026继续加油！" 在这组激活量数据中，排名前五的分别是vivo（含IQOO）、小米、苹果、OPPO（含一加、realme）、华为。有眼尖的网友发现，就在几天前，拿到"重回 第一"这个脚本的却是华为手机。 | | | | 2025年中国手机市场激活量排名 | | | | --- | --- | --- | --- | --- | --- | | 排名 | 品牌 | 2025年 激活量(万合) | 2025年 市场份额 | 同比增长 | 2024年 激活量(万合) | | NO.1 | VIVO (含)000) | 4635.70 | 16.77% | -2.58% | 4758 52 | ...

翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 FF305 公司名稱： 小米集团 (於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期： 2026年1月22日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | | 股份類別 B | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 01810 | 說明 | | | | | | | | 多櫃檯證券代號 | 81810 | RMB 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | ...

Group 1 - The core point of the article highlights the significant share buybacks by Hong Kong-listed companies in early 2026, indicating strong confidence from management in their future prospects [1] - Tencent Holdings has repurchased shares worth a total of 6.3 billion HKD in 2026, while Xiaomi Group-W has repurchased 2 billion HKD, showcasing a trend among leading companies [1] - Xiaomi Group-W's buyback amount is nearly 10 times higher than the same period last year (2.2 million HKD), with the number of shares repurchased increasing almost eightfold (from 682,000 shares last year) [1] Group 2 - Historical data from Huaxia Fund indicates a notable "calendar effect" in the Hong Kong stock market, with better performance in dividends at the end of the year (November-December) [1] - Institutional investors, particularly those focused on dividends, tend to hold onto stocks until the end of the year to benefit from corporate dividends [1] - The technology sector in Hong Kong typically performs poorly in December but shows a general improvement in the first quarter of the following year [1] Group 3 - Investors are encouraged to pay attention to Hong Kong technology core index-related ETFs in the first quarter, such as the Hang Seng Technology Index ETF (513180.SH), Hong Kong Stock Connect Technology ETF (159101.SZ), and Hang Seng Internet ETF (513330.SH), which are traded on the A-share market and support T+0 intraday trading [1]

Group 1 - The core message highlights that Xiaomi's founder, chairman, and CEO Lei Jun announced multiple AI innovations that have been selected for the prestigious ICASSP 2026 conference, showcasing advancements in audio understanding, music generation evaluation, general audio-text pre-training, and video-to-audio synthesis [1] - ICASSP 2026 is scheduled to take place in May this year in Barcelona, Spain [3]

Group 1 - The core point of the article is that Beijing Xiaomi Mobile Software Co., Ltd. has applied for a patent related to a control method and device for managing display messages on electronic devices, indicating innovation in user interface technology [1] Group 2 - The patent application, published as CN121367752A, was filed on July 2024 and focuses on dynamically adjusting the display and disappearance of prompt messages based on the target usage scenario of the electronic device [1] - Beijing Xiaomi Mobile Software Co., Ltd. was established in 2012 and is primarily engaged in software and information technology services, with a registered capital of 148.8 million RMB [1] - The company has made investments in 4 enterprises, participated in 150 bidding projects, and holds 5000 patent records, along with 123 administrative licenses [1]

Core Viewpoint - The article discusses the shipment data released by IDC, highlighting the performance of various smartphone manufacturers in terms of shipment volume and market share for 2024 and 2025, along with year-on-year growth rates [2][3]. Group 1: Shipment Data Overview - Huawei is projected to ship 46.7 million units in 2025, holding a market share of 16.4%, down from 47.6 million units and 16.6% market share in 2024, reflecting a year-on-year decline of 1.9% [3]. - Apple is expected to ship 46.2 million units in 2025, with a market share of 16.2%, an increase from 44.4 million units and 15.5% market share in 2024, showing a growth of 4.0% [3]. - Vivo's shipment is forecasted at 46.1 million units in 2025, maintaining a market share of 16.2%, down from 49.3 million units and 17.2% market share in 2024, indicating a decline of 6.6% [3]. - Xiaomi is anticipated to ship 43.8 million units in 2025, with a market share of 15.4%, up from 42.0 million units and 14.7% market share in 2024, reflecting a growth of 4.3% [3]. - OPPO is projected to ship 43.4 million units in 2025, holding a market share of 15.2%, slightly increasing from 42.5 million units and 14.8% market share in 2024, with a growth of 2.1% [3]. - The total shipment for all manufacturers is expected to be 284.6 million units in 2025, a slight decrease from 286.2 million units in 2024, resulting in a year-on-year decline of 0.6% [3].

Core Viewpoint - Xiaomi's stock price has dropped to 35.48 HKD, a decline of over 40% from its recent high of nearly 60 HKD, amidst market panic, while technical indicators signal oversold conditions, suggesting a potential short-term rebound [1][6]. Stock Performance - On January 20, Xiaomi's stock closed at 35.48 HKD, down 2.74%, marking a new low since November of the previous year [1]. - The stock price has fallen below the previous low of 36.62 HKD reached on November 20, with concerns about the safety of Xiaomi's automotive products exacerbating the stock pressure [2]. Technical Analysis - Multiple technical indicators have entered oversold territory, with the 14-day RSI dropping to 28, indicating a potential for a technical rebound [6]. - The stock price has breached all key moving averages: MA10 at 37.54 HKD, MA30 at 39.58 HKD, and MA60 at 40.87 HKD, suggesting a significant deviation that often precedes a rebound [6]. Key Price Levels - Key support levels for Xiaomi's stock are identified at 34.5 HKD and 32.3 HKD, while resistance levels are at 37.9 HKD and 41 HKD [7]. - The market sentiment is cautious, with investors showing reduced confidence after the stock has broken through previous support levels [7]. Investment Strategies - Investors are advised to consider call options for Xiaomi, with a specific recommendation for a call option (22709) with a strike price of 48 HKD, which offers attractive leverage [5]. - For those concerned about further declines, put options (22168) with a strike price of 32.18 HKD are suggested as a hedging tool [5]. Market Sentiment and Flow - There has been a noticeable inflow of funds into Xiaomi-related products since January 19, indicating some investors are considering this price level as a long-term entry point [4]. - The market is observing a divergence in investor sentiment, with some viewing the current price drop as a buying opportunity while others remain cautious about further declines [4][23].

Market Overview - The Hong Kong stock market indices opened high but experienced a decline, with the Hang Seng Index down 0.1% at 26,559.01 points, the Hang Seng Tech Index down 0.4% at 5,723.52 points, and the National Enterprises Index down 0.34% at 9,092.36 points [1] - The red-chip index increased by 0.52% to 4,225.58 points [1] Sector Performance - Technology stocks showed mixed performance, with Baidu's stock rising over 4% following the release of its Wenxin model 5.0, while Xiaomi's stock fell nearly 2%, hitting a new low [1] - Other tech stocks included Alibaba up 0.43%, Tencent down 0.83%, JD.com up 0.35%, NetEase down 1.44%, Meituan down 0.92%, Kuaishou down 0.06%, and Bilibili up 1.61% [1] - Oil stocks performed well, with China Petroleum, Sinopec, and CNOOC all rising over 3% [1] - Gold stocks generally declined, with Zhenfeng Gold down over 6% [1] - Lithium battery stocks faced significant declines, with CATL down over 4% [1] - Longqi Technology saw a first-day increase of over 4% after its listing [1] Company News - Shanghai Electric (02727.HK) expects a net profit of RMB 1.1 billion to RMB 1.32 billion for 2025, an increase of approximately 47% to 76% year-on-year [2] - Kingdee International (00268.HK) anticipates total revenue of RMB 6.95 billion to RMB 7.05 billion for 2025, a year-on-year growth of about 11.1% to 12.7% [2] - Jingcheng Electromechanical (00187.HK) expects a net loss of RMB 46 million to RMB 55.2 million for 2025 due to intensified international trade frictions [2] - Chow Tai Fook (01929.HK) reported a retail value growth of 17.8% for the three months ending December 31, 2025, with mainland China retail value increasing by 16.9% [2] - Zhi Zi Cheng Technology (09911.HK) forecasts a cumulative download of approximately 970 million for its social business by 2025, a year-on-year increase of about 5.9% [2] Strategic Developments - Furuire Medical Technology (01696.HK) signed a letter of intent with Stryker Medical to establish localized production in China [3] - Cathay Pacific (00293.HK) expects to carry over 36 million passengers in 2025, a year-on-year increase of 27% [4] - Shenyang Public Development (00747.HK) has initiated edge computing infrastructure and service business [5] - Flat Glass Group (06865.HK) plans to absorb and merge with Zhongda Quartz Development [6] Stock Buybacks - Xiaomi Group (01810.HK) repurchased 7 million shares for HKD 248 million at prices between HKD 35.22 and HKD 35.48 [7] - Pop Mart (09992.HK) repurchased 500,000 shares for HKD 96.49 million at prices between HKD 191.1 and HKD 194.9 [8] - Sunny Optical Technology (02382.HK) repurchased 970,000 shares for HKD 61.39 million at prices between HKD 62.30 and HKD 63.95 [9] - Geely Automobile (00175.HK) repurchased 2.376 million shares for HKD 39.62 million at prices between HKD 16.62 and HKD 16.81 [10] Institutional Insights - Dongwu Securities notes that the Hong Kong stock market remains in a trend of upward oscillation but faces short-term challenges [13] - Guolian Minsheng Securities expresses strong optimism regarding the revaluation of AI in China, supported by a solid industrial catalyst timeline [14] - Morgan Stanley anticipates that the upward trend in A-shares and Hong Kong stocks will continue until the Lunar New Year, with earnings expectations being revised upwards [14] - Guojin Securities highlights the valuation advantages of Hong Kong stocks as the domestic economy recovers and global monetary policies shift towards easing [14]