本周（11月10日至14日）港股市场主要股指涨跌不一，恒生指数累计上涨1.26%，恒生科技指数下跌 0.42%，恒生中国企业指数上涨1.41%。据证券时报·数据宝统计，本周南向资金合计成交净流入247.73 亿港元，环比下降35.95%，已连续26周净流入。从本周上榜每日前十大活跃个股名单来看，共有17只 个股上榜，阿里巴巴-W本周港股通成交总额最高，达到489.19亿港元，中芯国际、腾讯控股港股通买 卖总额均超过200亿港元。从成交净买入金额来看，大型科技股本周获南向资金买卖不一，小米集团-W 本周获南向资金净买入金额最高，达到43.32亿港元，已连续两周居于净买入首位，上周成交净买入 43.11亿港元。小米集团-W9月26日以来走势明显下跌，累计跌幅近三成。腾讯控股本周获南向资金净买 入金额8.58亿港元。阿里巴巴-W、美团-W遭到南向资金减持，分别净卖出24.79亿港元、1.92亿港元。 从持股量变化来看，本周15股获得南向资金持股量环比增长超10%，南山铝业国际居首，环比增长 43.34%，其他还有瑞浦兰钧、博雷顿、沪上阿姨持股量环比增幅居前，持股量环比增幅分别为42.9%、 37.47%、19.66 ...

阿里巴巴：有消息称，阿里巴巴正准备对旗舰AI应用进行重大改版；据悉，阿里巴巴已秘密启动"千 问"项目，基于Qwen最强模型打造一款同名个人AI助手——千问APP，全面对标ChatGPT，加入全球AI 应用的顶级竞赛。 腾讯控股：2025年第三季度收入1928.69亿元，同比增长15%，环比增长5%；毛利1087.98亿元，同比增 22%，环比增长4%；毛利率由去年同期的53%提升至56%；本公司权益持有人应占盈利631.33亿元，同 比增长19%，环比增长13%，预期558.8亿元；非国际财务报告准则本公司权益持有人应占盈利为705.51 亿元，同比增长18%，环比增长12%，预期659.7亿元。 11月13日，南下资金今日净卖出港股35.21亿港元。 其中：净买入阿里巴巴-W 13.75亿、小米集团-W 7.79亿；净卖出盈富基金62.27亿、恒生中国企业22.89 亿、腾讯控股8.75亿、信达生物4.19亿、赣锋锂业2.61亿。 据统计，南下资金已连续12日净买入小米，共计89.1582亿港元。 北水关注个股 信达生物：中国银河证券称，医药板块估值经历较长时间调整，近期已呈现显著结构性修复趋势，下半 年创 ...

（文章来源：证券时报网） 小米集团-W获南向资金连续11天净买入，累计净买入金额为81.36亿港元，股价累计下跌4.59%。 证券时报·数据宝统计显示，11月12日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 394.99亿港元，净卖出金额为8.51亿港元。 11月12日上榜的成交活跃股中，小米集团-W通过港股通渠道成交金额为54.04亿港元，净买入金额为 15.92亿港元，不仅如此，该股已连续11日出现成交净买入，累计净买入金额为81.36亿港元，其间股价 下跌4.59%。（数据宝） ...

于同日，就根据股份计划授予参与人(发行人的董事除外)的股份奖励或期权而发行新股或转让库存股份- 涉及新股而发行1.94万股;及转换472.87万股A类普通股至B类普通股。 小米集团-W(01810)发布公告，该公司于2025年11月12日注销2729.54万股已回购股份。 ...

Core Viewpoint - Xiaomi Group-W (01810) announced the cancellation of 27.2954 million repurchased shares on November 12, 2025 [1] Summary by Relevant Sections - Share Cancellation - The company will cancel a total of 27.2954 million shares that have been repurchased [1] - New Share Issuance - On the same day, the company will issue 19,400 new shares as part of a share incentive plan for participants, excluding directors of the issuer [1] - Conversion of Shares - The company will convert 4.7287 million Class A ordinary shares into Class B ordinary shares [1]

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) FF305 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 呈交日期： 2025年11月12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 | | | | ...

Core Viewpoint - The Hong Kong stock market showed a mixed performance with the Hang Seng Technology Index rising by 0.16%, driven by strong performances from companies like Xiaomi and Tencent, while Alibaba saw a decline of over 2% [1][3]. Group 1: Market Performance - The Hong Kong Internet ETF (513770) experienced a cumulative inflow of 742 million yuan over the past 10 days, with 9 out of 10 days seeing increased investment [3]. - Xiaomi's automotive business exceeded market expectations, with approximately 110,000 units delivered in Q3, indicating a potential shift to profitability [3]. - The overall market sentiment in November is driven by strong fundamentals, with growth-oriented assets in the Hong Kong market showing resilience [3]. Group 2: Upcoming Earnings Reports - Major internet companies are set to release their latest quarterly earnings, with expectations for Tencent's revenue and net profit to grow by 13%, reaching 188.6 billion yuan and 67.9 billion yuan respectively [3]. - Alibaba is projected to report a revenue of 38.52 billion yuan for the quarter, reflecting a year-on-year growth of 30.1%, supported by continued investment in its cloud services [3][4]. Group 3: ETF and Index Insights - The Hong Kong Internet ETF (513770) has a current scale exceeding 11.8 billion yuan, with an average daily trading volume of over 600 million yuan, indicating strong liquidity [7]. - The index that the ETF tracks has a lower valuation compared to other indices, with a price-to-earnings ratio of 24.44, which is significantly lower than the NASDAQ 100 and ChiNext [6]. - The top three holdings in the ETF are Alibaba (18.89%), Tencent (17.01%), and Xiaomi (10.05%), collectively accounting for over 73% of the total holdings [4][5].

高盛认为，小米SU7 Pro/Max交付周期的缩短，显示其在提升制造能力方面持续且稳健的执行力，并印 证了高盛先前的观点，即10月24日宣布的税务补贴反映了小米对制造产能提升的信心。高盛相信小米的 产能扩张将在几个月内取得更多官方进展，认为SU7潜在新改款发布的窗口期，终于在未来几个月内到 来，这应能为SU7作为小米的明星电动车产品之一，在进入2026年时创造有利的产品周期。 长期而言，高盛相信小米稳健的资产负债表、强大的生态系统整合能力，以及因规模和深入参与电动车 供应链而产生的成本优势，将提升其在电动车领域的竞争力和吸引力，并且小米有能力利用其互联的消 费终端，建立全球最大的消费级实体智能生态系统之一。 报告指，小米大幅缩短SU7 Pro及SU7 Max的提车周期，从一周前的约30周和一个月前的约34周，缩短 至6至9周，并维持SU7基础版的预计提车周期约30周不变。换言之，订购SU7Pro/Max的消费者很可能 在2025年底，即在内地2026年电动车购置税生效前收到车辆。另外，小米在双十一促销期间全渠道累计 支付金额(GMV)达290亿元人民币，较去年同期的319亿元人民币同比减少9%。 高盛发布研报 ...

Core Viewpoint - Bernstein analysts maintain a strong market rating for Xiaomi Group, citing high-end technology implementation, robust overseas IoT potential, and growth opportunities in electric vehicles both in China and abroad [1] Summary by Relevant Categories - **Stock Performance** - Since late September, Xiaomi Group's stock price has retraced approximately 28% from its peak [1] - **Investment Recommendation** - Analysts suggest that long-term investors should consider buying the stock at its current attractive levels [1]

Core Viewpoint - The Hong Kong stock market indices rose in the afternoon of November 12, with mixed performance in tech stocks, strong performance in property stocks, a rebound in biopharmaceutical stocks, and a decline in solar energy stocks [1] Group 1: Market Performance - The three major indices in the Hong Kong stock market all experienced gains [1] - The Hang Seng Tech Index ETF (513180) saw a slight increase, with leading stocks including JD Health, Midea Group, Haier Smart Home, Sunny Optical Technology, Xiaomi Group, and JD Group [1] - Xiaomi Group's stock rose over 2% in the afternoon session [1] Group 2: Xiaomi's Performance - Xiaomi reported a total payment amount exceeding 29 billion yuan during the "Double Eleven" shopping festival, as of November 11 at 23:59 [1] - The company claimed to have offered 2 billion yuan in discounts, with individual products having discounts up to 4,000 yuan, covering various categories including mobile phones, digital products, and home appliances [1] Group 3: JD's Performance - JD's "Double Eleven" sales report revealed a record high in transaction volume, with the number of orders increasing by nearly 60% year-on-year and the number of placing users growing by 40% [1] - Third-party data indicated that JD's app had the fastest growth in active users within the industry, ranking first in product quality, price, and service satisfaction [1]