Market Overview - The Hong Kong stock market has weakened due to overseas risk aversion, with the Hang Seng Index and Hang Seng Tech Index falling by 0.92% and 1.8% respectively [1] - Major tech stocks such as Alibaba, Xiaomi, Tencent, Meituan, Bilibili, and Kuaishou experienced significant declines, with Kuaishou dropping nearly 6% [1] - Southbound funds actively bought on dips, with a net purchase of HKD 7.523 billion, and Xiaomi received an increase of HKD 989 million [1] ETF Performance - The Hong Kong Internet ETF (513770) opened lower and fell by 2.89%, reaching a six-month low, indicating strong buying interest at lower prices [1] - The ETF saw a net inflow of HKD 137 million yesterday, with a cumulative net inflow of HKD 976 million over the past 10 days [3] Monetary Policy Impact - Fed officials expressed dovish sentiments, revealing internal disagreements on future rate cuts, which negatively impacted market sentiment [5] - The probability of a 25 basis point rate cut by the Fed in December is 70.6% according to CME FedWatch [5] - While short-term volatility is expected due to external liquidity uncertainties, the long-term outlook remains positive as the Fed's easing cycle begins, potentially attracting both southbound and foreign capital into the Hong Kong market [5] AI and Internet Sector Developments - At the World Internet Conference, Alibaba's CEO announced plans to build large-scale AI infrastructure and enhance AI cloud services [6] - The narrative in the internet sector is shifting from user growth to "AI empowerment," indicating a new growth trajectory [6] - The valuation of the Hong Kong internet sector appears attractive, with the CSI Hong Kong Internet Index's latest P/E ratio at 24.68, significantly lower than the NASDAQ 100 (36.25) and ChiNext Index (41.43) [6][7] Investment Opportunities - The Hong Kong market is seen as a valuation bargain globally, with significant room for valuation recovery [5] - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, which is heavily weighted towards leading internet companies, including Alibaba, Tencent, and Xiaomi, which together account for over 46% of the ETF [8] - The ETF has a current scale exceeding HKD 11.8 billion, with an average daily trading volume of over HKD 600 million, indicating good liquidity [9]

南向资金净买入75.23亿港元，小米集团-W、中国海洋石油、华虹半导体分别获净买入9.67亿港元、 7.64亿港元、6.06亿港元；腾讯控股净卖出额居首，金额为4.72亿港元。 ...

人民财讯11月7日电，南向资金今日净买入75.23亿港元。小米集团-W、中国海洋石油、华虹半导体分别 获净买入9.67亿港元、7.64亿港元、6.06亿港元；腾讯控股净卖出额居首，金额为4.72亿港元。 ...

每经AI快讯，小米集团-W(01810.HK)再跌超3%，当前股价较今年六月最高点已跌逾30%。截至发稿， 跌3.08%，报42.1港元，成交额30.76亿港元。 ...

Core Viewpoint - Xiaomi Group-W (01810) has seen its stock price drop over 30% from its peak in June, with a current price of 42.1 HKD, reflecting a decline of 3.08% as of the latest report [1] Group 1: Stock Performance - The stock price of Xiaomi has decreased by over 30% since its highest point in June [1] - As of the latest report, the stock is trading at 42.1 HKD with a trading volume of 30.76 billion HKD [1] Group 2: Hedge Fund Activity - Recent data from Goldman Sachs indicates a 53% increase in short positions against Xiaomi by hedge funds over the past week [1] - The selling pressure from pension funds and hedge funds has dominated the market in the last two weeks [1] Group 3: Investor Sentiment - Investor sentiment is turning cautious ahead of Xiaomi's third-quarter earnings report scheduled for November 18 [1] - Hedge funds view Xiaomi as a consensus short/sell target in the short term due to a lack of catalysts [1] Group 4: Analyst Downgrades - Goldman Sachs has recently lowered its target price for Xiaomi, citing several factors [1] - Key reasons for the downgrade include rising storage chip prices impacting smartphone gross margins, a slowdown in AIoT business growth to single digits, and delays in the second phase of electric vehicle factory affecting deliveries [1]

智通财经APP获悉，小米集团-W(01810)再跌超3%，当前股价较今年六月最高点已跌逾30%。截至发 稿，跌3.08%，报42.1港元，成交额30.76亿港元。 报告指出，对冲基金的反馈认为，小米"至少在短期内是共识性的做空/卖出标的，因为缺乏催化剂"。 高盛研究团队近期下调小米目标价，给出的理由包括：存储芯片价格上涨压制智能手机毛利率、AIoT 业务增速放缓至个位数、电动车二期工厂延期影响交付。 消息面上，据高盛主经纪商业务最新数据显示，对冲基金对小米的空头押注在过去一周激增53%。该行 高频交易部门的资金流向也显示，在过去两周内，养老基金和对冲基金主导的卖盘占据主导地位。这家 中国科技巨头即将于11月18日公布第三季度财报前夕，投资者情绪正在转向谨慎。 ...

新华财经北京11月7日电新华财经和面包财经研究员梳理的公开资料显示，2025年10月港股共有94家上市公司发起回购，累计回购5.25亿股，回购金额合计 达93.72亿港元，较去年同期的92.71亿港元上升1.09%。 其中，小米集团-W、中国飞鹤、康宁杰瑞制药-B等公司于10月首度进行年内回购或明显加大回购力度。 行业方面，2025年10月发起回购的港股上市公司主要分布在软件服务、其他医疗保健等行业。 港股上市公司10月回购总额93.72亿港元 根据信披数据，2025年10月港股共有94家上市公司发起回购，累计回购5.25亿股，回购金额合计达93.72亿港元，较去年同期的92.71亿港元上升1.09%。 从个股来看，腾讯控股、汇丰控股及小米集团-W的10月回购金额居于前列。此外，中国飞鹤、康宁杰瑞制药-B等公司于10月首度进行年内回购或明显加大 回购力度。 小米集团-W 10月回购金额为12.84亿港元，回购数量为2677万股，回购最低价为45.9港元／股，最高价为53.25港元／股。公司于10月明显加大回购力度。 2025年前10月，小米集团-W合计回购15.37亿港元。 中国飞鹤同样于10月加大回购力度， ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 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: 2025年11月6日 I. 法定/註冊股本變動 | 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 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01810 | | 說明 | | | | | | | | | 多櫃檯證券代號 | 81810 | RMB | 說明 | | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | | 200,000,000,000 | USD | | 0.0000025 | USD | | 500,000 | | 增加 / 減少 (-) | | | | | ...

Core Viewpoint - Goldman Sachs indicates that market sentiment is turning cautious ahead of Xiaomi Group-W's (01810) earnings report, with hedge funds increasing their short positions significantly [1] Group 1: Market Sentiment and Hedge Fund Activity - Hedge fund short positions in Xiaomi have increased by 53% over the past week, according to Goldman Sachs' sales department [1] - Institutional trading led by pension funds and hedge funds has shown a net selling trend over the past two weeks [1] - Hedge funds view Xiaomi as a consensus short/sell target in the short term due to a lack of catalysts [1] Group 2: Factors Affecting Market Sentiment - Concerns over safety, production delays, and weak demand for electric vehicles despite recent promotional activities are contributing to negative market sentiment [1] - Market sentiment has deteriorated sharply compared to earlier this year when optimism about Xiaomi's entry into the electric vehicle sector had driven its stock price up [1] Group 3: Stock Performance and Analyst Predictions - Xiaomi's stock price has fallen over 25% since peaking in early July [1] - Goldman Sachs analysts have lowered Xiaomi's target price by more than 10% due to profit margin pressures from rising memory chip prices [1] - The company is expected to report a 23% year-over-year revenue growth in its third-quarter earnings on November 18 [1]

Core Viewpoint - Goldman Sachs indicates that as Xiaomi Group-W (01810) approaches its earnings report, market sentiment is becoming cautious, leading hedge funds to increase their short positions against the company [1] Group 1: Market Sentiment and Hedge Fund Activity - In the past week, short positions on Xiaomi have increased by 53% in Goldman Sachs' main trading book [1] - Institutional trading led by pension funds and hedge funds has shown a net selling trend over the past two weeks [1] - Hedge funds view Xiaomi as a consensus short/sell target in the short term due to a lack of catalysts [1] Group 2: Factors Affecting Market Sentiment - Concerns over safety, production delays, and weak demand for electric vehicles despite recent promotional activities are negatively impacting market sentiment [1] - Market sentiment has deteriorated sharply compared to earlier this year when optimism about Xiaomi's entry into the electric vehicle sector had driven its stock price up [1] Group 3: Stock Performance and Analyst Predictions - Since peaking in early July, Xiaomi's stock price has fallen by over 25% [1] - Goldman Sachs analysts have recently lowered Xiaomi's target price by more than 10% due to profit margin pressure from rising memory chip prices [1] - The company is expected to announce a 23% year-over-year revenue growth in its third-quarter earnings report on November 18 [1]