南向资金净买入65.91亿港元，小米集团-W、阿里巴巴-W、南方恒生科技净买入额位列前三，分别获净 买入23.94亿港元、20.96亿港元、6.67亿港元。净卖出方面，盈富基金、中国移动、腾讯控股分别遭净 卖出14.84亿港元、1.32亿港元、1.04亿港元。 ...

Summary of Key Points Core Viewpoint - The Hong Kong stock market experienced significant net inflows from northbound capital, with a total net buy of 65.91 billion HKD on November 19, 2023, indicating a positive sentiment towards certain stocks, particularly in the technology sector [1]. Group 1: Stock Performance - Xiaomi Group-W (01810) received the highest net buy of 42.52 billion HKD, with a total transaction volume of 63.43 billion HKD, reflecting a net inflow of 21.60 billion HKD [2]. - Alibaba Group-W (09988) saw a net buy of 26.50 billion HKD, with a total transaction volume of 43.48 billion HKD, resulting in a net inflow of 9.52 billion HKD [2]. - Tencent Holdings (00700) faced a net sell of 7.81 billion HKD, with total transactions amounting to 23.65 billion HKD, leading to a net outflow of 8.03 billion HKD [2]. - Southbound capital showed a preference for Southbound Hang Seng Technology (03033), which received a net buy of 6.67 billion HKD, while the盈富基金 (02800) experienced a net sell of 14.84 billion HKD [5]. Group 2: Company-Specific Developments - Xiaomi's third-quarter performance exceeded expectations, with a revenue growth of 22% year-on-year and an adjusted net profit increase of 81%, driven by higher internet and electric vehicle revenues [4]. - Alibaba's new AI application, "Qianwen APP," quickly rose to the second position in the Apple App Store's free app rankings, indicating strong market interest and potential for future growth [5]. - Semiconductor companies like Huahong Semiconductor (01347) and SMIC (00981) received net buys of 3.61 billion HKD and 1.01 billion HKD, respectively, amid rising global memory chip prices [6]. - Xpeng Motors (09868) reported a 102% year-on-year revenue growth to 20.4 billion RMB in Q3, with a gross margin of 20.1%, indicating strong sales performance [7].

雷军今日在微博发文称，今年上市的小米SU7 Ultra与YU7内置了车载ETC功能，开始免费激活。已付费 的用户，将在12月起陆续赠送500积分。感谢大家支持。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 据悉，小米YU7标配ETC功能，该ETC采用隐藏式设计，用户可在车机内随时开关，配合智能辅助驾驶 系统高效通过高速收费口。此前，车主需花50元才能激活。 来源：新浪网 ...

Investment Rating - The report maintains a "Recommended" investment rating for Xiaomi Group-W (1810.HK) [1][6]. Core Insights - In Q3 2025, Xiaomi achieved a revenue of 113.1 billion yuan, representing a year-on-year increase of 22.3%, with an adjusted net profit of 11.3 billion yuan, up 80.9% year-on-year [3]. - The automotive business turned profitable in Q3, with a delivery volume of 108,796 units, a year-on-year increase of 173.4%, and automotive revenue reaching 28.3 billion yuan, up 197.9% year-on-year [5]. - The smartphone business faced pressure from rising storage costs, with Q3 smartphone shipments exceeding 43 million units, a slight increase of 0.5% year-on-year, and revenue of 46 billion yuan, down 3.1% year-on-year [5]. - The IoT and consumer products segment saw a revenue increase of 5.6% year-on-year, with smart home appliances experiencing a decline due to reduced government subsidies [5]. Financial Projections - Revenue projections for Xiaomi are set at 365.9 billion yuan for 2024, 471.1 billion yuan for 2025, and 601.1 billion yuan for 2026, with year-on-year growth rates of 35.0%, 28.7%, and 27.6% respectively [4][11]. - Net profit forecasts are adjusted to 44.1 billion yuan for 2025, 52.4 billion yuan for 2026, and 65.3 billion yuan for 2027, reflecting a significant increase from previous estimates [6][11]. - The gross margin for the automotive business reached 25.5% in Q3, while the smartphone business gross margin was 11.1%, down approximately 0.6 percentage points year-on-year [5]. Key Financial Ratios - The report highlights a projected return on equity (ROE) of 19.0% for 2025, with a price-to-earnings (P/E) ratio of 21.9 and a price-to-book (P/B) ratio of 4.2 [4][11].

（文章来源：每日经济新闻） 每经AI快讯，11月19日，小米集团股价开盘快速下跌，此后一路走低。截至发稿，小米集团股价跌至 38.36港元，跌幅为5.93%，总市值跌破1万亿港元大关，为9989.8亿港元，创今年4月7日以来的新低。 ...

11月19日早间，小米集团（01810）股价跌破40港元，较今年6月最高点的61.45港元已跌超30%，市值 也大幅缩水。 与股价表现不同的是，前一晚11月18日，小米集团发布的业绩公告显示业绩亮眼。2025年第三季度小米 实现营收约1131.21亿元，同比增长22.3%，连续4个季度突破千亿元；经调整净利润为113亿元，创历史 新高，同比增长80.9%。 具体来看，第三季度，智能电动汽车及AI等创新业务分部收入290亿元，同比增长超199%。其中，智能 电动汽车收入283亿元，其他相关收入7亿元。小米汽车及AI（人工智能）等创新业务分部首次实现单 季度经营收益转正，实现单季经营收益7亿元。 官方数据显示，2025年1至9月，小米汽车累计交付量已超过26万辆。其中，第三季度累计交付约10.88 万辆新车，创单季度历史新高。小米集团合伙人、集团总裁卢伟冰在业绩电话会上透露，"小米汽车预 计将于本周完成全年35万辆的交付目标。" 手机业务方面，财报披露，智能手机三季度贡献收入460亿元，全球出货量达到4330万台，同比增长 0.5%，实现连续九个季度同比增长。 18日晚间，小米创办人，董事长兼CEO雷军在微博发文 ...

Core Viewpoint - Xiaomi Group continues to demonstrate strong growth in Q3 2025, with significant increases in revenue and net profit, marking a historic high for the company [1][2]. Financial Performance - Q3 revenue reached 113.1 billion yuan, a year-on-year increase of 22.3%, marking the fourth consecutive quarter exceeding 100 billion yuan [1]. - Adjusted net profit for the quarter was 11.3 billion yuan, a substantial year-on-year increase of 80.9%, achieving a historic high [1]. Automotive and New Business Growth - Xiaomi's automotive division achieved profitability for the first time in a single quarter, delivering over 100,000 new vehicles and generating an operating profit of 700 million yuan [2]. - The smartphone and AIoT segment generated revenue of 84.1 billion yuan, with smartphone revenue at 46 billion yuan and IoT and lifestyle products revenue at 27.6 billion yuan, reflecting a year-on-year growth of 5.6% [2]. Smartphone Market Performance - Xiaomi's global smartphone shipment reached 43.3 million units in Q3, marking nine consecutive quarters of year-on-year growth [3]. - The company aims for a total smartphone shipment target of 170 million units in 2025 [3]. R&D Investment and Innovation - R&D investment in the first three quarters reached 23.5 billion yuan, with Q3 investment alone at 9.1 billion yuan, a year-on-year increase of 52.1%, setting a new record [4]. - Xiaomi launched the Xiaomi-MiMo-Audio voice open-source model and upgraded its operating system to enhance user experience across its ecosystem [4]. Manufacturing and Production Capacity - The completion of the smart home appliance factory in Wuhan enhances Xiaomi's manufacturing capabilities, supporting high-end product production with a planned annual capacity of 7 million air conditioners [5]. - Xiaomi has established a comprehensive smart manufacturing system covering smartphones, automobiles, and smart home appliances, solidifying its leading position in the smart manufacturing sector [5].

港股午间收盘，恒生指数跌0.45%，恒生科技指数跌0.98%，小米集团跌超4%，理想汽车、中芯国际跌 超2%。 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of major Chinese tech companies, particularly in the AI sector, with significant revenue growth and market interest [1][2] - Alibaba's "Qianwen" app has gained popularity, ranking fifth in the Apple App Store's free applications shortly after its public beta launch, indicating strong user engagement and future potential for integration of various services [1] - Xiaomi Group reported impressive Q3 results with a revenue of 113.1 billion yuan, a year-on-year increase of 22.3%, and an adjusted net profit of 11.3 billion yuan, marking an 80.9% increase, showcasing the company's growth trajectory [1] Group 2 - The Chinese AI sector is expected to experience significant performance elasticity and potential, particularly in application areas that are rapidly developing, as noted by Citic Securities [2] - Minsheng Securities expresses optimism about the revaluation of Chinese AI companies, especially those with synergistic advantages in computing resources, model capabilities, and application scenarios, such as Tencent, Kuaishou, Alibaba, and Xiaomi [2] - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, which heavily weights leading internet companies, with Alibaba, Tencent, and Xiaomi being the top three holdings, collectively accounting for over 45% of the index [2][4] Group 3 - The valuation of the Hong Kong Internet sector remains low, with the CSI Hong Kong Internet Index trading at a PE ratio of 24.44, significantly lower than the NASDAQ-100 and S&P 500, indicating potential for future growth [5] - The Hong Kong Internet ETF has a substantial scale of over 11.6 billion yuan and an average daily trading volume exceeding 600 million yuan, reflecting strong liquidity [5] - The Hong Kong market has shown higher elasticity in the internet sector this year, with the CSI Hong Kong Internet Index outperforming the Hang Seng Technology Index [4][5]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group with a target price of HKD 53.8, down from HKD 65.4 [5][13]. Core Insights - Xiaomi's Q3 2025 performance showed a total revenue increase of 22% year-on-year to RMB 113.1 billion, aligning with expectations, while adjusted net profit surged by 80.9% to RMB 11.31 billion, exceeding Bloomberg consensus by 12.6% [1][5]. - The report highlights that the storage super cycle is a significant variable affecting Xiaomi's stock price and performance in 2026. Compared to other smartphone manufacturers, Xiaomi has advantages in smartphone shipment volume (third globally), high-end smartphone ratio, and a robust non-mobile business that is less impacted by storage costs [1][2]. - The report anticipates that storage price increases will affect Xiaomi's smartphone shipment volume, product pricing, and gross margins, leading to a downward revision of the 2026 smartphone shipment forecast to 165 million units from 182 million units, and gross margin to 10.7% from 12% [2][3]. Summary by Sections Smartphone/IoT/Internet Business - In Q3, Xiaomi's smartphone shipments reached 43.3 million units (+0.5% YoY), maintaining a global market share of 13.6%. Gross margin decreased by 0.6 percentage points to 11.1% amid rising storage costs [2]. - IoT business revenue grew by 5.6% YoY to RMB 27.6 billion, with gross margin improving by 1.4 percentage points to 23.9% [2]. - Internet business revenue increased by 10.8% YoY to RMB 9.4 billion, maintaining a high gross margin of 76.9% [2]. Automotive Business - The automotive segment began to turn profitable in Q3 2025, with deliveries reaching a record high of 109,000 units. Revenue increased by 37% quarter-on-quarter to RMB 25.9 billion, with a gross margin of 25.5%, up 8.4 percentage points YoY [2]. - The report maintains a 2026 automotive shipment forecast of 700,000 units, with expectations for continued profitability and growth driven by the company's high-end strategy and capacity ramp-up [2][3]. Profit Forecast and Valuation - The report revises revenue forecasts for 2025-2027 down by 0.3%/2.3%/1.9% and non-GAAP net profit forecasts down by 1.6%/7.6%/4.3% to RMB 43.4 billion, RMB 48.2 billion, and RMB 62.4 billion respectively [3][9]. - Using a sum-of-the-parts (SOTP) valuation method, the target price is set at HKD 53.8, corresponding to a 27x PE for 2026 [3][13].