Core Viewpoint - Goldman Sachs anticipates more AI developments in the coming quarters, which will be integrated into Xiaomi's ecosystem and its AIoT devices, driving differentiated growth and supporting Xiaomi's "people, vehicles, and home" upgrade strategy. The firm has assigned a "buy" rating to Xiaomi with a target price of HKD 53.5 [1] Group 1: Xiaomi's AI Strategy - Xiaomi is actively exploring both edge and cloud-based large language models to meet diverse needs for flexibility and convenience across different scenarios [1] - The company has launched several specialized large language models covering visual, audio, speech, and localized intelligent assistants [1] - On November 21, Xiaomi introduced the MiMo-Embodied model, which is a cross-embodiment foundational model [1] Group 2: ByteDance's Technological Advancements - On December 1, ByteDance released a technical preview of the Doubao mobile assistant, designed specifically for smartphone brands, integrating a large language model into the operating system for visual content interpretation and multi-step tasks [1] - The Doubao mobile keyboard was launched on iOS and Android platforms in late November, indicating ByteDance's strategic expansion into mobile internet infrastructure and smartphone ecosystems [1] Group 3: Market Implications - The integration of AI technologies in Xiaomi's ecosystem is expected to enhance its competitive edge in the AIoT market, potentially leading to increased market share and revenue growth [1] - The advancements by ByteDance in mobile technology may disrupt existing smartphone ecosystems, presenting both opportunities and challenges for competitors in the industry [1]

Summary of Xiaomi Corp. (1810.HK) Conference Call Company Overview - **Company**: Xiaomi Corp. (1810.HK) - **Industry**: Smartphone and AIoT (Artificial Intelligence of Things) Key Points Recent Developments - **Doubao AI Smartphone Assistant**: Released by ByteDance on December 1, integrating a system-level GUI agent into smartphones, enhancing mobile operating systems with visual content interpretation and multi-step tasks [1][3] - **StepFun's GUI Agent**: StepFun launched an open-sourced GUI Agent, GELab-Zero, achieving state-of-the-art (SOTA) performance in GUI benchmarks [2][3] AI Integration in Smartphones - **AI Smartphone Agents**: The integration of AI into smartphones is expected to continue, with major Chinese brands embedding AI assistants in their operating systems [10][11] - **Xiaomi's AI Initiatives**: Xiaomi is actively developing both edge-based and cloud-based LLMs (Large Language Models) for various applications, including visual and audio processing [11][22] Market Dynamics - **Smartphone Market Consolidation**: The Chinese smartphone market is dominated by six leading players, capturing over 90% of the shipment share, limiting space for new entrants [10][12] - **AI Assistant Penetration**: Xiaomi's Super XiaoAI is among the top three OS-native AI assistants in China, with a penetration rate of 71% among Xiaomi smartphone users [11][18] Competitive Landscape - **Challenges for AI Integration**: Key challenges include obtaining system-level operation permissions from smartphone OEMs, memory capabilities, and interface connectivity across applications [9][10] - **Competition in AI Value Chain**: Ongoing competition is expected between consumer AI terminals, internet platforms, and third-party LLMs [9][10] Financial Outlook - **Revenue Growth Projections**: Xiaomi is projected to experience a revenue CAGR of 24% and EPS CAGR of 28% from 2024 to 2027 [22] - **Investment Rating**: Xiaomi is rated as a "Buy" with a 12-month target price of HK$53.50, indicating a potential upside of 33% from the current price [23][25] Risks - **Market Risks**: Key risks include intensified competition, pressure on gross profit margins, execution challenges in brand premiumization, geopolitical risks, and macroeconomic conditions [23][24] Conclusion - **Ecosystem Expansion**: Xiaomi is positioned for a multi-year ecosystem expansion, leveraging its interconnected consumer terminals and AI capabilities to enhance competitiveness in the smartphone and AIoT markets [22][23]

惠誉：将小米集团(01810.HK)评级上调至"BBB+"；展望稳定。 本文源自：金融界AI电报 ...

智通财经APP获悉，摩根士丹利发布研报称，在内存成本大幅上升下，相信产品结构较好及平均售价较 高的企业，将更有利于转嫁成本压力。在比较过2016年起各品牌的平均售价趋势后，该行发现小米集 团-W(01810)的平均售价增长在内地使用Android系统的同业中最为显著，现予目标价62港元及"增持"评 级。 考虑到今年第三季，小米内地市场的平均售价已超越OPPO、vivo及荣耀，该行认为公司明年将更有效 转嫁成本，而小米持续推进的高端智能手机策略亦可能带来额外助力。该行又预期小米在海外市场将更 关注平均售价及利润率，而非市场份额，同样有助其应对成本上涨压力。 ...

摩根士丹利发布研报称，在内存成本大幅上升下，相信产品结构较好及平均售价较高的企业，将更有利 于转嫁成本压力。在比较过2016年起各品牌的平均售价趋势后，该行发现小米集团-W(01810)的平均售 价增长在内地使用Android系统的同业中最为显著，现予目标价62港元及"增持"评级。 考虑到今年第三季，小米内地市场的平均售价已超越OPPO、vivo及荣耀，该行认为公司明年将更有效 转嫁成本，而小米持续推进的高端智能手机策略亦可能带来额外助力。该行又预期小米在海外市场将更 关注平均售价及利润率，而非市场份额，同样有助其应对成本上涨压力。 ...

Core Viewpoint - The Hong Kong stock market is showing signs of stabilization, particularly in the AI sector, with the Hong Kong Internet ETF (513770) experiencing positive net inflows and a slight price increase, indicating strong buying interest [1][3]. Group 1: Market Performance - The Hang Seng Index opened lower, down 0.36%, while the Hong Kong Internet ETF (513770) rose by 0.18% during the session, reflecting a positive sentiment among investors [1]. - The Hong Kong Internet ETF (513770) saw a net inflow of 41.91 million yuan yesterday, highlighting investor confidence in the sector [1]. Group 2: Economic Indicators - Weak employment data in the U.S. has led traders to bet on further interest rate cuts by the Federal Reserve, with a 25 basis point cut in December now seen as highly likely [3]. - The probability of a 25 basis point rate cut by the Federal Reserve in December has risen to 87%, which may encourage foreign capital inflows into emerging markets, particularly benefiting Hong Kong tech stocks [3]. Group 3: Valuation Insights - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index, which has a current P/E ratio of 25.13, significantly lower than the 5-year average of 27.84, indicating a valuation gap compared to other indices like the ChiNext and Nasdaq 100 [3][4]. - Major tech companies in Hong Kong are increasing their investments in AI, with current valuations considered reasonable and enhanced by dividends and buybacks [4]. Group 4: ETF Composition - The Hong Kong Internet ETF (513770) has a market size exceeding 10 billion yuan and an average daily trading volume of over 600 million yuan, providing good liquidity for investors [5]. - The top three holdings in the ETF are Alibaba (18.89%), Tencent (17.01%), and Xiaomi (10.05%), which collectively represent over 73% of the fund's assets, focusing on AI cloud computing and applications [4][5].

自11月28日以来公司已连续5日进行回购，合计回购2940.00万股，累计回购金额11.93亿港元。 其间该 股累计上涨2.14%。 今年以来该股累计进行21次回购，合计回购9502.52万股，累计回购金额39.44亿港元。（数据宝） （原标题：小米集团-W(01810.HK)12月4日回购1.01亿港元，年内累计回购39.44亿港元） 证券时报•数据宝统计，小米集团-W在港交所公告显示，12月4日以每股41.820港元至41.920港元的价格 回购240.00万股，回购金额达1.01亿港元。该股当日收盘价41.980港元，上涨4.38%，全天成交额77.26 亿港元。 小米集团-W回购明细 | 日期 | 回购股数 | 回购最高价 | 回购最低价 | 回购金额 | | --- | --- | --- | --- | --- | | | （万股） | （港元） | （港元） | （万港元） | | 2025.12.04 | 240.00 | 41.920 | 41.820 | 10050.24 | | 2025.12.03 | 750.00 | 40.360 | 40.140 | 30183.90 | | 20 ...

港股迎来反弹，恒指、恒科指双双收涨，科网龙头集体走强，小米集团-W领涨逾4%，创10月以来最大 单日涨幅；哔哩哔哩-W、美团-W涨超2%，阿里巴巴-W、腾讯控股跟涨。 港股AI核心工具——港股互联网ETF（513770）早盘小幅下探，随即开启反弹，场内价格收涨逾1%， 全天成交额6.31亿元，环比放量近2亿。值得一提的是，港股互联网ETF（513770）盘中持续宽幅溢 价，显示买盘态度强势，资金信心颇足。 今日港股AI领衔的反弹行情或主要受流动性预期改善+AI叙事两方面利好消息刺激。 一方面，隔夜数据显示，美国11月ADP就业人数减少3.2万人，刷新2023年3月以来的降幅纪录，远低于 市场预期，劳动力市场疲软迹象愈发明显，推动美联储12月降息预期大幅升温。流动性宽松趋势有望激 励外资流入新兴市场，具备估值吸引力的港股科技有望率先受益。 另一方面，AI叙事高频催化。小米集团合伙人、总裁兼手机部总裁卢伟冰表示，小米在前几个季度已 启动压强式AI投入，目前大模型与应用进展远超内部预期，具体细节暂不便透露。 此外，阿里巴巴日前发布夸克AI眼镜S1，深度融合千问AI助手，正式进军由Meta主导的AI可穿戴设备 市场。 ...

格隆汇12月4日丨小米集团-W(01810.HK)公告，12月4日耗资1亿港元回购240万股，每股购回价41.82- 41.92港元。 ...

智通财经APP讯，小米集团-W(01810)发布公告，于2025年12月4日，该公司斥资1.01亿港元回购240万 股。 ...