Group 1 - Xiaomi Group-W has seen continuous net buying from southbound funds for 13 consecutive days, with a total net buying amount of HKD 9.527 billion, while its stock price has decreased by 7.51% [2] - On November 14, the total trading volume of active stocks through the Hong Kong Stock Connect reached HKD 35.241 billion, with a net buying amount of HKD 5.669 billion [2] - On the same day, Xiaomi Group-W recorded a trading volume of HKD 3.248 billion through the Hong Kong Stock Connect, with a net buying amount of HKD 611 million [2]

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 ...

Group 1: Market Activity - Southbound funds recorded a net sell of HKD 35.21 billion in Hong Kong stocks on November 13, with notable net purchases in Alibaba-W (HKD 13.75 billion) and Xiaomi Group-W (HKD 7.79 billion) [1] - The net sell included significant amounts in the Tracker Fund of Hong Kong (HKD 62.27 billion), Hang Seng China Enterprises (HKD 22.89 billion), Tencent Holdings (HKD 8.75 billion), and others [1] Group 2: Company Developments - Alibaba is reportedly preparing a major overhaul of its flagship AI application, launching the "Qianwen" project to develop a personal AI assistant app, aiming to compete with ChatGPT [4] - Tencent Holdings reported Q3 2025 revenue of RMB 192.87 billion, a 15% year-on-year increase, with a gross profit of RMB 108.80 billion, reflecting a 22% year-on-year growth [4] - The gross margin improved from 53% to 56% year-on-year, with net profit attributable to shareholders reaching RMB 63.13 billion, up 19% year-on-year [4] Group 3: Industry Insights - According to China Galaxy Securities, the pharmaceutical sector has shown significant structural recovery, with ongoing innovation in drug development expected to boost valuations [4] - Lithium carbonate futures prices have risen by 20% from October 14 to November 10, driven by high production levels in the lithium iron phosphate sector [5] - JPMorgan has upgraded the ratings of Tianqi Lithium and Ganfeng Lithium from "underweight" to "neutral," anticipating a supply shortage in the global lithium market in 2025 and 2026, leading to a significant increase in lithium price forecasts [5]

Core Insights - Xiaomi Group-W has seen continuous net buying from southbound funds for 11 consecutive days, with a total net buying amount of HKD 8.136 billion, despite a cumulative stock price decline of 4.59% [2] Trading Activity - On November 12, the total trading volume of active stocks through the Hong Kong Stock Connect reached HKD 39.499 billion, with a net selling amount of HKD 0.851 billion [2] - Xiaomi Group-W was among the active stocks on November 12, with a trading volume of HKD 5.404 billion and a net buying amount of HKD 1.592 billion [2]

Group 1 - The company announced the cancellation of 27.2954 million repurchased shares on November 12, 2025 [1] - On the same day, the company will issue 19,400 new shares as part of a share incentive plan for participants, excluding directors [1] - The company will also convert 4.7287 million Class A ordinary shares into Class B ordinary shares [1]

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].

Group 1 - Goldman Sachs maintains a "Buy" rating on Xiaomi Group-W (01810) with a 12-month target price of HKD 56.5, indicating an attractive risk-reward profile despite potential short-term price resistance [1] - The delivery cycle for the SU7 Pro and SU7 Max has been significantly shortened from approximately 30 weeks and 34 weeks to 6-9 weeks, while the delivery cycle for the SU7 base model remains at about 30 weeks [1] - During the Double Eleven promotional period, Xiaomi's total gross merchandise value (GMV) reached RMB 29 billion, a 9% decrease from RMB 31.9 billion in the same period last year [1] Group 2 - Long-term, Goldman Sachs believes that Xiaomi's strong balance sheet, robust ecosystem integration capabilities, and cost advantages from its scale and deep involvement in the electric vehicle supply chain will enhance its competitiveness and attractiveness in the electric vehicle sector [2] - Xiaomi is positioned to leverage its interconnected consumer devices to establish one of the largest consumer-grade smart ecosystems globally [2]

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]