Core Insights - Xiaomi Group reported a revenue of 115.96 billion yuan for the second quarter, representing a year-on-year growth of 30%, exceeding the estimated 114.94 billion yuan [1] - The net profit for the second quarter reached 11.90 billion yuan, surpassing the forecast of 8.88 billion yuan [1] - The adjusted net profit for the second quarter was 10.8 billion yuan, marking a historical high with a year-on-year increase of 75.4% [1]

Group 1 - The core point of the article is that Xiaomi Group reported a significant increase in research and development (R&D) spending in the second quarter of 2025, reaching 7.8 billion RMB, which represents a year-on-year growth of 41.2% [1] - As of June 30, 2025, the number of R&D personnel at Xiaomi reached a record high of 22,641 [1]

人民财讯8月19日电，小米集团在港交所公告，2025年第二季度总收入1160亿元，创历史新高，同比增 长30%；第二季度经调整净利润为108亿元，创历史新高，同比增长75.4%。 ...

Core Insights - Xiaomi Group-W (01810.HK) reported record high revenue and profit for the second quarter of 2025, with total revenue reaching RMB 116 billion, a year-on-year increase of 30.5%, and adjusted net profit of RMB 10.8 billion, up 75.4% [1] Group Performance - The "Mobile × AIoT" segment generated revenue of RMB 94.7 billion, a year-on-year growth of 14.8%, while the "Smart Electric Vehicles and AI Innovation" segment earned RMB 21.3 billion, both achieving historical highs [1] - Xiaomi's smartphone shipments reached 42.4 million units in Q2 2025, marking a 0.6% year-on-year increase and maintaining growth for eight consecutive quarters [2] - The company ranked among the top three global smartphone vendors with a market share of 14.7%, continuing a 20-quarter streak in the top three [2] User Ecosystem Expansion - As of June 2025, Xiaomi's global monthly active users reached a record high of 731.2 million, reflecting an 8.2% year-on-year increase [2] - The number of connected IoT devices on the AIoT platform (excluding smartphones, tablets, and laptops) grew to 989.1 million, a 20.3% increase year-on-year [2] Strategic Initiatives - Xiaomi is advancing its "Human-Vehicle-Home Ecosystem" strategy, with a focus on large-scale investment in core technologies to become a global leader in hard-core technology [2] - R&D expenditure in Q2 2025 reached RMB 7.8 billion, a 41.2% year-on-year increase, with the number of R&D personnel hitting a record high of 22,641 [2] Retail Expansion - The number of Xiaomi Home stores in mainland China increased by over 1,700 in Q2 2025, bringing the total to over 17,000, while the number of new retail stores overseas reached approximately 200 [2]

XIAOMI CORPORATION 小米集團 （於開曼群島註冊成立以不同投票權控制的有限公司） 股份代號：1810（港幣櫃台）及81810（人民幣櫃台） 提名委員會職權範圍 小米集團（「本公司」）根據本公司董事會（「董事會」）於2018年6月19日通過的決議案成立 提名委員會（「委員會」）。下文載列委員會的職權範圍（「職權範圍」）。職權範圍備有英 文及繁體中文版可供查閱。職權範圍的英文與繁體中文版如有任何歧義，概以英文版為 準。 1. 目的 1.1 委員會旨在物色、考慮及向董事會推薦合適人選出任本公司董事、監管評估董 事會表現的程序、制定提名指引及向董事會提供建議，惟須符合任何適用法 律、法規及上市標準。 2. 組成 4. 接觸權 5. 報告程序 6. 權限 3. 會議 3.1 除本文另有指明外，本公司組織章程細則（「細則」）（經不時修訂）所載有關規範 董事會議及議事程序的規定，適用於委員會會議及議事程序。 1 2.1 委員會大多數成員須為本公司獨立非執行董事，彼等須符合香港聯合交易所有 限公司證券上市規則（「上市規則」）（經不時修訂）不時訂明的獨立性規定。 2.2 董事會須委任委員會的一名成員（須為本公司 ...

[Performance Summary](index=1&type=section&id=%E6%91%98%E8%A6%81) [Financial Summary](index=1&type=section&id=%E6%91%98%E8%A6%81) Xiaomi Group demonstrated strong performance in Q2 and H1 2025, with several key financial indicators reaching record highs, including a 30.5% YoY increase in Q2 total revenue to 116.0 billion RMB and a 75.4% YoY increase in adjusted net profit to 10.8 billion RMB Performance Summary for the Three Months Ended June 30, 2025 | Indicator | Q2 2025 | Q2 2024 | YoY Change | Q1 2025 | QoQ Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue (Billion RMB) | 116.0 | 88.9 | +30.5% | 111.3 | +4.2% | | Gross Profit (Billion RMB) | 26.1 | 18.4 | +41.9% | 25.4 | +2.7% | | Operating Profit (Billion RMB) | 13.4 | 5.9 | +128.2% | 13.1 | +2.4% | | Profit for the Period (Billion RMB) | 11.9 | 5.1 | +134.2% | 10.9 | +9.0% | | Adjusted Net Profit (Billion RMB) | 10.8 | 6.2 | +75.4% | 10.7 | +1.5% | Performance Summary for the Six Months Ended June 30, 2025 | Indicator | H1 2025 | H1 2024 | YoY Change | | :--- | :--- | :--- | :--- | | Revenue (Billion RMB) | 227.3 | 164.4 | +38.2% | | Gross Profit (Billion RMB) | 51.5 | 35.2 | +46.2% | | Operating Profit (Billion RMB) | 26.6 | 9.6 | +177.5% | | Profit for the Period (Billion RMB) | 22.8 | 9.2 | +146.3% | | Adjusted Net Profit (Billion RMB) | 21.5 | 12.7 | +69.8% | [Business Review and Outlook](index=2&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7%E5%8F%8A%E5%B1%95%E6%9C%9B) [Overall Performance](index=2&type=section&id=1.%20整體表現) In Q2 2025, Xiaomi Group achieved record highs in total revenue, profitability, and all business segment revenues under its 'Steady and Progressive' core operating strategy, while advancing its 'Human-Car-Home Smart Ecosystem' strategy - Q2 2025 total revenue reached **116.0 billion RMB**, a **30.5% YoY increase**; adjusted net profit was **10.8 billion RMB**, a **75.4% YoY increase**, both setting new records[9](index=9&type=chunk) - Revenue from the 'Smartphone × AIoT' segment was **94.7 billion RMB**, a **14.8% YoY increase**; 'Smart Electric Vehicles and AI & Other Innovative Businesses' segment revenue was **21.3 billion RMB**, with both segments achieving record highs[9](index=9&type=chunk) - Global MIUI Monthly Active Users (MAU) reached **731.2 million**, an **8.2% YoY increase**; AIoT platform connected IoT devices reached **989.1 million**, a **20.3% YoY increase**[10](index=10&type=chunk) - Q2 2025 R&D expenditure reached **7.8 billion RMB**, a **41.2% YoY increase**, with R&D personnel reaching **22,641**, a new record[10](index=10&type=chunk) [Smartphone × AIoT](index=4&type=section&id=2.%20手機×AIoT) In Q2 2025, the 'Smartphone × AIoT' segment revenue reached 94.7 billion RMB, a 14.8% YoY increase with a gross profit margin of 21.6%, driven by strong performance in smartphones, record-high IoT and lifestyle consumer products, and steady internet services growth [Smartphones](index=4&type=section&id=%E6%99%BA%E8%83%BD%E6%89%8B%E6%A9%9F) In Q2 2025, smartphone business revenue was 45.5 billion RMB with a gross profit margin of 11.5%, maintaining its global top-three position with 42.4 million units shipped, demonstrating strong global market competitiveness Q2 2025 Smartphone Business Key Indicators | Indicator | Value | | :--- | :--- | | Business Revenue (Billion RMB) | 45.5 | | Gross Profit Margin | 11.5% | | Global Shipments (Million units) | 42.4 (+0.6% YoY) | | Global Market Share | 14.7% (Global Top 3) | - Achieved excellent performance in multiple regional markets: ranked **first in Southeast Asia** (18.9% market share), **second in Europe** (23.4% market share), and maintained **second in the Middle East and Latin America**[16](index=16&type=chunk) [IoT and Lifestyle Consumer Products](index=4&type=section&id=IoT%E8%88%87%E7%94%9F%E6%B4%BB%E6%B6%88%E8%B2%BB%E7%94%A2%E5%93%81) In Q2 2025, IoT and lifestyle consumer products revenue reached a record high of 38.7 billion RMB, a 44.7% YoY increase with a gross profit margin of 22.5%, driven by strong growth in smart large home appliances and leading positions in wearables and tablets Q2 2025 IoT and Lifestyle Consumer Products Key Indicators | Indicator | Value | | :--- | :--- | | Business Revenue (Billion RMB) | 38.7 (+44.7% YoY) | | Gross Profit Margin | 22.5% (+2.8 pct YoY) | | AIoT Platform Connected Devices (Million units) | 989.1 (+20.3% YoY) | | Smart Large Home Appliances Revenue Growth | +66.2% YoY | - Ranked **first globally in wearable wristband device shipments** and **second globally in TWS earphone shipments**[20](index=20&type=chunk) [Internet Services](index=5&type=section&id=%E4%BA%92%E8%81%AF%E7%B6%B2%E6%9C%8D%E5%8B%99) In Q2 2025, internet services revenue reached 9.1 billion RMB, a 10.1% YoY increase with a gross profit margin of 75.4%, driven by record-high global and mainland China MAU and a new high for overseas internet services revenue contribution Q2 2025 Internet Services Key Indicators | Indicator | Value | | :--- | :--- | | Business Revenue (Billion RMB) | 9.1 (+10.1% YoY) | | Gross Profit Margin | 75.4% | | Global MIUI Monthly Active Users (Million) | 731.2 (+8.2% YoY) | | Advertising Business Revenue (Billion RMB) | 6.8 (+14.6% YoY) | | Overseas Internet Services Revenue (Billion RMB) | 3.0 (+12.6% YoY) | [Smart Electric Vehicles and AI & Other Innovative Businesses](index=6&type=section&id=3.%20智能電動汽車及AI等創新業務) In Q2 2025, this segment's revenue reached 21.3 billion RMB with a gross profit margin of 26.4%, narrowing operating loss to 0.3 billion RMB, driven by 81,302 new vehicle deliveries and strong market reception for the new Xiaomi YU7 SUV series Q2 2025 Smart Electric Vehicles and AI & Other Innovative Businesses Key Indicators | Indicator | Value | | :--- | :--- | | Total Segment Revenue (Billion RMB) | 21.3 | | Smart Electric Vehicle Revenue (Billion RMB) | 20.6 | | Segment Gross Profit Margin | 26.4% | | Segment Operating Loss (Billion RMB) | 0.3 | | New Vehicle Deliveries (Units) | 81,302 | - Launched the first SUV product, Xiaomi YU7 series, with **over 240,000 locked orders within 18 hours** of sales, indicating strong demand[25](index=25&type=chunk) - The Xiaomi SU7 Ultra production car achieved the **fastest production EV lap time on the Nürburgring Nordschleife** at 7 minutes 04.957 seconds[28](index=28&type=chunk) [Corporate Social Responsibility](index=7&type=section&id=4.%20企業社會責任) Xiaomi Group actively fulfills its corporate social responsibility through continued investment in low-carbon practices, disaster relief, and technological innovation, including significant increases in green electricity usage and substantial donations for flood relief - In low-carbon practices, green electricity usage in offices increased by **over 270% YoY** in H1, and solar power generation at the car factory reduced carbon emissions by **over 4,160 tons**[29](index=29&type=chunk) - In disaster relief, donated **5 million RMB in cash and 0.35 million RMB in supplies** to flood-affected areas in North China, and **500 million Myanmar Kyat** to the Myanmar Red Cross for earthquake relief[29](index=29&type=chunk) [Management Discussion and Analysis](index=8&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) [Year-over-Year Analysis (Q2 2025 vs Q2 2024)](index=8&type=section&id=2025%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E8%88%872024%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E6%AF%94%E8%BC%83) In Q2 2025, total revenue increased by 30.5% YoY to 116.0 billion RMB, primarily driven by strong growth in the smart electric vehicle business, leading to a 41.9% YoY increase in gross profit to 26.1 billion RMB and a significant 128.2% YoY increase in operating profit to 13.4 billion RMB Revenue by Segment (Year-over-Year) | Segment | Q2 2025 Revenue (Billion RMB) | Q2 2024 Revenue (Billion RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Smartphone × AIoT | 94.7 | 82.5 | +14.8% | | Smart Electric Vehicles and AI & Other Innovative Businesses | 21.3 | 6.4 | +233.9% | | **Total** | **116.0** | **88.9** | **+30.5%** | Gross Profit and Gross Profit Margin by Segment (Year-over-Year) | Segment | Q2 2025 Gross Profit (Billion RMB) | Q2 2025 Gross Profit Margin | Q2 2024 Gross Profit (Billion RMB) | Q2 2024 Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | | Smartphone × AIoT | 20.5 | 21.6% | 17.4 | 21.1% | | Smart Electric Vehicles and AI & Other Innovative Businesses | 5.6 | 26.4% | 1.0 | 15.4% | | **Total** | **26.1** | **22.5%** | **18.4** | **20.7%** | - R&D expenditure increased by **41.2% YoY to 7.8 billion RMB**, primarily due to increased R&D investment related to smart electric vehicles and AI & other innovative businesses[54](index=54&type=chunk) - Profit for the period increased by **134.2% YoY to 11.9 billion RMB**; adjusted net profit increased by **75.4% YoY to 10.8 billion RMB**[63](index=63&type=chunk)[64](index=64&type=chunk) [Quarter-over-Quarter Analysis (Q2 2025 vs Q1 2025)](index=17&type=section&id=2025%E5%B9%B4%E7%AC%AC%E4%BA%8C%E5%AD%A3%E5%BA%A6%E8%88%872025%E5%B9%B4%E7%AC%AC%E4%B8%80%E5%AD%A3%E5%BA%A6%E6%AF%94%E8%BC%83) In Q2 2025, total revenue increased by 4.2% QoQ to 116.0 billion RMB, with a slight decrease in overall gross profit margin from 22.8% to 22.5%, while profit for the period increased by 9.0% QoQ to 11.9 billion RMB Revenue by Segment (Quarter-over-Quarter) | Segment | Q2 2025 Revenue (Billion RMB) | Q1 2025 Revenue (Billion RMB) | QoQ Change | | :--- | :--- | :--- | :--- | | Smartphone × AIoT | 94.7 | 92.7 | +2.1% | | Smart Electric Vehicles and AI & Other Innovative Businesses | 21.3 | 18.6 | +14.4% | | **Total** | **116.0** | **111.3** | **+4.2%** | Gross Profit and Gross Profit Margin by Segment (Quarter-over-Quarter) | Segment | Q2 2025 Gross Profit (Billion RMB) | Q2 2025 Gross Profit Margin | Q1 2025 Gross Profit (Billion RMB) | Q1 2025 Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | | Smartphone × AIoT | 20.5 | 21.6% | 21.1 | 22.8% | | Smart Electric Vehicles and AI & Other Innovative Businesses | 5.6 | 26.4% | 4.3 | 23.2% | | **Total** | **26.1** | **22.5%** | **25.4** | **22.8%** | - Smartphone gross profit margin decreased from **12.4% to 11.5%**, primarily due to increased promotional efforts during the 618 e-commerce festival and intensified competition in overseas markets[85](index=85&type=chunk) - Smart electric vehicle business gross profit margin increased from **23.2% to 26.4%**, primarily benefiting from lower core component costs, reduced unit manufacturing costs, and increased deliveries of high-spec models[87](index=87&type=chunk) [Non-IFRS Measures: Adjusted Net Profit](index=25&type=section&id=%E9%9D%9E%E5%9C%8B%E9%9A%9B%E8%B2%A1%E5%8B%99%E5%A0%B1%E5%91%8A%E6%BA%96%E5%89%87%E8%A8%88%E9%87%8F%EF%BC%9A%E7%B6%93%E8%AA%BF%E6%95%B4%E6%B7%A8%E5%88%A9%E6%BD%A4) The company uses adjusted net profit as a non-IFRS measure to exclude the impact of non-operating items such as share-based compensation and fair value changes of investments, with Q2 2025 adjusted net profit reaching 10.83 billion RMB and a net profit margin of 9.3% Reconciliation of Profit for the Period to Adjusted Net Profit (Q2 2025) | Item (Million RMB) | Amount | | :--- | :--- | | **Profit for the Period (Reported)** | **11,873.2** | | Add: Share-based compensation | 1,269.6 | | Less: Net fair value changes of investments | (2,870.1) | | Add: Amortization of intangible assets acquired | 36.0 | | Add: Changes in fair value of financial liabilities to investors | 253.6 | | Add: Income tax effect | 268.4 | | **Adjusted Net Profit** | **10,830.7** | [Liquidity and Financial Resources](index=28&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) As of June 30, 2025, the company maintained a robust financial position with cash and cash equivalents of 3.6 billion RMB and total cash reserves of 23.59 billion RMB, supported by 23.5 billion RMB in net cash generated from operating activities during the quarter - As of June 30, 2025, cash and cash equivalents were **3.6 billion RMB**, and total cash reserves (including various deposits and short-term investments) were **23.59 billion RMB**[114](index=114&type=chunk) Q2 2025 Condensed Cash Flow Statement (Million RMB) | Item | Amount | | :--- | :--- | | Net cash generated from operating activities | 23,545.2 | | Net cash used in investing activities | (70,049.4) | | Net cash used in financing activities | (3,643.1) | | **Net decrease in cash and cash equivalents** | **(50,147.3)** | - As of June 30, 2025, total borrowings were **2.89 billion RMB**[122](index=122&type=chunk) - As of June 30, 2025, invested in approximately **420 companies** with a total carrying value of **8.02 billion RMB**[125](index=125&type=chunk) [Financial Information](index=33&type=section&id=%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99) [Interim Condensed Consolidated Statement of Profit or Loss](index=33&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E6%90%8D%E7%9B%8A%E8%A1%A8) For Q2 ended June 30, 2025, the company reported revenue of 115.96 billion RMB, gross profit of 26.10 billion RMB, operating profit of 13.44 billion RMB, and profit for the period of 11.87 billion RMB, with basic earnings per share of 0.46 RMB Q2 2025 Statement of Profit or Loss Key Data (Thousand RMB) | Indicator | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Revenue | 115,956,091 | 88,887,828 | | Gross Profit | 26,100,958 | 18,394,177 | | Operating Profit | 13,436,719 | 5,888,721 | | Profit for the Period | 11,873,163 | 5,069,669 | | Basic Earnings Per Share (RMB) | 0.46 | 0.21 | [Interim Condensed Consolidated Statement of Financial Position](index=35&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E8%B3%87%E7%94%A2%E8%B2%A0%E5%80%B5%E8%A1%A8) As of June 30, 2025, the company's total assets significantly increased to 481.52 billion RMB from 403.16 billion RMB at year-end 2024, with total liabilities of 228.66 billion RMB and total equity of 252.86 billion RMB, indicating a robust asset structure Statement of Financial Position Key Data (Thousand RMB) | Indicator | As of June 30, 2025 | As of December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 481,517,758 | 403,155,289 | | Total Liabilities | 228,657,063 | 213,950,170 | | Total Equity | 252,860,695 | 189,205,119 | [Interim Condensed Consolidated Statement of Cash Flows](index=37&type=section&id=%E4%B8%AD%E6%9C%9F%E7%B0%A1%E6%98%8E%E5%90%88%E4%BD%B5%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2025, net cash generated from operating activities was 28.05 billion RMB, while net cash used in investing activities was 60.13 billion RMB, primarily for time deposits and long-term investments, resulting in cash and cash equivalents of 36.01 billion RMB at period-end H1 2025 Cash Flow Statement Key Data (Thousand RMB) | Indicator | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net cash generated from operating activities | 28,054,740 | 2,530,575 | | Net cash (used in)/generated from investing activities | (60,128,639) | 2,709,078 | | Net cash generated from financing activities | 34,434,304 | 455,300 | | Cash and cash equivalents at end of period | 36,008,030 | 39,335,820 | [Notes to Financial Information](index=38&type=section&id=%E8%B2%A1%E5%8B%99%E8%B3%87%E6%96%99%E9%99%84%E8%A8%BB) The notes provide detailed information on reportable segments, geographical revenue, expenses by nature, income tax, earnings per share, investments, and contingencies, including a disclosure regarding ongoing tax and foreign exchange investigations in India where approximately 4.02 billion RMB equivalent in bank accounts is restricted - Reportable segments are categorized into 'Smartphone × AIoT' (including smartphones, IoT and lifestyle consumer products, and internet services) and 'Smart Electric Vehicles and AI & Other Innovative Businesses'[139](index=139&type=chunk)[140](index=140&type=chunk) - Disclosed ongoing investigations by Indian authorities regarding income tax, customs duties, and foreign exchange regulations concerning Xiaomi India; as of June 30, 2025, approximately **4.02 billion RMB equivalent (47.88 billion Indian Rupees)** in bank deposits is considered restricted, though management believes there are valid grounds for response and no significant provision has been made[156](index=156&type=chunk) [Other Information](index=46&type=section&id=%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) [Repurchase and Issuance of Securities](index=46&type=section&id=%E8%B3%BC%E8%B2%B7%E3%80%81%E5%87%BA%E5%94%AE%E6%88%96%E8%B4%96%E5%9B%9E%E6%9C%AC%E5%85%AC%E5%8F%B8%E4%B8%8A%E5%B8%82%E8%AD%89%E5%88%B8) For the six months ended June 30, 2025, the company repurchased 6,829,800 Class B shares on the Stock Exchange for approximately 225 million HKD to enhance long-term shareholder value, in addition to a placement and subscription in March 2025 - In H1 2025, the company repurchased **6,829,800 Class B shares** for a total consideration of approximately **225 million HKD**[158](index=158&type=chunk) [Interim Dividend](index=47&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors resolved not to declare an interim dividend for the six months ended June 30, 2025 - The company will **not distribute an interim dividend** for 2025[163](index=163&type=chunk)

【市场复盘】 1、近期，全球金融市场正屏息以待周五的杰克逊霍尔全球央行年会，美联储主席鲍威尔将在当天晚间 发表致辞。考虑到距离9月会议还有一系列数据尚未公布，野村预计鲍威尔不会给出"明确承诺"，美银 甚至预计鲍威尔会秉持强硬的鹰派立场，与市场的宽松预期相悖。大摩则预计，鲍威尔会在讲话中继续 强调通胀风险，抵制市场的降息预期。 2、自上周起，港股迎来业绩密集披露期。8月18日，零跑汽车披露上半年实现净利润0.3亿元，成为中 国造车新势力中第二家实现半年度盈利的企业。零跑汽车宣布，将全年销量目标上调至58万~65万辆， 明年挑战100万辆销量目标。 3、本周，小米集团、泡泡玛特、小鹏汽车将披露第二季度业绩。 8月18日，港股三大指数涨跌不一。截至收盘，恒生指数跌0.37%，报25176.85点；恒生科技指数涨 0.65%，报5579.18点；国企指数跌0.06%，报9033.68点。盘面上，医药行业持续火热，周期股普遍低 迷。热点个股方面，比亚迪股份涨超0.5%，阿里巴巴、小米集团涨近0.5%，腾讯控股跌超0.5%，快手 跌近1.5%。热点ETF方面，恒生科技指数ETF（513180）收涨1.06%。 【南向资金 ...

Market Overview - On August 18, Hong Kong's three major indices showed mixed results, with the Hang Seng Index down 0.37% at 25,176.85 points, the Hang Seng Tech Index up 0.65% at 5,579.18 points, and the Hang Seng China Enterprises Index down 0.06% at 9,033.68 points [1] - The pharmaceutical sector remained strong, while cyclical stocks were generally weak. Notable stock movements included BYD up over 0.5%, Alibaba and Xiaomi both up nearly 0.5%, Tencent down over 0.5%, and Kuaishou down nearly 1.5% [1] - The Hang Seng Tech Index ETF (513180) rose by 1.06% [1] Southbound Capital - On August 18, southbound capital recorded a net inflow of 1.386 billion HKD, bringing the total net inflow for the year to 940.308 billion HKD, significantly exceeding last year's total [1] U.S. Market Performance - U.S. stock indices showed mixed results overnight, with the Dow Jones down 0.08%, S&P 500 down 0.01%, and Nasdaq up 0.03%. Notable declines included Sherwin-Williams and Amgen, both down over 1% [1] - Chinese concept stocks had mixed performances, with Xunlei up over 37% and Niu Technologies down nearly 10%. The Nasdaq Golden Dragon China Index rose by 0.12% [1] Earnings Reports - Recently, the Hong Kong stock market entered a period of concentrated earnings disclosures. On August 18, Leap Motor reported a net profit of 30 million CNY for the first half of the year, becoming the second Chinese electric vehicle manufacturer to achieve semi-annual profitability [2] - Leap Motor raised its annual sales target to between 580,000 and 650,000 units, with a goal of challenging 1 million units in sales next year [2] Short Selling Data - On August 18, a total of 638 Hong Kong stocks were short-sold, with total short selling amounting to 33.484 billion HKD. The top three stocks by short selling amount were Tencent Holdings at 1.598 billion HKD, Xiaomi Group at 1.255 billion HKD, and Alibaba at 1.135 billion HKD [3] Institutional Insights - According to Guotai Junan, the acceleration of AI applications is benefiting Hong Kong's tech sector, which is seen as a main investment theme. The AI industry is expected to grow rapidly due to technological and policy catalysts [4] - The State Council's recent approval of the "Artificial Intelligence +" action plan aims to promote large-scale commercial applications of AI, which could enhance the competitive edge of Hong Kong's tech leaders [4] - The Hong Kong market is also expected to benefit from strengthened dividend policies and low interest rates, making new consumption and innovative pharmaceutical assets attractive compared to A-shares [4] Hong Kong ETFs - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [5] - The Hang Seng Tech Index ETF (513180) includes core AI assets in China, representing a scarcity of tech leaders compared to A-shares [5]

金融界8月18日消息，上证指数高开高走，中证香港300相对价值指数 (HK300RV，H11174)报2207.11 点。 数据统计显示，中证香港300相对价值指数近一个月上涨3.28%，近三个月上涨11.08%，年至今上涨 27.60%。 据了解，中证香港300风格指数系列由中证香港300成长指数、中证香港300价值指数、中证香港300相对 成长指数以及中证香港300相对价值指数4条指数构成，以反映基于中证香港300指数样本的不同风格证 券的整体表现。该指数以2004年12月31日为基日，以1000.0点为基点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。中证香港300价值指数和中证香港300成长指数每次调整的样本比例一般不超过20%。定期调整 设置缓冲区，Z值在对应指数的样本空间中，排名在80名之前的新样本优先进入；排名120名之前的老 样本优先保留。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一 个定期调整日前，权重因子一般固定不变。遇临时调整时，当中证香港300指数调整样本时，指数样本 随之进行相应调整。当样本退 ...

Core Insights - Kingsoft Group has established a significant presence in Wuhan, with plans to expand its workforce to 10,000 by the end of 2025, currently employing 9,500 people in collaboration with Xiaomi [1][3] Group 1: Company Development - Since 2017, multiple subsidiaries of Kingsoft Group have settled in Wuhan, including Kingsoft Office, which serves 632 million users globally and contributes to the digitalization of Hubei's government [3] - Kingsoft Cloud has developed comprehensive cloud computing capabilities in Wuhan, serving nearly 500 clients and supporting Hubei's digital transformation [3] - Kingsoft's gaming division has launched several popular mobile games, promoting Hubei's creativity in international markets [3] Group 2: Educational Initiatives - Kingsoft Group has partnered with 13 universities, including Wuhan University and Huazhong University of Science and Technology, to establish an "Engineer Training Camp," training 3,607 ICT talents over four years [3] - The company has set up the "Digital + " scholarship to encourage more young students to engage in digital technology innovation [3] Group 3: Infrastructure and Future Commitment - The newly opened Kingsoft Software Park in Wuhan spans 118 acres with a total construction area of 280,000 square meters, designed to accommodate 9,000 employees and includes various facilities for work and leisure [4] - Kingsoft Group aims to deepen its integration into Hubei's national technology innovation center and increase R&D investment to support high-quality development in the region [4]