Group 1: Market Overview - On August 7, the Hong Kong stock market saw a net inflow of 661 million HKD from Northbound trading, with a net sell of 3.363 billion HKD from the Shanghai Stock Connect and a net buy of 4.024 billion HKD from the Shenzhen Stock Connect [1] - The most bought stocks included Xiaomi Group-W (01810), SMIC (00981), and Alibaba Group-W (09988), while the most sold stock was the Tracker Fund of Hong Kong (02800) [1] Group 2: Stock Performance - Xiaomi Group-W had a net inflow of 3.990 billion HKD, with total trading volume of 6.212 billion HKD, resulting in a net inflow of 1.767 billion HKD [2] - Alibaba Group-W recorded a net inflow of 4.92 billion HKD, driven by the launch of a new membership system that integrates various services [5] - SMIC received a net buy of 4.99 billion HKD, with analysts noting limited impact from U.S. tariffs due to its small revenue share from the U.S. market [5] Group 3: Sector Developments - The semiconductor sector, represented by SMIC and Hua Hong Semiconductor, is expected to benefit from China's push for domestic semiconductor production amid U.S. tariffs [5] - The biopharmaceutical sector, including companies like Kangfang Biologics and CSPC Pharmaceutical Group, is anticipated to gain from new measures promoting commercial health insurance to support innovation in the industry [6] Group 4: Market Sentiment - The Tracker Fund of Hong Kong experienced a significant net sell of 47.19 billion HKD, reflecting a cautious market sentiment amid weak fundamentals and a divided funding environment [6] - Tencent Holdings saw a net buy of 4.26 billion HKD, indicating continued interest in major tech stocks despite overall market caution [7]

图 | 今开 | 52.150 | | 最高 | 52.800 | | 成交量 | 2.21亿股 | | --- | --- | --- | --- | --- | --- | --- | --- | | 昨收 | 54.000 | | 最低 | 51.200 | | 成交额 | 114.72亿 | | 换手率 | 0.85% | | 市盈(TTM) | 40.69 | | 总市值 | 1.34万亿 | | 分时 | 五日 | 日K | 周K | 月K | 季K | 年K | 更多v | 市场调研机构Canalys披露的数据显示，2025年第二季度全球智能手机市场和去年同期相比整体出货下 滑1%，这是该行业连续六个季度以来的首次下跌。小米本季度表现稳定，以15%的市场份额稳居全球 第三。 片来源：界面图库 尽管小米全球市场份额在2025年第二季度达到15%的历史新高，但这以毛利率下降为代价。大和预测小 米2025年第二季度总收入为1126亿元人民币，略低于市场预期；调整后净利润为102亿元人民币，符合 市场预期。同时，该行下调2025年下半年IoT收入预测，以反映国家补贴政策的调整。 8月7日，小米集团-W（ ...

证券研究报告 港股通 小米集团-W (1810 HK) 2Q25 业绩预览：关注"反内卷"的影响 2025 年 8 月 07 日│中国香港 消费电子 我们预计小米 2Q25 收入同比增长 29%，毛利率环比下降 0.3pp，归属于母 公司净利润同比增长 56%。其中包含手机，IoT 和互联网业务在内的原有主 业收入同比增长 14%，汽车业务实现 204 亿收入，环比增长 10%。展望全 年：1）汽车。6 月 YU7 发布后大定数据亮眼，产能仍然是收入的主要瓶颈。 此外，近期汽车行业"反内卷"趋势下，看好汽车行业高质量发展以及行业 参与者长期盈利能力提升；2）手机。海外存储原厂供应减少，存储价格呈 现上涨趋势，建议关注存储价格上涨对手机毛利率的影响。给予公司目标价 67.8 港币（前值：71.2 港币），包含非汽车（44.3 港币），汽车（23.5 港 币）。维持"买入"。 汽车业务：看好"反内卷"长期提升汽车业务盈利能力 我们预计 2Q25 小米汽车出货约 8.1 万台，ASP 环比有所提升，实现收入 204 亿人民币，环比提升 10%，随着出货量爬坡，我们预计毛利率环比提 升 0.5pp 至 23.7%。展 ...

Group 1 - Xiaomi Group's stock has dropped over 4%, currently at 51.6 HKD with a trading volume of 7.465 billion HKD [1] - In July, Xiaomi's vehicle deliveries exceeded 30,000 units, attributed to increased production capacity [1] - Guosen Securities reports that Xiaomi's Beijing factory phase two is about to commence production, with new capacity being planned [1] Group 2 - Future sales projections for Xiaomi's vehicles are estimated at 400,000 to 500,000 units in 2025, and potentially over 800,000 units in 2026 [1] - Reports indicate that Xiaomi is requiring users to pay the remaining balance in advance, or production will be suspended, with no official comment from the company [1] - Nomura has raised Xiaomi's target price by 79% to 61 HKD based on SOTP valuation, but downgraded the rating from "Buy" to "Neutral" due to limited upside potential [1] Group 3 - Nomura anticipates challenges for Xiaomi in the coming quarters, including lower-than-expected smartphone shipments and high sales base for IoT since the second half of 2024 [1] - Despite strong performance in the electric vehicle sector, market expectations remain high [1] - Jefferies noted a significant slowdown in the average selling price growth of Xiaomi's flagship smartphones in Q2 compared to Q1, indicating potential pressure on Q2 performance due to weak smartphone demand and high inventory [1]

Market Overview - The Hong Kong stock market opened slightly higher, with the Hang Seng Index rising by 0.29% to 24,982.5 points, the Hang Seng Tech Index up by 0.27% to 5,546.84 points, the National Enterprises Index increasing by 0.24% to 8,954.04 points, and the Red Chip Index up by 0.14% to 4,223.72 points [1] Company Performance - BeiGene (06160.HK) reported a revenue of 17.518 billion yuan for the first half of the year, a year-on-year increase of 46%, with product revenue at 17.36 billion yuan, up 45.8%, and a net profit of 450 million yuan, marking a return to profitability [2] - Uni-President China (00220.HK) achieved a revenue of approximately 17.087 billion yuan in the first half, a year-on-year increase of 10.6%, with a net profit of approximately 1.287 billion yuan, up 33.2% [2] - Zhiyu City Technology (09911.HK) issued a profit warning, expecting mid-term revenue of approximately 3.135 to 3.215 billion yuan, a year-on-year increase of about 38.0% to 41.5%, and a net profit of approximately 470 to 510 million yuan, a year-on-year growth of about 108.9% to 126.7% [2] - New World Development Company (00086.HK) announced a profit warning, expecting mid-term net profit to increase to no less than 800 million HKD [3] Real Estate Sector - China Overseas Land & Investment (00688.HK) reported a cumulative contract property sales of approximately 132 billion yuan for the first seven months, a year-on-year decrease of 18.3% [4] - Yuexiu Property (00123.HK) recorded a cumulative contract sales of approximately 67.506 billion yuan, a year-on-year increase of about 11.7% [4] - Poly Property Group (00119.HK) reported a cumulative contract sales of approximately 29.5 billion yuan, a year-on-year decrease of 13.49% [5] - China Overseas Hongyang Group (00081.HK) reported a cumulative contract sales of 18.649 billion yuan, a year-on-year decrease of 12.2% [6] - Gemdale Corporation (00535.HK) reported a cumulative contract sales of approximately 6.98 billion yuan for the first seven months, a year-on-year decrease of 37.37% [7] - Agile Group Holdings (03383.HK) reported a pre-sale amount of approximately 5.69 billion yuan for the first seven months [8] Institutional Insights - Zheshang International noted that the fundamentals of the Hong Kong stock market remain weak, with a mixed funding environment and a cautious outlook for the short term [9] - Caitong Securities highlighted that investments in resilient cities and urban village renovations are expected to increase, suggesting a focus on undervalued high-dividend state-owned enterprises and companies benefiting from Xinjiang coal chemical projects [9] - China Galaxy Securities indicated that the business model of AI Agents is shifting from "providing tools" to "delivering value," suggesting investment opportunities in domestic NV chain-related companies and leading vertical SAAS enterprises in the AI Agent space [10]

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7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8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 (-) | | | | | | ...

本文源自：金融界 作者：行情君 8月3日，中国银河维持买入评级,目标价69.58港元。 8月19日，小米集团-W将披露2025财年中报。 小米集团是一家主要以手机、智能硬件和IoT平台为核心的互联网公司，产品包括智能手机、IoT和生活 消费产品、互联网服务产品。公司的商业模式由创新、高质量的硬件，高效新零售和丰富的互联网服务 三个相互协作的支柱组成，致力于降低运营成本并提升效率。 截至2025年一季报，小米集团-W营业总收入1112.93亿元、净利润109.24亿元。 8月4日，小米集团-W(01810)盘中上涨2.06%，截至10:10，报54.5元/股，成交15.2亿元。 ...

凤凰网科技讯 8月1日，小米汽车公布7月交付成绩，交付量超过30000台，同比（2024年7月交付量10000台）增长200%，环比（2025年6月交付量25000台） 增长20%。 据小米官方数据显示，2025年上半年，小米汽车交付量达15万辆以上，而1-7月累计交付新车已超17万台。此前，小米汽车透露2025年全年交付目标为35万 台，按当前交付进度，距离目标还剩18万台。 对于这一交付成绩，小米创办人，董事长兼CEO雷军表示"感谢大家的选择与支持"。 小米集团公关部总经理王化则表示："这是个值得记住的时间点。" 来源：凤凰网 值得注意的是，小米目前仅有北京亦庄工厂投入生产，月产能约为3万辆，难以同时满足SU7和YU7系列的订单需求。而小米YU7作为备受关注的新车型， 自上市以来，截至6月27日中午，锁单量就已突破24万辆。小米官方已宣布，YU7将于今年8月开始大规模交付。 ...

从中证港股通TMT主题指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证港股通TMT主题指数持仓样本的行业来看，通信服务占比55.81%、信息技术占比44.19%。 金融界8月1日消息，上证指数下跌0.37%，中证港股通TMT主题指数 (港股通 TMT，931026)报4601.65 点。 数据统计显示，中证港股通TMT主题指数近一个月上涨5.12%，近三个月上涨15.24%，年至今上涨 35.09%。 据了解，中证港股通TMT主题指数从港股通范围内选取50只TMT主题领域的上市公司证券作为指数样 本，以反映相关行业主题上市公司证券的整体表现。该指数以2014年11月14日为基日，以3000.0点为基 点。 从指数持仓来看，中证港股通TMT主题指数十大权重分别为：腾讯控股（14.42%）、小米集团-W （13.77%）、中国移动（13.69%）、中芯国际（8.44%）、快手-W（7.88%）、长和（4.76%）、联想 集团（3.01%）、中国电信（2.99%）、金蝶国际（2.24%）、中国联通（2.07%）。 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 ...

报告指，根据行业数据，预期今年全球与中国的智能眼镜市场将分别实现43%与1.21倍的同比增长。随 着更多科技企业进入AI眼镜市场，成本优化与生成式AI应用场景的扩展，将在未来数年持续推动需 求，而科技供应链将受惠。当中，主要科技品牌如小米集团-W(01810)，该行予目标价65.91港元;光学元 件厂商如丘钛科技(01478)，目标价13.21港元;扬声器与麦克风零件公司瑞声科技(02018)，目标价63.54 港元，均予"买入"评级。 招银国际发布研报称，持续看好AI眼镜产业的蓬勃发展，认为Ray-Ban Meta眼镜上半年强劲增长逾两 倍、小米AI眼镜50万件出货量目标、各品牌丰富的产品管线，以及持续扩展的生态系统与人工智能功 能及应用场景，将为相关供应链今年下半年的增长铺路。 ...