Core Viewpoint - Xiaomi's stock price is currently experiencing volatility, with technical indicators suggesting a potential short-term rebound despite being in an oversold condition [1][12]. Technical Analysis - As of August 13, 2025, Xiaomi's stock price is at 52.5 HKD, showing a 1.55% increase. The RSI indicator is at 31, indicating an oversold condition. The stock price has fallen below the 10-day moving average (52.98 HKD) and the 30-day moving average (56.02 HKD), but is supported near the 60-day moving average (54.97 HKD) [1]. - The William and stochastic indicators are signaling a buy, contrasting with the MACD sell signal, suggesting a possible technical rebound in the short term [1]. - Key support levels are identified at 49.7 HKD and 46.4 HKD, while resistance levels are at 54.5 HKD and 57 HKD. A significant market volatility is indicated by an 8% fluctuation over five days [3]. Market Sentiment - Recent trading activity shows a capital inflow of 35 million HKD into Xiaomi's call options over the past five trading days, indicating investor interest in capitalizing on potential rebounds [1]. - The stock has seen fluctuations, with a recent low of 50.1 HKD and a previous high of over 60 HKD, reflecting investor concerns amid competitive pressures in the automotive sector [1]. Derivative Products Performance - Recent recommendations for derivative products have shown strong performance, with certain bull certificates experiencing gains of 30% and 24% in a short period, demonstrating the effectiveness of leveraged products in a rebound scenario [5]. - New recommendations for call options include HSBC's call option with a strike price of 60.65 HKD and a leverage of 7.2 times, suitable for speculative rebound plays [8]. Investment Strategy - Investors are advised to monitor the support level at 49.7 HKD closely. If this level holds, there may be opportunities for gradual accumulation [3]. - For bearish investors, options with lower strike prices and higher leverage are available, providing hedging opportunities against potential declines [8][10].

Group 1 - The core viewpoint of the reports indicates that Xiaomi Group's valuation has become attractive after a 16% pullback from recent highs, with a maintained "buy" rating and a slight target price adjustment from HKD 75.25 to HKD 74.4 [1] - The revenue forecast for Xiaomi for Q2 2025 has been slightly reduced from RMB 123 billion to RMB 114 billion, and the adjusted net profit forecast has been lowered from RMB 10.9 billion to RMB 10.4 billion, reflecting factors such as a slight increase in smartphone shipments to 42.5 million units but a decrease in gross margin due to a higher low-end product mix and rising storage costs [1] - The expectation is that Xiaomi's innovative business segments, including smart electric vehicles and AI, will further reduce losses in Q2 and are anticipated to become profitable in the second half of the year, although the sales forecast for 2025 has been slightly adjusted down to 400,000 units due to delays in factory production [1] Group 2 - Despite the expectation that Xiaomi's smart electric vehicle business will enter a profitable phase in the second half of 2025, the valuation method for this segment will continue to use the price-to-sales (P/S) ratio due to capacity constraints and investments in AI and other new businesses, which may not fully reflect the profitability and growth prospects [2] - Based on a P/S ratio of 4 times for 2026, the valuation for the electric vehicle segment is maintained at HKD 30.4 per share [2]

Group 1 - The core viewpoint is that Xiaomi Group's valuation has become attractive after a 16% pullback from recent highs, with a maintained "buy" rating and a slight target price adjustment from HKD 75.25 to HKD 74.4 [1] - The revenue forecast for Xiaomi's Q2 2025 has been slightly lowered from RMB 123 billion to RMB 114 billion, and the adjusted net profit forecast has been reduced from RMB 10.9 billion to RMB 10.4 billion, reflecting factors such as increased low-end product mix and rising storage costs [1] - Xiaomi's smartphone shipments are expected to be 42.5 million units, showing a slight quarter-on-quarter increase, but the gross margin is anticipated to decline slightly due to the aforementioned factors [1] Group 2 - Xiaomi's innovative business segments, including smart electric vehicles and AI, are expected to further reduce losses in Q2 and are projected to become profitable in the second half of the year [1] - The sales forecast for the electric vehicle segment has been slightly adjusted down to 400,000 units for 2025, while the 2026 forecast of 700,000 units has potential for upward revision [1] - The valuation method for Xiaomi's electric vehicle business will continue to use the price-to-sales (P/S) ratio due to capacity constraints and investments in new businesses, with a maintained valuation of HKD 30.4 per share based on a P/S ratio of 4 for 2026 [2]

摩根大通发布研报称，小米集团-W(01810)过去一个月表现跑输大市，股价累跌10%，对比同期恒指累 升约1.5%，相信是由于市场对下半年智能手机及物联网等核心业务盈利放缓感到忧虑，符合小摩今年3 月将其投资评级下调至"中性"时的观点。小摩维持小米的"中性"评级及目标价60港元。 小摩目前预测小米2025年智能手机收入仅增长5%，物联网业务收入料增长36%，当中下半年增速料各 明显放缓。电动车交付量自2025年3月以来维持每月约3万辆水平，新车型YU7需求仍然强劲。考虑到市 场已开始下调小米2025下半年及2026年核心盈利预测，小摩将该公司列入正面催化观察名单，预期电动 车交付数据将于未来数月回升，预料今年第四季可增长至每月交付4万辆，或推动股价在未来3至4个月 内上涨15%至20%。 ...

当地时间8月12日，美股主要指数全线高开高走，中国资产亦表现亮眼。 深夜大涨。 8月12日亚洲交易时段，A股整体强势，三大股指齐创年内新高，沪指斩获7连阳。此外，截至8月11日，沪深两市融资余额实现重要突破，时隔十年再次 突破两万亿元大关。 近日，国际机构对中国资产的关注度持续上升。2025年以来，多家外资机构上调对中国股市评级：高盛7月末将MSCI中国指数未来12个月的目标点位从85 点上调至90点；野村证券将评级从中性升至战术超配等；此外，瑞银、摩根士丹利等多家外资机构发布的最新股票观点中均持续看好中国股市。 同时，标普国际信用评级公司近日发布报告，决定维持中国主权信用评级"A+"和展望"稳定"不变。财政部有关负责人表示，标普报告对中国经济增长韧 性和债务管控成效高度认可，体现了对中国经济向好前景的信心。从长远来看，中国经济基础稳、优势多、韧性强、潜力大，支撑高质量发展的积极因素 不断积累。 截至发稿，纳斯达克中国金龙指数涨幅超过1%。 热门中概股中，腾讯音乐涨超13%，中金科工业、小牛电动、奇富科技等涨幅超过5%。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | ...

Market Performance - Major US stock indices opened higher, with the Nasdaq China Golden Dragon Index rising over 1% [1] - Asian trading session saw A-shares performing strongly, with all three major indices reaching new highs for the year, and the Shanghai Composite Index achieving a seven-day winning streak [9] - The FTSE China A50 Index futures also saw gains, turning positive during trading [7] Notable Chinese Stocks - Tencent Music surged over 13%, while other notable Chinese stocks like Zhonghe Technology, Niu Technologies, and QFIN also saw increases exceeding 5% [3][4] - The Wande China Technology Leaders Index rose over 1.6%, with Xiaomi Group ADR up over 3%, and JD Group, Pinduoduo, and Meituan ADR all increasing by more than 2% [5][6] Foreign Investment Sentiment - International institutions have increased their focus on Chinese assets, with several foreign institutions upgrading their ratings for the Chinese stock market since 2025 [9] - Goldman Sachs raised its 12-month target for the MSCI China Index from 85 to 90 points, while Nomura Securities upgraded its rating from neutral to tactical overweight [9] - S&P Global maintained China's sovereign credit rating at "A+" with a stable outlook, reflecting confidence in China's economic resilience and debt management [9] US Economic Indicators - The US July CPI data showed a month-on-month increase of 0.2%, matching expectations, while the year-on-year increase was 2.7%, slightly below the forecast of 2.8% [12] - Following the CPI release, traders adjusted their bets on a potential interest rate cut by the Federal Reserve in September [13]

Market Performance - Major US stock indices opened higher, with the Nasdaq China Golden Dragon Index rising over 1% [1] - The Dow Jones Industrial Average increased by 1.07%, the Nasdaq by 0.89%, and the S&P 500 by 0.82% [10] Chinese Stocks - Tencent Music surged over 13%, while other notable Chinese stocks like Zhonghe Industrial, Niu Technologies, and QFIN rose more than 5% [3] - The Wande China Technology Leaders Index increased by over 1.6%, with Xiaomi Group ADR up over 3%, and JD Group, Pinduoduo, and Meituan ADR rising over 2% [5] Financing and Ratings - The financing balance of the Shanghai and Shenzhen stock markets surpassed 2 trillion yuan for the first time in ten years [9] - International institutions have raised their ratings for Chinese stocks, with Goldman Sachs increasing its MSCI China Index target from 85 to 90 points [9] - S&P maintained China's sovereign credit rating at "A+" with a stable outlook, reflecting confidence in China's economic resilience and debt management [9] Currency Movement - The offshore RMB against the US dollar also appreciated, rising by over 90 basis points [11]

Core Viewpoint - The article highlights a significant rise in both U.S. and Chinese stock markets, with notable performances from Chinese concept stocks and a positive outlook from international institutions regarding Chinese assets [2][12][13]. Group 1: U.S. Market Performance - On August 12, major U.S. indices opened high and continued to rise, with the Dow Jones up over 1%, Nasdaq nearly 0.9%, and S&P 500 up over 0.8% [13][14]. - The U.S. July CPI data showed a month-on-month increase of 0.2%, aligning with expectations, while the year-on-year increase was 2.7%, slightly below the forecast of 2.8% [15]. Group 2: Chinese Market Performance - The Nasdaq China Golden Dragon Index rose over 1%, with Tencent Music leading the gains at over 13% [2][4]. - The FTSE China A50 Index futures also saw a rebound, indicating strong performance in the Chinese market [8]. - The Shanghai Composite Index achieved a seven-day winning streak, marking a significant milestone as the financing balance in the Shanghai and Shenzhen markets surpassed 2 trillion yuan for the first time in ten years [12]. Group 3: International Institutions' Outlook - Several international institutions have raised their ratings for the Chinese stock market, with Goldman Sachs increasing its target for the MSCI China Index from 85 to 90 points [12]. - S&P maintained China's sovereign credit rating at "A+" with a stable outlook, reflecting confidence in China's economic resilience and debt management [12].

Core Viewpoint - Xiaomi Group is a leading internet company focused on smartphones, smart hardware, and IoT platforms, with a strong emphasis on innovation and operational efficiency [1][2]. Financial Performance - As of the first quarter of 2025, Xiaomi Group reported total revenue of 111.29 billion yuan and a net profit of 10.92 billion yuan [2]. - The company is set to disclose its mid-year financial report for the fiscal year 2025 on August 19 [2]. Stock Performance - On August 12, Xiaomi Group's stock price increased by 2.07%, reaching 51.85 yuan per share, with a trading volume of 5.81 billion yuan [1].

Summary of Key Points Core Viewpoint - On August 11, the Hang Seng Index rose by 0.19%, with southbound funds totaling a transaction amount of HKD 115.814 billion, resulting in a net inflow of HKD 0.38 million [1]. Group 1: Southbound Fund Transactions - The total transaction amount for southbound funds was HKD 115.814 billion, with buy transactions at HKD 57.926 billion and sell transactions at HKD 57.888 billion, leading to a net buy of HKD 0.38 million [1]. - The southbound trading through the Shenzhen Stock Connect amounted to HKD 46.075 billion, with net buying of HKD 2.19 million, while the Shanghai Stock Connect saw a net sell of HKD 1.80 million [1]. Group 2: Active Stocks - The most actively traded stock by southbound funds was SMIC, with a total transaction amount of HKD 54.92 billion, followed by Tencent Holdings and Xiaomi Group-W with transaction amounts of HKD 34.86 billion and HKD 32.18 billion, respectively [1]. - Xiaomi Group-W had the highest net buy amount of HKD 5.62 million, despite a closing price drop of 0.88%, while XPeng Motors had the highest net sell amount of HKD 6.65 million, with a closing price increase of 5.36% [1]. Group 3: Continuous Net Buying - Two stocks, 康方生物 (Kangfang Biotech) and 小米集团-W (Xiaomi Group-W), experienced continuous net buying for more than three days, with net buying amounts of HKD 27.57 million and HKD 11.82 million, respectively [2].