资金动向 | 北水抢筹港股超6亿港元，连续11日加仓腾讯

Group 1: Market Activity - Net purchases included Xiaomi Group-W at 1.722 billion, SMIC at 499 million, Alibaba-W at 492 million, Tencent Holdings at 426 million, and Huahong Semiconductor at 372 million [1] - Southbound funds have net bought Tencent for 11 consecutive days, totaling 6.3707 billion HKD; Alibaba for 4 consecutive days, totaling 2.60865 billion HKD; and SMIC for 4 consecutive days, totaling 1.45077 billion HKD [1] Group 2: Company Performance - Xiaomi Group-W is expected to report Q2 2025 earnings on August 19, with smartphone shipments projected to be slightly below previous forecasts, primarily due to a 25% year-on-year decline in the Indian market; global market share reached a historical high of 15% at the cost of declining gross margins [5] - SMIC reported Q2 revenue of 2.209 billion USD, a year-on-year increase of 16.2% but a quarter-on-quarter decrease of 1.7%; Q3 revenue is expected to grow by 5%-7% quarter-on-quarter, with gross margin projected between 18%-20% [6] - Alibaba-W's Tongyi Qianwen released new smaller models, indicating ongoing innovation in AI [6] - Morgan Stanley noted that Pop Mart's platform value may be underestimated, highlighting potential for cultural diversity in its IP and product offerings over the next 3-5 years [6]