财报即将公布，对冲基金已对小米股票转为看空

Core Viewpoint - Hedge funds have turned bearish on Xiaomi stock, with significant short positions expected to persist until the earnings report season due to a lack of catalysts and safety concerns [1][5] Group 1: Stock Performance and Market Sentiment - Xiaomi's stock has declined nearly 30% since reaching a historical high in June [1][3] - Short positions from institutional clients have increased by 53% in the past week, primarily driven by pension funds and hedge funds [2][5] - The consensus among hedge funds is that Xiaomi is a common short/sell target in the short term [5] Group 2: Financial Projections and Analyst Opinions - CITIC Securities projects that Xiaomi will achieve total revenue of 113.2 billion yuan in Q3 2025, a year-on-year increase of 22.3%, and a Non-IFRS net profit of 10.2 billion yuan, up 63% [1] - Despite the bearish sentiment, CITIC Securities maintains a positive outlook on Xiaomi's long-term potential as a leading hard-tech ecosystem company [1][5] - Ping An International also reaffirms a "buy" rating for Xiaomi, anticipating that the automotive business may achieve its first quarterly profit [5] Group 3: Market Position and Product Performance - According to Canalys, Xiaomi's smartphone shipments reached 43.4 million units in Q3 2025, a 1% year-on-year increase, maintaining a 14% global market share [7] - In the Chinese market, Xiaomi's smartphone shipments declined by approximately 2%, with a market share of 15%, ranking fourth [7] - Xiaomi's high-end smartphone series, the Xiaomi 17, achieved record sales shortly after launch, indicating a positive trend in product structure optimization [7] Group 4: Automotive and IoT Business Developments - Xiaomi has delivered 400,000 cars since the launch of its automotive division, with monthly deliveries exceeding 40,000 units in September and October 2025 [8] - The company has introduced a tax subsidy scheme to enhance consumer benefits, aiming for a break-even point in its automotive business [8] - Despite challenges in the IoT sector due to reduced government subsidies, Xiaomi's competitive edge in product quality and supply chain management is expected to remain strong [8]