重仓小米的基金，少了200多只

Core Viewpoint - Xiaomi Group's stock price has experienced a significant decline, prompting the company's founder, Lei Jun, to take measures to support the stock price through share buybacks and personal stock purchases [2][4]. Group 1: Stock Performance and Actions - Xiaomi's stock price has dropped by 40.4% from its historical high of 61.45 HKD on June 27 to a low of 36.62 HKD [2]. - On November 24, Lei Jun purchased 2.6 million shares at approximately 38.58 HKD each, increasing his ownership to 23.26% [2]. - Prior to Lei Jun's purchase, Xiaomi had repurchased 21.5 million shares for a total of 8.11 billion HKD (approximately 7.4 billion RMB) at prices around 37.61 HKD and 37.92 HKD [2]. Group 2: Fund Activity and Market Sentiment - The number of public funds heavily invested in Xiaomi surged from 90 to 130 in Q2 2024, reaching a peak of 487 by Q2 2025 [5][6]. - However, by Q3 2025, the number of funds holding Xiaomi shares plummeted to 266, indicating a nearly 50% reduction in just one quarter [6]. - Notable fund managers, including Xie Zhiyu and Li Xiaoxing, significantly reduced their holdings in Xiaomi during Q3 2025, with several funds dropping Xiaomi from their top ten holdings [7][9]. Group 3: Future Outlook and Challenges - Xiaomi faces critical challenges, including safety controversies surrounding its automotive division and rising memory costs impacting its smartphone business [4]. - Fund managers expressed concerns about declining profitability in the electric vehicle sector, which may affect investor sentiment towards Xiaomi [9][10].