XIAOMI(HK:01810) Guodu Securities Hongkong·2025-11-19 03:02Group 1: Market Overview - The Hang Seng Index closed down 454 points, marking a three-day decline totaling 1,143 points or 4.22% [3] - The overall market turnover was HKD 242.11 billion, with a net inflow of HKD 7.466 billion from northbound trading [3] Group 2: Macroeconomic and Industry Dynamics - The unemployment rate in Hong Kong decreased to 3.8% from 3.9%, with significant declines in sectors such as retail, accommodation, and financial services [6] - Citibank forecasts a 3% rebound in Hong Kong residential prices in 2026, driven by reduced land supply and high rental demand, despite a current inventory of approximately 88,000 units [7] - Macau's GDP for the first three quarters showed a year-on-year growth of 4.2%, with a total of 29.67 million inbound visitors, reflecting a recovery in the economy [8] Group 3: Company-Specific News - Qifu Technology reported a 20.35% year-on-year decrease in net profit for Q3, amounting to RMB 1.436 billion, while total revenue increased by 19.12% to RMB 5.206 billion [10] - Xie Ru Lin's interim loss narrowed to HKD 35.29 million, with a revenue drop of 15.33% to HKD 733 million, as the company continues its business transformation strategy [11] - Baidu's CFO announced that the company has invested over RMB 100 billion in AI since March 2023, with a focus on enhancing content quality in search results [12] - Xiaomi reported a 80.9% increase in adjusted net profit for Q3, reaching RMB 11.311 billion, with significant growth in its electric vehicle segment, achieving operational profitability for the first time [13]