XIAOMI(US:XIACY) 证券时报·2025-09-26 15:17Core Viewpoint - The article discusses a significant adjustment in Chinese concept stocks, highlighting a general decline in the market, particularly in the Nasdaq China Golden Dragon Index, which fell over 2% [2][4]. Market Overview - On September 26, U.S. stock indices opened high but showed mixed performance, with the Dow Jones up 0.36%, while the Nasdaq and S&P 500 indices fell by 0.27% and 0.13%, respectively [1][2]. - The overall decline in Chinese concept stocks is noted, with specific stocks experiencing substantial drops [2][4]. Individual Stock Performance - Notable declines include: - Kingsoft Cloud down over 11% - Zhengye Technology and Daqo New Energy down over 8% - WeRide, GDS, and NIO down over 6% - Bilibili down over 5% [4][5]. - Among leading Chinese tech stocks, Xiaomi Group's ADR fell over 7%, Baidu down over 3%, and Alibaba, NetEase, and JD down over 2% [6]. Xiaomi Group Developments - Xiaomi Group's stock dropped significantly after the launch of its new products, including the Xiaomi 17 series, which had a starting price of 4,499 yuan [7]. - Analysts suggest that the drop was due to short-term profit-taking following a strong pre-launch performance, but Morgan Stanley maintains a positive outlook, predicting strong sales for the Xiaomi 17 series and a target price of 62 HKD [7]. XPeng Motors Expansion - XPeng Motors saw a rise in stock price, announcing its entry into five European markets, including Switzerland and Austria [8]. - The company reported a significant increase in international deliveries, with over 24,702 units delivered from January to August 2025, marking a year-on-year growth of over 137% [9].