Core Viewpoint - MKDWELL Tech Inc. has announced a stock repurchase agreement to buy back 34,580,000 ordinary shares at a price of US$0.203 per share, totaling approximately US$7 million, to enhance shareholder value and reflect confidence in the company's growth potential [1][2]. Group 1: Stock Repurchase Details - The stock repurchase involves buying back 34,580,000 ordinary shares at US$0.203 per share, amounting to about US$7 million [1]. - The purchase price reflects the average closing price over the twelve trading days prior to December 16, 2025, excluding the highest and lowest prices [1]. - The closing of the share repurchase is expected within five business days from December 21, 2025, subject to standard closing conditions [1]. Group 2: Company Strategy and Market Position - The Chairman and CEO of MKDWELL Tech Inc. stated that the current share price undervalues the company's business model and long-term growth potential [2]. - The company aims to protect shareholder value through this repurchase while focusing on leveraging AIoT technology to enhance consumer lives [2]. - Despite challenges from macroeconomic volatility and new US tariffs, the company remains committed to its strategic direction [2]. Group 3: Company Background - MKDWELL Tech Inc. was founded in 2006 and is headquartered in Hsinchu Science Park, Taiwan, with a factory in Jiaxing, Zhejiang Province, China [3]. - The company specializes in automotive electronics and smart home products utilizing AIoT technology [3].

Group 1: Market Overview - On December 31, the Hong Kong stock market saw a net inflow of 34.49 billion HKD from northbound funds, with 30.97 billion HKD from the Shanghai Stock Connect and 3.51 billion HKD from the Shenzhen Stock Connect. This marks a record high net inflow of 1.41 trillion HKD for the year, significantly up from approximately 807.9 billion HKD in 2024 [2]. Group 2: Key Stocks - The most net bought stocks by northbound funds included China Merchants Bank (招商银行) with 7.24 billion HKD, Industrial and Commercial Bank of China (工商银行) with 5.88 billion HKD, and China Construction Bank (建设银行) with 5.61 billion HKD [6]. - The most net sold stocks were Zijin Mining (紫金矿业) with a net outflow of 6.82 billion HKD and Tencent (腾讯) with a net outflow of 6.46 billion HKD [7]. Group 3: Sector Performance - The banking sector is expected to benefit from a stable macro-financial environment, with projections indicating that bank interest margins may have bottomed out and risks in the real sector are easing. This is anticipated to lead to income and profit recovery in the banking industry [6]. - Semiconductor stocks, particularly SMIC (中芯国际), received significant net buying, with 3.91 billion HKD, driven by price increases in the 8-inch BCD process platform by approximately 10% [6]. Group 4: Specific Company Insights - Jiangxi Copper (江西铜业) saw a net inflow of 1.58 billion HKD, while Zijin Mining faced a net outflow of 6.82 billion HKD. The National Development and Reform Commission emphasized the need for optimizing the management of the copper smelting industry, which may impact future production levels [7]. - Xiaomi Group (小米集团) received a net inflow of 2.37 billion HKD, supported by government policies promoting consumer electronics [7].

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company is a global leader in IoT solutions, focusing on wireless communication modules and solutions, and is well-positioned to benefit from the growth in AI and 5G technologies [6][14] - The global IoT connection numbers are expected to grow significantly, with projections of reaching 2.97 billion connections by 2027, indicating a vast market potential [6][46] - The company has shown strong revenue growth, with a projected increase in EPS to 3.78 and 4.84 yuan for 2025 and 2026, respectively, reflecting a robust business model [6][28] Summary by Sections 1. Technology and Market Position - The company has established itself as a key player in the IoT ecosystem, providing comprehensive solutions that include wireless communication modules, antennas, and IoT software platforms [14][18] - The company has a strong focus on R&D, with multiple research centers globally, enhancing its capability to innovate and meet diverse market needs [15][18] 2. Market Growth and Demand - The demand for IoT modules is driven by the increasing number of connected devices and the integration of AI applications, with a forecasted compound annual growth rate (CAGR) of 19.4% for the global IoT market from 2022 to 2027 [46][50] - The company is well-positioned to capitalize on the growth of AIoT and edge computing, which are expected to drive significant demand for AI-enabled hardware [62][66] 3. Financial Performance - The company's revenue is projected to grow from 112.62 billion yuan in 2021 to 185.94 billion yuan by 2024, with a CAGR of 18.19% [28][30] - In the first three quarters of 2025, the company reported a revenue of 178.77 billion yuan, a year-on-year increase of 34.96%, and a net profit of 7.33 billion yuan, up 105.65% [28][30] 4. R&D and Innovation - The company has consistently increased its R&D expenditure, reaching 13.94 billion yuan in the first three quarters of 2025, which represents 7.80% of its revenue [34][35] - The number of R&D personnel has also grown significantly, indicating a strong commitment to innovation and product development [34][35] 5. Competitive Landscape - The company maintains a leading position in the global IoT module market, with significant market share in both domestic and international markets [59] - Competitors include China Mobile and SIMCom, but the company continues to outperform in terms of innovation and market presence [59]

Group 1 - The core point of the article is that Xiaomi's founder Lei Jun announced a delay in a planned New Year's live stream event due to illness, which was originally scheduled for December 31 and has been postponed to January 3 [3][5]. - The live stream was intended to feature a live disassembly of the YU7 model, following a similar video of the SU7, with engineers participating in the discussion [5][6]. - Xiaomi's SU7, an electric sedan, is set to be officially delivered on April 3, 2024, after its launch event on March 28, 2024 [6]. Group 2 - Xiaomi's third-quarter financial results show a revenue of 113.12 billion yuan, representing a year-on-year growth of 22.3%, and an adjusted net profit of 11.31 billion yuan, which is an increase of 80.9% [8]. - The revenue from the smartphone and AIoT segment was 84.11 billion yuan, a slight increase of 1.6%, while the revenue from the smart electric vehicle and AI innovation segment reached 29.01 billion yuan, marking a record high with a year-on-year growth of 199.2% [8].

Core Viewpoint - The article discusses the emergence of "Hey Tuya," an AI life assistant developed by Tuya Smart, which integrates software and hardware to create a seamless smart home experience, moving beyond simple command responses to proactive engagement in daily life [6][46]. Group 1: AI Life Assistant Features - "Hey Tuya" allows users to control smart home devices through a unified interface, enabling actions like adjusting lighting and temperature with simple voice commands [8][16]. - The assistant can manage home security by providing real-time updates and alerts, such as recognizing delivery personnel through camera feeds [23][24]. - It offers energy management solutions, allowing users to set automated energy-saving strategies for their devices [30][31]. Group 2: User Interaction and Personalization - The AI can create to-do lists and reminders based on natural language conversations, adapting to users' habits and schedules [32][35]. - "Hey Tuya" can simulate a user's voice in meetings, recording discussions and generating structured meeting notes [37][38]. - It provides nutritional analysis of meals through image recognition, helping users track their dietary habits [40][42]. Group 3: Technological Infrastructure - The underlying architecture of "Hey Tuya" is based on Tuya's Physical AI Engine (PAE), which enables real-time collaboration between AI and physical devices [46][47]. - PAE includes three core engines: Conversational AI Engine, Vision AI Engine, and IoT Intelligence Engine, facilitating complex interactions across various environments [50][51]. - The system employs a long-term memory mechanism to learn user preferences and behaviors over time, enhancing its responsiveness [53][54]. Group 4: Company Background and Market Position - Tuya Smart, founded in June 2014, has evolved from a device connectivity platform to a leading AI cloud service provider, focusing on AIoT integration [56][59]. - As of September 30, 2025, Tuya has over 1.622 million registered developers across more than 200 countries, showcasing its extensive global reach [60]. - The company's AIoT ecosystem encompasses over 3,000 product series across eight categories, positioning it as a key player in the smart home and IoT market [61][62].

摩根士丹利发布研报称，中国官方明确2026年"两新"政策的支持范围和补贴标准，智能手机、平板电 脑、智能手表和智能眼镜将继续提供售价15%的折扣，单件最多获500元人民币补贴，而冰箱、洗衣 机、电视、空调、电脑和热水器，单件最多获1,500元人民币补贴。该行认为，新公布的政策对技术硬 件行业是一个积极的催化剂，因为市场预期补贴会减少，而非保持不变。 对于消费电子产品，15%的 补贴仍然利好小米集团-W(01810.HK) 明年的AIoT业务。 小米集团-W港股市值10048.7亿港元，在电子制造行业中排名第1。主要指标见下表： 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 投行对该股的评级以买入为主，近90天内共有19家投行给出买入评级，近90天的目标均价为58.12港 元。光大证券最新一份研报给予小米集团-W买入评级。 机构评级详情见下表： ...

大摩提到，2026年的国补政策与2025年相比，在技术硬件产品方面几乎相同，但新增了智能眼镜至补贴 清单。对于消费电子产品，补贴由2025年的20%略微下降至2026年的15%，上限亦从2,000元人民币降至 1,500元人民币。 摩根士丹利发布研报称，中国官方明确2026年"两新"政策的支持范围和补贴标准，智能手机、平板电 脑、智能手表和智能眼镜将继续提供售价15%的折扣，单件最多获500元人民币补贴，而冰箱、洗衣 机、电视、空调、电脑和热水器，单件最多获1,500元人民币补贴。该行认为，新公布的政策对技术硬 件行业是一个积极的催化剂，因为市场预期补贴会减少，而非保持不变。对于消费电子产品，15%的补 贴仍然利好小米集团-W(01810)明年的AIoT业务。 ...

Core Viewpoint - Longqi Technology (龙旗科技) is preparing for its IPO on the Hong Kong Stock Exchange, with Citigroup, Haitong International, and Guotai Junan International acting as joint sponsors [1]. Company Overview - Longqi Technology is a leading global provider of smart products and services, offering solutions for renowned smart product brands and leading technology companies, including product research, design, manufacturing, and support [4]. - The company ranks as the second-largest consumer electronics ODM manufacturer globally, with a market share of 22.4% based on 2024 ODM shipment volume, and is the largest smartphone ODM manufacturer with a 32.6% market share [4]. Product Portfolio - The company has developed a comprehensive smart product ecosystem compatible with popular platforms like Android and Windows, structured around a "1+2+X" framework: - "1" focuses on smartphones as the core business - "2" emphasizes personal computing and automotive electronics - "X" includes emerging consumer electronics such as tablets, wearables, TWS headphones, and smart glasses [5]. Financial Performance - Longqi Technology's revenue for the fiscal years 2022, 2023, and 2024 is projected to be approximately RMB 293.43 billion, RMB 271.85 billion, and RMB 463.82 billion, respectively [5]. - The revenue breakdown for 2024 indicates that smartphone products will generate RMB 361.33 billion (77.9% of total revenue), tablet business will contribute RMB 36.96 billion (8%), and AIoT business will see rapid growth with RMB 55.73 billion (12%) [5]. - The company reported net profits of approximately RMB 5.62 billion, RMB 6.03 billion, and RMB 4.93 billion for the fiscal years 2022, 2023, and 2024, respectively [5].

Core Viewpoint - Dahua Technology has evolved from a video surveillance company to a leader in the smart IoT sector, emphasizing the importance of technology as its core competitive advantage since its establishment in 2001 [1][4]. Group 1: Company Evolution and Strategy - Dahua has invested a total of 29.632 billion yuan in R&D over the past 16 years, reflecting its commitment to product quality and innovation [1]. - The company has transitioned from being a device manufacturer to a builder of a digital ecosystem, focusing on AIoT and smart solutions [4][5]. - Dahua's approach to "big video" has shifted from merely enhancing hardware capabilities to integrating knowledge and decision-making processes into its visual systems [6]. Group 2: Technological Innovations - Recent innovations include the "Jinghong Lingxi" product, which addresses traditional equipment limitations by integrating advanced hardware and algorithms for improved data capture [8]. - The "Night Vision King 2.0" product enhances nighttime imaging capabilities, achieving a 30% improvement in color restoration through proprietary AIISP architecture [8][9]. - Dahua's "Five Full Capabilities" framework emphasizes a systematic approach to technology development, integrating various disciplines to meet diverse industry needs [9]. Group 3: R&D and Management Practices - In the first half of 2025, Dahua's R&D investment reached 1.984 billion yuan, a 4.37% increase year-on-year, with over 50% of its workforce in technical roles [11]. - The company aims to maintain an R&D output conversion rate of around 80%, balancing innovation with market needs [11]. - Dahua employs a platform and modular strategy to address both general and specific industry requirements, enhancing its ability to provide tailored solutions [13]. Group 4: Future Directions and Vision - The company plans to enhance its multi-dimensional perception capabilities and integrate knowledge with perception to support intelligent decision-making [15]. - Dahua aims to build a collaborative innovation network across the entire industry ecosystem, focusing on sustainable technological and commercial growth [15].

Summary of Xiaomi Corp. (1810.HK) Conference Call Company Overview - **Company**: Xiaomi Corp. (1810.HK) - **Event**: Xiaomi Launch Winter 2025 - **Date**: December 25, 2025 Key Highlights Smartphone Segment - **Launch of 17 Ultra Series**: - Introduced two models: 17 Ultra and 17 Ultra by Leica - Prices increased by Rmb500-700 compared to the previous generation, now priced at Rmb7,000-8,500 [1] - Continued premiumization strategy with a record high sales mix of 80%+ for the 17 Pro & Pro Max models [1] - **Camera Technology**: - 17 Ultra features a 3-camera module with: 1. A new 1-inch main sensor OmniVision 1050L for improved dynamic range and noise reduction 2. A 200MP periscope telephoto camera with Leica APO optical certification 3. A Leica edition with a mechanical zoom ring for user adjustments [1] - **HyperConnect Features**: - New screen mirroring capabilities for Xiaomi devices on Apple products [1] AIoT (Artificial Intelligence of Things) - **Smart Appliance Factory**: - Mass production began in late October with a capacity of 7 million AC units annually - Factory is highly automated with 100% automation in injection molding and smart logistics coverage of 94% [1] - Aims for long-term cost reduction and improved efficiency [1] AI Development - **Accelerated AI Progress**: - Series of foundational models released, including MiMo-V2-Flash and MiMo-Embodied - Focus on integrating AI with physical products, with plans for an AI-native consumer terminal by 2026 [1] - **Consumer Demand**: - Recent release of Doubao AI Smartphone Assistant indicates strong consumer interest [1] Future Outlook - **Premiumization Strategy**: - Targeting further penetration into the Rmb6,000+ segment in China with an expected 5 million gross user inflows from Apple in 2025 [1] - Plans to accelerate premium shipment penetration in overseas markets [1] - **Upcoming Developments**: - Anticipation of EV Phase II factory mass production and new EV model filings [8] Financial Projections - **Revenue Growth**: - Projected revenue CAGRs of 24% and 28% for 2024-2027 [16] - **Investment Rating**: - Rated as "Buy" with a 12-month target price of HK$53.50, representing a 36.4% upside from the current price of HK$39.22 [20] Risks - **Market Competition**: - Increased competition and potential market share losses in the global smartphone industry [19] - **Operational Challenges**: - Risks related to gross profit margin pressures and execution on premiumization and EV business [19] - **Geopolitical and Economic Factors**: - Potential impacts from geopolitical risks, regulatory uncertainties, and macroeconomic conditions [19] Conclusion - Xiaomi is positioned for significant growth through its premiumization strategy and advancements in AI and AIoT, with a strong focus on integrating technology into consumer products. The company faces challenges from competition and market dynamics but remains optimistic about its future prospects.