Core Viewpoint - Xiaomi is expanding its presence in Japan by opening physical stores, aiming to introduce its smart home ecosystem and increase its market share in the country [1][3]. Group 1: Store Openings - Xiaomi announced the opening of two stores in Saitama Prefecture, with the first store set to open on March 22 at "Aeon Mall Urawa Misono" and the second on April 5 at "Aeon Mall Kawaguchi" [2]. - The total area of the two stores will be approximately 130 square meters and 100 square meters, respectively, with a target of attracting 10,000 to 20,000 customers per month [2]. Group 2: Product Offering and Strategy - The stores will feature over 160 products, including smartphones, smartwatches, TVs, and robotic vacuum cleaners, showcasing a smart home experience centered around smartphones [1][3]. - Xiaomi plans to open 5 to 10 stores in the Tokyo area by 2025 and is considering expanding its business across Japan [1][3]. Group 3: Market Position and Future Plans - According to MM Research Institute, Xiaomi's smartphone market share in Japan is projected to be 4.7% in 2024, ranking fifth [3]. - The company aims to shift its focus from online sales, primarily targeting young consumers, to attracting family users through physical stores, leveraging the success of its previous limited-time store in Shibuya [3].

Core Viewpoint - The rapid advancement of artificial intelligence (AI) technology has led to significant societal challenges, particularly concerning issues like AI-generated face and voice manipulation, which can result in legal violations and personal harm [2][5][3]. Group 1: AI Technology and Legal Concerns - AI technology has seen rapid breakthroughs, leading to popular applications such as AI face-swapping and voice imitation, but these have also created new legal challenges [2]. - The misuse of AI face-swapping and voice imitation can lead to serious legal issues, including violations of portrait rights and personal information, as well as potential fraud [5][3]. - There is a call for proactive legislation to address the challenges posed by AI technology, as the current legal framework may not adequately cover the emerging risks [3][5]. Group 2: Xiaomi's Strategic Developments - Xiaomi's long-term strategy focuses on creating an integrated ecosystem involving people, vehicles, and homes, with significant investments in core technologies [7]. - Over the past five years, Xiaomi has invested approximately 105 billion yuan in research and development, leading to transformative changes within the company [8]. - The recent launch of the Xiaomi SU7 Ultra, priced at 529,900 yuan, exceeded sales expectations, indicating a successful entry into the luxury car market [8]. Group 3: Market Performance - As of the latest market close, Xiaomi's stock price was 54.35 HKD, with a market capitalization of 1.3 trillion HKD, reflecting a 57% increase since the beginning of the year [9].

Core Insights - The report recommends several stocks, including Tencent Holdings, Xiaomi Group, Leap Motor, Mingyang Electric, Dongmu Co., Bojun Technology, Jinggong Technology, and Xinjie Electric, indicating a focus on sectors such as media, automotive, and new energy [1] - The upcoming Two Sessions are expected to emphasize fiscal support for the development of new productivity, with the government likely to issue long-term special bonds to support strategic emerging industries [1] - The report anticipates that significant investments will flow into advanced manufacturing sectors, including semiconductors and artificial intelligence, to accelerate technological breakthroughs and industrial upgrades [1] Company Summaries Tencent Holdings (00700.HK) - Tencent is the largest social platform in China, with a robust user base supporting its various business segments, including a gaming market share of 48.2% in 2023 [9][11] - The company is expected to benefit from the growth of its gaming sector, with projected net profits of 1,703.64 million, 1,911.76 million, and 2,162.84 million for 2024-2026, reflecting growth rates of 47.86%, 12.22%, and 13.13% respectively [11] Xiaomi Group (01810.HK) - Xiaomi is a leading global smartphone company, with smartphone revenue consistently exceeding 50% of total revenue, reaching 54.67% in the first three quarters of 2024 [13] - The company is advancing its "human-vehicle-home" ecosystem strategy and aims to become a global leader in hard technology, with projected adjusted net profits of 253.15 million, 319.16 million, and 383.86 million for 2024-2026 [14] Leap Motor (09863.HK) - Leap Motor focuses on the high cost-performance market, with a product matrix that includes five models and monthly sales exceeding 20,000 units as of June 2024 [15][17] - The company has partnered with Stellantis to expand into overseas markets, with plans to launch products in nine European countries by the end of 2024 [16] Mingyang Electric (301291.SZ) - Mingyang Electric anticipates a net profit of 600-700 million for 2024, driven by growth in the renewable energy sector and data center construction [18] - The company is expected to benefit from the increasing demand for offshore wind power, with projections of 10-15 GW of new installations in 2025 [19] Dongmu Co. (600114.SH) - Dongmu Co. is a leading manufacturer in powder metallurgy and soft magnetic materials, with a revenue of 2.353 billion in the first half of 2024, reflecting a year-on-year growth of 33.50% [23] - The company is positioned to benefit from the growing demand for foldable screens, with a projected CAGR of 30% in foldable smartphone shipments from 2024 to 2028 [24] Bojun Technology (300926.SZ) - Bojun Technology has seen significant growth, with revenues of approximately 2.6 billion in 2023, a year-on-year increase of about 87% [27] - The company is expanding its modular business and has secured orders totaling 7.1 billion, ensuring high growth potential for the next three years [27] Jinggong Technology (002006.SZ) - Jinggong Technology is a leader in carbon fiber equipment, with a market share of over 50% in China, benefiting from the increasing demand in commercial aviation and new energy vehicles [31][32] - The company expects revenues of 1.776 billion, 2.019 billion, and 2.504 billion for 2024-2026, with corresponding net profits of 212 million, 258 million, and 357 million [32] Xinjie Electric (603416.SH) - Xinjie Electric has shown a revenue growth of 10.93% in the first half of 2024, with a net profit increase of 21.74% [33] - The company is positioned to benefit from the recovery of high-end manufacturing and increased capital expenditure in the manufacturing sector [34]

Investment Rating - Industry Rating: Overweight [1] - Previous Rating: Overweight [1] - Rating Change: Maintained [1] Core Insights - DeepSeek represents the transition of domestic AI technology from catching up to leading, indicating a potential revaluation of Chinese tech assets [1] - The selected "Big 7" Hong Kong tech stocks include Alibaba, Tencent, Xiaomi, Meituan, SMIC, BYD, and Horizon Robotics, based on industry influence and technological innovation capabilities [1] Summary by Company Alibaba - Alibaba is one of China's largest tech companies, with a business scope covering e-commerce, cloud computing, local services, and international digital commerce [12] - The core competitiveness lies in the "data-technology-scenario" closed loop, with significant advantages in AI model training due to massive consumer behavior data [12][13] - Collaboration with Apple to develop localized AI features for the Chinese version of the iPhone may lead to a revaluation of Alibaba's cloud and AI business [13] Tencent - Tencent is a leading player in China's internet ecosystem, with a strong "social + content" super-ecosystem that forms a solid barrier to entry [2][14] - Future growth is expected to be driven by innovations powered by AI technology, with applications in enterprise services and consumer-facing products [15] Xiaomi - Xiaomi is a leading consumer electronics and smart manufacturing company, focusing on smartphones, smart hardware, and IoT platforms [3][17] - The company has connected 822.2 million IoT devices, showing a 25.6% year-on-year growth, and aims to deepen its "human-vehicle-home" ecosystem strategy [17][18] - The automotive sector is expected to become a second growth curve, with AI integration enhancing user experience and creating new revenue streams [18] Meituan - Meituan is a super platform in China's local service sector, focusing on the digitalization of various scenarios including food delivery and travel [4][19] - The company's competitive edge lies in its super app ecosystem and instant delivery system, which creates a high-frequency traffic entry point [19][20] - Future growth will benefit from structural upgrades in the local service market and technological innovation [20] SMIC - SMIC is a leader in China's integrated circuit manufacturing, focusing on both mature and advanced process chip production [5][22] - The company has a strong manufacturing capability and localized supply chain, which positions it well to meet the growing semiconductor demand [22][23] - Future growth is expected to be driven by the continuous demand for semiconductors and technological upgrades [23] BYD - BYD is a global leader in the new energy vehicle sector, with a projected sales volume of over 4.27 million vehicles in 2024 [6][24] - The company has significant advantages in technology, cost, innovation, and distribution channels, which solidify its leadership position [24][25] - The "smart driving equality" strategy is expected to deepen BYD's leadership in the automotive industry [25] Horizon Robotics - Horizon Robotics is a leading supplier of advanced driver-assistance systems (ADAS) and high-level autonomous driving solutions [7][27] - The company has a competitive advantage through software-hardware collaboration, high efficiency, and an open ecosystem for customized development [27][28] - Future prospects include a strong entry into the high-performance computing market with its J6P chip, marking a significant leap in capabilities [29]

设 计 / 赵昊然 事情缘于一次编辑部选题会上，聊起哪家车企更有资格当选年度车企，没想到记者编辑说出的答案 相当分散，各说各理。 这让我们对这个几乎年年做、自己都几乎失去兴趣的话题又重新好奇起来。是的，选题年年做，还 有很多媒体年年评奖，但它依旧是令人好奇的——谁是最能代表2024年中国汽车的那一个？ 每位记者编辑都有自己心目中的答案，我们把这个名单放出来，附上记者认为的理由，欢迎文末投 票，选出读者心目中的年度车企。 因为记者编辑人数有限，这是一份范围不大的候选名单，它们是：吉利、小米、奇瑞、理想、赛力 斯、小鹏、零跑，候选理由如下。 吉利：全方位进化 撰 文 / 编辑部 优秀的业绩表现是年度车企的必要条件，但不能只有业绩，还需考虑在技术创新、战略布局、企业 治理、商业伦理等层面的努力和成绩。 综合所有维度，吉利可以说是各方面最均衡的选手。 业绩方面，吉利汽车2024全年总销量2176567辆，同比增长超32%，超额完成全年销量200万目标， 创历史新高。 新能源汽车销量888235辆，同比增长92%，超额完成全年销量目标。其中新锐品牌吉利银河全年销 量494440辆，同比增长约80%。 银河2024年上市 ...