11月25日，南下资金今日净买入港股111.66亿港元。 北水关注个股 其中：净买入阿里巴巴-W 56.16亿、快手-W 5.71亿、赣锋锂业2.46亿、小米集团-W 2.31亿、中国移动 1.64亿、优必选1.25亿、龙蟠科技1.2亿；净卖出中国海洋石油2.02亿、中芯国际1.76亿。 小米：中信建投认为，目前实现盈利的新能源车企仍属少数，中国新能源汽车行业在经历多年高速扩张 后正进入整合出清的关键阶段，盈利能力成为下一阶段竞争的核心指标。小米汽车的规模化盈利表明头 部玩家正通过技术自研、供应链整合与组织效率的提升推动经营模型走向成熟。展望未来两年，具备垂 直整合能力、软件生态优势及成本控制优势的企业有望进一步拉大差距，行业竞争将从"扩张比拼"转 向"效率驱动"的新一轮结构性分化周期。 据统计，南下资金已连续9日净买入阿里，共计230.03亿港元；连续3日净买入小米，共计19.8355亿港 元；连续3日净买入快手，共计16.2632亿港元；连续4日净卖出中芯国际，共计14.09亿港元。 快手：港交所公告显示，11月25日以每股45.100港元至46.650港元的价格回购200.00万股，回购金额达 9187 ...

Group 1 - Xiaomi Group's stock rebounded over 4% on November 25, closing above 40 HKD [1] - Founder Lei Jun invested over 100 million HKD to purchase 2.6 million shares at an average price of approximately 38.58 HKD per share, increasing his ownership to 23.26% [3] - Xiaomi has repurchased 21.5 million shares for over 800 million HKD on November 20 and 21, with a total repurchase amount exceeding 2.3 billion HKD this year [3] Group 2 - Xiaomi's stock price fell from a high of 59.9 HKD in October to a low of 36.62 HKD on November 21, marking a cumulative decline of 38% [3] - The company's Q3 financial report showed revenue of 113.1 billion CNY, a year-on-year increase of 22.3%, with a net profit of 11.3 billion CNY, up 80.9% [3] - Revenue from the smart electric vehicle and AI innovation business reached approximately 29 billion CNY, growing over 199%, while smartphone revenue declined by 3.2% to 46 billion CNY [3] Group 3 - CITIC Securities noted that the Chinese electric vehicle industry is entering a critical phase of consolidation, with profitability becoming a key competitive indicator [4] - Xiaomi's automotive business is showing signs of scalable profitability, indicating that leading players are maturing their business models through technology self-research and supply chain integration [4] - The industry is expected to shift from an "expansion competition" to an "efficiency-driven" structural differentiation cycle over the next two years [4]