Group 1 - Xiaomi Group's stock price increased by over 4%, reaching HKD 45.06, with a trading volume exceeding HKD 6.1 billion [2] - The stock opened at HKD 43.80 and closed at HKD 43.20 the previous day, with a trading volume of 139 million shares [3] - The company's total market capitalization is HKD 1.17 trillion, with a TTM price-to-earnings ratio of 28.65 [3] Group 2 - Xiaomi's automotive division announced that it expects to deliver over 40,000 vehicles by October 2025 [4] - The delivery cycle for Xiaomi vehicles has been shortened significantly, with the YU7 model's delivery time reduced by 10 weeks to 35-38 weeks [4] - According to Citigroup, Xiaomi's electric vehicle deliveries from January to September may have surpassed 308,000 units, achieving 88% of its 2025 target of 350,000 units [4]

Core Viewpoint - JPMorgan's report indicates that Xiaomi Group-W (01810) has exceeded 40,000 electric vehicle deliveries in September, leading to over 100,000 electric vehicle shipments in Q3. If the monthly delivery rate remains above 40,000 in Q4, Xiaomi is likely to surpass its annual target of 350,000 units [1] Summary by Categories Delivery Performance - Xiaomi's electric vehicle deliveries in September surpassed 40,000 units [1] - The total electric vehicle shipments for Q3 reached over 100,000 units [1] Future Projections - Maintaining a monthly delivery rate of over 40,000 units in Q4 will enable Xiaomi to easily exceed its annual target of 350,000 units [1] Analyst Ratings - JPMorgan maintains Xiaomi on the positive catalyst watch list and continues to assign a "neutral" rating to the stock with a target price of HKD 60 [1]

Core Viewpoint - Rivian Automotive's stock fell over 7% following the announcement of its third-quarter delivery figures, which, despite showing a year-on-year increase, led to a downward revision of its annual delivery guidance [1] Delivery Performance - Rivian reported third-quarter deliveries of 13,201 vehicles, representing a nearly 32% year-on-year increase, surpassing analysts' expectations of 12,000 vehicles [1] - The company has revised its annual electric vehicle delivery guidance to a range of 41,500 to 43,500 vehicles, down from a previous maximum of 46,000 vehicles, with the midpoint also slightly below analysts' estimate of 42,730 vehicles [1] Market Challenges - The downward revision in delivery targets reflects challenges in demand and growth, particularly after Rivian lost some consumer subsidies in the U.S. market [1] - Earlier in May, Rivian had already reduced its full-year delivery target from an initial 51,000 vehicles, indicating ongoing difficulties in maintaining growth momentum [1]

Core Viewpoint - Xiaomi Group's stock price has recently declined, reaching a two-month low, primarily due to downward revisions in smartphone shipment forecasts, particularly in the Indian market [1][2] Group 1: Smartphone Market Performance - Xiaomi's smartphone shipment volume for Q2 2025 is expected to be slightly lower than previous forecasts, with a 25% year-on-year decline in the Indian market impacting overall performance [1] - The global smartphone market experienced a 1% decline in shipments compared to the same period last year, marking the first drop in six consecutive quarters [1] - Despite a stable performance, Xiaomi achieved a historical high of 15% market share globally in Q2 2025, although this was accompanied by a decrease in gross margin [1] Group 2: Financial Projections - Total revenue for Xiaomi in Q2 2025 is projected to be 112.6 billion RMB, slightly below market expectations, while adjusted net profit is forecasted at 10.2 billion RMB, aligning with market expectations [1] - Forecasts for IoT revenue in the second half of 2025 have been revised downward due to changes in national subsidy policies [1] Group 3: Electric Vehicle Business - Xiaomi's electric vehicle deliveries are expected to reach 82,000 units in Q2 2025, benefiting from the delivery of the SU7 Ultra, with an average selling price of 242,000 RMB and an improved gross margin of 25% [1] - The company has initiated deliveries of the YU7 in July, with the second-phase factory expected to commence production by the end of September [1] Group 4: Analyst Ratings and Price Targets - Due to downward revisions in smartphone gross margin forecasts, analysts have lowered Xiaomi's earnings per share estimates for 2025 to 2027 by 2% to 7%, and reduced the target price from 78 HKD to 72 HKD [2] - Nomura has raised Xiaomi's target price by 79% to 61 HKD based on SOTP valuation but downgraded the rating from "Buy" to "Neutral" due to limited upside potential [2] - Analysts expect Xiaomi to face challenges in the coming quarters, including lower-than-expected smartphone shipments and high market expectations for its electric vehicle business [2]