Core Viewpoint - Citi expects Xiaomi Group-W (01810) to achieve a year-on-year revenue growth of 22% and adjusted net profit growth of 60% in Q3, reaching RMB 112.9 billion and RMB 10 billion respectively, driven by robust electric vehicle sales [1] Group 1: Financial Performance - Xiaomi's total revenue for Q3 is projected to be RMB 112.9 billion, with an adjusted net profit of RMB 10 billion, reflecting significant growth compared to the previous year [1] - For Q4, Xiaomi is anticipated to see a 15% year-on-year increase in total revenue and a 16% increase in adjusted net profit, primarily due to a recovery in smartphone sales and continued growth in electric vehicle deliveries [1] Group 2: Business Segments - The smartphone segment may experience a 3% year-on-year decline in revenue due to decreased shipments in China and India [1] - The AIoT business is expected to slow down to a 5% year-on-year growth rate, impacted by reduced subsidies for trade-in programs [1] - Electric vehicle deliveries are projected to rise to 109,000 units, with an average price of approximately RMB 260,000, and the segment may have reached breakeven [1] Group 3: Market Outlook - The approval of Xiaomi's second electric vehicle factory is seen as a catalyst for stock price revaluation, with a target price set at HKD 69 [1] - Despite challenges in the AIoT segment due to a higher base effect, the overall outlook remains positive with expectations of recovery in smartphone sales and sustained electric vehicle growth [1]

Core Viewpoint - Citi expects Xiaomi Group-W (01810) to achieve a year-on-year revenue growth of 22% and a 60% increase in adjusted net profit in Q3, reaching RMB 112.9 billion and RMB 10 billion respectively, driven by robust electric vehicle sales [1] Group 1: Financial Performance - Q3 total revenue is projected to be RMB 112.9 billion, with adjusted net profit at RMB 10 billion, reflecting a year-on-year growth of 22% and 60% respectively [1] - For Q4, total revenue and adjusted net profit are expected to grow by 15% and 16% year-on-year, attributed to a recovery in smartphone sales and continued growth in electric vehicle deliveries [1] Group 2: Electric Vehicle Segment - The approval of Xiaomi's second electric vehicle factory is anticipated to act as a catalyst for stock price revaluation [1] - Electric vehicle deliveries are expected to rise to 109,000 units, with an average price of approximately RMB 260,000, and the segment may have already achieved breakeven [1] Group 3: Smartphone and AIoT Business - Xiaomi's smartphone revenue may decline by 3% year-on-year due to decreased shipments in China and India [1] - The AIoT business is projected to slow down to a year-on-year growth of 5% due to reduced subsidies for trade-ins [1]

里昂预期，小米第四季总收入及调整后净利润将分别同比增长15%及16%，主因智能手机恢复正增长且 电动车交付量持续提升。第二座电动车工厂获批投产，将成为推升股价重估的催化剂。该行维持对 其"高度确信跑赢大市"评级，目标价69港元。 里昂发表报告，预期在电动车销售稳健推动下，小米第三季总收入及经调整净利润将实现同比分别增长 22%及60%，达1129亿及100亿元。期内电动车交付量进一步攀升至10.9万辆，均价约26万元，并可能已 实现收支平衡。 ...

Market Overview - The Hang Seng Index closed down 205 points, falling below the 26,000 mark, with significant selling pressure observed in the afternoon session [3][4] - The total market turnover was 239.986 billion HKD, with a net inflow of 9.832 billion HKD from northbound trading [3] Macro & Industry Dynamics - Hong Kong's digital competitiveness has risen to fourth globally, with a score of 97.79, improving from seventh last year. The top three are Switzerland, the USA, and Singapore [7] - The Chief Executive of Hong Kong expressed full support for the Asian Infrastructure Investment Bank (AIIB) to utilize the local market for financing, highlighting Hong Kong's vibrant capital market [8] - The Financial Secretary noted that foreign investors have a positive outlook on Hong Kong's capital market, with significant participation from both southbound and western investors [9] - The China Securities Regulatory Commission plans to introduce more measures to enhance cross-border investment and financing convenience, emphasizing the commitment to opening up the capital market [10] Company News - Yum China reported a 5% decline in net profit for Q3, amounting to 282 million USD, despite a 4.4% increase in total revenue to 3.206 billion USD [12] - The company achieved a 4% growth in system sales, driven by new store openings and a 1% increase in same-store sales [12] - Sirus, in collaboration with Huawei, announced a 10% subscription rate for its IPO, raising approximately 14.016 billion HKD [14] - The autonomous driving company WeRide set its final share price at 27.1 HKD, with expected gross proceeds of around 2.392 billion HKD from its global offering [15]

Group 1 - The core technology of the MAXW air-cooled motor is independently developed by the company LIMA [2] - The graphene battery is supplied through a high-quality supplier model [2] - There are certain differences between the company's electric vehicle products and those of LIMA, highlighting the need for investors to be cautious [2]

Group 1 - The announcement of the "Liberation Day" tariff plan by Trump in 2025 raised tariffs on China to 54%, Vietnam to 46%, and Cambodia to 49%, causing significant market reactions, with the S&P 500 index dropping 4.8% on April 3, marking its largest single-day decline in years [2] - The U.S. underestimated China's economic resilience, as China's GDP reached $18 trillion by 2024, growing nearly 90 times since 1978, with exports accounting for 14% of global trade and consumption driving 55% of GDP [2][4] - China's industrial value added accounted for 35% of the global total in 2024, while the U.S. only accounted for 18%, highlighting China's comprehensive industrial capabilities [4] Group 2 - The trade war initiated by Trump in 2017 led to retaliatory measures from China, including restrictions on U.S. agricultural products, which have strained U.S. farmers [6][7] - China's "Belt and Road" initiative has stabilized its trade, with trade volume exceeding $2 trillion in 2024, benefiting regions like Africa and Latin America, while U.S. alliances have begun to fracture [9] - The U.S. military and technological underestimations of China are evident, with China's military budget growing annually by 10% and advancements in AI, electric vehicles, and military technology [9][11] Group 3 - The high tariffs intended to protect U.S. industries have inadvertently weakened American competitiveness, with economists noting that tariffs have not effectively prevented U.S. growth [11][13] - The rise of the Chinese economy is becoming a global trend, with the share of the renminbi in global payments increasing to 3.5% and a notable acceleration in de-dollarization [13] - The internal divisions within the U.S. political landscape, including criticisms from both Democrats and Republicans regarding the tariff policies, reflect a broader inability to address long-term challenges posed by China's economic rise [13]

此外，特斯拉上海工厂的出货量再度下滑，这进一步印证了市场预期，这家电动车制造商，其全球销售 在今年最后一个季度将面临挑战。根据乘联会周二发布的初步数据，这家美国电动车巨头10月中国出货 量总计61,497辆，同比下降近10%。该数据未明确区分出口与国内销量占比，但大部分车辆供应中国本 土消费者。 智通财经APP获悉，周二，特斯拉(TSLA.US)盘前跌逾3%，报453.42美元。消息面上，该股遭遇多重利 空。一方面，据报道，特斯拉公司近日因一起2024年在威斯康星州发生的严重车祸被提起诉讼。在这起 事故中，一辆Model S轿车起火燃烧，导致车内五名乘客全部遇难。诉状指出，由于车门设计存在缺 陷，事故发生后乘客无法开启车门逃生。另一方面，11月4日消息，挪威主权财富基金拒绝了针对特斯 拉CEO埃隆·马斯克的1万亿美元薪酬方案，成为首个对该方案做出决定的主要投资者。该基金对薪酬方 案的规模表示担忧："虽然我们赞赏马斯克富有远见地创造出巨大价值，但我们对奖励的总规模、稀释 效应以及关键人物风险缓解措施的缺乏表示担忧。" ...

Core Viewpoint - Tesla's stock faced multiple headwinds, including a lawsuit related to a fatal accident and concerns over CEO Elon Musk's compensation package, alongside declining shipment numbers from its Shanghai factory [1] Group 1: Lawsuit and Safety Concerns - Tesla is facing a lawsuit due to a serious car accident in Wisconsin in 2024, where a Model S caught fire, resulting in the deaths of five passengers. The lawsuit claims that the door design was defective, preventing passengers from escaping [1] Group 2: Executive Compensation Issues - The Norwegian sovereign wealth fund has rejected a $1 trillion compensation package for CEO Elon Musk, expressing concerns over the scale of the compensation, dilution effects, and lack of measures to mitigate key person risk [1] Group 3: Shipment Decline - Tesla's shipment volume from its Shanghai factory has declined again, with preliminary data indicating that the company shipped 61,497 vehicles in China in October, a nearly 10% year-over-year decrease. Most of these vehicles are supplied to domestic consumers [1]

Core Points - The meeting between Chinese Premier Li Qiang and Nigerian Speaker Tajuddin highlights the deep traditional friendship and partnership between China and Nigeria, emphasizing the rapid development of bilateral relations into a comprehensive strategic partnership [1][2] - Both countries, as developing nations with large populations and significant development potential, are encouraged to strengthen cooperation in various sectors, including trade, investment, agriculture, mining, infrastructure, and emerging industries like clean energy and artificial intelligence [2][3] Group 1 - China and Nigeria are committed to enhancing their cooperation through initiatives such as the "Ten Cooperation Actions" and the Belt and Road Initiative, aiming for high-quality economic partnerships and zero-tariff measures [2] - Nigeria expresses strong support for China's sovereignty and territorial integrity, indicating a mutual respect and support that has characterized their relationship since diplomatic ties were established [3] Group 2 - The meeting underscores the importance of multilateral cooperation, with both countries aiming to coordinate efforts in global platforms like BRICS, the United Nations, and the World Trade Organization to promote a more just and equitable global governance system [2][3] - The Nigerian Parliament is committed to supporting and facilitating cooperation across various fields, aiming to elevate the comprehensive strategic partnership to new heights [3]

Group 1 - The core viewpoint of the article indicates that despite a month-on-month growth in China's electric vehicle market in October, Nomura Securities remains cautiously optimistic, predicting a reshaping of the competitive landscape as the 2026 tax exemption policy approaches [1] Group 2 - In October 2025, Chinese electric vehicle OEMs generally achieved month-on-month growth in wholesale shipments, with significant performance disparities among brands [2] - BYD delivered 436,900 vehicles in October, a month-on-month increase of 11.1%, but a year-on-year decline of 12.7% due to a high base in 2024 [2] - Geely (including Zeekr) showed strong performance with total new energy vehicle sales of 178,000 units in October, a year-on-year increase of 63.6% [2] - Leap Motor achieved a record high delivery of 70,300 units in October, a year-on-year increase of 84.1% [2] - Xpeng, NIO, and Xiaomi also reported significant year-on-year growth, with Xpeng delivering 42,000 units (up 75.7%) and NIO delivering 40,400 units (up 92.6%) [2] - Li Auto's performance was weak, with deliveries of 31,800 units in October, a year-on-year decline of 38.2% [2] Group 3 - Starting in 2026, the reduction of the electric vehicle purchase tax exemption by half is expected to pressure market demand, particularly in the first quarter [3] - To mitigate this challenge, several automakers have introduced measures, including subsidies for consumers who order vehicles in October and November 2025 but cannot take delivery by year-end, offering up to 15,000 yuan [3] - The scope of the subsidy is expanding to include lower-priced models, potentially covering vehicles priced below 200,000 yuan [3] Group 4 - Nomura Securities holds a cautious outlook for the 2026 Chinese electric vehicle market, noting that competition will intensify due to persistent oversupply and unchanged production capacity [4] - Companies with rising market shares in the mass market are expected to maintain their advantages, while BYD is anticipated to launch a new strategy in early 2026 to improve its operations [4] - Demand uncertainty stemming from the tax policy adjustment and potential consumer demand fatigue will be critical factors influencing the market in 2026 [4] Group 5 - Based on company performance and industry trends, Nomura Securities provides investment ratings and recommendations [5] - Buy ratings are given to BYD and Xpeng, with expectations of improved operations and market position due to new strategies and model launches [5] - Neutral ratings are assigned to NIO and Li Auto, facing challenges related to production capacity and negative impacts from accidents [5] - Short-term focus is recommended on companies with purchase tax subsidies and strong order reserves, while long-term prospects favor leading manufacturers with strong technological upgrades and overseas expansion capabilities [5]