港股打新赚钱效应回升 上市首日破发率创9年新低 港股打新市场赚钱效应显著回升。2025年港股IPO的27家公司中仅有7家首日破发，破发率为25.93%， 达到2017年以来低点。映恩生物和蜜雪集团等新股表现亮眼，上市首日分别上涨116.7%和43.21%。港 股整体估值低位吸引海外资本回流，中国支持创新和资本市场，港交所利好措施推动企业赴港上市意愿 增强。(人民财讯) 浮费基金销售两日 银行渠道合计销售约11亿 首批浮费基金销售进入第二日，来自渠道数据显示，首批浮费基金在托管行销售规模达11亿元。其中， 浦发银行销售依然领先，代销东方红资管、天弘基金以及交银施罗德基金浮费基金合计近7亿元，中国 银行以超3亿元次之，代销易方达基金、嘉实基金浮费基金均超1亿元。（智通财经） TrendForce：预计2025年第三季度DRAM整体价格涨幅减缓 根据TrendForce最新的内存现货价格趋势报告，DRAM方面，DDR5价格已出现放缓迹象，预计2025年 第三季度DRAM整体价格涨幅将有所减缓。NAND闪存方面，现货价格自2月下旬以来上涨，目前已达 到相对高位，购买动能正在降温。 IDC：2024年中国企业级固态硬盘 ...

高盛在28日发布的研报中表示，接下来，投资者需重点关注小米6月3日投资者日活动、6.18购物节GMV数据和可能的6月底新产品发布会。 而大摩则在27日发布的研报中认为，定于2025年7月推出的YU7电动车有望成为推动股价上涨的重要催化剂。如果销量表现强劲，将有助于小米实 现更高的平均售价、更好的毛利率和持续的盈利增长。 相比之下，"6.18"购物节期间智能手机和AIoT业务的表现虽然也值得关注，但重要性不及YU7电动车的推出。 28日，小米公布了创历史纪录的2025年第一季度业绩，调整后净利润达106.76亿元人民币，同比增长64%，环比增长28%。 电动车业务稳步推进，YU7成为关键催化剂 28日，小米公布了创历史纪录的2025年第一季度业绩。 其中，小米Q1电动车业务收入186亿元人民币，环比增长12%，略低于预期2%。电动车毛利率达到23.2%，环比提升2.7个百分点，显示该业务盈 利能力持续改善。 高盛指出，未来一个多月内，将有多个事件成为推升小米股价上涨的关键因素： 而大摩则认为，定于2025年7月推出的第二款电动车YU7将是小米今年最重要的催化剂。作为SUV车型，YU7的平均售价预计将高于现有的S ...

Core Insights - SpaceX CEO Elon Musk is in a competitive dispute with Apple over satellite connectivity features for the iPhone 14 [1][3] - Musk proposed a $5 billion upfront payment and an 18-month exclusive partnership for SpaceX to provide satellite services, followed by annual payments of $1 billion [1] - Apple ultimately rejected Musk's proposal, leading to further tensions between the two companies [3] Group 1: Competitive Dynamics - Musk threatened to announce a competing satellite feature for the iPhone if Apple did not agree to the partnership within 72 hours [3] - SpaceX filed a lawsuit against Globalstar, questioning its spectrum resource allocation, which could significantly impact Apple's satellite service [3] - SpaceX opposed Globalstar's application to launch new satellites in 2023, accusing it of not effectively utilizing existing resources [3] Group 2: Tensions and Strategic Moves - The ongoing friction over satellite functionality has intensified the relationship strain between Apple and Musk, who have previously disagreed over App Store revenue sharing [4] - Musk has considered developing a Tesla phone that would integrate Starlink services to bypass Apple's control over the smartphone market [4] - Recent disagreements arose over the promotion of satellite messaging services, with Musk wanting broader support for more iPhone models, while Apple limited it to the iPhone 14 and newer [3]

Core Viewpoint - Xiaomi has reported strong financial performance for Q1 2025, with multiple historical highs in revenue and profit, despite facing recent controversies related to its automotive division [1][2]. Financial Performance - Total revenue for Q1 2025 increased by 47.40% year-on-year to 111.29 billion RMB, with IoT and lifestyle products contributing significantly [2]. - Adjusted net profit for Q1 2025 reached 10.68 billion RMB, marking a 64.47% year-on-year growth [2][3]. - Overall gross margin improved by 0.54 percentage points to 22.83%, driven by higher margins in IoT and lifestyle products, despite a decline in smartphone margins [2][3]. Smartphone Business - Global smartphone shipments reached 41.8 million units, a 3.0% increase year-on-year, while the average selling price (ASP) rose by 5.8% to 1,210.6 RMB [3]. - Revenue from the smartphone segment grew by 8.89% year-on-year to 50.61 billion RMB, although gross margin declined from 14.80% to 12.41% due to rising component costs [3]. IoT and Consumer Electronics - The IoT and lifestyle products segment achieved record revenue of 32.34 billion RMB, up 58.73% year-on-year, with a gross margin increase of 5.35 percentage points to 25.22% [4]. - Smart home appliances saw significant growth, with revenue increasing by 113.8%, particularly in refrigerators and air conditioners [4]. Internet Services - Monthly active users reached a record high of 719 million globally, with a 9.2% year-on-year increase [5]. - Revenue from advertising grew by 19.7% year-on-year to 6.6 billion RMB, contributing to an expanded gross margin of 76.93% for the internet services segment [5]. Automotive Business - Xiaomi delivered 75,869 units of the Xiaomi SU7 series in Q1 2025, with an ASP of 238,300 RMB, reflecting a 1.63% increase from the previous year [8]. - The automotive segment's gross margin reached 23.17%, significantly higher than the previous year's 12.26% [8]. - Despite operational losses of 500 million RMB in the automotive division, management remains optimistic about achieving an annual delivery target of 350,000 units [11]. Market Challenges - Recent controversies surrounding the SU7 model have raised concerns about brand perception and market performance [10][12]. - The competitive landscape in the electric vehicle market is intensifying, with new pricing strategies being adopted by competitors [14].

Core Insights - Xiaomi Group has reported record-breaking quarterly net profits, with significant growth in revenue and adjusted net profit for Q1 2025 [5][6][7] Financial Performance - In Q1 2025, Xiaomi's revenue increased by 47.4% year-on-year to 111.3 billion RMB, while adjusted net profit reached 10.7 billion RMB, marking a 64.5% increase [6][8] - The company has achieved three consecutive quarters of sequential growth in adjusted net profit since Q3 2024 [7] Market Position - Xiaomi ranks third in quarterly profit among Hong Kong-listed internet companies, following Tencent and Alibaba [8] - The company's stock price has seen significant increases, with a 121% rise in 2024 and over 50% increase year-to-date in 2025 [10][11] Institutional Investment - Public funds have increased their holdings in Xiaomi, with a total of 49.31 million shares added in Q1 2025, bringing the total market value of holdings to 43.1 billion RMB [12] Business Segments - Revenue from the mobile and AIoT segment reached 92.7 billion RMB, a 22.8% increase, while the smart electric vehicle and AI segment generated 18.6 billion RMB [13] - Xiaomi's smart home appliances saw a remarkable revenue growth of 113.8% in Q1 2025, with significant increases in unit sales for air conditioners, refrigerators, and washing machines [16] R&D and Innovation - Xiaomi's R&D expenditure in Q1 2025 was 6.7 billion RMB, a 30.1% increase, with a record number of R&D personnel [16] - The company plans to invest 200 billion RMB in R&D over the next five years, focusing on product differentiation and technology development [17]

Investment Rating - The report maintains a "Strong Buy" investment rating for Xiaomi Group [1][6] Core Views - The company achieved record high performance in Q1 2025, with revenue of 111.3 billion yuan, a year-on-year increase of 47.4% and a quarter-on-quarter increase of 2.1% [1][5] - Adjusted net profit reached 10.68 billion yuan, marking a year-on-year increase of 64.5% and a quarter-on-quarter increase of 28.4%, surpassing the 10 billion yuan mark for the first time [1][5] - The company is focused on its "New Decade Goals," with significant investments in core technologies, reporting R&D expenses of 6.7 billion yuan in Q1 2025, a year-on-year increase of 30.1% [5][6] Summary by Sections Financial Performance - Q1 2025 revenue was 111.3 billion yuan, with a gross margin of 22.8%, a historical high [5] - The company reported a net profit of 10.68 billion yuan, with a gross margin increase of 0.5 percentage points year-on-year [5] Mobile Business - Revenue from the mobile segment was 50.6 billion yuan, with a year-on-year increase of 8.9% [5] - The average selling price (ASP) of smartphones reached 1,211 yuan, a historical high, driven by increased domestic sales [5] IoT Business - IoT revenue was 32.3 billion yuan, a year-on-year increase of 58.7% [5] - The gross margin for IoT products was 25.2%, reflecting strong growth in smart home appliances [5] Internet Services - Internet services revenue was 9.1 billion yuan, with a year-on-year increase of 12.8% [5] - The gross margin for internet services improved to 76.9% [5] Automotive Business - Revenue from the automotive segment was 18.6 billion yuan, with a gross margin of 23.2% [5] - The company delivered 76,000 units of its electric vehicles in Q1 2025, with expectations for continued growth following the launch of the YU7 model [5][6] Future Outlook - The report projects total revenue for 2025, 2026, and 2027 to be 519.1 billion yuan, 706.7 billion yuan, and 907.5 billion yuan respectively, with adjusted net profits of 45.8 billion yuan, 67.7 billion yuan, and 92.6 billion yuan [6][7]

Group 1 - Company announcements are crucial for investors as they provide insights into operational performance, new projects, and management changes, which can directly impact stock prices [1] - Earnings announcements are essential, as significant increases in revenue and profit indicate strong business performance, potentially leading to stock price appreciation [1] - Major asset restructuring announcements can signal significant changes in a company's business model, such as acquisitions or divestitures, which may create new growth opportunities or risks [2][4] Group 2 - Shareholding changes indicate shifts in the ownership structure, where increased holdings by major shareholders suggest confidence in the company's future, while reductions may raise concerns [3] - Dividend announcements reflect a company's profitability and willingness to share earnings with shareholders, which can attract investors seeking stable returns [6] - Project investment announcements highlight new initiatives that could drive future growth, but they also carry uncertainties related to execution and market demand [6] Group 3 - Monitoring these key announcements—earnings, asset restructuring, shareholding changes, dividends, and project investments—can help investors identify potential opportunities in the stock market [7]

金十数据5月28日讯，美银证券表示，小米首季调整后盈利超出该行及市场共识各5%及18%，得益于更 高的毛利率和营运费用控制，毛利率超出该行及市场共识预期各1.6及1.4个百分点，达到22.8%，推动 实际营运收超出该行预期27%。在智能手机方面，小米对行业出货量预测相对保守，但管理层强调专注 于在部分地区推动中高端智能手机交付，从而提升平均售价（ASP）并支持毛利率增长。小米管理层目 标在2025年成为中国第三大家电品牌，并看好长期增长潜力。此外，小米管理层对电动车需求充满信 心，供应仍是主要瓶颈，SU7与YU7共享同一平台，有助于灵活调整产能和零部件分配，应可支持毛利 率扩张。该行上调小米目标由63港元升至66港元，此按综合方式作估值（对其核心业务每股估值预测30 元（按预测明年市盈率22倍）、电动车业务每股估值36元，按2026年下半年至2027年上半年综合市销率 5倍作估值）。 美银证券：小米首季调整后盈利超预期 升目标价至66港元 ...

苹果和三星推动高端市场份额创历史新高 Canalys高级分析师Runar Bj rhovde表示："在苹果和三星的带动下，欧洲高端机型的需求持续强劲，售价高于800欧元的设备占比在第一 季度达到了创纪录的32%。苹果是本季度的最大赢家，尽管进入第一季度时仍有大量iPhone13和14的库存(这两款产品因USB-C法规于 2024年12月停产)，其出货量依然实现了两位数增长。欧洲消费者和企业对iPhone的需求依然旺盛，持续推动苹果的市场表现，尽管监管 方面的挑战和罚款仍困扰其在该地区的整体业务。三星也创下其历史最高的季度高端机出货量，得益于Galaxy S25系列的强劲市场反 响。Galaxy S系列的出货量同比增长12%，通过渠道中的积极促销措施激励消费者换机与升级，例如，以旧换新优惠、设备捆绑、配置 免费升级和直接折扣等。此外，三星最近推出的Galaxy Club计划，承诺用户在购买12至15个月后可享受50%的设备回收价值，旨在加速 忠实用户的换机周期。" Canalys的最新研究显示，2025年第一季度，欧洲(不含俄罗斯)智能手机出货量同比下降2%，至3240万部，主要受入门级设备需求疲软的 影响。入 ...

Group 1 - Xiaomi reported a revenue of 111.29 billion yuan for Q1 2025, a year-on-year increase of 47.4%, with adjusted net profit reaching 10.68 billion yuan, up 64.5% [2] - Xiaomi's smartphone business generated 50.6 billion yuan in revenue, achieving a record high gross margin of 12.4%, with the SU7 series delivering 258,000 units since launch [2] - Pinduoduo's Q1 2025 revenue was 95.67 billion yuan, reflecting a 10% year-on-year growth, but a 45% decline in net profit under non-GAAP standards, totaling 16.92 billion yuan [2] Group 2 - Deep Blue Automotive faced backlash from 480,000 car owners for advertising on their vehicle screens without consent, leading to an apology from the CEO [4] - Apple’s App Store was deemed non-compliant with EU regulations, particularly regarding its "anti-steering" policy that restricts developers from promoting alternative payment options [7] - Geely's chairman Li Shufu emphasized the company's commitment to not engage in price wars, focusing instead on value, technology, quality, service, brand, and corporate ethics [8]