小米集團（代碼01810）短期趨勢上升，構建了"智能手機+智能硬體+IoT平臺"的完整生態，在全球智能 手機市場佔據重要份額，智能硬體業務多點開花，AIoT平臺連接設備數持續增長，多元化營收結構穩 固。其支持位38.4，阻力位50.5，認購證可關注13204，認沽證選擇18546，牛證代碼為64883，熊證代碼 為62720。 快手（代碼01024）短期呈上升態勢，是國內領先的短視頻和直播平臺，用戶活躍度高且內容生態豐 富，直播電商、廣告行銷等商業化業務快速增長，在下沉市場擁有深厚的用戶基礎，商業化效率持續提 升。該個股支持位63.1，阻力位82.4，認購證代碼為18961，認沽證代碼為19035，牛證代碼為57266，熊 證代碼為63981。 比亞迪（代碼01211）短期趨勢向好，作為新能源汽車行業的領軍企業，擁有電池研發、整車製造、 IGBT晶片等核心技術，產品矩陣覆蓋乘用車、商用車等多個領域，全球市場份額持續擴大，受益於新 能源汽車行業的高增長紅利。其支持位93.7，阻力位109.9，認購證推薦17318，認沽證對應19297，牛證 代碼為63356，熊證代碼為63725。 港交所（代碼00388）短期 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 70, representing a potential upside of 36% from the current price of HKD 51.6 [1][3]. Core Insights - The company has demonstrated significant revenue and profit growth driven by its AI capabilities and overseas business commercialization, achieving a revenue of RMB 32.6 billion in Q1 2025, a year-on-year increase of 10.9% [3]. - The adjusted net profit for Q1 2025 reached RMB 4.6 billion, reflecting a year-on-year growth of 4.4%, with an adjusted net profit margin of 14.0% [3]. - The company’s DAU (Daily Active Users) and MAU (Monthly Active Users) reached historical highs of 408 million and 712 million, respectively, indicating enhanced user engagement [3]. Financial Performance Summary - Total revenue projections for the fiscal years 2023 to 2027 are as follows: - 2023: RMB 113.47 billion - 2024: RMB 126.90 billion - 2025: RMB 141.35 billion - 2026: RMB 153.97 billion - 2027: RMB 165.08 billion - The revenue growth rates are projected at 20.5% for 2023, 11.8% for 2024, and gradually declining to 7.2% by 2027 [2][15]. - Net profit is expected to grow from RMB 6.40 billion in 2023 to RMB 24.69 billion by 2027, with a notable increase of 139.8% in 2024 [2][15]. Business Segments - Online marketing services generated RMB 18 billion in Q1 2025, accounting for 55.1% of total revenue, with significant growth driven by content consumption and local life services [3]. - Live streaming revenue in Q1 2025 was RMB 9.8 billion, showing a year-on-year increase of 14.4%, while overseas business revenue reached RMB 1.3 billion, marking a 32.7% increase [3]. - The company’s AI solutions, particularly the "可靈 AI" platform, generated over RMB 150 million in revenue in Q1 2025, with a global user base exceeding 22 million [3]. Shareholder Returns - The company has repurchased approximately HKD 14.2 billion worth of shares in Q1 2025, representing about 0.68% of the total share capital, as part of its commitment to enhancing shareholder returns [3].