智通财经APP获悉，国盛证券发布研报称，给予小米集团-W(01810)目标价52港币，重申"买入"评级。 第三季度业绩表现强劲，收入同比增长22.3%至1131亿元，经调整净利润创历史新高，达113亿元，同 比大幅增长80.9%。增长主要由手机高端化战略和汽车业务驱动，其中小米汽车交付量达10.9万台，汽 车及AI创新业务首次实现单季盈利。公司"人车家全生态"战略持续推进，AIoT平台连接设备数突破10 亿，长期增长潜力显著。 盈利预测与评级 该行认为，未来短期，手机和汽车赛道或面临补贴节奏调整、原材料成本上行的变化。但小米集团作为 行业份额龙头、高端化出色的企业，在面对行业环境短期扰动时更具备相对竞争力。长期，小米"人车 家全生态"战略优势显著。2025年9月，随着Xiaomi-MiMo-Audio的发布，小米已推出语言、多模态、语 音的全系列模型矩阵。2025年11月，小米发布智能家居方案Xiaomi Miloco，率先探索大模型驱动的全 屋智能生活。该行认为小米的多端协同方案有望引领未来硬件入口。 重申"买入"评级。该行预计小米 集团2025-2027年收入为4700/5570/6940亿元，non-G ...

Core Viewpoint - Guosheng Securities has given Xiaomi Group-W (01810) a target price of HKD 52 and reiterated a "Buy" rating, citing strong Q3 performance with a 22.3% year-on-year revenue growth to CNY 113.1 billion and a record adjusted net profit of CNY 11.3 billion, up 80.9% year-on-year, driven by the high-end smartphone strategy and automotive business [1][2]. Financial Performance - In Q3 2025, Xiaomi Group achieved revenue of CNY 113.1 billion, a 22.3% increase year-on-year. Revenue breakdown includes approximately CNY 46 billion from smartphones, CNY 27.6 billion from IoT, CNY 9.4 billion from internet services, and CNY 29 billion from automotive and AI businesses. The adjusted net profit reached CNY 11.3 billion, marking a historical high with an 80.9% year-on-year growth [2]. Business Aspects - **Smartphones**: Xiaomi continues to push for high-end market penetration, with global smartphone shipments reaching 43.3 million units, a 0.5% year-on-year increase. The company holds approximately 13.6% of the global market share, ranking in the top three, and 16.7% in mainland China, ranking second. High-end smartphone sales in mainland China accounted for 24.1% of total sales, with a market share of 18.9% in the CNY 4,000-6,000 price range. The Xiaomi 17 series, particularly the Pro and Pro Max models, accounted for over 80% of sales, indicating an optimized product structure [3]. - **IoT**: Xiaomi's AIoT platform has surpassed 1 billion connected devices, reflecting a 20.2% year-on-year growth. The company ranks first in global shipments of wearable wristbands and second in TWS earphones. The launch of a smart home appliance factory in October 2025 marks a significant step in closing the design, R&D, production, and validation loop for its major appliance business [3]. Automotive and AI Innovation - Xiaomi's automotive and AI innovation business achieved its first quarterly profit, with approximately 109,000 vehicles delivered, setting a new record. The Xiaomi YU7 series ranked first in the SUV sales chart in mainland China in October 2025, with operating income from this segment reaching approximately CNY 700 million [4]. Profit Forecast and Rating - Guosheng Securities anticipates that Xiaomi Group will maintain relative competitiveness in the face of short-term industry disruptions, given its leading market share and successful high-end strategy. The company projects revenues of CNY 470 billion, CNY 557 billion, and CNY 694 billion for 2025-2027, with non-GAAP net profits of approximately CNY 44 billion, CNY 50.1 billion, and CNY 65 billion respectively. The target price of HKD 52 is based on a 20x P/E for the consumer electronics segment and a 2.5x P/S for the automotive and AI innovation business, reaffirming the "Buy" rating [5].

Investment Rating - The industry investment rating is "Outperform the Market" [1][33]. Core Insights - NVIDIA's recent white paper on the 800V DC architecture highlights energy consumption as a critical factor affecting the development of current and next-generation AI data centers. The power density of GPU racks is approaching 100 times that of web servers and continues to grow exponentially. Power infrastructure, once secondary, is now on par with or surpassing computational space [3]. - The 800V DC architecture significantly reduces current, copper usage, and cable volume compared to 54V DC or 480VAC systems while maintaining safety and scalability. It enhances overall energy efficiency and density through simplified power paths and increased transmission voltage [3]. - The performance of the 800V DC system relies on GaN (Gallium Nitride) and SiC (Silicon Carbide) power semiconductors, which have unique advantages in high-voltage, high-frequency, and high-efficiency scenarios. The market for GaN and SiC is expected to grow significantly, with GaN power devices projected to increase from $390 million in 2024 to $3.51 billion by 2030, representing a compound annual growth rate (CAGR) of 44% [3]. - The report suggests focusing on the GaN and SiC supply chain, recommending companies such as Sanan Optoelectronics, China Resources Microelectronics, Innoscience Technology (Hong Kong), Tianyue Advanced, Sinda Semiconductor, Silan Microelectronics, and Times Electric [3]. Summary by Sections Industry Overview - NVIDIA's white paper emphasizes the transformation of data centers into "AI factories" driven by GPU advancements, highlighting the critical role of energy infrastructure [3]. Market Trends - The demand for GaN and SiC is driven by applications in AI data centers, new energy vehicles, and humanoid robots, indicating a robust market outlook [3]. Investment Recommendations - The report recommends monitoring the GaN and SiC industry chain, identifying key players for potential investment opportunities [3].

Market Review - The overseas AI chip index increased by 2.90% this week, with all constituent stocks showing upward movement, particularly MPS which rose over 10% [1] - The domestic AI chip index fell by 6.1%, influenced by the tense China-U.S. trade relations, with only Cambricon showing a slight increase of less than 1% [1] - The Nvidia mapping index decreased by 8.7% due to U.S. export controls, resulting in Nvidia losing its market share in China's data-centric GPU market, leading to declines in related industry stocks [1] - The server ODM index rose by 1.1%, with significant performance differences among constituent stocks; Wiwynn increased by over 10%, while Wistron fell by nearly 10% [1] - The storage chip index declined by 2.1%, with short-term supply-demand dynamics causing varied stock performance among constituents [1] - The power semiconductor index dropped by 3.2%, and both the Guoyuan A-share and Hong Kong fruit chain indices fell by 10% and 10.1% respectively [1] Industry Data - Global wearable wristband device shipments grew by 13% year-on-year in Q2 2025, with Xiaomi (61% growth) and Huawei (47% growth) leading the market significantly [2] - Global smartphone shipments increased by 4% year-on-year in Q3 2025, with Samsung maintaining the top position due to its A series and foldable models, while Apple became the fastest-growing brand among the top five, driven by demand in emerging markets [2] - High-end PC panel and OLED laptop panel shipments are expected to grow by approximately 9% in 2025, with the OLED laptop market projected to enter a high growth phase in 2026, driven by Apple's launch of the OLED MacBook Pro, with an expected annual growth rate of 30% [2] Major Events - Micron plans to cease supplying server chips to Chinese data centers while retaining its automotive and mobile business, creating market opportunities for competitors like Samsung and SK Hynix, and accelerating the replacement process for local Chinese storage chip companies such as Yangtze Memory Technologies [3] - Due to U.S. export controls, Nvidia's CEO confirmed a complete exit from the advanced AI chip market in China, resulting in a market share drop from 95% to zero, which he believes will facilitate the rise of Chinese manufacturers like Huawei and lead to a split in the global AI ecosystem [3] - Apple plans to launch its first touchscreen MacBook Pro in 2026-2027, featuring the M6 chip and an OLED display [3]

Market Overview - The overseas AI chip index increased by 2.90% this week, with all constituent stocks showing upward movement, particularly MPS which rose over 10% [2] - The domestic AI chip index fell by 6.1%, influenced by the tense US-China trade relations, with only Cambricon showing a slight increase of less than 1% [2] - The Nvidia mapping index decreased by 8.7% due to US export controls, resulting in Nvidia losing its market share in China's data-centric GPU market [2] - The server ODM index rose by 1.1%, with significant performance differences among constituent stocks; Wiwynn increased by over 10%, while Wistron fell by nearly 10% [2] - The storage chip index declined by 2.1%, reflecting varied stock performance due to short-term supply-demand dynamics [2] - The power semiconductor index dropped by 3.2%, and both the Guoyuan A-share and Hong Kong fruit chain indices fell by 10% and 10.1% respectively [2] Industry Data - Global wearable wristband device shipments grew by 13% year-on-year in Q2 2025, with Xiaomi (61% growth) and Huawei (47% growth) leading the market [3] - Global smartphone shipments increased by 4% year-on-year in Q3 2025, with Samsung maintaining the top position and Apple being the fastest-growing brand, driven by demand in emerging markets [3] - High-end PC panel and OLED laptop panel shipments are expected to grow by approximately 9% in 2025, with a projected annual growth rate of 30% for OLED laptops starting in 2026 [3] Major Events - Micron plans to cease supplying server chips to Chinese data centers while retaining its automotive and mobile business, creating market opportunities for competitors like Samsung and SK Hynix, and accelerating the replacement process for local Chinese storage chip companies [4] - Due to US export controls, Nvidia's CEO confirmed a complete exit from the Chinese advanced AI chip market, reducing its market share from 95% to zero, which may facilitate the rise of Chinese manufacturers like Huawei and lead to a split in the global AI ecosystem [4] - Apple plans to launch its first touchscreen MacBook Pro in 2026-2027, featuring the M6 chip and an OLED display [5]

Investment Rating - The report maintains a "Recommended" investment rating for the semiconductor and semiconductor equipment industry [5] Core Insights - The overseas AI chip index increased by 2.90% this week, with all constituent stocks showing upward trends, particularly MPS which rose over 10% [1] - The domestic AI chip index fell by 6.1%, influenced by the tense US-China trade relations, with only Cambricon showing a slight increase of less than 1% [1] - Nvidia's mapping index dropped by 8.7% due to US export controls, resulting in a complete loss of market share in China's data-centric GPU market [1] - The server ODM index rose by 1.1%, with significant performance differences among constituent stocks, where Wiwynn increased by over 10% while Wistron fell close to 10% [1] - The storage chip index decreased by 2.1%, reflecting varied stock performance due to short-term supply-demand dynamics [1] - The power semiconductor index declined by 3.2%, and the Guoyuan A-share and Hong Kong fruit chain indices both fell by approximately 10% [1] Market Indices - The overseas chip index rose by 2.90%, with all constituent stocks increasing, including AMD (up 8.5%) and Broadcom (up 7.6%) [10] - The domestic A-share chip index fell by 6.1%, with significant declines in stocks like Tongfu Microelectronics and Hanguang Technology, both dropping over 10% [10] - The Nvidia mapping index saw an 8.7% decline, with related companies experiencing significant stock drops [11] - The server ODM index increased by 1.1%, with Wiwynn showing a notable rise while Wistron faced a nearly 10% drop [11] - The domestic storage chip index decreased by 2.1%, with some stocks like Baiwei Storage and Dongxin Technology showing gains [15] - The domestic power semiconductor index fell by 3.2%, with New Clean Energy rising while others like Huazhong Microelectronics saw declines [16] - The Guoyuan A-share fruit chain index and the Hong Kong fruit chain index both dropped by around 10% [17] Industry Data - Global wearable wristband device shipments in Q2 2025 increased by 13% year-on-year, with Xiaomi leading the market with a 61% growth [2][23] - Global smartphone shipments in Q3 2025 grew by 4% year-on-year, with Samsung maintaining the top position and Apple being the fastest-growing brand among the top five [2][29] - High-end PC panel and OLED laptop panel shipments are expected to grow by approximately 9% in 2025, with OLED laptops projected to see an annual growth rate of 30% starting in 2026 [2][30] Major Events - Micron plans to stop supplying server chips to Chinese data centers, which may benefit competitors like Samsung and SK Hynix while accelerating the replacement process for local Chinese storage chip companies [3][32] - Nvidia's CEO confirmed the company's complete exit from the advanced AI chip market in China, resulting in a drop in market share from 95% to zero [3][35] - Apple is set to launch its first touchscreen MacBook Pro in 2026-2027, featuring the M6 chip and an OLED display [3][36]

【#小米腕带设备出货量全球第一#、华为、苹果分列二三】市场调研机构 Omdia 今日发布最新研究， 全球可穿戴腕带设备市场正在蓬勃发展，2025 年第二季度，出货量达 5020 万台，同比增长 13%。 报告称，对入门级基础设备的强劲需求，加上更先进的追踪功能，正在推动市场扩张。Omdia 预测， 2025 年市场将增长 8%，2026 年预计将达到 9% 的增长。 从品牌来看，2025 年第二季度全球可穿戴腕带设备市场出货量前五分别为小米、华为、苹果、三星、 Noise（印度可穿戴品牌）。 | Vendor | Q2 2025 | Q2 2025 | Q2 2024 | Q2 2024 | Annual | | --- | --- | --- | --- | --- | --- | | | shipments | market | shipments | market | growth | | | (million) | share | (million) | share | | | Xiaomi | 9.5 | 18.9% | 5.9 | 13.3% | +61% | | Huawei | 8.8 | 1 ...

IT之家 10 月 14 日消息，Omdia 今日发布最新研究，全球可穿戴腕带设备市场正在蓬勃发展，2025 年第二季度，出货量达 5020 万台，同比增长 13%。 报告称，对入门级基础设备的强劲需求，加上更先进的追踪功能，正在推动市场扩张。Omdia 预测，2025 年市场将增长 8%，2026 年预计将达到 9% 的增 长。 从品牌来看，2025 年第二季度全球可穿戴腕带设备市场出货量前五分别为小米、华为、苹果、三星、Noise（IT之家注：印度可穿戴品牌）。 | Vendor | Q2 2025 | Q2 2025 | Q2 2024 | Q2 2024 | Annual | | --- | --- | --- | --- | --- | --- | | | shipments | market | shipments | market | growth | | | (million) | share | (million) | share | | | Xiaomi | 9.5 | 18.9% | 5.9 | 13.3% | +61% | | Huawei | 8.8 | 17.4% | 6.0 | ...

Leathem补充道："寻找新的使用场景不仅是吸引新用户群体的关键，也是供应商业务模式演进的关键。 支持蜂窝网络的设备能满足各年龄段注重安全的用户需求，并在特定市场推动儿童可穿戴设备的采用。 具备5G连接功能的智能手表(如最新的Apple Watch型号)吸引了寻求更佳实时连接和独立功能的用户， 他们可能更倾向于升级。此外，苹果推出的iPhone Air标志着向eSIM-only转型的关键里程碑，使数字化 购买与订阅服务更加便捷。" Omdia研究经理陈秋帆(Cynthia Chen)评论道："2024年，可穿戴腕带设备市场价值达366亿美元，预计到 2025年底将首次突破400亿美元。上半年竞争激烈、升级周期难以预测，厂商仍在不断扩展产品线，以 支持收入和利润增长。2025年下半年，智能手表尽管仅占出货量的32%，但在整个市场价值中占比高达 69%。找到有效的方法鼓励消费者在更换旧产品时进行升级，对于厂商而言将至关重要。 此外，通过增值服务、连接订阅以及利用近5亿活跃用户安装基础的合作伙伴关系来获取订阅收入，将 成为厂商议程上的重要事项。但对于厂商而言，真正理解驱动用户选择可穿戴设备的因素(如易于理解 的指 ...

Macro Overview - In August, the CPI decreased by 0.4% year-on-year and remained flat month-on-month, with food prices rising by 0.5% and pork prices dropping by 16.1%, contributing to a 0.24 percentage point decline in CPI [2] - In the first half of the year, the shipment volume of wearable wrist devices in mainland China reached 33.9 million units, a year-on-year increase of 36%, marking a historical high for the first half of the year [2] - In August, the average price of second-hand residential properties in 100 cities fell by 0.76% month-on-month and 7.34% year-on-year, while the top ten cities saw a month-on-month decline of 0.59% and a year-on-year decline of 4.90% [3] Industry and Company Analysis Electronics - The semiconductor sector reported a decline of 6.55% last week, with the electronic industry down by 4.57% [6] - Broadcom's Q3 financial report showed a revenue of $15.952 billion, a year-on-year increase of 22%, with AI-related revenue reaching $5.2 billion, up 63% year-on-year [8][9] - The electronic sector's PE (TTM) was 57.94X, down by 2.69X week-on-week, while the PB (LF) was 4.61X, down by 0.21X [7] New Materials - The rare earth magnetic materials industry fell by 10.58%, underperforming the benchmark by 9.77 percentage points [12] - Light rare earth ore prices continued to decline, while medium and heavy rare earth ore prices remained stable [12] - The overall supply of rare earths is tightening, with demand gradually recovering, supporting prices [15] Food and Beverage - The food and beverage sector declined by 0.98% from September 1 to September 5, underperforming the broader market [17] - A new consumption policy in Shaoxing aims to stimulate dining consumption, which is expected to boost demand for liquor [17] - Kweichow Moutai's parent company plans to increase its shareholding by investing between 3 billion and 3.3 billion RMB, indicating confidence in the company's long-term value [18]