摩根士丹利发布研报称，小米集团-W(01810)周四(25日)发布其旗舰智能手机——小米17系列，包括三 款型号——17、17Pro及17Pro Max。Pro及Pro Max型号配备全新后置屏幕，这是一项创新设计。结合优 良的产品质量及吸引人的价格，大摩认为小米17系列的销售表现很可能超预期。此类新产品可能加速小 米在高端智能手机市场的份额增长。大摩维持小米集团"增持"评级，目标价62港元，将该股定位行业内 首选。 与此同时，小米已在其电动车业务中启动"客制化服务"。大摩表示，该服务将推出五种新定制颜色、两 种新内饰设计以及其他新功能，如定制标志、安全带等。虽然初期数量非常有限，每月仅40辆，但相 信"客制化服务"将成为小米电动车的关键竞争优势。一旦新电动车工厂的利用率提升，"客制化服务"很 可能扩展至大多数型号，帮助小米维持稳健的新订单流。 ...

Group 1: Electric Vehicle Business - The first phase of Xiaomi's electric vehicle factory has upgraded its technology, increasing weekly delivery volumes from 7,000-8,000 units in early August to 10,000-12,000 units since late August [1] - The second phase of the factory is designed to have a similar capacity as the first phase and is currently awaiting final government approval [1] - Xiaomi plans to launch new electric vehicle models in 2026 and aims to start exporting vehicles to the European market in 2027, with a focus on capturing market share rather than entering the 150,000 RMB price range in the next 5-10 years [1] Group 2: Smartphone Business - Due to rising memory costs, Xiaomi expects smartphone gross margins to be between 11% and 12% in the second half of 2025, with pressure easing in the first half of 2026 [2] - The company is exploring upgrading smartphone specifications and considering passing costs onto consumers, while predicting a gradual exit from smartphone subsidies with limited impact due to 70% of sales being overseas [2] - Xiaomi aims to achieve a revenue target of 700 billion RMB within three years, with specific goals including increasing smartphone shipments by 10 million units to 200 million, doubling IoT revenue to 200 billion RMB, and delivering 1 million electric vehicles annually contributing 250 billion RMB in revenue [2]

格隆汇9月25日｜小米集团-W(1810.HK)盘中拉升涨4%，报59.2港元，股价创7月3日以来新高。 小米即将在中国举行小米17年度发布会前，9月24日先举行国际发布会，会上小米宣布2027年将会在欧洲市场销售电动车。小米集团副总裁、首席营销官 (CMO)许斐表示，小米考虑在欧洲设汽车展示室，虽未透露首款进军当地的车款，但指未必会为出海全新设计车款，而未来将考虑在当地设厂。 小米目前已推出Xiaomi SU7、高阶版的SU7 Ultra和SUV车款Xiaomi YU7。许斐表示，小米SU7在首15个月已累计交付30万辆汽车，而小米YU7就在开售3 分钟锁单20万辆。 许斐还指出，小米计划2030年在全球开设1万家自营的小米之家。即日起，小米将向海外增加销售智能物联网家电，连同现已销售的小米手机、2027年销 售的小米电动车，将旗下"Human x Car x Home"智能生态能面向全球客户。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何 明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱：news_cen ...

小米集团-W(1810.HK)盘中拉升涨4%，报59.2港元，股价创7月3日以来新高。 许斐还指出，小米计划2030年在全球开设1万家自营的小米之家。即日起，小米将向海外增加销售智能 物联网家电，连同现已销售的小米手机、2027年销售的小米电动车，将旗下"Human x Car x Home"智能 生态能面向全球客户。 小米即将在中国举行小米17年度发布会前，9月24日先举行国际发布会，会上小米宣布2027年将会在欧 洲市场销售电动车。小米集团副总裁、首席营销官(CMO)许斐表示，小米考虑在欧洲设汽车展示室，虽 未透露首款进军当地的车款，但指未必会为出海全新设计车款，而未来将考虑在当地设厂。 小米目前已推出Xiaomi SU7、高阶版的SU7 Ultra和SUV车款Xiaomi YU7。许斐表示，小米SU7在首15 个月已累计交付30万辆汽车，而小米YU7就在开售3分钟锁单20万辆。 ...

Core Viewpoint - Weak demand for smartphones is expected to lead to disappointing Q2 performance for Xiaomi Group-W (01810), prompting a target price reduction from HKD 73 to HKD 69.85 while maintaining a "Buy" rating [1] Smartphone Industry Summary - Third-party data and industry surveys indicate weak global smartphone demand in Q2 2025, with only the U.S. market showing some pre-demand [1] - High inventory levels for Android devices, particularly in emerging markets such as Southeast Asia and India [1] - Xiaomi's smartphone revenue forecast for Q2 2025 has been lowered by approximately 5%, with gross margin expectations reduced by 0.5% to 11.8% [1] - A more pessimistic outlook on global smartphone demand and competitive landscape has led to a slight downward adjustment of long-term gross margin predictions for smartphones to below 12% [1] Electric Vehicle Segment Summary - Xiaomi's electric vehicle deliveries are progressing well, with gross margins improving due to a better product mix [1] - Q2 delivery volume is maintained at 81,000 units, with gross margin expected to rise to 23.9% quarter-on-quarter, primarily due to an increased share of SU7 Ultra model deliveries [1] - Management has indicated that the second electric vehicle factory has not yet commenced commercial production, but once operational, it will significantly boost capacity [1] - Investor sentiment towards the Chinese automotive sector has become more cautious due to lower-than-expected demand for new models from other local brands [1] - Despite this, the waiting time for SU7 and YU7 models remains long, reinforcing confidence in long-term bullish forecasts for Xiaomi's electric vehicle segment [1]

Group 1 - The core viewpoint of the report indicates that Xiaomi Group's Q2 performance may fall short of expectations due to weak smartphone demand, leading to a target price adjustment from HKD 73 to HKD 69.85 while maintaining a "Buy" rating [1] - Third-party data and industry surveys suggest that global smartphone demand will be weak in Q2 2025, with high inventory levels for Android devices, particularly in emerging markets like Southeast Asia and India [1] - Xiaomi's smartphone revenue forecast for Q2 2025 has been reduced by approximately 5%, and the gross margin forecast has been lowered by 0.5% to 11.8% due to a more pessimistic outlook on global smartphone demand and competition [1] Group 2 - The report highlights that Xiaomi's electric vehicle (EV) deliveries are progressing well, with gross margins improving due to a better product mix, maintaining a Q2 delivery volume of 81,000 units and a gross margin increase to 23.9% driven by a higher proportion of SU7 Ultra model deliveries [1] - Management has indicated that the second EV factory has not yet commenced commercial production, but once operational, it will significantly enhance capacity [1] - Investor sentiment towards the Chinese automotive industry has become more cautious due to lower-than-expected demand for new models from other local brands, yet the long waiting times for the SU7 and YU7 models bolster confidence in long-term forecasts [1]

Group 1 - Jefferies report indicates that Xiaomi's Q2 performance may fall short of expectations due to weak smartphone demand, lowering the target price from HKD 73 to HKD 69.85 while maintaining a "Buy" rating [1] - Third-party data and industry surveys suggest a weak global smartphone demand in Q2 2025, with high inventory levels for Android devices, particularly in emerging markets like Southeast Asia and India [1] - Xiaomi's smartphone revenue forecast for Q2 2025 has been reduced by approximately 5%, and gross margin forecast has been lowered by 0.5% to 11.8%, reflecting a more pessimistic view on global smartphone demand and competitive landscape [1] Group 2 - Xiaomi's electric vehicle (EV) deliveries are progressing well, with gross margins improving due to a better product mix, maintaining a delivery volume of 81,000 units for Q2, and gross margin expected to rise to 23.9% due to an increased share of SU7 Ultra model deliveries [1] - Management has indicated that the second EV factory has not yet commenced commercial production, but once operational, it will significantly enhance capacity [1] - Investor sentiment towards the Chinese automotive industry has become more cautious due to lower-than-expected demand for new models from other local brands, yet the waiting time for SU7 and YU7 models remains long, bolstering confidence in long-term forecasts [1]

Core Viewpoint - The article discusses the significant changes in investment strategies among fund managers in response to the evolving dynamics of the Chinese stock market and the emergence of new economic sectors, leading to a shift in stock selection preferences and styles [2][5][7]. Group 1: Changes in Fund Managers' Strategies - Fund managers are increasingly abandoning their traditional preferences and styles, adapting to the new market conditions and the performance disparities between old and new sectors [2][5]. - Notable fund managers, such as Liu Gesong and Jiao Wei, have shifted their investment focus towards Hong Kong stocks and new economy sectors, indicating a departure from their previous investment styles [3][4]. - The trend of reallocating investments from traditional sectors to new economy sectors, such as innovative pharmaceuticals and consumer brands, is becoming prevalent among fund managers [5][6]. Group 2: Impact of Market Dynamics - The rapid increase in the attractiveness of the Chinese stock market and the global success of new economic sectors have prompted fund managers to reassess their traditional investment beliefs [5][6]. - The innovative pharmaceutical sector in China is highlighted as a key area of growth, with fund managers recognizing significant technological advancements and opportunities for investment [5][7]. - The changing narrative around Chinese consumption and technology is seen as a catalyst for new investment opportunities, with a focus on cultural exports and advancements in sectors like autonomous driving [7]. Group 3: Future Outlook - The recognition of China's technological capabilities and the evolving market logic are expected to influence major investment decisions in the stock market by 2025 [6][7]. - The re-evaluation of the value of Chinese innovation by international capital is driving a systematic correction in the allocation of foreign investments towards Chinese stocks [7].

Core Viewpoint - The article discusses the significant changes in investment strategies among fund managers in response to the evolving Chinese stock market dynamics and the contrasting performances between new and traditional sectors [2][7]. Group 1: Changes in Fund Managers' Strategies - Fund managers are increasingly abandoning their previous preferences and styles, adapting to the new market conditions [2][7]. - Notable fund managers, such as Liu Gesong and Jiao Wei, have shifted their investment focus towards Hong Kong stocks and new economy sectors, indicating a departure from their traditional investment styles [3][4]. - Liu Gesong's fund now heavily invests in Hong Kong companies like Xiaomi and Pop Mart, while Jiao Wei's fund has increased its Hong Kong stock allocation from 15% to 47% within a quarter [3][4]. Group 2: Impact of Market Dynamics - The rapid increase in the attractiveness of the Chinese stock market and the global popularity of new economic sectors have prompted fund managers to reassess their traditional investment beliefs [7][9]. - The innovation in the pharmaceutical sector, particularly in Chinese innovative drugs, has led to a significant shift in investment strategies, with many managers completely exiting U.S. stocks in favor of Hong Kong and A-share markets [7][9]. - The article highlights that the recognition of China's technological capabilities and the evolving narrative around Chinese consumption are creating new investment opportunities [9]. Group 3: Future Outlook - The changes in fund managers' investment preferences are expected to influence major stock market selections in 2025, reflecting a renewed confidence in Chinese assets [8]. - The article emphasizes that the ongoing transformation in the investment landscape is driven by a strong narrative of change, particularly in consumer behavior and technological advancements in China [9].

Group 1 - The core narrative of the article highlights a significant shift in investment strategies among fund managers in response to changing market dynamics in China, leading to a departure from traditional stock selection preferences [1][4][6] - Fund managers are increasingly embracing new consumption and new economy sectors, as evidenced by the portfolio adjustments of prominent fund managers like Liu Gesong and Jiao Wei, who have shifted their focus towards Hong Kong stocks and innovative industries [2][4][6] - The rise of the innovative pharmaceutical sector in China is noted as a key driver for changing investment preferences, with many fund managers reallocating their portfolios away from traditional sectors like white liquor to embrace new economy leaders [4][5] Group 2 - The article discusses the evolution of fund managers' investment styles, with a notable increase in allocations to Hong Kong stocks, reflecting a broader trend of adapting to the rapid development of the market [2][3][6] - The changing perception of the Chinese stock market's attractiveness is emphasized, with fund managers recognizing the potential of new technologies and consumer brands, which has led to a re-evaluation of investment strategies [5][6] - The article also mentions the unique value proposition of the Hong Kong market, driven by international capital's reassessment of Chinese innovation capabilities, which is expected to influence future investment flows [6]