来源：市场资讯 （来源：木鱼ETF） 总体上来看，游资还是短期视角，但中期机构资金则更有格局。市场短期是波动、长期是机会。 （注意：节前没有早报了，假期会日常更新知识分享） 周五市场午后跳水调整，也不出意外。我们上周早报多次点出节前效应和"风格漂移调仓"，加之外贸方面有些影响情绪，凡是在预期中的就没必要过度反 应。只是这点调整幅度，值不值得波段离场，见仁见智了。 对利润垫子丰厚的朋友来说，持仓心态还是很好的。而没有利润垫的，则应关注急跌带来的机，追涨风险收益比较低。 | | | | 沪市统计(2025-09-26) | | | | --- | --- | --- | --- | --- | --- | | 1日增减(亿) | -112.8907 | 5日增减(亿) | 112.1487 | 20日增减(亿) | 779.2842 | | 1日幅度(%) | -0.92 | 5日幅度(%) | 0.93 | 20日幅度(%) | 6.83 | | 科创芯片(588200) | | 20775 | 政金债(511520) | | -181421 | | 创业板ETF(159915) | | 11637 | 短調E ...

9月27日10点，小米17系列全渠道开售。 随后，小米集团创始人，董事长兼CEO雷军表示，小米17ProMax单款机型打破了今年国产手机全价位段首销全天销量、销售额纪 录，在小米17系列中销量占比超过50%。 当天10时12分，小米集团公关部总经理王化在微博上公开表示，小米17全系开售5分钟，刷新2025年国产手机全价位段新机系列的首 销全天销量、销售额纪录。 9月26日，小米集团股价开盘后股价持续走低，早盘一度跌超5%，午后跌幅扩大，尾盘一度大跌8.66%。截至收盘，小米集团股价跌幅 达8.07%，报54.65港元／股，全天成交金额达233亿港元，市值跌超1000亿港元，目前总市值1.42万亿港元。 ◆来源：经济日报微信、每日经济新闻微信 编辑：孙懿辞 初审：梁爽 复审：曹光宇 终审：臧立 ...

转自：北京日报客户端 9月27日10点，小米17系列全渠道开售。 当天上午10时12分，小米集团公关部总经理王化在微博上公开表示，小米17全系开售5分钟，刷新2025 年国产手机全价位段新机系列的首销全天销量、销售额纪录。 随后，小米集团创始人，董事长兼CEO雷军表示，小米17ProMax单款机型打破了今年国产手机全价位 段首销全天销量、销售额纪录，在小米17系列中销量占比超过50%。 你买小米的新机了吗？你正在使用哪个品牌的手机？评论区聊聊 来源/经济日报微信综合雷军微信公众号、微博；每日经济新闻微信公众号 来源：经济日报 9月25日，雷军在年度演讲中发布了小米17系列新机。小米17售价4499元起，小米17Pro售价4999元起， 小米17ProMax售价5999元起。雷军介绍，小米17全球首发第五代骁龙8至尊版，采用最新第三代3nm工 艺制程，速度更快、能效更高。CPU，2+6架构设计，超大核是第三代Oryon架构，主频达到了 4.6GHz，是手机SoC最高主频。小米17ProMax搭载7500mAh大电池，比iPhone全系列续航更长，支持 100W有线充电、50W无线充电、100W PPS通用快充协 ...

记者丨刘雪莹 胡琳 见习记者李益文 编辑丨陈思颖 叶映橙 梁明 视频 丨 王学权 9月25日，A股市场震荡上行，创业板指续创3年多新高。 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3853.30 | 13445.90 | 1557.22 | | -0.34 -0.01% +89.75 +0.67% -21.70 -1.37% | | | | 科创50 | 创业板指 | 万得全A | | 1474.49 | 3235.76 | 6300.64 | | +18.02 +1.24% +50.19 +1.58% +10.97 +0.17% | | | | 沪深300 中证500 中证A500 | | | | 4593.49 | 7341.32 | 5561.13 | | +27.42 +0.60% +17.61 +0.24% +39.32 +0.71% | | | | 中证1000 | 深证100 | 中证红利 | | 7506.51 | 5927.41 | 5440.51 | | -27.71 -0.37% +59.75 + ...

Group 1 - The Hong Kong stock market indices collectively rose on September 25, with the Hang Seng Tech Index increasing by nearly 1.5% [1] - Chip stocks continued their upward trend, and the non-ferrous metals sector saw widespread gains [1] - The largest ETF tracking the Hang Seng Tech Index (513180) surged nearly 2%, with leading stocks including Xiaomi, Hua Hong Semiconductor, JD Group, Xpeng Motors, Baidu, and Li Auto [1] Group 2 - Lei Jun's sixth annual personal speech titled "Change" is scheduled for September 25, featuring the launch of Xiaomi's new flagship products: Xiaomi 17, Xiaomi 17 Pro, and Xiaomi 17 Pro Max [1] - The new Xiaomi 17 series will feature the Xiaomi Surge OS 3 and will debut the fifth-generation Snapdragon 8 Supreme version, with Xiaomi 17 being labeled as "the strongest standard flagship in history" [1] - Alibaba's Cloud Summit 2025 has sparked bullish sentiment, with expectations for the Hang Seng Tech Index to break upward again [2] - Alibaba's stock price has doubled this year, making it the largest weighted stock in the Hang Seng Tech Index at 9.36% [2] - The potential for continued inflow of southbound funds is anticipated due to the Federal Reserve's interest rate cuts and the strengthening narrative around AI [2]

小米空调25Q2出货量超过540万台，同比+60%，连续三个季度增速超过了50%。空调作为小米大家电最 重要的品类，将延续高端化战略，不断缩小与头部品牌价差，结构不断改善。同时武汉大家电工厂即将 投产，补足生产端弱环，叠加小米新零售模式的渠道优势，该行持续看好小米在大家电品类的竞争优 势。 手机新品发布或成后续重要催化 即将上市的小米17Pro及ProMax后置一块背屏，背屏可自定义显示内容，包括时钟主题各种个性化图 案，还可控制汽车、辅助进行后摄自拍等。小米17系列官宣后，小米之家累计定金盲约量较上代翻倍。 随着后续小米、红米系列新品上市，该行认为Q4手机收入及毛利率表现有望边际改善。 国泰海通发布研报称，维持小米集团-W(01810) FY2025E-FY2027E的营业收入分别为4891/6418/7584亿 人民币；维持经调整净利润预测为454/681/836亿人民币。小米汽车稳定交付，大家电维持竞争优势， 手机新品发布或成重要催化。该行维持小米目标价77.5港币，维持"增持"评级。 国泰海通主要观点如下： 7、8月汽车交付量均稳定3万辆以上，看好全年顺利实现和超越35万辆交付目标 小米汽车7月、8月 ...

Core Viewpoint - Cathay Securities maintains revenue forecasts for Xiaomi Group-W (01810) for FY2025E-FY2027E at RMB 489.1 billion, 641.8 billion, and 758.4 billion respectively, with adjusted net profit estimates at RMB 45.4 billion, 68.1 billion, and 83.6 billion. The stable delivery of Xiaomi cars, competitive advantage in home appliances, and the upcoming smartphone launches are seen as important catalysts. The target price remains at HKD 77.5 with a "Buy" rating [1]. Group 1: Automotive Performance - Xiaomi's car delivery volumes have remained stable at over 30,000 units in July and August, with expectations to exceed the annual target of 350,000 deliveries for 2025 [2]. - The second-phase factory is expected to ramp up production faster than the first phase due to accumulated supply chain and production line experience [2]. Group 2: Home Appliances - Xiaomi's air conditioner shipments exceeded 5.4 million units in Q2 2025, representing a year-on-year increase of 60%, with growth rates surpassing 50% for three consecutive quarters [3]. - The new Wuhan home appliance factory is set to enhance Xiaomi's competitive advantage in the home appliance sector, supported by a high-end strategy to narrow the price gap with leading brands [3]. Group 3: Smartphone Innovations - The upcoming launch of the Xiaomi 17 Pro and Pro Max, featuring a customizable back screen, is anticipated to be a significant catalyst for future growth [4]. - Pre-orders for the Xiaomi 17 series have doubled compared to the previous generation, indicating strong market interest [4]. - The company expects marginal improvements in smartphone revenue and gross margins in Q4 with the release of new Xiaomi and Redmi series products [4].