Market Overview - The three major A-share indices experienced a slight decline on October 28, with the Shanghai Composite Index losing the 4000-point mark. The total trading volume in the Shanghai and Shenzhen markets reached 21,653.07 billion yuan, a decrease of over 190 billion yuan compared to the previous trading day. More than 2300 stocks closed higher, with 72 stocks hitting the daily limit up [1] - The Hong Kong stock market also saw a collective decline, with the Hang Seng Index dropping by 0.33%. Major technology stocks fell, including NetEase-S down over 2%, and Meituan-W, Xiaomi Group-W, Tencent Holdings, Alibaba-W, and Lenovo Group all down over 1% [1] Xiaomi Group Performance - Xiaomi Group-W's stock fell by 1.92% today, continuing a downward trend with a decline of over 24% since September 26. Citigroup released a report indicating that Xiaomi is expected to announce its Q3 2025 earnings on November 18, with overall performance likely to be slightly below expectations due to lower smartphone gross margins and IoT revenue. The adjusted net profit is projected to reach 10.2 billion yuan, representing a year-on-year increase of 64% but a quarter-on-quarter decrease of 5% [2] Xiaomi's New Factory - Xiaomi's smart home appliance factory officially commenced production in Wuhan on October 28, with founder Lei Jun present at the ceremony. This factory is Xiaomi's first self-built smart home appliance factory and marks the third large-scale smart production base following the Beijing Xiaomi Automotive Super Factory and the Beijing Mobile Phone Smart Factory. The factory's launch signifies the completion of Xiaomi's "full ecosystem" strategy in large self-built smart factories [4] Institutional Trading Insights - In today's trading, institutions net bought 12 stocks and net sold 14 stocks. The top three net bought stocks were Hengbao Co., Ltd., Yunhan Chip City, and Antai Technology, each with net purchases exceeding 100 million yuan [5] - The net selling stocks included Zhongtung High-tech, which saw a net sell of 105 million yuan, followed by ShenKai Co., Ltd., Jianfa Zhixin, Beifang Changlong, and Nongxin Technology, each with net sells exceeding 20 million yuan [5] Northbound Capital Flow - Northbound capital saw net purchases in 5 stocks, with Zhongtung High-tech and Fangda Carbon being the top net buyers, amounting to 80.61 million yuan and 19.15 million yuan, respectively [8] - Conversely, 11 stocks experienced net selling from northbound capital, with Shanghai Jahwa and Hengbao Co., Ltd. each facing net sells exceeding 100 million yuan [7]