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Frankding
2025-11-25
不愧是哄蒙财经
小米市值，两个月跌没了整个“蔚小理零”
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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025112007024897744c6f&s=b><strong>第一财经资讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>尽管小米集团三季度财报有着不错的表现，但未能扭转市场抛售情绪。11月19日，小米集团（01810.HK）在2025年第三季度财报发布次日股价遭遇重创，盘中最低触及38.22港元，不仅跌破40港元关口，总市值也失守1万亿港元。收盘价报38.82港元，下跌4.81%。财报显示，小米集团三季度总营收1131亿元，同比增22.3%，经调整净利润113亿元，同比增长80.9%。其中，小米汽车及AI等创新业务...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025112007024897744c6f&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0051755006.USD":"摩根大通中国A (dist)","LU0605514214.HKD":"FIDELITY 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ONE GSF EMERGING MARKETS EQUITY \"A\" (USD) ACC","LU2778985437.USD":"ALLIANZ CHINA FUTURE TECHNOLOGIES \"A\" (USD) INC","LU0823041008.USD":"AMUNDI FUNDS EMERGING WORLD EQUITY \"A2\" (USD) ACC","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC NC","LU1770034418.SGD":"ALL CHINA EQUITY \"A\" (SGDHDG) ACC","BK1521":"挪威政府全球养老基金持仓","HXXD.SI":"Xiaomi HK SDR 2to1","BK1610":"ETF&股票定投概念","XIACY":"小米集团ADR","LU0143863784.USD":"CT (LUX) I GLOBAL EMERGING MARKET EQUITIES\"DU\" (USD) ACC","LU2152927971.USD":"NORDEA 1 ASIAN STARS EQUITY \"BP\" (USD) ACC","LU0348735423.USD":"ALLIANZ HONG KONG EQUITY \"A\" (USD) INC","LU0823038988.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS \"A2\" (USD) ACC","LU0561508036.HKD":"ALLIANZ CHINA EQUITY \"A\" (HKD) INC","BK1615":"港股-互联网","LU0463099449.HKD":"SCHRODER ISF CHINA OPPORTUNITIES \"A\" (HKD) ACC","LU0359201885.HKD":"BGF CHINA \"A2\" (HKD) ACC","LU0039217434.USD":"HSBC GIF CHINESE EQUITY \"AD\" INC","LU0823039010.USD":"AMUNDI FUNDS ASIA EQUITY FOCUS 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ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025112007024897744c6f&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2586416986","content_text":"尽管小米集团三季度财报有着不错的表现，但未能扭转市场抛售情绪。11月19日，小米集团（01810.HK）在2025年第三季度财报发布次日股价遭遇重创，盘中最低触及38.22港元，不仅跌破40港元关口，总市值也失守1万亿港元。收盘价报38.82港元，下跌4.81%。财报显示，小米集团三季度总营收1131亿元，同比增22.3%，经调整净利润113亿元，同比增长80.9%。其中，小米汽车及AI等创新业务首次实现季度盈利7亿元。截至11月19日收盘，小米集团股价较6月27日61.45港元的年内高点累计跌幅达36.83%。6月26日晚，小米集团发布小米Yu7，次日股价大幅上涨。而股价下行趋势自9月下旬起加剧，9月25日晚，雷军发表第六次年度演讲并发布小米17系列等新品，9月26日股价大幅跳水，单日跌幅达8.07%，收报54.65港元，市值单日蒸发超千亿港元。此后，小米集团股价整体持续走低，截至11月19日收盘，这一区间（自9月25日至今）跌幅已达34.7%；其中，10月单月市值蒸发超2800亿港元，创下公司史上最大单月跌幅。以总股本260.42亿股计算，自9月25至11月19日，小米集团市值蒸发了超过5300亿港元，这一缩水规模超出同期蔚来、理想、小鹏和零跑的市值总和（约5000亿港元）。资本市场的悲观情绪与机构做空动作形成呼应。据《彭博》援引高盛11月6日发布的报告，小米集团财报发布前夕，市场情绪趋于谨慎，高盛机构经纪主要客户对小米的空头仓位一周内飙升53%，过去两周机构交易明显偏向抛售，且主要来自养老基金与对冲基金。对冲基金反馈称，小米集团已成为短期普遍做空目标。有机构认为，小米缺乏短期催化剂，同时面临安全性质疑、工厂建设延误等问题。安全性方面，今年10月份，成都发生一起SU7 Ultra碰撞起火事故，4人合力“拳打脚踢”SU7门窗，但车门仍无法打开，车辆严重焚毁，驾驶人员未能脱逃。更早之前的3月份，一辆小米SU7标准版在安徽铜陵一高速公路遭遇严重交通事故，造成3人死亡。此外，因L2级高速领航辅助驾驶功能存在缺陷，小米在9月份宣布召回11.7万辆SU7。工厂建设方面，小米原计划二期工厂投产后年产能提升至30万辆。但据行业调研，工厂建设的进度已出现延误，原定10月的产能爬坡可能将推迟。该公司最新公布的10月交付量为40000+，与9月基本持平。高盛分析师11月1日将小米目标价下调超10%，并指出存储芯片成本上涨会进一步挤压利润率。对于小米集团的发展前景，资本市场呈现明显分歧。中信证券近期研报认为，随着汽车交付量增加和平均售价上升，小米汽车及AI等创新业务已在三季度扭亏为盈，长期增长潜力值得期待；高盛虽下调目标价，但维持“买入”评级，看好2026年产能提升与新车型潜力。小米集团总裁卢伟冰在业绩电话会上表示，今年第四季度小米汽车仍基本保持稳定状态，但2026年将会非常有挑战，预计明年小米汽车的毛利率相对于今年，或出现下滑。一是明年汽车厂家都面临购置税补贴政策减半的影响；二是汽车行业玩家多，产业发展在非常早期，它需要经过一段时间激烈的竞争才会收敛，小米汽车要顺应行业的变化。业内认为，对小米集团来说，如何快速化解汽车安全争议、推进产能爬坡、重塑市场信任，是小米跨界造车以来面临的最严峻考验，其后续应对也将影响估值修复与长期发展。","news_type":1,"symbols_score_info":{"81810":0.6,"01810":1.5,"MIUmain":0.6,"HXXD.SI":0.6,"XIACY":0.6}},"isVote":1,"tweetType":1,"viewCount":178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":503861384520144,"gmtCreate":1764035374661,"gmtModify":1764036584038,"author":{"id":"3494295369755111","authorId":"3494295369755111","name":"Frankding","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false,"authorIdStr":"3494295369755111","idStr":"3494295369755111"},"themes":[],"title":"","htmlText":"不愧是哄蒙财经","listText":"不愧是哄蒙财经","text":"不愧是哄蒙财经","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/503861384520144","repostId":"2586416986","repostType":2,"repost":{"id":"2586416986","kind":"news","pubTimestamp":1764027273,"share":"https://www.laohu8.com/m/news/2586416986?lang=zh_CN&edition=full","pubTime":"2025-11-25 07:34","market":"hk","language":"zh","title":"小米市值，两个月跌没了整个“蔚小理零”","url":"https://stock-news.laohu8.com/highlight/detail?id=2586416986","media":"第一财经资讯","summary":"尽管小米集团三季度财报有着不错的表现，但未能扭转市场抛售情绪。财报显示，小米集团三季度总营收1131亿元，同比增22.3%，经调整净利润113亿元，同比增长80.9%。截至11月19日收盘，小米集团股价较6月27日61.45港元的年内高点累计跌幅达36.83%。6月26日晚，小米集团发布小米Yu7，次日股价大幅上涨。此后，小米集团股价整体持续走低，截至11月19日收盘，这一区间跌幅已达34.7%；其中，10月单月市值蒸发超2800亿港元，创下公司史上最大单月跌幅。","content":"<div>\n<p>尽管小米集团三季度财报有着不错的表现，但未能扭转市场抛售情绪。11月19日，小米集团（01810.HK）在2025年第三季度财报发布次日股价遭遇重创，盘中最低触及38.22港元，不仅跌破40港元关口，总市值也失守1万亿港元。收盘价报38.82港元，下跌4.81%。财报显示，小米集团三季度总营收1131亿元，同比增22.3%，经调整净利润113亿元，同比增长80.9%。其中，小米汽车及AI等创新业务...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025112007024897744c6f&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>小米市值，两个月跌没了整个“蔚小理零”</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ 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margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n小米市值，两个月跌没了整个“蔚小理零”\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-25 07:34 北京时间 <a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025112007024897744c6f&s=b><strong>第一财经资讯</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>尽管小米集团三季度财报有着不错的表现，但未能扭转市场抛售情绪。11月19日，小米集团（01810.HK）在2025年第三季度财报发布次日股价遭遇重创，盘中最低触及38.22港元，不仅跌破40港元关口，总市值也失守1万亿港元。收盘价报38.82港元，下跌4.81%。财报显示，小米集团三季度总营收1131亿元，同比增22.3%，经调整净利润113亿元，同比增长80.9%。其中，小米汽车及AI等创新业务...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025112007024897744c6f&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"81810":"小米集团-WR","LU0054450605.USD":"HSBC GIF GLOBAL EMERGING MARKTS EQ \"AD\" INC","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU0051755006.USD":"摩根大通中国A (dist)","LU0605514214.HKD":"FIDELITY 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ACC"},"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN2025112007024897744c6f&s=b","is_english":false,"share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","article_id":"2586416986","content_text":"尽管小米集团三季度财报有着不错的表现，但未能扭转市场抛售情绪。11月19日，小米集团（01810.HK）在2025年第三季度财报发布次日股价遭遇重创，盘中最低触及38.22港元，不仅跌破40港元关口，总市值也失守1万亿港元。收盘价报38.82港元，下跌4.81%。财报显示，小米集团三季度总营收1131亿元，同比增22.3%，经调整净利润113亿元，同比增长80.9%。其中，小米汽车及AI等创新业务首次实现季度盈利7亿元。截至11月19日收盘，小米集团股价较6月27日61.45港元的年内高点累计跌幅达36.83%。6月26日晚，小米集团发布小米Yu7，次日股价大幅上涨。而股价下行趋势自9月下旬起加剧，9月25日晚，雷军发表第六次年度演讲并发布小米17系列等新品，9月26日股价大幅跳水，单日跌幅达8.07%，收报54.65港元，市值单日蒸发超千亿港元。此后，小米集团股价整体持续走低，截至11月19日收盘，这一区间（自9月25日至今）跌幅已达34.7%；其中，10月单月市值蒸发超2800亿港元，创下公司史上最大单月跌幅。以总股本260.42亿股计算，自9月25至11月19日，小米集团市值蒸发了超过5300亿港元，这一缩水规模超出同期蔚来、理想、小鹏和零跑的市值总和（约5000亿港元）。资本市场的悲观情绪与机构做空动作形成呼应。据《彭博》援引高盛11月6日发布的报告，小米集团财报发布前夕，市场情绪趋于谨慎，高盛机构经纪主要客户对小米的空头仓位一周内飙升53%，过去两周机构交易明显偏向抛售，且主要来自养老基金与对冲基金。对冲基金反馈称，小米集团已成为短期普遍做空目标。有机构认为，小米缺乏短期催化剂，同时面临安全性质疑、工厂建设延误等问题。安全性方面，今年10月份，成都发生一起SU7 Ultra碰撞起火事故，4人合力“拳打脚踢”SU7门窗，但车门仍无法打开，车辆严重焚毁，驾驶人员未能脱逃。更早之前的3月份，一辆小米SU7标准版在安徽铜陵一高速公路遭遇严重交通事故，造成3人死亡。此外，因L2级高速领航辅助驾驶功能存在缺陷，小米在9月份宣布召回11.7万辆SU7。工厂建设方面，小米原计划二期工厂投产后年产能提升至30万辆。但据行业调研，工厂建设的进度已出现延误，原定10月的产能爬坡可能将推迟。该公司最新公布的10月交付量为40000+，与9月基本持平。高盛分析师11月1日将小米目标价下调超10%，并指出存储芯片成本上涨会进一步挤压利润率。对于小米集团的发展前景，资本市场呈现明显分歧。中信证券近期研报认为，随着汽车交付量增加和平均售价上升，小米汽车及AI等创新业务已在三季度扭亏为盈，长期增长潜力值得期待；高盛虽下调目标价，但维持“买入”评级，看好2026年产能提升与新车型潜力。小米集团总裁卢伟冰在业绩电话会上表示，今年第四季度小米汽车仍基本保持稳定状态，但2026年将会非常有挑战，预计明年小米汽车的毛利率相对于今年，或出现下滑。一是明年汽车厂家都面临购置税补贴政策减半的影响；二是汽车行业玩家多，产业发展在非常早期，它需要经过一段时间激烈的竞争才会收敛，小米汽车要顺应行业的变化。业内认为，对小米集团来说，如何快速化解汽车安全争议、推进产能爬坡、重塑市场信任，是小米跨界造车以来面临的最严峻考验，其后续应对也将影响估值修复与长期发展。","news_type":1,"symbols_score_info":{"81810":0.6,"01810":1.5,"MIUmain":0.6,"HXXD.SI":0.6,"XIACY":0.6}},"isVote":1,"tweetType":1,"viewCount":178,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0}],"lives":[]}
