Fred_6810
11-25
被做空,很惨
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\">Web Link</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","BK1589":"北水核心资产","IE0034224299.USD":"PINEBRIDGE ASIA EX JAPAN EQUITY \"A\" (USD) ACC","LU1251922891.USD":"NINETY ONE GSF ALL CHINA EQUITY \"A\" (USD) ACC","XIACY":"小米集团ADR","LU0359202008.SGD":"Blackrock China Fund A2 SGD-H","LU0051755006.USD":"摩根大通中国A (dist)","LU0456846285.SGD":"JPMorgan Funds - Greater China A (acc) SGD","BK1193":"电脑硬件、储存设备及电脑周边","LU0605514214.HKD":"FIDELITY 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INC"},"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,"XIACY":0.6,"HXXD.SI":0.6}},"isVote":1,"tweetType":1,"viewCount":264,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":11,"optionInvolvedFlag":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/503859465859120"}
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