PDF《小米集团》

2 研究报告仅代表分析员个人观点,请务必阅读正文之后的免责声明. 注:以上数据均来官方披露、公司资料,国信证券(香港)研究部整理 图1:十年双

11 成交额 图2:双11 海外国家成交额翻倍 资料来源:阿里大数据、DT 财经、国信香港研究所整理 资料来源:Admitad.com、国信香港研究所整理 图3:双11 全球购帮助新零售出海 图4:小米之家双

11 火爆商品销量增速 资料来源:和讯网、国信香港研究所 资料来源:it 之家、小米之家、国信香港研究所整理 表1:双11 数码家电热销,小米销量排名靠前 资料来源:星图数据、国信香港研究所整理 手机 大家电 小家电 箱包 汽车 食品 运动户外 女装 男装

1 苹果 海尔 美的 小米 上汽大众 三只松鼠 耐克 优衣库 优衣库

2 华为 国美 戴森 新秀丽 别克 茅台 阿迪达斯 ONLY GXG

3 小米 小米 科沃斯 小CK 广汽本田 良品铺子 安踏 Vero Moda 太平鸟

4 荣耀 格力 飞利浦 美旅 比亚迪 百草味 李宁 波司登 森马

5 vivo 西门子 九阳 稻草人 奥迪 蒙牛 FILA 伊芙丽 杰克琼斯

6 oppo 奥克斯 苏泊尔 七匹狼 林肯 大益 彪马 韩都衣舍 马克华菲

7 魅族 海信 小米 菲安妮 一汽大众 五粮液 NB 乐町 波司登

8 三星 TCL 海尔 迪桑娜 福特 雀巢 斯凯奇 太平鸟 七匹狼

9 360 小天鹅 松下 MCM 广汽丰田 伊利 匡威 维尼熊 美特斯邦威

10 美图 创维 格兰仕 ELLE 路虎 洋河 特步 ZARA 恩莱德 电子行业观察 徐进,+852

2899 8300,xujin@guosen.com.hk

3 研究报告仅代表分析员个人观点,请务必阅读正文之后的免责声明. 注:以上数据均来官方披露、公司资料,国信证券(香港)研究部整理 Information Disclosures Stock ratings, sector ratings and related definitions Stock Ratings: Buy: A return potential of

10 % or more relative to overall market within

6 C

12 months. Neutral: A return potential ranging from -10% to 10% relative to overall market within

6 C

12 months. Sell: A negative return of 10% or more relative to overall market within

6 C12 months. Sector Ratings: Overweight: The sector will outperform the overall market by 10% or higher within

6 C12 months. Neutral: The sector performance will range from -10% to 10% relative to overall market within

6 C12 months. Underweight: The sector will underperform the overall market by 10% or lower within

6 C

12 months. Interest disclosure statement The analyst is licensed by the Hong Kong Securities and Futures Commission. Neither the analyst nor his/her associates serves as an officer of the listed companies covered in this report and has no financial interests in the companies. Guosen Securities (HK) Brokerage Co., Ltd. and its associated companies (collectively Guosen Securities (HK) ) has no disclosable financial interests (including securities holding) or make a market in the securities in respect of the listed companies. Guosen Securities (HK) has no investment banking relationship within the past

12 months, to the listed companies. Guosen Securities (HK) has no individual employed by the listed companies. Disclaimers The prices of futures and options may move up or down, fluctuate from time to time, and even become valueless. Losses may be incurred as well as profits made as a result of buying and selling futures and options. The prices of securities may fluctuate up or down. It may become valueless. It is as likely that losses will be incurred rath er than profit made as a result of buying and selling securities. The content of this report does not represent a recommendation of Guosen Securities (HK) and does not constitute the forecast on any futures and/or options. Guosen Securities (HK) may be seeking or will seek investment banking or other business (such as placing agent, lead manager, sponsor, underwriter or proprietary trading in such securities) with the listed companies. Individuals of Guose n Securities (HK) may have personal investment interests in the futures and/or options mentioned in this report. The content of this report does not represent a recommendation of Guosen Securities (HK) and does not constitute any buying/selling or dealing agreement in relation to the securities mentioned. Guosen Securities (HK) may be seeking or will seek investment banking or other business (such as placing agent, lead manager, sponsor, underwriter or proprietary trading in such securities) with the liste d companies. Individuals of Guosen Securities (HK) may have personal investment interests in the listed companies. This report is based on information available to the public that we consider reliable, however, the authenticity, accuracy or completeness of such information is not guaranteed by Guosen Securities (HK). This report does not take into account the particular investment objectives, financial situation or needs of individual clients and does not constitute a personal investment recommendation to anyone. Clients are wholly responsible for any investment decision based on this report. Clients are advised to consider whether any advice or recommendation contained in this report is suitable for their particular circumstances. This report is not intended to be an offer to buy or sell or a solicitation of an offer to buy or sell the securities mentioned. This report is for distribution only to clients of Guosen Securities (HK). Without Guosen Securities (HK)'