Apple’s China woes stoke $20b Xiaomi rally

苹果在中国的困境引发了200亿美元的小米反弹

Apple Inc.’s sales dip in China is providing an opportunity for yet another local Android smartphone maker to win favour with customers and investors.

苹果公司（Apple Inc。）在中国的销量下滑，为另一家本土安卓智能手机制造商赢得客户和投资者的青睐提供了一个机会。

Xiaomi Corp. has gained about $20 billion in market value since a June low on excitement over its latest handset as well as forays into electric vehicles and other businesses. The Hong Kong-listed stock rose more than 60 per cent in that span, making it the best performer on the Hang Seng Tech Index.

小米公司（Xiaomi Corp。）的市值自6月份的低点以来增加了约200亿美元，原因是人们对其最新手机以及进军电动汽车和其他业务感到兴奋。在此期间，这只在香港上市的股票上涨逾60%，成为恒生科技股指数中表现最好的股票。

Chinese Android makers are capitalising as Apple posts sliding revenue in the country, even amid signs that Asia’s largest smartphone market is starting to bottom out after years of decline.

随着苹果公布在华收入下滑，中国安卓制造商正在资本化，尽管有迹象表明，亚洲最大的智能手机市场在经历多年下滑后开始触底反弹。

Xiaomi’s 14 series has received over one million orders since its late-October launch. That marks the second smash debut for a Chinese smartphone in just the past few months, following Huawei Technologies Co.’s success with the Mate 60 Pro. Huawei is unlisted, but investors have been snapping up shares of its suppliers.

小米的14系列自10月下旬推出以来已收到超过100万份订单。这标志着继华为技术公司（Huawei Technologies Co。）的Mate 60 Pro取得成功后，中国智能手机在过去几个月内第二次大获成功。华为尚未上市，但投资者一直在抢购其供应商的股票。

Analysts’ vote of confidence

分析师的信任投票

While Xiaomi’s stock has surged on the stellar 14 series orders, some analysts say it’s poised to climb even higher. EVs and the so-called “artificial intelligence of things” are seen as potential additional catalysts.

虽然小米的股票因恒星14系列订单而飙升，但一些分析师表示，它将攀升至更高水平。电动汽车和所谓的“事物人工智能”被视为潜在的额外催化剂。

“We believe there is a trading opportunity in the next six months with smartphone and AIoT growth turnarounds and early expectations building for Xiaomi’s electric vehicle foray,” Gokul Hariharan, an analyst at JPMorgan Chase & Co. wrote in a note last week, upgrading the stock to overweight.

摩根大通（JPMorgan Chase&Co。）分析师Gokul Hariharan上周在一份报告中写道，“我们认为，随着智能手机和智能物联网增长的好转，以及对小米进军电动汽车的早期预期增强，未来6个月存在交易机会。”他将该股评级上调至增持。

Other Wall Street firms including Morgan Stanley and Citigroup Inc. have cited signs of an end to China’s smartphone downturn and a likely recovery into next year. Huawei’s surprisingly strong comeback has helped triggered Chinese consumer appetite for innovative local products.

包括摩根士丹利（Morgan Stanley）和花旗集团（Citigroup Inc。）在内的其他华尔街公司也表示，有迹象表明中国智能手机的低迷已经结束，明年可能会复苏。华为出人意料的强势回归，帮助引发了中国消费者对创新本土产品的兴趣。

“Huawei is clearly gaining ground rapidly following the new product launch featuring its unique camera function and satellite calling,” said Jian Shi Cortesi, a fund manager at GAM Investment Management.” iPhone sales are losing momentum in China at the moment, as many consumers don’t perceive much functionality improvement in the new iPhone.”

GAM Investment Management的基金经理石坚·科尔特斯（Jian Shi Cortesi）表示：“华为推出具有独特摄像头功能和卫星通话功能的新产品后，显然正在迅速取得进展。目前，iPhone在中国的销售正在失去势头，因为许多消费者认为新款iPhone在功能上没有太大改进。”

Advanced features

高级功能

Xiaomi’s 14 series also sports an advanced camera, as well as the latest Qualcomm Inc. processor and an innovative operating system called HyperOS designed to connect the smartphone to autos, appliances and other AIoT devices.

小米的14系列还配备了一个先进的摄像头，以及最新的高通公司处理器和一个名为HyperOS的创新操作系统，旨在将智能手机连接到汽车、电器和其他AIoT设备。

While Huawei is likely to gain the most share among Chinese brands in the current smartphone cycle, Xiaomi’s technology should help it fend off rivals, including Oppo and Vivo into next year, according to Bloomberg Intelligence analyst Steven Tseng. “In addition, the potential growth opportunity in overseas markets will be in favour of Xiaomi, which has the best overseas presence among all Chinese phone vendors,” he said.

彭博情报分析师Steven Tseng表示，虽然华为可能会在当前的智能手机周期中获得中国品牌中最大的份额，但小米的技术应该有助于它在明年抵御竞争对手，包括Oppo和Vivo。“此外，海外市场的潜在增长机会将有利于小米，它在所有中国手机厂商中拥有最好的海外业务，”他说。

The rally in Xiaomi’s shares since the 14 series’ release has pushed them into overbought territory, technicals suggest. But market watchers say the shares could ride further on upcoming catalysts including Singles’ Day and results for the third quarter due November 20.

技术指标显示，自14系列发布以来，小米股价的反弹已将其推入超买区域。但市场观察人士表示，该股可能会在即将到来的催化剂上进一步上涨，包括光棍节和将于11月20日公布的第三季度业绩。

“Xiaomi is the only top five smartphone brand to see shipment increases both quarter-on-quarter and year-on-year in Q3 2023 as it strengthened its positions in key markets such as China and India,” Counterpoint Research wrote in a note.

Counterpoint Research在一份报告中写道：“小米是前五大智能手机品牌中唯一一个在2023年第三季度出货量环比和同比都有所增长的品牌，因为它加强了在中国和印度等关键市场的地位。”

The company notched “historical high” gross merchandise value for Singles’ Day, helped by strong performance for the 14 series, Goldman Sachs Group Inc. analyst Timothy Moe wrote in a note.

高盛集团（Goldman Sachs Group Inc。）分析师蒂莫西·莫（Timothy Moe）在一份报告中写道，得益于14系列的强劲表现，该公司在光棍节创下了“历史新高”。

There are other ways to trade the idea too, as — like with Apple and Huawei — Xiaomi has its own ecosystem of suppliers. Among key component makers for Xiaomi, mainland-listed Will Semiconductor Co. and OFILM Group Co. have both climbed in the past month.

还有其他方式来交换这个想法，就像苹果和华为一样，小米有自己的供应商生态系统。在小米的主要零部件制造商中，在内地上市的威尔半导体公司（Will Semiconductor Co。）和OFILM Group Co。在过去一个月都有所上涨。