2025 已经收关，趁今天元旦假期有空，我对自己 2025 年的投资情况。总的来说，2025 年对大部分来人来说依旧是个收获的一年，这年纳指涨和恒指都上涨了 20% 以上，连上证都涨了 18%，不过 25 年有点高开低走，上半年大涨下半年有所回落。 我个人认为，23 年反而是港美股最适合播种的一年，这年里港美股遍地便宜的绩优股，200 多的腾讯，9 块的小米，100 块的特斯拉...

Today $XIAOMI-W(01810.HK) announced its Q3 2025 financial report. Due to the mediocre performance of its traditional business, this report appears relatively flat compared to the previous two "strongest ever" quarterly reports. However, with a 22.3% revenue growth rate, 80.9% net profit growth rate, quarterly revenue of 113.1 billion, and net profit of 11.3 billion, this growth and scale are already at the top level in China. Under the current circumstances, it's almost impossible to find another large company with both revenue and net profit growth exceeding 20%...

Unknowingly, the first half of the year has passed. Today, on the weekend, I finally have time to summarize my investment performance for the past six months. Compared to last year, there hasn't been much change this year—I'm still focusing on the concept of 'globalization' in my investments. These three words are actually very important; if you grasp their meaning, I believe investing will become much easier. The main difference this year is that IPO subscriptions in the Hong Kong market have been quite hot, and I've participated in them more deeply. For me, IPO subscriptions have become a form of risk-free or low-risk arbitrage. 1. Global Asset Performance in the First Half of 2025 Let's start with the data—here's the chart...

Today, $XIAOMI-W(01810.HK) announced its Q1 2025 financial report. Since terms like "the strongest in history" have already been used, this time we can only describe it as "the strongest of the strongest" quarterly report. Of course, Xiaomi is likely to continue breaking its own financial records in the future. Regarding the financial report, due to the national subsidies in Q1 and the overwhelming orders for the SU7, the market had already fully anticipated that Xiaomi's financial data would be excellent, but the results still exceeded expectations. Revenue was 2 billion higher than market expectations, and net profit was 1.5 billion higher than market expectations. However, judging from the financial data...

Today $TENCENT(00700.HK) released its Q1 2025 financial report. At first glance, it seemed the same as before—one word: steady $Tencent(TCEHY.US)! But after reviewing the data thoroughly, this quarter’s report can be described as not just steady but also impressive. Revenue reached 180.02 billion yuan, up 12.19% year-over-year, while adjusted net profit hit 61.33 billion yuan, a 22% increase year-over-year. Adjusted net profit has now grown over 20% year-over-year for nine consecutive quarters. Breaking it down by business segment...

These 2 days have completely shattered my worldview with Xianyu. It's hard to imagine that an Alibaba-affiliated company could stoop to such shameless levels. Is Alibaba Group that strapped for cash? They've started resorting to all sorts of methods to snatch money from users. The background is that I was selling items on Xianyu, and under the platform's inducement, I activated the Xianyu Coin discount feature (because the platform suggested that enabling it would increase exposure, and not enabling it would affect product visibility. Plus, most people don't have many Xianyu Coins, so normally everyone would enable it). But the rules of Xianyu Coin discounts, including my own understanding as both a buyer and seller, are that buyers use Xianyu Coins to deduct...

Recently, $Apple(AAPL.US) released its quarterly earnings report. Overall, the financial data remains stable, with a single-quarter net profit as high as $24.8 billion. However, there are indeed no more highlights. Apple is still the effortlessly profitable Apple, but it's also the Apple with slightly sluggish growth. Key financial data can be seen in the chart below. Let me share my personal opinion first: 1. The core iPhone business has dropped to second place globally, but in the Chinese market, it has fallen to fifth. This confirms what was previously said—while Apple's ecosystem is unbeatable, it's under siege from Android, with national subsidies, foldable screens, and the rise of high-end Android phones...

Today $TENCENT(00700.HK) released its Q4 2024 financial report. Just one word to describe it: "Solid"! Revenue reached 172.45 billion yuan, up 11.1% year-on-year, while adjusted net profit surged 29.6% to 55.31 billion yuan. This marks the seventh consecutive quarter of over 29% year-on-year growth in adjusted net profit. By business segment: gaming grew 20.3%, advertising rose 17.5%, social networks increased 5.7%, and fintech expanded 3.2%. 1. Personal Summary: From the financial data...

Today, $XIAOMI-W(01810.HK) released its Q4 2024 financial report. After reviewing the data, it's best described by Lei Jun's Weibo comment as "the strongest performance in history." For the financial report, although market expectations were already high, the data still far exceeded them. Let's take a look at the chart first! Xiaomi's financial reports have been analyzed many times, and the basic view remains unchanged: the certainty of the electric vehicle business is increasing, while the smartphone segment, despite the overall market downturn, has shown some progress for Xiaomi. The IOT segment, particularly large home appliances, has seen significant growth...

Two days ago, $Apple(AAPL.US) released its quarterly earnings report. Except for the decline in iPhone and wearable revenue, other areas showed growth. Total revenue increased by 4%, net profit rose by 7%, and the stock price surged after hours, indicating that the market seems quite satisfied with Apple's earnings report. Key financial data is shown in the figure below: Here’s my personal take: 1. Although the iPhone ranked first globally and in China, both sales and revenue declined. The smartphone market is highly competitive, with Apple facing intense competition from Android. While Apple's ecosystem is unmatched, domestic subsidies and foldable screens are posing challenges...