Equity Derivatives and Volatility Specialist, Clifton Derivatives

John Ley

Equity Derivatives and Volatility Specialist

Clifton Derivatives

Independent derivative and volatility research firm focusing on events/catalysts, earnings, relative value and cross asset volatility strategies.

Equity Derivatives

<ul>
<li>Xiaomi surged to new all-time highs following its ecosystem launch and strong YU7 pre-order momentum.</li>
<li>We examine option market activity to assess what’s being priced and whether sentiment is getting ahead of itself.</li>
<li>Two option trade structures are outlined to reflect our findings.</li>
</ul>


Xiaomi surged to new all-time highs following its ecosystem launch and strong YU7 pre-order momentum.
We examine option market activity to assess what’s being priced and whether sentiment is getting ahead of itself.
Two option trade structures are outlined to reflect our findings.


Xiaomi: Sentiment Surges, Option Market Signals Overreach

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Equity Bottom-Up

<ul><li>Xiaomi hosted its “Human x Car x Home” ecosystem launch event on 26 Jun, and officially unveiled three key products: Xiaomi YU7, foldable phone MIX Flip 2, and Xiaomi AI glasses.</li><li>We believe YU7’s starting price of RMB 253.5k is largely inline, and YU7’s 289k preorders within first hour is well ahead of SU7’s 89k preorders within first 24 hours in Mar 2024.</li><li>We are also positive about Xiaomi’s first AI glasses featuring 12MP camera, long battery life and built-in Hyper AI, and we expect its starting price at RMB1,999 will gain strong traction. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xiaomi hosted its “Human x Car x Home” ecosystem launch event on 26 Jun, and officially unveiled three key products: Xiaomi YU7, foldable phone MIX Flip 2, and Xiaomi AI glasses.We believe YU7’s starting price of RMB 253.5k is largely inline, and YU7’s 289k preorders within first hour is well ahead of SU7’s 89k preorders within first 24 hours in Mar 2024.We are also positive about Xiaomi’s first AI glasses featuring 12MP camera, long battery life and built-in Hyper AI, and we expect its starting price at RMB1,999 will gain strong traction. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xiaomi (1810 HK) - Launch Event Takeaways: YU7, AI Glasses, MIX Flip 2

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>Over the past five trading days, <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.</li>
<li>Popular Strategies: Diagonal Spreads account for 27%of all strategies. This versatile strategy allows for many different profiles in terms of upfront premium (positive or negative), and time horizon.</li>
<li>This Insight of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies.</li>
</ul>


Over the past five trading days, Xiaomi Corp (1810 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.
Popular Strategies: Diagonal Spreads account for 27%of all strategies. This versatile strategy allows for many different profiles in terms of upfront premium (positive or negative), and time horizon.
This Insight of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies.


Xiaomi (1810 HK): Strategic Insights and Top Option Trades

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>US treasury yields were up 1-2 bps across the curve, on the back of a stronger than expected JOLTS report.</li>
<li>The yield on the 2Y UST rose 2 bps to 3.95%, while that on the 10Y UST was up 1 bp at 4.46%.</li>
<li>Equities advanced, supported by the strong jobs report despite continued uncertainty on trade.</li>
</ul>


US treasury yields were up 1-2 bps across the curve, on the back of a stronger than expected JOLTS report.
The yield on the 2Y UST rose 2 bps to 3.95%, while that on the 10Y UST was up 1 bp at 4.46%.
Equities advanced, supported by the strong jobs report despite continued uncertainty on trade.


<ul><li>We attended Xiaomi Investor Day 2025 on 3 Jun. Key takeaways include: 1) Smartphone: target to attain market share gain of 1ppt, 175-180mn shipment, ASP hike of 3-5% YoY and GPM of 12-12.5% in 2025;</li><li>2) Smart EV: target to turn profitable in 2H25E with 350,000 delivery target (unchanged);</li><li>3) IoT: 30% YoY sales growth target with GPM increase of 2.0-2.5ppts in 2025; </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We attended Xiaomi Investor Day 2025 on 3 Jun. Key takeaways include: 1) Smartphone: target to attain market share gain of 1ppt, 175-180mn shipment, ASP hike of 3-5% YoY and GPM of 12-12.5% in 2025;2) Smart EV: target to turn profitable in 2H25E with 350,000 delivery target (unchanged);3) IoT: 30% YoY sales growth target with GPM increase of 2.0-2.5ppts in 2025; Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Xiaomi (1810 HK) - Key Takeaways from Xiaomi Investor Day 2025

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi (1810 HK)

Xiaomi: Sentiment Surges, Option Market Signals Overreach

Xiaomi hits record highs after successful ecosystem launch and strong pre-orders, with option market activity analyzed for potential overvaluation.

John Ley

Xiaomi (1810 HK) - Launch Event Takeaways: YU7, AI Glasses, MIX Flip 2

Xiaomi hosted its “Human x Car x Home” ecosystem launch event on 26 Jun, and officially unveiled three key products: Xiaomi YU7, foldable phone MIX...

CMB International

Xiaomi (1810 HK): Strategic Insights and Top Option Trades

Xiaomi Corp's multi-leg option strategies offer diverse approaches, with Diagonal Spreads being popular. Insights into complex strategies reveal...

Gaudenz Schneider

Lucror Analytics - Morning Views Asia

US treasury yields were up 1-2 bps across the curve, on the back of a stronger than expected JOLTS report. The yield on the 2Y UST rose 2 bps to...

Lucror Analytics

Xiaomi (1810 HK) - Key Takeaways from Xiaomi Investor Day 2025

We attended Xiaomi Investor Day 2025 on 3 Jun. Key takeaways include: 1) Smartphone: target to attain market share gain of 1ppt, 175-180mn...

CMB International

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52-week Range

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Dividend (Yield)

Xiaomi: Sentiment Surges, Option Market Signals Overreach

​Xiaomi hits record highs after successful ecosystem launch and strong pre-orders, with option market activity analyzed for potential overvaluation.

John Ley

Xiaomi (1810 HK) - Launch Event Takeaways: YU7, AI Glasses, MIX Flip 2

Xiaomi hosted its “Human x Car x Home” ecosystem launch event on 26 Jun, and officially unveiled three key products: Xiaomi YU7, foldable phone MIX...

CMB International

Xiaomi (1810 HK): Strategic Insights and Top Option Trades

​Xiaomi Corp's multi-leg option strategies offer diverse approaches, with Diagonal Spreads being popular. Insights into complex strategies reveal...

Gaudenz Schneider

Lucror Analytics - Morning Views Asia

US treasury yields were up 1-2 bps across the curve, on the back of a stronger than expected JOLTS report. The yield on the 2Y UST rose 2 bps to...

Lucror Analytics

Xiaomi (1810 HK) - Key Takeaways from Xiaomi Investor Day 2025

We attended Xiaomi Investor Day 2025 on 3 Jun. Key takeaways include: 1) Smartphone: target to attain market share gain of 1ppt, 175-180mn...

CMB International

Xiaomi hits record highs after successful ecosystem launch and strong pre-orders, with option market activity analyzed for potential overvaluation.

Xiaomi Corp's multi-leg option strategies offer diverse approaches, with Diagonal Spreads being popular. Insights into complex strategies reveal...