[Against the Market] After Xiaomi's share repurchase and 33 consecutive days of inflows into warrants, the stock price rose 2% today against the market. Pay attention to call 29601/put 22196

According to institutional reports, Xiaomi (1810) has received positive reviews for its newly launched Xiaomi 17 series, thanks to its bold rear secondary screen design, with strong sales in the first month driving a 21% year-on-year increase in overall company sales. Unlike previous years, this year, the high-end Pro and Pro Max models have become the main sales drivers. This shift not only enhances Xiaomi's average selling price but also highlights its increasing competitiveness in the high-end market. Additionally, after the earnings report, Xiaomi spent HKD 500 million to repurchase 13.5 million shares, and with warrant funds flowing into call warrants for 33 consecutive days, the stock price rose 2% on Friday (21/11). If optimistic about Xiaomi's rebound, one can pay attention to the call warrant (29601), with an exercise price of HKD 56.04, expiring in August 2026, with an actual leverage of 5 times. Conversely, if one believes that external market conditions remain unfavorable for Xiaomi, one can consider the put warrant (22196), with an exercise price of HKD 35.16, expiring in April 2026, with an actual leverage of 4.8 times.

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