Shenwan Hongyuan: Maintains a "buy" rating on Xiaomi Corporation (01810.HK) with a stronger market position given its high-end strategy and comprehensive ecosystem in the areas of mobile phones, cars, and smart homes.

According to the Wise Finance APP, Shenwan Hongyuan released a research report stating that it maintains a "buy" rating for Xiaomi Group-W (01810.HK). The 25Q3 performance slightly exceeded expectations. Compared with previous storage cycles, it has stronger resilience than competitors, mainly due to the initial effectiveness of its high-end strategy. The business structure formed by the full ecology of people, cars, and homes is more balanced. The potential for high-end product structure has not been fully realized. The subsequent catalytic factors will bring about a narrative reversal in the upward trend.