Guangfa Securities: Maintains a "Buy" rating on Xiaomi Group-W (01810.HK). Xiaomi's AI strategy is a marathon, not a sprint.

According to the Securities Times app, Guotai Junan Securities released a research report stating that on December 17th, Xiaomi Group-W (01810.HK) held the 2025 "Human-Car-Home Full Ecology" partner conference, with key highlights focusing on breakthroughs in large-model technology, deepening synergy in the full ecology, and expanding the open ecology. Xiaomi's AI strategy is a long-distance race rather than a sprint, with a focus on the medium to long term. The report is optimistic about Xiaomi's comprehensive layout of self-developed chips + Surge OS + AI base large models, and believes that the synergy of the "Human-Car-Home" ecosystem will provide a scene soil for the company's future AI scaling applications. The company's "buy" rating is maintained.