XIAOMI(HK:01810) Ge Long Hui·2025-12-29 05:47Core Viewpoint - Goldman Sachs reports that Xiaomi's latest release of the 17 Ultra smartphone series reflects its ongoing strategy to move upscale, with a focus on penetrating the market for products priced above 6000 yuan in China and accelerating the development of high-end products overseas [1] Group 1: Product Strategy - Xiaomi's product line has become richer with the introduction of the 17 Ultra smartphone series, indicating a commitment to high-end market penetration [1] - The company is expected to prioritize high-end product development as a key task entering next year [1] Group 2: AI Development - Xiaomi is accelerating its AI development this year, with plans to integrate self-developed chipsets, the Surge OS, and the MiMo large language model into a potential AI-native consumer terminal expected to launch in 2026 [1] Group 3: Competitive Positioning - The company is in the early stages of a multi-year ecological expansion under its human-vehicle-home ecosystem strategy, supported by a robust balance sheet and strong ecosystem integration capabilities [1] - Xiaomi's deep involvement in the supply chain provides it with cost advantages that are expected to enhance its competitiveness in the electric vehicle sector [1] Group 4: Investment Rating - Goldman Sachs has assigned a "Buy" rating to Xiaomi, with a target price of 53.5 Hong Kong dollars [1]