XIAOMI(HK:01810) Zheng Quan Shi Bao·2026-01-03 03:14Group 1 - Xiaomi has refuted claims regarding the "fake zoom ring" of the Xiaomi 17 Ultra Leica version, stating that the zoom ring's mechanical structure is complex and precise, involving a gear system that translates physical rotation into digital signals for zoom control [2] - The Xiaomi 17 Ultra was officially launched on December 25, 2025, with a starting price of 6,999 yuan, which is an increase of 500 yuan compared to the previous Ultra model [4] - The Xiaomi 17 Ultra Leica version features a design inspired by classic Leica cameras, with a zoom ring that allows users to adjust focal lengths, priced at 7,999 yuan for the 16GB+512GB version and 8,999 yuan for the 16GB+1TB version [4] Group 2 - Goldman Sachs' latest report indicates that the launch of the Xiaomi 17 Ultra smartphone series enriches the company's product line and reflects its ongoing high-end strategy, with expectations for further penetration into the market above 6,000 yuan in China by 2026 [5] - The report also highlights Xiaomi's accelerated 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 be released in 2026 [5] - Xiaomi's strong balance sheet, robust ecosystem integration capabilities, and cost advantages from deep supply chain involvement are expected to enhance its competitiveness in the electric vehicle sector, with a "buy" rating and a target price of 53.5 HKD assigned by Goldman Sachs [5]