Core Viewpoint - Xiaomi Corp. is set to launch its new flagship smartphone series, the Xiaomi 17, aiming to compete directly with Apple in the premium smartphone market [1][2]. Group 1: Product Launch and Strategy - Xiaomi is skipping its usual launch sequence, moving from the Xiaomi 15 series directly to the 17 series, which includes the Xiaomi 17 Pro and 17 Pro Max models [2]. - The company has been implementing a premiumization strategy for the past five years, benchmarking itself against Apple, which is seen as the standard in the high-end market [5]. - Xiaomi's President, Lu Weibing, expressed confidence in competing with Apple, acknowledging the latter's strong market position while asserting Xiaomi's capability to face the challenge [5]. Group 2: Market Position and Performance - Apple's iPhone controls 62% of the premium smartphone market, defined as devices priced at $600 and above, while Xiaomi has a minimal share but has seen a 55% increase in such sales in the first half of the year [4]. - In China, 10% of Xiaomi's smartphone shipments were priced above $600 in the first half of this year, a significant increase from nearly zero in 2019 [7]. - Xiaomi's shares rose by 1.9% in Hong Kong, partly due to a rally in Chinese electric automakers and suppliers [3]. Group 3: Competitive Landscape - The iPhone 17 is launching globally, with strong pre-order performance in China, aided by government subsidies making the entry-level variant more appealing [5]. - Analysts note that Apple's pricing strategy reflects its determination to maintain market share in China, indicating a competitive environment for Xiaomi [5]. - Xiaomi's recent success in the electric vehicle sector has bolstered its confidence to challenge Apple in the smartphone arena [6].