Core Viewpoint - Goldman Sachs expects Xiaomi Group-W (01810) to disclose more AI-related achievements in the coming quarters, which will enhance its "human × vehicle × home" ecosystem and strengthen its differentiated ecological advantage, supporting its brand premiumization strategy. Therefore, the firm maintains a "Buy" rating with a target price of HKD 53.5 based on SOTP valuation [1] Group 1 - Despite potential short-term stock price volatility, Xiaomi Group's risk-reward ratio remains attractive [1] - Xiaomi has increased its share buybacks in recent months, with a total buyback amount reaching HKD 2.3 billion this year, at an average repurchase price of HKD 42.2 per share [1] Group 2 - On November 21, Xiaomi officially launched the open-source cross-entity foundational model MiMo-Embodied and an upgraded version of its Super Autonomous Driving (HAD) system [1] - Looking ahead, Xiaomi aims to upgrade its smart driving technology from "rule-driven" and "data-driven" to "cognitive-driven," focusing on developing a visual-language-action model (VLA) based on its self-developed foundational model, with specialized fine-tuning for autonomous driving scenarios [1]