Group 1 - The core viewpoint of the article is that Daiwa maintains a target price of HKD 65 and a "buy" rating for Xiaomi, highlighting the company's strategic focus on internal chip development similar to Apple's approach [1] - Xiaomi has unveiled new products including the 3nm flagship processor, Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, and Xiaomi YU7, indicating a strong product pipeline [1] - The company plans to double its long-term R&D investment, with an expected investment of RMB 30 billion by 2025 and RMB 200 billion from 2026 to 2030, alongside an allocation of RMB 50 billion specifically for chip development [1] Group 2 - Xiaomi's strategy aims to establish a long-term competitive moat through deep integration of hardware and software, reflecting a shift towards self-sufficiency in chip production [1] - The company is also investing RMB 13.5 billion to build a team of over 2,500 personnel dedicated to chip development, emphasizing its commitment to this area [1]