Xiaomi (1810 HK)_Buy_ Re-rating set to continue

Equity Research Report 6 February 2025 Xiaomi (1810 HK) Buy: Re-rating set to continue Xiaomi is becoming the key beneficiary of the nationwide subsidy programme. As stated in our report, Consumer electronics: Subsidies policy a tailwind, we believe the national subsidy programme will act as a tailwind for China's Android brands with their retail prices ranging mostly below the subsidy price cap. According to BCI data, 25W4 (20-26 January, the first week after the implementation of the national subsidy prog ...