$XIAOMI-W(01810.HK) Let's first look at the overall trend. The news released by Peng Cheng in July directly drove Xiaomi's stock price from 21 HKD all the way up to around 29 HKD now, showing that the market and capital are very bullish on it, and it has finally managed to recover some blood. Another key assist comes from the easing of storage prices: recently, the US stock storage sector plummeted, combined with the rapid development of domestic CXMT, which relieved cost pressures. Xiaomi took the opportunity to raise its annual smartphone shipment target.

Focusing on products, Peng Cheng is about to hold a technology launch event at the end of the month. Recalling the strategy of SU7 and YU7, which emphasized performance driving as a selling point, combined with the disclosure of concept cars and the European team, this is mainly to obtain the ticket to enter the ranks of top-tier automakers, build momentum for going global, and prove that it can build a good car according to traditional metrics.

Peng Cheng is clearly a work with higher Xiaomi concentration and innovation. Remembering back when Steve Jobs was around, phones on the market all had keyboards, but the iPhone he released didn't have a keyboard at all. It unlocked the iPhone just by sliding a finger, and also unlocked a new era for smartphones.

Peng Cheng doesn't have such a disruptive industry impact, but there should be plenty of internal innovations. From current information, the official side has only disclosed basic selling points like variable large space, fuel consumption, and range, while saying nothing about intelligence, which is Xiaomi's forte. There must be more things hidden. This promotion and buildup are quite 'refined'; the early news only showed the lower limit of this car, and the complete information will only be seen at the launch event.

Of course, the stock market doesn't look at products solely based on the product itself; it mainly cares about the business model. Only things with scarcity and a moat can command a higher market premium. Recently, I had the experience of driving an ICE car with my family on a long road trip for a few days. Throughout the journey, I pondered repeatedly. I feel that both SU7 and YU7 are favorites, but what truly hits the bullseye for daily life 用车 might still be Peng Cheng. Currently, Xiaomi Auto has not yet achieved a phased deep integration with self-developed AI, chips, and OS. The human-car-home ecosystem within the cabin can create more innovations, and the future still holds huge potential. From this perspective, I am bullish on Xiaomi's recent trend.

Regarding shareholding, we can see that recent phased breakthroughs were driven by major events, while other times basically remained in range-bound 博弈 and volatility. Ultimately, what stabilizes the stock price range is still the fundamentals and market trends. From the views of Xiaomi shareholders and investors, it is generally felt that anything below 30 is undervalued. However, how much short-term fluctuation there will be and when the mid-to-long-term repair will happen is hard to predict. Continue to focus on the main narrative, build strong fortresses, and fight steady battles.