On July 20, Xiaomi Group-W rose 3.12% in regular trading, trading at HKD 27.58/share, with turnover of HKD 1.064 billion. The stock gained on multiple positive catalysts converging across the broader tech sector and company-specific developments.

On the news front, Hong Kong tech stocks rallied broadly, with the Hang Seng Tech Index opening up over 2%. At the company level, Xiaomi's self-developed MiMo end-side large model recently passed national AI model filing, marking a key milestone in the company's AI strategy. Goldman Sachs reiterated its \"Buy\" rating on the stock, maintaining a 12-month target price of HKD 40, citing rich catalysts in Q3 including the upcoming launch of the Pengcheng (SkyNomad) SUV series. Goldman Sachs forecasts SkyNomad deliveries of 110,000 units in the current year and 240,000 units next year, with an optimistic scenario reaching approximately 500,000 units. The company plans to invest RMB 16 billion in AI this year, with cumulative AI investment of no less than RMB 60 billion over the next three years.

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