On July 7, Xiaomi Group-W rose 3.52% in regular trading, trading at 23.94 HKD/share, with turnover of 1.062 billion HKD, extending its recent rebound trend.

On the news front, Xiaomi's GPU computing power demand from Kingsoft Cloud has been upgraded from a ten-thousand-card cluster to an ultra-large-scale computing cluster, with total project investment budget raised sharply from approximately 4 billion yuan to over 10 billion yuan, far exceeding market expectations. The two companies have developed a co-building model where Xiaomi prepays computing rental fees, with funds directed to Kingsoft Cloud for GPU server procurement.

Meanwhile, Xiaomi Auto delivered over 30,000 units in June for the third consecutive month, with first-half cumulative deliveries reaching approximately 180,000 units. Additionally, Citi maintained a Buy rating citing attractive valuation at 18.8x and 13.6x forward P/E for the next two years. Southbound capital has continued adding positions, BlackRock recently increased holdings by approximately 7.18 million shares, and the company has been conducting intensive buybacks.

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