Xiaomi's stock price has been rising recently, mainly driven by the implementation of national subsidies for electronic products such as smartphones. Dolphin believes that Xiaomi's performance in 2025 is quite strong: 1) With the launch of YU7, the company will expand into the SUV category in 2025. The increase in models will further boost the demand for Xiaomi cars; 2) The recent implementation of national subsidies is a major short-term stimulus. From the provinces and cities where the national subsidies have been launched since January 20, the sales of smartphones and tablets have more than doubled month-on-month.

Xiaomi's product matrix includes major subsidized categories such as smartphones and tablets. Since the subsidy amount is 15% (capped at 500 yuan), it will be most beneficial for smartphone products priced between 3000-4000 yuan and tablet products around 3000 yuan. Coupled with the consumption boost from the recent Spring Festival holiday, both Xiaomi and JD Group, which primarily sells electronic products, will directly benefit. $XIAOMI-W(01810.HK) $JD.com(JD.US) $JD-SW(09618.HK)