$XIAOMI-W(01810.HK) The current position is quite good, away from the hustle and bustle and noise. There is a particularly bullish logic: 1) Leading foundational model, Xiaomi's token consumption in 2026E/2027E is 100T/500T respectively, corresponding to revenue ranges of 2 billion/9 billion yuan, with a PS30 valuation. 2) New vehicle cycle, new generation SU7 + SU7L executive edition + YU9. 3) Internet of Everything, the manufacturer with the best and most likely commercially viable edge-side application scenarios for foundational models. 4) Constrained by rising costs, the next year or two will be a stage of increasing revenue but not profit. If the cost cycle turns downward, corresponding profits are expected to be released.