[JPMorgan: Xiaomi's AI and robotics commercialization remains distant, maintains 'Neutral' rating] Golden Finance reported on April 28 that JPMorgan released a research report stating Xiaomi reiterated during its 2026 Investor Day that its total R&D expenditure from 2026 to 2030 will reach 200 billion yuan (nearly double the past five years), with AI-related R&D spending over the next three years to be no less than 60 billion yuan. The firm believes that while AI models and robotics businesses have long-term potential, significant commercialization of these new businesses will still require considerable time and will not act as a stock price catalyst in the short term. The firm maintains a 'Neutral' rating on Xiaomi, with a target price of HK$35. (Dongxin News Agency)