[Citi: Maintains 'Buy' Rating for Xiaomi with Target Price of HK$37, Valuation Highly Attractive] According to a report by Golden Finance, on July 2, Citi released a research report stating that Xiaomi Group announced its June electric vehicle delivery volume exceeded 30,000 units. Currently, the delivery cycle for the YU7 model remains stable, with the base version, long-range version, Pro, Max, and GT models all at 6 to 9 weeks; the delivery cycle for the new SU7 model is 4 to 7 weeks (compared to late May's 8 to 11 weeks for the base version and 10 to 13 weeks for the Max version, showing a reduction). The bank noted that the stock is currently trading at 18.8x and 13.6x the forecasted price-to-earnings ratios for 2026 and 2027, respectively, making the valuation highly attractive. The bank expects that with the 2026 forecasts and the upcoming launch of the YU9 model, the stock price is likely to rebound in August. Additionally, if global Chinese memory manufacturers announce more capital expenditures, leading to signs of memory prices peaking, it is expected to have a positive impact on Xiaomi's stock price within the next 12 months. The bank maintains its 'Buy' rating for Xiaomi, with the target price unchanged at HK$37.