Daiwa: Xiaomi 17 series sales performance confirms the significant effectiveness of Xiaomi's strategy, rating "hold"

Morgan Stanley's report states that the first-day sales and revenue of the Xiaomi 17 series smartphones have both exceeded the historical records of domestic peers in 2025. Another surprise is that the sales of the highest-end model 17 Pro Max exceeded 50% on the first day, indicating that Xiaomi's market share in the high-end smartphone market may further accelerate. According to initial feedback, the innovative back screen design successfully attracts consumers' attention. Morgan Stanley believes that this sales performance confirms the significant effectiveness of Xiaomi's strategy, including focusing on user experience optimization in high-end model design; strengthening offline distribution networks to lay the foundation for penetration into the high-end market; and enhancing the attractiveness of high-end products through differentiated functions. The bank rates Xiaomi as "hold" with a target price of HK$62.