Xiaomi released its first SUV at a press conference on Thursday, and the number of pre-orders exceeded 200,000 within three minutes of the launch. Citi said that the orders have exceeded most buyers' expectations and are likely to exceed the relevant expectations of southbound funds, which is positive for the stock price. Analysts Kyna Wong and others said in the report that the orders for YU7 will help achieve Citi's goal of 400,000 electric vehicle shipments for Xiaomi this year, and further electric vehicle capacity expansion plans may boost investor confidence. The next catalyst is the second quarter results or third quarter results guidance for 2025.