19 August 2026 | 7:21AM HKT Equity Research The 720: Xiaomi, Asia Banks, BHP, Anta/Amer, VNET, Hesai, CSL, CTBC, Murata, Broadcom, Panasonic In Focus | Xiaomi Xiaomi – Smartphone GPM Beats but EV Beta Weighs – Buy. Xiaomi delivered broadly in-line 2Q26 results, with a key positive surprise in smartphone GPM at 8.5%, demonstrating solid execution against rising BOM costs. However, we cut our 2026-2028 EV and AI revenue estimates by 6-12% and lower segment GPM by 1.1-1.4pp due to a weaker sector beta and a sl ...