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Deutsche Bank analyst Bin Wang expects Xiaomi's electric-vehicle business to report a loss for the first quarter, citing elevated R&D expenses and temporary promotions. Although EV deliveries rose 5% to over 79,416 units, the gross margin for the smart EV and AI segment is projected to drop 4.7 percentage points to 18%. This contraction is primarily attributed to discounts of up to 15,000 yuan provided to buyers who ordered before November 2025 but received delivery in 2026.

CHINA FINANCE MINISTRY AUCTIONS 30-YEAR BONDS AT 2.3672 PCT YIELD - TRADERS