小米估值最高时期，一边因素是手机业务增长迅猛华为被禁，市场预期小米能成为全球第二的手机厂家，一面是互联网业务那个时候拥有高估值，小米互联网业务也有 10% 左右的占比，然后再叠加了造车的新闻，那个时候是电动车行情最火爆的时候。如今这三个因素全部降温，逻辑完全变了，现在可能更多的是走反转逻辑，手机高端之路，市场份额能不能反转，互联网估值能不能修复，电动车业务是不是真的能成功，这个便是新逻辑，也充满了不确定性。
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