Xiaomi Gets L3 Certification: 'Anchor' for AI Terminal Grading Established, But Real Competition is at L4

From an industry cycle perspective, AI terminals are moving from the "hype phase" to the "standard-anchoring phase." On July 19, Xiaomi announced that its Xiaomi 17 Max smartphone received the first batch of L3 rating certificates under the national standard series Grading of Intelligence for Artificial Intelligence Terminals. The official statement clarified that L3 represents the highest level of intelligence currently defined by clear standards. The significance of this event isn't just that Xiaomi got a certificate, but that it established a quantifiable capability baseline for the entire AI phone industry—what does L3 mean? What does L4 mean? Who is above L3 and who is below will directly determine the valuation recovery logic for terminal manufacturers over the next two years.