CHANGELOG

System
New - MIUI 12.5 update
New - Android 11 update (Mi 9, Mi 9 SE, Mi 9T Pro, Mi 10T/Pro). Existing newest TWRP releases should work on these devices after Android 11 update (at least on Mi 9)
New - New super wallpapers: Geometry and Mount Siguniang
New - Nature mix is a new exciting way of creating your own notification sound system
New - Hundreds of system sounds that represent animals from all around the world
Optimization - Improved system stability and speed
Optimization - Updated Android Security Patch to January 2021 (Redmi Note 7)
Optimization - Updated Android Security Patch to December 2020 (most of devices)
Fix - Restored M font size (by xiaomi.eu)
Fix - Couldn't paste clipboard items on system apps

Notes
New - New tools for doodling and sketching
New - Press and hold a sketch to adjust the strokes automatically
New - A gesture shortcut now allows you to create notes, tasks, and excerpts anywhere
New - Excerpts save texts, URLs, and images to Notes in a few simple taps
New - Dynamic layouts make bring the typography in Notes to a new level

MIUI+
New - Redesigned Screen Combo to MIUI+
New - You can combine your phone and computer into a single working station (run apps, open notifications, make edits in documents, transfer files etc.). This feature is supported by selected devices: Mi 11, Mi 10 Ultra, Mi 10 Pro, Mi 10, Mi 9 Pro 5G, Mi 9, Redmi K30s Ultra/Mi 10T/Mi 10T Pro, Redmi K20 Pro/MI 9T Pro, Redmi K30 Pro/POCO F2 Pro

Security
New - Now you can see what apps access your clipboard and control access
New - Using approximate location adds up points to privacy protection

System launcher
New - New design for app folders

Mail
Fix - Action bar didn't show up when selecting a conversation
Fix - Removed useless Chinese setting from account settings

Gallery
Fix - Crashes in certain scenarios (e.g. while trying to make clip)
New - New photo editing layout
New - Few new photo filters, e.g. Midwinter, Snowfall, Sangria, Nightfall, Caramel
New - Added random sky filter feature
New - Added advanced settings for photo editing, e.g. exposure, color temperature, hue
New - ID photo feature, Art photo feature
Optimization - Reclassified photo filters

Themes
Optimization - Personalization features for system wallpapers, animations, and sounds

Clock
New - New hourglass animation for Timer (Snapdragon 888/865 devices)

Xiaomi Cloud
New - Password manager allows you to store passwords in the cloud

This update is suspended for Mi 9 Pro 5G, Mi 9 Lite, Redmi Note 8, Redmi Note 9 4G/Redmi 9T, Redmi Note 9 Pro 5G/Mi 10T Lite. These devices are expected to get this update on mid-or-late January 2021, with Android 11 update accordingly.
Starting from today, Redmi 7A, Redmi 8A and Redmi S2 are EOL for MIUI 12 stable - xiaomi.eu team won't support these devices (32-bit architecture).