Core Viewpoint - Qualcomm's latest earnings report indicates weak growth in its smartphone-related business, raising market concerns about potential impacts from tariffs on the industry [1][4]. Financial Performance - For the third fiscal quarter ending June 29, Qualcomm reported revenue of $10.37 billion, a year-over-year increase of 10%, but below analysts' expectations of $10.62 billion [1]. - Adjusted net income was $2.67 billion, up 25% year-over-year, with adjusted earnings per share at $2.77, exceeding the average analyst estimate of $2.72 [1]. - The CDMA Technology Group's revenue for the third fiscal quarter was $8.993 billion, a year-over-year increase of 11% [2]. Business Segment Breakdown - Revenue from mobile chip business was $6.328 billion, a year-over-year increase of 7%, falling short of the expected $6.48 billion [1]. - Automotive chip revenue reached $984 million, up 21% year-over-year [1]. - Internet of Things (IoT) business revenue was $1.681 billion, reflecting a 24% year-over-year growth [1]. - The Technology Licensing Group reported revenue of $1.318 billion, a 4% year-over-year increase [1]. Future Outlook - Qualcomm anticipates fourth fiscal quarter revenue to be between $10.3 billion and $11.1 billion, with analyst expectations averaging $10.6 billion [4]. - The CDMA Technology Group's revenue is expected to be between $9 billion and $9.6 billion, while the Technology Licensing Group's revenue is projected to be between $1.25 billion and $1.45 billion [4]. Industry Challenges - The report heightened concerns about the chip industry's recovery prospects, with other manufacturers like Texas Instruments and Intel also providing cautious outlooks [4]. - A significant challenge for Qualcomm is Apple's plan to develop its own modem chips for iPhones, which could eventually replace Qualcomm's chips, although this transition has been delayed due to slow progress in Apple's component development [4].

Core Insights - The 22nd ChinaJoy will take place from August 1 to 4 in Shanghai, highlighting the growth of the global digital entertainment ecosystem [1] - Qualcomm's global vice president, Hou Mingjuan, shared that the global gaming market is projected to reach $182.7 billion in 2024, with mobile gaming growing by 5.5% and PC gaming by 4.4% [1] - The active installed base of VR devices is expected to reach 28.6 million globally, with infotainment applications leading the development of in-car applications [1] Qualcomm's Role - Qualcomm is continuously launching Snapdragon platforms for various terminals, covering mobile phones, PCs, handheld devices, automobiles, and XR products, contributing to the prosperity of the digital entertainment ecosystem [1] - AI is seen as a transformative force for digital entertainment terminals, enhancing user interaction and productivity [1] Future Developments - Qualcomm plans to introduce the next-generation AI smart glasses solution, Snapdragon AR1+, which is expected to significantly impact users' lives [1] - Partners are anticipated to launch more AI smart glasses products based on this platform [1]

Group 1 - The article provides a summary of the market capitalization changes of major global technology and internet companies as of July 31, 2025, highlighting both increases and decreases in their valuations [1][3][4]. - Notable companies with significant market capitalization include Tesla at $1,029 billion, Apple at $1,259 billion, and Amazon at $1,200 billion, showcasing their dominance in the tech sector [3][4]. - Companies like Alibaba and Meituan experienced declines in their market values, with Alibaba down by 1.66% to $288.5 billion and Meituan down by 4% to $51.5 billion, indicating potential challenges in their business environments [3][4][5]. Group 2 - The report indicates that companies such as Spotify and Qualcomm saw increases in their market capitalizations, with Spotify up by 4.91% to $133.3 billion and Qualcomm up by 1.86% to $174.6 billion, reflecting positive market sentiment [4][5]. - The data also reveals fluctuations in the stock prices of various companies, with notable increases for firms like Marvell Technology, which rose by 7.07% to $704 million, suggesting strong performance in their respective sectors [6][7]. - The overall market trends indicate a mixed performance among technology companies, with some experiencing growth while others face declines, highlighting the volatility and competitive nature of the industry [1][2][3].

Market Overview - The three major indices showed mixed performance, with the component sector leading the gains. As of the opening today, the Shanghai Composite Index reported 3604.70 points, down 0.30%; the Shenzhen Component Index reported 11208.46 points, up 0.05%; and the ChiNext Index reported 2382.97 points, up 0.65% [1] Policy and Economic Developments - The Political Bureau of the Central Committee of the Communist Party of China decided to hold the Fourth Plenary Session of the 20th Central Committee in October, emphasizing the need for macro policies to continue to exert force and enhance the attractiveness and inclusiveness of the domestic capital market [2] - The Ministry of Commerce expressed that China welcomes investments from foreign enterprises, including U.S. companies, to share development opportunities [2] Corporate Announcements - Ningde Times reported a net profit of 30.5 billion yuan for the first half of the year, a year-on-year increase of 33.02%, and proposed a cash dividend of 10.07 yuan per 10 shares [4] - Vanke A announced that the Shenzhen Metro Group would provide a loan of up to 869 million yuan to the company [4] - Long River Power announced plans to invest approximately 26.6 billion yuan in the construction of the Gezhouba shipping capacity expansion project [4] - Yonghui Supermarket plans to raise no more than 3.992 billion yuan through a private placement for store upgrades [4] Market Trends and Analysis - Financial analysts believe that despite recent fluctuations in the A-share market, the overall upward trend remains unchanged, with active trading and a market turnover exceeding 1.8 trillion yuan [8] - The "anti-involution" policy is expected to alleviate the "increased income without increased profit" dilemma, supporting a recovery in A-share performance [8]

Core Viewpoint - Qualcomm's latest earnings report reveals weak growth in its smartphone-related business, raising market concerns about potential tariff impacts on the industry [1][6] Financial Performance - For the third fiscal quarter ending June 29, Qualcomm reported revenue of $10.37 billion, a year-over-year increase of 10%, but below analysts' expectations of $10.62 billion [1] - Adjusted net income was $2.67 billion, up 25% year-over-year, with adjusted earnings per share of $2.77, exceeding the average analyst estimate of $2.72 [1] Business Segment Analysis - Qualcomm's CDMA Technology Group generated $8.993 billion in revenue for the third fiscal quarter, an 11% year-over-year increase [2] - Revenue from mobile chip business was $6.328 billion, a 7% year-over-year increase but below the expected $6.48 billion [1][4] - Automotive chip revenue reached $984 million, up 21% year-over-year, while IoT revenue was $1.681 billion, a 24% increase [1][4] - The Technology Licensing Group reported $1.318 billion in revenue, a 4% year-over-year increase [1] Future Outlook - Qualcomm anticipates fourth fiscal quarter revenue between $10.3 billion and $11.1 billion, with analyst expectations averaging $10.6 billion [6] - The CDMA Technology Group is expected to generate revenue between $9 billion and $9.6 billion, while the Technology Licensing Group is projected to earn between $1.25 billion and $1.45 billion [6] Industry Context - The earnings report has intensified concerns regarding the chip industry's recovery prospects, with other manufacturers like Texas Instruments and Intel also providing cautious outlooks [6] - A significant challenge for Qualcomm is Apple's plan to develop its own modem chips for iPhones, which could eventually replace Qualcomm's chips, although this transition has been delayed due to slow development progress by Apple [6]

Group 1 - The Central Committee of the Communist Party of China will hold its fourth plenary session in October, emphasizing the need for macro policies to continue and enhance efforts to boost consumption and strengthen the domestic capital market [1] - The Ministry of Commerce of China expressed welcome for foreign investment, including from U.S. companies, to share development opportunities [2] - The National Development and Reform Commission has allocated a budget of 90 billion yuan for childcare subsidies, with applications opening in late August [3] Group 2 - The Hubei humanoid robot fund has launched with an initial investment of 5 billion yuan, focusing on the development of robotics technology [6] - The China Coking Industry Association has called for an increase in coke prices, with specific price adjustments announced for various types of coke effective July 31 [7] - The Dalian Commodity Exchange has adjusted trading limits for certain contracts related to industrial silicon and lithium carbonate [8] Group 3 - CATL reported a net profit of 30.5 billion yuan for the first half of the year, a year-on-year increase of 33.02%, and announced a cash dividend of 10.07 yuan per share [9] - Vanke A announced a loan of up to 869 million yuan from Shenzhen Metro Group [10] - Long River Power plans to invest approximately 26.6 billion yuan in the Gezhouba shipping capacity expansion project [10] Group 4 - Lide Man plans to acquire up to 70% of a tuberculosis diagnostic screening company, which is expected to constitute a major asset restructuring [11] - Dongxin Co. announced ongoing product optimization for its chip products, which have not yet generated revenue [12] - The stock of Hehua Co. is suspended due to plans for a change in control [13] Group 5 - The Federal Reserve maintained its target range for the federal funds rate at 4.25% to 4.50%, marking the fifth consecutive decision to keep rates unchanged [15] - The U.S. government announced a 50% tariff on imported semi-finished copper products effective August 1 [18] - The U.S. stock market showed mixed results, with the Dow Jones down 0.38% and the Nasdaq up 0.15% [21] Group 6 - Microsoft reported fourth-quarter revenue of $76.44 billion, a year-on-year increase of 18%, exceeding expectations [22] - Qualcomm's third-quarter adjusted revenue was $10.37 billion, a 10% increase year-on-year, with adjusted net income rising by 25% [23]

Core Insights - Qualcomm reported a revenue of $10.365 billion for Q3 of fiscal year 2025, representing a 10% year-over-year increase [1] - The net profit for the same period was $2.666 billion, showing a 25% year-over-year growth [1] - Diluted earnings per share increased by 29% to $2.43 [1] Revenue Breakdown - Revenue from devices and services reached $8.893 billion, an 11% increase from $7.993 billion in the previous year [1] - Revenue from licensing was $1.472 billion, slightly up from $1.400 billion year-over-year [1] Business Segment Performance - The CDMA Technology Group's revenue was $8.993 billion, a growth of 11% year-over-year [4] - Mobile chip revenue was $6.328 billion, a 7% increase [4] - Automotive chip revenue reached $984 million, up 21% [4] - IoT revenue was $1.681 billion, reflecting a 24% increase [4] - The Technology Licensing Group generated $1.318 billion in revenue, a 4% increase year-over-year [4] Future Guidance - Qualcomm expects Q4 fiscal year 2025 revenue to be between $10.3 billion and $11.1 billion, with an average estimate of $10.7 billion [3] - The CDMA Technology Group's revenue is projected to be between $9 billion and $9.6 billion, while the Technology Licensing Group is expected to generate between $1.25 billion and $1.45 billion [3]

人民财讯7月31日电，高通第三财季调整后营收103.7亿美元，同比增长10%，调整后净利润26.7亿美 元，同比增长25%，第三财季调整后每股收益2.77美元。公司预计第四财季营收103亿美元至111亿美 元，预计第四财季调整后每股收益2.75美元至2.95美元。 ...

Market Overview - The Federal Open Market Committee (FOMC) decided to keep interest rates steady at +4.25-4.50% during its five meetings in 2025, acknowledging moderated growth but stable unemployment and labor market conditions [2][4] - Fed Chair Powell indicated that tariffs are beginning to impact inflation metrics, with the latest CPI Inflation Rate rising to +2.7% [5][4] - Market indexes experienced declines following Powell's statements, although the Nasdaq managed a slight gain of +0.15% by the close [1][6] Company Earnings Reports - Microsoft reported fiscal Q4 earnings of $3.65 per share, exceeding expectations by $0.30, with revenues of $76.4 billion, up +18% year over year, driven by a +39% increase in its Azure cloud business [6] - Meta Platforms significantly surpassed earnings projections with $7.14 per share against an anticipated $5.83, and revenues of $47.52 billion, up from $44.84 billion, with a +6% increase in Daily Active People to 3.48 billion [7] - Ford Motor Co. reported Q2 earnings per share of $0.37, exceeding estimates, with revenues over $50 billion, but shares fell due to $800 million in costs attributed to direct tariff exposure [9] - Qualcomm's fiscal Q3 earnings were $2.77 per share, beating expectations by $0.07, but revenues of $10.37 billion slightly missed the forecast, leading to a -4.6% drop in shares [10]

Group 1 - The Chinese government plans to hold the 20th Central Committee's fourth plenary session in October to analyze the current economic situation and work on the 15th Five-Year Plan [5] - The U.S. Federal Reserve decided to maintain the federal funds rate target range at 4.25% to 4.50%, marking the fifth consecutive meeting without a rate change [6] - The Canadian central bank announced it would keep its benchmark interest rate at 2.75% [8] Group 2 - China’s Foreign Minister Wang Yi emphasized the importance of expanding high-level foreign investment and creating a favorable business environment for U.S. companies in China [9] - The National Development and Reform Commission of China is soliciting public opinions on guidelines for government investment funds, aiming to control investment amounts and prevent hidden debts [10] Group 3 - Huawei launched its new HarmonyOS tablet, the MatePad Pro 12.2 inches, which is expected to enhance its ecosystem [18] - Changan Automobile aims to achieve a production and sales target of 5 million vehicles by 2030, with over 60% being new energy vehicles [19] - Geely Auto plans to launch five new hybrid models in the second half of the year to reach an annual sales target of 3 million vehicles [20][21] Group 4 - JD.com led a nearly 200 million yuan angel round investment in RoboScience, marking its continued investment in the robotics sector [22][23] - Microsoft reported a second-quarter net profit of $27.2 billion, a 24% year-over-year increase, with revenue of $76.44 billion [24] - Qualcomm's second-quarter adjusted net profit reached $2.67 billion, a 25% increase year-over-year [25] - Meta's second-quarter net profit was $18.34 billion, a 36% increase year-over-year, with revenue of $47.52 billion [25] Group 5 - Baidu is testing an AI application entry on its search homepage, aiming to enhance user experience and promote AI technology [26] - Aikang Group issued a statement addressing media misinterpretation of comments made by its CEO regarding health checkups [27] - The stock of Giant Legend surged over 30% following a partnership with Yushu Technology, linked to celebrity Jay Chou [28]