Core Viewpoint - The release of DeepSeek-V3.1 has heightened market interest in AI chips, contrasting with NVIDIA's announcement of the discontinuation of the H20 chip, indicating a growing domestic chip development capability and accelerated localization in China [1][2]. Industry Summary - The electronic sector is experiencing a mild recovery in demand, with a recommendation to focus on the AI server supply chain, AIoT, equipment materials, and automotive electronics localization [1][6]. - The global AI chip sales revenue is expected to reach $92 billion by 2025, representing a year-on-year growth of 29.58%, while China's AI chip market is projected to reach 141.2 billion yuan in 2024, accounting for approximately 28% of the global market [2]. - The share of foreign chips in China's AI server market is predicted to decline from 63% in 2024 to 42% in 2025, as domestic suppliers like Huawei and Cambricon are expected to increase their market share to 40% by 2025 [2]. Company Summary - Xiaomi Group reported a total revenue of 116 billion yuan for Q2 2025, a year-on-year increase of 30.5%, with adjusted net profit reaching 10.8 billion yuan [3][4]. - The smartphone and AIoT business contributed 94.7 billion yuan in revenue, growing by 14.8% and accounting for 92.8% of total revenue [3]. - Xiaomi's high-end smartphone sales have increased, with a market share of 27.6% in the high-end segment, up by 5.5 percentage points year-on-year [4]. - The smart electric vehicle and AI innovation business generated 21.3 billion yuan in revenue, with a significant reduction in operating losses, expected to achieve profitability in the second half of the year [4]. Market Performance - The electronic industry outperformed the broader market, with the Shenzhen and Shanghai 300 Index rising by 4.18% and the Shenwan Electronics Index increasing by 8.95%, outperforming the former by 4.77 percentage points [5]. - The semiconductor sector saw a notable increase of 12.26%, while other electronic sub-sectors also experienced positive growth [5].
国产芯片新机遇,小米业绩亮眼迎新高 | 投研报告
Zhong Guo Neng Yuan Wang·2025-08-26 02:08