科技与互联网行业：AI手机深度，智能机迈入2.0时代

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group (01810.HK) and "Hold" ratings for Apple (AAPL.O), BYD Electronics (00285.HK), and GoerTek (01415.HK) [2]. Core Insights - AI smartphones are expected to drive a new wave of consumer upgrades, as hardware innovation in the smartphone sector has stagnated, with 51% of Chinese smartphone users having a replacement cycle of 3-4 years [3][19]. - Google's short-term advantages stem from its ecosystem and model capabilities, while long-term success will depend on the widespread adoption of intent frameworks [3][68]. - Apple is refining its AI capabilities within its ecosystem, with a focus on enhancing user experience through its Apple Intelligence model, which is expected to integrate with third-party apps by 2025 [4][67]. Summary by Sections 1. AI as a New Reason for Smartphone Upgrades - Hardware performance improvements have hit a bottleneck, making it difficult to persuade consumers to upgrade [19]. - The AI integration in smartphones is seen as a significant variable for future upgrades, with many manufacturers focusing on AI features in their system upgrades [19][20]. 2. Path to AI Smartphone Systematization: Intent Framework vs. Pure Visual - There are two main technical branches for achieving AI smartphone capabilities: intent frameworks and pure visual solutions [25]. - Intent frameworks require third-party app authorization but are more mature, while pure visual solutions do not require such authorization but are still developing [25]. 3. Progress of Major Manufacturers in AI Smartphones - Apple is focusing on enhancing its application experience and developing an intent framework to attract app developers [54]. - Google is leveraging its Gemini model to enhance the Android ecosystem and promote its intent framework in collaboration with manufacturers [68]. - Huawei is rapidly advancing its intent framework, while Xiaomi is expected to benefit from its integrated ecosystem in the long term [4][68].