3nm 工艺破局，玄戒 O1 重构小米竞争壁垒

Investment Rating - The report assigns an "Accumulate" rating for the industry [1] Core Insights - Xiaomi launched its self-developed flagship SoC chip, "Xuanjie O1," on May 22, 2025, marking a significant breakthrough in high-end chip design within the Chinese semiconductor industry [3][4] - The Xuanjie O1 is the first 3nm mobile chip developed in mainland China, making Xiaomi the fourth company globally to release a 3nm chip, following Apple, Qualcomm, and MediaTek [4] - The chip features a "2+4+2+2" ten-core architecture, with a total of 19 billion transistors and a chip area of 109mm², showcasing performance comparable to Apple's latest processors [4] - The report highlights Xiaomi's long-term investment strategy, with over 13.5 billion yuan invested since 2021 and plans to invest over 200 billion yuan in core technology research over the next five years [4] Summary by Sections Product Launch - The Xuanjie O1 chip was officially launched during Xiaomi's 15th anniversary strategic product release event [4] - The chip is designed to create a complete technology ecosystem from chips to terminals, covering consumer electronics and smart vehicles [4] Performance Metrics - Geekbench 6 test results show that the Xuanjie O1 achieves a single-core score of 3017-3119 and a multi-core score of 9264-9673, outperforming competitors like Dimensity 9400+ and slightly surpassing Qualcomm Snapdragon 8 [4] - The chip's energy efficiency is enhanced, with an 18% reduction in power consumption at equivalent performance levels [4] Future Outlook - The Xuanjie O1 is expected to drive higher-than-expected shipment volumes for related products [4] - The report recommends stocks such as Zhaoyi Innovation and Huizhiwei, with Xiaomi Group-W as a related stock [4][5]