Core Insights - Xiaomi's chip development is a strategic move to enhance its technological capabilities and brand image as a "hard tech" company, aiming to shed its previous reputation as merely an "assembly factory" [2][13][14] - The upcoming launch of the self-developed SoC chip, Xuanjie O1, marks a significant milestone for Xiaomi, making it the fourth global smartphone manufacturer to possess in-house SoC design capabilities, following Apple, Samsung, and Huawei [2][5] - The Xuanjie O1 chip, utilizing a second-generation 3nm process with 19 billion transistors, is set to be integrated into high-end devices like the Xiaomi 15s Pro and Xiaomi Pad 7 Ultra, indicating a leap in China's chip design capabilities [1][2][5] Development Background - Xiaomi's exploration into mobile SoC chips began in 2014, but after an initial failure in 2017, the company paused its efforts until 2021 when it reinitiated its chip development alongside its automotive ambitions [2][3] - The establishment of Shanghai Xuanjie Technology Co., Ltd. in December 2021 was a pivotal step in Xiaomi's strategy to focus on SoC chip development [2] Market Positioning - The introduction of the Xuanjie O1 chip is crucial for Xiaomi to establish itself as a serious player in the high-end smartphone market and to enhance its brand perception [2][13] - The chip's development is seen as a necessary step for Xiaomi to compete effectively against established players like Qualcomm and MediaTek, especially in the context of rising competition in the smartphone market [14][15] Challenges and Risks - The release of the Xuanjie O1 chip has been delayed due to a recent accident involving the SU7 model, which has put Xiaomi under public scrutiny and affected its product launch timeline [3][15] - There are concerns regarding the commercial viability of the chip, particularly how Xiaomi will balance its self-developed chips with those from Qualcomm, which remains a key supplier [3][19] - The potential for U.S. sanctions and the need for compliance with export regulations pose additional risks for Xiaomi's chip development efforts [8][9][19] Industry Impact - The successful development of the Xuanjie O1 chip could significantly benefit China's semiconductor industry by fostering talent and innovation in advanced chip design [20] - Xiaomi's move to develop its own chips is seen as a response to the current landscape of U.S. export controls, which have limited other Chinese companies' access to advanced technologies [20]

【要点提示】 25Q1公司实现收入100.2亿，同比增长187%；毛利率实现14.9%，较去年同期的-1.4%大幅改善，毛利率提升主要系战略合作 影响，整车毛利率环比2024Q4略有回调；归母净亏损为1.3亿元。 业绩会指引： 25Q2销量13-14万、毛利率环比出现一定幅度的回落、全力推动Q2盈亏平衡； 2025全年销量50-60万，毛利率10%-12%，全年盈亏平衡。 Q2车型改款：预计6月上市C16改款车型；7月推出C11改款。产品将实现更好的平台化，LEAP3.5较LEAP3.0，智能化方面从 LEAP3.0的8295+OrinX的方案调整到了LEAP3.5的8295+8650的方案，整体上保证了功能强大的基础上达到成本下降 30%-40%。 海外：4月终端销量是3000台。预计2025年底前启动零跑C10在马来西亚的本地制造项目、2026年中实现欧洲本地化生产（已 进入启动前期）。 智能化：计划在25H2及26H1分别推出城市记忆通勤和城市NOA等智能辅助驾驶功能。 门店：截至2025年3月31日，公司已在全国布局销售门店756家、服务门店449家。预计2025年实现1000门店。 2. 持续推进的 ...

当地时间5月19日，据美国媒体CNBC报道，高通首席执行官克里斯蒂亚诺·阿蒙（ Cristiano Amon）表示，小米自研芯片的最新举措，预计不会影响其业 务。 5月19日，小米CEO雷军在微博上表示，玄戒立项之初，就提出了很高的目标：最新的工艺制程、旗舰级别的晶体管规模、第一梯队的性能与能效；至少投 资十年，至少投资500亿。他透露，四年多时间，截止今年4月底，玄戒累计研发投入已经超过了 135亿人民币。目前，研发团队已经超过了2500人，今年预 计的研发投入将超过60亿元。"我相信，这个体量，在目前国内半导体设计领域，无论是研发投入，还是团队规模，都排在行业前三。" 小米发言人证实，这项500亿元人民币的投资将于2025年启动。 （文/杨依婷 编辑/吕栋） 阿蒙表示："我们仍然是小米的战略芯片供应商，最重要的是，我认为高通骁龙芯片已经用于小米旗舰产品，并将继续用于小米旗舰产品。" 迄今为止，高通一直是小米旗舰智能手机SoC（系统级芯片）的主要供应商，其骁龙系列半导体为小米提供核心支持。 近日，小米最新官宣了自研3nm旗舰手机SoC芯片玄戒O1，是市场上最先进的工艺之一。iPhone 16 Pro和Pro ...

天风证券预计小米发布自研芯片后，国产手机高端竞争格局或开始加速变化，而头部具备自研底层硬件 能力的手机厂商的市占率提升或是小米估值提升的核心逻辑之一，此外自研芯片带来的关注度、用户体 验和公司科技形象更为重要。目前来看小米在手机、OS、芯片层面的多年自研和投入已逐渐开始兑 现，此外手机、OS、芯片的协同效应正在汽车业务持续发展下推动，例如自研芯片或在手机以外的产 品端使用，系统的优化规模效应或跨平台体现。 公开信息显示，恒生科技指数ETF（513180）在A股上市的同赛道ETF中规模和流动性双双领先，支持 T+0交易。其标的指数软硬科技兼备，囊括中国AI核心资产以及相较于A股更为稀缺的科技龙头。内外 形势迎积极改善，叠加腾讯、京东、网易等科技龙头Q1财报表现亮眼，港股迎来多重正面催化，高弹 性、高成长的恒生科技或具备更大的向上动能。（场外联接A/C：013402/013403） 5月20日早盘，港股三大指数集体高开，恒生指数涨0.28%，报23398.35点，恒生科指涨0.22%，国企指 数涨0.31%。盘面上，科网股涨跌不一，药品股集体大涨，航运及港口股普涨，宁德时代（300750）高 开逾12%。近期热度 ...

Core Viewpoint - Xiaomi is set to launch its self-developed SoC chip, Xuanjie O1, on May 22, alongside its second SUV model, YU7. The chip will utilize a second-generation 3nm process, with the goal of achieving flagship-level performance [1]. Group 1: Industry Collaboration - Despite the upcoming launch, some industry collaborations have already been established, such as Beijing Xuanjie Technology Co. signing a testing service agreement with Dongfang Zhongke for performance evaluation and reliability verification of the SoC chip [3][4]. - Domestic chip companies have maintained long-term collaborations with Xiaomi, with Nanchip Technology confirming annual compatibility testing for charging chips with Xiaomi's new products [4][6]. - Zhaoshengwei has indicated a platform-level cooperation with Xiaomi, providing RF front-end components for nearly all of Xiaomi's platforms, although it has not confirmed participation in the Xuanjie O1 project [4][6]. Group 2: R&D Investment and Strategy - Xiaomi's self-developed SoC initiative represents a significant investment, with a ten-year plan to invest 50 billion yuan. As of April 2024, over 13.5 billion yuan has been invested, with a team of 2,500 people and an expected investment of over 6 billion yuan this year [7]. - The Xuanjie O1 project marks Xiaomi's return to the SoC main control chip sector since the release of the Surge S1 in 2017, which was previously halted due to various factors [7]. - The company aims to master advanced chip technology to support its high-end strategy, as stated by its founder Lei Jun [7]. Group 3: Market Position and Challenges - The domestic SoC market is still dominated by Qualcomm, MediaTek, and Apple, with limited breakthroughs in high-end SoC segments by local brands [9]. - The Xuanjie O1 project is seen as a new perspective for observing the advancement of domestic SoC projects, focusing on system-level collaboration and verification mechanisms [9].

刚刚，全球首款鸿蒙折叠屏电脑、全球最大的商用折叠屏电脑，华为MateBook Fold非凡大师设计正式发布！ 智东西5月19日成都现场报道，尽管此前华为已经亮出了鸿蒙电脑的一些技术特性，但今天折叠屏鸿蒙电脑的形态仍然惊艳全场，惊喜感满满。 华为常务董事、终端BG董事长余承东登台发布了这款重磅产品——搭载鸿蒙操作系统5的鸿蒙折叠屏电脑，一款全链路自主可控的电脑。 余承东提到，此前PC操作系统领域长期被MacOS和Windows垄断，国产操作系统起步晚、基础弱，但正在迎头赶上，基于软硬芯云的能力，华为要打造 真正"面向未来"的操作系统。 余承东在结尾特别激动地说道，鸿蒙电脑给世界多一种选择，鸿蒙是从系统内核到应用生态全面自主可控的操作系统，而鸿蒙也必将成为改变世界的头部 力量，今天开发者们的每一行代码都在改写中国操作系统的未来。 回到今天的主角鸿蒙折叠屏电脑，其屏幕展开后尺寸达到了18英寸，折叠后，电脑尺寸为13英寸。 从体验上来看，鸿蒙电脑有几个特别突出的特点，一个就是流畅轻快，各类应用、各类操作都非常"丝滑"。另一个就是AI很强，融合了盘古和DeepSeek 的小艺，在电脑上实现了真正系统级的AI体验。 不得 ...

Core Insights - Huawei officially launched two HarmonyOS computers: the Huawei MateBook Fold and the Huawei MateBook Pro, marking a significant breakthrough for domestic operating systems in the personal computer sector [1][3] Group 1: Product Features - The Huawei MateBook Fold features an 18-inch display that folds down to a compact 13 inches, with a thickness of just 7.3mm when unfolded and a weight of only 1.16kg [1] - The starting price for the Huawei MateBook Fold is set at 23,999 yuan, while the Huawei MateBook Pro starts at 7,999 yuan [1] Group 2: Technological Advancements - The launch of HarmonyOS PCs signifies a move away from reliance on x86 architecture and Windows, showcasing Huawei's self-research capabilities from chips to systems [3] - HarmonyOS enables deep integration of software and hardware, offering new interaction modes such as multi-screen collaboration and touch interaction [3] - The operating system supports "one-time development, multi-terminal deployment," which enhances development efficiency by reducing time and labor costs [3] Group 3: Ecosystem and Compatibility - HarmonyOS computers have achieved connectivity with over 1,100 peripheral devices and have accelerated the adaptation of more than 150 dedicated computer ecosystem applications [3] - The number of integrated applications has increased from over 300 to more than 1,000, with expectations to support over 2,000 by the end of the year [3] - Major applications like QQ have completed adaptation for HarmonyOS computers, with WeChat and WeChat Work in the process of adaptation [4]

申请入围"中国IC独角兽" 半导体高质量发展创新成果征集 5月19日早间，小米董事长兼CEO雷军通过微博宣布，小米将于5月22日晚7点召开主题为"新起点"的"小 米战略新品发布会"，将正式发布小米旗舰手机SoC芯片玄戒O1，以及小米15SPro、小米平板7 Ultra、 小米首款SUV汽车小米yu7等。预计，即将发布的小米15S Pro新机将首发搭载玄戒O1。 与此同时，雷军也通过其个人微信公众号发布了题为：《雷军：小米玄戒O1，3nm旗舰处理器，力争跻 身第一梯队旗舰体验。》的文章，正式公布了玄戒O1将采用3nm制程的信息，并介绍了小米自研芯片的 研发历程。 雷军首先回顾了小米第一代自研手机SoC "澎湃S1"的失败经历，从2014年9月立项，到2017年正式发 布，" 因为种种原因，遭遇挫折"， 暂停了SoC大芯片的研发，转向了"小芯片"路线。 包含了快充芯 片、电池管理芯片、影像芯片、天线增强芯片等"小芯片"，在不同技术赛道中慢慢积累经验和能力。 直到2021年初，小米宣布造车的同时，还在内部 重启"大芯片"业务，重新开始研发手机SoC。 雷军说："小米一直有颗"芯片梦"，因为，要想成为一家伟大的硬核科 ...

【导读】雷军最新发声，宣布新品发布会、详谈小米芯片之路 中国基金报记者 忆山 5月19日上午，小米集团董事长雷军发布数条微博，除了宣布小米战略新品发布会时间外，还详谈了小米的芯片之路。相关话题 也迅速冲上微博热搜。 新品发布会将于本周四开启 5月19日上午10时，雷军宣布，小米战略新品发布会定于5月22日晚7点。他直言，此次重磅新品特别多，包括：手机SoC芯片"小 米玄戒O1"、小米15S Pro、小米平板7 Ultra、小米首款SUV"小米YU7"等。 消息传出后，相关话题迅速引发热议，并一度登上微博热搜第二位。不少网友留言表示期待发布会的新产品。 雷军表示，小米在2014年开始研发芯片，并于2017年推出了首款手机芯片"澎湃S1"。后来因为种种原因，小米开始转向发力"小 芯片"。直到2021年，公司除了决定造车外，还重启了"大芯片"业务。 雷军称，截至今年4月末，玄戒累计研发投入已超135亿元；今年研发投入预计超60亿元。此外，研发团队人员数已超2500人。 研发投入和团队规模都排在国内半导体设计领域的行业前三。 雷军表示，现在小米终于交出了第一份答卷，即"玄戒O1"。据介绍，该芯片由小米自主研发设计，采 ...

Group 1 - Xiaomi's new device, identified as "Xiaomi 25042PN24C," reportedly features the self-developed O1 chip, achieving a single-core score of 2709 and a multi-core score of 8125, surpassing Qualcomm's Snapdragon 8 Gen 3 performance [3] - Deep Blue CEO, Deng Chenghao, suggested that employees could take a two-month leave after purchasing a specific vehicle model, which sparked public debate; he later clarified that the intention was not to encourage resignations but to address employees' concerns [5] - NVIDIA's CEO, Jensen Huang, announced a strategic shift regarding the Chinese market, stating that the company will not release further Hopper series chips due to U.S. government export restrictions [7] Group 2 - Android 17 is expected to introduce a desktop mode feature, similar to Samsung DeX, allowing for adjustable multi-tasking windows and seamless transitions between mobile and desktop interfaces [9]