Core Insights - The AI revolution has reached a critical point, with technology giants facing the challenge of effectively integrating AI into end devices [2] - Honor's recent announcements at the Snapdragon Summit indicate a strategic move towards global market presence and a shift in China's role in the global AI landscape [2][8] Group 1: AI Integration in Devices - Honor is addressing the challenges of running large AI models on devices by focusing on both AI models and underlying architecture to tackle power consumption, performance, and privacy issues [2] - The upcoming Honor Magic8 series and MagicPad3 Pro will feature the fifth-generation Snapdragon 8 platform, marking a significant step for Honor in the global market [2][6] Group 2: Technical Innovations - Honor and Qualcomm introduced a "high-efficiency edge AI model solution" that includes two major technological breakthroughs: low-bit quantization technology and next-generation vector retrieval technology [3][4] - Low-bit quantization technology allows for a 30% reduction in model storage space, a 15% increase in inference speed, and a 20% decrease in power consumption while maintaining model effectiveness [3] - The new vector retrieval technology enhances search performance by 400%, enabling faster and more intuitive searches across various data types [4] Group 3: Collaborative Architecture - The "Super Fusion Core Architecture" combines Honor's Turbo X performance engine with Qualcomm's latest Oryon chip architecture, optimizing resource management at the micro-architecture level [5] - This collaboration signifies a new phase of joint research and development, aiming to fully unleash edge AI productivity [5] Group 4: Competitive Landscape - The competition in the edge AI space is intensifying, with major players like Apple, Vivo, Xiaomi, and OPPO also investing in edge AI technologies [6] - The focus has shifted from merely having AI capabilities to enhancing user experience and application scenarios, with a trend towards smaller edge models [6] Group 5: Globalization of Chinese Tech Firms - The emergence of edge AI is facilitating a new narrative for Chinese tech companies, transitioning from "Made in China" to "Defined in China" [8][9] - Chinese firms are now collaborating with global partners to define technical standards and interaction paradigms for AI terminals, moving beyond their previous roles as hardware integrators [8] - This shift not only impacts technology but also offers a more open and collaborative approach to AI development, enhancing privacy and reducing costs for developers and users alike [8][9]

Core Insights - The AI revolution has reached a critical point, with technology giants facing the challenge of effectively integrating AI into end devices [1] - Honor's recent announcements at the Snapdragon Summit indicate a strategic shift towards enhancing AI capabilities on mobile devices, marking a significant step in its global market ambitions [1][6] - The collaboration between Honor and Qualcomm aims to redefine AI productivity at the device level, positioning Chinese tech companies as rule-makers in the global AI landscape [1][8] Technical Innovations - Honor introduced a "high-efficiency edge AI model solution" that addresses the challenges of running large AI models on devices with limited power and space [2] - Two major technological breakthroughs were highlighted: 1. "Edge low-bit quantization technology," which reduces model storage space by 30%, increases inference speed by 15%, and decreases power consumption by 20% [2] 2. "Next-generation vector retrieval technology," which enhances search performance by up to 400% by converting unstructured data into machine-understandable semantic vectors [3][4] Market Dynamics - The competition in the edge AI space is intensifying, with major players like Apple, Vivo, Xiaomi, and OPPO also investing in similar technologies [6] - The focus of competition is shifting from merely having AI capabilities to the quality of user experience, with a growing emphasis on practical applications [6][7] - Honor's strategy extends beyond smartphones to tablets, indicating a broader AI strategy that aims to cover more use cases and applications [6] Global Positioning - The emergence of edge AI is facilitating a new narrative for Chinese tech companies, transitioning from "China manufacturing" to "China defining" in the global tech arena [8][10] - This shift reflects a move towards open and collaborative ecosystems, contrasting with the closed ecosystems of competitors like Apple [8][9] - The increasing "technological discourse power" of Chinese tech firms signifies their deeper involvement in defining global industry standards and practices [10]

Core Insights - Qualcomm's fifth-generation Snapdragon 8 Elite Gen5 processor was officially unveiled at the 2025 Snapdragon Summit, expected to power flagship models from major brands like Honor, Xiaomi, iQOO, and OnePlus in the second half of 2025 [1] - The smartphone market is entering a phase of stock competition, leading to a "deep integration" battle among processor chips, with manufacturers increasingly collaborating with Qualcomm for customized solutions [1][2] - Honor's collaboration with Qualcomm has achieved significant breakthroughs in edge AI, enhancing computational efficiency and energy consumption for large-scale AI models on devices [2][3] Industry Trends - The edge AI market in China is projected to exceed 250 billion yuan by 2025, growing nearly 30% from 193.9 billion yuan in 2023, with a potential to reach 1.2 trillion yuan by 2030 [3] - Smartphones are identified as the most viable platform for edge AI due to their widespread use, hardware capabilities, and mature ecosystems [3] Technological Innovations - Honor and Qualcomm's joint efforts have led to breakthroughs in edge AI model deployment, including a 30% reduction in storage space and a 15% increase in inference speed through low-bit quantization technology [4] - The new vector retrieval technology enhances retrieval performance by up to 400% by encoding data into dense vectors for efficient semantic indexing [4] Product Developments - Honor has introduced an AI-driven color tracking feature, allowing users to retrieve and process images with simple voice commands, showcasing the practical applications of their edge AI advancements [5] - Upcoming products, including the Honor Magic8 series and Honor MagicPad3 Pro, will be the first to feature the Snapdragon 8 Elite Gen5 platform, positioning them as advanced AI-native devices [7] Strategic Collaborations - Honor and Qualcomm have established a joint laboratory for chip-level innovations, achieving advancements in chip cache management and AI energy efficiency over the past three years [6] - The newly launched super fusion architecture integrates Honor's Turbo X performance engines with Qualcomm's Oryon architecture, optimizing resource management for enhanced performance [6] Competitive Landscape - The competition among smartphone manufacturers has shifted from hardware specifications to deep optimization of underlying technologies, with a focus on understanding user needs and creating differentiated application scenarios [8]

Group 1 - Tencent's App Treasure and Qualcomm (China) announced a joint research and development initiative focused on mobile application cross-end engine technology and edge AI application innovation [1] - The collaboration aims to provide customized application solutions for devices equipped with the Snapdragon X series computing platform, enhancing user experience and productivity tools [1] - The upgraded cross-end engine has been fully released for devices with the Snapdragon X series, covering over 1,000 popular apps across social entertainment, learning, office, and AI tools [1] Group 2 - The new Snapdragon X2 Elite computing platform integrates an 80 TOPS NPU, which supports Tencent's edge running capabilities of its mixed Yuan model [2] - The intelligent launch platform, unveiled at the conference, aims to revolutionize traditional file and application management by utilizing an "accompanying" AI design [2] - This design allows AI to better connect user needs with service scenarios, moving away from a "dialogue-based" interaction model [2]

Core Insights - Qualcomm's 30-year journey in China is characterized as a "growth history in resonance with the Chinese communication industry" [2] - The company emphasizes a long-term commitment to technology innovation and collaboration with the Chinese industry chain, rather than relying on explosive growth events [2][3] - The Snapdragon Summit serves as a platform for Qualcomm to showcase its technological achievements and deepen its commitment to the Chinese market [8] Qualcomm's Development in China - Qualcomm began its deep engagement with the Chinese market in the mid-1990s, participating in the transition from analog to digital communication through CDMA technology [2] - The 3G era marked a significant milestone, with Qualcomm collaborating with all three major Chinese operators and supporting the development of TD-SCDMA technology [2] - In the 4G era, Qualcomm partnered with Chinese smartphone manufacturers to achieve global coverage for Chinese brands [2] Automotive Sector Engagement - Qualcomm has been a key player in the automotive sector for over 20 years, providing solutions that have integrated into the automotive supply chain [3] - The company has supported over 210 models from various Chinese automotive brands in the past three years, capitalizing on the rapid adoption of new technologies [3] - Qualcomm's business model focuses on a "customer success equals self-success" philosophy, fostering a symbiotic relationship with the Chinese industry chain [3] AI and New Market Opportunities - AI was a central theme at the Snapdragon Summit, with a focus on edge AI as a critical direction for Qualcomm's technology deployment [4] - The company has been proactive in the field of embodied intelligence and robotics, showcasing applications at previous events and collaborating with leading Chinese enterprises [4] - Qualcomm is committed to developing specialized chips for emerging technologies like XR and AI glasses, addressing key challenges such as size and power consumption [4] Industrial Sector Strategy - Qualcomm is addressing the fragmented nature of the Chinese industrial market through its Leap Dragon brand, offering customized products that support NFC [6] - The company has initiated several 5G connectivity projects in collaboration with partners, demonstrating the potential for smart manufacturing in China [6] - The future market for robotics and AR/VR/AI glasses is expected to be substantial, with Qualcomm aiming to drive the development of killer applications in these areas [6] Innovation and Compliance - Qualcomm's development strategy is defined by "innovation and cooperation," focusing on continuous self-challenge and enhancing collaborative capabilities [7] - The company emphasizes the importance of balancing technological innovation with compliance, particularly in the context of AI and data security [7] - Qualcomm is adapting to the trend of self-developed chips among manufacturers by strengthening partnerships and diversifying its business across various sectors [7] Market Dynamics and Future Outlook - The initial influx of players in emerging markets is seen as beneficial for validating market value and accelerating technological breakthroughs [8] - Qualcomm's historical experience suggests that market consolidation will eventually occur, with a few dominant players emerging in various sectors [8] - The company remains committed to long-term investment in technology innovation and exploring opportunities in AI and 6G alongside the Chinese industry chain [8]

Core Insights - Qualcomm emphasizes the importance of edge AI and its future development during the 10th Snapdragon Summit, marking significant anniversaries for the company [2][6] - The company introduced the fifth-generation Snapdragon 8 processor, showcasing advancements in mobile processing power and energy efficiency [4][6] - Qualcomm's strategy focuses on collaboration with partners rather than competition, highlighting the significance of customer success for long-term growth [2][17][18] Group 1: Snapdragon Summit Highlights - Qualcomm's CEO adjusted the speech timing to cater to Chinese audiences, underscoring the importance of local partnerships [2] - The fifth-generation Snapdragon 8 processor features a 20% performance increase and a 35% improvement in energy efficiency compared to its predecessor [4] - The Snapdragon X2 Elite Extreme platform is introduced, claiming to have the fastest NPU for laptops with 80 TOPS AI processing capability [8] Group 2: AI and Future Trends - Qualcomm's Hexagon NPU performance has improved by 37%, enabling local processing of complex generative AI tasks [9] - The company envisions AI as the new user interface, transitioning from smartphone-centric to agent-centric models [11][13] - Future trends driving AI development include enhanced edge data relevance and a shift towards personalized user experiences [11][13] Group 3: Industry Collaboration and Competition - Qualcomm acknowledges the emergence of competitors like Apple and Xiaomi, but remains focused on collaboration within the Android ecosystem [17][18] - The company is diversifying its business beyond mobile, expanding into automotive, IoT, and XR sectors [17][18] - Qualcomm's long-term strategy emphasizes technology innovation and maintaining strong partnerships with clients [18]

格隆汇9月25日｜天风证券研报指出，美格智能25H1实现归母净利润0.84亿元，同比增长151.38%。物 联网行业维持高景气，车+端侧AI带动需求强劲25H1公司受智能网联车、端侧AI硬件等需求拉动，营收 实现快速增长。单季度Q2毛利率环比进一步下行，除出货产品结构影响外，还叠加存储芯片涨价等因 素影响。期待公司盈利能力在下半年能环比改善。公司多应用场景实现拓展，展现端侧能力。端侧AI 方面，公司在多下游应用场景实现了业务拓展。结合最新发布的AIMO智能体产品，公司正加速开发 DeepSeek-R1模型在端侧落地应用及端云结合整体方案。考虑到公司25H1的经营情况和毛利率承压，调 整公司25-27年归母净利润至2.1/3.0/4.1亿元（原值为2.5/3.5/4.7亿元），对应25-27年PE估值分别为 61/42/31倍，维持"增持"评级。 ...

Core Viewpoint - Qualcomm's China President Meng Pu emphasized that China's industrial chain is the most dynamic and competitive globally, which is essential for the proliferation of edge AI, driven by strong terminal manufacturing capabilities and diverse application scenarios [3][4]. Group 1: Edge AI and Automotive Industry - The automotive sector is identified as an excellent application scenario for edge AI due to safety, mobility, and responsiveness requirements that cannot rely solely on cloud AI [3]. - Qualcomm has established deep collaborations with nearly all major Chinese smartphone brands over the past 30 years, with recent expansions into the automotive market [3][4]. - The rapid development cycles of Chinese electric vehicle manufacturers contrast with the longer timelines of Western manufacturers, leading to diverse demand challenges for Qualcomm [4]. Group 2: Future Opportunities and AI Integration - Meng Pu predicts that applications in robotics and various wearable smart glasses (including AR, VR, and AI glasses) could potentially match or exceed the scale of smartphones in the future [4][5]. - The integration of AI in smart cockpits, driving assistance, and cockpit integration is seen as a significant opportunity for Qualcomm's collaboration with the Chinese automotive industry [4]. Group 3: Industry Trends and Competitive Landscape - The current early stage of AI development presents challenges in adapting various large models to terminals, with Qualcomm focusing on facilitating this adaptation without dictating model choices [4]. - The trend of companies like Apple and Xiaomi developing their own chips is viewed as a normal industry evolution, with Qualcomm's core value lying in its "horizontal empowerment" business model, which aims to provide chip platform services to as many customers as possible without competing with them [5].

Core Insights - Qualcomm has established deep partnerships with nearly all major smartphone brands in China over the past 30 years, expanding its collaboration into the automotive sector in recent years [1] - The company views the trends of self-developed chips by manufacturers like Apple and Xiaomi as a long-standing issue, emphasizing the importance of providing valuable technology and services to clients [1] - Qualcomm's chairman in China, Meng Pu, identifies AI, automotive, and robotics as emerging fields with significant growth potential, predicting that the market sizes of these sectors could equal or exceed that of smartphones [1][6] Qualcomm's Strategy and Market Position - Qualcomm's chips are characterized as general-purpose, allowing for economies of scale, while different manufacturers have varying demands [1] - The company has supported nearly all major automotive brands in China over the past three years, participating in the launch of over 210 vehicle models, showcasing the rapid pace of innovation in the Chinese automotive industry [5] - Meng Pu highlights the need for Qualcomm to adapt quickly to the demands of Chinese manufacturers, which often require faster implementation of new technologies compared to their Western counterparts [5] AI and Future Technologies - Meng Pu believes that true artificial intelligence is still in its early stages, with current applications being relatively basic, and anticipates that all products will eventually need to be reimagined with AI [5] - The company is focusing on edge AI, which runs directly on devices, to enhance privacy and provide real-time responses, as opposed to cloud-based AI solutions [4] - Future product strategies will not involve developing entirely new chips for each new device category but will instead adopt a platform-based approach to maintain cost-effectiveness and versatility [6] Emerging Opportunities - The next growth engines for Qualcomm are seen in smart connected vehicles, robotics, and smart eyewear, with a strong emphasis on AI integration in these areas [6] - Meng Pu predicts that the market for robotics and wearable devices, including AR and VR, will grow significantly, potentially matching or exceeding the smartphone market [6] - The company aims to explore suitable chip solutions for robotics, which share many commonalities with automotive technology, while also addressing the challenges of performance, energy consumption, and cost in developing AI eyewear [6]

Core Viewpoint - The automotive sector is identified as an excellent application scenario for edge AI, emphasizing the necessity of local solutions over cloud-based AI due to safety and responsiveness requirements [1][2]. Group 1: Industry Dynamics - China's industrial chain is described as the most vibrant and competitive globally, with strong terminal manufacturing capabilities and diverse application scenarios driving the adoption of edge AI [1]. - The speed of Chinese electric vehicle manufacturers in developing smart connected vehicles is highlighted, with development cycles significantly shorter than their Western counterparts, often taking only 4 to 6 months [2]. - Qualcomm has supported nearly all major Chinese automotive brands in the past three years, participating in the launch of over 210 vehicle models, which is unprecedented in other global markets [2]. Group 2: Future Opportunities - The next significant opportunities for Qualcomm in collaboration with the Chinese automotive industry are expected to revolve around smart cockpits, driving assistance, and cockpit integration, all of which rely heavily on AI [2]. - Two emerging fields are predicted to potentially match or exceed the application scale of smartphones: robotics and various wearable smart glasses, including AR, VR, and AI glasses [3]. - The demand for robots and smart glasses is anticipated to reach smartphone-level quantities, indicating a substantial market opportunity [3]. Group 3: Technological Adaptation - The current early stage of AI development presents challenges due to the complexity and fragmentation of ecosystems, necessitating effective adaptation work without imposing specific model choices on clients [2]. - The industry is urged to collectively promote advancements in robotics, which require strong edge computing power, efficient connectivity, and reliable communication, leveraging technologies validated in mobile and automotive sectors [5]. - The trend of companies like Apple and Xiaomi developing their own chips is viewed as a normal evolution in the industry, with Qualcomm's core value lying in its "horizontal empowerment" business model, focusing on providing chip platform services without competing with clients [5].