Core Viewpoint - Apple has officially ended its partnership with Intel, announcing that macOS 27 will not support Intel chips, marking a complete transition to its self-developed M series chips [2][3][4] Group 1: Apple's Transition to Self-Developed Chips - Apple began developing its own chips in 2020, launching the M1 chip in November of that year, followed by the M2, M3, and M4 series [2][4] - The transition to self-developed chips has allowed Apple to enhance supply chain control and strengthen product differentiation [2][5] - The 2023 Worldwide Developers Conference (WWDC) marked a significant milestone as Apple completed the transition of its Mac product line to self-developed M series chips [4][5] Group 2: Intel's Challenges and Market Position - Intel has faced significant challenges as key partners like Apple and Microsoft shift towards self-developed chips, turning from partners into competitors [6][8] - Intel's revenue for 2024 is projected to be $53.1 billion, a 2% decline year-over-year, with a net loss of $18.8 billion [6] - Despite plans to invest $100 billion in new wafer fabs to regain semiconductor leadership, the outlook for Intel's recovery remains uncertain [6][7] Group 3: Industry Trends and Competitive Landscape - The trend of self-developed chips is becoming common among industry giants, with companies like Microsoft and various Chinese firms also moving away from Intel [8] - Intel's historical reliance on CPU dominance has hindered its ability to adapt to emerging technologies like GPUs and AI [5][6] - The semiconductor market is increasingly competitive, with strong players like NVIDIA, AMD, and Qualcomm posing significant challenges to Intel's market position [8]

行情速递 ① 主板领涨， 楚天龙(+10.03%)/鸿合科技(+10.00%)/电魂网络(+9.99%)/南天信息(+9.99%)/ 元隆雅图(+9.98%)/ ②创业板领涨， 澄天伟业(+17.02%)/雄帝科技(+14.77%)/星辉娱乐(+13.43%)/ ③科创板领涨，三孚新科 (+11.84%)/成都华微(+5.37%)/清越科技 (+5.18%)/ ④活跃子行业，SW游戏Ⅲ(+2.83%)/SW营销代理(+1.91%)/ 国内新闻 ④ 鹏鼎控股，发布2024年年度利润分配实施公告/向全体股东每10股派发现 金红利10.00元（含税）/共计派发现金股利人民币2,318,051,016元/ 海外新闻 ① 半导体投资联盟，Counterpoint Research报告显示/受关税影响及 整体行业放缓的影响/全球智能手机制造产量预计将在2025年同比下滑 1%/而2024年则增长了4%/2024年中国/印度和越南占据了全球制造业 产量的90%以上/其中印度的增长速度领先/ ② 半导纵横，Mercury Research报告指出/2025年第一季度/AMD服务器 芯片的出货量份额增至27.2%/而其收入份额 ...

据了解，《无限暖暖》是全球首款基于UE5引擎跨端开发的开放世界游戏。公测期间，国际知名游戏媒 体IGN就为其打出9分高分。除IGN外，Metacritic则集合了29家海外媒体评分，给予了《无限暖暖》80 分综合评价。 本报讯 （记者李豪悦）6月10日，为期一周的苹果全球开发者大会（以下简称"WWDC 2025"）开幕， 同步举行2025苹果设计大奖（Apple Design Awards）颁奖仪式。上海叠纸科技有限公司（以下简称"叠 纸科技"）旗下多端开放世界游戏《无限暖暖》斩获"视觉与图像"类别奖项，这是时隔四年国产游戏再 度拿下此类奖项，叠纸科技也是本次唯一获奖的中国游戏企业。 苹果评审团认为，《无限暖暖》的突破性创新点在于，将核心玩法设定为收集风格多样的服装而非武 器，画面华美且观感舒适，堪称优质手游的罕见之作。 此前，叠纸科技创始人兼CEO姚润昊在内部公开信中表示："我们以为制作一个'还可以这样的'、慢节 奏的开放世界游戏，需要一段时间来让大家感受它的魅力；而实际上，首日的平均在线时长让我们看到 了很多玩家已经沉浸其中。" 公开数据显示，《无限暖暖》开服前全球3500万的预约，《无限暖暖》开放下载后 ...

Core Viewpoint - NIO is set to supply batteries to McLaren, utilizing its self-developed 4680 large cylindrical battery cells, with small-scale production expected to begin next year for use in McLaren's hybrid models [1][5]. Group 1: Partnership and Investment - CYVN Holdings, an Abu Dhabi government fund, completed its acquisition of McLaren and plans to integrate its UK operations, which includes managing McLaren's core business and its investments in electric vehicle startups [3]. - CYVN has invested a total of $3.3 billion (approximately 237.1 billion RMB) in NIO, becoming its largest shareholder with about 20.1% ownership [5]. - The partnership between NIO and McLaren is expected to benefit from CYVN's strategic investment, providing access to advanced technologies and expertise in electrification [5]. Group 2: Battery Development - The new 4680 cylindrical battery will be a novel project for NIO, with specifications similar to Tesla's solutions, and is expected to have a capacity of 10 kWh for McLaren's hybrid models [5]. - NIO's battery research department has seen a significant reduction in projects and personnel, with a 40% workforce cut, leading to the shelving of plans for self-developed battery cells for its flagship models [7][8]. - Despite the downsizing, NIO has not completely abandoned its self-developed battery initiatives, as evidenced by the launch of its first model under the Firefly brand equipped with its own battery pack [8].

Core Viewpoint - Huawei's launch of two HarmonyOS computers, including the first foldable model, signifies a significant step for China in the computer operating system sector, challenging the dominance of Microsoft Windows and Apple macOS [1][2]. Group 1: Product and Technology - The HarmonyOS PC establishes a self-sufficient system from chips to software, potentially breaking the long-standing commercial monopoly of foreign products like Windows and macOS [1][2]. - The HarmonyOS features system-level AI capabilities, distributed collaborative experiences, and comprehensive security protections, which are highlighted as key technological advantages [2][3]. - Over 150 dedicated PC applications and more than 300 integrated applications have been adapted for HarmonyOS, with expectations to support over 2000 applications by the end of the year [2]. Group 2: Market Impact and Ecosystem - The introduction of HarmonyOS PCs is expected to enhance Huawei's ecosystem, allowing seamless collaboration among devices such as smartphones, computers, tablets, and automotive systems, thereby improving user experience [2]. - The HarmonyOS aims to fill gaps in the domestic professional software sector, reducing reliance on foreign software and fostering the development of self-researched software [2]. - The total number of HarmonyOS devices connected has surpassed 1 billion, indicating a growing ecosystem [2]. Group 3: Challenges and Future Outlook - Despite the growth in application adaptation, the HarmonyOS ecosystem remains relatively weak, particularly in professional software support, which may hinder seamless migration from established ecosystems like Windows and Android [3]. - There are ongoing challenges regarding compatibility with external devices and the need for optimization in user interface usability and system stability [3]. - Future efforts should focus on addressing application and peripheral compatibility issues to enhance user adoption and experience [3].

金十数据6月6日讯，中金公司发报告指，维持小米集团(01810.HK)目标价70港元及"跑赢行业"评级。中 金维持原有的盈利预测不变。6月3日，小米集团举办2025年投资者日会议，公司回顾了过去五年在手 机、汽车、IoT、网路等核心业务的策略升级和组织变革的过程，回答小米护城河、新零售、高阶化、 自研晶片、AI投入等核心问题，并对人车家全生态的长期愿景进行展望。 中金：维持小米目标价70港元及"跑赢行业"评级 ...

Core Viewpoint - The new energy vehicle companies in China are showing improved financial performance in Q1 2025, with several companies providing specific timelines for achieving profitability, indicating a potential shift towards sustainable business models in the electric vehicle sector [1][2]. Financial Performance - Li Auto reported revenue of 25.93 billion yuan, a year-on-year increase of 1.1%, and a net profit of 646.6 million yuan, up 9.4% [2]. - Xpeng Motors achieved revenue of 15.81 billion yuan, a year-on-year growth of 141.5%, with a net loss of 660 million yuan, significantly reduced from a loss of 1.37 billion yuan in the same period last year [2]. - Leap Motor generated revenue of 10.02 billion yuan, a year-on-year increase of 187.1%, with a loss attributable to equity holders of 130 million yuan, also showing a significant reduction in losses [2]. Profitability Timelines - Leap Motor aims to achieve breakeven in Q2 2025, projecting sales between 130,000 to 140,000 units [3]. - Xpeng Motors' chairman expressed confidence in achieving profitability in Q4 2025, alongside high sales growth [3]. - NIO's CEO indicated that cost control measures implemented in Q1 2025 would yield results in Q2, with a focus on achieving profitability by Q4 [3]. - Xiaomi's chairman revealed that the smart electric vehicle segment is expected to reach profitability in Q3 or Q4 2025 [3]. Industry Trends - The anticipated collective profitability of new energy vehicle companies is attributed to enhanced scale effects and improved cost control capabilities [4]. - Financial improvements among these companies are expected to accelerate industry consolidation, directing resources towards technology leaders and pressuring traditional automakers to accelerate their transformation [4]. - The sustainability of profitability hinges on building a "differentiated moat," with companies like Leap Motor focusing on self-research and development, and Xpeng Motors positioning itself as an AI automotive technology firm [4]. Long-term Strategies - Maintaining long-term profitability will require continuous breakthroughs in technology and cost control, such as self-research to lower costs and innovative manufacturing processes [4]. - Companies must avoid blind expansion into niche markets that could dilute resources and should focus on reconstructing business models to include software services and lifecycle value management [4][5].

Group 1: Market Growth and Trends - The AI ASIC market is expected to grow from $12 billion in 2024 to $30 billion by 2027, with a compound annual growth rate (CAGR) of 34% [1] - The demand for AI servers is driving major cloud service providers in the US to accelerate the development of ASIC chips, with new products being launched every 1-2 years [2] - In China, the market share of imported chips is projected to drop from 63% in 2024 to about 42% by 2025 due to new export control policies, while domestic chip manufacturers' market share is expected to rise to 40% [2] Group 2: ASIC Technology and Performance - AWS's Trainium 2 ASIC chip can complete inference tasks faster than NVIDIA's H100 GPU, with a cost-performance improvement of 30%-40% [3] - Google's TPU has become a typical representative of ASIC technology, with the latest version, Ironwood, capable of achieving 42.5 exaflops of AI computing power [5][6] - The Ironwood chip features significant enhancements in memory and bandwidth, with each chip equipped with 192GB of high-bandwidth memory [6] Group 3: Competitive Landscape - Broadcom holds a market share of 55%-60% in the ASIC market, with AI-related revenue reaching $4.1 billion, a 77% year-on-year increase [7] - Marvell's ASIC business is a core growth driver, with data center business accounting for approximately 75% of its revenue [9] - Domestic companies like Cambricon and Baidu are actively developing their own ASIC chips, with Baidu's Kunlun chip outperforming traditional GPUs in terms of cost and performance [11][12] Group 4: Challenges and Considerations - The increasing costs of advanced chip design pose challenges for companies looking to develop their own ASICs, with TSMC's 2nm wafers costing around $30,000 each [15] - The question arises whether every company truly needs its own CPU, given the high costs associated with chip design [16]

证券研究报告 零跑汽车 (9863 HK) 2025 年中期策略会速递— 新车周期强劲，全球化稳步推进 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国香港 | 乘用车 | 6 月 4 日零跑汽车出席了我们组织的 2025 年中期策略会，会上公司重申发 展战略，沟通了 1-5 月销量和车型规划，维持全年销量 50-60 万辆目标。25 年公司将迎全球化新车周期，配合渠道端提前布局和下沉，LEAP3.5 架构 进一步集成降本，叠加战略合作逐步贡献增量，我们预计公司 25-27 年营收 将保持高速增长且毛利率持续提升，25 年有望实现全年盈利。维持买入。 25 年迎强势新车周期，1-5 月累计销量同比+161%，全年目标 50-60 万辆 公司销量表现亮眼，1-5 月累计销量同比+161%达 173658 辆。受益于规模 效应+销量结构优化+成本管理，24Q4/25Q1 毛利率为 13.3%/14.9%连创历 史新高。公司 25-26 年将迎密集的全球化新车投放，ABCD 四大平台协同发 力，其中 A 平台定位入门级，B ...

证券研究报告 零跑汽车 (9863 HK) 2025 年中期策略会速递— 新车周期强劲，全球化稳步推进 | 华泰研究 | | | 更新报告 | | --- | --- | --- | --- | | 2025 年 | 6 月 | 05 日│中国香港 | 乘用车 | 6 月 4 日零跑汽车出席了我们组织的 2025 年中期策略会，会上公司重申发 展战略，沟通了 1-5 月销量和车型规划，维持全年销量 50-60 万辆目标。25 年公司将迎全球化新车周期，配合渠道端提前布局和下沉，LEAP3.5 架构 进一步集成降本，叠加战略合作逐步贡献增量，我们预计公司 25-27 年营收 将保持高速增长且毛利率持续提升，25 年有望实现全年盈利。维持买入。 25 年迎强势新车周期，1-5 月累计销量同比+161%，全年目标 50-60 万辆 公司销量表现亮眼，1-5 月累计销量同比+161%达 173658 辆。受益于规模 效应+销量结构优化+成本管理，24Q4/25Q1 毛利率为 13.3%/14.9%连创历 史新高。公司 25-26 年将迎密集的全球化新车投放，ABCD 四大平台协同发 力，其中 A 平台定位入门级，B ...