进入第四季度，智能手机行业的"年度旗舰大战"如火如荼地展开。11月25日，伴随着华为Mate 80系列、折叠屏手机Mate X7正式发布，给本就竞争激烈的 市场注入了新的变数。 在11月25日的发布会上，余承东公布了产品起售价：Mate 80基础版4699元起，Mate 80 Pro系列5999元起，Mate 80 Pro Max系列7999元起，Mate 80 非凡大 师系列11999元起。Mate 80起售价较上一代降低800元，Mate 80 Pro与Mate 80 Pro Max系列也比上一代同档机型降价500元。 视频截图 作为华为今年下半年的旗舰机型，华为Mate 80系列在软硬件系统层面都进行了革新。软件方面，该产品出厂首发搭载HarmonyOS 6操作系统；在硬件 上，据中银国际、东吴证券等机构的研报披露，华为Mate 80系列搭载新一代麒麟芯片——7纳米制程的麒麟9030 SoC（系统级芯片），这也是麒麟旗舰芯 片在全面回归后的一次重要迭代。对于这一信息，《每日经济新闻》记者也从业内专家及渠道商方面得到确认。 此前，华为已经公开昇腾和鲲鹏芯片的路线图，在今年9月三折叠屏手机Mate XTs非 ...

每经记者｜王晶 每经编辑｜何小桃 魏官红 进入第四季度，智能手机行业的"年度旗舰大战"如火如荼地展开。11月25日，伴随着华为Mate 80系列、折叠屏手机Mate X7正式发布，给本就竞争激烈的 市场注入了新的变数。 在11月25日的发布会上，余承东公布了产品起售价：Mate 80基础版4699元起，Mate 80 Pro系列5999元起，Mate 80 Pro Max系列7999元起，Mate 80 非凡大 师系列11999元起。Mate 80起售价较上一代降低800元，Mate 80 Pro与Mate 80 Pro Max系列也比上一代同档机型降价500元。 视频截图 作为华为今年下半年的旗舰机型，华为Mate 80系列在软硬件系统层面都进行了革新。软件方面，该产品出厂首发搭载HarmonyOS 6操作系统；在硬件 上，据中银国际、东吴证券等机构的研报披露，华为Mate 80系列搭载新一代麒麟芯片——7纳米制程的麒麟9030 SoC（系统级芯片），这也是麒麟旗舰芯 片在全面回归后的一次重要迭代。对于这一信息，《每日经济新闻》记者也从业内专家及渠道商方面得到确认。 搭载麒麟9030芯片 Mate系列作为华 ...

Core Viewpoint - Xiaomi's 17 series has achieved significant sales success, with over 1 million units sold within two days of launch, driven primarily by the high demand for the Pro Max model [1][5][8] Group 1: Product Launch and Sales Performance - The Xiaomi 17 series includes three models: Xiaomi 17, Xiaomi 17 Pro, and Xiaomi 17 Pro Max, with the Pro Max being the most popular [1][5] - The Pro Max model has already sold out in some stores, indicating strong market demand [1][5] - The series set a new sales record for domestic smartphones within the first five minutes of launch, with the Pro Max accounting for over 50% of first-day sales [5][8] Group 2: Technical Specifications - All three models are equipped with Qualcomm's fifth-generation Snapdragon 8 processor, built on a 3nm process, with a clock speed of 4.6GHz, achieving over 4 million on AnTuTu benchmark [3] - The Xiaomi 17 and 17 Pro feature a 6.3-inch 1.5K AMOLED display with a 120Hz refresh rate, while the Pro Max has a 6.85-inch 2K Real RGB OLED display [3] Group 3: Camera and Battery Features - The Xiaomi 17 Pro features three 50MP Leica lenses, including a main camera, telephoto, and ultra-wide, along with a 50MP front camera [5] - The Pro Max model includes a 7500mAh battery with 100W wired and 50W wireless fast charging capabilities, while the Pro model has a 6300mAh battery [5] Group 4: Market Challenges and Adjustments - Despite the initial success, analyst Ming-Chi Kuo has lowered the overall shipment target for the Xiaomi 17 series by 20%, predicting it may not exceed 8 million units, compared to the previous model's 10 million target [5][7] - The standard version of the Xiaomi 17 is underperforming, accounting for only 15-20% of total sales, which is significantly lower than the expected 50% [7] - Xiaomi's public relations manager stated that there are no plans to cut orders and that production of the standard version and Pro series will be increased [7][8]

Group 1 - Huawei officially launched the Pura 80 series on June 11, which is one of its "dual-flagship" models, solidifying its position in the high-end market in China [1] - The Pura 80 series features the HarmonyOS 5.1 operating system, which is expected to accelerate the maturity of the Harmony ecosystem as it becomes more prevalent in flagship devices [1] - The Pura 80 series has received nearly 280,000 reservations since its pre-order began on June 5, indicating strong consumer interest [1] Group 2 - According to Canalys, the global smartphone market grew by 0.2% year-on-year in Q1 2025, while the high-end smartphone segment (priced above $600) saw a 12% increase in shipment volume [2] - Huawei's market share in the high-end segment increased by 69% year-on-year, reaching 9% of the global market, positioning it as the third-largest player [2][3] - Analyst Li Huaibin from Nanfus predicts that the sales of the Pura 80 series could reach around 10 million units [2] Group 3 - Huawei has invested over 1.2 trillion yuan in R&D over the past decade, with R&D expenses projected to reach 179.7 billion yuan in 2024, accounting for 20.8% of its total revenue [1] - The company holds a total of 150,000 valid global patents [1] - HarmonyOS is experiencing rapid growth, with over 400 application updates daily, and the HarmonyOS 5.1 upgrade is set to begin in July [2]

Investment Rating - The report maintains a "Buy" rating for Xiaomi Group (1810 HK) with a target price of 71.20 HKD [11][33]. Core Insights - The self-developed chips represent a significant milestone for Xiaomi and the Chinese semiconductor design industry, impacting business operations, financial metrics, and market dynamics [1]. - Xiaomi's self-research in chips is a crucial step for brand manufacturers to build an independent ecosystem, similar to Apple's established ecosystem [2][12]. - Self-developed chips are expected to help Xiaomi and other brands expand their market share in the high-end smartphone segment, where Xiaomi currently holds only 6% of the market for phones priced above 4000 RMB [3][14]. - The chip business will likely increase R&D expenses initially, which may suppress gross margins before improving them as production scales up [4][19]. - Xiaomi's self-developed chips could disrupt the third-party smartphone chip market, enhancing its bargaining power with suppliers [5][26]. - The company emphasizes a consumer-oriented strategy to minimize policy risks, focusing on legal compliance and brand competitiveness [6][28]. - Future chip developments may include 5G baseband and smart cockpit chips, indicating a strategic evolution from consumer to industrial applications [7][30]. Summary by Sections Chip Development Impact - Self-research in chips is essential for building a competitive ecosystem, akin to Apple's model [2][12]. - Xiaomi's market share in high-end smartphones is significantly lower than competitors, indicating room for growth through self-developed chips [3][14]. Financial Implications - R&D expenses have risen from 5.8 billion RMB in 2018 to an expected 24 billion RMB in 2024, with R&D as a percentage of revenue increasing from 3% to 7% [4][19]. - Initial gross margins may decline due to high fixed costs associated with chip design, but long-term improvements are anticipated as production scales [4][19]. Market Dynamics - Xiaomi's self-developed chips could lead to a contraction in the third-party chip market, enhancing its competitive position [5][26]. - The company is the largest smartphone chip purchaser globally, indicating significant market influence [5][26]. Strategic Focus - Xiaomi's commitment to a consumer-focused strategy aims to mitigate risks associated with geopolitical tensions and regulatory challenges [6][28]. - Future chip initiatives may target advanced applications, such as 5G and automotive technologies, reflecting a broader strategic vision [7][30].

Core Viewpoint - The high-end smartphone market is dominated by Apple and Huawei, making it challenging for other brands to compete. Xiaomi, despite past setbacks, continues to explore opportunities in this segment with its Ultra series, particularly focusing on the Xiaomi 14 Ultra as a cost-effective flagship option [1][3]. Group 1: Product Overview - The Xiaomi 14 Ultra, launched in 2024, has seen its price drop from 6499 yuan to around 3999 yuan, maintaining strong performance and leading in key experiences compared to many new models [3]. - It features a rear camera system with four 50-megapixel lenses, providing comprehensive coverage for various photography needs [3]. - The main camera has a 1-inch sensor with a variable aperture, allowing for high-quality images in diverse lighting conditions, enhanced by Leica's color tuning for a more realistic look [5]. Group 2: Display and Performance - The device sports a 6.73-inch full-depth micro-curved display with 2K resolution and precise color calibration, supporting LTPO technology for adaptive refresh rates [7]. - It is powered by the Qualcomm Snapdragon 8 Gen 3 processor built on a 4nm process, offering strong performance and optimized power consumption, making it suitable for high-end gaming [9]. Group 3: Battery and Additional Features - The Xiaomi 14 Ultra is equipped with a 5300mAh battery, capable of retaining at least 80% capacity after 1600 charge cycles, ensuring longevity [11]. - It supports 90W wired and 80W wireless fast charging, allowing for quick recharges [11]. - The phone includes dual-direction Beidou satellite communication and an IP68 rating for dust and water resistance, enhancing its usability in various conditions [13]. - Despite the release of the Xiaomi 15 Ultra, the Xiaomi 14 Ultra remains competitive in photography, performance, display, and battery life, especially at its current price point [13].

Group 1 - Apple and Xiaomi have achieved top sales in the global and Chinese smartphone markets respectively, with Apple's global market share reaching 19% in Q1 2025, surpassing Samsung's 18% [1] - Xiaomi's domestic smartphone activation volume reached 3.2437 million units in March 2025, giving it a market share of 17.98%, making it the number one in China [1][6] - The growth in high-end smartphone market share is driving competition, with Chinese brands like Xiaomi increasingly targeting this segment [1][8] Group 2 - Apple's global smartphone sales benefited from the launch of the iPhone 16e and increased demand in countries like Japan and India, despite facing challenges in the US, Europe, and China [2] - Counterpoint and IDC provide different metrics for smartphone sales, with IDC focusing on shipment volumes and Counterpoint on actual sales to consumers, leading to discrepancies in reported rankings [3] - Apple's first-quarter shipment volume reached a historical high, driven by preemptive stockpiling to avoid tariffs and concerns over supply chain disruptions [3] Group 3 - Xiaomi's CEO Lei Jun expressed gratitude for the support as the company leads in smartphone activation in China, with a notable year-on-year growth of 16.99% [6] - Xiaomi plans to open 10,000 physical stores overseas in the next five years to enhance its global brand influence, which is crucial for its smartphone and IoT product expansion [7] - The high-end smartphone market in China has been expanding, with the share of smartphones priced over $600 increasing from 11% in 2018 to 28% in 2024, benefiting local brands [8] Group 4 - Chinese smartphone brands have significantly increased their market share in the high-end segment, with their share rising from 28% in 2018 to 46% in 2024, while Apple's share has been declining [8] - The preference for local brands is evident as they dominate the $400 to $600 price range, increasing their market share from 89% in 2023 to 91% in 2024 [8] - Consumer demand is shifting towards overall performance and user experience rather than just brand or price, providing more opportunities for domestic brands in the high-end market [9]