公众号记得加星标⭐️，第一时间看推送不会错过。 来源：内容 编译自 semiwiki 。 芯片需求，复苏了吗？让我们从终端的状况来了解一下。 美国智能手机进口量下降以及生产从中国转移到其他国家，主要原因是特朗普政府实施或威胁征收的 关税。拟议的关税政策前后矛盾。2025年，特朗普总统就对中国进口产品和智能手机征收关税做出了 以下声明： 智能手机生产和进口的这些趋势将很快对美国智能手机市场产生重大影响。Counterpoint Research 估计，2025 年 4 月至 5 月苹果在美国的 iPhone 销量同比增长 27%。Counterpoint 质疑，美国销量 强劲是否是因为消费者担心未来关税而现在购买。 美国智能手机库存可能很快就会耗尽，导致产品短缺和价格上涨。我们将在未来几个月内看到这些影 响。 参考链接 过去几个月，亚洲主要国家/地区的电子产品产量稳步增长。2025年4月，中国电子产品产量与去年同 期（3/12）的三个月平均变化率为11.5%，高于1月份的9.5%，但低于2024年12%的三个月平均变化 率。印度增长最为强劲，3月份产量为15%，高于六个月前的3%。韩国、越南和马来西亚4月份的三 ...

Core Viewpoint - Xiaomi is set to launch its first SUV, the YU7, at the end of June, alongside other significant products, indicating a strong push into the automotive sector and continued growth in its technology offerings [7][10][14]. Group 1: Product Launches - The Xiaomi YU7, the company's first SUV, will be officially released at the end of June and is expected to be available in July, generating significant market interest [7][10]. - The Xiaomi MIX Flip 2, a new foldable smartphone, is anticipated to be unveiled this week, featuring a Leica imaging system and the new Surge OS, with a focus on high-end specifications [3][5]. Group 2: Product Specifications - The YU7 will feature standard configurations including laser radar, 800V fast charging, and long battery life, with dimensions of 4999x1996x1600 mm and a wheelbase of 3000 mm [10][14]. - The MIX Flip 2 will be powered by the Snapdragon 8 Gen 2 platform, boasting features such as IPX8 water resistance, 50W wireless fast charging, and a battery capacity exceeding 5000mAh [5][3]. Group 3: Market Performance - Xiaomi's stock price has increased by approximately 57% this year, marking three consecutive years of growth, reflecting investor confidence in the company's expanding product lineup [15][17]. - Analysts predict that the YU7's monthly sales could reach between 30,000 to 40,000 units, potentially surpassing the sales of the SU7 model [14]. Group 4: Technological Advancements - Xiaomi is focusing on operating systems and chip development, with the new HyperOS 3 set to launch in September, and the introduction of the 3nm chip, marking a significant milestone in China's semiconductor industry [16][17].

小米又上热搜。 6月21日，有关小米的多个词条冲上微博热搜。 据悉，近期网络上出现疑似"小米销售人员与用户沟通小米YU7"的内容，对话中销售人员存在诋毁其他品牌产品行为。 对此，今日（6月21日）凌晨，小米汽车发布了《小米汽车答网友问（第159集）》。在该答网友问中，小米汽车表示，经内部调查确认，涉事人员并非小米员工， 且小米严禁以任何形式诋毁竞品。 小米汽车提醒，新品上市前期，外界可能会出现较多虚假信息，请大家务必仔细甄别，并以小米官方渠道发布的信息为准，避免因不实信息造成误导或经济损失。 小米YU7是小米首款SUV，同时也是小米第二款车型。YU7的定位是"豪华高性能SUV"。早在5月22日的小米15周年战略新品发布会上，小米创始人、董事长兼CEO 雷军就已对YU7进行了介绍。 据他介绍，YU7将全系标配激光雷达和超长续航，标准版续航为835km。从性能来看，小米YU7最大马力690PS、最快零百加速为3.23s、最高时速为253km。 将进一步提升 小米汽车 产品线高度，强化其生态圈优势。 该研报表示，截至YU7技术发布后三天，YU7留资用户数（线索量）是SU7技术发布同期的3倍，其中超60%用户为首次留 ...

Core Viewpoint - The article discusses the emergence of the "superlink era" driven by the integration of various digital devices and the development of the HarmonyOS ecosystem, emphasizing the need for businesses to adapt to this new paradigm for growth and user engagement [3][40]. Group 1: HarmonyOS Ecosystem Development - The HarmonyOS ecosystem has rapidly evolved since its inception in 2019, with over 1 billion devices connected and more than 8 million registered developers, covering the top 5000 applications and meeting 99.9% of user usage time [6]. - Huawei's "1+8+N" strategy aims to create a seamless smart experience across multiple devices, integrating smartphones, large screens, tablets, PCs, and other smart devices [5]. Group 2: Business Transformation in the Superlink Era - The shift to the superlink era will transform business models, requiring companies to utilize a unified platform for advertising and service distribution, enhancing collaboration and efficiency [7]. - The "Whale Hong Dynamics" initiative integrates advertising within the ecosystem rather than reinventing it, allowing for a more comprehensive user experience across various applications and devices [12][11]. Group 3: Advantages of Whale Hong Dynamics - Whale Hong Dynamics offers a more holistic user experience by enabling cross-device interactions, allowing brands to connect with users in diverse contexts [13]. - It provides complete value insights by linking a single account to all-scene data, enabling brands to track user behavior across multiple applications and devices [15][16]. - The initiative introduces innovative growth services, where interactive terminals can suggest relevant advertisements based on user behavior, enhancing user engagement [18][20]. Group 4: Developer Challenges and Solutions - Developers face challenges such as scarce traffic entry points and a lack of diversified monetization models, with only 28.7 apps opened monthly by average internet users [31]. - Whale Hong Dynamics addresses these issues by providing a unified advertising and monetization platform, optimizing algorithms to ensure stable and effective ad displays [35][44]. Group 5: Case Study - Tongcheng Travel - Tongcheng Travel collaborates with the HarmonyOS ecosystem to enhance user engagement through pre-installed applications and intelligent push notifications, resulting in a 30% increase in new customer conversion rates [28]. - The integration of AI capabilities allows for personalized user experiences, significantly improving conversion paths and overall user satisfaction [27][21].

Core Viewpoint - Huawei's HarmonyOS ecosystem is rapidly expanding, with over 8 million registered developers and significant growth in application development and market share in the Chinese smartphone market [2][4]. Developer Ecosystem - The number of HarmonyOS developers has surpassed 8 million, reflecting a growth rate of over 10% in just two months [4]. - HarmonyOS applications have reached over 30,000, with more than 5,000 applications accounting for 99.9% of consumer usage time [3]. - Huawei's developer space has attracted over 110,000 developers, providing resources and tools for application development [6][7]. Market Performance - HarmonyOS captured 19% of the Chinese smartphone market in Q4 2024, surpassing Apple's iOS, which held 17% [4]. - The ecosystem's growth is supported by over 1.3 billion lines of code based on OpenHarmony and nearly 9,000 community contributors [4]. Product Launch - Huawei's Pura 80 series smartphones were launched, featuring advanced imaging capabilities and a focus on domestic chip replacement [9][11]. - The Pura 80 series is priced starting at 6,499 yuan, with the Pro+ and Ultra models priced at 7,999 yuan and 9,999 yuan, respectively [12]. Industry Impact - The launch of the Pura 80 series is expected to accelerate the domestic replacement of high-end camera image sensors (CIS), with domestic suppliers gaining significant market share [12].

Group 1 - The global economic landscape is increasingly uncertain due to rising trade protectionism, leading to frequent trade frictions and challenges for multinational businesses [1] - The slowdown in global economic growth has made it more difficult for companies to capture market share, as the overall market size is no longer expanding rapidly [1] - Intense industry competition has disrupted traditional market structures, exemplified by the decline of former giants like Nokia and Motorola in the smartphone sector due to their inability to adapt to market changes [1] Group 2 - Emerging companies are leveraging innovative technologies and unique business models to disrupt existing market order, putting traditional retailers under significant pressure [1] - Major retailers like Walmart and Carrefour are undergoing digital transformation to expand their online presence in response to the challenges posed by e-commerce [1] - The ability of companies to withstand risks and enhance competitiveness is increasingly important in the current economic climate, with organizational structure playing a crucial role in resource optimization [1][2] Group 3 - A well-defined organizational structure can facilitate quick adjustments to production and sales strategies in response to changing market demands, thereby preventing resource waste and excess inventory [2] - Clear division of responsibilities can improve decision-making efficiency, enabling departments to respond swiftly to complex market situations and seize opportunities while mitigating risks [2] - Effective communication and collaboration mechanisms can enhance a company's innovation capabilities, fostering idea exchange between departments to develop more competitive products and services [2]

Core Viewpoint - Apple is considering acquiring AI startup Perplexity AI to enhance its artificial intelligence capabilities and address the growing demand for AI talent and technology [1][2]. Group 1: Acquisition Discussions - Apple's executives, including Adrian Perica and Eddy Cue, have discussed the potential acquisition of Perplexity AI, although these talks are in the early stages and may not lead to a formal proposal [1]. - The acquisition could help Apple develop an AI-based search engine, particularly in light of potential impacts from the termination of its long-standing partnership with Google, which generates approximately $20 billion annually for Apple [1][2]. - Perplexity AI recently completed a funding round, achieving a valuation of $14 billion, which would make it Apple's largest acquisition if completed [2]. Group 2: Competitive Landscape - Apple and Meta are engaged in a broader talent competition, with Meta recently attempting to recruit Daniel Gross, a notable figure in AI [3]. - Meta's acquisition of a 49% stake in Scale AI for $14.3 billion is part of its strategy to build a "superintelligent" AI team, highlighting the competitive dynamics in the AI sector [2][3]. Group 3: AI Development Strategy - Apple's interest in Perplexity aligns with its efforts to catch up in the generative AI space, as it has been slow to launch its AI platform, Apple Intelligence, and has faced delays in redesigning its Siri project [4]. - Recent AI improvements announced at Apple's developer conference were limited, indicating a need for more substantial advancements in AI capabilities [4]. Group 4: Alternative Collaboration - Apple is also exploring a partnership with Perplexity, which could involve integrating Perplexity's AI search engine into Apple's Safari browser and Siri, rather than pursuing a full acquisition [5][6]. - Ongoing meetings between Apple and Perplexity suggest a serious consideration of a close collaboration, although potential obstacles include Perplexity's dealings with Samsung, a major competitor in the smartphone market [6].

Core Viewpoints - The recent public relations issues surrounding Xiaomi stem from its automotive business, reflecting a deeper internal and external redistribution of interests [1] - By the second half of 2025, Xiaomi's smartphone business gross margin will continue to face pressure, while the honeymoon period for its home appliance segment will also come to an end, leading to a focus on "defense" for these two major businesses [1] - Xiaomi should consider returning to its original approach of engaging with fans [1] Group 1: Historical Context and Business Strategy - Xiaomi initially thrived in the smartphone market during a time dominated by contract phones, known for its high cost-performance ratio and thin profit margins, typically around 3% [3] - To compete with industry giants, Xiaomi required substantial budgets for channel development and brand advertising, which was challenging given its low margins, prompting a pivot to fan economy and community marketing [4][5] - The fan economy strategy allowed Xiaomi to maintain operational sustainability despite low margins, as it fostered genuine connections with users [5] Group 2: Current Financial Dynamics - In Q1 2025, Xiaomi's smartphone average selling price (ASP) reached a historical high, but gross margins declined, indicating a passive increase in ASP driven by rising material costs [7][8] - The marginal effectiveness of market expenses is decreasing, leading Xiaomi to rely on pricing as the primary customer acquisition method, despite an increase in ASP [8] - The automotive business has become a significant growth area for market expenses, with Q1 2025 gross profit reaching 4.3 billion yuan and a gross margin of 23.2% [9] Group 3: Future Outlook and Challenges - Xiaomi's smartphone gross margin is expected to stabilize post-2024, primarily influenced by declining global storage prices [11] - The IoT and home appliance segments have surpassed the smartphone business in gross profit contribution, with a gross margin of 25.2% [13] - The home appliance sector faces challenges as government subsidies diminish, and price competition may intensify in the future [14] - With the success of the Xiaomi SU7, the management has raised the 2025 automotive sales target to 350,000 units, indicating a strategic shift in budget allocation towards the automotive sector [15]

Core Viewpoint - OPPO is facing significant challenges in the competitive smartphone market, with a notable decline in market share and sales, particularly in the high-end segment, as it struggles to maintain its position against rivals and adapt to changing consumer preferences [1][2][10]. Group 1: Market Position and Performance - OPPO's market share in the Chinese smartphone market has dropped from 19.6% in Q1 2023 to 15.7% in Q1 2025, reflecting a decline from first to fourth place [2][12]. - In the European market, OPPO's share of foldable smartphones fell by 63% year-on-year, dropping from third to seventh place [1]. - Global data indicates that OPPO is one of the few brands among the top five smartphone manufacturers experiencing a decline in shipment volume, with a drop of 5% to 9% [1][10]. Group 2: Strategic Shifts and Challenges - The shift from a "product ocean" strategy to a "hit product" logic highlights the changing competitive landscape, where innovation efficiency and scale are crucial [3][7]. - OPPO's early success was driven by a diverse product matrix and rapid market penetration, but the current market saturation has diminished the effectiveness of this approach [5][7]. - The company has struggled to establish a strong foothold in the high-end market, with its flagship products facing price drops and competition from established brands like Apple and Huawei [10][11]. Group 3: Technological and Brand Positioning - OPPO's attempt to enhance its high-end offerings with the Find X8 series saw a 66% increase in first-quarter sales compared to the previous generation, but the brand still lacks a strong premium image [10][11]. - The discontinuation of its chip design company has hindered OPPO's ability to differentiate itself in the high-end market, exposing weaknesses in its strategic direction [11]. - The company's pivot towards AI technology, including the establishment of an AI center and the introduction of AI features in its products, represents a new direction, but it faces stiff competition from other brands also investing in AI [13][14]. Group 4: Distribution and Market Dynamics - OPPO's traditional distribution channels, particularly "couple stores," are under pressure as consumer preferences shift towards high-end retail environments [12]. - The decline in the effectiveness of these channels poses challenges for OPPO as it seeks to penetrate the high-end market, where competitors have already established a strong presence [12]. - The overall smartphone market is experiencing a transformation, with a focus on premium products and advanced technology, making it imperative for OPPO to adapt its strategies accordingly [12][14].

Group 1: JD.com Performance - JD.com achieved record sales during the 618 shopping festival, exceeding expectations with a projected 13% year-over-year revenue growth for Q2 2025 [1] - The number of active users increased by 100% year-over-year, significantly outperforming industry averages, with total orders reaching 2.2 billion [1] - JD.com founder outlined a long-term strategic plan focusing on domestic retail and six new business areas, including food delivery and logistics, alongside a three-year zero-commission strategy [1] Group 2: Online Travel Agency (OTA) Strategy - JD.com announced a three-year zero-commission policy for hotels joining the "JD Hotels + Membership" program, aiming to strengthen its supply chain [3] - The company is actively cross-selling to its existing user base of 80 million individuals and 800,000 small and medium enterprises [3] - Competitors like Ctrip and Tongcheng have ceased sharing hotel inventory with JD.com, leading to a reduction in available hotel listings on the platform [3] Group 3: Xiaomi Performance - Xiaomi reported a GMV of 35.5 billion RMB during the 618 shopping festival, reflecting a 35% year-over-year increase, aligning with expectations [4] - This GMV represents 71% of Goldman Sachs' projected revenue for Q2 2025 from China's smartphone and AIoT sectors [4] - Upcoming product launches include new models in automotive, smartphones, smart devices, and home appliances [4] Group 4: Chinese Baijiu Market Insights - Sales in the baijiu sector have faced a short-term demand shock due to anti-luxury consumption policies, with expected volume declines of 30% to 50% in June [9] - The enforcement of these policies will be a key observation point, particularly during the peak season in August and September [9] - Brand performance is diverging, with Moutai's wholesale price remaining stable while Wuliangye's price has weakened [9] Group 5: Sony Group Outlook - Sony's gaming and network services segment is expected to see sustained profitability due to diversified content acquisition channels [12] - The company aims to enhance user engagement across multiple console generations, mitigating the impact of hardware transitions on profitability [12] - A 12-month target price of 4,600 JPY has been set for Sony, reflecting confidence in its growth trajectory [12]