来源|国际财闻汇 美国总统唐纳德·特朗普政府正推进另一轮关税"攻势"。一些贸易专家认为，这些关税行动比他针 对各国"量身定制"税率的做法在法律上更加站得住脚，而最终可能对进口产生同样广泛的影响。 6月18日，据彭博社报道，美国商务部将在数周内公布针对数个被视为对国家安全至关重要的行业 的调查结果，包括芯片、制药和关键矿产。外界普遍预计，调查可能会为对上述行业的诸多外国产 品出台关税奠定基础。 特朗普在第一任期已根据《贸易扩展法》第232条的授权，于2018年征收钢铝进口税。近期，他扩 大了征税范围，将含有上述金属的消费品纳入其中。 密歇根州立大学的一项估算显示，特朗普的钢铝关税（目前定在50%）已影响到近2000亿美元的 钢铁、铝制品及家用产品（如渔线轮和扫帚）—— 这一数额几乎是他首个任期内的四倍。 相比之下，特朗普4月份对主要贸易伙伴实施的关税措施在合法性上更弱，最高法院周二被要求考 虑推翻这些关税。一些政府官员认为，232条下的关税可有效取代引发法律审视、阻碍美国与盟友 及对手的贸易协议谈判的国别关税。 Wiley Rein合伙人、特朗普首任政府商务部高级官员Nazak Nikakhtar表示，232条 ...

Core Insights - The development of AGI (Artificial General Intelligence) is a long-term process, currently transitioning from the "challenger" stage (L2) to the "reasoner" stage (L3), focusing on making AI actionable rather than just thinking [1] Group 1: Structural Changes in AI - The focus of AI competition is shifting from model capability to implementation capability, emphasizing the importance of models that can effectively deliver results [2] - The value positioning of AI is changing from tool efficiency to result closure, where AI applications should proactively complete tasks rather than just respond to commands [2] - The product form of AI is evolving from cloud computing to personal integration, requiring AI products to be embedded in user devices and daily life rather than remaining on servers [4] Group 2: Challenges in AI Implementation - There are three main challenges in AI implementation: 1. Scene integration, where AI struggles to operate efficiently across different devices, leading to fragmented user experiences [4] 2. Performance limitations, with current edge computing capabilities being insufficient to support models with over 7 billion parameters [4] 3. Trust issues, including privacy and ethical concerns, with a lack of standardized solutions for data rights and encryption [4] Group 3: Collaborative Initiatives - To accelerate AI implementation and achieve demand closure, a call for the establishment of an open AI terminal ecosystem alliance based on the GSMA platform has been made, aiming to unite AI model companies, operators, terminal enterprises, and internet companies [9] - The collaboration will focus on joint technological innovation, standard definition, business innovation, and talent cultivation to tackle AI implementation challenges [9] Group 4: Upcoming Product Launch - The company plans to launch the AI folding flagship Honor Magic V5 on July 2, which is expected to be the lightest folding screen phone globally and the "strongest" AI smart device in the industry [9]

Summary of Xiaomi's AI Strategy and Developments Industry and Company Overview - The document discusses Xiaomi's advancements in AI technology, particularly focusing on the development of large AI models and their integration into hardware products like smartphones and vehicles [1][3][36]. Key Points and Arguments AI Model Development - Xiaomi plans to establish a computing cluster with a capacity of 10,000 cards by Q3 2025 to train new large models, aiming to match the scale and performance of DeepSpeech [1][3]. - The company has ordered NVIDIA H20 graphics cards, but due to export restrictions, alternative options like H200 are being considered [3][32]. - A budget of 20 billion CNY is allocated for AI research and development in 2025, covering personnel costs, computing power procurement, and data center leasing [3][33]. Organizational Structure - Xiaomi's AI department is led by a technical committee and consists of an AI lab and various specialized teams, including a large model team, acoustic team, machine vision team, and voice algorithm team, totaling over 1,000 employees [2][9]. AI Applications and User Engagement - The AI assistant "Xiao Ai" has seen significant user engagement improvements after integrating large AI models, particularly in text dialogue and image generation features [1][11]. - Popular AI applications in Xiaomi smartphones include text-to-image generation, role-playing dialogues, and image processing features like AI element removal and image search [1][14]. Competitive Strategy - Xiaomi employs a strategy of imitation and benchmarking, initially relying on third-party APIs and gradually transitioning to self-developed technologies [1][7][36]. - The company focuses on achieving a competitive edge through rapid application of new technologies, allowing for cost-effective upgrades and maintaining market responsiveness [3][36]. Future Directions and Challenges - Xiaomi aims to enhance its large models by expanding parameters and leveraging high-quality data in specific niches, although achieving global leadership is deemed unrealistic due to competition from established players [6][36]. - The integration of AI in vehicles is primarily focused on smart cockpit interactions, with ongoing developments in autonomous driving technology [28][30]. Market Position and Consumer Perception - Consumers show a positive willingness to pay for AI features in smartphones, which are increasingly seen as indicators of high-end devices [22][23]. - The document notes that while there are no groundbreaking innovations in the automotive sector, AI applications are primarily focused on basic needs like navigation and voice interaction [31]. Collaboration and Resource Management - Xiaomi collaborates with Kingsoft Cloud for computing power leasing, ensuring access to necessary resources without direct purchases of hardware [34][35]. Additional Important Insights - The AI department's focus is not on KPI-driven performance but rather on achieving technological breakthroughs and maintaining a competitive position in the industry [9][36]. - The document highlights the importance of establishing consensus protocols for AI interactions, similar to web crawling protocols, to facilitate effective communication between AI systems and applications [16][19]. This comprehensive overview encapsulates Xiaomi's strategic approach to AI development, its organizational structure, competitive positioning, and future aspirations within the rapidly evolving tech landscape.

苹果入局折叠屏，关注产业链布局机会 20250618 摘要 2024 年前三季度中国折叠屏手机出货量显著增长，预计全年达 926.6 万部，同比增长 32.2%。全球市场亦呈现增长态势，一季度同比增长 49%，预示着未来几年折叠屏面板采购量将保持两位数增长。 苹果公司加速布局折叠屏领域，频繁申请相关专利，并计划于 2026 年 推出首款折叠屏 iPhone，此举将推动产业链发展和技术创新，并可能加 速折叠屏手机的普及。 智能手机整体市场增长放缓，折叠屏作为新增长点备受关注。中国市场 在折叠屏领域占据重要地位，2023 年出货量占全球 46%，华为等厂商 表现突出，对三星构成竞争威胁。 折叠屏技术关键在于 UTG（超薄玻璃）和铰链设计。UTG 方面，三星 显示、京东方等厂商不断提升技术；铰链设计方面，各厂商积极创新， 探索多种折叠形态。 折叠屏手机用户定位中高端，消费预算较高，但随着技术成熟和成本下 降，部分小型折叠机型价格已降至人民币 6,000 元左右，有望进一步扩 大用户群体。 Q&A 折叠屏手机市场近年来的发展情况如何？ 折叠屏手机市场近年来呈现出快速增长的趋势。自 2019 年首款折叠屏产品上 市以来 ...

Core Viewpoint - Transsion Holdings (688036.SH) has reportedly established a mobility division to explore the two-wheeled electric vehicle market, although the company has not confirmed this information officially [2][12]. Group 1: Business Development - The company is actively recruiting for various positions related to its mobility business, indicating that its expansion into this new sector may have already begun [2][3]. - Job postings include roles for the independent brand "REVOO," which is focused on digital marketing and global media planning, suggesting a strategic approach to brand development in the electric vehicle space [3][6]. - The recruitment efforts encompass both consumer-facing (To C) marketing roles and enterprise-focused (To B) product development positions, targeting markets in Latin America and Africa [3][12]. Group 2: Financial Performance - Transsion's mobile phone business is facing growth challenges, with a reported revenue of 68.758 billion yuan in 2024, reflecting a year-on-year increase of 10.31% [12]. - The net profit attributable to shareholders was 5.549 billion yuan, showing a slight increase of 0.22%, while the net profit after excluding non-recurring items decreased by 11.54% to 4.541 billion yuan [12]. - The gross margin for the mobile phone business fell to 20.62%, down 2.63 percentage points from the previous year, with the gross margin in its core African market declining from 30.05% to 28.59% [12]. Group 3: Market Context - The two-wheeler market in Africa presents potential due to a large population and low vehicle ownership, with motorcycles being a common mode of transport [13]. - Challenges include weak electrical infrastructure, lack of charging facilities, limited purchasing power among local consumers, and the complexities of establishing production and supply chains [13]. - The company has previously shown interest in the broader mobility market, including four-wheeled electric vehicles, indicating a cautious and low-profile exploration of new opportunities [13].

6月19日，2025上海世界移动通信大会(MWC上海)期间，荣耀CEO李健在主题演讲中宣布，将于7月2日 发布最新一代AI折叠旗舰荣耀Magic V5。据悉，全栈式个人知识库、多智能体协同带来的PC级生产 力、全品牌互联互通等都将落地到这款手机中。他表示，荣耀Magic V5将成为全球最轻薄的折叠屏手 机，也是"行业最强"AI智能体手机。(新浪财经) ...

Group 1: Market Overview - The U.S. stock market experienced mixed results with major indices closing in different directions amid various factors influencing investor sentiment [1][3] - The Federal Reserve maintained the federal funds rate target range at 4.25% to 4.50%, marking the fourth consecutive meeting without a rate change, leading to cautious market expectations regarding future monetary policy [3] Group 2: Sector Performance - The S&P 500's eleven sectors showed a pattern of seven declines and four gains, with the energy and communication services sectors leading the declines at 0.68% and 0.67% respectively, primarily due to volatile oil prices and increased competition in the global communication industry [3] - The technology and utilities sectors led the gains, rising by 0.36% and 0.25% respectively, driven by ongoing innovation and demand growth in artificial intelligence and semiconductors [3] Group 3: Individual Stocks - Circle's stock surged nearly 34%, marking its largest single-day increase since its NYSE listing on June 5, driven by positive market sentiment towards stablecoins and favorable regulatory developments [4] - Tesla's stock rose by 1.8% due to increasing sales in the global electric vehicle market and advancements in battery technology and autonomous driving [5] - Nvidia's stock increased by 0.94%, benefiting from high demand for its high-performance computing chips amid the booming artificial intelligence sector [5] - Amazon's stock fell by 1.07%, facing growth challenges in its e-commerce business and competition in the cloud computing market [5] - Chinese concept stocks mostly declined, with the Nasdaq Golden Dragon China Index down 0.82%, influenced by broader market volatility and underperformance of some companies [6]

Core Insights - Apple plans to launch a foldable iPhone starting next year, potentially using displays from Samsung Display, which aims to produce up to 8 million foldable panels for the device [1] - The foldable iPhone's pricing is expected to be "very high," although details on other components, such as the hinge, remain uncertain [1] - iPhone sales accounted for over half of Apple's total revenue, reaching $201 billion in fiscal year 2024, but the company is seeking ways to attract new customers and encourage existing ones to upgrade to more expensive devices [1] Industry Context - Competitors like Huawei and Samsung have been releasing foldable smartphones since 2019, which feature screen sizes comparable to tablets but are designed for portability [1] - Despite the innovation, foldable phones face hardware issues, such as screen creasing when folded [1] - The demand for foldable phones remains limited, with only 1.5% of all smartphones sold being foldable, and the market is projected to grow by only about 3% in 2024, with a potential decline in 2025 [2]

Core Insights - The smartphone industry is witnessing a shift towards higher RAM capacities, with flagship Android devices beginning to adopt 24GB of RAM, a significant increase from the previous standard of 12GB and 16GB [1][10][15] - The increase in RAM is driven by the need to support more demanding applications, including AI models, and to improve user experience by allowing more applications to run simultaneously without performance degradation [8][12][14] RAM Capacity Trends - The iPhone 17 series is set to feature 12GB of RAM, a 50% increase from the iPhone 16 series, while Android manufacturers are already offering devices with 12GB and 16GB of RAM, with some models reaching 24GB [1][10] - Current Android devices with 24GB of RAM include models from brands like OnePlus, REDMI, and ROG, primarily from sub-brands or gaming-focused manufacturers [10][11] System Performance and User Experience - Android systems utilize a memory management mechanism that prioritizes application responsiveness, often leading to over 50% of RAM being occupied at startup [2][5] - In contrast, iPhones with lower RAM capacities can maintain application responsiveness through a mechanism that freezes application processes, although this can lead to issues when running multiple demanding applications [7][12] AI Integration and Future Developments - The demand for higher RAM is partly driven by the increasing use of AI models on mobile devices, with 12GB of RAM necessary to run certain AI applications effectively [8][12] - As AI capabilities expand, manufacturers are considering equipping flagship models with 24GB of RAM to meet the requirements of larger AI models and more complex applications [11][17] Market Challenges and Pricing - The rising cost of RAM due to increased demand from the AI sector poses a challenge for manufacturers, potentially leading to flagship models priced above 8000 yuan [15][17] - Despite the higher costs, the introduction of 24GB RAM devices is seen as a way to provide consumers with more options, allowing them to choose between higher-end models and those with lower RAM capacities [15][17]

Core Insights - Xiaomi has launched its first self-developed flagship processor, the "Xuanjie O1," with the new Xiaomi 15S Pro smartphone, marking a significant milestone in its technological advancement [5][24][115] - The Xiaomi 15S Pro is positioned as a high-performance device, featuring a starting price lower than its predecessor, the Xiaomi 15 Pro, while still showcasing advancements in domestic supply chain capabilities [3][115] - The device is equipped with a 6100mAh battery and supports 90W wired and 50W wireless fast charging, emphasizing longevity and stability in performance [57][115] Design and Build - The Xiaomi 15S Pro maintains a similar design to the Xiaomi 15 Pro, with slight modifications in thickness and weight, making it a "half-generation update" [9][11] - It features a unique "Dragon Scale Fiber" back cover, distinguishing it from previous models and enhancing its aesthetic appeal [12][16] Display and Audio - The device boasts a 2K "low-power sunlight display" with peak brightness of 3200 nits and is the first to come with an AR anti-reflective film pre-installed [17][19] - It includes high-end audio hardware, featuring dual coaxial speakers, making it potentially the best audio playback device in Xiaomi's lineup [22] Performance - The "Xuanjie O1" processor is built on a 3nm process and features a 10-core CPU, achieving a maximum frequency of 3.9GHz, positioning it as a true flagship product [24][26] - Performance tests indicate that the Xiaomi 15S Pro outperforms many competitors, with benchmark scores exceeding those of devices using other flagship processors [28][30] Gaming and Optimization - The device has been optimized for gaming, achieving high frame rates and low power consumption across various popular titles, demonstrating its capability as a gaming smartphone [41][47] - It maintains performance stability under high load conditions, showcasing effective thermal management [34][53] Battery Life and Charging - The Xiaomi 15S Pro's battery life is impressive, lasting over 21 hours with mixed usage, indicating strong efficiency [65][115] - The charging speed, while stable, reflects a focus on battery longevity rather than maximum speed, aligning with industry trends towards sustainable battery technology [57][64] Camera and Imaging - The camera system includes a third-generation ISP capable of handling high pixel throughput, although it lacks some AI-enhanced features seen in competitors [68][70] - The imaging algorithms prioritize natural color reproduction and noise reduction, with a focus on traditional multi-frame processing techniques [90][114] Conclusion - Overall, the Xiaomi 15S Pro represents a high level of completion and potential for future upgrades, with its self-developed processor and robust features setting a strong foundation for Xiaomi's future in the smartphone market [115][119]