"对小米来说，⽞戒O1是一个里程碑。"6月16日，小米集团创始人、董事长兼CEO雷军对这款近期发布的小米首个旗舰SoC给予高度评价。如果说，SU7是 小米从0到1的尝试，⽞戒O1则是小米打造"人车家全生态"商业化闭环的野心。相比于跨界造车，已经发布的搭载⽞戒O1的小米15SPro旗舰手机、小米平板 7Ultra，更像是小米一系列智能产品的核心。为了做⽞戒O1，小米从四年半前开始，花费了135亿元，而要从开始做芯片算起，小米已经做了11年。不过， 雷军也坦言，"芯片做起来挺难的，能做旗舰SoC的，全球只有4家公司，小米是其中一家"。小米的脚步不止于此，正如雷军所说，⽞戒O1的发布只是第一 步，再好的产业也要能卖出去，"我们可能还要继续再做五年、十年，才能形成商业化的闭环"。 一座超级工厂 6月16日，北京商报记者跟随"活力中国调研行"采访团走进小米汽车超级工厂，车间内一台台机械臂在紧张有序地工作，整个工厂引⼊超过700个机器⼈，可 实现⼤压铸、冲压、⻋⾝连接、⻋⾝装配、涂装、总装等关键⼯艺的100%⾃动化。 一号车间建成了全球领先的⼀体化压铸⽣产线，通过⼀体化压铸⼯艺的应⽤，将72个零件简化为1个整体零件，整个 ...

雷军今天宣布小米自主研发设计小米3纳米旗舰芯片，开始大规模量产，毕竟要搭载到小米平板7ultra和小米15S Pro这种销量肯定很大得机型上，后续将会 有小米终端搭载，玄戒O1搭载台积电第二代3nm工艺制程，190亿个晶体管数量，GeekBench 6单核跑分3119分、多核9673分，这个成绩是旗舰芯片水平了， 仅次于苹果A18 Pro，小米芯片这是要不鸣则已一鸣惊人？ 这几天小米大新闻不断，5月22日的15周年战略新品发布会，各种大招一下打出来，小米YU7发布，这是小米首款纯电SUV，发布旗舰手机小米15S Pro，发 布超高端OLED平板小米平板7ultra，另外还有一大爆点，就是自研手机SoC芯片玄戒O1。 雷军这两天最重要还是宣布玄戒O1，这款小米自研芯片处理器来了，而且要搭载到小米15S Pro和小米平板7ultra。这款是全球第四家3nm处芯片处理器，前 面三家高通、苹果、联发科。 雷军还发了个长文，介绍这次自研芯片的艰苦和成果，累计研发投入超135亿元人民币，研发团队达到2500人，今年研发投入超过了60亿元，从小米手机小 米平板到"人车家全生态"战略全部支持，预计准本10年投入500亿，小米 ...

机构：甬兴证券 对标苹果，产品高端化有望持续推进：根据快科技，小米发布会上雷军表示，小米的芯片将对标苹果。 具体参数上，玄戒O1 的十核四丛集CPU 性能和能效表现媲美苹果A18 Pro；16 核GPU 表现领先苹果 A18Pro。而根据IT 之家2024 年10 月29 日报道，小米 HyperConnect 全面支持苹果生态。我们认为，小 米在生态系统与芯片端向苹果发展的趋势，有望持续推动其产品高端化，提升其消费电子产品的单机价 值。 SUV YU7 发布，预计7 月份正式上市：根据智通财经，小米发布第二款新车YU7，共三个版本。续航 方面，小米YU7 续航最高可达835km，搭配96.3kWh 磷酸铁锂电池。新车全系搭载800V 碳化硅高压平 台。在发布会上，小米YU7 未公布价格，也未开启小定，雷军透露"小米YU7将在7 月份正式上市"。根 据此前雷军指引，小米汽车今年交付目标35万辆。 投资建议 我们预测公司2025-2027 年经调整净利润约为337.52 亿元、426.01亿元和550.64 亿元。我们持续看好公 司产品高端化带来的毛利率提升，以及汽车业务的持续发展，维持公司"买入"评级。 风险 ...

Core Viewpoint - Xiaomi's first electric SUV, YU7, has faced safety concerns regarding its electric inward-flipping door handles shortly after its launch [1][4] Group 1: Product Launch and Features - Xiaomi launched its first electric SUV, YU7, during its 15th anniversary event, highlighting its importance by dedicating nearly half of the presentation to it [2][3] - The YU7 features include a panoramic display, variable damping, laser radar, and a powerful Thor chip with 700 TOPS computing power, surpassing the previous model SU7 [3] - Safety features of YU7 include a reinforced body structure, embedded roll bars, and high-strength steel materials, having passed over 50 safety performance tests [3] Group 2: Delivery and Sales Performance - In April, Xiaomi's vehicle deliveries reached 28,600 units, a 2.25% decrease from the previous month, influenced by recent incidents and safety concerns [1][5] - Cumulatively, Xiaomi delivered 104,500 vehicles in the first four months of 2025, achieving 29.84% of its annual target of 348,000 units [5] - To meet its annual target, Xiaomi needs to average 30,700 units per month over the next eight months [5] Group 3: Industry Context and Challenges - An industry expert noted that Xiaomi's automotive issues could serve as a "magnifier" for the entire automotive sector, potentially raising industry standards [1][7] - Concerns have been raised about the broader challenges in the electric vehicle market, including issues like inflated range claims and high insurance costs, which could impact consumer perception [6][7]

Core Insights - Xiaomi held a significant product launch event titled "New Starting Point" on May 22, showcasing various new products including the self-developed 3nm mobile chip "Xuanjie O1" and the first SUV model "YU7" [2][3][4] Product Launch Highlights - The launch featured multiple key products such as the Xiaomi 15S Pro smartphone, Xiaomi Pad 7 Ultra, and Xiaomi Watch S4, alongside the SUV YU7 [2][4] - The "Xuanjie O1" chip is notable for being the first 3nm mobile chip developed in-house by Xiaomi, making it the first in mainland China and the fourth globally to achieve this milestone [4][5] Chip Development and Strategy - Xiaomi has invested 13.5 billion yuan in chip development over the past four years, with a budget exceeding 6 billion yuan for 2025 [5] - The "Xuanjie O1" chip features 190 billion transistors and a chip area of only 109mm², achieving a benchmark score of over 3 million in laboratory tests [5] Automotive Ambitions - The YU7 SUV is positioned as a luxury high-performance vehicle, with three versions planned: YU7, YU7 Pro, and YU7 Max, set to launch in July [7][9] - The YU7 features advanced specifications including a 101.7kWh battery with a range of 760km and a maximum power output of 288kW [7][8] Safety and Technology - The YU7 incorporates a robust safety design with a mixed steel-aluminum body and advanced driver assistance systems, including lidar and radar technologies [8] - Xiaomi aims to enhance its automotive offerings following previous challenges, including addressing safety concerns related to its SU7 model [10] Market Position and Future Outlook - Despite recent controversies, Xiaomi's product launches and technological advancements are seen as a strategic response to market challenges, aiming to solidify its position in both the smartphone and automotive sectors [3][10] - The company continues to maintain a partnership with Qualcomm, ensuring that its flagship smartphones will still utilize Qualcomm's Snapdragon processors [6]

大和：小米芯片策略类似苹果做法 维持目标价65港元和"买入"评级 金十数据5月23日讯，大和发报告指，维持小米目标价65港元以及"买入"评级。小米新品包括全新玄戒 O1 3纳米旗舰处理器、全新旗舰小米15SPro与小米平板7Ultra、全新小米YU7正式亮相。小米的芯片策 略专注于内部使用，而不是外部销售，目标是建立长期的竞争护城河，实现硬体和软体之间的深度整 合，这类似于苹果的做法。小米也将长期研发投入增加一倍，2025年预计投入300亿元人民币，2026— 2030年预计投入2000亿元﹐并投资135亿元组建一支2500多人的团队，小米至少拨出500亿元用于芯片研 发。 ...

Market Overview - On May 22, the A-share market experienced fluctuations, with the ChiNext Index leading the decline, and the North Star 50 Index dropping over 6% [2] - The Shanghai Composite Index closed down 0.22% at 3380.19 points, the Shenzhen Component Index fell 0.72% to 10219.62 points, and the ChiNext Index decreased by 0.96% to 2045.57 points [3] - The total trading volume in the Shanghai and Shenzhen markets was 1.1 trillion yuan, a decrease of 70.8 billion yuan compared to the previous trading day, with over 4400 stocks declining [2] Sector Performance - Sectors such as banking, gaming, and insurance saw gains, while sectors like beauty care, sugar substitutes, solid-state batteries, and pet economy faced declines [2] International Market - In the U.S. stock market on May 22, the Dow Jones Industrial Average fell slightly by 1.35 points, closing at 41859.09 points, while the S&P 500 dropped 2.60 points to 5842.01 points, and the Nasdaq Composite rose by 53.09 points to 18925.73 points [4] - European markets also saw declines, with the FTSE 100 down 0.54%, CAC 40 down 0.58%, and DAX down 0.51% [4] Commodity Prices - International oil prices fell on May 22, with WTI crude oil down 0.60% to $61.20 per barrel and Brent crude down 0.72% to $64.44 per barrel [4] Policy and Industry Developments - The People's Bank of China announced a 500 billion yuan MLF operation to maintain liquidity in the banking system [6] - Xiaomi launched several products featuring its self-developed Xuanjie chip, which utilizes advanced 3nm technology [7] - A joint document from 19 departments was released to support the social participation of the elderly, aiming for a more inclusive environment by 2029 and 2035 [8] - Guangdong province introduced policies to promote the high-quality development of the gaming industry, aiming to establish Guangzhou and Shenzhen as key esports hubs by 2030 [10] - The Ministry of Commerce responded to U.S. export controls on AI chips, emphasizing China's opposition to such measures [11] - The semiconductor market is projected to reach nearly $700 billion by 2025, with China expected to become the largest single market [12]

关联内容小米"玄戒O1"将揭晓，复盘雷军的"造芯十年" 当日早些时候，雷军微博发文称，"我们这次发布大芯片，不少人觉得很突然，甚至觉得做大芯片好像 很'容易'。只是因为我们一直没有对外讲过，大家不了解。我们默默干了四年多，花了135亿元，等到 O1量产后才披露的。其实，这个过程还是非常艰难……" 雷军曾回顾小米造芯历程时表示，小米玄戒O1采用第二代3nm工艺制程，比此前业界猜测的7nm、4nm 先进了一大截。 记者从小米内部人士处获悉，小米芯片团队隶属于小米手机业务部旗下新业务部门。 5月22日晚，小米发布全新手机SoC芯片"玄戒O1"。同时，小米15S Pro、小米平板7Ultra、小米手表S4 均搭载玄戒芯片。 当雷军站在发布会聚光灯下，身后大屏幕亮起"300万"的安兔兔跑分数字时，现场掌声雷动。这一刻， 小米自研的玄戒O1芯片以3nm工艺、超300万分的性能成绩，正式向全球顶级芯片阵营发起冲锋。 雷军高调宣布："小米的芯片，要对标苹果。"这不仅是中国半导体行业的一次突破，更意味着手机芯片 市场长期由苹果、高通、联发科垄断的格局或将迎来新变量。 然而，光环之下，质疑与挑战接踵而至——外挂基带是否"套壳"？ ...

Core Insights - Xiaomi has launched the Xiaomi Pad 7 Ultra, starting at 5699 yuan, featuring the "Xuanjie O1" 3nm flagship processor [1] - The device boasts a 14-inch OLED display, ultra-narrow 3.95mm bezels, and a slim 5.1mm body, accommodating a large 12000mAh battery [1]

小米手机：小米平板7Ultra机身厚度仅5.1mm，重量仅609g。 ...