Core Viewpoint - Xiaomi has successfully developed its self-designed mobile SoC chip "Xuanjie O1" after years of setbacks, marking a significant step in its ambition to enhance its technological capabilities and compete in the high-end smartphone market [2][5][19]. Group 1: Development and Challenges - Xiaomi's "Xuanjie O1" chip utilizes second-generation 3nm technology and is currently featured in the Xiaomi 15S Pro and Xiaomi Pad 7 Ultra [2]. - The development of SoC chips is complex, involving multiple critical components such as CPU, GPU, and ISP, which directly impact the overall performance of mobile devices [4]. - Xiaomi's previous attempts at chip development faced significant challenges, leading to the shutdown of its chip division in 2017 after the underwhelming performance of its second-generation chip [9][10]. Group 2: Investment and Strategy - As of April 2023, Xiaomi has invested over 13.5 billion yuan in the "Xuanjie" project, with a projected investment of over 6 billion yuan for the year [6]. - The company plans to invest an additional 200 billion yuan in core technology research over the next five years to solidify its position in the semiconductor industry [7]. - Xiaomi's strategic decision to restart its chip development was influenced by its high-end market ambitions and the need to control its technology stack, similar to competitors like Apple and Huawei [15][16]. Group 3: Market Reception and Future Plans - The release of the "Xuanjie O1" has elicited mixed reactions, with some praising its potential while others question its originality and performance [7][19]. - Xiaomi aims to focus on flagship chips initially, with plans to tackle 5G modem development next [8]. - The company is also exploring opportunities in automotive chips, indicating a broader vision for its semiconductor capabilities [21]. Group 4: Talent Acquisition and Industry Context - Xiaomi's chip development team has grown to over 2,500 members, bolstered by talent from the recent wave of chip startups in China [17][18]. - The competitive landscape for chip development in China has seen a surge in new companies, but challenges remain as some firms, like OPPO's Zheku, have ceased operations [19][21].

Market Overview - The A-share market experienced a decline on Thursday, with the Shanghai Composite Index falling by 0.22% to close at 3,380.19 points, the Shenzhen Component Index down by 0.72%, and the ChiNext Index decreasing by 0.96%. The total trading volume in the A-share market was 1.10 trillion RMB, with over 4,200 stocks declining. Only the banking, media, and household appliance sectors saw gains, while the beauty care and social services sectors led the losses. Concept sectors such as mobile gaming and terahertz technology performed well, while epoxy propylene and graphite electrode concepts faced significant declines. In the Hong Kong market, the Hang Seng Index dropped by 1.19%, and the Hang Seng Tech Index fell by 1.70%. Internationally, the U.S. stock indices showed mixed results, with the Dow Jones remaining flat, the S&P 500 down by 0.04%, and the Nasdaq up by 0.28%. European and Asia-Pacific markets also experienced declines [2][6]. Important News - The tax reduction bill proposed by U.S. President Trump passed the House of Representatives with a narrow margin on May 22. The bill aims to reduce taxes by over 4 trillion USD over the next decade and cut at least 1.5 trillion USD in spending. It will also raise the U.S. debt ceiling by 4 trillion USD, which is lower than the 5 trillion USD sought by the Senate [3][7]. - Xiaomi held its 15th-anniversary strategic product launch on May 22, unveiling three new products equipped with its self-developed Xuanjie chip: the Xiaomi 15S Pro, Xiaomi Pad 7 Ultra, and Xiaomi Watch S4 15th Anniversary Edition. The highly anticipated Xiaomi YU7, the company's first SUV, was also officially launched, positioned as a "luxury high-performance SUV" with features like laser radar and extended battery life, set to be released in July. Xiaomi's founder Lei Jun stated that the company has committed to chip development for at least 10 years with an investment of over 50 billion RMB, and plans to invest an additional 200 billion RMB in core technology research and development over the next five years [3][7].

Core Viewpoint - Xiaomi has launched its new electric SUV, the YU7, during its 15th anniversary event, showcasing advanced design and technology features aimed at expanding its automotive market presence [2][53]. Design and Aesthetics - The YU7 features a unique design inspired by luxury cars, with a focus on proportions such as a 3:1 wheelbase ratio and a 1.3:1 head-to-body ratio, contributing to its aesthetic appeal [6][8]. - The vehicle is available in multiple colors, including a gem-inspired green and a futuristic titanium color, achieved through advanced painting techniques [4][10]. - The design has drawn comparisons to the Ferrari Purosangue, highlighting its distinctive proportions and luxury appeal [10][12]. Technological Innovations - The YU7 incorporates a "sky screen" projection technology that enhances the driving experience by displaying information directly in the driver's line of sight, with a peak brightness of 1200 nits [32][36]. - The vehicle features over 40 aerodynamic optimizations, resulting in a reduced drag coefficient of 0.245Cd and an extended range of 836 km for the standard version [20][48]. Performance Specifications - The YU7 is offered in three versions: a standard rear-wheel drive, a dual-motor all-wheel drive Pro version, and a Max version, with power outputs ranging from 235 kW (320 hp) to 508 kW (690 hp) [46][49]. - The vehicle is equipped with a large 96.3 kWh battery, enabling it to achieve significant ranges, making it a leader in the mid-to-large electric SUV segment [48]. Market Positioning and Future Plans - The launch of the YU7 is a strategic move for Xiaomi to solidify its brand presence in the competitive SUV market, following the success of its previous model, the SU7, which sold 28,000 units [53][55]. - Xiaomi plans to expand its product lineup with a range of vehicles, including a potential entry into the budget segment with a range-extended SUV expected by 2026 [55][57].

今晚的小米发布会，被定名为「15 周年战略新品发布会」，意义不言而喻，其中最重要的产品自然是小米 15S Pro 手机，以及小米 YU7 汽车。 雷军也非常久违地在发布会上介绍起了手机，与其说发布的是小米 15S Pro，不如说其实是当中的玄戒O1 芯片。 这块芯片的具体规格，雷军本人已经在发布会之前亲自揭晓：比肩高通骁龙 8 Elite 的台积电二代 3nm 工艺、190 亿晶体管，确实是对标第一梯队 的规格。 而今晚的发布会，玄戒O1 的具体细节正式曝光，15 岁的小米，也可以说因这颗自研芯片，正式成为了一家「硬科技」企业。 小米自研大芯片，性能对标 iPhone 16 Pro 小米肩负的期待，包括那句「为发烧而生」的口号。即使这几年小米已经鲜少提及，但大众依旧希望从小米旗舰手机上，看到第一梯队的性能表 现。 而玄戒O1 很好回应了这个期待：它不是一颗出现在中端机上的试水作，而是真正能扛起旗舰性能大旗的产品。 作为「不服跑个分」的开创者，雷军也以跑分作为玄戒O1 介绍的开场：3004137 分。 这颗芯片采用十核心四丛集 CPU 架构，配备 2 颗超大核+ 4 颗大核+2 颗小核 + 2 颗超小核，并配备 ...

Core Insights - The report highlights the performance of the Hong Kong stock market, with the Hang Seng Index closing at 23,332.72, down 0.05% after a three-day decline totaling 1.3% [2][3] - The report notes that the industrial value-added data from mainland China exceeded expectations, which helped to mitigate the market's decline [3] - The report emphasizes the strong performance of certain stocks, such as Meituan and Tencent, which rose by 2.3% and 1.2% respectively, while Geely saw a decline of 2.5% [3] Macro & Industry Dynamics - Hong Kong's Chief Executive, John Lee, stated that Hong Kong serves as a financial hub amidst rising unilateralism and protectionism, aiming to strengthen its role as a mediator for international trade [6] - The Financial Secretary, Paul Chan, reported that Hong Kong's stock market has seen significant inflows, with new stock fundraising activities leading the world, accumulating over 60 billion this year, a sixfold increase year-on-year [7] - The Chinese Ministry of Industry and Information Technology has issued guidelines to promote the development of the technology service industry, focusing on creating a unified technology trading service platform [9] Company News - Xiaomi is set to unveil its first SUV model, YU7, and a self-developed chip, "玄戒 O1," at a strategic product launch event [11] - Jianbei Miao Miao expects a profit increase of at least 50% for the fiscal year ending March, driven by effective brand management and strong sales performance in its core product segments [12] - CLP Holdings reported a 2.6% year-on-year decrease in electricity sales in Hong Kong for the first quarter, attributed to warmer weather and a reduction in overall electricity demand [13]

Core Viewpoint - Xiaomi is set to launch its self-developed SoC chip named "Xuanjie O1" in late May, marking a significant milestone in its decade-long journey to create its own chips, which has been a long-cherished goal for the company and its engineers [1][3][7] Group 1: Historical Context - In 2014, Xiaomi established the "Pinecone" chip brand to break the foreign monopoly in the smartphone chip market, facing numerous technical challenges along the way [3] - The first chip, Surge S1, was launched in February 2017 but failed to gain market traction due to limitations in technology and performance [3][5] - Subsequent attempts to develop the Surge S2 were met with repeated setbacks, leading to a period of uncertainty and anticipation among engineers [3][5] Group 2: Recent Developments - Xiaomi shifted its strategy to focus on smaller chips, successfully developing imaging chips (Surge C series), charging chips (Surge P series), and battery management chips (Surge G series) as stepping stones towards the main chip [5] - The upcoming Xuanjie O1 is rumored to be featured in the Xiaomi 15S Pro, generating excitement among fans and marking a potential turning point for the company [5][7] Group 3: Future Aspirations - Xiaomi's founder, Lei Jun, has stated that the company aims to invest 100 billion yuan in research and development over the next five years, positioning itself as a leader in hard-core technology [7] - The launch of Xuanjie O1 is not just about the chip itself but symbolizes the culmination of years of effort and the determination of Chinese tech companies to break free from foreign dominance in the semiconductor industry [7]