"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 ...

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]

Core Viewpoint - Xiaomi has launched the Xiaomi 15S Pro smartphone, starting at a price of 5499 yuan, featuring the new "Xuanjie O1" 3nm flagship processor [1] Group 1 - The starting price of the Xiaomi 15S Pro is set at 5499 yuan [1] - The device is equipped with the "Xuanjie O1" 3nm flagship processor, indicating a focus on advanced technology and performance [1]

小米公司：小米15SPro日常应用启动响应速度，耗时缩短30.4%，主流游戏重载运行，温度显著降低。 搭载「翼型环形冷泵Pro」散热系统，设计仿生高速通道，导热性能提升30%。 ...

小米公司：玄戒O1 旗舰处理器，小米自主研发设计，小米15SPro首发搭载，第二代3nm先进工艺制 程，190亿晶体管，芯片面积仅109mm²，实验室跑分突破300万，第一梯队的性能表现。 ...

今晚7点，小米将举行战略新品发布会，玄戒O1芯片备受关注。 这次重磅新品特别多：手机SoC芯片小米玄戒O1、小米15SPro、小米平板7 Ultra；而YU7预计将于7月正式上市，具体售价和预订信息将不会在此次活 动中公布。 21日，小米集团总裁卢伟冰发微博透露，玄戒芯片不止O1一款。 值得注意是，22日，雷军发布微博透露，研发玄戒O1芯片的过程"还是非常艰难"。四年多时间，截至今年4月底，玄戒累计研发投入已超过135亿人民 币。目前，研发团队已超过2500人，今年预计研发投入将超过60亿元。 雷军在此前的博文中表示，玄戒立项之初就提出了很高的目标："最新的工艺制程、旗舰级别的晶体管规模、第一梯队的性能与能效。" 同时，小米制定了长期持续投资计划： "至少投资十年，至少投资500亿，稳打稳扎，步步为营。" 他表示，这个体量，在目前国内半导体设计领域，无论是研发投入，还是团队规模，都排在行业前三。针对外界对于澎湃SoC后续的疑问，雷军强调： "那不是我们的'黑历史'，那是我们的来时路。" 小米高管回应玄戒O1芯片质疑：小米做芯片是认真的，但凡有欺诈能活到今天？ 值得注意的是，22日，小米产业投资部合伙人潘九堂发 ...

5月22日，小米集团董事长兼CEO雷军在微博透露，小米YU7预计7月正式上市，在今晚的发布会上不会公布正 式价钱，也不会开启小定。 盘面上，小米集团港股午后开盘直线跳水，一度跌近3%。 就在昨日（21日），雷军发文称：小米YU7，马上就要发布了。不少朋友说，SUV市场比轿车市场竞争更激 烈，小米还能冲出重围吗？ 这个领域高手如林，每个都有超强的竞争力，确实竞争非常激烈。但我相信， YU7有着不可替代的独特魅力。 最新剧透。 国金证券研报认为，小米YU7有望打破Model Y在纯电SUV领域的统治地位。目前国内B级及以上纯电SUV赛 道，Model Y一家独大，其余车型集中度分散。2024年国内市场B级及以上纯电SUV累计销量约166万辆，其中 Model Y销量高达55.67万辆，断档领先。 上述研报表示，根据目前小米汽车获得订单的节奏，以及SU7 Ultra的火热，预计小米汽车在2025年销量可以 逼近产能上限，意味着YU7有望成为Model Y之后新一款热销中高端纯电SUV车型。 综合自：雷军微博、 证券时报此前报道 责编：李丹 校对：王朝全 版权声明 证券时报各平台所有原创内容，未经书面授权，任何单位及 ...

2025.5.22 市场逻辑精选 逻辑红宝书 2025-05-22 特别提示：下文涉及的题材或公司，内容罗列和篇幅长短，与后续涨跌无关，亦均非进行 推荐，仅作研究辅助。投资者应自主决策，注意风险。 一、市场热点 固态电池：产业进展加速 ◇驱动：1）中国电子材料行业协会电池材料分会和中国电池工业网将于 2025 年 5 月 22-23 日在长沙举办"第二届固态电池技术交流大会暨硫化锂技术与产业 化应用研讨会"。 2）2025 年 5 月 20 日，宝马首批全固态电动汽车已正式上路进行测试；5 月 16 日，国轩高科发布全新高安全固态电池，能量密度为 300Wh/kg ◇出货量高增：据《中国固态电池行业发展白皮书（2025 年）》，2024 年全球 固态电池出货量达到 5.3GWh，同比大幅增长 4.3 倍，全部为半固态电池，预计 到 2030 年全球固态电池出货量将达到 614.1GWh（市场规模超 2000 亿元）， 其中全固态的比例将接近 30%。 更多一手海外资讯和海外投行报告加V：shuinu9870 更多一手海外资讯和海外投行报告加V：shuinu9870 更多一手海外资讯和海外投行报告加V：shui ...