何小鹏：今年规模量产人形机器人 阿里云发布多模态交互开发套件 「全球首款」可量产全固态电池遭质疑 阶跃星辰端到端语音模型完成全球首秀 京东回应成立「变色龙业务部」 智谱 CEO：实现 AGI 是终极目标 荣耀 Magic8 Pro Air 曝光 可以科技发布全球首款桌面 AI 伙伴 一加 Turbo 6 系列正式发布 小米 2025 千万技术大奖颁发 Google 系市值 7 年来首次超过苹果 贾跃亭携新车亮相 CES：很快回国 被小米辞退 4 个月后，王腾官宣成立新公司 海底捞「小便门」当事人登报道歉 迪士尼或入局竖屏视频内容 何小鹏：今年规模量产人形机器人 昨日，小鹏汽车举行「2026 小鹏全球新品发布会」。 会上，何小鹏透露，2026 年，小鹏汽车将迎来物理 AI 的落地与规模量产，正式开启从技术探索向实践应用的关键跨越： 2026 年第一季度第二代 VLA 上车；2026 年开启运营 Robotaxi；2026 年规模量产人形机器人；2026 年规模量产飞行汽车。 在去年 11 月，小鹏在科技日活动上展示了最新一代人形机器人 IRON。该机器人在舞台上走「猫步」如人一样轻盈，因此引发互联网一阵猜疑，不 ...

Group 1 - The core strategy of the company is to focus on technology, with a commitment to invest 100 billion yuan in research and development over five years, and an additional planned investment of 200 billion yuan in the next five years [1] - The company has achieved significant milestones in its technology initiatives, including the award of the highest honor at the "Million Technology Awards" for its self-developed chip "Xuanjie O1" [3] - The company aims to integrate its self-developed chip, operating system, and AI model in a single terminal by 2026, marking a significant milestone in its technological innovation history [3] Group 2 - Approximately two-thirds of the awarded projects at the 2025 annual technology awards utilized AI technology, covering various fields such as materials, chip and OS development, autonomous driving, and smart home appliances [3]

一月七日，小米公司创始人、董事长兼首席执行官在一场直播活动中，首次回应了此前在内部会议上 将"玄戒 O1"误读为"玄戒 01"的口误事件。他表示，当时个人状态不佳，出现了无意识的读错情况。 他回忆称，"玄戒 O1"这一芯片的内部代号为 F1，在过去四五年中团队一直以 F1 称呼该项目。而当天 的会议是他第一次需要公开使用"玄戒 O1"这一正式名称。由于身体和精神状态都不理想，他曾提出是 否可以不发言，但组织方认为芯片研发是公司重要成果，希望他能出面支持研发团队。 为了确保准确，他在登台前特意做了准备，甚至写下提 示笔记，并反复提醒身边人：字母 O 和数字 0 容易混 淆。然而上台后，不知为何，仍照着稿件将"O1"念成 了"01"，事后回想也感到不可思议，仿佛"鬼使神差"。 此前，在二零二五年五月的一场战略新品发布会上，该公司正式推出了多年自主研发的手机系统级芯片 ——玄戒 O1。该芯片采用第二代三纳米工艺，配备十核四丛集 CPU 架构，整体性能达到行业领先水 平。近期，公司公布二零二五年度技术奖项，玄戒 O1 芯片研发团队荣获最高级别奖项，并获得千万元 级奖励。 一月七日，小米公司创始人、董事长兼首席执行官在 ...

IT之家 1 月 8 日消息，2025 小米"千万技术大奖"颁奖典礼于 1 月 7 日在北京小米科技园举办。经过三个月的评选，小米自研芯片"玄戒 O1"荣获千万技术 大奖最高奖项，小米集团创始人、董事长兼 CEO 雷军连续七年出席颁奖典礼并给获奖团队颁奖。 雷军在颁奖典礼上的发言中还提到，2026 年，小米预计将在一款终端上实现自研芯片、自研 OS、自研 AI 大模型"大会师"，同时，积极推动机器人业务 的创新发展。这些目标的实现将成为小米技术创新史上新的里程碑时刻。 据雷军在千万技术大奖现场披露，2025 年小米年度技术大奖获奖项目中，约有 2/3 的获奖项目运用了 AI 技术，用 AI 把现有的工作重做一遍，覆盖了底 层材料与结构、芯片及 OS 、智能驾驶、科技家电等众多领域。 小米 17 Pro系列-妙享背屏 2200MPa 小米超强钢 小米汽车四合一域控制模块 小米智能眼镜创新架构 端到端 + 强化学习寻位泊车辅助系统 1000 万 Clips 版小米端到端辅助驾驶系统 小米超级像素 LOFIC 高动态影像技术 异形高硅电池结构技术 有序介孔硅碳电池材料 雷军还表示："从今年开始，我们承诺未来五年在研 ...

Core Viewpoint - Xiaomi's journey in chip development has been marked by both ambition and challenges, with a renewed commitment to self-developed chips being crucial for the company's future success [1][2][4]. Group 1: Chip Development History - Xiaomi began its chip development journey in 2014, launching its first self-developed SoC, Surge S1, in 2017, which sold over 600,000 units [1]. - In 2018, Xiaomi made the difficult decision to halt SoC development and focus on smaller chips due to the challenges faced [1]. - The failure of the Surge project led to reflections on the need to target high-end markets for self-developed chips, as seen with competitors like Huawei and Apple [1]. Group 2: Strategic Decisions and Challenges - The complexity and cost of chip development have significantly increased, with estimates of requiring ten years and $50 billion for a successful SoC [2]. - In early 2021, Xiaomi restarted its chip journey by establishing the "Xuanjie" team, but faced significant revenue challenges shortly after [2][3]. - A critical meeting in May 2022 led to a consensus to continue chip development despite financial pressures, emphasizing the long-term vision over short-term gains [3]. Group 3: Commitment to Chip Development - Xiaomi's leadership expressed strong support for continuing chip development, viewing the investment as essential for building a robust R&D team, regardless of the outcome [4]. - By early 2024, the self-developed chip "Xuanjie O1" was successfully taped out using advanced 3nm technology, boosting confidence within the team [4]. - The success of the Xuanjie O1 is seen as just the beginning, with the company acknowledging the long road ahead in achieving ultimate success in chip development [5].

Investment Rating - The investment rating for Xiaomi Group-W (01810.HK) is "Outperform the Market" [6][29]. Core Views - In Q1 2025, the company achieved record high revenue and profit, with total revenue reaching 111.3 billion yuan (YoY +47%) and adjusted net profit of 10.7 billion yuan (YoY +65%), marking a historical high for a single quarter [1]. - The company continues to see strong growth across its business segments, with smartphone, IoT and lifestyle products, internet services, and smart electric vehicles contributing 46%, 29%, 8%, and 17% to revenue, respectively [1]. - The smart electric vehicle and AI innovation business saw revenue of 18.6 billion yuan, with a narrowing loss of 500 million yuan [3]. - The company is focused on cost reduction and efficiency improvement, achieving an operating expense ratio of 13.9% (YoY -2.2pct) [1]. Summary by Sections Revenue and Profit Performance - Q1 2025 total revenue was 111.3 billion yuan, with a gross margin of 22.8% (YoY +0.5pct) [1]. - The smartphone business generated 50.6 billion yuan (YoY +8.9%) with a gross margin of 12.4% [2]. - IoT business revenue reached 32.3 billion yuan (YoY +59%) with a gross margin of 25.2% [2]. - Internet services revenue was 9.1 billion yuan (YoY +13%) with a gross margin of 76.9% [2]. Smart Electric Vehicle and AI Business - Revenue from smart electric vehicles was 18.1 billion yuan, with an average selling price (ASP) of 238,000 yuan [3]. - The company delivered 76,000 units of the Xiaomi SU7 series in Q1 2025, with cumulative deliveries exceeding 258,000 units [3]. - The company is expanding its sales service network, with 235 automotive sales stores opened by March 31 [3]. Financial Forecasts - The profit forecast for 2025-2027 has been raised, with expected net profits of 36.2 billion yuan, 46.4 billion yuan, and 66 billion yuan, representing YoY growth rates of 53%, 28%, and 42% respectively [4]. - Revenue projections for 2025-2027 are 484.2 billion yuan, 611 billion yuan, and 721.9 billion yuan, with growth rates of 32.3%, 26.2%, and 18.2% [5].

Recent Key Events - The U.S. International Trade Court ruled that Trump's tariff policy was illegal, leading to a significant reduction in tariffs between China and the U.S. [1][8] - Tesla plans to launch its fully autonomous taxi service, Robotaxi, in Austin, Texas, on June 12, 2025, with an initial fleet of about 10 vehicles [2][9] - The 2025 Lujiazui Forum will be held from June 18 to 19, focusing on financial cooperation and high-quality development amid global economic changes [2][9] Market Situation - The Hang Seng Index rose from 22,119 points at the end of April to 23,290 points at the end of May, marking a 5.3% increase [11] - The Hang Seng Technology Index increased from 5,087 points to 5,170 points, a rise of 1.6% [11] - In May, net inflows from southbound funds amounted to 45.6 billion HKD, with a decrease in net inflows over the past 30 trading days [12] Current Investment Recommendations - **Pop Mart (9992.HK)**: Achieved a 165%-170% year-on-year revenue growth in Q1 2025, with overseas revenue increasing by 475%-480% [22][24] - **China Qinfa (0866.HK)**: Improved balance sheet with a net profit increase of 150.5% year-on-year in 2024, primarily due to loan restructuring [27][30] - **Jingtai Holdings (2228.HK)**: Positioned as a leader in AI for Science, with significant growth potential in the trillion-dollar market [33][34] - **Xiaomi Group-W (1810.HK)**: Reported a 47.4% year-on-year revenue growth in Q1 2025, reaching a record high of 111.3 billion CNY [37][39] - **Li Auto-W (2015.HK)**: Anticipates the launch of its first pure electric SUV, i8, in July 2025, with a projected delivery of 12.3-12.8 million vehicles in Q2 [41][42] - **Leap Motor (9863.HK)**: Achieved a 187.1% year-on-year revenue growth in Q1 2025, with a focus on expanding its product lineup and international presence [46][48]

Investment Rating - The report maintains an "Accumulate" rating for the electronic industry [1] Core Insights - The report compares the self-developed SoC chips of OPPO and Xiaomi, highlighting the challenges faced by OPPO's Zheku team and the successes of Xiaomi's Xuanjie team in the competitive smartphone market [6][11] - OPPO's Zheku team faced sustainability issues due to high R&D costs and low market demand, leading to the shutdown of the project [6][12] - Xiaomi's Xuanjie team has shown promising results with the launch of the Xuanjie O1 chip, which outperformed market expectations and is supported by a long-term investment strategy [6][25] Summary by Sections 1. Comparison of Zheku and Xuanjie - The report emphasizes the intense competition in the smartphone market, where self-developed SoC chips are a common goal among major brands [11] - Xiaomi's recent launch of the Xuanjie O1 chip has been positively received, indicating a potential shift in market dynamics [6][11] 2. OPPO Zheku - Zheku was established in August 2019 and aimed to build a competitive edge in high-end chip design, expanding to 3,300 employees by May 2023 [12][14] - The team faced significant challenges, including a 28.2% decline in OPPO's smartphone shipments in 2022, which limited the commercial viability of its chips [18][19] - Zheku's total R&D investment reached approximately 10 billion yuan over three years, with a significant portion allocated to personnel costs [17][18] 3. Xiaomi Xuanjie - Xiaomi's Xuanjie team was established in 2014 and has committed to a long-term investment of 50 billion yuan over ten years, with over 13.5 billion yuan invested by Q1 2025 [23][25] - The Xuanjie O1 chip, launched in May 2025, utilizes a 3nm process and has achieved performance metrics that place it among the top-tier chips globally [25][29] - The report notes that Xiaomi's strategy of independent AP and BP chip development allows for flexibility and potential cost reductions in the future [33][34]

Investment Rating - The report maintains an "Accumulate" rating for the electronic industry [1] Core Insights - The report compares the self-developed SoC chips of OPPO and Xiaomi, highlighting the competitive landscape and the challenges faced by both companies in their chip development efforts [11][12] - OPPO's Zheku team faced significant challenges, including high R&D costs and limited market demand, leading to the project's eventual shutdown [18][19] - Xiaomi's Xuanjie team has shown promising results with its 3nm SoC, indicating a more sustainable path forward due to strategic long-term investments and a growing market presence [25][36] Summary by Sections 1. Introduction: Comparison of Zheku and Xuanjie - The report emphasizes the intense competition among major smartphone brands in developing self-made SoC chips, with OPPO and Xiaomi as focal points [11] 2. OPPO Zheku: Ambitions and Challenges - Zheku was established in August 2019, rapidly expanding to 3,300 employees by May 2023, with a focus on high-end chip design [12][14] - The team faced a significant setback with the 4nm flagship chip, which failed to progress due to low market demand and declining sales [18][19] 3. Xiaomi Xuanjie: Steady Progress - Xiaomi's self-developed team was founded in 2014, with a commitment to invest 500 billion yuan over ten years, leading to the successful launch of the 3nm SoC Xuanjie O1 [23][25] - The Xuanjie O1 chip has outperformed expectations in performance benchmarks, indicating a strong competitive position [25][29] 4. Economic Analysis of R&D Investments - Zheku's R&D expenditures totaled approximately 10 billion yuan over three years, with high personnel costs contributing to financial strain [17][18] - Xiaomi's Xuanjie team has invested over 135 billion yuan in R&D, with a focus on achieving economies of scale to reduce chip costs [33][34]

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].