Core Viewpoint - The release of DeepSeek-V3.1 has heightened market interest in AI chips, contrasting with NVIDIA's announcement of the discontinuation of the H20 chip, indicating a growing domestic chip development capability and accelerated localization in China [1][2]. Industry Summary - The electronic sector is experiencing a mild recovery in demand, with a recommendation to focus on the AI server supply chain, AIoT, equipment materials, and automotive electronics localization [1][6]. - The global AI chip sales revenue is expected to reach $92 billion by 2025, representing a year-on-year growth of 29.58%, while China's AI chip market is projected to reach 141.2 billion yuan in 2024, accounting for approximately 28% of the global market [2]. - The share of foreign chips in China's AI server market is predicted to decline from 63% in 2024 to 42% in 2025, as domestic suppliers like Huawei and Cambricon are expected to increase their market share to 40% by 2025 [2]. Company Summary - Xiaomi Group reported a total revenue of 116 billion yuan for Q2 2025, a year-on-year increase of 30.5%, with adjusted net profit reaching 10.8 billion yuan [3][4]. - The smartphone and AIoT business contributed 94.7 billion yuan in revenue, growing by 14.8% and accounting for 92.8% of total revenue [3]. - Xiaomi's high-end smartphone sales have increased, with a market share of 27.6% in the high-end segment, up by 5.5 percentage points year-on-year [4]. - The smart electric vehicle and AI innovation business generated 21.3 billion yuan in revenue, with a significant reduction in operating losses, expected to achieve profitability in the second half of the year [4]. Market Performance - The electronic industry outperformed the broader market, with the Shenzhen and Shanghai 300 Index rising by 4.18% and the Shenwan Electronics Index increasing by 8.95%, outperforming the former by 4.77 percentage points [5]. - The semiconductor sector saw a notable increase of 12.26%, while other electronic sub-sectors also experienced positive growth [5].

[Table_Reportdate] 2025年08月25日 标配 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.博通2025Q2 AI营收大幅增 长，存储市场持续回暖——电 子行业周报2025/6/2-2025/6/8 1. 全球智能眼镜市场上半年同比增 长110%，国产半导体设备迎双重突 破——电子行业周报（2025/8/18- 2025/8/24） 2. 中芯国际、华虹二季度业绩优于 指引，GPT-5正式发布——电子行 业周报（2025/8/4-2025/8/10） 3. 北美云厂商资本开支持续扩张， AI算力需求强劲——电子行业周报 （2025/7/28-2025/8/3） [Table_NewTitle] 国产芯片新机遇，小米业绩亮眼迎新高 ——电子行业周报2025/8/18-2025/8/24 [table_main] 投资要点： 行 业 研 究 证券研究报告 HTTP://WWW ...