2026年CES展前夜，英伟达发布了新一代AI计算平台Vera Rubin，这是一场颠覆性的技术发布，直接改 变了AI行业的游戏规则，而AMD则直接祭出MI455X GPU等新品，与英伟达正面硬刚。 这场"苏黄之争"背后是AI芯片市场的激烈竞争——英伟达曾占80%份额，但AMD凭借MI300系列加速器 快速扩张。AMD这次全栈布局甚猛，而英伟达的Rubin平台则主打推理成本降90%，这场技术交锋不仅 关乎市场份额，更牵动着全球AI产业的未来走向。 下一站是物理AI 当地时间1月5日下午，英伟达创始人兼CEO黄仁勋在聚光灯下弯下膝盖，陪着一对可爱的BDX机器人 观看大屏幕上播放的荒漠探险视频，宛如一位慈祥的老父亲。 这是英伟达在美国拉斯维加斯一家酒店剧场举行的发布会场景。这家被视为AI时代"卖铲人"的公司选择 在CES 2026开幕前举行了这场含金量超高的发布会，其意味不言而喻。 黄仁勋在新年的首场重磅演讲中畅谈AI未来，介绍英伟达解决方案如何驱动汽车、游戏、内容创作、 智能体AI、物理AI与机器人技术领域的创新发展。这场约90分钟的演讲不仅定义了下一阶段AI发展的 核心方向，更揭示了其对全球制造业、物流业乃至 ...

在旗舰级产品落地方面，高通专为AI定义汽车打造的骁龙座舱平台至尊版与Snapdragon Ride平台至尊版，凭借高性 能计算能力与加速AI性能，获得全球车企的广泛认可，可支持座舱系统与先进驾驶辅助系统（ADAS）中实现具身 智能和智能体智能。目前，高通已与理想、零跑、极氪、长城汽车、蔚来、奇瑞等车企达成全新合作或扩展原有合 作，车型定点总数达到10个。其中，零跑汽车发布了基于这两款平台的高性能汽车中央计算平台，这也是全球首款 采用双骁龙8797打造的中央域控制器；Garmin佳明也宣布将采用骁龙汽车平台至尊版，打造其Nexus高性能计算平 台。 另一款核心产品Snapdragon Ride Flex，作为行业首款可同时支持数字座舱与先进驾驶辅助系统工作负载的量产芯 片，正加速推动汽车行业向中央计算架构转型。截至目前，该芯片已在全球8个量产车型项目中成功部署，助力AI 赋能的座舱功能与驾驶辅助功能快速普及。国内领先的汽车一级供应商车联天下、德赛西威、航盛电子、卓驭科技 等，也明确了基于Snapdragon Ride Flex的舱驾融合解决方案量产计划。 在驾驶辅助领域，高通通过推进自有端到端AI算法研发，同时 ...

高通和谷歌宣布进一步加深在汽车领域长达十年的合作。双方会把骁龙数字底盘解决方案与谷歌的 汽车软件及云服务能力进行整合，以加快软件定义汽车的落地，促使AI赋能的智能出行体验能够大规 模普及。 基于谷歌Gemini模型，还将打造汽车专属AI智能体，覆盖对话式导航、媒体娱乐、车辆控制等场 景，实现语音、触控、视觉等多方式交互，适应驾驶者的不同需求。从Android 17起，将提供统一参考 平台，与骁龙座舱平台的Android Automotive OS路线保持一致，简化车企的研发与生产流程。 目前，全球有超7500万辆汽车安装了骁龙座舱平台，骁龙数字底盘累计覆盖率超4亿辆。涵盖了理 想、零跑、极氪等多家新势力车企，其中零跑会推出基于双骁龙8797的中央域控制器。 此次深化合作是在过往技术积累上，聚焦智能体AI与边云协同能力，打造端到端的汽车技术解决 方案。骁龙数字底盘会和谷歌汽车AI智能体、云服务深度融合，采用边云混合架构，兼具终端侧即时 响应和云端持续进化能力，可支持多模态交互和个性化体验。 二者的合作起始于2016年，最初重点是用骁龙处理器为嵌入式Android车载信息娱乐系统提供支 持。之后，合作范围不断扩大 ...

Core Insights - The eighth China International Import Expo (CIIE) was successfully held in Shanghai from November 5 to 10, showcasing cutting-edge technologies and innovations from over a hundred multinational companies, thereby creating a collaborative ecosystem that connects China's vast innovation market with global industrial cooperation [1][5] - Qualcomm, recognized as an "eight-year participant," highlighted its commitment to innovation and collaboration with Chinese partners, showcasing advancements in connectivity, computing, and artificial intelligence [3][5] Group 1: Qualcomm's Participation and Achievements - Qualcomm has participated in the CIIE for eight consecutive years, receiving the "Eight-Year Participant" award, which acknowledges its ongoing commitment and future collaboration potential [3][5] - The company showcased its innovations in 5G technology and its applications, marking significant milestones from the introduction of 5G mobile testing platforms in 2018 to the launch of commercial 5G smartphones in 2019 [5][11] - Qualcomm's focus on "5G + AI" has been evident since 2021, with demonstrations of AI applications such as a ping-pong robot, reflecting the company's forward-thinking approach [7][11] Group 2: Innovations and Collaborations - At the expo, Qualcomm displayed various intelligent terminals developed by Chinese companies based on its Snapdragon platform, including smart connected vehicles and IoT innovations [8][12] - The company introduced the customized humanoid robot G1Q, which features high real-time performance and multi-modal large model deployment capabilities, suitable for diverse industrial applications [8][12] - Qualcomm's collaboration with Chery's Jietu Automotive showcased the fourth-generation Snapdragon cockpit platform, emphasizing the integration of technology in the automotive industry [12][15] Group 3: Future Outlook and Commitment - Qualcomm's participation in the CIIE reflects its 30-year commitment to the Chinese market and its role as a long-term partner in technological innovation and ecosystem development [12][15] - The company aims to continue supporting the intelligent transformation of various industries and unlocking new opportunities for high-quality development in collaboration with Chinese partners [11][15]

Core Viewpoint - Qualcomm's consistent participation in the China International Import Expo reflects its long-term strategic commitment to the Chinese market and deep collaboration with the local industrial ecosystem, showcasing its role in China's industrial upgrade process [1][3]. Group 1: Technological Advancements - Over the past eight years, the telecommunications industry has evolved from 5G pre-commercialization to the deep integration of AI and 5G, with Qualcomm positioned at the intersection of this transformation [5]. - Qualcomm's participation in the expo has allowed it to turn technological concepts into commercial products, marking a significant transition from "exhibits" to "goods" [5][6]. - The company has expanded its partnerships beyond smartphone manufacturers to include smart connected vehicles and XR (extended reality), enhancing its technology's application across various scenarios [6][9]. Group 2: Collaboration and Market Impact - Qualcomm has supported the launch of over 210 smart connected electric vehicles in China over the past three years, indicating its significant role in the automotive industry's transformation [9]. - The company emphasizes the importance of collaboration with Chinese partners to drive innovation and reduce costs, facilitating the rapid commercialization of new technologies [10]. Group 3: Future Outlook - Qualcomm aims to leverage advancements in AI and 6G to foster technological innovation and industrial upgrades, aligning with China's "AI +" strategy [12]. - The company is actively involved in the development of 6G standards, anticipating that it will continue to collaborate closely with the Chinese industrial chain to achieve new milestones in this area [13][14].

Core Insights - Qualcomm's 2025 Snapdragon Summit in China marks its 40th anniversary and 30 years of partnership with the Chinese industry, emphasizing the deep connection and collaboration established over the years [1][2] - The launch of the "AI Acceleration Plan" during the summit aims to drive the future of AI and connectivity, showcasing Qualcomm's strategic response to industry transformations [7][8] Group 1: Historical Context and Achievements - Qualcomm began its journey in China during a pivotal time for the telecommunications industry, establishing a CDMA center in Beijing in 2001, which became a significant milestone in its local engagement [2] - The company has played a crucial role in the evolution of mobile communication technologies in China, from 3G to 5G, supporting local brands to achieve global recognition [2][4] Group 2: Product and Brand Development - The introduction of the "Snapdragon" brand in 2012 and the new "Qualcomm Leap Dragon" brand in 2025 reflects the evolution of Qualcomm's product offerings, catering to both consumer and industrial applications [3] - Qualcomm's product matrix now spans from smartphones to industrial IoT, demonstrating its adaptability to market demands and commitment to digital transformation [3][4] Group 3: Ecosystem and Industry Collaboration - Qualcomm has expanded its ecosystem from smartphones to various sectors, including automotive and IoT, with significant contributions to over 210 vehicle models in the smart automotive space [4] - The "5G IoT Innovation Plan" initiated in 2020 has fostered collaboration with over 70 partners, resulting in more than 150 industry application cases across multiple sectors [4] Group 4: Social Responsibility and Community Impact - Qualcomm's initiatives in education and healthcare, such as the STEM education program benefiting over 300,000 students, highlight its commitment to social responsibility [5] - The "Wireless Care" program has reached over 1.5 million people, showcasing the company's dedication to leveraging technology for equitable resource distribution [5] Group 5: Future Directions and Strategic Initiatives - The "AI Acceleration Plan" focuses on enhancing AI capabilities across various devices, aiming to create a seamless intelligent ecosystem [7] - Qualcomm's strategic vision aligns with industry trends, emphasizing a shift from smartphone-centric to AI-centric experiences, indicating a proactive approach to future technological advancements [7][8]

Core Insights - The widespread application of 5G technology is significantly transforming communication and societal operations, while the development of 6G is actively underway globally [1] - Qualcomm, as a leading company in communication technology, is at the forefront of industry development through its technological advancements and strategic initiatives [1] Group 1: 6G Development Path - The development path for 6G is clear within the 3GPP global standardization framework, with Release 20 establishing formal technical research projects [2] - Release 21 will initiate the standardization of the first version of 6G, laying the groundwork for its deployment by 2030 [2] - Qualcomm aims to incorporate important optimization technologies into the 6G system, focusing on physical layer communication enhancements [2] Group 2: AI Integration and System Design - 6G is designed for the AI era, integrating new applications and edge AI scenarios into communication systems [3] - AI will be deeply embedded in the 6G system, not only enhancing performance but also supporting new AI-driven services [3] - The design of 6G will require balancing compatibility with existing systems while achieving significant advancements [3][4] Group 3: Industry Impact and Future Vision - Qualcomm's innovations are driving the digital and intelligent transformation across various industries, including smart homes, industrial applications, and automotive solutions [6] - There is a global recognition of the profound impact of AI and communication technology on economic development and connectivity [6] - The future envisions a highly interconnected world with new applications in virtual reality, IoT, humanoid robots, and autonomous vehicles [7]

Investment Rating - The investment rating for Qualcomm (QCOM.O) is "Hold" [2] Core Views - Qualcomm's financial performance shows a revenue increase of 10% year-over-year for Q3 2025, with net profit rising by 25% [4][12] - The company faces challenges in its core mobile chip business due to market saturation and competition, while automotive and IoT segments are experiencing strong growth [15][20] Financial Performance - Q3 2025 revenue reached $10.365 billion, up from $9.393 billion in the same quarter last year, with a net profit of $2.666 billion compared to $2.129 billion [4][12] - GAAP diluted EPS was $2.43, a 29% increase from $1.88, while Non-GAAP diluted EPS was $2.77, up 19% from $2.33 [4][12] Business Development - QCT (Qualcomm CDMA Technologies) revenue was $8.993 billion, accounting for 86.8% of total revenue, with an 11% increase from $8.069 billion [5][14] - Mobile chip revenue was $6.328 billion, a 7% increase, while automotive chip revenue reached $0.984 billion, growing by 21% [5][15] - IoT revenue was $1.681 billion, showing a 24% increase [5][16] - QTL (Qualcomm Technology Licensing) revenue was $1.318 billion, a 4% increase from $1.273 billion [5][17] Financial Forecast - The projected revenue for 2025 is approximately 428.58 billion RMB, reflecting a 10% growth [6] - The expected PE ratios for 2025-2027 are 14.44, 14.13, and 13.72 respectively [6][8] Market Environment - The smartphone market is showing signs of saturation, with a slight increase in global shipments, but high-end models are performing better than mid-range [18] - The automotive chip market is expanding rapidly, with significant growth expected in the coming years [19] Competitive Strategy - Qualcomm is diversifying its revenue streams by focusing on automotive and IoT markets to reduce reliance on mobile chip sales [20]

Core Insights - Qualcomm is accelerating the deployment of AI capabilities across various terminals, leveraging innovation and market opportunities to deepen industry collaboration and drive technological innovation [1] Group 1: Qualcomm's Commitment to China - 2025 marks an important milestone as Qualcomm celebrates 30 years in China, emphasizing its role as a leading player in global connectivity and computing [2] - Qualcomm provides essential chip solutions such as modems, processors, and RF front-end modules, facilitating innovation in smart terminals, automotive, and IoT sectors [2] - The company highlights the importance of open collaboration in the industry, positioning China as a significant source of global innovation [2] Group 2: AI Deployment and Product Showcase - Qualcomm is partnering with various Chinese ecosystem partners to deploy AI applications on a wide range of devices, including smartphones, automobiles, XR headsets, PCs, and industrial IoT terminals [2] - At the expo, Qualcomm showcased four XR terminal products from companies like Xiaomi and PICO, including the newly launched Xiaomi AI smart glasses and PICO 4 Ultra [2] Group 3: Global Market Adaptation - Qualcomm's support for Chinese clients enables rapid adaptation of products to global markets, with Chinese brands occupying eight of the top ten global smartphone positions [3] Group 4: Industry Collaboration and Innovation - The key to Qualcomm's success in China is "deepening collaboration," which has proven essential for industry upgrades [4] - Qualcomm has displayed a range of Snapdragon-enabled smart terminals at the expo, including flagship smartphones from Chinese brands, showcasing over 100 product designs supporting diverse AI applications [4] - The company has expanded its manufacturing capabilities in Wuxi to meet the growing demand in the 5G sector and established joint innovation centers in collaboration with local governments [4] Group 5: Automotive Sector Transformation - Qualcomm's Snapdragon digital chassis solutions are transforming vehicles from mechanical products to intelligent mobile terminals, supporting over 210 models from various Chinese automotive brands since 2023 [5] - The Li Auto MEGA, featuring the fourth-generation Snapdragon cockpit platform, was highlighted for its advanced graphics processing and local AI capabilities, enhancing user interaction within the vehicle [5]

Group 1 - Qualcomm showcased its cutting-edge technologies in various fields including 5G Advanced, AI, smartphones, PCs, automotive, XR, and IoT at the third China International Supply Chain Promotion Expo [1][3] - The company aims to deepen collaboration with Chinese partners, leveraging 5G-A and AI technologies to promote cross-industry and cross-regional ecosystem synergy [3][11] - Qualcomm's "Wireless Care" initiative provided 5G-A network services at the expo, utilizing 26GHz high-frequency spectrum to support high-bandwidth applications and seamless Wi-Fi coverage [3][6] Group 2 - In the PC sector, ASUS and Lenovo's AI PCs highlighted the capabilities of the Snapdragon X Elite platform, with over 85 AI PC devices launched and expectations to exceed 100 by next year [6] - The XR field featured products from Xiaomi, Thunderbird, Yingmu, and PICO, showcasing immersive experiences powered by Snapdragon platforms [6][7] - In the automotive sector, the Ideal MEGA vehicle, equipped with the fourth-generation Snapdragon cockpit platform, demonstrated advanced graphics processing and AI capabilities for enhanced user interaction [7][9] Group 3 - Qualcomm's new enterprise brand "Qualcomm Leap" was introduced, showcasing applications in robotics, industrial, agricultural, and retail sectors, highlighting the company's strengths in edge AI and low-power computing [9] - The company emphasizes the importance of open collaboration in the global supply chain and aims to continue deepening partnerships to achieve technological innovation and industry application integration [11]