Group 1 - The emergence and rapid iteration of generative AI technologies are accelerating the integration of AI into daily life, while 5G technology is advancing towards the 5G-Advanced phase, providing faster transmission rates and lower latency, which supports digital transformation across various industries [1] - Qualcomm's Vice President, Li Jing, highlighted at the 2025 China Mobile Global Partner Conference that AI is creating epoch-making development opportunities, enhancing value beyond user experience, and accelerating implementation across industries [1][3] - The synergy between AI and connectivity technologies like 5G and 5G-A is expected to inject growth momentum into smart terminal innovation, as 5G-A offers low latency and high reliability, providing a solid foundation for AI applications [1] Group 2 - Qualcomm is focused on wireless communication and mobile computing technologies, continuously advancing 3G, 4G, 5G, and AI, while diversifying its business and expanding cooperation with Chinese industries [3] - At the conference, Qualcomm showcased flagship smartphones powered by the latest Snapdragon 8 Gen 2 platform, demonstrating strong AI capabilities that enable personalized smart experiences across applications [3] - Qualcomm has initiated the "AI Acceleration Program" with major Chinese partners to expand AI capabilities across more devices and explore various AI application scenarios, promoting large-scale implementation of intelligent technologies [5]

Core Insights - Qualcomm has launched the world's fastest Windows PC processor and mobile SoC processor, focusing on AI capabilities for both PCs and smartphones [1][5][27] - The Snapdragon X2 Elite Extreme is designed for high-end PCs, enabling advanced AI experiences and complex data analysis [15][24] - The Snapdragon 8 series mobile platform aims to support personalized AI assistants through continuous learning and real-time perception [1][27] Group 1: AI and Computing Architecture - AI is being positioned as the new user interface, shifting from smartphone-centric to agent-centric computing [6] - A new computing architecture is required to support this transition, with enhanced edge data relevance and mixed model development [6] - 6G technology is expected to bridge the cloud, edge, and terminal connections [6] Group 2: Snapdragon X2 Elite Series - The Snapdragon X2 Elite series utilizes a 3nm process and third-generation Oryon architecture, featuring 12 Prime cores and 6 Performance cores [7] - Compared to the previous generation, CPU efficiency has improved by 31%, and power consumption has decreased by 43% [10] - Peak performance metrics show a 39% increase in single-core CPU performance, 50% in multi-core, 2.3 times in GPU, and 78% in NPU [13] Group 3: Performance Comparisons - The Snapdragon X2 Elite Extreme achieves a 75% performance increase at the same power consumption compared to competitors, which would require an additional 222% energy to match [16][17] - In single-core performance, it leads by 44%, with competitors needing 144% more energy to catch up [20] - In GPU performance, it is 52% faster at the same power consumption, with competitors needing 92% more energy to achieve similar performance [22] Group 4: Snapdragon 8 Gen 2 - The fifth-generation Snapdragon 8 Gen 2 also employs a 3nm process and features a third-generation Oryon architecture [25] - It shows a 20% increase in single-core performance and a 17% increase in multi-core performance, becoming the fastest mobile CPU [27] - The upgraded Adreno GPU offers a 23% improvement in gaming performance and a 25% increase in ray tracing performance [28] Group 5: Power Efficiency and Features - Overall power consumption has decreased by 16%, with CPU power down by 35% and GPU by 20% [33] - The upgraded ISP supports advanced video encoding and AI enhancements for video processing [33] - The integrated X85 5G Modem-RF system enhances AI-driven WiFi capabilities, reducing gaming latency by 50% [34]

Core Viewpoint - Xiaomi's self-developed flagship SoC, the Xuanjie O1, has faced controversy regarding its development and relationship with Arm, which Xiaomi has publicly refuted, asserting that the chip is not a custom design from Arm and was independently developed by its team over four years [1][4]. Group 1: Development and Design - The Xuanjie O1 is a 3nm flagship SoC designed entirely by Xiaomi's Xuanjie team, utilizing Arm's latest CPU and GPU standard IP licenses, but the multi-core and memory system-level design, as well as backend physical implementation, were independently completed by the team [4]. - Xiaomi claims that the CPU of the Xuanjie O1 features a super-large core with a maximum frequency of 3.9GHz, significantly exceeding industry standards, achieved through numerous innovations and hundreds of layout iterations [4]. Group 2: Relationship with Arm - A previous article on Arm's website suggested that the Xuanjie O1 was a custom chip powered by the Arm Compute Platform, which led to public speculation; however, this article has since been removed [2]. - Arm confirmed that the Xuanjie O1 was developed by Xiaomi's team and utilizes the latest Armv9.2 Cortex CPU cluster IP, Immortalis GPU IP, and CoreLink system interconnect IP, supporting advanced 3nm process technology [4]. Group 3: Baseband and Supply Chain - The Xuanjie O1 employs an external baseband solution, specifically the MediaTek T800, which Xiaomi claims provides comparable upload and download experiences to other flagship smartphones while supporting 5G [6]. - Xiaomi's smartphone SoC strategy involves a diversified supply model, with MediaTek supplying 63% of the chips and Qualcomm providing 35%, indicating a strong reliance on third-party suppliers [7].

Industry Information - CATL has launched the 75 standardized battery swap block and aims to build a nationwide battery swap network covering 80% of trunk transport capacity by 2030, targeting a 50% market penetration for electric heavy trucks within three years [8][9] - In the first four months, Ningbo port exported over 70,000 new energy vehicles, marking a year-on-year increase of 366.8% [12] - The number of active new energy vehicles in China has surpassed 30 million, with over 20 million being pure electric vehicles [12] - TrendForce predicts that global new energy vehicle sales will exceed 4 million units in Q1 2025, representing a 39% year-on-year increase [16][20] - Ganfeng Lithium has established a comprehensive layout in the solid-state battery sector, with energy densities reaching 420Wh/kg [22] Policy Information - Guizhou Province plans to adjust peak and valley electricity prices, with peak prices increasing by 60% and valley prices decreasing by 60% [29][30] - The Zhejiang Provincial Finance Department has allocated 118.8 million yuan for energy-saving and emission reduction subsidies, focusing on charging and swapping facilities [11] - Beijing has issued an additional 20,000 new energy vehicle license plates to meet the needs of carless families [11][12] - The Shenzhen Market Supervision Administration has released fire safety management regulations for electric vehicle supercharging stations [32][33] - The Shanghai Municipal Development and Reform Commission has introduced a reward system for V2G (Vehicle-to-Grid) capabilities, with a maximum reward of 240 yuan per kilowatt per year [35][36]

Group 1 - Qualcomm and Xiaomi have signed a new multi-year cooperation agreement, ensuring Xiaomi's flagship smartphones will continue to use the Snapdragon 8 series mobile platform, enhancing market competitiveness [1] - The partnership will also explore advancements in various edge devices, including smartphones, automotive, AR/VR glasses, and wearables, indicating future technological innovations and applications [1] - This agreement is expected to stimulate investor interest in the mobile communications and smart device sectors, activating business cooperation and development potential in related fields [1] Group 2 - Foton Motor and Huawei Digital Energy have signed a cooperation agreement aimed at addressing the charging and operational challenges of pure electric heavy trucks, integrating resources to accelerate the market launch of megawatt charging commercial vehicles [2] - This collaboration is expected to enhance charging efficiency and contribute to the green transformation and cost optimization of the automotive industry [2] - The partnership may boost market confidence in the sustainable development potential of related companies [2] Group 3 - Renault's CEO expressed willingness to provide technology to other automakers to increase the production of shared functional vehicles and reduce manufacturing costs, maintaining an open collaboration approach despite previous setbacks [3] - The focus on shared technology in small and commercial vehicles may enhance competitiveness through resource integration and lower overall manufacturing costs [3] - This openness to technological cooperation could promote strategic alliances within the automotive sector, optimizing market dynamics and enhancing growth confidence [3] Group 4 - Honda has announced a reduction in electric vehicle investment due to slowing demand and relaxed overseas environmental restrictions, shifting focus to hybrid models and abandoning the goal of 30% electric vehicle sales by 2030 [4] - The investment plan for electrification and software has been cut from 10 trillion yen to 7 trillion yen, with plans to launch 13 new hybrid models in the next four years [4] - This shift may impact Honda's competitiveness in the electric vehicle market and could influence the overall electric vehicle industry's progress, intensifying demand for hybrid models and prompting a reevaluation of long-term strategies among automakers [4]

Group 1: Stock Market Activity - Net buying of China Construction Bank reached 689 million, Meituan-W 655 million, China National Offshore Oil Corporation 586 million, and others [1] - Net selling of Tencent Holdings amounted to 1.327 billion, Alibaba-W 897 million, and Xiaomi Group-W 447 million [1] - Southbound funds have continuously net sold Tencent for 12 days, totaling 15.23301 billion HKD, and Xiaomi for 4 days, totaling 1.73224 billion HKD [1] Group 2: Individual Company Updates - China Construction Bank and other major banks announced a reduction in RMB deposit rates, with several banks lowering rates by 15 basis points [5] - Meituan-W saw a decrease in BlackRock's shareholding from 6.15% to 5.92% as of May 15 [6] - Xiaomi Group celebrated a 15-year partnership with Qualcomm, announcing a new multi-year cooperation agreement for flagship smartphones [6] Group 3: Pharmaceutical Industry Developments - Three-Six Pharmaceutical announced a licensing agreement with Pfizer, receiving an upfront payment of 1.25 billion [4] - Zhaoke Ophthalmology reported that the National Medical Products Administration of China has accepted a new drug application for cyclosporine eye gel [4]

Core Insights - Xiaomi has officially announced a new long-term partnership with Qualcomm, ensuring continued collaboration on flagship smartphones and the use of Snapdragon platforms for multiple product generations [2][3] - The announcement coincides with the launch of Xiaomi's self-developed SoC, the Xuanjie O1, which marks a significant step in the company's dual-chip strategy, combining self-developed and third-party SoCs [3][4] Partnership with Qualcomm - Xiaomi and Qualcomm have renewed their partnership for another multi-year agreement after 15 years of collaboration, with expectations for increasing shipment volumes during the agreement period [2] - Xiaomi will be among the first manufacturers to adopt Qualcomm's next-generation Snapdragon 8 series flagship mobile platform, set to be unveiled at the Snapdragon Summit in late 2025 [2] Development of Self-Developed Chips - Xiaomi's journey in self-developed chips began in October 2014, leading to the release of the first self-developed SoC, the Surge S1, in 2017, which faced challenges due to outdated technology [4] - The company has since shifted focus to peripheral chips, such as imaging and charging solutions, while recently achieving significant advancements in self-developed SoC technology, including a successful 3nm chip [4][5] Performance of Xuanjie O1 - The Xuanjie O1 SoC features a 10-core architecture and has demonstrated competitive performance metrics, with single-core scores ranging from 2709 to 3119, surpassing Snapdragon 8 Gen3 [5] - The chip is expected to debut in the Xiaomi 15S Pro special edition, with an initial production scale of 2 to 3 million units aimed at domestic and Southeast Asian markets [6] Future Investment Plans - Xiaomi has committed to a long-term investment strategy in chip development, planning to invest at least 50 billion yuan over the next decade, with cumulative R&D spending on the Xuanjie series exceeding 13.5 billion yuan as of April 2023 [6]

Core Viewpoint - Qualcomm and Xiaomi have signed a new multi-year cooperation agreement, celebrating 15 years of partnership, which will see Xiaomi's flagship smartphones continue to use the Snapdragon 8 series mobile platform [1] Group 1 - The new agreement will cover multiple product generations of Xiaomi's flagship smartphones [1] - Xiaomi will be one of the first manufacturers to adopt the next-generation Snapdragon 8 series flagship mobile platform later this year [1] - The collaboration will extend to both the Chinese and global markets for Xiaomi's products [1]