2024年Q2vs2025年Q2 与此同时，苹果的全球智能手表出货量已连续七个季度下滑，失去了全球市场第一的位置。但凭借iOS生态的优势和强劲的用户忠诚度，苹果依然在高端 智能手表细分市场保持领先地位。 Counterpoint Research《2025年Q2全球智能手表出货量追踪》报告显示，华为的智能手表出货量在当季首次超越苹果(AAPL.US)，成功跃居全球第一。当 季全球智能手表出货量同比增长8%，这是自2024年Q1以来连续五个季度下滑后的首次回暖，而中国市场则在本季度的增长中扮演着重要角色。此次复苏 主要受益于消费者需求的持续回升，尤其是华为、小米(01810)与小天才等品牌在中国市场的带动。 高级分析师Anshika Jain评论其市场表现时表示："华为凭52%同比增幅跃升至全球智能手表市场首位，在全球前十大品牌中增速最快。依托丰富的产品组 合、强劲的国内市场发展势头以及在中高端价位段的竞争优势，华为首次超越苹果，登顶全球出货量榜首。该品牌将持续提供能满足各消费群体需求的智 能手表产品，目前其超过四分之三的出货集中在中国市场，且大部分产品价格集中在100至400美元的价位区间。除此之外，华为还在 ...

Core Viewpoint - Xiaomi has made significant progress in developing its self-researched mobile processor, the "Xuanjie O1," which is seen as a crucial step in the company's technological advancement and market positioning amid increasing competition in the high-tech sector [1][2]. Summary by Sections Development and Investment - Xiaomi has invested over 13.5 billion RMB in the development of the Xuanjie O1 processor over the past four years, with a projected investment of over 6 billion RMB for this year [2]. - The research team for the Xuanjie O1 has grown to over 2,500 members, indicating a strong commitment to in-house chip development [2]. Technical Specifications - The Xuanjie O1 features a 10-core architecture, including 2 super-large cores at 3.9GHz, 4 large cores at 3.4GHz, 2 medium cores at 1.89GHz, and 2 small cores at 1.8GHz, along with an Immortalis-G925 GPU [4]. - Despite the advancements, Xiaomi will continue to use Qualcomm's Snapdragon 8 series processors in its high-end smartphones, indicating a dual-sourcing strategy [4][6]. Market Position and Strategy - Xiaomi's market share has increased by 1.8 percentage points to 14.6%, with significant growth in regions like Latin America and Southeast Asia [10]. - The company aims to enhance its high-end market presence through the Xuanjie O1, which aligns with its strategy of building a smart factory and increasing bargaining power with Qualcomm [13]. Competitive Landscape - The Xuanjie O1 positions Xiaomi as one of the few companies developing processors below 5nm, showcasing its ambition to compete with established players like Samsung and MediaTek [9]. - Xiaomi's approach contrasts with competitors who have been cautious in deploying their own chips, indicating a bold strategy to integrate the Xuanjie O1 into flagship products [9]. Broader Implications - The collaboration with TSMC for 3nm chip production is significant for China's semiconductor industry, potentially transforming the country from a technology follower to a participant in global semiconductor rules [14][15]. - This partnership is expected to stimulate domestic innovation in critical areas such as EDA tools and photolithography, contributing to a more robust semiconductor ecosystem in China [14][15].