凤凰WEEKLY . 以下文章来源于凤凰WEEKLY ，作者王动 来源丨凤凰WEEKLY（ID：phoenixweekly） 作者丨王动 有温度、有情感、有趣味 编辑丨章鱼 图源丨Midjourney 年底一直是科技厂商密集发布新品的时间点，但今年的情况有点不同。 以前新机发布会，大家都在比谁能把价格卷得更低。 今年的发布会，厂商都在忙着 给 涨价打预防针 。 12 月 25 日，小米 17 Ultra 正式发布。小米总裁卢伟冰在直播间坦言，这一代涨价"涨得有点多"， 最顶配的 1TB 版本比前代足足贵了 700 元。 这波内存涨价，用"癫狂"二字形容完全不过分。 以常见的 8GB DDR4-3200 频率内存条为例，在涨价潮爆发前，单根平均价格曾低至约 70元 左 右。 而截至2025年12月中旬，同规格产品的平均报价已飙升至 350元 左右， 涨幅高达 280% 以上。 卢伟冰口误报出799，全场掌声雷动 这已经不是小米第一次因为成本"破防"了，此前的 Redmi K90 发布时，起售价就已经悄悄上调。 不只是手机，平板、笔记本、整机……都迈上了涨价的快车道。 这些涨价背后，都有一个共同的推手： 内存。 ...

Core Insights - Xiaomi warns of potential smartphone price increases in 2024 due to rising memory chip costs, although these hikes may not fully cover the increased expenses [1][2][3] Company Performance - Xiaomi shipped 43.3 million smartphones in Q3, a 0.5% year-on-year increase, maintaining a 13.6% global market share [4] - Total revenue for Q3 rose 22.3% to 113.1 billion yuan ($16 billion), falling short of analyst estimates of 116.5 billion yuan [5] - Adjusted net profit surged 80.9% year-on-year to 11.3 billion yuan, exceeding the average estimate of 10.3 billion yuan [6] Revenue Drivers - Revenue growth was significantly driven by electric vehicles (EV), artificial intelligence (AI), and other new initiatives, which collectively accounted for 25% of total revenue [6] - The EV segment generated 28.3 billion yuan in revenue in Q3, up from 20.6 billion yuan in Q2 and 18.1 billion yuan in Q1 [7] - The company delivered 108,796 EVs in Q3, marking an increase from 81,300 in Q2, as it began shipping its second model, the YU7 electric SUV [7]

Group 1 - The price surge of storage chips has accelerated since the second half of 2025, with DDR5 high-performance chip prices rising by 25% in just one week, leading to panic buying in the market [2] - Morgan Stanley reports that server DRAM prices have surged nearly 70% and NAND contract prices have increased by 20-30% in Q4 2025, indicating a significant upward trend in memory costs [2] - The rising storage costs have directly impacted product pricing, as seen with Xiaomi's Redmi K90 series, which has increased prices by 100-400 yuan due to higher upstream storage costs [2] Group 2 - The current memory demand is driven by a "arms race" among tech companies focused on AI data centers and cloud services, which are less sensitive to price changes compared to traditional consumers [3] - Major tech companies are significantly increasing their capital expenditures for AI, with Meta planning to deploy up to 1.3 million GPUs by the end of 2025 and investing at least $600 billion in data centers and infrastructure by 2028 [3][4] - Microsoft and Google are also ramping up their capital expenditures, with Microsoft spending $34.9 billion in Q1 FY2026 and Google raising its capital expenditure forecast to $91-93 billion for 2025 [4] Group 3 - AI servers require 3-5 times more DRAM compared to regular servers, leading to unprecedented demand for high-bandwidth memory (HBM) and large storage capacities [5] - Major storage chip manufacturers like Samsung and SK Hynix are prioritizing capital expenditure and production capacity for high-end products like HBM and DDR5, resulting in a squeeze on traditional memory production [5] - The production of HBM consumes three times the wafer resources compared to DDR5, exacerbating the overall DRAM capacity crunch [5] Group 4 - Domestic storage chip manufacturers are launching "domestic storage replacement plans" to alleviate supply pressures and offer more competitive pricing, with companies like Longxin Technology producing LPDDR5X products that meet international standards [6][7] - Domestic chips are typically 15-20% cheaper than equivalent imported products, providing significant cost savings for manufacturers [7] - However, domestic manufacturers still face challenges in high-performance storage media and technology gaps compared to leading global firms like Samsung and SK Hynix [8]

Investment Rating - The industry investment rating is "Overweight" (maintained) [1] Core Views - The report highlights a positive outlook for the electronic industry, driven by macroeconomic factors and ongoing developments in AI, storage, and consumer electronics sectors [6][4] - The report notes that the electronic industry index experienced a decline of 1.94% during the week, with mixed performances across sub-sectors such as consumer electronics and semiconductors [3][4] - The report emphasizes the importance of monitoring key players in the storage, computing power, and consumer electronics sectors, particularly in light of recent price increases and technological advancements [6][5] Market Review - Domestic risk assets have generally declined, while overseas core assets remain strong, with significant gains in companies like Nvidia and Google [3] - The report mentions that the recent US-China trade negotiations have yielded positive results, contributing to a more favorable environment for the electronic sector [3] Industry Updates - The storage sector continues to see price increases, with NAND and DRAM supplies tightening, impacting consumer electronics pricing [6] - New AI products, such as the Quark AI glasses from Alibaba, are being introduced, indicating a growing trend in consumer electronics [4] - Nvidia's optimistic GPU shipment guidance and Google's increased capital expenditure forecast reflect strong demand in the computing power segment [5] Investment Recommendations - The report suggests focusing on leading companies in the storage, computing power, and consumer electronics sectors, including Luxshare Precision, Zhuhai CosMX, and Semiconductor Manufacturing International Corporation [6]

Core Insights - Xiaomi Group has adjusted the price of the Redmi K90 standard version (12+512GB) by reducing it by 300 yuan to 2899 yuan during its first month of sales, which has garnered significant industry attention [1] - CEO Lei Jun stated that the recent surge in memory prices has influenced this decision, emphasizing the company's commitment to customer satisfaction [1] - President Lu Weibing acknowledged that the cost pressures from the supply chain have been passed down to new product pricing, with storage costs rising significantly and expected to continue increasing [1][4] Pricing Strategy - The price adjustment specifically targets the most popular 12GB+512GB version, rather than a general price cut across the entire product line, reflecting a strategic focus on high-demand products while managing costs effectively [7] - Lu Weibing highlighted the importance of aligning with user expectations amidst rising costs, indicating a careful balance between consumer demand and operational challenges [7] Industry Context - The price increase in memory components, including DDR4, LPDDR4X, DDR5, LPDDR5X, and NAND Flash, is creating substantial cost pressures across the smart electronics industry [4] - Xiaomi's recent financial report for Q2 revealed a decline in smartphone gross margin from 12.1% to 11.5% year-over-year, attributed to rising prices of storage components [6] - The situation reflects broader challenges within the consumer electronics sector, where companies must navigate supply chain fluctuations while meeting consumer expectations [10]

Core Insights - Xiaomi is facing rising production costs for its smartphones due to increased memory chip prices, which has led to market disappointment regarding the pricing of the new Redmi K90 series [1][2]. Pricing and Product Strategy - The base model of the Redmi K90 starts at 2,599 yuan ($364), which is an increase from the previous K80 series priced at 2,499 yuan ($350) [3]. - To address consumer dissatisfaction, Xiaomi has temporarily reduced the price of the popular K90 model with 12 GB of memory and 512 GB of storage by 300 yuan ($42.10), bringing it to 2,899 yuan ($406.79) for the first month of sales [4]. Market Dynamics - The surge in demand for AI-focused chips has resulted in a shortage of traditional semiconductors, causing prices for conventional chips to rise sharply, benefiting memory manufacturers like Samsung and SK Hynix [5]. - Xiaomi is experiencing renewed competition from Apple in the Chinese market, with Apple's iPhone business reportedly recovering and expected to challenge Xiaomi with its upcoming 2026 iPhone lineup [6]. - In response to competition, Xiaomi launched its 17 Series in September, directly targeting Apple's iPhone 17 lineup with competitive features and pricing [7]. Investment and Development - Xiaomi's founder announced plans to invest at least 50 billion yuan ($6.93 billion) in chip design over a decade, with 13.5 billion yuan ($1.89 billion) already invested in developing its advanced XringO1 mobile chip [8]. - The chip design unit has grown to over 2,500 employees, indicating Xiaomi's commitment to achieving semiconductor self-sufficiency [8].

Core Viewpoint - Redmi has officially launched the K90 smartphone standard version, featuring significant upgrades in performance, battery life, and various functionalities, with a starting price of 2599 yuan [1] Group 1: Product Specifications - The Redmi K90 features a 6.59-inch screen, balancing single-handed use and large-screen entertainment [1] - The device is designed using an integrated cold sculpture process and is available in four colors: black, white, light purple, and water blue [1] Group 2: Performance and Battery - The K90 is powered by the Snapdragon 8 Gen 2 processor and includes a three-stage ice-sealed cooling pump system [1] - It has a built-in 7100mAh battery, supporting 100W wired fast charging and 22.5W reverse charging [1] - Official testing indicates that the K90 outperforms some larger models in power consumption control and gaming frame rate performance [1] Group 3: Display and Audio - The K90 is equipped with an RGB lossless arrangement super pixel screen, enhancing text and line display quality [1] - The imaging system introduces a 2.5X telephoto lens for the first time in the K standard version [1] - The audio system features symmetrical dual speakers, tuned in collaboration with Bose [1]