Ø" !"#$ Ø"#$%&'2024(Q2)*+,-Ç/012345125%6789:;< !"#$%2024-08-25 !"ƒ$%&' ()*+% =#!>?@ A%&BC:DE=#F2024-08-19G2024-08-24HEIJ%&#K !"%&'()300*+,- 8/2311/232/245/24 30% 20% 10% 0% -10% -20% -30% 电⼦(申万)沪深300 ./01234 &'()*%S0010523060001 +,%chenyaobo@hazq.com ./01567 &'()*%S0010524020002 +,%limeixian@hazq.com ./0189: &'()*%S0010523120005 +,%liuzhilai@hazq.com ./015;< &'()*%S0010524070001 +,%liyc@hazq.com LM-0.8704%E)NO%KLMP-2.0114%EQ"R%&KLM-2.7998%EffiQ50KLMP-2.7602%ETUVW%&KLM- 2.8586%XRY!"%&:DEBCZ[\]^_VW.`EKMP +3.16%E.abcdefghBC-iEKMP-6.22%d-5.23%jRYkl%&:DEBCZ[\]mnb%&EKMP-1.71%EBCZ i\]opq%&EKMP-6.64%X CINNOResearch12024rQ2stuvwxqyz[,|] 125%1~P<ÄÅÇEvivoÉÑ^Ö ÜáCINNOResearch&áàâE2024rÅäãåstçéuvwxqyzè262UêE[,]ë125%Eí,]ë11%E[,ìí,î]ëEïñóÅòôãåöõúù&[,]ëMåX2024Iûrstçéuvwxqü†yzè498UêE[,]ë121%E3¢£3.6%E§,•r[¶1.7%\3¢£Iß1.8ô®.©E™5,000; ´I¨ çé<ÄèÆ13%EØÈÇ&±™2020r6P2%XAçé<Ä:D12024rÅäãåE~Pùzt¥çé<ÄNo.1E <Ä[,Iß1ô®.©jvivoµùzÅäE/∞d∑çé<Ä]ëZ|E/flªº:ÿæ^3øIç\¿qXFold3/XFold3ProXFCINNOResearchìIT¡¬ìC114H Waymo¢ıÅ6ƒö5«»… ÀÃÕ1O=Œœì–—Œ“ Waymo”‘BâÅ6ƒö5«»… À’÷1c¿\Ÿ⁄b¤cE ‹›fia113ô‡·‚E4ô„o‰èE6ô‰èEÇÂÊÁêËÈÍÎbFEARsHX 3ÏÌÓ\Ÿ⁄eÔ1Waymo”‘Bâ™ÿU«»ÂÒsEĩÛ]Ù ıˆ˜\E¯öˆ˘˙d˚§z˝˛ˇXWaymo”‘!"‰èí#d –—Œ“|\„o‰èÂÒE÷úÏÌÓ\Ÿ⁄eÔí#$%Eˆ´ ™Œ&\'()*c+,-X «.Œ/0\'(1Waymo”‘1)1§2ã˛ˇ3Œ/0˛ˇ\45Eö6À7]™89:;<=>\?'I!»E@]™AB\ˇC)D!E™EF5GHI\>()öõ§#JíK\LMNOX FWaymoìIT¡¬H TechInsights1Æ2030rEPÀû,QçéRSCTUV]ë çéWXqYTechInsights˝Z[P\ˆõóxEV]^1û,Q!" \q_`\$aX$a%…E›æVbVUPÀFBEVH\cd]ëIeàâEÆ2030rEPÀû,QçéRSCTfUV\]ëXgh™BEVçé)ã\jk>l)Eû,QmnoRàp]1EÈ8qæÁJÂÒFrÿU«»stuvADASdwxyzÂÒH\[q| ]d~ÁXÄÅPÇEVUPÀFEVH\Z|çé/flÉs™¨ÎÑt¬E^sÖÜáPz…EOP1ÇôO–\àâX$aäEÈDã'5åçé Æ\Bêˇë)VUPÀ˙—‹§-í\ìî‹ïXñØErÅÖÜ \¿ÀyósEò"80%ô]VUPÀXÉffi^Ö\]õàEú,60%EØstµ´37%\VUPÀyózÉffi^ÖFùû.ü8ø7 [&áàâE2024r7ø<¿—†PÀŠóyzú,è50.84%HX TechInsightsIeEstRöõ^¢Pc£Z|VUPÀçé\+ù §G2030rEr•zRUǶEÍT6000U7Xß®E©Ç¬qYIDC™™$asI†EÆ2027rEc£PÀû,Qçé´eRò"880¨6;Fy®Æ6285.72¨;5ØrHXffi±MÀû,Q\/¥ıµ]ëEû,Q0"™PÀ•"Ós\›§ådÌfl˙ÁÇõéßXFTechInsightsìIT¡¬H ªº›§ AIxqã檺›§1affi¿¡ìs¬ffiuì]ƒ¿ïìÀPVWì «gffiuìÒû¿¡ì»… <ì]ÀÜìÃÕãìŒwœ3X AIPCã檺›§1~–uvì—“VWìû”É‘ì’÷èìÃÿ <ìŸgsffiì⁄owxìo|[Q3X ¤‹!"ã檺›§1›fiffiuìfl‡ <ì·‚ <3Xû,Qk„dŠêc‰Âªº›§1sÊ”‘ìÁã~QìËÈffiu3X æRk„‰Âªº›§1¿eVWì¿Íè3X AR/VR•"Óªº›§1affi¿¡ìÎÜqVìÏ·À3X ÌÓéâ mnıÔI¶Euv˃ıÔI¶ fY#$ 1-./012345'6789......................................................................................................................................5 1.1:;5'07.......................................................................................................................................................................5 1.2<=>5'07...................................................................................................................................................................9 1.33?5'07.....................................................................................................................................................................10 1.4@ABCDEFGHIJFKLM5'0713 1.5NOffiQ5'0718 1.6RSTU5'0723 1.7VWXY5'0725 1.8AR/VR5'0726 2Z[5\]^27 2.15'_`ab27 2.234cdab30 efgh%30 %&#$ ia12021Q3-2024Q2Ijklmn:;opqrs5 ia22024Q2Ijklmn:;opqtuvwx5 ia32021Q3-2024Q2yzmn:;opq6 ia42021Q3-2024Q2yzmn:;[|Z[]~6 ia52024Q2yzmn:;opqtuvwx7 ia62024Q2I]ÄÅÇmn:;ÉÑÖÜáà8 ia72022Q2-2024Q2OPPOâäãåç%mn:;uévwèG9 ia82022Q1-2024Q2NOTWSopq9 ia92024Q2êëí[ìîïñó;opq9 ia102024Q2NOcòmnôöDEopqtvwx10 ia112024Q2NOTWSó;opqtvwx10 ia12OMDIAõúAIùû-3?opqrs11 ia13õúSURFACELAPTOPü7†15ø¢£§i•12 ia142024Q2¶éPCZ[êëíß®opq©Z[]~™´¨vw2•13 ia15ÆØ4±√|¥9µÔ14 ia16GHIJlq„D15 ia17zKL5'ªºŒâæklø2ç16 ia18¿í¡¬GHIJlqâæ]k/klø2ç17 ia19ICÖq2•18 ia20ƒ-ío&VW[«n2•19 ia213»… ìÀìñ20 ia222024u1-6ÕI]Œœ–5'—ƒ“”2‘\’21 ia232023I]í¬÷tę™ŸÆZ[]~⁄’21 ia242024Q2¤‹êëíz›±ß®fi–fl‡tƒ-íovwx22 ia25kt·‚„k‰ÂÊmn›±ÁËopqÈÍ600Î23 ia26kt·‚„“ÏÌÓÔf”24 ia27WAYMORSTUoÒÂhÚi25 ia28WAYMORSTUoÒÂhÚi25 ia292024t2030uARÛÙQıˆ¨r426 ia30_`èG27 ia315'_`˜¯˘t˙:xâ1.34¸˝Îã˛5'èGI14/26ç28 ia32345'12_`˜¯˘t˙:x28 ia33345'12«'èGˇ!˜¯˘t˙:x29 ia34345'"#12èG˜¯˘t˙:x29 ia35345'5\i30 ia36cd˜¯˘â%ç30 1!"Ø$%&Ø()*+,-. 1.1Ç-!"). â1ç!"$%&:;¸IjZ[Öqív70%%]~A()* +#FHCanalys,6-n/hF2024uü01éFIjâ2345ó6çìmn :;opq781150Î9F´¨vw20%:;ã<=vw>0?@ABkCDEFt GHìíIJGK: klÁLFMNOPQCDêR<=F2024uü01émn:;Z[SvT13%U VWXtffiYN2Z!"T14%t17%ì˜˘UOPQ[\]w]C^19%ì/_vwU`Paopqvw22%:[|ÁLF2024uü01éIjklmn:;Z[Z[F )*b28%ìZ[]~¸ckldIªºkeU%&b70%ìvwfghü0eF;0ijA6RedmiA3©13Ct134G√ffilmnopqì;÷UÀôrbT3%ìvwFs?ü)àUtutvw2Zb10%t6%ìZ[]~á¸üx©üëà: CanalysahF)*ttu¸2024uü01éìopqnyz[F|n]¸zŒurbvw:Z[~)*S24»ÄìÅÇÉ3ÖÜ:áàFiPhone13t14¸ü01éâäTcklìiOSÅÇ:r›zŒucklãåòç~éèêoìiPhoneìÅÇèvå:%&b70%ìvwfghü0eF;0ijA6RedmiA3©13Ct134G√ffilmnopqì;÷:ëÀô+49%ìÖqíR6InfinixÉÑ:vwìBîvå¸MNOPQt`PaìŠÜ'LFrbTí˘vw:âCanalys©C114ç ia12021Q3-2024Q2Ijklmn:;opqrsia22024Q2sÕ+ÒÍ—xq…Úzdr]ë£ 6789:Canalys;<=0123>6789:Canalys;<=0123> â2çCanalys%2024Q2yzmn:;Z[%˘vw6%F%&ñ]~6Ü©realmeív137% HCanalys§‘ì!"F2024uü01éFyzmn:;Z[%˘vwF´¨vw 6%F781780Îę: ¤y¸mn:;Z[ìabóAòôPböìyzkl ¤yZ[flªTficyzklúeGvwFùûLü†ç°ÔFOX™¢£Évw52%:§™ìopq•v27%F;?@Ap¶ìEFb™GHêS-kß®F©fl%&©vivo©)*√[|솇F,+HMD™¸´¨\:Fíkì”Æb¸Ø”±¸tuÁ1:Ω¨¥zFµAuKB¡1‡bF[|ãAªqºF†çæøFœ¿¡¬gopqƒPz[24%: òôPböyzklLüæ«Rì°ÔF»í!b… ìÀÃFöyrb13%ìvw:&á´µFÕ#¢£ÉŒopqª