Ø" !"#$ Ø"#$%&'()*+,xAI-.60/0123AI456AI789:;<=->5 !"#$%2024-11-17 !"ƒ$%&' ()*+% =#!>?@ !"%&'()300*+,- % % % 11/23 % 2/24 5/248/24 % % 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 A%&BC:DE=#F2024-11-11G2024-11-15HEIJ%&#KLM-3.52%E)NO%KLMP-3.70%EQ"R%&KLM-3.36%EffiQ50KLMP-3.78%ETUVW%&KLM-4.15%XRY!"%&:DEBCZ[\]^_`abEKMP+2.12%EcRBC-dEKMP-4.99%eRYfg%&:DEBCZ[\]AIhi%&EKMP-1.42%EBCZd\]Vjkl%&EKMP-8.09%X mnAIopqrstEuvVWwxyz[C|]~i =#πnqrstÄÅÇÉÑÖÜ\mnAIopEáà2025âI^âIäEmnAIopãåç45gEÄÅéè16Mêëí+4ìîïñóò+ôörõúùûü†E°¢£§56h/•£¶ß5h/®V30minE ©™´é¨5ÆêØÊ*ʱØM„¥µEƒI—XŪDºfl:flD\ø¿¡'t¬AI»ƒE4…klPCØ«¢ƒ» »… AIÀÃEÕÜ»ƒŒœMeta\AIopØ–—\AId¢ƒƒE”‘’÷¡ÿŸ⁄AI¤‹\›å fiEklQÕœfl‡·XuvVWwxyz‚„uv‰ÂÊEÁfiÂÈÍQÎ/Ÿ⁄/ÏÌÃÓÔ™EÂœ ¢ÒÚºAI¤‹\ ÛÙEıÀˆŒ˜¯D˘˙t¬\Š¸Üø¿X xAI[]˝˛ˇ!"#EAI!"ıÔq$% Ô™ƒE&'IT(‘)…CNBC\u*EElonMusk+,AIyzxAI -./5000612345Õé6Z|60061XxAI789:; <P=>10U?@ABCDEAEÄFMemphis&'ÇGEÃàHIJKL\MNOPQRFFSDH"SE-.T:[UV]W10U? GPUEXÇ5U?PÂYZ\H200X ı[ƒE÷AIhiı[ƒ˘cBlackwellGPUÑM‡\]^_ÅO `EaPhibc\Zéd‡\X&'WccfTech\e*E@ABf8yt\BlackwellGPUgh_ÅO`ij,HopperGPUk2.2VX&'lmnoE64?BlackwellGPU\lmp—Eq/Bº256?HopperGPU\rsX ŪtPEffivÕÖÜ\awEAIxyfi-h\Ô™q÷/%&z] [EÑM‡\]^|a]AI\_ÅÔ™XAICDgh_ÅO`\~ £‡|EbÄ…ÅÇÉø¿|ÑÜÑ"~£Ö=Õé‹CDEÃà‡ |AIÀÃ\˛:?$cEÜ~äÛá˙xYpX |à^_`Q3âäãEAIÔ™LPåç"S][yzéènê 3.706;EQ4%…3.906;EëâwäÛäãEyz=èníìå!1.6Tåç!wEåçê ä-îâbBºç106;Eâw7ïyzäãF8000U6;HE%…25âbñâ(ï\älF$1.60HXXÇEFab3\8óò;<ÃàåôFTIA|DriverH |åçCD\ö!E#ïíBºåô|åçW\N!—Eõ-.[‡ |20%\!—XyzbZéd˛:3.506;E/˜ú!—X TowerSemi]åçCDã<‹gyzE#ïçÖYqùdûüåçP ;_\„òX7†EyzQ3"`AQ4%…âäãE[8¢JAIÔ ™•¶X ˛:Fß1 ®oAI1©£a™´¨±ÆØØc±Æر˝w¥eFßµïx£á ÎØrÜçVƒX ÒAƒªAI1a™mº5QFNƒffiø¿Ç¸¡¬HØHƒøäØÛ «VWE»PVWeFßµï…d‰Ø4ùw¥Ø CffiøƒXAIˆ1a™ÀffiÕaEÃçe*eFßµïg"ÕÇePCB1a™(V¥ŒEFߵffiøX ^_`1a™—˘HQEFߵ¥ŒE‘C’X !"<÷ 1HCanalys12024â´éènNƒAIPCäÛŒˆ‡|G20% FCanalysØIT(‘H 2HãŸffiø12024âQ3Ç⁄d¢V¿¤å2990U‹EHPä›ç8%Ømºç3%FãŸffiøØIT(‘H 3Hfifl2025âå!Eu*‡é·qP’‚ØMetaá„HBM4‰ÂFé·H 4HDSCC1®o2024ÊM4MacBookPro\zåWÁŠÈMiniLED cRFDSCCØIT(‘H ñ͇j Ô™ÎAäãEøäÏ‹ÎAäã fY#$ 1-./012345'6789......................................................................................................................................5 1.1:;5'07.......................................................................................................................................................................5 1.23<5'07.......................................................................................................................................................................8 1.3=>ffi@5'079 1.4ABCDE5'0711 1.5FGH5'0712 1.6IJ5'0712 1.7KL345'0713 1.8MN5'0714 2OP5QRS15 2.15'NTUV15 2.234WXUV18 YZ[\%18 %&#$ ]U12024Q3^_`abcd:;efghijkl5 ]U22024Q3VS2023Q3mnopqrcd:;stfiv6 ]U32023Q2~2024Q2wCOPxyz[>$600|OP]~vjklfiÄ6 ]U4WI-FIÅÇÉÑÖÜ]%á=àâäãå7 ]U52023Q4-2024Q3mnAIPCefg[çéèêëí2|8 ]U6CANALYS11ì]îïñóòô9 ]U72024Q2hQ3AIPCOPsthWINDOWSOEMAIPCOPst9 ]U8cöõú*xcöõú*ù10 ]U9mnûü†efg[°¢ABC£§|11 ]U10•¶ß;®ë3©OP™©rtst12 ]U11ãõf¨áÆØMETAÅPHBM4±I13 ]U122023-2025imna…3¥KLµ°g[XÇ%‰|13 ]U13NTêñ15 ]U145'NTªºÇhæ:l[ø.34¿¡¬úÕ5'êñ•19/26|16 ]U15345'12NTªºÇhæ:l16 ]U16345'12ƒ'êñ ȪºÇhæ:l17 ]U17345'«»12êñªºÇhæ:l17 ]U18345'5Q]18 ]U19WXªºÇ[%|18 1!"Ø$%&Ø()*+,-. 1.1Ç-!"). [1|Canalys%2024Q3^_`cd:;OP~vjk15%…OPPO ÀÃÕ CanalysÉŒ!"…2024iä㜖…^_`cd:;OP~vjk15%…—“2500¬ę‘OPPO’510¬÷]efgh21%]OPstÃÕ^_`cd:;OP…Áÿ0Ÿ⁄¤‹/›â»Õ;fiA3xhA3‘ ãõfl‡‹·…OPst¨16%…ef‚„st¨23%‘‚„st‰ÂÊÁefgst…ÁËÈÍãõfÎÏ]yzÌÓÔ…ZASPjkÒÚ¤efgjk‘ ®ÛÙıäã…efg—400¬ę…OPst¨16%‘ˆÁ…‡˜¯™©¿˘˙MWœ–¸/˝˛ˇpOPst!"[y#$d%hef‚„…‹&'jk()f¿fi¤ *+‘ Ÿ⁄¤,-14ChA3.y/‚v;fi]01jk…2-Ç3ä4…OPst¨ 15%…efg¨390¬ę‘ =5ı•…vivo]efg¨260¬÷…OPst¨10%‘[CanalysØIT67| ŸB12024Q3^_`abcd:;efghijkl 6789:Canalys;<=0123> [2|Counterpoint!"2024Q3mnqr:;TOP10%89iPhone15Ã:Øãõí25;Ø2-Redmi13C3ä< OPòô;=CounterpointResearchÉŒ>Y…!"Í2024iä3œ–mn@qrcd:;Ù5A…iPhone15BCDEF˜3.5%]stÇGA ‘ 2024iä㜖…=oHcd:;ImnOPrJ]19%K89¿ÁúAX•IL4W;Ç…ãõM°5W;Ç…2-IúW‘ 89NIL4Wıt…89]iPhone15¿2024iä㜖O¨mn@qrcd :;…fl‡‹·]PiPhone15ProMaxhiPhone15Pro‘QR„ŸST]P…¿2024 iä3œ–…iPhoneProê3;fi]rg¿iPhone;fi•]Iv ÀÊÁ50%‘ ¯;=U¨ãõ]GalaxyS24V⁄¤fiGenAId%]0%Wr…¿XY3Wœ–àâ=oı…ÁPZ2018i’˙GalaxySê3 À¿ä㜖âA‘GalaxyAê3¿ =oı•IL4W;Ç…EF‹[\%Å‚h]k]Æ^_`…OabflÍâ»h•‚ÇOP]def‘ 2-]Redmi13C4Gg‹‚hijh¿6kOP]lmUV…XYänWœ–µ `¿=oı•‘[CounterpointResearchØIT67| ŸB22024Q3vs2023Q3mnopqrcd:;stfiv 6789:CounterpointResearch;<=0123> [3|•¶:;™©opqyz…2024øAi600rs’ø12OP~vjk8% OPòô;=CounterpointResearchÉŒ>Y…!"t2024iøAi•¶:;OPu'vàyzÌ…ÊÁ600rs[w=x4338syjz|]12OPrJ~vj k8%…[wCOP~vjk4%‘ ŸB32023Q2~2024Q2wCOPxyz[>$600|OP]~vjklfiÄ 6789:CounterpointResearch;<=0123> |fl!"±]…~KÄÅMagic7ØiQOO13ØOPPOFindX8ê3ØOnePlus13Ø vivoX200ê3h2-15ê3[’øÇÉѤÖY|¿±…¶±:;Üá]àâ;fiÉ %@äã6h§åCŠ…¿yzOPh89iPhone16ê3ú]yé‘ 2023i…yzOP~vjk16%…[wCOP~véè1%‘êR…¿2024iø Ai…¯12OP]rJ~vjk8%…[wCOP~vjk4%‘ ¯!"•ë˝íÍøìàâ;fi…U¨¿î^ØÆ^.ŠñÎ%óM…ˆò¤iPhone16ê3hGalaxyS24ê3…[ôöWàâõ°aZ]ú˝hÅÇ…àúù12yzOP§åûü‘[CounterpointResearchØIT67| [4|Android15jufiWi-Fi†°]_`…’[¢£±ÅÇ – LAndroidAuthority!ï…§•Z¸ve]Android15êë¸flâWi-FiRanging [Wi-Fi†°|@ä…°¶ß®[¢£±ÅÇ] –‘ ú©