苹果9月10日发布了最新款iPhone 17和iPhone Air，iPhone 17在19日已经正式发售，iPhone Air也发售在 即，"对了，说到手机，你们换掉的旧手机一般都怎么处理的？""我在转转上买的这台iPhone16，整整 比新机便宜3000多呢""买卖二手手机，我推荐转转"……很快大家可能在抖音、B站上又要刷到一轮转转 的"硬广"了，随着AI在SaaS端的应用以及产品自然迭代周期，近两年手机换机潮有所加快，华为、小 米、荣耀、OPPO等国产新机发布频次也在加快，共同催化了二手手机市场的蓬勃发展，沙利文数据显 示，中国二手消费电子产品交易总额从2020年的2599亿元增长至2024年的7020亿元，其中手机交易额在 2024年占比达74%，预计到2029年有望增长至18456亿元，复合年度增长率达21.1%。 中国二手消费电子交易市场规模，图表来源：弗若斯特沙利文 以转转为代表的二手商品交易平台，主要解决的是高单价标品在二级市场的定价问题，商品有了二级市 场的定价，流转通道才算完全打开，定价体系的完善将推动交易效率大幅提升。不过不同于茅台类的二 级市场具备保值增值的潜力，转转平台上的商品主要是 ...

Core Viewpoint - China Resources Sanjiu (华润三九) plans to invest up to 10 billion yuan in short-term financial products from banks and their wealth management subsidiaries, with a risk rating limited to R2 or below, reflecting a conservative financial strategy amid investor expectations for more direct market confidence-boosting actions like share buybacks or increased dividends [2][10]. Financial Management - The company has a total of 6.408 billion yuan in cash and 3.264 billion yuan in trading financial assets, amounting to nearly 10 billion yuan in cash-like assets [2][4]. - The planned investment of 10 billion yuan marks a historical high, with a significant increase in investment amounts over the past five years, from 2.5 billion yuan in 2021 to 10 billion yuan in 2025 [3][4]. Investment Returns - The investment returns from financial products have been minimal, averaging less than 2% of net profit since 2021, indicating that financial investments serve more as a tool for improving fund efficiency rather than a primary profit source [6][9]. - The investment returns for the first half of 2025 are reported at 12.9048 million yuan, with previous years showing varying returns [4][6]. Mergers and Acquisitions - The company has engaged in significant acquisitions, including a 2.902 billion yuan purchase of a 28% stake in Kunming Pharmaceutical Group in 2022 and a 6.2 billion yuan acquisition of Tian Shi Li in 2025, resulting in a goodwill of 7.045 billion yuan [6][9]. - The ongoing integration of these acquisitions is expected to enhance strategic collaboration and competitive advantages in the market [9]. Investor Expectations - Investors have expressed disappointment over the company's decision to allocate funds to low-yield financial products instead of share buybacks or increased dividends, especially given the stock price decline over the past year [10][13]. - The company has received suggestions from investors to increase share buybacks, which are seen as a positive signal regarding the company's valuation [10][13].

Core Insights - The launch of the iPhone 17 series has generated significant consumer enthusiasm, with many customers eager to experience the new models in-store despite the availability of fast delivery options [2][5][12] - The iPhone 17 series has seen a price increase before launch, particularly for the Pro Max model, indicating strong demand and market interest [4][13] - The iPhone 17 standard model has emerged as a popular choice among consumers, capturing nearly half of the sales share, which is a notable shift compared to previous models [12][16] Pricing and Market Dynamics - The iPhone 17 Pro Max 256GB version has a premium of 850 yuan, while the standard and Pro models have premiums ranging from 100 to 200 yuan, contrasting with last year's iPhone 16 which saw a drop in price [4][13] - The secondary market for iPhones has shown volatility, with prices changing hourly based on demand and supply dynamics, particularly influenced by the launch of the iPhone 17 series [15] - The introduction of the iPhone 17 series has led to a surge in the second-hand iPhone market, with a 150% increase in search volume and a 90% increase in transaction volume on platforms like Zhuanzhuan [15] Consumer Behavior and Trends - Many consumers prefer the in-store experience of purchasing the iPhone 17, valuing the emotional connection and atmosphere over the convenience of home delivery [5][9] - The iPhone 17 standard model's features, such as high refresh rate and fast charging, have made it a competitive option, appealing to cost-conscious consumers [9][12] - The anticipation of upcoming sales events, such as Double Eleven, is influencing consumer purchasing decisions, with some opting to wait for potential discounts rather than buying at launch prices [15] Future Outlook - Analysts believe the iPhone 17 series could mark a turning point for Apple, potentially reversing the decline in market share due to the rise of domestic competitors [16][19] - Apple is reportedly planning for a production target of 95 million units for the iPhone 18 series, reflecting confidence in continued demand growth [19]

英伟达创始人、CEO黄仁勋 随着英特尔成为美国政府持股的"国企"，两家美国芯片巨头从竞争对手走向合作。 9月19日消息，英伟达（NVIDIA，NASDAQ: NVDA）18日晚宣布，将以每股23.28美元的价格向英特 尔（Intel，NASDAQ：INTC）普通股投资50亿美元（约合人民币355亿元）。 同时，英伟达和英特尔还宣布，共同合作开发AI基础设施和计算中心产品，以加速超大规模、企业和 消费者市场的应用程序和工作负载。 英伟达创始人兼CEO黄仁勋表示，AI 正在推动一场新的工业革命，并重塑计算堆栈的每一层——从芯 片到系统再到软件。此次历史性的合作将英特尔的AI和加速计算堆栈与英特尔的 CPU 和庞大的 x86 生 态系统紧密结合，实现了两大世界级平台的融合。我们将携手扩展彼此的生态系统，为下一个计算时代 奠定基础。 黄仁勋在电话会上直言："我们认为这将是一笔不可思议的投资。" 此次投资是英特尔在近期获得美国政府57亿美元资金和软银20亿美元投资后的又一重大资本投入案例， 也是英特尔成立57年来首次与英伟达在资本层面的合作。 交易完成后，英伟达可能持有英特尔4%及以上的股份，成为英特尔的大股东之一，从 ...

Core Viewpoint - Geely's Galaxy M9 has been launched with an aggressive pricing strategy, significantly undercutting competitors in the large SUV market, particularly in the context of rising prices for electric vehicles [2][5]. Product Strategy - The Galaxy M9 is priced between 173,800 to 238,800 yuan, which is 20,000 yuan lower than its pre-sale price two months ago, challenging the perception that larger vehicles must be expensive [2]. - The vehicle features high-end specifications across all models, including the Qualcomm 8295 chip and L2-level assisted driving, appealing to Chinese consumers' preference for well-equipped vehicles at lower prices [2]. - The M9 offers two electric range options of 100 km and 230 km, addressing different consumer needs and alleviating "range anxiety" associated with electric vehicles [2]. AI Integration - The Galaxy M9 fully embraces AI technology, featuring an AI digital chassis, intelligent cockpit, and cloud power system, aiming to enhance the driving experience [3][5]. - The vehicle includes an advanced emotional AI assistant, Eva, which aims to improve human-vehicle interaction through voice technology and emotional understanding [3]. - The M9's autonomous driving capabilities promise to address common pain points in urban navigation, although Geely must prove the effectiveness of its AI technology compared to established competitors [3][5]. Market Positioning - The Galaxy M9 serves a dual role for Geely: showcasing technological prowess and capturing market share in the competitive 200,000 yuan segment [5]. - Positioned below the 400,000 yuan price point of competitors like Li Auto's L9, the M9 targets price-sensitive consumers who require larger SUVs without the premium price tag [5]. - Geely's vertical integration in technology and manufacturing supports the M9's competitive pricing while maintaining high specifications [5]. Market Response - Initial market response has been positive, with over 40,000 pre-orders within 24 hours, indicating strong demand for high-value large SUVs [5]. - The success of the M9 will depend on its ability to convert pre-orders into actual sales and manage production capacity effectively [5]. Competitive Landscape - The M9's entry into the market may shift the dynamics of the large SUV segment from a "blue ocean" to a "red ocean," intensifying competition and potentially leading to price wars [7]. - The sustainability of Geely's competitive advantages, such as brand recognition and product differentiation, will be critical as more manufacturers enter the market [6][7]. - The performance of the M9's intelligent features in real-world scenarios will significantly impact consumer perception and product reputation [6].

Core Viewpoint - Meizu has launched its new flagship smartphone, Meizu 22, priced from 2999 yuan, after nearly two years since the previous model, Meizu 21, was released. The launch faced delays and internal challenges, reflecting the company's struggle to adapt within the new corporate structure under Geely [1][15]. Product Positioning - Meizu 22 is positioned as a "small-screen photography flagship," but it does not meet the expectations of a flagship device as it is equipped with the mid-range Snapdragon 8s Gen4 chip instead of the anticipated Snapdragon 8 Gen 2. This decision is attributed to supply shortages of the higher-end chip [2][5][6]. - The smartphone's marketing strategy aims to compete directly with Apple's iPhone 17 series, which has already been released, indicating a significant pressure on Meizu to establish its product's value in a crowded market [2][5]. Market Challenges - The smartphone market is dominated by major players, making it increasingly difficult for smaller brands like Meizu to maintain market share. Meizu's market share in China has dropped to 1.3% as of 2022, and it is projected to be categorized as "others" in future market reports [15][19]. - The competitive landscape includes other brands offering similar or better specifications at lower prices, further complicating Meizu's efforts to carve out a niche [5][6]. Internal Dynamics - Frequent changes in leadership have plagued Meizu since its acquisition by Geely, with three CEO changes in a short period. This instability has hindered the execution of a coherent strategy and affected the brand's market presence [7][14]. - Internal conflicts have emerged, notably involving former executives, which may further destabilize the company's direction and impact product launches [11][13][14]. Strategic Focus - Geely's acquisition of Meizu was primarily aimed at leveraging its expertise in automotive technology, particularly in integrating mobile technology with vehicle systems. However, the low market share of Meizu smartphones may not significantly contribute to Geely's automotive sales [17][19]. - The focus on enhancing the car machine system rather than solely on smartphone sales may provide a more sustainable path for Meizu within the Geely ecosystem [19].

Core Viewpoint - Tianyang New Materials (SH:603330) is undergoing a significant ownership change as Li Zhelong steps down and Baixing Group takes control, marking a notable merger in the photovoltaic film industry [1][4]. Company Summary - Li Zhelong has resigned from all positions at Tianyang New Materials, including Chairman and General Manager, with Feng Yanzhao also stepping down from his director role [2][3]. - The new nominees for the board include Ru Zhengwei and Mao Qubo, both associated with Baixing Group, which has a strong presence in the photovoltaic film sector [2][3]. - Tianyang New Materials, founded in 1993, has diversified into four main business segments, with photovoltaic encapsulation films being the largest, accounting for approximately 50% of its revenue since 2022 [3][4]. Industry Context - The acquisition represents a strategic move in the photovoltaic film industry, with Baixing Group aiming to consolidate its position in the market [2][3]. - Tianyang New Materials has faced significant financial challenges, reporting losses for three consecutive years, with a notable loss of 2.13 billion yuan expected in 2024 [9][10]. - The photovoltaic film market has become increasingly competitive, leading to declining profit margins for companies like Tianyang New Materials, which saw its gross margin for photovoltaic films drop to negative figures in recent years [9][10][11]. Financial Overview - Baixing Group, which has a diverse portfolio including industrial manufacturing and real estate, reported a revenue of 25.5 billion yuan in 2020 and ranks 371st among China's top private enterprises [6]. - Tianyang New Materials has been struggling with its photovoltaic film business, which has seen a drastic decline in gross margins, falling to -3.94% in 2023 [9][10]. - The merger is seen as a potential pathway for Baixing Group to achieve a public listing, integrating its assets in the photovoltaic sector [6][14].

Core Insights - The development of computing and connectivity is cyclical, with "Computing 2.0" entering an accelerated phase, and AGI expected to emerge around 2035 [1] - The 2025 Global Machine Learning Technology Conference will be held on October 16-17 in Beijing, featuring top scholars and industry leaders to explore the infinite possibilities of the AI era [1] Event Highlights - Lukasz Kaiser, a key figure in the development of large models and co-inventor of GPT-5, will discuss the historical, current, and future aspects of reasoning models at the conference [2][4] - Li Jianzhong, director of the Singularity Intelligence Research Institute, will present insights on large model technology and its impact on computing, development, and interaction paradigms [4] Expert Participation - The conference will feature numerous industry leaders discussing the latest developments and commercialization challenges in large model technology [5] - Notable speakers include former OpenAI researchers and experts from leading tech companies, sharing breakthroughs and insights in AI technology [5][13] Agenda Overview - The agenda includes various sessions on topics such as efficient screening of large models, uncertainty modeling, and multi-modal applications in AI [8][9] - The second day will continue with discussions on AI governance, foundational infrastructure, and the latest advancements in embodied intelligence and software development paradigms [10][11] Industry Collaboration - The conference aims to foster collaboration among global AI industry participants, promoting innovation and exploring paths for industry upgrades [16][17] - It serves as a platform for effective communication and cooperation among enterprises, developers, and researchers in the AI field [17]

ITValue txy景体集团 MTPOST GROUP WPost asso | ITValue | > 2025 x 11: 深圳工业展 | 工/DJ AI+8动下的 寸链变革 产业升级 I 供应链数字化并非新话题，但在非标制造、项目式生产的行业背景下，其内涵正在发生深刻变化。它不再仅仅是把采购流程从线下搬到线上，而是要通过数 据打通实现端到端的协同与优化。 深圳市创世纪机械有限公司信息管理中心总监王恒信分享了企业的真实挑战："我们虽然各类系统齐全，例如：SAP、PLM、MES、WMS、SRM、CRM， 但系统之间数据缺乏有效整合，形成了数据孤岛。" 这导致业务数据无法贯通，企业因而缺失全局视角以支撑高效决策。为破此局，创世纪已引入AI大模型 技术，通过自然语言交互，智能关联与整合各系统数据。通过直接输出全局化的分析洞察，彻底打破数据壁垒，实现数据的高度共享与价值释放。 标准缺失的问题则更为根本。令狐荣茂深刻指出："很多企业其实并没有去做业务标准和数据标准的设计，直接跳入上系统、干自动化。"这种本末倒置的做 法导致即使上了最先进的系统，也因为缺乏统一标准而无法发挥效用。特别是在非标制造领域，边设计、边生产 ...

文 | 增长工场，作者 | 相青，编辑 | 赵元 今年以来，倒闭的跨境公司不止一家。 此前8月，深圳37年港资电器大厂迅达电器发布解散公告，企业在给2000多名员工结清补偿后，宣布全员解散。迅达电器见证了深圳30年制造业黄金时 代，1988年进驻深圳，2004年正式注册为港商独资企业，是深圳首批港资制造企业之一。 它曾经是全球行业巨头VOLEX的核心供应商，以电源插头组件、接插配件和五金塑胶配件为主业，产品远销海外，高峰期员工超2000人。 "最近朋友圈里，隔三差五就能刷到同行关店、公司倒闭的消息。"一位跨境创业者感叹。 今年以来，迅达电器、永生电器等老牌跨境公司相继解散，物流平台和中小卖家也不断退出市场，倒闭、亏损、下滑正成为跨境电商的关键词。 背后，一方面是受到关税政策变化的影响，但另一方面流量成本和广告投入持续上涨，也让中腰部卖家利润空间被进一步压缩。跨境电商行业正经历一场 重新洗牌。 一、倒闭、亏损的跨境卖家 永生电器的破产倒闭非常突然。 股东于8月29日表决通过提前解散公司，员工9月3日还在上班，9月4日解散的公告就贴到了大门口。 官网显示，永生电器是一家拥有超过55年历史的港资出口企业，主营理发电 ...