全球重点区域： | Africa: top TWS vendors, Q1 2025 | | | | | --- | --- | --- | --- | | Vendor | | Unit share | Annual growth | | #1 # | Transsion | 52% | +26% | | #2 个 | Xiaomi | 20% | +170% | | #3 10 | Samsung | 9% | +6% | | #4 | Apple | 6% | -3% | | #5 + | Huawei | 1% | +109% | | Source: Canalys estimates (sell-in shipments), Smart Personal Audio Analysis, May 2025 | | | | | APAC (excludes Greater China): top TWS vendors, Q1 2025 | | | | | Vendor | | Unit share | Annual growth | | #1 | boAt | 20% | +31% | | #2< | ...

Core Insights - The global wearable band device market is projected to grow by 13% year-on-year in Q1 2025, reaching a shipment volume of 46.6 million units, driven by a low base from the previous year and a rebound in market demand [1] Market Overview - The three main product categories—basic bands, basic watches, and smartwatches—have all seen growth, contributing significantly to market expansion [1] Vendor Rankings - Xiaomi regained the top position globally with a 44% increase in shipments to 8.7 million units, primarily due to the success of the Redmi Band 5 [2] - Apple ranked second with a 5% increase in Apple Watch shipments, reaching 7.6 million units, and is expected to revitalize growth with new product updates in the second half of 2025 [2] - Huawei maintained third place with a 36% increase in shipments to 7.1 million units, supported by the performance of the GT and Fit series [2] - Samsung experienced a significant 74% increase in shipments to 4.9 million units, leveraging a dual-track strategy to expand in emerging markets while maintaining a premium position in developed markets [2] - Garmin ranked fifth with a 10% increase in shipments to 1.8 million units, enhancing customer retention through a differentiated product mix [2] Regional Insights - In Africa, Transsion led with a 48% market share and a remarkable 217% annual growth [3] - In the APAC region (excluding Greater China), Noise held the top position with a 15% market share, despite an 18% decline in growth [4] - In Latin America, Xiaomi led with a 38% market share and a 62% increase in shipments [5] - In the United States, Apple dominated with a 49% market share and a 6% growth rate [8] - In India, Noise led with a 27% market share, although it faced an 18% decline in growth [9] - In Germany, Apple held the top position with a 29% market share and a 10% growth rate [10]

Canalys （现 并入 Omdia ）最新数据 显示 ， 2025 年第一季度 ， 中国大陆 PC 市场（不含平板）出 货量达 890 万台，同比增长 12% ；平板市场增长更为强劲，出货 870 万台，同比攀升 19% 。政府补 贴政策有效刺激消费 市场的 设备升级需求，成为主要增长驱动力。 展望未来，中国大陆 PC 市场预计将 在 2025 年持平， 2026 年增长 6% ，而平板电脑市场预计将在今年增长 5% ， 2026 年收缩 8% 。 2025 年第一季度，中国大陆PC细分市场表现不一。受政府补贴推动，消费市场延续强劲势头，笔记本出 货量同比大幅增长20%。相比之下，商用市场的表现较为温和，大型企业的PC采购保持持平；而中小企 业（SMB）市场在连续11个季度下滑后终于出现温和复苏，同比增长2%。 Canalys（现并入Omdia）高级分析师徐颖（Emma Xu）表示："过去两年，中国大陆的PC市场格局发生 了显著变化，本土品牌间的竞争愈发激烈。专注消费市场的中国厂商如软通动力、华为、荣耀和小米在 2025年第一季度均实现增长，进一步蚕食了联想、惠普和戴尔等传统商用强者的市场份额。华为在5月 ...

Core Insights - Huawei's Watch 5 series is positioned as an "AI smart watch," marking a strategic shift from merely health data collection to an active health intervention platform [1] - In a slowing global smartwatch market, Huawei aims to break through growth ceilings by focusing on "health decision-making" as a new growth avenue [1] Key Upgrades of Huawei Watch 5 Series - The series features three significant upgrades that enhance its functionality and user experience [2] Strategic Intent and Technological Moat - Huawei's integration of self-developed chips, algorithms, and sensors creates a significant competitive advantage, establishing a difficult-to-replicate technological moat [7] Core Scenarios of Terminal Services - The watch serves as a critical touchpoint connecting user behavior with backend services, facilitating Huawei's transition from hardware sales to ongoing service operations [5] Active Health Intervention Capability - The watch utilizes local AI computing and multi-modal perception to identify health risks and generate personalized intervention suggestions, integrating with remote medical services [6] Independent Terminal Evolution - The device supports independent communication via 5G eSIM (in the domestic market), catering to various scenarios such as elderly monitoring and extreme sports [6] Health Ecosystem Hub - Built on HarmonyOS, the watch enables multi-device interaction and opens APIs/SDKs for third-party services, creating a closed-loop ecosystem of "data-model-service" [6] Global Expansion Strategy - Leveraging its leading position in the Chinese market, Huawei plans to replicate its successful "active health intervention model" in emerging overseas markets [8] Challenges Facing Huawei's Vision - Huawei's "health brain" vision faces three main challenges: building a trust system, validating business models, and establishing ecological collaboration [10][12] Strategic Recommendations - To ensure long-term success, Huawei should focus on four core areas: building a trust system, validating business models, establishing ecological rules, and ensuring global compliance [11][13][14][15] Value Reconstruction - The future of wearable technology is shifting from selling product features to building long-term user relationships based on ongoing services [19] Conclusion - The Huawei Watch 5 series represents a strategic signal indicating a shift in the competitive landscape of the wearable industry, emphasizing the importance of user perception, scalable services, and sustainable business models [16]

Core Insights - The global cloud infrastructure services spending reached $90.9 billion in Q1 2025, marking a 21% year-over-year increase, driven by the need for AI application deployment and cloud migration [1] - Major cloud providers are accelerating infrastructure optimization to lower AI usage costs and enhance inference efficiency, with a focus on self-developed chips [1][2] - The top three cloud providers—Amazon Web Services (AWS), Microsoft Azure, and Google Cloud—account for 65% of global cloud spending, with their combined spending growing by 24% year-over-year [1] Group 1: Market Overview - The global cloud services market is experiencing steady growth, focusing on two strategic priorities: accelerating cloud migration and exploring generative AI applications [2] - The rise of generative AI heavily relies on cloud infrastructure, which in turn reinforces corporate cloud strategies and speeds up migration processes [2] Group 2: Major Cloud Providers - AWS maintains its market leadership with a 32% share and a 17% year-over-year revenue growth, while its AI business is in early development but shows triple-digit annual growth [4] - AWS has introduced price cuts to promote the adoption of its self-developed Trainium AI chips, which offer a 30-40% advantage in price-performance ratio compared to Nvidia [5] - Microsoft Azure holds a 23% market share with a 33% year-over-year growth, attributing 16 percentage points of this growth to AI [6] - Google Cloud retains a 10% market share with a 31% year-over-year growth, although its revenue backlog decreased slightly due to supply constraints [7]

Core Viewpoint - Huawei's transition to a fully self-developed software and hardware ecosystem marks a significant milestone, especially with the cessation of Windows licensing by March 2025 and the impact of U.S. export controls on key chip suppliers [1][11]. Group 1: Product Development and Launch - Huawei has accelerated the development of its self-researched operating system and chips for mobile devices and PCs, with a focus on achieving technological independence [1]. - By the end of 2024, Huawei shipped approximately 103 million smartphones and 21 million tablets running on the HarmonyOS, indicating growing acceptance among consumers and developers [1]. - The first batch of HarmonyOS 5 PCs was officially launched in mainland China on May 19, 2025, featuring two main models believed to be powered by Huawei's self-developed Kirin X90 chip [1][11]. Group 2: Key Features of HarmonyOS PCs - The initial HarmonyOS PCs showcase three major highlights: a foldable design, self-developed chips, and enhanced security features [2]. - The MateBook Fold introduces a new product form factor, combining portability and performance, while achieving significant improvements in battery efficiency, heat dissipation, and system security through integrated hardware and software [2]. Group 3: AI Integration and Multi-Device Collaboration - A standout feature of the HarmonyOS PCs is the deep integration of AI and seamless multi-device collaboration, allowing real-time file, application, and task sharing with Huawei smartphones and tablets [3]. - The built-in AI assistant "Xiao Yi" supports various functions such as meeting transcription, translation, content creation, and search assistance, reflecting Huawei's commitment to enhancing user experience [3]. Group 4: Application Ecosystem Challenges - The first batch of HarmonyOS PCs supports over 1,000 applications, including 150 native PC applications, with a goal to exceed 2,000 by the end of 2025 [4]. - Key international software like Adobe Creative Suite and Microsoft Office has yet to be adapted for HarmonyOS PCs, prompting Huawei to invest billions in developer incentives to accelerate application development [4]. Group 5: Short-term Challenges - Huawei needs to clarify user positioning and create differentiated advantages, as current HarmonyOS PCs lack a compelling value proposition for specific consumer or business segments [6]. - Strategies such as dual-boot support, discounts, trade-in programs, and bundled services could help minimize user attrition during the system transition [7]. Group 6: Long-term Success Factors - Establishing a mature and competitive application ecosystem will require long-term investment and collaboration with mainstream software partners [8]. - Huawei must leverage the growing interest in AI applications to explore innovative opportunities within its full-stack strategy [9]. Group 7: Multi-Device Ecosystem Strategy - Huawei's "1+8+N" strategy aims to create a cohesive ecosystem across smartphones, PCs, wearables, smart home devices, and automotive systems, similar to Apple's high-engagement ecosystem [10]. - To compete effectively with global giants like Apple and Microsoft, Huawei must enhance the seamlessness of data flow, consistency of AI experiences, and innovation in interface design [10]. Group 8: Strategic Implications - The launch of HarmonyOS PCs represents a strategic shift towards platform autonomy and technological independence for Huawei, aiming to build a comprehensive ecosystem from chips to software [11]. - Future success will depend on precise product planning, effective marketing strategies, and ongoing investment in AI innovation to meet the productivity and compatibility needs of PC users [11].

202 5 年第 一 季度，全球智能手机市场 同比增长 0.2 % ， 大盘复苏进入平台期 。 2025 年初市场遭遇了宏观经济、地缘 政治等不确定性， 使得 消费情绪更加保守 。 此外 ， 在经历 去 年末 的节庆旺季后， 厂商也纷纷着手优化库存水位， 减缓 出货 流速 。 202 5 年全球智能手机出货量 预计为 12 .2 亿台，同比上升 0.1 % 。 逐渐退潮的低端价位段换机需求以及 不 明朗的全球地缘政治环境与 地方政府政策的多变性将为今年的市场增长带来挑战 ， 202 5 年至 202 9 年 市场预计以 1% 的 年复合增长率 温和增长 。 高端智能⼿机市场预测 高端手机市场需求 维持韧性 ， 一 季度全球 600 美元以上 价位段 出货量 同比增长 12 % ， 厂商对于高端化的坚持投入以 及 AI 手机的 发展 进一步 推动高端市场成长 。 苹果 在 复杂多变的关税政策到来前积极实施备货 ， 在一季度 同比增长 10 % ，以 59 % 的份额 位居 高端市场榜 单第一 。 三星 在一季度发布了其 新旗舰产品 S25 系列，但初期表现并没能够复现 其初代 AI 手机 S24 系列的成功， ...

Core Viewpoint - The Latin American smartphone market experienced a 4% year-on-year decline in Q1 2025, ending six consecutive quarters of growth, with total shipments reaching 33.7 million units [1][8]. Market Performance - Samsung led the market with 11.9 million units shipped, a 7% increase year-on-year, driven by strong demand for entry-level models A06 and A16 [1][8]. - Xiaomi ranked second with 5.9 million units, a 10% increase, supported by the popularity of the Redmi 14C 4G and Note 14 series [1][8]. - Motorola fell to third place with 5.2 million units, a 13% decline, due to its reliance on low-end products like G15 and G05 [1][8]. - Honor's strong performance with the X series led to a 2% increase in shipments to 2.6 million units, securing the fourth position [1][8]. - Transsion ranked fifth with 2.1 million units, experiencing a significant 38% decline, marking its first drop in the region [1][8]. Market Trends - The smartphone market in Latin America showed a clear polarization, with growth concentrated in entry-level and high-end segments, while the mid-range market, which accounts for 78% of total shipments, remains the primary battleground [2][7]. - Economic uncertainty, particularly concerns over tariff increases, has severely impacted the market, leading manufacturers to tighten aggressive sales strategies and retailers to reduce inventory [2][7]. - The Brazilian market was the only one among the top five to see growth, with a 3% increase in shipments to 9.5 million units, driven by increased investments from Chinese brands like Honor, Xiaomi, and realme [4][5]. Future Outlook - Canalys predicts a slight decline of 1% in the Latin American smartphone market for 2025, influenced by global economic uncertainties and potential inflation [7]. - Manufacturers are expected to focus on maintaining lean and flexible inventory management, optimizing product portfolios, and enhancing consumer experience to remain competitive in a redefined growth environment [7].

| Vendor | | | Unit share | Annual growth | | --- | --- | --- | --- | --- | | #1 1 | | Samsung | 22% | -5% | | Apple | #2 | | 14% | +20% | | #3 1 | | vivo | 13% | +9% | | Xiaomi | #4 · | | 12% | -20% | | OPPO | #5 | | 10% | -14% | | Source: Canalys Estimates (sell-in shipments), Smartphone Analysis, May 2025 | | | | Canalys | 全球重点市场： Canalys（现并入Omdia）最新研究显示，2025年第一季度，全球智能手机市场仅实现0.2%的增长，出 货量达2.969亿台。由于阶段性换机高峰进入尾声以及厂商寻求更健康的库存水位，全球智能手机市场增 速已经连续三个季度回落。三星凭借最新旗舰产品的发布以及性价比A系列新品巩固了第一的位置，出货 量达6050万台。苹果凭借其在亚太新兴市场以及美国 ...

Canalys（现已并⼊ Omdia）的最新研究显示，2025年第一季度，欧洲（不含俄罗斯）智能手机出货量同比下降2%，⾄3240万 部，主要受⼊门级设备需求疲软的影响。三星以1220万部的出货量稳居欧洲市场第一，同比小幅增长。其Galaxy S系列出货量创下 新⾼，带动三星在欧洲实现历史最⾼的季度平均销售价格（ASP）。苹果排名第二，出货量同比大增10%⾄800万部，主要受终端 需求强劲及 iPhone 16e 上市初期渠道备货的推动。尽管目标市场需求不佳，小米依然展现出强劲韧性，出货量仅小幅下滑2%，⾄ 530万部，连续第20个季度稳居欧洲前三。摩托罗拉和谷歌分列第四与第五，出货量分别为170万和90万部。其中，谷歌首次进⼊欧 洲智能手机市场的季度前五排名。 ⼊门级设备出货量大幅下滑 Canalys （现并⼊ Omdia ）⾼级分析师 Runar Bjørhovde 表示： "2025 年 开局对许多欧洲智能手机⼚商来说颇为艰难，尤其是那些依赖于售价低于 400 欧 元设备的⼚商。继去年小幅复苏后，不少⼚商在 2024 年第四季度末⾼估了终端 需求，导致 2025 年第一季度时渠道库存积压严重。⼊门级设备 ...