说来你可能不信，最近，小米和传音在非洲打起来了，战况还蛮激烈的！可能很多人对传音不熟悉，但是说起小米那应该算是家喻户晓了。 这几年小米的手机和汽车在国内卖得那叫一个好，尤其是小米的 SU7 和 YU7两 款车子，据说订单已经排到了明年。 至于传音嘛，造车是不可能的，但是说到做手机，那还真有点东西，尤其是在非洲市场，那可是妥妥的一哥，具体的老狐在后文会提到，咱们先来看看小 米和传音在非洲市场打架这事儿。 就这一丁点的存量市场，手机厂商都卷得头破血流。市场像个挤满了人的地铁，谁也不敢松手。 其实这事儿说起来也不复杂，无非就是小米手机出海，盯上了非洲市场，想在非洲市场分一杯羹，自然不可避免的就就要和传音交锋，毕竟在非洲市场， 传音可是妥妥的地头蛇。 至于小米选择出海的原因也很简单，众所周知，如今国内的手机市场早已经是一片红海，厂商之间的竞争非常激烈，增量市场基本已经见到天花板了，这 年头，大家都在拼命的卷存量市场。 小米自然也不例外，毕竟赚钱嘛，不寒掺。其实早在 2014 年，小米手机就开启了出海之路，但小米的出海之路在最初并没有瞄准非洲市场，而是选择了 印度，这其实十分合理，毕竟印度也是人口大国，且在彼时，印度的 ...

Group 1: Company Insights - Kangliang Pharmaceutical's first innovative drug ALK-N001/QHL-1618 is expected to receive clinical approval in April 2025, currently in Phase I trials with two dose escalations completed [1] - Mindray Medical has launched the world's first clinically implemented critical care large model, named Qiyuan, and has established a subsidiary for animal healthcare [2] - Transsion Holdings is focusing on user value with its Practical I strategy, enhancing AI features in mid-range products, and has achieved a market share of nearly 40% in the Philippines [3] Group 2: Financial Performance and Strategy - Kangliang Pharmaceutical's R&D budget is capped at approximately 300 million yuan, with a significant reduction in generic drug investment starting in 2026 [1] - Mindray Medical's imaging solution "Ruiying·AI+" was developed in collaboration with DeepSeek, indicating a strategic push into AI-driven medical imaging [2] - Transsion Holdings reported a 1.49 percentage point increase in gross margin to 20.76% in Q2 2025, with R&D expenses primarily directed towards AI technology and mid-to-high-end imaging [3] Group 3: Market Position and Future Outlook - Huate Gas has entered the supply chain of major domestic GaN and SiC manufacturers, indicating strong positioning in the semiconductor market [3] - Jialian Technology is ramping up production capacity in Thailand, with plans to enhance efficiency through automation and has established partnerships in the 3D printing sector [3]

截至2025年8月29日收盘，传音控股（688036）报收于90.01元，较上周的83.84元上涨7.36%。本周，传音控股8月29日盘中最高价报90.99元。8月 28日盘中最低价报82.31元。传音控股当前最新总市值1026.43亿元，在消费电子板块市值排名7/90，在两市A股市值排名168/5152。 本周关注点 股本股东变化 截至2025年6月30日，传音控股股东户数为2.25万户，较3月31日减少840户，减幅3.6%。户均持股数量增至5.08万股，户均持股市值为404.53万 元。 业绩披露要点 2025年中报显示，公司主营收入290.77亿元，同比下降15.86%；归母净利润12.13亿元，同比下降57.48%；扣非净利润8.97亿元，同比下降 63.04%。2025年第二季度单季主营收入160.74亿元，同比下降6.09%；单季度归母净利润7.23亿元，同比下降41.03%；单季度扣非净利润5.54亿 元，同比下降48.42%。毛利率为20.09%，其中Q2毛利率环比提升1.49个百分点至20.76%。负债率54.64%，投资收益3.9亿元，财务费用-7197.11万 元。 机构调研要点 问： ...

Market Overview - The Shanghai Composite Index closed at 3857.93 points, above the annual line, with a change of 0.37% [1] - The total trading volume of A-shares reached 28,301.97 billion yuan [1] Stocks Breaking Annual Line - A total of 22 A-shares have surpassed the annual line today, with notable stocks including Guoan Co., Transsion Holdings, and ST Huawen, showing divergence rates of 6.70%, 5.14%, and 4.43% respectively [1] - Stocks with smaller divergence rates that just crossed the annual line include Changjiang Electric, ST Zhongzhuang, and Laobaigan Liquor [1] Top Divergence Rates - The top three stocks with the highest divergence rates are: - Guoan Co. (10.07% increase, 6.70% divergence) - Transsion Holdings (7.17% increase, 5.14% divergence) - ST Huawen (4.86% increase, 4.43% divergence) [1] Additional Stock Performance - Other notable stocks include: - Shenyang Machine Tool (4.49% increase, 3.75% divergence) - Shangong Shenbei (4.20% increase, 3.64% divergence) - ST Boda (4.10% increase, 3.48% divergence) [1]

Market Performance - The consumer electronics sector rose by 3.62% on August 29, with Jieban Technology leading the gains [1] - The Shanghai Composite Index closed at 3857.93, up 0.37%, while the Shenzhen Component Index closed at 12696.15, up 0.99% [1] Top Gainers - Jieban Technology (301326) closed at 128.22, up 20.00% with a trading volume of 56,300 shares and a turnover of 683 million yuan [1] - Industrial Fulian (601138) closed at 53.83, up 9.99% with a trading volume of 3.43 million shares and a turnover of 17.37 billion yuan [1] - Dongni Electronics (603595) closed at 23.35, up 9.99% with a trading volume of 259,500 shares and a turnover of 58.1 million yuan [1] Top Losers - Kosen Technology (603626) fell by 9.99% to close at 15.85 with a trading volume of 1.55 million shares [2] - Yingshi Innovation (688775) decreased by 8.48% to 322.15 with a trading volume of 71,800 shares [2] - Zhixin Electronics (837212) dropped by 7.34% to 16.80 with a trading volume of 54,800 shares [2] Capital Flow - The consumer electronics sector experienced a net outflow of 1.086 billion yuan from institutional investors, while retail investors saw a net inflow of 1.915 billion yuan [2][3] - Major stocks like Industrial Fulian and Goer Technology saw significant net inflows from retail investors, while experiencing outflows from institutional and speculative investors [3] Individual Stock Analysis - Industrial Fulian had a net inflow of 197.2 million yuan from institutional investors, while it faced a net outflow of 1.09 billion yuan from speculative investors [3] - Goer Technology had a net inflow of 58 million yuan from institutional investors, with a net outflow of 246 million yuan from speculative investors [3]

Core Viewpoint - The global smartphone market is experiencing a slight decline in shipments, with Africa being viewed as the last untapped market by major smartphone manufacturers. However, Transsion Holdings has reported a significant drop in revenue and net profit, marking the first decline since its IPO in 2019 [1][2]. Group 1: Company Performance - Transsion Holdings reported a revenue of 29.077 billion yuan in the first half of 2025, a year-on-year decrease of 15.86%, and a nearly 60% drop in net profit [1]. - The company attributes its performance decline to product rhythm, intense market competition, and supply chain costs, with market competition being a particularly significant factor [1][2]. - Transsion's market share in Africa has remained stable at around 50% since surpassing Samsung in 2017, but it is now facing increased competition from rivals like Xiaomi, OPPO, and others [1][2]. Group 2: Competitive Landscape - Xiaomi has rapidly increased its market share in Africa from single digits in 2019 to 14.4% by Q2 2025, positioning itself as the third-largest player behind Transsion and Samsung [2]. - The competition is intensifying, with various brands targeting both high-end and low-end segments, particularly the sub-$100 market where Transsion has traditionally dominated [3][4]. - Xiaomi's strategy includes not only competitive pricing but also better specifications at similar price points, directly challenging Transsion's product offerings [3]. Group 3: Market Expansion and Challenges - Transsion has been expanding into South Asia, Latin America, and the Middle East since 2016, with non-African markets contributing 65% of revenue by 2024 [5]. - Despite this growth, profitability in these new markets is significantly lower than in Africa, with a gross margin of 17.66% compared to 28.59% in Africa [5]. - The company is also investing in mid-to-high-end products to target the emerging middle class in new markets, with R&D spending reaching 1.362 billion yuan in the first half of 2025 [5][6]. Group 4: New Business Ventures - Transsion has been developing its electric two-wheeler business for nearly three years, launching the TankVolt brand in Uganda and expanding into other African countries [6]. - In 2025, the company partnered with ZMC Solar Energy to enter the energy storage market in Iraq, indicating a diversification strategy beyond smartphones [6].

2025 年 8 月 29 日 公司研究 25Q2 业绩触底回升，看好新兴市场长期增长+扩品类+移动互联网+端侧 AI 发展 ——传音控股（688036.SH）跟踪报告之七 买入（维持） 当前价：83.99 元 作者 分析师：刘凯 执业证书编号：S0930517100002 021-52523849 kailiu@ebscn.com 分析师：何昊 执业证书编号：S0930522090002 021-52523869 hehao1@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 11.40 | | 总市值(亿元)： | 957.78 | | 一年最低/最高(元)： | 70.32/124.83 | | 近 3 月换手率： | 41.40% | 要点 事件：公司发布 2025 年半年度业绩报告，2025H1 公司实现营收 290.77 亿，同比 下降 15.86%；实现归母净利润 12.13 亿元，同比下降 57.48%；实现扣非后归母净 利润 8.97 亿元，同比下降 63.04%。 其中，公司 25Q2 公司实现营收 160.74 亿元，同比下降 6.09%，环比 ...

2025年8月28日，Wind数据显示，A股主要指数集体走强，午后呈现"V型"走势，沪深两市成交额达到 29,708亿元。板块方面，科技成长板块集体爆发，CPO、铜缆高速连接板块概念走高，芯片、半导体板 块活跃。 摩根资产管理指出，科创板企业普遍具有高回报、高研发强度等特点，在国家持续推动资本市场改革与 指数产品丰富化的背景下，科创板有望迎来新的发展机遇。监管层近期深化科创板改革的举措，进一步 彰显推动科技与资本深度融合的决心，将为板块注入新动力。 科创板被视为资本市场改革的"试验田"，具有长期投资价值支撑的方向。随着我国逐步进入科技引领的 高质量增长阶段，科技行业对GDP和市值的贡献度仍有较大提升空间。科创信息技术指数作为覆盖半导 体、软件、AI等关键领域的重要指标，不仅展现中等市值风格，还兼具高成长性与高研发特征，或为 投资者提供分享中国科技红利的高效途径。 相关ETF方面，科创信息技术 ETF摩根(588770)跟踪上证科创板新一代信息技术指数，主要投资于新一 代信息技术领域的科创板上市公司，为投资者提供参与科创板投资的便捷工具。 风险提示：投资有风险，在进行投资前请参阅相关基金的《基金合同》、《招募说 ...

8月29日早盘，A股三大指数集体上涨，上证指数盘中上涨0.41%，保险、软饮料、贵金属等板块涨幅靠 前，半导体、电脑硬件跌幅居前。消费电子反复活跃，截至10:06，消费电子ETF（159732）下跌 0.94%。数据显示，消费电子ETF连续8个交易日资金净流入累计超12亿元。早盘其成分股东山精密上涨 8.81%，欣旺达上涨3.17%，胜宏科技上涨3.09%，传音控股上涨2.98%。 消息方面，国务院印发《关于深入实施"人工智能+"行动的意见》。意见提出，推动智能终端"万物智 联"，培育智能产品生态，大力发展智能网联汽车、人工智能手机和电脑、智能机器人、智能家居、智 能穿戴等新一代智能终端，打造一体化全场景覆盖的智能交互环境。 消费电子ETF（159732）跟踪国证消费电子指数，主要投资于业务涉及消费电子产业的50家A股上市公 司，行业主要分布于电子制造、半导体、光学光电子等市场关注度较高的主流板块。其场外联接基金 为，A类：018300；C类：018301。 恒泰证券研报指出，下半年以旧换新资金，以及下半年传统旺季（开学+国庆+双11）仍可带动一定智 能手机销量提升，IDC预测2025年中国智能手机出货量同比 ...

市场表现方面，获社保基金持有的科创板股7月以来平均上涨25.91%。从具体个股看，鼎通科技累计涨幅103.91%，表现最好，杰普特、金盘科技 等分别上涨90.85%、75.93%位居其后。跌幅最大的是东来技术，累计下跌10.11%。（数据宝） （原标题：社保基金持有61只科创板股：新进13股，增持16股） 财报季，社保基金持股动向曝光！二季度末社保基金共现身61只个股前十大流通股东榜，新进13只，增持16只。 证券时报•数据宝统计显示，社保基金最新出现在61只科创板股前十大流通股东名单中，合计持股量2.79亿股，期末持股市值合计126.95亿元。持 股变动显示，新进13只，增持16只，减持16只，16只股持股量保持不变。新进股中，金盘科技、中触媒、柏楚电子等持股量居前。 社保基金持有科创板股中，从前十大流通股东名单中社保基金家数来看，社保基金家数最多的是合合信息，共有4家社保基金出现在前十大流通股 东名单中，即汇添富基金管理股份有限公司-社保基金17022组合、全国社保基金一一一组合、全国社保基金四一一组合、全国社保基金一一零组 合，分别位列公司第二大、第五大、第八大、第十大流通股东，持股量合计为195.87 ...