以下文章来源于蓝字计划 ，作者Hayward 蓝字计划 . 记录智能时代的每一次浪潮！前沿科技捕手，AI产品深度洞察。重点关注人工智能、机器人、新能源 车与硬科技。 作者： Hayward 来源：蓝字计划 强如有"非洲之王"之称的传音，在华为的专利铁桶阵面前也栽跟头了。 ------------------------------- 华为起诉传音的新闻，相信大家已经略有耳闻。早在六年前的 2019 年，他们之间就有过一次交 锋，那时华为因为手机壁纸的著作权问题起诉传音，最终以双方和解告终。 而这次华为提起的诉讼于 2025 年 6 月 20 日正式提交，是华为第二次就知识产权问题起诉传 音。这次诉讼的核心， 是一项名为 " 偏移解码装置、偏移编码装置、图像滤波装置 " 的欧洲专利 （ EP2725797 ）。 | | d | | --- | --- | | 3 | | | | . | | A .. . WANA VALUALU VI | | 118.00 | | --- | --- | --- | | (22)申请日 2012.06.22 | HO4N | | | | HO4N | | | (65)同一申请的 ...

Core Insights - Xiaomi is facing a crisis in its smartphone business, with Q2 2025 revenue at 45.5 billion yuan, a decrease of 1 billion yuan year-on-year, despite a 4.5 percentage point increase in market share for mid-to-high-end models [1] - The company is shifting focus to the African market, appointing several executives to enhance its presence there, as indicated by CEO Lei Jun's statement on increasing investment in Africa [1][2] - The African smartphone market is highly competitive, with local brand Transsion holding a dominant position, making it challenging for Xiaomi to gain market share [5][7] Xiaomi's Strategy in Africa - Xiaomi's initial entry into Africa began in 2015, but it struggled to establish a strong presence due to reliance on a single distributor and lack of direct channels [2] - The company has since adopted a "ground strategy," focusing on low-cost sub-brands like Redmi and A series, and has expanded operations to 16 African countries by 2024 [2][5] - Xiaomi's approach includes local partnerships and direct store openings to improve market penetration in smaller cities and towns [2] Competitive Landscape - Transsion has been operating in Africa for over 15 years, establishing a robust sales network and catering to local consumer preferences with tailored products [4][5] - In Q1 2025, Transsion achieved a market share of 47% in Africa, while Xiaomi's share was only 13%, indicating the significant challenge Xiaomi faces in this market [5][6] - Other competitors like Samsung and OPPO are also active in Africa, with Samsung holding a 21% market share in Q1 2025 [6][7] Market Dynamics - The African smartphone market is characterized by a growing demand for affordable devices, with a 6% year-on-year increase in shipments in Q1 2025 [13] - Despite the overall growth, there are disparities in market performance across different countries, with some experiencing declines due to economic factors [14][15] - Xiaomi's strategy to focus on low-cost models aligns with the purchasing power of African consumers, who are increasingly seeking value [15] Future Prospects - Xiaomi aims to leverage its experience from the Indian market to establish a strong foothold in Africa, targeting the middle and lower segments with competitively priced products [18][24] - The company is also exploring opportunities in the electric vehicle market in Africa, which presents a significant growth potential given the low penetration of electric vehicles [22][25] - By building a localized team and enhancing its service offerings, Xiaomi hopes to create a comprehensive ecosystem that includes both smartphones and related services [19][20]

因此，传音这两年有点辛苦，一方面是非洲市场的竞争加剧，蓝海非洲转眼变红；另一方面则是新的业务增长点难寻。非洲手机市场上说，非洲兄弟们的 购买力没办法跃升，实现不了更高的利润率，供应链成本侧则因存储产品涨价等，要价越来越高，外加非洲、南亚多地存在货币贬值风险，也会直接影响 利润。 2007年，传音在非洲发布了第一款主打双卡双待的功能机Tecno T780，功能和设计上说，这款手机在当时的中国市场都不算稀奇，但在非洲，却极具创新 性。那一年，T780在非洲年销量突破2000万台，成为了非洲功能机市场的现象级产品。 而新的业务增长点上，传音尝试走向高端机、走向软硬件结合的生态，走向二轮出行/其他数码产品/家电产品线，或者开辟新兴市场，无论哪一步都得先 播种，再收获。 彼时的非洲手机市场是大蓝海，对于更多中国手机厂商来说，中国手机市场是更蓬勃增长的状态，因此少有人关注相隔万里的非洲——这个人口超过10亿 的市场，手机渗透率却极低，只有逃离内卷的传音在新大陆开拓市场。 而到了今天，随着国内手机市场的饱和状态越来越高，非洲的互联网程度也在走高，传音的非洲大本营成为了更多手机厂眼中的香饽饽。 一边得守业，一边得输血再创业。 ...

从指数持仓来看，中证全指通信设备指数十大权重分别为：新易盛（16.83%）、中际旭创 （16.04%）、工业富联（12.26%）、中兴通讯（8.57%）、天孚通信（3.6%）、中天科技（2.9%）、传 音控股（2.62%）、亨通光电（2.47%）、闻泰科技（2.3%）、海格通信（1.94%）。 金融界8月18日消息，上证指数高开高走，中证全指通信设备指数 (通信设备，931160)上涨4.12%，报 10152.1点，成交额1067.77亿元。 数据统计显示，中证全指通信设备指数近一个月上涨24.08%，近三个月上涨57.77%，年至今上涨 42.36%。 据了解，中证全指通信设备指数从中证全指指数中选取业务涉及通信设备领域的上市公司证券作为指数 样本，以反映该主题上市公司证券的整体表现。该指数以2004年12月31日为基日，以1000.0点为基点。 从中证全指通信设备指数持仓的市场板块来看，深圳证券交易所占比67.12%、上海证券交易所占比 32.88%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定 ...

【编者按：ESG年报解读是搜狐财经及价值公司100联合发起的针对各公司ESG报告披露情况的解读专 栏。参考上交所《上市公司治理准则》、港交所《环境、社会及管治守则》等文件，迭代完善各行业 ESG星级测评体系标准，并以最新标准为依托，以2024年公司ESG报告为主要数据来源，对公司2024年 环境资源、社会责任及公司管治进行评价】 ——本文为"传音控股" 出品 | 搜狐财经 研究员 | 王晓潇 巨头的专利围剿 传音正面临着多起专利纠纷的集中压力。 8月初，欧洲统一专利法院（UPC）官网披露了一起专利侵权 案件，华为已在慕尼黑分庭起诉传音，指控传音及关联企业侵犯其一项关键的图像滤波技术专利。 就在今年6月，传音在视频压缩技术（HEVC）领域遭遇了密集的诉讼。日本的NEC公司和JVC公司先后 在巴西商事法庭起诉传音，矛头指向其传音侵犯自家与视频编解码相关的几项专利。几乎同一时间，美 国专利运营公司Sun Patent Trust（SPT）及前述的NEC公司也分别向欧洲统一专利法院分庭提起诉讼。 传音的99%以上的收入源于海外新兴市场。2024年，公司在全球机出货量达2.01亿部，以14.0%的市占 率位居全球第三。 ...

【编者按：ESG年报解读是搜狐财经及价值公司100联合发起的针对各公司ESG报告披露情况的解读专栏。参考上交所 《上市公司治理准则》、港交所《环境、社会及管治守则》等文件，迭代完善各行业ESG星级测评体系标准，并以最 新标准为依托，以2024年公司ESG报告为主要数据来源，对公司2024年环境资源、社会责任及公司管治进行评价】 2024年ESG报告 图：传音控股 ——本文为"传音控股" 出品 | 搜狐财经 巨头的专利围剿 传音正面临着多起专利纠纷的集中压力。 8月初，欧洲统一专利法院（UPC）官网披露了一起专利侵权案件，华为已 在慕尼黑分庭起诉传音，指控传音及关联企业侵犯其一项关键的图像滤波技术专利。 就在今年6月，传音在视频压缩技术（HEVC）领域遭遇了密集的诉讼。日本的NEC公司和JVC公司先后在巴西商事法 庭起诉传音，矛头指向其传音侵犯自家与视频编解码相关的几项专利。几乎同一时间，美国专利运营公司Sun Patent Trust（SPT）及前述的NEC公司也分别向欧洲统一专利法院分庭提起诉讼。 更早一些， 2024年1月，飞利浦在印度德里高等法院起诉传音，指控其未经授权使用其持有的AAC和USAC音频标 ...

Group 1 - The A-share market experienced a strong upward trend on August 18, with the Shanghai Composite Index reaching a nearly 10-year high [1] - The STAR Market Composite Index ETF by Huatai-PB rose by 1.94%, indicating positive market sentiment [1] - The STAR Market Composite Index itself surged by 2.08%, with notable gains from constituent stocks such as Nanxin Pharmaceutical and Shunlian Bio, both increasing by over 20% [1] Group 2 - As of August 18, 2025, the top ten constituent stocks of the STAR Market ETF include companies like Saiwei Technology and Haiguang Information, with varying performance in terms of price changes and trading volumes [2] - The semiconductor industry in China saw a total investment of 455 billion yuan in the first half of 2025, reflecting a 9.8% year-on-year decline, while semiconductor equipment investment grew by 53.4%, highlighting a strategic focus on supply chain autonomy [3] - Major global tech companies are significantly increasing their capital expenditures for AI infrastructure, with Microsoft planning to spend $88.2 billion in the 2025 fiscal year, followed by Google and Meta with substantial increases as well [3][4]

科创信息技术ETF（588100）业绩比较基准为上证科创板新一代信息技术指数收益率，管理人为嘉实基 金管理有限公司，基金经理为张钟玉，成立（2022-05-18）以来回报为48.78%，近一个月回报为 12.68%。 8月18日，科创信息技术ETF（588100）开盘涨1.28%，报1.508元。科创信息技术ETF（588100）重仓股 方面，中芯国际开盘涨1.81%，海光信息涨0.74%，寒武纪涨2.88%，澜起科技涨0.02%，中微公司涨 0.77%，金山办公涨0.48%，传音控股涨0.07%，九号公司涨0.10%，芯原股份涨2.69%，石头科技涨 8.00%。 来源：新浪基金∞工作室 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 ...

风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 8月18日，科创ETF（588050）开盘涨1.06%，报1.146元。科创ETF（588050）重仓股方面，中芯国际开 盘涨1.81%，海光信息涨0.74%，寒武纪涨2.88%，澜起科技涨0.02%，中微公司涨0.77%，金山办公涨 0.48%，联影医疗涨0.38%，传音控股涨0.07%，九号公司涨0.10%，芯原股份涨2.69%。 来源：新浪基金∞工作室 科创ETF（588050）业绩比较基准为上证科创板50成份指数收益率，管理人为工银瑞信基金管理有限公 司，基金经理为赵栩，成立（2020-09-28）以来回报为-21.05%，近一个月回报为10.56%。 ...

Core Insights - The number of stocks priced over 100 yuan in the A-share market has significantly increased, reaching 122 on August 15, marking a new high in nearly 506 trading days [2][4][5]. Market Activity - The average daily number of stocks priced over 100 yuan exceeded 110 in August, indicating heightened market activity [3]. - The A-share market has shown strong performance, with the Shanghai Composite Index reaching a new phase high and northbound capital transactions surpassing 300 billion yuan for the first time this year [2]. Stock Characteristics - The 122 stocks priced over 100 yuan are distributed across 16 industries, with the electronics sector having the highest representation at 36 stocks, followed by computer and pharmaceutical industries [7]. - These stocks are primarily from the innovation-driven sectors, with 52 from the Sci-Tech Innovation Board and 38 from the Growth Enterprise Market [7]. Financial Metrics - Stocks priced over 100 yuan exhibit stronger earnings growth potential, with projected net profit growth rates exceeding 17% for 2023 and 2024, while non-100 yuan stocks are expected to see declines [8][11]. - The average price-to-earnings ratio of these high-priced stocks is competitive compared to their industry peers, with 29.51% classified as undervalued [8]. Institutional Interest - Nearly 80% of stocks priced over 100 yuan have received institutional research attention, significantly higher than the less than 50% for non-100 yuan stocks [8][11]. - The financing balance for these stocks has increased by over 30% since the end of last year, compared to less than 11% for non-100 yuan stocks [8][11]. Potential High-Value Stocks - A selection of 17 potential high-value stocks has been identified, all priced between 80 and 100 yuan, with strong institutional interest and projected earnings growth [12]. - These stocks are primarily concentrated in the innovation sectors, particularly in semiconductors and humanoid robotics [12][14].