一部原价3499元的AI手机，在二手市场最高被炒至3.6万元，却遭到微信、支付宝等多款主流APP的"围 剿"，AI时代的新一轮"手机入口争夺战"就此打响。 12月10日，证券时报记者实地探访了被称为"二手手机集散地"的深圳华强北通天地通讯市场，发现努比 亚M153手机（以下称"豆包AI手机"）在二手交易市场属于"线下缺货，线上溢价"的状态，此前一度卖 到了万元以上，但随着豆包AI手机被多款主流APP限制使用，溢价出现了较大幅度的回落。 有专家向记者表示，豆包手机助手所代表的"系统级AI Agent"能力，正触动微信和淘宝等超级应用在广 告曝光、内容分发等方面的核心利益，颠覆用户使用APP的模式，AI手机想进一步落地，短期还面临权 限合规、生态摩擦等多重挑战。 二手市场降温 溢价有所回落 近期热度极高的豆包AI手机，指的是字节跳动旗下的AI助手豆包与中兴通讯合作推出的努比亚M153手 机，它是目前唯一一款将豆包嵌入底层操作系统的手机。这款手机让AI不再只是简单的APP应用，而是 真正改变了手机的"使用方式"：只需给AI助手下达指令，它就能自动打开APP帮忙购物、买机票、给视 频点赞……正因为这样的"颠覆级体验" ...

Core Viewpoint - ZTE Corp is potentially facing a settlement exceeding $1 billion with the U.S. government to resolve longstanding allegations of foreign bribery related to telecom contracts [1][3]. Group 1: Allegations and Investigations - The U.S. Justice Department is investigating ZTE for violations of the Foreign Corrupt Practices Act (FCPA) in South America and other regions, which prohibits payments to foreign officials for business advantages [2]. - Allegations include that ZTE engaged in bribery to secure business deals, particularly in South America, with Venezuela being specifically mentioned [5][6]. - The most recent bribery-related act linked to ZTE occurred in 2018, indicating that FCPA cases can take years to surface [5]. Group 2: Financial Implications - ZTE has already paid approximately $2 billion in penalties to U.S. authorities for previous export violations during the Trump administration [1]. - The potential settlement amount could range from over $1 billion to possibly $2 billion or more, based on the alleged gains from corrupt contracts [3]. Group 3: Company Response and Compliance - ZTE has publicly stated a "zero-tolerance attitude towards any form of corruption or bribery" and has established an anti-bribery compliance system [4]. - The company did not respond to requests for comment regarding the ongoing investigations [4]. Group 4: Settlement Process - A settlement with the U.S. government would require approval from the Chinese government, and it remains unclear when a deal might be finalized [4].

图虫创意/供图 证券时报记者 安宇飞 在深圳华强北通天地通讯市场，有店铺老板表示，豆包AI手机线下全面缺货。 安宇飞/供图 同时，豆包AI手机的火热还催生出了"租赁手机"的业务，租一天豆包AI手机的价格普遍在70元到300元之间。一位卖家 称，豆包AI手机"租的比卖的更火"，租一天价格是200元，"排期"已经排到了12月18日。该卖家表示："我光租手机赚的 钱，都快赶上手机售价了。" 为何豆包AI手机在二手交易市场热度较高？苏商银行特约研究员高政扬接受证券时报记者采访时表示："这种溢价是稀缺 性与情绪溢价的叠加效应。一方面，豆包AI手机用F码限量发售形成了人为的供给约束，强化市场的稀缺预期；另一方 面，AI手机概念尚处于产业发展早期，叠加公众对下一代终端形态的美好想象，'技术尝鲜权'的心理诉求推动了价格上 涨。" 港股100强研究中心顾问、经济学家余丰慧向证券时报记者表示，这种现象也表明在目前的手机消费大环境之下，部分消 费者依然愿意为获得前沿技术和独特体验而支付溢价。 一部原价3499元的AI手机，在二手市场最高被炒至3.6万元，却遭到微信、支付宝等多款主流APP的"围剿"，AI时代的新 一轮"手机入口争夺 ...

一部原价3499元的AI手机，在二手市场最高被炒至3.6万元，却遭到微信、支付宝等多款主流APP的"围 剿"，AI时代的新一轮"手机入口争夺战"就此打响。 此前，豆包AI手机需要官方购机F码（优先购买资格）购买，最后购买期限为12月7日。这意味着，目 前豆包AI手机已经全面转入二手市场交易。证券时报记者来到华强北专门进行二手手机交易的通天地 通讯市场三楼了解情况，有店铺老板向记者表示，在今年二手手机市场普遍"刚开卖就破发"的情况下， 豆包AI手机的高溢价较为罕见。 上述店铺老板表示："你说的豆包AI手机，前两天普遍加价2000元才能买到，而且线下市场全都没货， 你只能到线上平台去买。因为它只能通过F码购买，数量也不多，没有在线下市场大量流通。"记者询问 了多家店铺，均没有豆包AI手机现货。 在闲鱼等线上二手交易平台，记者发现豆包AI手机最高售价达3.6万元，不过大量店铺的标价已经回落 到3999元，较原价溢价500元。有卖家告诉记者："前几天还卖六七千元，最近很多APP不让这手机用 了，溢价也降了不少，再卖不出去担心无法出手。" 同时，豆包AI手机的火热还催生出了"租赁手机"的业务，租一天豆包AI手机的价格普 ...

■苏向杲 "AI手机"获得消费者青睐，折射出传统行业与AI融合的巨大潜力。对于许多面临增长瓶颈或模式固化的 行业而言，AI的深度融入不仅能提升局部效率，更有望引发商业模式与产业逻辑的系统性变革。例 如，制造业可通过AI实现工艺参数实时优化与预测性维护；医疗领域则能通过AI辅助诊断提升服务效 率与质量。 近日，字节跳动与中兴通讯联合推出手机，因其深度集成豆包手机助手的AI(人工智能)系统，一经发布 便迅速引发市场热潮，首批3万台产品短时间内售罄，吸引了资本市场与科技界的广泛关注。 对比来看，传统手机的AI功能通常是需要手动触发的孤立应用，而上述手机则将AI深度融入系统底 层，使其能像"个人智能助理"一样主动理解并执行跨应用的复杂任务，比如通过语音指令点外卖等。因 此，该类手机也被市场称为"AI手机"。 当前，AI技术飞速发展，关于"AI泡沫"的讨论不绝于耳。上述"AI手机"的阶段性成功，为我们多维度审 视AI产业的现实走向与未来价值，提供了有益的切入视角。 其一，对股票投资者而言，技术与市场需求的真实交汇点值得关注。 "AI手机"被热捧折射出，一项技术能否成功，不仅取决于其是否前沿，更取决于能否与真实的市场需求 ...

Core Insights - The article discusses the launch of AutoGLM, an AI Agent model by Zhipu Huazhang, which is claimed to be the world's first AI Agent with "Phone Use" capabilities, aiming to create a public foundation for the industry while ensuring data privacy remains with users [1][4]. Group 1: AI Agent Development - Zhipu Huazhang announced the open-sourcing of AutoGLM, which includes functionalities such as sending mobile red packets and placing food orders, and supports over 50 high-frequency applications like WeChat and Taobao [4]. - The rapid evolution of open-source large models in China is a key driver for the deployment of AI Agents in mobile devices, enabling manufacturers to enhance their edge computing capabilities [5]. Group 2: Data Privacy and Security - The push for on-device AI models is seen as a way to enhance user data security, as these models can operate locally without needing to upload data to the cloud, thus reducing the risk of data leaks [6]. - IDC forecasts that by 2026, the shipment of the next generation of AI smartphones in China will reach 147 million units, representing a 31.6% year-on-year growth and capturing 53% of the overall market [6]. Group 3: Industry Challenges - Despite advancements, the industry faces challenges regarding the legal and compliance aspects of cross-application automation, which complicates the implementation of AI functionalities in smartphones [7][8]. - The current ecosystem is characterized by competition among hardware manufacturers, app developers, and large model providers, leading to barriers in data sharing and collaboration [10]. Group 4: Future Directions - The industry is encouraged to focus on lowering usage barriers and solving practical problems while ensuring privacy, rather than pursuing full automation blindly [10]. - The collaboration between software and hardware companies is seen as a necessary step to enhance the capabilities of AI in mobile devices, similar to past examples of tech companies venturing into new domains [9].

Core Viewpoint - The launch of AutoGLM by Zhipu Huazhang, claimed to be the world's first AI Agent with "Phone Use" capabilities, aims to create a public foundation for the industry while ensuring data privacy remains with users [1][4]. Group 1: Product Features and Capabilities - AutoGLM has been demonstrated to perform tasks such as sending mobile red packets and placing food orders, and it supports over 50 high-frequency applications including WeChat, Taobao, and Douyin [4]. - The open-source nature of AutoGLM is intended to transform its capabilities into a shared resource for the industry, allowing for collaborative development [4][5]. - The trend towards smaller, more efficient models is enabling mobile manufacturers to enhance on-device AI capabilities, which is crucial for data security [5]. Group 2: Industry Challenges - The mobile industry faces significant challenges regarding user privacy and data permissions, with existing standards failing to adapt to the needs of AI-driven automation [6][7]. - There is a lack of clear authorization standards for cross-application automation, which complicates the implementation of AI functionalities that users desire [6][7]. - The current competitive landscape among hardware manufacturers, app developers, and large model providers is creating barriers to collaboration and data sharing [7][9]. Group 3: Industry Responses and Future Directions - Companies like ZTE and Doubao are responding to the challenges by emphasizing openness and collaboration to enhance user experience [8]. - The industry is witnessing a trend where software companies are entering hardware markets, similar to historical moves by Microsoft and Google, indicating a shift towards integrated solutions [8]. - Despite the irreversible trend towards AI mobile agents, the industry must focus on lowering usage barriers and addressing real-world problems while ensuring privacy [9].

"大家有好奇，有期待，也免不了一些'拷问'。"12月9日，倪飞在回应中并未回避目前的困境。他表 示，手机行业已许久未出现颠覆式创新，在AI大变革时代，努比亚的选择是"开放"。 对于外界关于努比亚为何选择与豆包深度绑定的疑问，倪飞将其以"iPhone+ChatGPT"与"三星 +Gemini"的模式举例。他强调，核心目的是为了实现"1+1>2"，给用户带去更好的体验。他坦言，目前 也收到了一些问题和反馈，"正在与合作伙伴积极地沟通与解决"。 从发布时的"一机难求"炒至万元，到遭遇微信等App"堵截"，字节跳动豆包大模型与中兴努比亚联合发 布的努比亚Z60 Ultra领先版（工程机型号Nubia M153）在短短十天内站在了舆论的风口。 12月9日，针对近期行业对于努比亚M153技术预览版兼容性与安全性的讨论，中兴通讯终端事业部总 裁、努比亚技术有限公司总裁倪飞发文回应，表示收到了问题反馈，正与合作伙伴沟通解决。抖音集团 副总裁李亮随后也转发，称"AI带来的变革是真实存在的"。 倪飞、李亮回应：AI手机发展势不可逆 随后，抖音集团副总裁李亮转发了该微博，并配文称："豆包和中兴的探索是一个开始，不论这次是不 是会成 ...

Group 1 - The Nubia M153 AI smartphone, developed in collaboration with Doubao and ZTE, has gained significant market attention following its technical preview release [1] - The official purchase qualification code (F code) for the Nubia M153 has been resold on second-hand platforms like Xianyu for prices ranging from 500 to 1000 yuan, and is now largely unavailable [1] - As the purchase deadline for the F code expired on December 7, demand has shifted entirely to the second-hand market, leading to a price surge on platforms like Xianyu, where new, unopened versions are listed between 3999 and 4999 yuan, with some listings reaching as high as 36000 yuan [1] Group 2 - On December 1, Doubao released the technical preview version of the Doubao Phone Assistant, with the Nubia M153 being sold in limited quantities, primarily targeting developers and tech enthusiasts [5] - The initial sale price of the Nubia M153 was set at 3499 yuan, with a limited stock of 30,000 units, all of which have sold out [5]

Investment Rating - The report maintains a "Buy" rating for ZTE Corporation and a "Hold" rating for Visionox Technology [8] Core Insights - The AI mobile phone market is on the verge of rapid growth, with the launch of Doubao's mobile assistant preview version indicating a significant shift in consumer electronics [4][14] - Huawei's "Smart Hanhai" AI toy has seen explosive sales, highlighting the growing demand for AI-integrated products in the consumer market [5][15] - The AI toy market in China is projected to grow from approximately 24.6 billion yuan in 2024 to 29 billion yuan in 2025, with expectations to exceed 100 billion yuan by 2030, reflecting a compound annual growth rate of over 50% [6][15] Summary by Sections Industry Dynamics - The smartphone market is experiencing innovation with Samsung's launch of the Galaxy Z TriFold, a multi-folding screen device aimed at maintaining its competitive edge [17][18] - The global foldable smartphone market is expected to grow, with Samsung holding a significant market share of 64% in Q3 2025 [19][24] - Apple is anticipated to regain its position as the largest smartphone manufacturer in 2025, driven by strong demand for the iPhone 17 series [33][34] Key Companies and Earnings Forecast - ZTE Corporation is projected to have an EPS of 1.76 in 2024, increasing to 1.91 by 2026, with a PE ratio of 23.99 in 2024 [8] - GoerTek and other companies are highlighted as key players in the AI toy sector, with significant growth potential [6][15] - The report suggests monitoring companies like ZTE, Visionox, and Lens Technology for investment opportunities in the AI mobile and toy markets [6][15]