以下文章来源于Counterpoint 咨询 ，作者Counterpoint Counterpoint 咨询 . Counterpoint Research 是一家专注于科技行业的全球性研究公司，在全球主要的市场有着强大的影响 力。我们致力于为合作伙伴提供准确、及时的市场数据，帮助他们做出明智的决策。 在苹果以及中国主要 OEM 厂商的推动下，10 月中国智能手机销量同比增长 8%。 根据 Counterpoint Research 的中国 Market Pulse 智能手机月度销售追踪报告 的初步数据显示，10 月份智能手机销量在苹果 37% 的同比增长的推动下增长了 8%。"iPhone 17 系列继续为苹果带来佳 绩，其中基础款和 Pro 机型的增长最快，" 高级分析师 Ivan Lam 表示，"新款 iPhone 的销量占比极 高，超过 80%，因此随着平均售价的上涨，我们预计整体销量将进一步提升。" 数据来源：Counterpoint Research Market Pulse 智能手机月度销售追踪报告 这是苹果 有史以来 在 Q4 的最佳开局表现，其总销量已经远远超过了 2021 年 10 月创下 ...

iPhone 17 与小米 17 系列这两款机型是各自上市的首月推动两家厂商增长的关键因素。 根据 Counterpoint Research 最新发布的《中国智能手机周度销量追踪》 报告，iPhone 17 与小米 17 系列首月销量显示，这两条产品线是各自品牌在上市首月实现增长的关键驱动力。苹果与小米的整 体销售量增长情况相似，分别同比增长 22% 与 21%。 苹果与小米各自 17 系列在中国首月销量表现 以下文章来源于Counterpoint 咨询 ，作者Counterpoint Counterpoint 咨询 . Counterpoint Research 是一家专注于科技行业的全球性研究公司，在全球主要的市场有着强大的影响 力。我们致力于为合作伙伴提供准确、及时的市场数据，帮助他们做出明智的决策。 数据来源：Counterpoint Research 中国智能手机周度销量追踪报告 *首月统计周期：iPhone 16：2024 年 9 月 20 日 – 10 月 20 日；iPhone 17：2025 年 9 月 19 日 – 10 月 19 日 在新冠疫情期间购买 iPhone 的用户如今进入集中 ...

以下文章来源于Counterpoint 咨询 ，作者Counterpoint Counterpoint 咨询 . Counterpoint Research 是一家专注于科技行业的全球性研究公司，在全球主要的市场有着强大的影响 力。我们致力于为合作伙伴提供准确、及时的市场数据，帮助他们做出明智的决策。 10 月前两周，西欧智能手机销量同比下降 1%，反映出区域经济依旧低迷、消费者仍显信心不足 的情况。 根据 Counterpoint Research 的智能手机周度销量追踪 数据，西欧地区 10 月前两周（第 40、41 周）智能手机销量同比下降 1%。 副总监 Jan Stryjak 表示："苹果通常在 9 月下旬发布新款 iPhone，因此 10 月往往是西欧智能手机市场的季节性增长期。但从今年 10 月初的周度数据来看， 西欧地区的本月整体增速可能不及预期。整个地区的经济形势依然低迷，消费者信心仍未明显恢 复。" 数据来源：Counterpoint Research 欧洲周度追踪，2025年10月 注：周度数据采用周日至周六的报告周期。因此，"10月前两周"即2025年9月28日至10月11日，以及20 ...

以下文章来源于Counterpoint 咨询 ，作者Counterpoint Counterpoint 咨询 . Counterpoint Research 是一家专注于科技行业的全球性研究公司，在全球主要的市场有着强大的影响 力。我们致力于为合作伙伴提供准确、及时的市场数据，帮助他们做出明智的决策。 由于政府对监管能力和数据安全的担忧，中国在采用 eSIM 技术方面一直态度谨慎。 几年来，出于监管和安全方面的考量，中国一直未在智能手机上引入 eSIM。由于国内所有手机号都 必须绑定实名身份，监管部门担心远程激活的 eSIM 会增加用户身份核验与网络监管的难度。同 时，限制措施也旨在确保所有通信都在国内网络体系内进行，并符合国家数据监管要求。 最初，eSIM 仅用于智能手表和物联网设备。苹果、华为、小米、OPPO、vivo 等品牌在中国销售的 手机均采用双实体 SIM 卡槽；即便它们的海外版本早已支持 eSIM，中国市场仍未开放这一功能。 这一政策还在亚洲引发了连锁效应。由于中国品牌在印度、越南等市场占据主导，它们坚持双 SIM 卡设计使得非 eSIM 机型成为区域主流。本地小品牌既难与中国的高性价比机型竞争 ...

Group 1 - Warren Buffett's Berkshire Hathaway sold a significant amount of Apple stock and purchased shares in Google's parent company, Alphabet, as part of its third-quarter 13F report [3][4] - As of the end of the third quarter, Berkshire held 41 stocks with a total market value of $267 billion, an increase of 3.4% from the previous quarter [4] - Berkshire's Apple holdings decreased from 280 million shares to 238.2 million shares, selling nearly three-quarters of its original 905 million shares [4] Group 2 - The decision to reduce Apple holdings reflects a rational approach, as the company has shown a slowdown in product innovation and its market valuation has exceeded traditional value investment safety margins [6] - The purchase of Alphabet shares may indicate a shift in investment strategy, aligning with the interests of other investment managers within Berkshire, suggesting a diversification of investment philosophy [8] - The upcoming transition to a post-Buffett era necessitates a more diversified investment strategy to adapt to changing market conditions and seize opportunities in emerging sectors like technology and renewable energy [10] Group 3 - The potential transformation of Berkshire's investment style post-Buffett could lead to a greater focus on technology investments and a more flexible approach to market opportunities, while still maintaining core value investment principles [11][12] - The essence of Buffett's investment philosophy, characterized by rationality, discipline, and long-termism, is expected to continue, even as the company adapts to new market realities [12]

Group 1 - Nvidia reported third-quarter revenue of $57.01 billion, exceeding market expectations of $55.19 billion [2] - Li Auto acknowledged underestimating Xiaomi's impact on the automotive market, leading to strategic adjustments in response to declining sales [2] - Xiaomi's entry into the automotive sector has intensified competition, with two successful models launched in two years [2] Group 2 - OpenAI announced the release of the GPT-5.1-Codex-Max programming model, which significantly enhances long-term reasoning, efficiency, and real-time interaction capabilities [3] - Elon Musk stated that the development of generative AI will render money "meaningless," although energy and quality will still impose limitations [4] Group 3 - Kuaishou reported third-quarter revenue of 35.6 billion yuan, a year-on-year increase of 14.2%, with core business revenue growing by 19.2% [5] - Kuaishou's operating profit increased by 69.9% year-on-year to 5.3 billion yuan, while adjusted net profit rose by 26.3% to 5 billion yuan [5] Group 4 - A report predicts that global DRAM prices, which have already surged by 50% this year, may rise an additional 30% by Q4 2025 and 20% in early 2026 [8]

21世纪经济报道新质生产力研究院综合报道 闻泰科技：对安世半导体的控制权仍受限 据新华社报道，北京时间11月19日，荷兰经济事务部发表声明，暂停针对安世半导体的行政令。19日晚 间，商务部新闻发言人就安世半导体相关问题答记者问，中方对荷方主动暂停行政令表示欢迎，认为这 是向妥善解决问题的正确方向迈出的第一步，但距离解决全球半导体产供链动荡和混乱的根源"撤销行 政令"还有差距。闻泰科技当晚公告称，虽然上述部长令（Order）被宣布暂停，但2025年10月7日（荷 兰时间）企业法庭裁决依旧处于生效状态，其效力并未受暂停的部长令任何影响，公司10月13 日公告 说明的企业法庭的所有紧急措施还在进行中，公司对安世的控制权仍然处于受限状态。也就是说，目前 闻泰科技对荷兰安世的合法权益尚未恢复。 Meta：开始通知澳大利亚青少年账户将关停 11月19日，据报道，Meta公司表示，为配合澳大利亚将实施的限制青少年使用社交媒体法令，其将于 12月10前阻止16岁以下澳大利亚用户访问Instagram、Facebook和Threads。Meta表示，公司已开始通过 应用内消息、电子邮件和短信通知其认定为13至15周岁的用户，其 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: US Technology, specifically focusing on large-cap tech stocks - **Key Findings**: Mega-cap tech stocks are currently the most under-owned in over 16 years, with a widening gap compared to the S&P 500 Core Insights - **Under-Ownership of Mega-Cap Tech Stocks**: - The gap in institutional ownership for mega-cap tech stocks compared to the S&P 500 increased to -148 basis points (bps) at the end of Q3 2025, up from -140 bps at the end of Q2 2025 [2][12] - Nvidia (NVDA) is identified as the most under-owned large-cap tech stock, followed by Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), and Broadcom (AVGO) [1][2] - **Specific Stock Analysis**: - **Nvidia (NVDA)**: - Institutional ownership decreased by 20 bps quarter-over-quarter (QoQ), ending at -2.61% [9] - **Apple (AAPL)**: - Institutional ownership increased by 36 bps QoQ to 4.45%, while S&P 500 weighting rose by 90 bps, resulting in a widening gap of 53 bps to -2.19% [15] - The iPhone 17 cycle is expected to benefit from a longer replacement cycle and upgrades, with a price target of $305 [15] - **Microsoft (MSFT)**: - Institutional ownership increased by ~40 bps QoQ to 5.1%, but remains ~200 bps below its S&P 500 weighting of 7.1% [16] - The company is positioned well for growth beyond GenAI, with a focus on accelerating revenue growth and margin expansion [16] - **Amazon (AMZN)**: - Remains under-owned with a weighting approximately 144 bps below the S&P 500 [17] - AWS revenue growth is expected to accelerate, with a price target of $315 [17] - **Meta (META)**: - Under-owned with a weighting about 40 bps below the S&P 500, with a price target of $820 [19] - **Alphabet (GOOGL)**: - Under-owned with a price target of $330, driven by GenAI innovation and cloud business growth [17][19] Additional Insights - **Institutional Ownership Trends**: - The average active ownership for large-cap tech stocks is significantly lower than their S&P 500 weightings, indicating potential for future stock performance improvements [12] - The analysis suggests a statistically significant relationship between low active ownership and future stock performance, indicating potential upward price movement for under-owned stocks [12] - **Market Dynamics**: - The report highlights the importance of understanding the dynamics of institutional ownership as it relates to stock performance, particularly in the context of mega-cap tech stocks [12] - **Risks and Considerations**: - Rising commodity input costs may pressure margins for companies like Apple, but manageable due to better supply chain leverage [15] - Concerns regarding the broader return on investment for Nvidia's AI spending, despite strong demand indicators [25] Conclusion - The current landscape for mega-cap tech stocks presents a unique investment opportunity due to their under-ownership status, particularly for stocks like Nvidia, Apple, and Microsoft. The analysis indicates potential for upward price movement as institutional ownership adjusts to reflect their market performance.

Core Insights - The latest flagship iPhone 17 Pro Max has gained significant attention among high-profile users, including Alibaba's founder Jack Ma and JD.com's founder Liu Qiangdong, both of whom have chosen the new "Starry Orange" color [1][12] - The "Starry Orange" color has quickly become a favorite among consumers, particularly in the high-end market and among celebrities, indicating a successful color strategy by Apple [1][6][7] - Despite some user complaints regarding color fading, the popularity of the "Starry Orange" variant remains strong, reinforcing its status as a symbol of identity among business leaders and celebrities [12] Market Impact - The choice of the iPhone 17 Pro Max by influential figures like Ma and Liu amplifies its appeal in the high-end market, potentially boosting sales for Apple's upcoming flagship models in 2025 [12] - The trend of high-profile users adopting the iPhone 17 Pro Max suggests a growing demand for premium smartphones that offer unique design and color options [6][12]

Core Insights - The rapid development of AI chips is driving the demand for high-performance computing (HPC) components such as GPUs, AI ASICs, and HBM, with advanced packaging technologies like 2.5D/3D becoming crucial in the semiconductor industry [1][3] - Intel's advanced packaging technology EMIB is being evaluated by major tech companies like Apple and Qualcomm, indicating a potential shift in the competitive landscape as these companies consider alternatives to TSMC [1][11] - The advanced packaging market is projected to grow significantly, with revenues expected to exceed $12 billion by Q2 2025 and reach approximately $45 billion by 2024, growing at a compound annual growth rate (CAGR) of 9.4% to around $80 billion by 2030 [3] Advanced Packaging Landscape - TSMC, Intel, and Samsung have established a competitive "three-horse race" in the advanced packaging sector, each playing different roles in the supply chain [3][20] - TSMC's CoWoS technology has become the de facto standard for high-bandwidth packaging, but it faces capacity constraints primarily due to Nvidia's significant demand [7][8] - Intel's EMIB technology offers flexibility and cost advantages, making it suitable for custom ASICs and AI inference chips, positioning it as a viable alternative to TSMC's offerings [11][15] Market Dynamics - The demand for advanced packaging is driven by the strong growth in AI and HPC sectors, with TSMC planning to expand its CoWoS capacity by over 20% by the end of 2026 [8][24] - Samsung's advanced packaging technologies, I-Cube and X-Cube, are designed to leverage its HBM supply chain, aiming to enhance its influence in the AI chip market [20][23] - The competition in AI chip manufacturing is no longer limited to packaging technologies but encompasses computational architecture, supply chain security, capital expenditure, and ecosystem integration [24]