以下文章来源于Counterpoint 咨询 ，作者Liz Lee 作为回应，主要Android OEM正加速更新折叠屏产品组合，以巩固其在高端市场的地位： 全球折叠屏智能手机市场：按OEM划分的市场份额，2025年 vs 2026年预测（2026F） 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。 根据 Counterpoint Research《折叠屏智能手机市场预测》报告 ，受苹果预计入局、智能手机市场持 续高端化以及OEM参与度扩大等因素支撑，2026年全球折叠屏智能手机出货量预计增长20%。随着 苹果准备推出其首款折叠屏iPhone，折叠屏智能手机市场将在2026年进入一个新的竞争阶段。 随着折叠屏市场演进，竞争格局预计将快速变化。苹果的进入将成为关键拐点。 Counterpoint Research 预测 ，苹果将在2026年取得28%的市场份额，并逼近三星的领先位置。这一变化预计将显 著重塑全球竞争版图。 来源：Coun ...

Core Viewpoint - AMG serves as a strategic partner and long-term investor in leading independent investment firms globally, enhancing their success while maintaining their autonomy and independence [1] Group 1: Partnership Model - AMG provides advantages of partnership to amplify the success of its Affiliates, offering strategic, business development, operational, and capital support [1] - The partnership model has been in operation for 30 years, emphasizing an entrepreneurial spirit and ownership mindset [1] Group 2: Value Creation - AMG's support enables Affiliates to expand their reach, diversify their business, and achieve further success [1] - The independent firm's entrepreneurial and investment-centric culture is recognized as crucial for generating differentiated long-term returns for clients [1] Group 3: Client and Affiliate Autonomy - Affiliates choosing AMG as a partner value their autonomy, which is also acknowledged by their clients [1]

Market Overview - The S&P 500 has been declining due to rising oil prices, influenced by ongoing conflicts in the Middle East, leading to uncertainty about the duration of this trend [1] - Despite the market dip, several stocks are currently trading at a discount, presenting potential buying opportunities [2] Carnival (CCL) - Carnival is the leading cruise operator and has shown strong recovery post-pandemic, but is facing challenges due to rising oil prices, which significantly impact operational costs [4] - The company reported record operating income, yet prolonged oil shipment issues could negatively affect its financial outlook [4] - Carnival is trading at 12 times trailing earnings, indicating it may be undervalued despite current market concerns [5] Apple (AAPL) - Apple has faced disappointment in the market due to lagging behind competitors in AI development, but has seen a 23% year-over-year increase in iPhone sales, indicating strong demand [6] - Investor sentiment is shifting positively towards Apple, especially with its strategic $1 billion deal to utilize Alphabet's Gemini LLM, which may be more beneficial than developing its own [6] - The stock is down 7% this year, but is considered a strong long-term investment opportunity [7] MercadoLibre (MELI) - MercadoLibre is a dominant player in Latin American e-commerce and fintech, with significant growth potential due to underpenetrated markets [9] - Despite a 47% year-over-year revenue increase in Q4 2025, the stock has dropped 14% this year, trading near a five-year low P/E ratio of 42, presenting a buying opportunity [10] Dutch Bros (BROS) - Dutch Bros has rapidly expanded its store count and plans to double it again by 2029, with a 29% year-over-year revenue increase in Q4 2025 [13] - The stock is down 18% this year and trades at a high P/E ratio of 50, reflecting market excitement about its future despite inflation concerns [14] On (ONON) - On is a Swiss athletic wear company experiencing rapid sales growth and maintaining the highest gross margin in its industry, with a 30% year-over-year sales increase in Q4 2025 [16] - The stock is down 16% year to date and trades at a P/E ratio of 52, which is a discount compared to its three-year average of 100, suggesting a good long-term investment opportunity [17]

Summary of Key Points from the Conference Call Industry Overview - The conference call primarily discusses developments in the technology sector, particularly focusing on artificial intelligence (AI), optical interconnects, and memory pricing trends. Key Companies Mentioned - **Nvidia (NVDA)**: Received approval from Beijing to sell H200 AI chips in China and is adapting Groq chips for the Chinese market [6][8] - **Alibaba (BABA)**: Increasing prices on AI computing chips and cloud storage products by up to 34% to capitalize on surging demand [9][10] - **Micron Technology (MU)**: Scheduled to release earnings, indicating potential market movements [3] - **LITE**: Identified as a core player in AI optical interconnects with long-term upside potential [14] - **Trade Desk (TTD)**: Downgraded to Neutral from Buy by Rosenblatt [46] - **Circle (CRCL)**: Price target raised due to confidence in blockchain infrastructure [58] Core Insights and Arguments - **Nvidia's Market Strategy**: Nvidia is preparing to leverage its AI chips for inference tasks in China, indicating a strategic move to capture market share in a growing sector [8] - **Alibaba's Price Adjustment**: The price hike reflects a broader trend among tech giants to monetize AI investments amid increasing demand [10] - **Optical Interconnects**: LITE is positioned across key segments of AI optical interconnects, with significant growth potential driven by the transition from copper to optical technologies [15][17] - **Memory Pricing Trends**: Bernstein reports that memory pricing is tracking above expectations, with some SKUs experiencing near-100% quarter-over-quarter increases due to tight supply [40][41] Additional Important Points - **Market Sentiment**: JPMorgan notes strong demand for optical networking despite supply constraints, highlighting the importance of lasers and key components [26][27] - **CPO Adoption**: UBS indicates that co-packaged optics (CPO) adoption is delayed, with a hybrid approach being more prevalent in the near term [22] - **Microsoft's Legal Concerns**: Microsoft is considering legal action against Amazon and OpenAI over a $50 billion cloud deal, which may impact its exclusive agreements [31][32] - **Financial Performance**: DOCU reported strong revenue and billings, exceeding market expectations, with a focus on identity and access management (IAM) as a growth lever [42][44] Conclusion The conference call highlights significant developments in the technology sector, particularly in AI and optical interconnects, with companies like Nvidia and Alibaba taking strategic steps to capitalize on market demand. The memory pricing landscape is also showing promising trends, while legal and competitive dynamics are evolving in the cloud services space.

Group 1: Apple’s Performance in China - Apple reported a 23% increase in smartphone sales in China during the first nine weeks of 2026, contrasting with a general market decline [1][2] - The growth in sales was attributed to e-commerce discounts and eligibility for state subsidies on the base iPhone 17 model [2] Group 2: Market Trends and Competitor Responses - The overall smartphone market in China experienced a 4% year-on-year decline in the January-to-early-March period, with government subsidies failing to stimulate consumer demand [2] - Chinese Android manufacturers, such as OPPO and vivo, have announced price increases on some models due to rising memory chip costs, aiming to assess consumer reactions ahead of new product launches [4] - Huawei is expected to benefit from its reliance on domestic suppliers, which provide a cost advantage against rising memory prices, potentially allowing it to capture more market share in the low-to-mid-end segment [5] Group 3: Supply Chain and Pricing Strategy - Apple's strong control over its supply chain positions it better than competitors to manage the impact of increasing memory chip costs, allowing it to maintain pricing while rivals raise theirs [3] - Counterpoint anticipates that Apple will absorb some margin pressure rather than increase prices, potentially expanding its market share in the process [3] Group 4: Future Market Outlook - The Chinese smartphone market is expected to remain under pressure from March through May, with potential relief anticipated during the mid-year "618" shopping festival in June [6] - The ongoing memory cost challenges are projected to persist throughout 2026, forcing manufacturers to navigate difficult trade-offs between cost management, margin protection, and shipment targets [6]

要点 本文分析了苹果2026年3月的Mac系列新品发布及对笔记本电脑市场的影响。从入门级MacBook Neo到升级 版MacBook Air，再到AI MacBook Pro，我们探讨了苹果如何扩大市场覆盖、整合AI功能，并在竞争激烈 的PC市场中重新塑造定价格局。 2025年，苹果在售价超过1000美元的笔记本市场占有26%的份额，其Mac出货量远高于疫情前水平，自研芯片 发布以来，苹果在笔记本市场的地位进一步巩固。2025年，Mac出货量增长16.7%，而整个PC市场仅增长 9.0%。本周发布的新品涵盖苹果整个Mac笔记本组合：首次进入600美元以下市场的599美元MacBook Neo，存 储容量翻倍但价格维持在1,099美元的MacBook Air，以及以AI基础设施为核心的MacBook Pro刷新版。其中， MacBook Neo最具颠覆性，进入了占笔记本出货量40%以上且苹果几乎没有份额的细分市场。 苹果产品阵容的价值提升，是Windows笔记本在吸收供应短缺导致的组件成本上涨的同时难以匹配的。竞争压 力存在非对称性，但也有限制。Omdia 2026年2月预测，Windows OEM的组件成本 ...

// 热点头条 // 2. 阿里云：因全球 AI 需求爆发、供应链涨价，阿里云 AI 算力、存储等产品最高涨价 34 ％，其中平头 哥真武 810E 等算力卡产品上涨 5%-34% ，文件存储产品 CPFS （智算版）上涨 30% 。 3. 京东云：公开表示当前全球 AI 产业蓬勃发展，算力、存储等核心基础设施需求呈爆发式增长，硬件 采购及供应链成本面临显著上行压力，部分云服务商相继宣布上调产品价格。京东云郑重承诺，现有云 主机、 AI 算力、存储、网络等全系核心产品价格保持稳定，不新增涨价项、不提高收费标准，并将对 数据库、中间件等多款产品实施更大力度的优惠措施，平均降幅超 16% ，最高降幅达 40% 。 4. 碧桂园：澄清正在 " 大规模召回离职员工 " 传闻表示，不涉及 " 大规模召回离职人员 " 的专项计划， 返聘仅作为补充个别关键岗位的常规渠道之一，仅针对少量特定岗位需求开展。 5. 字节跳动：安全团队最近在内部发布《 OpenClaw 安全规范和使用指引》，同步面向字节员工推出 ByteClaw ，《安全规范》同时强调，严禁员工在业务服务器等核心生产环境中安装和使用 OpenClaw 类工具，避 ...

公众号记得加星标⭐️，第一时间看推送不会错过。 "虽然人工智能驱动的需求最初在2024年推高了高带宽内存（HBM）的价格，但其影响已逐渐扩展到 更广泛的DRAM市场，"高级首席分析师Lino Jeng表示。"人工智能服务器不仅需要更多的HBM，还 需要更多的系统内存，尤其是DDR5。与此同时，供应商已将晶圆分配转向HBM和高密度服务器 DRAM。因此，随着市场从2023年的低迷中复苏，2025年DRAM价格的改善已遍及多个细分市场。 DRAM收入从2023年市场低迷时的略高于500亿美元增长到2025年的超过1500亿美元，几乎翻了三 倍，使其成为增长最快的半导体组件，年增长率超过50%。" 自2023年以来半导体收入的急剧增长也导致了市场份额向少数几家大型公司集中。尽管2023年至 2025年间半导体市场总收入增长了约53%，但排名前十的半导体公司的收入增长了90%，而其余公司 的收入仅增长了8%。 增长主要集中在存储器供应商和英伟达，凸显了人工智能需求对半导体市场的巨大影响。这四家公司 合计在半导体总收入中的份额从2023年的24%增长到2025年的42%。 尽管数据处理领域的年度收入增长率最高，同比增长 ...

Core Insights - The iPhone maker's AI revenue is projected to exceed $1 billion this year, which is a positive signal for investors concerned about the high expenditures of competitors [1] Company Summary - The company is experiencing significant growth in its AI revenue, indicating a strong position in the market despite the competitive landscape [1]

Economic Outlook - Federal Reserve Chairman Jerome Powell stated that the U.S. economic outlook is "extremely uncertain," with rising inflation and various geopolitical factors disrupting the inflation decline [2] - The Federal Reserve decided to maintain the federal funds rate target range at 3.5% to 3.75%, marking the second consecutive meeting without a rate change, reflecting caution regarding potential inflation risks [2] - Powell projected the U.S. PCE inflation rate for February at 2.8% and core PCE at 3.0%, acknowledging that recent inflation expectations have risen due to increasing energy prices [2] Geopolitical Developments - Iranian Supreme Leader Ali Khamenei condemned the assassination of security official Larijani, vowing that "blood debts will soon be settled" [3] - Iran launched a large-scale missile attack on U.S.-related oil and energy facilities in retaliation for attacks on its energy infrastructure, indicating a new phase of conflict [5] Market Reactions - U.S. stock indices fell over 1%, with the Dow Jones down 1.63% and the S&P 500 down 1.36%, both reaching new lows since November [10] - International oil prices rose significantly, with U.S. crude oil up 3.68% to $99.05 per barrel and Brent crude up 6.8% to $106.15 per barrel [12] Corporate Developments - Microsoft is considering legal action against Amazon and OpenAI over a $50 billion cloud deal that may violate its exclusive partnership with OpenAI [6] - Tencent reported a 13% year-on-year revenue growth in Q4, reaching 194.37 billion yuan, with an annual revenue of 751.77 billion yuan and operating profit exceeding 280.66 billion yuan [14] - Alibaba Cloud and Baidu Smart Cloud announced price increases due to surging global AI demand and rising costs of core hardware [13]