以旧换新红利与技术创新共振，荣耀加速释放增长潜能

Core Insights - The "old-for-new" policy has significantly boosted consumer electronics sales, with a 61% year-on-year increase in sales and a 150% rise in store traffic during the first day of the May Day holiday [1] - Honor's main model sales surged over 50% due to the "old-for-new" policy, reflecting a broader trend of revitalization in China's consumer electronics market [1][3] Group 1: Market Dynamics - The consumer electronics market is shifting towards mid-to-high-end products, with computers, smartphones, and smartwatches being the top-selling items during the holiday [1] - As of April 27, over 37 million digital products, including smartphones, were purchased by consumers, indicating strong demand [1] Group 2: Honor's Production and Innovation - Honor's production capacity increased by over 20% due to the acquisition of more than 70 automated testing machines, enhancing production efficiency [3][5] - The company has achieved an 85% automation rate on its production line, with 60% of the equipment being self-developed [5] Group 3: Product Development and Market Position - Honor's strategy focuses on integrating high-end technology into affordable products, with significant innovations in battery technology and display quality [5][6] - The Honor Power model saw a 40% increase in sales during its initial launch, positioning the brand as a leader in the 2,000 to 2,500 yuan price segment [6] Group 4: Strategic Transformation - Honor's CEO announced a strategic shift towards becoming a leading AI terminal ecosystem company, emphasizing collaboration within the industry to create a shared ecosystem [7][9] - The company plans to invest over $10 billion in ecosystem development over the next five years, aiming to enhance user experience through innovative technology [9] Group 5: Competitive Landscape - Honor ranked third in the Chinese smartphone market with a 13.7% market share during the week of April 21-27, indicating strong competitive positioning [10] - The "old-for-new" policy not only stimulates short-term consumption but also challenges companies to build sustainable growth models [10]