全球智能手机4Q24出货量超预期，国补带动中国智能手机需求保持强劲

Investment Rating - The report maintains a positive outlook on the smartphone industry, suggesting a favorable investment environment supported by government subsidies and technological advancements [2][3]. Core Insights - Global smartphone shipments in Q4 2024 reached 329 million units, exceeding previous forecasts with a quarter-on-quarter growth of 4% and a year-on-year growth of 1% [1][5]. - The report anticipates a 2.8% growth in global smartphone shipments for 2025, with China's smartphone shipments expected to grow by 5.4% [2][7]. - The Chinese government's new policies are expected to significantly stimulate smartphone demand and shipment growth [2][3]. Summary by Sections Global Smartphone Shipments - In Q4 2024, China shipped 76.36 million units, benefiting from local consumer electronics subsidy policies, while other regions like Asia and the Middle East also showed strong performance [5]. - For the entire year of 2024, global smartphone shipments are projected to be 1.236 billion units, marking a year-on-year increase of 6.1% [6]. Brand Performance - In Q4 2024, brands like Huawei and vivo saw significant year-on-year shipment growth of 21% and 13%, respectively, while Apple and Samsung experienced slight declines [5][6]. - The report highlights that Huawei and Xiaomi are rapidly increasing their global market shares, with Huawei's share rising to 4.1% and Xiaomi's to 13.6% in 2024 [6]. Future Projections - The report projects that by 2025, global smartphone shipments will reach 1.271 billion units, with a 2% increase from previous forecasts [7]. - The anticipated growth in shipments is attributed to the expected benefits from government subsidies and the rapid penetration of AI technologies in smartphones [2][3].