"我要对47％的关税说，欧洲销量第一的中国品牌，技术反攻来了！"8月5日，MG品牌事业部总经理陈 萃在全新MG4预售发布会上情绪激昂道。 MG4作为MG品牌全球战略的重要车型，即使面对高关税，依然连续多年蝉联中国单一品牌纯电动车型 销量冠军。上半年，MG4更推动MG品牌在欧洲销售超15万辆汽车，大幅超越特斯拉同期表现。 但"外热内冷"始终是MG品牌要攻克的难题，上半年，MG在中国市场销量仅约5万辆，与海外的光鲜形 成鲜明对比。在壁垒重重的海外市场风生水起固然可喜可贺，但面对国际商贸环境的复杂多变，能否同 时抓住需求和前景最为广阔的国内市场，才是MG品牌的发展核心。 装得下全家所需，还要到得了远方。全新MG4续航里程最高可达530km，同时，20分钟可从30%电量补 能至80%；百公里电耗仅为10.4kWh。低电耗的同时，全新MG4的动力输出依然强劲，0-50km/h加速只 需3秒。（中国经济网记者 郭跃） 分别来看，全新MG4搭载一体式热管理系统，该系统采用自研的铝稀土合金材料，把高效、舒适、稳 定的热管理"不可能三角"变成可能。得益于此，全新MG4能实现极宽的整车工作温域，最低温度可 达-35℃；相比分体式 ...

36氪WAIC2025"氪话未来" 直播间里都聊了啥？ 7月26日，骄阳与骤雨在上海轮番上阵，却难掩观众如潮热情——全球顶尖人工智能学术、产业盛典，2025世界人工智能大会暨人工智能全球治理高级别会 议（WAIC 2025）在上海世博展览馆正式拉开帷幕。 走进今年的WAIC展馆，扑面而来的是一股前所未有的科技热浪。展区面积首次突破7万平方米，以"模型应用+具身智能+智能硬件"为核心特色，集中呈现 40余款大模型、50余款AI终端、60余款智能机器人，以及100余款"全球首发"或"中国首秀"的重磅新品，规模创下历届之最。在"底座"技术之外，医疗、教 育、工业、金融等行业的应用故事也逐一展开，让AI真正成为可感知、可体验的生产力。 在全行业聚焦、探讨"AI技术、AI应用如何与全产业链融合"的当下，作为科技产业敏锐的洞察者和深度参与者，7月26日，在本次WAIC大会上，36氪再次 携手大会组委会打造WAIC2025"氪话未来"直播间，邀请国内外知名AI企业的相关负责人，聚焦AI场景端与应用端，探讨AI技术、AI应用的成功落地案例。 今年直播间内容矩阵在去年基础上实现再升级：在原有圆桌直播对谈之外，新增"直播探展"与 ...

Core Viewpoint - Transsion Holdings is considering a secondary listing in Hong Kong to raise approximately $1 billion amid declining revenues and profits, with discussions still in early stages and uncertainties surrounding the timeline and scale of the listing [2][3]. Group 1: Company Performance - In Q1 2025, Transsion reported total revenue of 13.004 billion yuan, a year-on-year decline of 25.45%, and a net profit attributable to shareholders of 490 million yuan, down 69.87%, marking the largest quarterly drop since its listing on the Sci-Tech Innovation Board [3]. - The company’s market share in the global smartphone market is projected to reach 14% in 2024, ranking third among global smartphone manufacturers, with over 40% market share in the African smartphone market [2]. Group 2: Market Competition - Transsion faces increasing competition in Africa, with rivals like Xiaomi and OPPO gaining market share. In Q1 2025, Transsion held a 47% market share in the African smartphone market, but was the only company among the top five to experience a decline [4][6]. - Xiaomi has intensified its focus on the African market, forming a strategic group to counter Transsion and adopting similar distribution models to enhance its presence [6]. Group 3: Strategic Initiatives - Transsion is exploring new business avenues beyond smartphones, having established a mobility division targeting electric two-wheeler markets in Africa and Latin America, launching the independent electric motorcycle brand "REVOO" [8]. - The company aims to break its "low-end" label by introducing innovative products, such as the PHANTOM Ultimate G Fold, a concept foldable phone [7].

Core Viewpoint - 聚芯微电子 has successfully secured E-round financing with notable investors including OPPO, China Internet Investment Fund, and Xiaomi Yangtze River Industry Fund, indicating strong market confidence and potential for growth in the semiconductor sector [1][2]. Group 1: Financing and Investment - On August 1, 聚芯微电子 completed E-round financing, although the amount remains undisclosed [1][2]. - The company previously raised several billion yuan in D-round financing in January 2022, with participation from prominent investors such as Five Sources Capital and ByteDance, accumulating over 1 billion yuan in total investments from leading domestic funds by June 2022 [3]. Group 2: Company Overview - 聚芯微电子, established in January 2016, specializes in high-performance analog and mixed-signal chip design, with its headquarters located in Wuhan's Optics Valley Future Technology City [2]. - The core team of 聚芯微电子 has extensive experience in sensor chip design and smart audio solutions, with expertise originating from the Netherlands, Belgium, and Germany [2]. Group 3: Product Lines and Applications - The company operates two main product lines: 3D optics and smart audio, which are primarily utilized in smartphones, artificial intelligence, AR/VR, and autonomous driving sectors [3].

Core Insights - Dongguan is a significant economic city in China, often overshadowed by other major cities despite its substantial manufacturing capabilities and contributions to the economy [4][5][6]. Group 1: Manufacturing Strength - Dongguan has the highest concentration of manufacturing in China, with over 22,000 industrial enterprises and 1.4 million scale industrial enterprises, ranking second nationally after Shenzhen [5][6]. - The city produces a significant portion of global goods, including 10% of sports shoes, 20% of sweaters, and 25% of smartphones [7]. - Dongguan's second industry accounts for over 55% of its economy, the highest among trillion-yuan cities [5]. Group 2: Innovation and Technology - Dongguan is home to advanced manufacturing facilities, such as Huawei's Southern factory and various high-tech companies, showcasing a blend of industrial, digital, and intelligent manufacturing [10][12]. - The establishment of XbotPark has fostered innovation, leading to the creation of over 140 hard-tech companies, including six unicorns [11][12]. Group 3: Historical Development - Dongguan's transformation began with the "Three Comes and One Supplement" policy in 1978, which initiated its outward-oriented economy [19]. - The city has undergone several key phases of development, including the rise of the electronics industry in the late 20th century, which established it as a major hub for global supply chains [20][21]. Group 4: Economic Ecosystem - Dongguan's manufacturing ecosystem is characterized by rapid response times and comprehensive supply chains, allowing for quick assembly and production of goods [13][14]. - The city has a robust network of over 4,000 toy manufacturers, contributing to 85% of China's trendy toys [25]. Group 5: Future Prospects - Dongguan is evolving from a manufacturing base to a center for innovation and design, with a focus on high-value products and original IP development [41][44]. - The city is positioned to continue its growth trajectory, leveraging its strong manufacturing foundation to explore new markets and technologies [46].

Product Preference - The market shows a strong preference for OPPO Find N5, exceeding that of iPhone X and approaching the level of iPhone 4 [1]

果式专业 以简驭繁 关于 iPhone 17 Pro 的影像部门，最近又传出两个新消息。 其一，是前两天爱范儿报道的 iPhone 17 Pro 系列上的长焦镜头有可能支持最高 8 倍的连续变焦。 但市场与用户经过多年的实践，早已明白焦段不是越长越好。iPhone 的长焦从 3× 到 5×，现在又要直接上 8×——用户肯定会为了 iPhone 买账，但这颗新 长焦是否让人满意，真不好说。 不过，比起这个有点争议的长焦，另一条消息我倒是举双手赞成： 苹果要亲自下场，开发一个专业级的相机 app，将随 iPhone 17 系列和 iOS 26 一起问世。 只不过，我对「专业级」的形容，可能另有想法。 手机上的专业相机 App ，可以不那么专业 先回头看 iPhone 目前的原生相机：它有两大槽点，用户积怨已久：太繁杂、太自动。 乍一听有点矛盾？且听我慢慢道来： 首先，界面从 iOS 7 沿用至今，原相机的界面如今已被各种功能塞得满溢——底部模式栏多达七八种（慢动作、延时等）；隐藏的二级菜单更是结构复 杂。如果你是非重度用户，一部 iPhone 用上两三年，恐怕也还没摸清到底有哪些功能。 在国产手机卷生卷死，拍月亮 ...

Core Insights - Qualcomm confirmed that Xiaomi will be the first manufacturer to launch a smartphone equipped with the next-generation Snapdragon 8 Elite chip, expected to be unveiled on September 23 [1] - The competition for flagship smartphones is intensifying, with Xiaomi and iQOO leading the charge, while other manufacturers are also expected to join the fray [3][5] - The release schedule for flagship smartphones has been significantly advanced, with major brands aligning their launches closer to the release of new chips [5][6] Group 1: Market Dynamics - The flagship smartphone release cycle has shifted, with Qualcomm and MediaTek now targeting late September for new chip launches, prompting manufacturers to release their devices earlier [5][6] - The upcoming flagship models from Xiaomi and iQOO are expected to showcase advancements in imaging and AI capabilities, which are becoming critical differentiators in the market [6][10] - The competition is not limited to Xiaomi and iQOO; OPPO and vivo are also set to release their flagship models, indicating a broader competitive landscape [5][15] Group 2: Product Strategies - Xiaomi's strategy for the upcoming Xiaomi 16 series appears to be conservative, focusing on a dual-model approach and maintaining a balance between performance and overall user experience [14] - In contrast, iQOO is expected to adopt a more aggressive strategy with the iQOO 15 series, emphasizing enhancements in gaming performance and imaging capabilities [6][7] - The trend towards "smart" features, particularly in AI and imaging, is likely to influence product positioning and consumer preferences in the flagship segment [10][15] Group 3: Sales Performance - Recent sales data indicates that Apple's iPhone 16 Pro and Pro Max models have significantly outperformed competitors, with over 23 million units activated [12] - Xiaomi's 15 series has shown strong sales, closely trailing Huawei's Mate 70 series, highlighting its competitive positioning in the market [12][16] - The sales figures for various flagship models reveal a competitive landscape, with Xiaomi and Huawei leading, while other brands like vivo and OPPO are also making notable contributions [16]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [10]. Core Insights - The company is positioned as a leading ODM in the smartphone sector, with a strategic focus on expanding its product offerings and customer base, aiming to become the world's largest smartphone ODM by 2024 [4][8]. - The "1+2+X" strategy is being effectively implemented, with the company diversifying its product lines to include tablets, smart wearables, AIPC, AI glasses, and automotive electronics, which are expected to drive significant revenue growth [6][20]. - The demand for AI-enabled devices is anticipated to sustain high growth, with AI smartphones and AI glasses emerging as key growth areas, benefiting the company's market position [7][51]. Summary by Sections Company Overview - The company has over 20 years of experience in the ODM industry, evolving from IDH for feature phones to a comprehensive ODM model for various consumer electronics [6][20]. - The company has established a solid foundation in smartphone manufacturing, contributing to 78% of its revenue, while AIoT and tablets are becoming significant revenue streams [20]. Strategic Development - The "1+2+X" strategy focuses on smartphones as the core, while expanding into tablets and AIoT, with successful ventures into AIPC and AI glasses [6][20]. - The company aims for a revenue CAGR of approximately 10% and a net profit CAGR of around 20% from 2025 to 2028, reflecting confidence in its growth trajectory [29]. Market Position and Trends - The ODM industry is characterized by increasing technical barriers and a concentration of market share among leading players, with the company expected to benefit from these trends [7][8]. - The AI glasses market is projected to experience exponential growth, with the company positioned to capitalize on this trend through partnerships with major clients [62][68]. Financial Performance - The company experienced a significant revenue increase of 71% in 2024, although net profit declined by 17.21% due to rising raw material costs and intensified competition [33]. - The gross margin is expected to recover as raw material prices stabilize, with a projected gross margin of 7.45% in Q1 2025, indicating a positive trend [35]. Industry Dynamics - The ODM sector is witnessing a shift towards AI-enabled products, which are expected to drive demand and enhance the competitive landscape for leading ODM firms [51][55]. - The report highlights the importance of cost management and supply chain efficiency in maintaining profitability amid fluctuating raw material prices [78][81].

关于iPhone 17 Pro的影像部门，最近又传出两个新消息。 其一，是前两天爱范儿报道的iPhone 17 Pro系列上的长焦镜头有可能支持最高8倍的连续变焦。 在国产手机卷生卷死，拍月亮都已不再是极限的同时，苹果似乎终于回过味来了，开始追赶"拍得远"的潮流了。 但市场与用户经过多年的实践，早已明白焦段不是越长越好。iPhone的长焦从3×到5×，现在又要直接上8×——用户肯定会为了iPhone买账，但这颗新长焦 是否让人满意，真不好说。 不过，比起这个有点争议的长焦，另一条消息我倒是举双手赞成： 苹果要亲自下场，开发一个专业级的相机app，将随iPhone 17系列和iOS 26一起问世。 只不过，我对"专业级"的形容，可能另有想法。 手机上的专业相机App，可以不那么专业 先回头看iPhone目前的原生相机：它有两大槽点，用户积怨已久：太繁杂、太自动。 乍一听有点矛盾？且听我慢慢道来： 首先，界面从iOS 7沿用至今，原相机的界面如今已被各种功能塞得满溢——底部模式栏多达七八种（慢动作、延时等）；隐藏的二级菜单更是结构复 杂。如果你是非重度用户，一部iPhone用上两三年，恐怕也还没摸清到底有哪些功能 ...