Report Summary 1. Investment Ratings The report does not provide an overall industry investment rating. 2. Core Views - **Macro Outlook**: China's post - holiday market is active with increased trading volume and risk appetite. The A - share market is expected to see better performance from IC than IH. The bond market has limited short - term odds and should be traded with a band strategy. Global economic factors such as US - China trade talks, exchange rate fluctuations, and geopolitical events impact the market. The smartphone and automotive industries face challenges, while the real estate market shows signs of recovery in some areas [7][14][15]. - **Commodity Markets**: Different commodities have different trends. For example, steel and iron ore are expected to oscillate, and the future of these markets depends on demand. Some commodities like lithium carbonate are expected to be bullish in the short - term, while others like沪锌 and沪铅 may continue to be under pressure [16][25][29]. 3. Summary by Category **Macro News** - **Trade and Policy**: The sixth round of China - US economic and trade consultations is upcoming. The central bank supports cross - border RMB inter - bank financing. The RMB has appreciated rapidly against the US dollar [7]. - **Resource and Energy**: Zimbabwe bans the export of raw minerals and lithium concentrates, which impacts the lithium market. The third - round of indirect talks between Iran and the US ends, with significant differences remaining [7][8]. - **Financial and Market**: Compensation for investors affected by the valuation adjustment of Guotou Silver LOF starts. IDC predicts a 12.9% year - on - year decline in global smartphone shipments in 2026. Multiple smartphone brands plan price adjustments. The Chinese brand passenger vehicle sales decline in January 2026. The real estate market in some areas shows signs of recovery [8][9]. **Macro Finance** - **Stock Index Futures**: After the holiday, the A - share market is active. It is expected that IC will perform better than IH due to different sector performances and increased risk appetite [14]. - **Treasury Bond Futures**: The bond market is weak after the "Shanghai Seven" policy for the property market. Without interest - rate cut expectations, it is difficult for bond yields to decline further. Attention should be paid to the government's monetary and fiscal policies [15]. **Black Metals** - **Steel and Iron Ore**: The current supply - demand contradiction is limited, and there is unlikely to be a large price change. The future market depends on the start of steel demand. Iron ore supply is abundant [16]. - **Coking Coal and Coke**: Prices are expected to oscillate weakly in the short - term, and attention should be paid to the resumption of coal mines and downstream demand [19]. - **Ferroalloys**: For manganese silicon, it is not recommended to chase long positions after a large increase. Silicon iron long positions are recommended. Attention should be paid to the start - up of semi - coke plants [20]. - **Soda Ash and Glass**: Currently, it is advisable to wait and see. For soda ash, focus on the supply stability of leading enterprises and new production capacity. For glass, pay attention to the actual changes in production lines and demand [21]. **Non - ferrous Metals and New Materials** - **Copper**: In the short - term, copper prices will oscillate due to unstable macro - environment and inventory accumulation. In the long - term, tight raw material supply supports prices [23]. - **Zinc**: Domestic zinc inventories are increasing, and previous short positions should be held [25]. - **Lead**: Social lead inventories are at a 5 - month high. Previous short positions can be held, but lead consumption may improve in March [27]. - **Lithium Carbonate**: In the short - term, it is expected to be bullish due to increased demand and supply disruptions. Attention should be paid to buying opportunities on pull - backs [29]. - **Industrial Silicon and Polysilicon**: Industrial silicon will oscillate, and polysilicon will have a wide - range oscillation. Caution is advised in operation [31]. **Agricultural Products** - **Cotton**: Domestically, it is expected to be bullish, and low - buying and rolling operations are recommended. Attention should be paid to the demand after the holiday and international factors [34]. - **Sugar**: There is a short - term supply surplus, but the domestic sugar price may rebound due to restocking demand. It is in a low - level oscillation [35]. - **Eggs**: In the short - term, the spot price is weak, and the futures price will oscillate. Attention should be paid to inventory reduction and old - hen culling [37]. - **Apples**: High - quality apple prices will remain stable, and the overall price will oscillate in a range [38]. - **Corn**: The futures price will oscillate, and attention should be paid to the upper pressure. After the holiday, corn trading has not fully recovered, and there are supply pressures [39]. - **Jujubes**: Currently, the price is expected to oscillate weakly. Attention should be paid to the sales in the sales area and the mentality of buyers [40]. - **Hogs**: After the holiday, the market has a supply - demand imbalance with more supply. It is not recommended to short near - month futures contracts [41]. **Energy and Chemicals** - **Crude Oil**: The market is in a game between geopolitical risks and fundamental oversupply. The upside space is limited [43]. - **Fuel Oil**: The supply - demand situation has marginally improved, and the short - term focus is on the impact of oil prices dominated by geopolitics [44]. - **Plastics**: Polyolefins have large supply pressure but are slightly supported by rising raw material prices. An oscillating and weakening trend is expected [45]. - **Rubber**: In March, the downstream export orders are good, and there is support at the cost side. Caution is advised when chasing long positions [46]. - **Synthetic Rubber**: There is still room for decline in the short - term. Attention should be paid to the changes in butadiene and downstream devices [47]. - **Methanol**: The current supply - demand situation has slightly improved, but there may be a price correction. Attention should be paid to port inventory and Iranian supply [48]. - **Caustic Soda**: The futures price is expected to oscillate weakly. Attention should be paid to the recovery of demand and the impact of warehouse receipts [49]. - **Asphalt**: It follows oil price fluctuations, and attention should be paid to restocking demand after winter storage in March [51]. - **PVC**: In the short - term, it may be bullish, but the long - term supply - demand contradiction remains. Caution is advised [52]. - **Polyester Industry Chain**: In the short - term, the supply - demand situation is under pressure, and prices follow oil price fluctuations. Consider long - short spreads for PX and PTA 5 - 9 contracts [53]. - **Liquefied Petroleum Gas**: In the absence of further geopolitical escalation, the main contract is expected to be bearish [54]. - **Pulp**: The port inventory is at a new high, and the market sentiment has declined. Attention should be paid to inventory changes and price increases of finished products [56]. - **Logs**: The forward spot price is supported by cost, and attention should be paid to the impact of new delivery rules and market sentiment [57]. - **Urea**: The futures price is expected to oscillate bearishly. Attention should be paid to the difference between agricultural and industrial demand [57].

（来源：大众新闻-大众日报） 2026年中国手机行业将正式迎来全面涨价潮，这也是国内手机市场发展以来首次出现全品类、全品牌同 步普涨的态势。3月起，手机涨价将进入加速阶段，新品涨幅可达1000元以上。同时OPPO、一加、 vivo、iQOO、小米、荣耀等主流品牌或将陆续上调老款机型售价。 "这轮涨价不是个别品牌的选择，而是全行业的必然趋势。"一位业内人士透露，目前国内主流手机品牌 均已完成涨价方案的敲定，部分品牌已向线下经销商、线上渠道商下发了调价通知。 以往手机行业即便出现涨价，也多是一次性调整，或者仅针对部分高端机型，而2026年，无论是新发布 的机型还是在售的老款机型，都可能迎来多次调价。 2026年中国手机行业将正式迎来全面涨价潮，这也是国内手机市场发展以来首次出现全品类、全品牌同 步普涨的态势。3月起，手机涨价将进入加速阶段，新品涨幅可达1000元以上。同时OPPO、一加、 vivo、iQOO、小米、荣耀等主流品牌或将陆续上调老款机型售价。 "这轮涨价不是个别品牌的选择，而是全行业的必然趋势。"一位业内人士透露，目前国内主流手机品牌 均已完成涨价方案的敲定，部分品牌已向线下经销商、线上渠道商下发了调 ...

过去两年，智能体（Agent）是AI行业最重要的叙事，现在聚光灯正收束到一个更具体的方向：端侧智能体。 在海外，名为OpenClaw的智能体在硅谷技术圈走红，接管一众开发者的电脑；在国内，字节跳动把豆包嵌入手机，样机价格在二手市场居高 不下。这些智能体运行在手机、电脑和汽车上，能操作本地环境和所有工具，点外卖、打游戏、炒股票，把执行力拉到极致。 手机智能体，体验在退化？ 越来越多智能体从云端落入个人终端。在国内，豆包手机助手是端侧智能体破圈的一个起点，但这条路并不始于此。 智能体还会接管更多个人设备。在发售工程版"豆包手机助手"后，据媒体披露，字节已于去年年底启动正式版手机项目，搭载智能体的新机预 计于今年Q2发布。 我们近期还从多方了解到，包括阿里系在内的多家App与字节跳动达成停火协议，App允许努比亚设备的手动登录，豆包主动限制AI操作场 景，双方回到"井水不犯河水"的状态。 行业正在形成一个共识：未来智能体的壁垒，在于能打通多少个人设备，能互联多少服务。智能体想成为新的能力层，重组我们与设备、与 App的连接方式。 但这种互联互通的技术趋势，也撞上了合规边界。智能体要想操作手机，需要利用高敏感权限进行 ...

但需要关注的是，消费端的"换机热"，恰逢当前供给端存储芯片的"涨价潮"，市场也在冷热交织中寻找 着平衡点。而在上海，政策牵引下，一个由人工智能(AI)技术革命做内核、千亿产业集群做底牌的智能 终端产业创新生态正在形成，以期通过确定的产业升级来应对波动。 ● 本报记者黄一灵乔翔 "国补"政策发力显效 "今年'国补'期间线上抢了很多次都没成功，线下改成即时摇号后，一次就摇到了，赶紧趁着春节前给 自己换了一部手机当新年礼物。"在上海工作的李女士手持刚激活的新手机，难掩兴奋地向记者分享自 己的换机经历。她的亲身感受，正是上海线下"国补"即时摇号政策落地见效的缩影。 为进一步优化补贴申领体验、激活线下消费活力，2月4日，上海市商务委等部门联合发布《上海市2026 年落实国家家电以旧换新、数码和智能产品购新补贴政策实施细则》，其中一个亮点便是新增"线下即 时摇号"参与方式，个人消费者可于每日8时至22时实时参与摇号，实现"即摇即知结果"，大幅提升了补 贴申领的便捷度。 据悉，此次线下"国补"新政不仅简化了申领流程，更实现了优惠权益的多重叠加。消费者在线下参与摇 号并中签后，可即时使用"国补"，部分门店同时还能叠加门店自主 ...

今年春节假期期间，上海南京路步行街的"消费浓度"有些高。中国证券报记者调研发现，在华为旗舰 店，旗舰机型被顾客试用得发烫；一路之隔的苹果零售店里，拿着旧机换新的年轻人排起了队。 上海市商务委披露的数据证实了这股"热浪"：2月15日至2月22日，上海线上线下消费突破603.5亿元， 同比增长12.8%。其中，"国补"加持下的消费电子类产品被消费者青睐，成为拉动线下消费金额同比增 长15.4%的重要一环。 "这台旗舰手机16GB+512GB版本的标价是5999元，刚好符合手机产品最高500元的'国补'标准，抽中'国 补'可优惠500元，叠加门店300元的专项补贴，再加上旧手机以旧换新的折扣，最终到手价非常划算， 这绝对是近期最优惠的价格。"在上海黄浦区某OPPO体验店，店内工作人员向记者详细介绍了优惠政 策，言语间能感受到新政带来的客流增长。 记者走访发现，为抢抓政策红利、吸引消费者到店，上海多家消费电子线下门店均在显眼位置张贴"国 补立减15%"等宣传海报，清晰标注补贴范围，让消费者一目了然。与此同时，消费者的热情也保持高 涨，在门店咨询手机、平板、电脑、智能穿戴设备等产品时都会主动询问"这一款可以使用'国 补 ...

Core Viewpoint - The Chinese smartphone industry is set to experience a comprehensive price increase in 2026, marking the first time all categories and brands will see synchronized price hikes [1] Group 1: Price Increases - Starting from March, the price increase for smartphones will accelerate, with new models potentially seeing price hikes of over 1,000 yuan [1] - Major brands such as OPPO, OnePlus, vivo, iQOO, Xiaomi, and Honor are expected to raise the prices of older models [1] Group 2: Market Trends - According to Counterpoint Research, the storage market has entered a "super bull market," surpassing the historical peak of 2018 [1] - Storage prices are projected to increase by 40% to 50% in Q1 2026, followed by an additional rise of approximately 20% in Q2 2026 [1] Group 3: Price Comparisons - The average price increase for smartphones in the Chinese market is expected to exceed the global average of 6.9% [1] - After March, the average price of new smartphones in China is anticipated to rise by 15% to 25% compared to similar models in 2025 [1]

2月26日，传音控股（688036.SH，以下简称"传音"）发布2025年度业绩快报。2025年度，公司实现归属 于母公司所有者的净利润为25.84亿元，较上年同期下降53.43%。这是传音自2019年登陆资本市场以 来，年度净利润首次出现"腰斩式"下滑。 中经记者 陈佳岚 广州报道 横扫非洲市场的中国手机厂商传音，正遭遇上市以来颇为严峻的考验。 净利润"腰斩"，究其原因，首当其冲是外部环境的恶化。 传音在业绩快报中解释称，报告期内，"受市场竞争及供应链成本影响，存储等元器件价格上涨较多， 公司营业收入和毛利率有所下降"。 根据DIGITIMES Research的数据，2024年底至2025年12月期间，DDR4 16Gb内存模块价格飙升1800%， DDR5 16Gb现货价格上涨超过500%，上游元器件成本的大幅上涨，对以中低端手机为主营业务的传音 形成显著成本压力。 除了传音外，诸多中小厂商已纷纷采取调整措施。2026年年初，realme宣布回归OPPO，同为中小品牌 的华硕确认2026年暂停新机发布，魅族回应暂停下一代旗舰研发，以应对存储器涨价。 一边是存储、芯片等核心元器件价格暴涨带来的成本重压，一 ...

近期，被誉为"非洲之王"的传音控股（SH688036）正加快推进"A+H"双平台上市。 此前，传音控股已于2025年12月初发布公告称，公司已向港交所递交主板挂牌上市的申请。 每经记者｜王晶 每经编辑｜文多 每经媒资库 站在港股IPO（首次公开募股）的关键节点，传音控股却预计2025年遭遇上市以来首次年度净利润同比"腰斩"，同时公司还面临元器件 价格上涨和海外竞争加剧等挑战。 《每日经济新闻》记者注意到，非洲市场如今不再是无人问津的蓝海，而是巨头想要分食的"蛋糕"，小米、OPPO和荣耀等智能手机品 牌正在那里扩大影响力，并取得了显著成果。 内存价格上涨影响业绩 招股书（申请版本，下同）显示，此次传音控股IPO募资主要用于以下方面：研发AI相关技术以加快产品迭代，市场推广和品牌建 设，加强公司移动互联网服务、物联网产品等。 《每日经济新闻》记者注意到，传音控股的销售区域主要集中在非洲、新兴亚太市场（不包括中国、日本、韩国、新加坡、澳大利亚 和新西兰的亚太地区市场）、拉丁美洲、中东地区等。通过优化夜间拍摄和为深肤色量身定制美化算法等本地化设计，传音控股在非 洲市场建立起了竞争优势。 市场研究咨询机构Omdia的数 ...

新春伊始，深圳湾超级总部基地（以下简称深超总）建设全面提速。记者从深圳市住房和建设局获悉， 目前，该片区已完成80%土地出让；片区总投资约2100亿元，已累计完成投资约1200亿元；吸引中国电 子、招商银行、深投控、京东、恒力集团、中兴通讯、中信证券、欧加(OPPO)、大疆等多家世界500强 或创新型科技企业，截至目前已有19家企业总部入驻。 官方网站 NGTON The Property n 1 20 er 8 T 學 深圳大件事 大学 深圳大件 ilini 深圳市住房和建设局相关负责人介绍，相对于其他城市CBD，深超总的规划建设更具有创新与活力的 特质，通过"总部+文化+生态"的复合功能布局，为高密度城市开发提供了平衡经济、生态与人文需求 的全新解决方案。 采写:南都N视频记者 陈荣梅 深圳市住房和建设局供图 ...

手机迎来全面涨价，3月后新品涨幅超1000元 据科创板日报消息，3月起，手机行业将迎来新一轮的涨价潮。 不是某一家厂商，而是整个行业，包括OPPO、一加、vivo、小米、iQOO、荣耀等在内的多家国产头部手机品牌已敲定涨价方案，部分已向渠道下发调 价通知。 这将是近5年规模最大、涨幅最高的全行业集体调价。 3月前已经上市的机型，涨价幅度相对温和，可能在几百元左右；3月后发布的新品，涨幅不会低于1000元，有些甚至能达到2000元以上。 这波涨价潮的原因，主要源于AI算力需求爆发，三星、SK海力士等巨头将产能优先分配给高利润的AI存储，主动缩减手机内存的产能，由此导致手机内 存因供给不足而价格暴涨。 为了平衡成本压力，几乎所有手机厂商都要通过涨价和配置调整来维持利润。 即使是作为存储芯片巨头的三星，也不例外。 2月25日，三星最新发布的Galaxy S26系列，标准版和Plus版国行相比上一代涨价1000元，Ultra版涨价300元。 在这种情况下，一直定位中高端市场的iPhone，反而成为最稳的那个。 郭明錤表示苹果将尽可能避免涨价，iPhone 18标准版起售价将维持5999元，与iPhone 17保持一致 ...