Core Viewpoint - OPPO is facing significant challenges in the competitive smartphone market, with a notable decline in market share and sales, particularly in the high-end segment, as it struggles to maintain its position against rivals and adapt to changing consumer preferences [1][2][10]. Group 1: Market Position and Performance - OPPO's market share in the Chinese smartphone market has dropped from 19.6% in Q1 2023 to 15.7% in Q1 2025, reflecting a decline from first to fourth place [2][12]. - In the European market, OPPO's share of foldable smartphones fell by 63% year-on-year, dropping from third to seventh place [1]. - Global data indicates that OPPO is one of the few brands among the top five smartphone manufacturers experiencing a decline in shipment volume, with a drop of 5% to 9% [1][10]. Group 2: Strategic Shifts and Challenges - The shift from a "product ocean" strategy to a "hit product" logic highlights the changing competitive landscape, where innovation efficiency and scale are crucial [3][7]. - OPPO's early success was driven by a diverse product matrix and rapid market penetration, but the current market saturation has diminished the effectiveness of this approach [5][7]. - The company has struggled to establish a strong foothold in the high-end market, with its flagship products facing price drops and competition from established brands like Apple and Huawei [10][11]. Group 3: Technological and Brand Positioning - OPPO's attempt to enhance its high-end offerings with the Find X8 series saw a 66% increase in first-quarter sales compared to the previous generation, but the brand still lacks a strong premium image [10][11]. - The discontinuation of its chip design company has hindered OPPO's ability to differentiate itself in the high-end market, exposing weaknesses in its strategic direction [11]. - The company's pivot towards AI technology, including the establishment of an AI center and the introduction of AI features in its products, represents a new direction, but it faces stiff competition from other brands also investing in AI [13][14]. Group 4: Distribution and Market Dynamics - OPPO's traditional distribution channels, particularly "couple stores," are under pressure as consumer preferences shift towards high-end retail environments [12]. - The decline in the effectiveness of these channels poses challenges for OPPO as it seeks to penetrate the high-end market, where competitors have already established a strong presence [12]. - The overall smartphone market is experiencing a transformation, with a focus on premium products and advanced technology, making it imperative for OPPO to adapt its strategies accordingly [12][14].

WAVES新浪潮2025邀你一起走向中国创投的「新纪元」。 这是属于中国创投的新纪元。当下的中国创投市场，既是周期筑底的转折点，也是结构性转型的深化期。在政策主导、国资与资本高度集中的新 生态下，唯有顺应趋势、灵活调整，方能在不确定性中捕捉确定性机遇。 6月11-12日，杭州良渚文化艺术中心，36氪WAVES新浪潮2025大会以「新纪元」为主题，汇聚创投领域顶级投资人、新锐企业创始人，以及深 耕科技、创新、商业的科学家、创作者与学者，共同探讨AI技术革新、全球化浪潮与价值重估等前沿议题，拆解他们眼中的商业理想和未来世 界，一起讨论、寻找、走向中国创投「新纪元」。 6月12日下午，在投资人会场峰瑞资本创始合伙人李丰进行了一场独立演讲，主题为「新时代早期基金投资机遇」。以下为演讲全文： 过去两年，早期投资在中国经历了非常多冰与火的考验。冰与火的考验当中的火的那部分，是早期投资这个原来不太受待见或者在金融里边最小的资产类 别，在包括国常会、中央经济工作会议在内的高级别会议上被反复提及，应该说是非常火。 冰的那部分就是，一级市场的投融资在非常多的赛道上都很冷，比如消费、生物医疗，甚至包括一点点硬科技。所以大家都说，一 ...

本文首发于公众号"私募排排网"。 （点击↑↑ 上图一图看懂进化论资产 ） 在竞争激烈、日新月异的资本市场中，"物竞天择，适者生存"这一自然选择的法则被演绎得淋漓尽致，量化私募行业更是这一法则的生动体现。 在量化私募行业的算法、模型和交易策略不断迭代的大背景下，能够快速适应市场变化、不断优化自身策略的量化私募，才能在复杂多变的市场 环境中穿越牛熊，获取超额收益。 进化论资产就是这样一家私募，坚持产品思维，以客户为导向，跟随市场的发展不断地迭代自身的投资策略和模式，经过超过10年的发展，成为 业内稀有的获"主观+量化"双金牛奖的私募基金管理人。 0 1 进化论资产近半年业绩两度登顶百亿私募 进化论资产成立于2014年6月，是国内较早将主动管理和量化投资相结合的私募基金管理人之一。公司拥有经验丰富的投研团队和运作成熟的管 理体系，具备 全周期、跨市场、多策略 的投资管理经验，是业内少有的同时获得"主观+量化"双金牛奖的私募管理人。成立至今，公司累计荣 获超过80座行业大奖，其中私募金牛奖10座。 从业绩层面来看， 进化论资产近半年收益表现十分亮眼。 根据私募排排网数据，截至5月底，进化论资产在"百亿私募近半年收益排 ...

行业 聚烯烃日报 每日报告 | 表1：期货市场行情 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 单位：元/吨 | 开盘 | 收盘 | 最高 | 最低 | 涨跌 | 涨跌幅 | 持仓量 | 持仓量变化 | | 塑料 2601 | 7370 | 7399 | 7417 | 7353 | 62 | 0.85 | 106997 | -1395 | | 塑料 2605 | 7368 | 7375 | 7400 | 7342 | 48 | 0.66 | 801 | 6 | | 塑料 2509 | 7425 | 7462 | 7479 | 7397 | 71 | 0.96 | 478375 | 2116 | | PP2601 | 7149 | 7221 | 7233 | 7149 | 101 | 1.42 | 91599 | 3106 | | PP2605 | 7159 | 7208 | 7214 | 7159 | 100 | 1.41 | 987 | -1 | | PP2509 | 7215 | 7274 | 72 ...

证券研究报告 | 2025 年 06 月 20 日 $$\overline{{{\prod_{\mathrm{DE}}}}}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup}{\bigtriangleup}\frac{\bigtriangleup\mathrm{bd}}{\bigtriangleup}$$ 制作：产品中心 重点推荐 《策略|行业比较周报——拥挤度指标运用的深入思考》 1、板块的拥挤度本质是该板块成交量占整体的比例，比例越高，说明该 板块是热门板块。"拥挤"是指历史纵向比较在较高的历史百分位，往往 意味着该板块过度热门，短期内有向下调整的压力。短中长期乖离率高位 本质是短期"涨多了"。两者一个是"量"的指标，一个是"价"的指标， 均表示冷热度。但热门板块总有自己上涨的原因，真正结束要看这个原因 什么时候结束，量价指标运用的有效性也会可能随着市场风格变化而变 化。2、长期来看，A 股的行业，在"加速后放量"的状态下，一个月内 跑输是大概率事件；反例是 20-21 年核心资产时代，短暂地无视了这一 规律，呈现出"过热后还有过热"。出现 ...

Core Viewpoint - The article promotes the new book "Golden Macro Perspective" by IP Gan Shu, which analyzes the trading logic of gold in macroeconomic cycles and offers a discount for VIP members [1] Group 1 - The book provides insights into the long-term trading strategies for gold [1] - VIP members receive a discount of 600 yuan when purchasing the book [1] - A customized gift box is included with the VIP membership [1]

6月18日，在2025四川国际美酒博览会期间，中国酒业协会副秘书长刘振国发布《2025中国白酒市场中 期研究报告》(以下简称《报告》)。《报告》指出，白酒行业正处于"政策调整、消费结构转型、存量 竞争"三期叠加的深度调整期，头部企业优势持续扩大，消费场景与价格体系面临重构。 国家统计局数据显示，2025年第一季度，白酒产量103.2万千升，同比下降7.3%。从20家A股上市公司 角度来看，《报告》显示，一季度上述公司合计实现营收1534.2亿元，同比增长1.7%；合计实现净利润 649.1亿元，同比增长2.3%，抗压力优于行业整体。 同时，《报告》提到，上半年政策调控深化，在资本市场中，白酒板块对政策冲击的适应能力增强；宴 请及送礼需求急剧减少，节假日消费量同比逐年下滑，婚庆寿宴和家庭独酌成为目前稳定消费场景。 国泰海通发布的研报显示，行业目前产业景气度仍在寻底，价格端压力大于量的压力，白酒产业或完全 进入到库存周期后半段，在此维度下，大部分企业短期业绩依赖于核心市场的市占率提升，且愈发依赖 于腰部及以下单品驱动。白酒商品属性正在加速重塑，能够提前适应快消品运作逻辑的企业竞争优势会 愈发凸显。 中国酒业协会认 ...

策略报告 | 投资策略 板块的拥挤度本质是该板块成交量占整体的比例，比例越高，说明该板块是热 门板块，"拥挤"是指历史纵向比较在较高的历史百分位，往往意味着该板块 过度热门，短期内有向下调整的压力。短中长期乖离率高位本质是短期"涨多 了"。两者一个是"量"的指标，一个是"价"的指标，均表示冷热度。但热 门板块总有自己上涨的原因，真正结束要看这个原因什么时候结束，量价指标 运用的有效性也会可能随着市场风格变化而变化。 长期来看，A 股的行业，在"加速后放量"的状态下，一个月内跑输是大概率 事件；反例是 20-21 年核心资产时代，短暂地无视了这一规律，呈现出"过 热后还有过热"。 出现"加速后放量"后，未来一个月的行业相对全 A 超额基本为负。但 20-21 年是例外，因此 20-21 年也会培养出很多无视量价、注重产业赛道和商业模式 的投资方法论。但从 23 年后，量价逻辑的有效性其实是稳步提升的，量价和 技术面更加重要了。 行业比较周报 证券研究报告 拥挤度指标运用的深入思考 核心结论： 长期来看，A 股的行业，在"加速后放量"的状态下，一个月内 跑输是大概率事件；反例是 20-21 年核心资产时代，短暂地 ...

黑色金属数据日报 | 2025/06/19 | | 国贸期货出品 ITG 国贸期货 | | --- | --- | --- | | 投资咨询业务资格:证监许可[2012] 31号 | | | | 黑色金属研究中心 | 执业证号 | 投资咨询证号 | | 张宝慧 | F0286636 | Z0010820 | | 黄志鸿 | F3051824 | Z0015761 | | 节子勖 | F03094002 | Z0020036 | | | 远月合约收盘价 (元/吨) | RB2601 | HC2601 | < 12601 | J2601 | JM2601 | | --- | --- | --- | --- | --- | --- | --- | | | 6月18日 | 2978. 00 | 3100.00 | 670. 50 | 1403.00 | 815. 50 | | | 涨跌值 | 1.00 | 10.00 | 0. 00 | 15.00 | 5.00 | | | 涨跌幅(%) | 0.03 7 | 0. 32 | 0.00 | 1.08 | 0.62 | | | 近月合约收盘价 (主力合约元/吨) | R ...

Group 1 - The Federal Reserve maintained interest rates, indicating a slowdown in future rate cuts and anticipating "considerably high inflation" in the coming months, which led to the dollar index rising to 99 before closing at 98.89, up 0.05% [1] - The 10-year U.S. Treasury yield closed at 4.397%, while the 2-year yield was at 3.952%, reflecting initial declines followed by increases [1] - Gold prices fell by 0.60% to $3368.49 per ounce, influenced by geopolitical risks and tariff-driven inflation concerns stemming from Trump's aggressive tariff agenda [1] Group 2 - Gold prices experienced a significant drop after reaching above $3450, falling over 1% and hitting a low of $3370, indicating a likely continuation of downward adjustments towards the $3290 support level [3] - The market is currently focused on geopolitical tensions in the Middle East and the implications of Trump's tariffs, which are expected to influence gold price movements [3] - Oil prices saw a sharp increase of over 13% last Friday, surpassing $77, but subsequently fell back to around $73, with expectations of continued volatility unless geopolitical tensions escalate further [5] Group 3 - The oil market is primarily affected by the conflict with Iran, raising concerns about potential disruptions in the Strait of Hormuz, which could impact nearly 20% of global oil transport [3] - OPEC+ is currently in a phase of accelerated production increases, contributing to supply pressures in the oil market, which may lead to significant selling pressure if conflicts ease [5] - The recommendation for trading strategies suggests focusing on short positions in the oil market, particularly in the $74-$74.50 range, anticipating a drop to $69.50-$70 [5]