Core Insights - The introduction of the "Doubao Phone" has garnered significant attention, marking a new addition to the AI smartphone sector, which has energized Honor's AI team [1] - The demonstration video showcased features such as video calls with the Doubao Assistant, enabling functionalities like price comparison and café recommendations, indicating a shift towards general-purpose AI applications [1] Company Developments - Honor's product line president, Fang Fei, highlighted the alignment of the Doubao Assistant's capabilities with the company's strategy of evolving AI from specific tasks to general execution [1]

12月4日消息，荣耀终端股份有限公司产品线总裁方飞发微博谈"豆包手机"："豆包手机"这两天被高度 关注，AI手机赛道有了新伙伴的加入，这让荣耀的AI团队振奋。 我们看到演示视频中展示了与豆包助手视频通话，让豆包全网比价、收藏咖啡厅等等场景，看过视频的 朋友是否觉得眼熟？没错，豆包手机助手实现了对通用场景的支持并自动执行，这与荣耀AI从特定任 务向通用化执行的发展道路是一致的。 责任编辑：李思阳 12月4日消息，荣耀终端股份有限公司产品线总裁方飞发微博谈"豆包手机"："豆包手机"这两天被高度 关注，AI手机赛道有了新伙伴的加入，这让荣耀的AI团队振奋。 我们看到演示视频中展示了与豆包助手视频通话，让豆包全网比价、收藏咖啡厅等等场景，看过视频的 朋友是否觉得眼熟？没错，豆包手机助手实现了对通用场景的支持并自动执行，这与荣耀AI从特定任 务向通用化执行的发展道路是一致的。 责任编辑：李思阳 ...

Market Overview - Major indices opened slightly higher but retreated, with the Shenzhen Component down 0.45% at 12,897.03, the Shanghai Composite down 0.32% at 3,865.71, and the ChiNext Index down 0.54% at 3,020.49 [1] - The A50 futures index experienced a sudden drop before rebounding, showing a gain of 0.19% at the time of reporting [1] Bond Market - Vanke's bond "21 Vanke 06" saw a significant drop, with a trading price decline of 20% or more, leading to a temporary suspension by the Shenzhen Stock Exchange [3] Robotics Sector - The robotics sector showed strong performance, with companies like Ruineng Technology achieving five consecutive trading limits, and others like Junya Technology and Longxi Co. hitting their daily limits [4] - The global humanoid robot market is projected to reach approximately $1.017 billion in 2024, with an expected growth to $15 billion by 2030, reflecting a compound annual growth rate (CAGR) of over 56% [5] - The Chinese market is anticipated to reach 38 billion RMB by 2030, with sales increasing to 271,200 units, capturing 44.77% of the global market share [5] AI Mobile Phone Sector - The AI mobile phone sector experienced a pullback on December 4, with stocks like Daoming Optical hitting the daily limit down, and others such as Dongtianwei and Aoni Electronics also declining [5] - Users reported issues with the "Doubao AI phone" logging into WeChat, attributed to WeChat's security measures rather than commercial competition [7] - According to CITIC Securities, the AI industry is transitioning to a phase of large-scale implementation, with advancements in next-generation models like Gemini 3.0 and GPT-5 benefiting complex reasoning scenarios [7] Hong Kong Market - In the Hong Kong market, companies such as Sanhua Intelligent Control and Unibot saw intraday gains of 6% and 4% respectively, while Horizon Robotics increased by over 2% [8]

人民财讯12月4日电，12月4日，三大指数小幅高开，上证指数涨0.04%，深证成指涨0.02%，创业板指 涨0.01%。盘面上，电机、有色金属、汽车零部件、贵金属、人形机器人概念等板块开盘活跃；船舶制 造、商业百货、航天航空、旅游酒店、AI手机、培育钻石概念等板块开盘走低。 ...

豆包助手在微信上的短暂尝试如闪电般照亮了行业深水区的暗礁。这部售价3499元却溢价千元的手机，成为了一个时代的测试机，测试技术的 边界，也测试商业的容忍度。 3日多位努比亚M153用户发现，当他们使用豆包手机助手操作涉及微信的任务时，微信会异常退出甚至无法登录。 微信方面回应称"可能是触发了安全风控"，而豆包则宣布其操作手机功能"目前不再支持操作微信"。 这场短暂而激烈的交锋，表面上是一场技术兼容性问题，实则揭开了AI手机时代生态控制权的边界之争。 Part.1 权限的诱惑与代价 豆包手机助手之所以能够实现"全网比价并下单"的炫酷演示，核心在于它获得了INJECT_EVENTS这一系统级权限。 这一权限允许应用模拟用户的点击、滑动等操作，在多应用间自动跳转，但在安卓生态中历来被视为"高危操作"。它打破了应用之间的沙盒隔离原则，使 得一个应用可以操纵其他应用。 虽然小米小爱、荣耀Yoyo等手机厂商的原生助手也拥有类似权限，但它们的使用范围通常被严格限制在自家生态内。 豆包的不同之处在于，它试图用这一权限调度整个移动互联网生态，包括微信这样的国民级应用。 冲突由此爆发，即豆包凭什么有权限重新划定边界？ Part. ...

深圳商报首席记者 袁静娴 12月3日，多位网友在社交平台上反馈，搭载豆包助手的努比亚M153工程机（即"豆包AI手机"）登录微 信时，页面弹出"登录环境异常，需更换设备重新登录"的警告。部分用户更换账号后虽能临时登录，但 传输聊天记录时再次被强制下线。更关键的是，若通过豆包助手操作微信功能（如发送消息），系统直 接提示"任务失败"，并标注"实验室功能暂不支持微信操作"。 目前，豆包团队的工作人员建议用户暂停相关功能，并下线了操作微信的能力。腾讯微信客服则表示， 关于豆包助手手机登录微信的问题，目前网页版登录功能已调整，建议用户通过微信PC端使用。 nubia M153豆包手机助手技术预览版（以下统称"豆包AI手机"）由中兴通讯（000063）和字节跳动共同 开发，其中字节旗下的豆包主导AI手机的产品定义与体验，中兴通讯旗下努比亚主导硬件研发设计及 生产制造。 上架一抢而空 二手平台溢价千元 该手机于12月1日正式发布，在中兴商城上架后很快售罄。二手交易平台上，nubia M153的搜索量也持 续上涨，价格水涨船高，一度溢价数千元。 一款工程样机，还处于技术预览，为何能引起众多消费者兴趣？根据官网信息，硬件方面 ...

Core Viewpoint - The recent issues with the Doubao mobile assistant causing abnormal logouts from WeChat highlight the ongoing challenges in balancing AI functionality with user privacy and security measures in the smartphone industry [1][2][3]. Group 1: Doubao Mobile Assistant and WeChat Interaction - Users of the Doubao mobile assistant on Nubia M153 have reported that using the assistant can lead to WeChat account logouts and login issues [1]. - WeChat representatives indicated that these issues may stem from existing security measures rather than any specific actions taken against Doubao [2]. - The Doubao mobile assistant, launched on December 1, is designed to automate tasks across multiple applications, but it has faced challenges specifically with WeChat [2]. Group 2: AI Integration and Industry Trends - The collaboration between ZTE and Doubao signifies a new phase in the ecosystem collaboration between consumer electronics manufacturers and internet giants, with expectations that global AI smartphone penetration will exceed 35% by 2026 [2]. - The Doubao model aims to expand the application boundaries of AI functionalities, facilitating automation in various user tasks [2]. Group 3: Data Security and Permissions - The Doubao mobile assistant has been granted the INJECT_EVENTS permission, which allows it to simulate user input across applications, raising concerns about data security and privacy [4][7]. - This permission is typically reserved for system-level applications, indicating that Doubao is deeply integrated with the operating system rather than functioning as a standalone third-party app [4]. - Industry experts note that while this permission is common among native assistants from major manufacturers, it poses potential security risks if granted to third-party applications [7]. Group 4: Regulatory and Competitive Landscape - The regulatory environment surrounding AI mobile assistants remains ambiguous, particularly regarding user data access and privacy [7]. - WeChat's terms of service explicitly prohibit the use of third-party tools for automated operations, emphasizing the need for stringent security measures [7]. - Experts suggest that leading internet platform companies should collaborate to establish industry safety standards for AI mobile assistants to facilitate development while ensuring user security [8].

| 15分 30分 60分 交居期 反营 | | | | 加昌选 均线 窗 预测 | | | --- | --- | --- | --- | --- | --- | | | | | | 00日 10 2 0 0 | 3878.0 | | | | | | | -证指数ETF | | | | | | | 一市成交额(沪深泉) | | | | | | | 预估成交额 | | | | | | | 较上日此时 | | | | | | | 沪股通额度余额 | | | | | | | 是市值 | | | | | | | 流通市信 | | 3702.26-3702.38 | | | | | | | 大涨板块 | 251203 (周3) | 251202 (周2) | 251201 (周1) | 251128 (周5) | 251127 (周4) | | 1 | 培育钻石3 | 福建自贸/海西概念12 | AI手机12 | 航天16 | 有机硅4 | | 2 | 煤炭4 | 航天5 | 玩具4 | 福建自贸/海西概念8 | 国际目池11 | | 3 | 医药6 | AI手机4 | 黄金6 | 锂电池7 | 国产网片8 | | ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it highlights structural opportunities in sectors like commercial aerospace and AI mobile phones, suggesting a positive outlook for these areas [3]. Core Insights - The market experienced a short-term adjustment primarily due to the pullback in previously popular sectors such as the lithium battery industry and CROs. However, there are still structural opportunities present, particularly in specialized and innovative enterprises [3]. - The recent adjustments to the North Exchange 50 Index, which included high-growth companies in advanced manufacturing and technology sectors, are expected to enhance the index's representation of innovative sectors [3]. - The establishment of various local bond financing subsidy policies is aimed at supporting technology innovation bonds and green bonds, indicating a favorable policy environment for these sectors [2][17]. - The launch of the drug price registration system is anticipated to resolve the pricing reference issues for innovative drugs, potentially attracting more multinational pharmaceutical companies to invest in China [17]. Summary by Sections Market Review - On December 2, the North Exchange A-share trading volume reached 139.4 billion, a decrease of 16.6 billion from the previous trading day. The North Exchange 50 Index closed at 1398.13, down 0.76%, with a PE_TTM of 66.23 times. The specialized and innovative index closed at 2343.26, down 0.84% [7][12]. Stock Performance - Among the 286 companies listed on the North Exchange, 34 saw an increase in stock prices, 5 remained flat, and 247 experienced declines. The top five gainers included Jingchu Electric (330.7%), Kun Gong Technology (7.1%), and Longzhu Technology (6.7%). The top five decliners included Deer Chemical (-6.0%) and Henghe Co. (-5.2%) [14][15]. Important News - Multiple regions have introduced bond financing subsidy policies, with one area offering a subsidy of 400,000 for issuing technology innovation bonds. This reflects a shift towards a multi-faceted support model for local financing initiatives [2]. - The drug price registration system launched on December 2 aims to address the lack of reference pricing for innovative drugs, which could significantly enhance the international competitiveness of Chinese pharmaceuticals [17]. Company Announcements - Ruihua Technology announced the receipt of a patent for a method of preparing high-impact polystyrene, indicating ongoing innovation within the company [18]. - Gobi Jia disclosed plans for a shareholder to reduce holdings by up to 2.8 million shares, representing 1.94% of total equity, due to operational management needs [19].

Core Insights - The global foldable smartphone shipment is projected to grow by 14% year-on-year in Q3 2025, reaching a historical quarterly high, with a market share of 2.5% in global smartphone shipments [1] - Lenovo Motorola has emerged as a key player in the clamshell foldable segment, with a 16% year-on-year increase in shipments, securing a position among the top three globally [1][2] - Vivo has seen a significant increase in shipments by 67%, while Xiaomi and Honor experienced declines of 54% and 31%, respectively [1] Company Performance - Lenovo Motorola has effectively expanded its foldable smartphone user base through competitive pricing, strong channel partnerships, and excellent product usability ratings [2] - In the mainstream markets of the US and Europe, Motorola has achieved a breakthrough in market share, competing effectively against established players like Samsung and Honor [2][6] - The Razr series, particularly the Razr 60, has led the market with a 15% share in the first half of 2025, and combined with the Razr 50, the total share reaches approximately 27% [3] Market Trends - The foldable smartphone market is expected to close 2025 with a stable growth rate of around 16% year-on-year, driven by high-end users preferring larger screens for productivity and durability [6] - The market is anticipated to enter a significant expansion phase in 2026, fueled by improvements in durability, thinner and lighter designs, optimized hinge and panel structures, and enhanced AI-driven software experiences [6] - Lenovo is actively promoting its "one body, multiple ends" strategy, launching various AI smartphone products, which is expected to be a crucial competitive area in the foldable smartphone market and the overall smartphone industry [6]