如今在回归千亿美元市值的路上起起伏伏。 被称为东南亚 "腾讯+阿里"的 Sea Limited（冬海集团） ，在经历了 2021年股市高光时刻、市值超过 2000亿美元之后进入狂跌，在2023年8月甚至被腰斩到1成。 其实2025年9月11日， Sea的ADR价格曾一度摸高至199美元，总市值超过1100亿美元。但三个月后又跌 去37%，如今最新在720亿美元附近。当然，比起22年23年谷底时已经明媚很多。 在这几年的股价爬升又跌宕的过程中， "超长期投资者" Baillie Gifford 不离不弃，在大跌后的 2022年上 半年开始持续加仓，直到2023年9月底成为二级市场的第一大机构持有人。 这 是一家让国内外顶级机构都 "重注"过的公司。早年，腾讯是其最大股东，曾持有超过20%的股份，并为 其核心游戏《Free Fire》提供了初期的产品和技术支持。 公开信息显示，腾讯 2022年 初 大幅减持后，转为长期财务投资者，影响力和控制权明显下降，目前持股 比例 18. 7 %。 Sea 的股东中不乏 挪威央行主权基金 、普信集团、 景林资产等 知名机构， 值得一提的是，张坤 管理的易 方达 亚洲精选 基金 ...

要说起移动互联网的代表，无疑非应用商店莫属，它也使得获取应用程序的方式变得比以往更加简单快 捷。在移动生态几乎主导了互联网秩序的当下，作为PC生态代表的微软也回过神来，开始让Windows 学习Android、iOS的先进经验。 日前海外科技媒体Windows Latest发文称，微软方面为了解决Windows 11的应用程序更新管理混乱问 题，正在测试一个名为"更新编排平台（UOP）"的功能。据悉，UOP将允许Windows 11根据用户对应用 程序的使用情况，自动扫描、下载，甚至是安装应用程序的更新，为用户提供一个类似于移动端应用商 店的统一平台。 此次曝光的截图显示，测试版的Windows系统设置中出现了新的"应用更新"页面，UOP则位于"设置-应 用"之下，所有使用UOP API的应用程序都将出现在这个页面。但需要注意的是，UOP并不是依托于微 软应用商店（Microsoft Store），而是只要开发者将自己的应用程序注册为"更新提供程序"即可接入。 以至于在移动互联网诞生前，一切都需要大家自己动手。可是对于成长在移动互联网时代的新用户来 说，Windows就过于"粗糙"。在移动互联网时代，为了获得 ...

五年前，投资人在寻找"下一个移动互联网"；今天，答案逐渐清晰：AI智能体正在成为那个堪比移动互联网的平台级机会。这不是又一个 短暂的技术热点，而是重塑全球产业价值分配的新大陆。 当风险投资开始从大模型基础设施转向应用层时，一个共识正在形成：通用大模型是水电煤，而AI智能体是能够直接创造价值的"发电 厂"。 回顾技术革命的历史：工业革命解放了体力，计算机革命解放了计算力，互联网革命解放了信息获取力。而AI智能体革命解放的，是人类 的决策执行能力。 这种解放的价值体现在三个维度： 企业效率的指数级提升：一家中等规模的电商企业引入销售智能体后，线索转化率提升了40%，而成本仅为人工团队的1/3。这并非个例 ——在客服、数据分析、内容创作等领域，智能体正在实现传统软件无法企及的ROI。 代码自主开发者：从需求描述到完整产品的应用开发智能体 在这个领域，已经有平台开始提供企业级的数字员工解决方案。以推氪AI为例，这家公司专注于将数字人技术与智能体能力结合，为企业 提供从数字客服到虚拟培训师等多种场景的应用。其技术特点在于能够以较低门槛实现真实员工形象的数字化复刻，并通过多终端部署适 应不同企业需求。 个人能力的超级延伸 ...

Company Overview - Transsion Holdings Limited (传音控股) has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - The company is a leading provider of smart terminal products and mobile internet services, primarily focusing on the design, research and development, production, sales, and brand operation of mobile phones [4][7] - Since its establishment in 2013, the company has focused on emerging markets, particularly in Africa, where it has established a strong brand presence and is known as the "King of Africa" in the mobile phone industry [4][8] Market Position - According to Frost & Sullivan, Transsion Holdings ranks first in the global emerging markets for mobile phone sales in 2024, with a market share of 24.1% [1] - In Africa, the company holds a dominant position with a market share of 61.5% in mobile phone sales, benefiting from the transition from feature phones to smartphones [8] - The company also ranks first in the emerging Asia-Pacific and Middle East markets, with market shares of 15.4% and 22.8%, respectively [8] Financial Performance - The company reported revenues of RMB 46.60 billion, RMB 62.29 billion, RMB 68.72 billion, and RMB 29.08 billion for the years 2022, 2023, 2024, and the first half of 2025, respectively [10] - Gross profits for the same periods were RMB 9.25 billion, RMB 14.44 billion, RMB 14.34 billion, and RMB 5.53 billion, with corresponding gross profit margins of 19.9%, 23.2%, 20.9%, and 19.0% [11] - The net profits for the years 2022, 2023, 2024, and the first half of 2025 were RMB 2.47 billion, RMB 5.59 billion, RMB 5.60 billion, and RMB 1.24 billion, respectively [12] Industry Overview - The global mobile phone market has shown strong growth since 2010, with a market size of USD 0.5 trillion in 2024, projected to reach USD 0.6 trillion by 2029, reflecting a compound annual growth rate (CAGR) of 4.6% [13] - The mobile internet services market is expected to grow from USD 2.9 trillion in 2024 to USD 7.6 trillion by 2029, with a CAGR of 21.5% [14] - Emerging markets are experiencing a significant increase in mobile internet penetration, expected to rise from 46% in 2024 to 53% by 2029, indicating substantial growth potential in the smartphone and mobile internet services sectors [15] Emerging Market Dynamics - The smartphone market in emerging markets is projected to grow from USD 134.4 billion in 2020 to USD 171.1 billion in 2024, with a CAGR of 6.2% [17] - The number of smartphones sold in emerging markets is expected to increase from 624.6 million units in 2020 to 648.5 million units in 2024, with a CAGR of 0.9% [22] - The IoT products market in emerging markets is anticipated to grow from USD 81 billion in 2020 to USD 135.5 billion in 2024, with a CAGR of 13.7% [26]

Company Overview - Transsion Holdings, a leading provider of smart terminal products and mobile internet services, focuses on the design, research and development, production, sales, and brand operation of mobile phones [3][5] - The company has established a strong brand presence in emerging markets, particularly in Africa, where it is known as the "King of Africa" due to its significant market share and brand influence [3][6] - Transsion Holdings operates three main smartphone brands: TECNO, targeting mid-to-high-end consumers; Infinix, aimed at young consumers; and itel, which emphasizes cost-effectiveness and reliability for the mass market [5][6] Market Position - According to Frost & Sullivan, Transsion Holdings ranks first in the global emerging markets for mobile phone sales, with a market share of 24.1% as of 2024 [1][6] - In Africa, the company holds a dominant position with a market share of 61.5%, benefiting from the transition from feature phones to smartphones and the growing demand driven by economic development and consumer upgrades [6][8] - The company also leads in the emerging Asia-Pacific and Middle Eastern markets, with market shares of 15.4% and 22.8%, respectively [6] Financial Performance - For the fiscal years ending December 31, 2022, 2023, and projected for 2024, Transsion Holdings reported revenues of RMB 46.60 billion, RMB 62.29 billion, and RMB 68.72 billion, respectively [8] - The gross profit for the same periods was RMB 9.25 billion, RMB 14.44 billion, and RMB 14.34 billion, with corresponding gross profit margins of 19.9%, 23.2%, and 20.9% [9] - The net profit for the fiscal years was RMB 2.47 billion, RMB 5.59 billion, and RMB 5.60 billion, indicating a strong profitability trend [10] Industry Overview - The global mobile phone market is projected to reach USD 0.5 trillion by 2024, with a compound annual growth rate (CAGR) of 4.6% from 2024 to 2029 [12] - The mobile internet services market is expected to grow significantly, from USD 2.9 trillion in 2024 to USD 7.6 trillion by 2029, with a CAGR of 21.5% [12][14] - Emerging markets are experiencing a rapid increase in mobile internet penetration, expected to rise from 46% in 2024 to 53% by 2029, indicating substantial growth potential in both smartphone and mobile internet service markets [14][16] Emerging Market Dynamics - The smartphone market in emerging markets is anticipated to grow from USD 134.4 billion in 2020 to USD 171.1 billion by 2024, with a CAGR of 6.2% [16] - The number of smartphones sold in emerging markets is projected to increase from 624.6 million units in 2020 to 648.5 million units by 2024, with Africa being the fastest-growing region [21] - The IoT product market in emerging markets is expected to grow from USD 81 billion in 2020 to USD 135.5 billion by 2024, driven by advancements in network infrastructure and technology [25]

Core Viewpoint - Transsion Holdings has submitted an application to list on the main board of the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor. The company ranks first in the global emerging markets for mobile phone sales, holding a market share of 24.1% according to Frost & Sullivan [1][4]. Company Overview - Transsion Holdings is a leading provider of smart terminal products and mobile internet services, primarily focusing on the design, research and development, production, sales, and brand operation of mobile phones. The company has established brand recognition in emerging markets, particularly in Africa, and has expanded into mobile internet services and IoT products, creating an ecosystem of products, services, and brands [4][6]. - Since its establishment in 2013, Transsion has focused on emerging markets, especially Africa, where it is known as the "King of Africa" due to its significant market share and brand influence. The company has successfully replicated its business model in various emerging markets [4][7]. Business Highlights - Transsion operates three main smartphone brands: TECNO, targeting mid-to-high-end consumers; Infinix, aimed at young consumers; and itel, which emphasizes cost-effectiveness and reliability for the mass market. In addition to smartphones, the company offers mobile internet services and IoT products [6][7]. - In Africa, Transsion holds a market share of 61.5% in smartphone sales, benefiting from the transition from feature phones to smartphones, driven by economic development and consumer upgrades [7]. Financial Performance - The company reported revenues of RMB 46.60 billion in 2022, RMB 62.29 billion in 2023, and projected revenues of RMB 68.72 billion in 2024, with a six-month revenue of RMB 29.08 billion for 2025 [9]. - Gross profit figures were RMB 9.25 billion in 2022, RMB 14.44 billion in 2023, and projected RMB 14.34 billion in 2024, with corresponding gross profit margins of 19.9%, 23.2%, and 20.9% respectively [10]. - The net profit for the years 2022, 2023, and projected for 2024 is RMB 2.47 billion, RMB 5.59 billion, and RMB 5.60 billion respectively [11]. Industry Overview - The global mobile phone market has shown strong growth since 2010, with a market size of USD 0.5 trillion in 2024, expected to reach USD 0.6 trillion by 2029, reflecting a CAGR of 4.6% from 2024 to 2029. The mobile internet services market is projected to grow from USD 2.9 trillion in 2024 to USD 7.6 trillion by 2029, with a CAGR of 21.5% [13][14]. - The emerging markets' mobile internet penetration rate is currently at 46%, expected to rise to 53% by 2029, indicating significant growth potential in the smartphone and mobile internet services sectors [14]. - The smartphone market in emerging markets is projected to grow from USD 134.4 billion in 2020 to USD 171.1 billion in 2024, with a CAGR of 6.2% [16].

Core Insights - The article discusses the structural changes occurring in the AI era, emphasizing the shift from mobile internet to AI technology paradigms and the evolving nature of entrepreneurship in this context [5][6]. Group 1: Shifts in Technology Paradigms - The transition from mobile internet to AI signifies a change in competitive focus from "time share" to "intelligent share," where the ability to effectively utilize intelligence becomes crucial for growth [8][12]. - In the AI era, the core product being sold is shifting towards "intelligence itself," as seen in the evolution of products like ChatGPT, which expands its capabilities over time [12][13]. Group 2: User Interaction and Product Evaluation - The early evaluation of AI products often relies on user engagement metrics, but initial user time may decrease as the focus should be on enhancing the product's intelligence [11][14]. - The evaluation framework for AI products has evolved from initial hype to quantifiable metrics, ultimately focusing on the unique value created for users and the competitive advantages that arise from it [16][19]. Group 3: Organizational Innovation - The organizational structure in the AI era is shifting from being product manager-driven to research-driven, necessitating significant investment in technology decisions rather than rapid iteration [19][21]. - Companies must respect research and align their development strategies with technological advancements, balancing talent density and resource allocation [21].

专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 11月28日，2025分析师大会举行，专家学者、券商基金私募掌舵人、首席分析师等齐聚一堂，共寻穿越 周期的投资真谛。东方港湾创始人兼董事长但斌出席并发表主旨演讲。 在但斌看来，每一个重大技术浪潮都会带来历史性的投资机遇。面对人工智能时代的开启，投资者需要 的是同样的认知决心与行动魄力。"我们在年轻时代该做什么，今天就更应该去做什么。"他总结道。 但斌表示，如果能在2004年认识到移动互联网时代的到来，投资将变得非常简单——"应该把所有钱换 成港币买入腾讯"，并指出若持有至今，收益率可达六七百倍。他进一步提出，面对2022年以来开启的 人工智能时代，东方港湾近两年已将配置重点转向以英伟达为代表的人工智能领先企业。 在但斌看来，每一个重大技术浪潮都会带来历史性的投资机遇。面对人工智能时代的开启，投资者需要 的是同样的认知决心与行动魄力。"我们在年轻时代该做什么，今天就更应该去做什么。"他总结道。 责任编辑：宋雅芳 但斌表示，如果能在2004年认识到移动互联网时代的到来，投资将变得非常简单——"应该把所有钱换 成港币买入腾讯"，并指出若 ...

新浪合作大平台期货开户 安全快捷有保障 责任编辑：常福强 专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月28日，2025分析师大会举行，东方港湾创始人兼董事长但斌主旨演讲。但斌驳斥AI泡沫论，但斌 表示"我们仅仅处于AI爆发的第一天"。但斌表示，当下的很多人认为AI是有泡沫的，但值得注意的是， 腾讯是2004年上市的，它是在互联网时代的一个中间甚至尾声的阶段上市，但腾讯也有六七百倍的回 报。巴菲特是2016年开始投资苹果的，所以看即使是在移动互联网时代发展的中段，投资也有10倍的回 报。但斌认为既然AI时代刚刚开始，投资要想真正赚到大钱一定要养成个习惯，要从产业的角度，横 跨二三十年的角度来处理投资，这样我们的投资才有可能会有比较好的结果。 ...

Core Viewpoint - The AI industry is in its early stages, with significant long-term investment opportunities expected as it develops over the next two to three decades [1][2]. Summary by Relevant Sections - **AI Bubble Discussion** - The speaker emphasizes that we are only at the "first day" of the AI explosion, indicating a belief in the nascent stage of AI development [1][2]. - **Historical Investment Examples** - Cited examples include companies listed in 2004 that saw returns of six to seven hundred times during the later stages of the internet era, and Warren Buffett's 2016 investment in Apple, which yielded a tenfold return during the mid-stage of mobile internet [1][2]. - **Long-term Investment Strategy** - The speaker advocates for a long-term investment perspective, suggesting that successful outcomes in the AI sector will require a focus on industry trends over a span of two to three decades [1][2]. - **Challenges for Investors** - The speaker notes that achieving alignment between knowledge and action is one of the most challenging aspects for investors [1][2].