据悉，折叠屏iPhone Fold原型机内屏尺寸7.74英寸、外屏 5.49英寸，测试版电池容量达5400-5800mAh， 超iPhone 17 Pro Max水平。 11月25日，据环球网报道，富邦研究近日发布行业报告，2026年全球智能手机市场或将持续萎缩，但苹 果公司首款折叠屏iPhone的亮相有望成为市场亮点，其预计售价为2399美元，生命周期销量预计达1540 万部。 苹果公司首款折叠屏iPhone因面板、铰链及轻量化材料等核心组件成本较高，定价被推向市场预测区间 高端。富邦研究结合供应链分析与苹果利润结构，给出2399美元的预测售价。 这也是首次有机构给出明确定价。此前，天风国际证券分析师郭明錤曾预测该机型售价在2000美元至 2500美元之间，知名科技记者马克·古尔曼则预计售价约2000美元。 此外，据环球时报转引MacRumors报道，苹果公司在折叠屏手机研发领域取得关键进展，其首款折叠屏 手机iPhone Fold成功攻克行业核心痛点，实现无折痕设计，有望成为全球首款真正意义上的无折痕折叠 手机。 据供应链透露，苹果此次在折叠屏技术上的突破，核心在于屏幕与铰链系统的创新整合。这款iPhon ...

Group 1 - Beike's large-scale layoffs involve a 30% reduction in overall staff, with a 50%-60% cut in management levels P8 and above, reflecting survival anxiety after a Q3 report showing a 36.1% drop in net profit to 747 million yuan [2] - Alibaba's Q2 revenue reached 247.8 billion yuan, slightly above estimates, but adjusted net profit fell to 10.35 billion yuan, significantly below expectations [4] - ByteDance plans to launch a new PICO product in 2026, featuring a self-developed chip for real-time processing of high-definition video, with a pixel density nearly nine times that of the iPhone 17 Pro Max [4] Group 2 - NIO's founder expressed confidence in achieving profitability in Q4 2025, driven by strong orders for high-margin models like the new ES8 [13] - Novartis China plans to adjust its county-level business operations starting January 2026, while maintaining its commitment to the county healthcare market [13] - The "Fu Gui Niao" brand is now under new management, which claims that its operations are healthy and normal despite previous bankruptcy reports of its former entity [14] Group 3 - Huawei launched the Mate X7 foldable phone, starting at 12,999 yuan, featuring the Harmony OS 6 and multiple memory configurations [19] - The global smart ring market is expected to see shipments exceed 4 million units in 2025, with Oura holding a 74% market share in the first half of that year [22] - Amazon is pushing its in-house AI programming tool Kiro, advising engineers to avoid third-party tools [15]

在轻薄与显示体验上，华为MateX7再次刷新行业纪录。整机重量仅235克，折叠态厚度9.5mm，展开薄至4.5mm，实现了"纤薄与可靠"的双重突破。内外双 屏均搭载全新临境显示技术，6.49英寸外屏峰值亮度达3000 nits，8英寸内屏峰值亮度2500nits，配合1-120Hz自适应刷新率，无论是强光下的户外使用，还是 暗光环境的夜间浏览，都能呈现高保真的视觉效果。云锦白、云锦蓝两款特色配色与寰宇红等素皮版本的组合，更满足了不同用户的审美需求。 当1600年非遗云锦遇上尖端纳米纤维技术，当折叠形态突破遇上AI智能体革新，华为用一场万众瞩目的发布会给出了折叠屏行业的全新答案。11月25日， 华为Mate80系列丨MateX7及全场景新品发布会如期举行，全新折叠旗舰华为Mate X7的登场，不仅延续了华为在折叠屏领域的技术优势，更以革命性升级再 次定义了行业标杆。市场调研机构IDC发布最新数据报告显示，2025年上半年华为以超七成市占率领跑国内折叠屏市场，前三季度更以68.9%的份额持续垄 断，而华为Mate X7的到来，无疑将这一领先优势推向新的高度，展现华为折叠屏每一代都引领的实力。 推动折叠屏从"小众玩 ...

Core Viewpoint - Huawei has launched the Mate 80 series and the foldable Mate X7, aiming to solidify its position in the high-end smartphone market while enhancing its leadership in the foldable segment [1][3]. Group 1: Mate 80 Series - The Mate 80 series includes four models: Mate 80, Mate 80 Pro, Mate 80 Pro Max, and Mate 80 RS, starting at a price of 4699 yuan [1]. - The series is powered by the Kirin 9030 processor and features upgrades in imaging, performance, battery life, and AI capabilities [1]. - The Mate series aims to maintain high-end recognition and stable market share amidst fierce competition [1]. Group 2: Mate X7 - The Mate X7 is positioned to drive innovation in the foldable and ultra-high-end smartphone market, featuring a comprehensive range of foldable screen products [3]. - It is equipped with the Kirin 9030 PRO chip and utilizes lightweight yet strong materials, weighing approximately 235 grams with a thickness of 9.5mm when folded and 4.5mm when unfolded [3]. - The device incorporates advanced hinge structures and materials to enhance durability and reliability, making it resistant to water, bending, impact, and drops [3]. Group 3: Imaging and Smart Features - The Mate X7 features the second-generation red maple imaging system with a custom main and telephoto lens, supporting high dynamic video and AI effects [5]. - It introduces the "Time-Space Door" integrated lens module and applies traditional Chinese craftsmanship to the phone's back panel [5]. - The device will also commercialize the industry's first A2A intelligent collaboration, enhancing personalized and intelligent services across various domains [5]. Group 4: Market Positioning - The high-end smartphone market is increasingly competitive, and Huawei aims to expand its market share and reshape the domestic high-end smartphone landscape, with foldable devices as a key focus [7]. - The foldable smartphone segment has transitioned from niche to mainstream, driven by the unique value of large screens in productivity and entertainment [7]. - Innovative designs and customizable display ratios in products like the Mate X7 are expected to differentiate Huawei's offerings in a homogenized market [7].

21世纪经济报道记者倪雨晴、实习生谢梁一菲 深圳报道 11月25日，华为正式发布了Mate 80系列、折叠屏手机华为Mate X7，Mate 80售价4699元起，Mate X7售价12999元起。 在高端市场加速分化、折叠屏渗透率持续提升的大背景下，华为选择以"双旗舰"阵容亮相，一方面稳固其直板旗舰Mate系列的 行业地位，另一方面继续强化其在折叠屏上的领先优势。 此次，华为Mate 80系列将推出四款机型，分别为Mate 80、Mate 80 Pro、Mate 80 Pro Max以及Mate 80 RS非凡大师版，原本 的"Pro +"改为了"Pro Max"，Mate 80系列搭载麒麟9030处理器。 同时，华为Mate 80系列在影像、性能、续航、AI功能等方面进行升级。作为华为在传统直板旗舰市场的重要支点，其任务是在 激烈竞争中继续保持Mate系列的高端辨识度和稳定市场份额，并构成与折叠旗舰的互补。 （图源：华为发布会） 相比之下，华为Mate X7承担的是另一条路径，推动折叠屏创新和超高端手机市场。过去几年，华为已构建起包括内折、外折、 横折、竖折、三折、阔折在内的全形态折叠屏产品线。这不仅是技 ...

Core Viewpoint - Huawei is set to hold an online launch event for the Mate 80 series, Mate X7, and other products on November 25 at 14:30 [1][4]. Product Overview - The Mate 80 series includes four models: Mate 80, Mate 80 Pro, Mate 80 Pro Max, and Mate 80 RS, featuring a distinctive "dual-ring" back design with a magnetic ring for wireless charging and accessory integration [1]. - The series will be available in multiple colors, including Obsidian Black, Snow White, Dawn Gold, and Spruce Green [1]. - The standard version may introduce 3D facial recognition for the first time, while the RS version will offer 20GB of RAM [1]. - The Mate X7, Huawei's new foldable flagship, emphasizes a lightweight design and comprehensive user experience, available in five colors [1]. - The device features a 7.95-inch 2K inner display made of ultra-thin flexible glass, with improved crease control and enhanced durability through the new "super-reliable folding structure" [1]. Hardware Specifications - The Mate 80 series standard version is expected to be powered by the Kirin 9020 chip, while the Pro versions will utilize the more powerful Kirin 9030 processor [2]. - The Mate X7 will also feature the Kirin 9030 chip, supporting low-orbit satellite communication and eSIM technology [2]. - Both flagship models will run on the latest HarmonyOS 6.0, which integrates smart features and cross-device collaboration for an enhanced user experience [2].

Group 1 - The founder of Bawang Tea Ji, Zhang Junjie, is getting married to Gao Haichun, daughter of the founder of Trina Solar, with a combined market value of approximately 613 billion yuan for their respective companies [5][6] - DJI has officially entered the consumer-grade 3D printing market by investing in Smart Pie Technology, indicating a strategic move towards innovative technology [11] - Ant Group's CTO He Zhengyu stated that the Lingguang App and Alibaba's Qianwen App are not competitors but rather allies in the pursuit of AGI [8][9] Group 2 - Xiaomi's 500,000th car has rolled off the production line, achieving this milestone in just 602 days, marking a record for global new energy vehicle companies [15] - Star Motion Era has completed nearly 1 billion yuan in A+ round financing, led by Geely Capital, indicating strong investor confidence in the robotics sector [17][18] - Huawei and GAC have had multiple disputes during their collaboration on the Qijiang project, highlighting the challenges in automotive partnerships [20][21] Group 3 - NetEase reported a Q3 revenue of 28.4 billion yuan, with gaming revenue reaching 23.3 billion yuan, reflecting a year-on-year growth of 11.8% [23] - The new Xiangjie S9 MPV from Huawei's Hongmeng Zhixing will be launched, featuring a price range of 309,800 to 369,800 yuan, with a focus on high-end configurations [24][25] - Meizu Technology has clarified that it will not relocate its headquarters despite a building being listed for sale, emphasizing its commitment to its current location [27][28] Group 4 - Nvidia has warned that its potential $100 billion investment in OpenAI is not guaranteed, reflecting the uncertainties in large-scale tech investments [37][38] - Qualcomm has filed a complaint leading to a raid on Arm's Seoul office by South Korea's antitrust agency, indicating ongoing tensions in the semiconductor industry [38][39] - Google has introduced AI content detection features in its Gemini application, aiming to enhance transparency in AI-generated content [39][40]

Core Viewpoint - Huawei is set to hold a product launch event on November 25, where it will unveil the Mate 80 series, Mate X7, and several other new products, highlighting its ongoing innovation in the high-end smartphone market [1][4]. Group 1: Product Launch and Innovations - The Huawei Mate series has consistently introduced impressive technological innovations with each iteration since its inception [3]. - The upcoming Mate 80 series is expected to bring significant upgrades in performance, imaging, and innovative technologies, including the introduction of the Mate 80 Pro Max [7]. - Pre-orders for the Mate 80 series will begin on November 17, with various color options available across multiple sales channels [4]. Group 2: Market Performance and Trends - According to Counterpoint, smartphone sales in China are projected to decline by 2.7% year-on-year in Q3 2025, with the Mate 70 series experiencing lower sales due to the limitations of the Harmony OS ecosystem [4]. - The foldable smartphone market in China saw a shipment volume of 2.63 million units in Q3 2025, representing a year-on-year growth of 17.8%, with Huawei holding nearly 70% market share [10]. - Global shipments of foldable smartphones are expected to reach 70 million units by 2027, with a compound annual growth rate exceeding 40%, indicating a strong growth trajectory for this segment [11].

Core Viewpoint - Huawei is set to hold a product launch event on November 25, 2023, where it will unveil the Mate 80 series, Mate X7, and several other products, highlighting its ongoing innovation in the high-end smartphone market [1][3]. Group 1: Huawei Mate Series - The Huawei Mate series has consistently introduced significant technological innovations with each iteration, maintaining its position as a core player in the high-end smartphone sector [3]. - The upcoming Mate 80 series is anticipated to make breakthroughs in its operating system, which is crucial for enhancing Huawei's market share, especially given the slight decline in sales of the Mate 70 compared to its predecessor [3]. - Pre-orders for the Mate 80 series will begin on November 17, 2023, with various color options available across multiple sales channels [3]. Group 2: Huawei Mate X Series - The Huawei Mate X series has established itself as a leader in the foldable smartphone market, achieving significant advancements in screen technology, hinges, and performance [10]. - According to IDC, the shipment volume of foldable smartphones in China reached 2.63 million units in Q3 2025, marking a year-on-year increase of 17.8%, with Huawei holding nearly 70% market share [10]. - TrendForce forecasts that global shipments of foldable smartphones could reach 70 million units by 2027, with a compound annual growth rate exceeding 40%, while Counterpoint Research predicts shipments could hit 101.5 million units, with an annual growth rate of 49.48% by 2027 [10].

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The AI server market is experiencing a power supply revolution with the adoption of Battery Backup Units (BBUs) equipped with supercapacitors, driven by increasing demand from AI applications [1][13] - The ultra-slim smartphone market is polarized, with traditional bar-type models facing declining sales while foldable models are gaining traction, particularly from Chinese brands like OPPO [2][15] - Qualcomm is expected to maintain a dominant position in the Galaxy S26 series, supplying approximately 75% of the processors, indicating strong market confidence [3][16][17] - China's flexible export controls and exemptions are strategically aimed at managing supply chain disruptions while protecting its interests, reflecting a dual approach in international trade dynamics [4][18][19] Summary by Sections AI Server Power Supply - The BBU with supercapacitors is becoming a key component in AI servers, with demand increasing due to the AI server wave [1][13] - Major international players, including companies from the U.S., Japan, and South Korea, are actively developing supercapacitor products [2][14] Ultra-Slim Smartphone Market - The market is showing a split trend, with bar-type models like Apple's iPhone Air struggling, while foldable models are gaining popularity [2][15] Semiconductor Market - Qualcomm's Snapdragon is projected to dominate the Galaxy S26 series, maintaining a significant market share [3][16][17] Trade and Export Controls - China's Ministry of Commerce is using export controls and exemptions to navigate international trade challenges, aiming to protect domestic interests while engaging with global partners [4][18][19]