2026年开年，智能手机行业风云突变，各大厂商的出货量预期集体踩下"刹车"。 据悉，小米、OPPO、vivo、传音纷纷下调了2026年出货量预期。其中，小米、OPPO下调幅度超20%， vivo下调幅度接近15%，而传音更是下调至7000万台以下，各大厂商下调机型主要集中在中低端产品和 海外产品。 尽管小米等厂商尚未对该消息作出回应，但供应链方面流出的数据却为这一情况提供了佐证。 市场研究机构Omdia发布的《智能手机显示市场洞察》显示，2026年全球智能手机AMOLED面板出货量 预计降至8.1亿片，低于2025年的8.17亿片。这是AMOLED面板出货量连续三年增长后的首次下跌。下 跌原因主要是存储芯片供应短缺及价格疯狂上涨，厂商纷纷下调2026年的采购计划所致。 无独有偶，根据市场研究机构Counterpoint Research的报告，受存储芯片价格上涨及供应受限影响， 2026年全球智能手机SoC（系统级芯片）出货量预计将同比下降7%，其中150美元以下的低端机型受冲 击最为严重。 出货量是衡量市场表现的核心指标及直接体现，而出货量修正幅度超过20%，往往预示着厂商在战略层 面的重大调整。在智能手机 ...

Group 1 - DeepSeek team released a new paper titled "Manifold-Constrained Hyper-Connections," co-authored by founder Liang Wenfeng, proposing the mHC scheme to stabilize large model training and enhance scalability [1] - The mHC scheme projects the residual mapping matrix onto a double-random matrix manifold space, preserving topological expressiveness while restoring the identity mapping property, controlling the signal amplification factor from 3000 to 1.6 [1] - Experiments with a 27B model show that mHC outperforms traditional HC across tasks like BBH and DROP, introducing only a 6.7% training time overhead, with a maximum improvement of 2.3 percentage points [1] Group 2 - Claude Code, launched 6 months ago, generated nearly $1 billion in annualized revenue, with project lead Boris Cherny confirming that 100% of code was completed by Claude Code in the past 30 days [2] - Key configurations include running 5 Claude instances in parallel on terminals, 5-10 Claude instances on the web, utilizing the Opus 4.5 model, and team collaboration through CLAUDE.md files integrated via GitHub actions [2] - Important techniques involve planning mode, slash command encapsulation for workflows, sub-agent handling of repetitive tasks, and PostToolUse hook for code formatting, with feedback loops for Claude to validate its work [2] Group 3 - Tesla's FSD V14.2 successfully completed a cross-country drive from Los Angeles to South Carolina in a 2025 Model 3, covering 2732.4 miles with zero human intervention, including parking and charging [3] - FSD V14.2 or pre-installed Grok shows significant enhancements in driving performance, perception capabilities, and decision-making logic, handling complex intersections and lane changes more decisively, resulting in a more human-like driving rhythm [3] - Tesla's end-to-end architecture contrasts with Waymo's modular approach, as demonstrated by a power outage in San Francisco that disrupted Waymo's operations, while Tesla's FSD remained largely unaffected [3] Group 4 - OpenAI is developing its first AI hardware, potentially a pen-shaped device or portable audio device, codenamed "Gumdrop," which integrates a microphone and camera to convert handwritten notes into text for ChatGPT [4] - The device is similar in size to an iPod Shuffle and aims to become the "third core device" following the iPhone and MacBook, initially planned for production by Luxshare Precision, later shifted to Foxconn, with manufacturing expected in Vietnam or the US [4] - OpenAI is also working on a new audio model architecture set to launch in Q1 2026, promising more natural emotional voices, more accurate and in-depth responses, and improved interruption handling capabilities [4] Group 5 - TSMC's N2 technology is set to enter mass production in Q4 2025, utilizing the first-generation nanosheet transistor (GAA) technology, achieving a 10%-15% performance improvement at the same power level compared to N3E, and a 25%-30% reduction in power consumption at the same speed [6] - The N2 process employs gate-all-around nanosheet transistors that wrap around the current channel, combined with SHPMIM capacitors, resulting in approximately a 20% increase in transistor density and over a 2x increase in capacitance density compared to N3E [6] - TSMC is expanding production simultaneously at its Kaohsiung and Hsinchu fabs, catering to both mobile and AI/HPC chip markets, with N2P and A16 expected to enter mass production in the second half of 2026 [6] Group 6 - Zhiyuan announced the launch of a "small-sized full-body force-controlled humanoid robot," named Q1, standing approximately 0.8 meters tall and capable of fitting into a 30-35L backpack, utilizing innovative materials and control algorithms to shrink QDD joints to "smaller than an egg" while maintaining full-size force control performance [7] - The Q1 robot employs advanced composite material technology for durability and is only 1/8 the size and weight of full-sized robots, with an open-source SDK and HDK supporting 3D printing for custom appearances [7] - It features the "Zhiyuan Lingxin" AI platform for natural conversation and encyclopedic Q&A, and through the "Zhiyuan Lingchuang" platform, users can arrange actions and logic like building blocks, positioning it as a desktop robot for individual creators [7] Group 7 - Elon Musk announced that Neuralink will begin large-scale production of brain-machine interface devices in 2026, transitioning to a streamlined, nearly fully automated surgical process, with electrode wires passing through the dura mater without the need for removal [8] - The new minimally invasive technology reduces costs, lowers risks, and shortens recovery times, making standardization more accessible; as of September 2025, Neuralink had served only 12 patients, increasing to 20 by December [8] - Founded in 2016, Neuralink focuses on treating neurological disorders such as paralysis, muscular atrophy, and Parkinson's disease, with the first patient, Noland Arbaugh, able to post and play games using only the brain chip post-surgery [8] Group 8 - Meta faced criticism from Turing Award winner LeCun after his departure, alleging that Llama 4's testing results were manipulated by using different models on various benchmarks to achieve better scores, leading to a loss of confidence from Zuckerberg in the original AI team [9] - LeCun criticized his 28-year-old supervisor, Alexandr Wang, for lacking research experience and understanding of research methodologies, asserting that Meta's hiring practices have led to a team overly influenced by large language models [9] - LeCun has founded AMI Labs, focusing on world models, with plans to release a "baby-level" model with preliminary physical intuition within 12 months, emphasizing the need for models to understand the physical world's operations rather than relying solely on language [9]

Group 1 - The movie "Zootopia 2" has become the first imported film in Chinese history to surpass 100 million viewers [5] - Bilibili announced that the annual bullet screen for 2025 is "Tribute," with over 22.82 million mentions and 4.59 million users participating [2] - The Chinese government plans to relax household registration restrictions outside of a few mega cities to promote urban integration [2] Group 2 - Xiaomi's co-founder Lin Bin plans to sell up to $2 billion worth of B-class ordinary shares starting December 2026, with proceeds aimed at establishing an investment fund [4] - The new national standard for electric vehicle energy consumption, considered the strictest globally, will be implemented starting January 1, 2026, limiting energy consumption for 2-ton vehicles to no more than 15.1 kWh per 100 km [6] - Guizhou Moutai aims to prevent price speculation and ensure reasonable pricing to stabilize market expectations [6] Group 3 - The precious metals market has seen significant price increases, with platinum futures surpassing $2,400 per ounce, marking a weekly increase of over 22% [5] - A lawsuit involving a subsidiary of XWANDA is seeking over 2.314 billion yuan due to alleged quality issues with delivered battery cells [6] - NASA's new director has stated that the U.S. will return to the moon during Trump's second term, emphasizing the importance of lunar exploration for economic and national security [8]

Group 1 - iQIYI has initiated a refund process for a user who faced difficulties in obtaining a refund for a 25-year membership due to account issues [3][5] - The user reported that their membership was charged from 2017 to 2043, and the customer service offered a refund only to the original payment account, which is no longer in use [5] - iQIYI's response indicates a commitment to user satisfaction and financial security by verifying account ownership before processing refunds [3] Group 2 - The film "Zootopia 2" has become the first imported movie in Chinese history to surpass 100 million viewers [4][8] - The CEO of Chasing Technology announced an additional reward of 1 gram of gold for each employee during the upcoming Spring Festival, totaling approximately 26 million yuan [4][8] - The National Development and Reform Commission has confirmed that the "national subsidy" program will continue next year to boost consumer spending [4] Group 3 - The State Council plans to relax household registration restrictions outside of major cities to facilitate the integration of rural populations into urban areas [6] - The Ministry of Finance has announced measures to support consumer spending, including adjustments to subsidy standards [4][6] Group 4 - Kawasaki Heavy Industries has admitted to data falsification regarding fuel efficiency for submarine engines, leading to a suspension from bidding for two and a half months [11] - The company has faced scrutiny for similar issues in the past, raising concerns about the integrity of Japanese manufacturing [11] Group 5 - Xiaomi's co-founder plans to sell up to $2 billion worth of B-class shares starting in December 2026, primarily to establish an investment fund [4] - The company has announced that the sales will occur in increments of up to $500 million every 12 months [4] Group 6 - Precious metals have seen a significant price surge, with platinum futures reaching a historic high of over $2,400 per ounce, marking a weekly increase of over 22% [7] - Gold and silver prices have also risen sharply, driven by factors such as a weakening dollar and supply constraints [7]

Core Insights - Apple plans to release the iPhone Air 2 and a 20th Anniversary iPhone in 2027, with staggered launches [1][3] Product Launch Timeline - The next-generation iPhone Air is expected to launch around March 2027, alongside the standard iPhone 18 and a lower-end iPhone 18e [3] - The 20th Anniversary iPhone is anticipated to be released in September 2027, featuring a curved display and an under-display front camera [3] Technical Specifications - The iPhone Air 2 is set to utilize a 2nm chip, promising enhanced performance and longer battery life [3] Market Expectations - Despite reports of low demand for the iPhone Air, Apple previously expected this model to account for 6% to 8% of new iPhone sales [3] - It remains unclear if Apple has met this sales expectation, but the company plans to proceed with the iPhone Air 2 launch in 2027 [3]

Core Viewpoint - The global first 2nm chip, Samsung's Exynos 2600, has begun mass production, with the first wafers already in use [1]. Group 1: Product Development - The Exynos 2600 has already reached the "Fab-out" stage, indicating it is moving into backend testing and packaging, with commercial use expected in the new Galaxy S26 series by the end of the year [2]. - The Exynos 2600 features a 1+3+6 core design, with the latest large core clocked at 3.8GHz, large cores at 3.26GHz, and small cores at 2.76GHz [2]. Group 2: Market Position - Samsung will not fully revert to self-developed chips; instead, the Qualcomm Snapdragon 8 Gen 2 will remain the primary supply for most regions, with Exynos 2600 only used in select markets [2]. - Previous Exynos 2500 faced delays and performance issues, launching over a year late and underperforming compared to competitors, which raises expectations for the Exynos 2600 to redeem the brand [4].

Core Viewpoint - Apple's upcoming M5 chip for high-end MacBook Pro will feature a new Liquid Molded Plastic (LMC) supplied exclusively by Taiwan's Changxin Materials, which is expected to enhance performance and efficiency in the coming years [2][3]. Group 1: Chip Technology and Performance - The M5 chip will not fully utilize CoWoS technology initially, but the adoption of compatible materials is a strategic move for future iterations [3]. - LMC will provide advantages such as structural integrity, better heat dissipation, and higher manufacturing efficiency, contributing to stable performance and increased efficiency [3]. - Future M6 or M7 chips may fully adopt CoWoS or even CoPoS packaging technologies, allowing for larger and more complex processors capable of handling demanding workloads [3][4]. Group 2: Supply Chain and Procurement Strategy - Changxin Materials has outperformed Japanese suppliers Namics and Nagase to secure the contract, indicating a shift in Apple's procurement strategy towards greater reliance on Taiwanese suppliers [3]. - This change grants Apple more flexibility in control and R&D collaboration within advanced chip materials [3]. Group 3: Future Developments and Cost Considerations - Apple is exploring other packaging technologies to enhance chip performance and reduce costs, with the A20 series chips expected to transition from InFO to multi-chip module packaging (WMCM) by 2026 [6][7]. - WMCM will utilize Molding Underfill (MUF) technology, which integrates bottom filling and molding processes to reduce material consumption and improve yield and efficiency [7]. - Apple is also considering System on Integrated Chips (SoIC) technology for the M5 series, allowing for high-density connections between stacked chips to reduce latency and enhance performance [8].

Core Viewpoint - Samsung's quarterly financial report indicates a significant decline in total operating profit by over 50% due to challenges in the semiconductor business, yet it highlights the upcoming Exynos 2600 chip as a key development, which will be the first 2nm chipset on the market [2]. Group 1: Exynos 2600 Chip Details - The Exynos 2600 will be manufactured using Samsung's 2nm Gate-All-Around (GAA) process and is set to launch alongside the Galaxy S26 series [2]. - The chip features a 1+3+6 core configuration with a single-core frequency of 3.55 GHz, performance cores at 2.96 GHz, and efficiency cores at 2.46 GHz [3]. - The Exynos 2600 is expected to include the Xclipse 960 GPU, which is projected to outperform Qualcomm's Adreno 830 by 15% [3]. Group 2: Product Launch and Market Position - The Exynos 2600 is anticipated to debut in the Galaxy S26 Pro and S26 Edge models, while the S26 Ultra will likely continue to utilize Qualcomm's Snapdragon 8 Elite 2 [3].

Market Performance - The main board led the gains with notable increases in stocks such as Chunzhong Technology (+10.00%), Zhongjia Bochuang (+10.00%), and Cambridge Technology (+9.99%) [1] - The ChiNext board saw significant growth with companies like Siquan New Materials (+20.00%), Digital Certification (+20.00%), and Yidian Tianxia (+20.00%) [1] - The Sci-Tech Innovation board was also strong, highlighted by Dongxin Co., Ltd. (+19.99%), Suochen Technology (+10.63%), and Dingtong Technology (+10.24%) [1] - Active sub-industries included SW Horizontal General Software (+3.04%) and SW Marketing Agency (+2.50%) [1] Domestic News - Lianhui Technology launched Homer AI assistive glasses, designed for visually impaired individuals, featuring real-time environmental perception and multi-modal interaction [1] - MediaTek reported a consolidated revenue of NT$150.37 billion for Q2 2025, a 1.9% decrease quarter-on-quarter but an 18.1% increase year-on-year, with a net profit of NT$28.06 billion [1] - Shengbang Microelectronics introduced the SGM4020, a low-drift, low-power, high-precision voltage reference device applicable in industrial, communication, and medical equipment [1] - MediaTek indicated strong growth momentum in several business areas, including flagship smartphones and communication products, and plans to enter the 2nm advanced process technology [1] Company Announcements - Shengshi Technology announced the acquisition of multiple invention patents, including technologies for automatic luggage packing locks and AI visual sealing devices [3] - Zhongke Jincai reported a total operating income of 345 million yuan for H1 2025, a year-on-year increase of 14.36%, but a net profit loss of 85 million yuan, down 71.51% year-on-year [3] - Ankai Micro disclosed the launch of the AK1037 series low-power lock control SoC chip, designed for smart locks, featuring a RISC-V core and high integration [3] - Zhiwei Intelligent announced a provision for inventory impairment losses amounting to 42.18 million yuan, representing 33.76% of the audited net profit for 2024 [3] Overseas News - Coherent opened a new factory in Vietnam with an investment of $127 million, focusing on the production of silicon carbide semiconductors and optical glass [3] - A trade agreement between the US and EU imposes a 15% tariff on European manufactured goods entering the US, with exemptions for certain categories like semiconductor manufacturing equipment [3] - WITS announced its subsidiary Beyondi's acquisition of Beacon INC's display business to enhance competitiveness in the display sector [3] - Samsung Electronics expects HBM3E chip sales to account for 90% of its total sales in the second half of the year and has begun distributing samples of the next-generation HBM4 chips [3]

Core Viewpoint - Fujitsu is transitioning its focus from high-performance computing to scalable traditional data center infrastructure with its next-generation processor, Monaka, which is designed for cloud-native workloads and aims for efficient, secure computing [1][2][37]. Group 1: Monaka Processor Overview - Monaka is built on a 2nm core chip with a 3D multi-core layout, optimized for air-cooled servers and conventional memory, targeting confidential computing and low-voltage operation [1][3][6]. - The processor will feature 144 Armv9-A cores per slot in a dual-slot configuration, totaling 288 cores, and is designed for standard 2U data center servers [3][6]. - Monaka aims to achieve generational improvements in application performance and performance per watt, with a projected launch in fiscal year 2027 [10][38]. Group 2: Design and Efficiency - The design incorporates advanced silicon for critical areas while using more cost-effective processes for larger SRAM and IO chips, aligning with Japan's energy efficiency goals [6][10]. - Monaka will utilize DDR5 and PCIe Gen6 for high throughput IO, avoiding special packaging or HBM to enhance memory bandwidth [6][10]. - The chip is expected to have a power consumption of less than 500W, suitable for standard server racks, focusing on scalability and efficient throughput rather than peak floating-point performance [6][10]. Group 3: Security and Reliability - Monaka emphasizes trust with hardware-level isolation, workload protection, and system resilience, positioning it as a confidential computing platform for multi-tenant environments [19][22]. - It features full memory encryption and a hardware root of trust to enhance system-level security and verify firmware authenticity [22][19]. - Reliability features include error detection and correction mechanisms, thermal control, and maintainability, aiming for high uptime in large-scale distributed deployments [22][19]. Group 4: Software and Ecosystem - Monaka is designed to run standard Linux stacks, supporting upstream distributions and common development tools, ensuring compatibility and accessibility for developers [24][27]. - The development stack will support LLVM, GCC, and Python, maintaining consistency with tools used in previous Fujitsu architectures [27][24]. - Monaka will support CXL 3.0 for composable infrastructure and PCIe Gen6 for compatibility with next-generation storage and networking devices [30][24]. Group 5: Market Positioning - Fujitsu positions Monaka as a "mainframe-class" processor, focusing on predictable behavior, lifecycle control, and secure leasing, rather than just throughput aggregation [31][34]. - The processor targets markets that require platform integrity, such as sovereign cloud deployments, telecommunications, and defense sectors, emphasizing reliability over raw performance [34][31]. - Monaka represents a continuation of Fujitsu's decades-long experience in processor design, transitioning from SPARC to Arm architecture while prioritizing control and integration [35][37].