Market Overview - Apple experienced a year-on-year increase in chip shipments in Q1 2025, driven by the launch of the iPhone 16e featuring the Apple A18 chip, although there was a quarter-on-quarter decline due to seasonal factors [4] - MediaTek saw a quarter-on-quarter increase in overall shipments in Q1 2025, primarily due to a recovery in demand from the entry-level and mainstream markets, while high-end market shipments declined. Growth in the mid-to-high-end market was supported by the release of the Dimensity 8400 chip [4] - Qualcomm's shipments remained flat quarter-on-quarter in Q1 2025, driven mainly by the high-end market, with the flagship Snapdragon 8 Elite chip securing multiple design wins, including exclusive collaboration with the Samsung Galaxy S25 series, alongside new orders for the Snapdragon 8 Gen 3 series [4] - Samsung's Exynos chip shipments increased in Q1 2025, primarily due to the launch of the Galaxy A56 with Exynos 1580 and Galaxy A16 5G with Exynos 1330, as well as strong sales of the Galaxy A26 series boosting Exynos 1380 shipments [4] Company-Specific Insights - UNISOC experienced a quarter-on-quarter decline in shipments in Q1 2025, mainly due to reduced LTE chip shipments, although its LTE product portfolio continued to expand its share in the low-end market (priced below $99) [6] - Huawei's shipments also declined quarter-on-quarter in Q1 2025, yet the company maintains strong brand preference and a loyal user base in the Chinese market. The launch of the Nova 13 series and Mate 70 series featuring the Kirin 8010 chip contributed to growth in HiSilicon's shipments during the quarter [6]

Core Insights - Global smartwatch shipments declined by 2% year-on-year in Q1 2025, marking the fifth consecutive quarter of decline, primarily due to a slowdown in the Indian market and a decrease in Apple smartwatch shipments [1][5] - In contrast, the Chinese market saw a significant growth of 37% year-on-year, achieving the highest market share since Q4 2020, driven by strong performance from domestic brands [1][5] Brand Performance - Apple remains the market leader despite a continuous decline in shipments for six consecutive quarters, benefiting from an expanding iOS user base [3] - Huawei and Xiaomi experienced significant growth in shipments, attributed to strong domestic performance and competitive pricing strategies targeting the mid-to-high-end market [3] - Samsung's previous generation products underperformed in major global markets, resulting in an 18% year-on-year decline in quarterly shipments [3] Market Trends - The global smartwatch market is witnessing a shift in consumer preferences towards higher price segments, with a 21% year-on-year increase in shipments priced between $100 and $200, indicating a rising demand for enhanced health and fitness features [9] - Conversely, entry-level products (under $100) saw a 17% year-on-year decline, reflecting consumers' willingness to pay a premium for accuracy, stability, and ecosystem compatibility [9] - The children's smartwatch segment continues to grow significantly, with brands like Imoo leading due to high cost-performance ratios and rich functionalities [9] Future Outlook - The global smartwatch market is expected to recover moderately at a rate of approximately 3% in 2025, driven by advancements in product capabilities, including the integration of AI features and next-generation health sensors [9] - Changing consumer behavior is shifting focus from novelty to product functionality, long-term value, and ecosystem compatibility, pushing the market towards higher-end models that support health, productivity, and lifestyle goals [9]

Core Viewpoint - The Chinese smartphone market is expected to see a slight year-on-year growth in Q2 2025, driven primarily by Huawei and Apple [1][6]. Group 1: Market Performance - Huawei is projected to be the fastest-growing brand in the Chinese market for Q2 2025 and is expected to reclaim the top sales position [1][6]. - Apple's sales growth in May is attributed to promotional activities for the iPhone 16 series, particularly the iPhone 16 Pro and iPhone 16 Pro Max [1][6]. - The overall smartphone sales during the 618 promotional period remained flat year-on-year, indicating continued low consumer spending during the holiday [6][7]. Group 2: Promotional Impact - Strong promotional activities and government subsidies in May significantly boosted sales for both Huawei and Apple [6][7]. - Apple's strategic timing in adjusting iPhone prices before the 618 promotion was well-received, contributing to its sales performance [3][6]. - Huawei's growth during the promotional period is attributed to the loyalty of its core user base, who are replacing old devices with new models [7]. Group 3: Future Outlook - The sales performance in Q2 is partially supported by national smartphone subsidy policies, but there is uncertainty regarding market growth in the second half of the year as these policies may gradually diminish [7].

Core Viewpoint - The Hong Kong Stock Exchange has launched a new policy called "Tech Company Special Line," providing a confidential listing channel and lowering the threshold for specialized technology and biotechnology companies, attracting more tech firms to consider listing in Hong Kong [1]. Group 1: Applicable Entities - The policy is aimed at specialized technology companies (e.g., AI, chips, new energy) and biotechnology companies (e.g., innovative drugs, medical devices), particularly those in early stages or with non-commercialized products [3]. - Core thresholds include industry attributes defined by the Hong Kong Stock Exchange under "Specialized Technology" (Chapter 18C) or "Biotechnology" (Chapter 18A) [4]. Group 2: Self-Assessment and Application Process - Companies must assess if they meet the criteria by checking their industry classification and ensuring R&D expenditures over the past three years are at least 15% of total costs for specialized technology or that core products have passed Phase I clinical trials for biotechnology [6]. - A self-assessment tool is available on the Hong Kong Stock Exchange website, where companies can download the qualification self-assessment form [8]. Group 3: Confidential Submission Process - The first step in the application process involves signing a Non-Disclosure Agreement (NDA) with the Hong Kong Stock Exchange to ensure confidentiality of submitted materials [11]. - Companies must submit a "confidential version" of their materials in a specified format, which will be reviewed by the exchange's specialized team within 30 days [13][14]. Group 4: Exclusive Services and Fast-Track Options - Companies can receive one-on-one guidance from the Hong Kong Stock Exchange's expert team, including advice on listing rules and fundraising strategies [16]. - Eligible companies, such as those already listed on A-shares with valuations over 10 billion, can benefit from a shortened review period of 30 days by indicating "fast track" in their application [17]. Group 5: Common Pitfalls to Avoid - Companies should ensure their technology descriptions are credible and supported by third-party certifications or partnerships [21]. - Transparency in related-party transactions is crucial; companies should disclose fair pricing or cut ties with related businesses if necessary [22]. - It is advisable to have at least two independent investors to strengthen investor relations [25]. Group 6: Post-Listing Compliance - Companies must disclose significant developments in technology commercialization and R&D milestones, while they can apply for exemptions on sensitive technical details related to national security [27]. - Maintaining market capitalization can be supported by releasing quarterly R&D updates and engaging with analysts regularly [28]. - Companies can utilize a "green channel" for issuing new shares, allowing for expedited approval processes [29]. Group 7: Comparison with Other Markets - The article compares the listing requirements and processes of the Hong Kong Stock Exchange with those of the A-share market and NASDAQ, highlighting differences in profitability requirements, review periods, and information disclosure levels [30].

文/梧桐数据中心 2025年上半年，沪深北三大交易所累计受理了177家IPO企业，已远超2024年全年的77家，其中6月份新增受理150家，创下今年单月新高。分板块来看，北交所IPO 企业的受理数量最多，今年上半年有115家，占受理总数的65%，深交所今年上半年共受理32家，上交所共受理30家。 一、保荐机构业绩排名 2025年上半年，共有37家保荐机构承担了这177家新受理企业的IPO上市业务。有2家公司聘请了两家保荐机构联合保荐，各计一单，故业务单数总数为179单。 从投行行业格局来看，"三中两国一华"共90单，占了177单的一半多，头部优势明显。国君和海通强强联合，力压中信位居榜首，国联和民生整合有效，继续保持 强劲势头。 榜单前五名： 第一名：上海锦天城（25单） 第二名：北京中伦（23单） 第三名：国浩（上海）（11单） 第四名：北京德恒（10单）、北京金杜（10单） 三、会计师事务所业绩排名 榜单前五名： 第一名：国泰海通（26单） 第二名：中信证券（22单） 第三名：中信建投（14单） 第四名：中金公司（10单） 第五名：国联民生（9单）、华泰联合（9单） | 排名 | 保存机构 | 业务单数 ...

如何在看似百花齐放，实则产品严重同质化，价格更是"卷上天"的新能源VAN车市场选一款最 适合自己的产品？ 具体选哪款先不说，品牌却可以先定下来。 因为有一个品牌，其新能源VAN车系列已实现6-13方产品全覆盖。6月30日上市的"第三代城 市新能源轻型车平台"产品，更可谓是领先行业一代的存在。 超能VAN"入列"，远程VAN实现6-13方场景全覆盖 不只是空间多半方，更是后百万时代的全球VAN 近日，远程新能源商用车"全新远程星享V7E上市发布会"盛大举行。第一商用车网了解到，远 程星享V7E此前亮相香港车展的预售价为8.99万元，正式上市时远程为用户提供10000元创富 基金，最终定价为7.99万元。随着全新远程星享V7E的上市，远程VAN家族全系产品实现了6 方"超值VAN"、7-8方"超能VAN"、8-13方"超级VAN"的市场全覆盖。 据了解，当前中国市场新能源VAN车保有量已超120万辆。"新能源VAN车行业已进入后百万 时代。"远程新能源商用车集团CEO范现军如是说道。那么，什么样的VAN，能代表中国基 因，引领全球新能源VAN发展？"坚持技术创新、坚持乘商协同理念正向开发，结合中国新能 不同于同级 ...

2025年以来，我国新能源重卡市场继续快速增长，自3月份起已连续3个月销量破万。这其 中，新能源牵引车在3-5月份同比分别增长253%、288%和326%，均比新能源重卡整体增 速高出一截。 6月份，新能源牵引车仍是那个"跑"得最快的存在！ 请看第一商用车网带来的新能源牵引车市场观察。 6月新能源牵引车新增1.2万辆，同比大涨306% 根据第一商用车网掌握的最新数据，2025年6月份，全国共新增新能源牵引车1.2万辆（本文 数据来源为重型货车北斗营运证入网销量口径，非交强险口径，不含出口和军车，下同），环 比增长21%，同比则大幅增长了306%。从增幅来看，6月份新能源牵引车市场交出环比、同 比双增的成绩单，月销量环比5月份增长超2000辆，同比去年6月份则有超9000辆的增长，约 是去年6月份销量的4.1倍。值得一提的是，6月份新能源牵引车市场306%的同比增速虽较5 月份（+326%）有所缩窄，但也比6月份新能源重卡市场整体187%的同比增速高出一大截 （高119个百分点）。从同比增速的角度，新能源牵引车仍是6月份新能源重卡市场跑得最快 的存在。 6月份，全国有30个省级行政区有新增新能源牵引车，其中单月 ...

Group 1 - Rack-scale server shipments increased more than 2x in the first quarter of this year, indicating strong demand in the market [1] - The overall server market reached a record $95.2 billion in the first quarter, showcasing significant growth [1] Group 2 - The technology sector, particularly semiconductors, artificial intelligence, and cloud software, is a primary focus for equity research [2] - Other areas of research include MedTech, Defense Tech, and Renewable Energy, indicating a diverse investment interest [2]

政府采购本国商品的经验、重点与效果 ——当前经济与政策思考 Email：xiazf01@zts.com.cn 请务必阅读正文之后的重要声明部分 报告摘要 参考美国、日本和欧盟在推动政府采购本国产品方面的经验： 美国通过《购买美国产品法》、《贸易协定法》、《贝瑞修正案》等立法，确立优先采购 本国产品的原则，同时兼顾国际协定义务，针对中小企业和国防领域设立特殊支持和 例外。 日本名义上遵循世贸组织《政府采购协议》（GPA）透明原则，但通过高门槛技术标 准和合同拆分等隐性手段保护本土企业；其承诺覆盖范围有限，排除多类敏感产品与 服务。 相关报告 欧盟则强调公开竞争，早期以消除壁垒为主，但在 2014 年开始引入"战略性采购" 理念，将绿色、社会责任和创新纳入评标，加大本土中小企业参与力度，又在 2022 年实施《国际采购工具》，针对非互惠第三国设置限制。 从效果来看，即使只考虑 GPA 所覆盖的政府采购合同，美日欧的本国供应占比也均 高于 85%，其中日、美高于 95%。 美国政府采购重点从冷战时期的国防本土化，逐步转向支持技术创新、中小企业、绿 色与基建领域。日本则在保障国防与基建等敏感行业本土化的同时，对高技术 ...

"时光流转，铂金永恒"——在2025年上半年的全球市场上，被许多投资者视为"黄金平替"的 铂金，无疑成为了最为耀眼的"明星"…… 如下图所示，铂金价格在今年上半年累计上涨了逾40%，领涨了全球主要的跨资产类别。 由 于中国进口增加以及主要生产国南非供应下降，加之此前因担心铂金将受到美国进口关税影 响，而导致大量铂金流入纽约商品交易所的库存中，这一铂族金属价格在第二季度飙升了 36%。 仅在6月份，由于对冲基金和投机性交易商涌入，铂金价格跃升了28%，创下了自1986年以 来最强的月度表现，并一度触及了每盎司1432.6美元的11年高位。 一位独立金属交易员表示，"铂金已经突破了长达十年的交易区间，并在这一过程中吸引了专 业和散户投资者的注意，他们开始认为'嘿，从基本面来看，铂金确实被低估了'"。 然而，在经历了二季度的疯狂后，不少分析师和交易员本周也表示，铂金价格进一步上涨的空 间可能已有限 ——预计中国接下来的铂金进口将放缓，南非产量将恢复，而作为铂金主要工 业用途的汽车行业需求仍显疲软…… 高盛大宗商品交易员Georgii Piskov和C.V. Downie就认为，本轮铂金的涨势可能将面临修 正。 铂金 ...