智通财经APP获悉，根据国际数据公司（IDC）最新发布的《全球可穿戴设备市场季度跟踪报告》，2025年前三季度全球腕戴设备市场出货 1.5亿台，同比增长10.0%。其中，中国市场累计出货量为5,843万台，同比增长27.6%。头部厂商在前三季度密集迭代新品，不仅在全球范围 内有效拉动智能腕戴市场增长，更在欧美等发达地区，新品发布与促销活动形成协同效应，助力该区域市场实现复苏反弹。 腕戴设备市场包含智能手表和手环产品。其中智能手表市场2025年前三季度全球出货量1.2亿台，同比增长7.3%；而中国智能手表市场出货 量4,004万台，同比增长21.8%。手环市场2025年前三季度全球出货量3,286万台，同比增长21.3%；中国手环市场货量1,839万台，同比增长 42.5%。 步步高 2025年前三季度全球腕戴市场表现 | | | 2025年前三季度全球前五大腕戴设备厂商 -- 出货量、市场份额、同比增长率 | | | | | --- | --- | --- | --- | --- | --- | | 公司 | 2025年前三季度 出版量 (单位:百万台) | 2025年前三季度 市场份额 | 2024年前三季 ...

Investment Rating - The report maintains a "Buy" rating for ZTE Corporation and a "Hold" rating for Visionox Technology [8] Core Insights - The AI mobile phone market is on the verge of rapid growth, with the launch of Doubao's mobile assistant preview version indicating a significant shift in consumer electronics [4][14] - Huawei's "Smart Hanhai" AI toy has seen explosive sales, highlighting the growing demand for AI-integrated products in the consumer market [5][15] - The AI toy market in China is projected to grow from approximately 24.6 billion yuan in 2024 to 29 billion yuan in 2025, with expectations to exceed 100 billion yuan by 2030, reflecting a compound annual growth rate of over 50% [6][15] Summary by Sections Industry Dynamics - The smartphone market is experiencing innovation with Samsung's launch of the Galaxy Z TriFold, a multi-folding screen device aimed at maintaining its competitive edge [17][18] - The global foldable smartphone market is expected to grow, with Samsung holding a significant market share of 64% in Q3 2025 [19][24] - Apple is anticipated to regain its position as the largest smartphone manufacturer in 2025, driven by strong demand for the iPhone 17 series [33][34] Key Companies and Earnings Forecast - ZTE Corporation is projected to have an EPS of 1.76 in 2024, increasing to 1.91 by 2026, with a PE ratio of 23.99 in 2024 [8] - GoerTek and other companies are highlighted as key players in the AI toy sector, with significant growth potential [6][15] - The report suggests monitoring companies like ZTE, Visionox, and Lens Technology for investment opportunities in the AI mobile and toy markets [6][15]

人工智能（AI）可穿戴设备初创公司Limitless近日宣布，公司已被Meta收购。但公司并未披露具体收购 金额。在多家科技巨头进军AI硬件后，一场大战不可避免。 Limitless CEO给员工信 他表示，Meta最近宣布了一个新愿景，旨在将个人超级智能带给所有人，而这一愿景的关键部分是打 造令人难以置信的AI可穿戴设备。他愿意和Meta共享这个愿景，并将加入Meta，帮助实现他们的共同 愿景。 历史融资数据显示，Limitless从OpenAI CEO奥特曼、知名投资机构a16z和NEA等知名投资者处筹集超 过3300万美元。 市面上有几款与Limitless类似的可穿戴设备。Friend提供吊坠式装置，Plaud有小卡片形状或药丸状设 备，可以夹在脖子或手腕上佩戴，Bee则佩戴在腕带上。亚马逊还通过其Alexa+系列Echo音箱运行AI， 同时谷歌Pixel 10手机内置了Gemini助手。 Meta想做什么？ Meta今年成为了硅谷最热衷挖人和收购的科技巨头，同时公司公开宣布逐渐降低元宇宙的投资。公司 战略的转变源于创始人扎克伯格最新的AI战略：个人超级智能。它将贯穿于Meta全线产品之中，包括 Fa ...

马航370航班客机残骸搜寻将重启 马来西亚交通部3日发布公告说，水下探测公司"海洋无限"将于12月30日重启搜寻马航370航班客机残骸 工作。2014年3月8日，从马来西亚吉隆坡飞往中国北京的马航370航班客机失联，机上载有239人。2015 年1月29日，马来西亚民航局宣布该航班客机失事，并推定机上所有人员遇难。 据彭博社报道，苹果设计总监 Alan Dye 宣布离职，目的地是今年开启疯狂挖人模式的 Meta。今年 iOS 时隔 12 年最大的 UI 更新——液态玻璃设计语言，正是由 Alan Dye 操刀设计。作为苹果负责负责人机 交互设计副总裁，Alan Dye 师从 Jonathan lve，从 2015 年起就掌管苹果整个用户界面设计。可以说，他 的地位仅次于当年的传奇设计师 Jony Ive。 蔡磊称准备好尝试脑机接口 12 月 3 日是"国际残疾人日"，在通过眼控仪接受采访时，渐冻症患者、京东前副总裁蔡磊表示，如果 有一天眼控技术也难以满足工作需要，他已经准备好尝试脑机接口。 知情人士否认王腾加入魅族 近日网络上再有传闻称，前小米中国区市场部总经理、Redmi品牌总经理王腾加入魅族。针对该传闻， ...

科技发展的脚步快得令人目不暇接。就在几年前，人们还将ChatGPT和可穿戴健康设备视作"未来科 技"。转眼即将迈入2026年，技术世界将更加绚烂多彩。 美国知名科技媒体TechnologyHQ日前盘点了2026年值得期待的十大技术应用，涵盖能理解情绪的人工 智能、可在夜间工作的太阳能电池板等。这些创新正悄然重塑人们的生活、工作，乃至梦想方式。 情感AI助手超越Siri和Alexa 多年来，Siri、Alexa和谷歌助手虽然便捷，却始终难掩生硬感。如今，新一代情感AI助手正在改变这一 局面。它们能通过语气、表情甚至措辞，敏锐感知人类情绪，听出用户声音中的压力，适时推荐放松方 法。此外，企业还能用它们为客户提供更具温度的关怀。 更值得一提的是，情感AI正逐渐以"伙伴"身份走入人们的生活，在心理健康支持与个人成长指导方面扮 演越来越重要角色。 让机器从工具蜕变为真正的伙伴，将成为2026年人工智能领域最动人的突破。 下一代可穿戴设备守护生命 2020年的智能手表还只能计步，而2026年的可穿戴设备，将可能成为人们的"生命守护者"。 智能皮肤贴片可实时监测水分、压力激素与营养水平；AI手表能提前数日预警心脏病风险。长 ...

Group 1 - Wang Jianlin's Wanda Group has made a rare "redemption" move by regaining control of a Wanda Plaza after selling over 80 plazas previously, indicating a strategic shift in management and ownership [3][5] - The management team of the company underwent a complete overhaul, with key positions being filled by new executives from Shanghai Wanda Ruichi Enterprise Management Co., Ltd., which is fully owned by Wanda [5] - Oriental Selection is expanding its offline presence by opening its first flagship store in Beijing, aiming to enhance its retail strategy after facing challenges in the past two years [5] Group 2 - Prada Group has completed the acquisition of Versace for €1.25 billion (approximately ¥102.78 billion), marking a significant consolidation in the luxury fashion sector [10] - TikTok plans to invest over 200 billion Brazilian Reais (approximately $377 million) to build a data center in Brazil, which will be its first project in Latin America [21] - JD.com has acquired approximately 59.8% of the shares in German retail giant CECONOMY, increasing its total stake to 85.2%, pending regulatory approval [23]

Investment Rating - The report assigns a "Buy" rating with a target price of $330.00, indicating a potential upside of 15.19% from the current price of $286.19 [3][31]. Core Insights - The report highlights that iPhone 17 sales have reached a record high, and the service business continues to show strong growth, with service revenue increasing by 15.1% year-over-year [5][23]. - The company is expected to experience a robust product cycle over the next three years, driven by effective user upgrade demand, with a projected revenue CAGR of 7.0% and an EPS CAGR of 10.9% [5][31]. Financial Summary - For the fiscal year ending September 28, 2024, total revenue is projected to be $391.035 billion, with a year-over-year growth of 2.02% [4]. - Net profit for FY2024 is estimated at $93.736 billion, with diluted earnings per share (EPS) of $6.1, reflecting a slight decrease of 0.84% [4]. - The company reported total revenue of $102.47 billion for the latest quarter, a 7.9% increase year-over-year, surpassing Bloomberg consensus estimates [5][7]. - Gross profit for the quarter was $48.34 billion, with a gross margin of 47.2%, exceeding expectations [5][7]. Product Performance - iPhone revenue for the latest quarter was $49.03 billion, showing a year-over-year increase of 6.1%, with an average selling price (ASP) of $837 [16][20]. - The introduction of the iPhone 17 series has effectively stimulated user upgrade demand, with expectations of sales approaching 250 million units due to favorable product upgrades and low inventory levels [18][19]. Service Business Growth - Service revenue reached $28.75 billion, accounting for 28.1% of total revenue, with significant growth across various service segments [5][23]. - The company is experiencing a surge in customer engagement, with the number of paid accounts reaching historical highs [23]. Regional Performance - Revenue from the Americas, Greater China, Europe, Japan, and other Asia-Pacific regions for the latest quarter was $44.2 billion, $14.5 billion, $28.7 billion, $6.6 billion, and $8.4 billion, respectively [9][14]. Future Outlook - The company anticipates a revenue growth of approximately 10%-12% for FY26Q1, with iPhone revenue expected to achieve double-digit growth [8]. - The gross margin for the next quarter is projected to be between 47%-48%, with a manageable impact from tariffs due to a reduction in Chinese tariffs [8].

人民财讯12月3日电，Omdia最新数据显示，2025年第三季度，可穿戴腕带设备市场小幅增长3%，出货 量达到5460万台。尽管出货量增速有限，但市场价值却同比大涨12%，达到123亿美元，反映出消费者 正加速转向更高端的可穿戴设备。平均售价(ASP)同比上涨9%，达到225美元，主要受到市场头部厂商 的推动。前五大厂商——小米、苹果、华为、三星和佳明——合计占据了市场总价值的84%及出货量的 63%。这种价值主导地位，加上其雄厚的资金和研发资源，使得中小厂商在价格竞争和用户获取方面面 临越来越大的压力。 ...

双轨策略推动各价格段增长 头部厂商正通过针对特定价格段的双轨策略实现成功。在入门级市场中，基础手环同比反弹12%，主要由小米、华为和三星推动，它们利用现有产品组合 提升出货量份额。功能更强的基础手环则推动了50–99美元价位段同比增长56%，而50美元以下价位段则下降2%。 Omdia发文称，2025年第三季度，全球可穿戴腕带设备市场小幅增长3%，出货量达到5460万台。尽管出货量增速有限，但市场价值却同比大涨12%，达到 123亿美元，反映出消费者正加速转向更高端的可穿戴设备。 平均售价(ASP)同比上涨9%，达到225美元，主要受到市场头部厂商的推动。前五大厂商——小米(01810)、苹果(AAPL.US)、华为、三星和佳明——合计 占据了市场总价值的84%及出货量的63%。这种价值主导地位，加上其雄厚的资金和研发资源，使得中小厂商在价格竞争和用户获取方面面临越来越大的 压力。 高端市场借助AI与5G推动收入增长 许多厂商还将可穿戴腕带手环纳入更广泛的高端化策略中。它们不再以价格取胜，而是注重更先进的差异化能力，包括增强计算能力、应用支持以及蜂窝 与卫星连接等功能。 新机型推动高端市场显著增长，其中500 ...

Core Insights - The wearable wristband device market experienced a slight growth of 3% in Q3 2025, with shipments reaching 54.6 million units. Despite limited shipment growth, market value surged by 12% year-on-year to $12.3 billion, indicating a consumer shift towards higher-end wearable devices [2]. Market Dynamics - The average selling price (ASP) increased by 9% year-on-year to $225, driven by leading market players. The top five manufacturers—Xiaomi, Apple, Huawei, Samsung, and Garmin—accounted for 84% of the total market value and 63% of shipments. This dominance, combined with substantial financial and R&D resources, puts increasing pressure on smaller manufacturers in terms of price competition and user acquisition [5]. Dual-Track Strategy - Leading manufacturers are successfully implementing a dual-track strategy targeting specific price segments. In the entry-level market, basic wristbands saw a 12% rebound, primarily driven by Xiaomi, Huawei, and Samsung, which leveraged existing product portfolios to increase shipment share. The segment priced between $50 and $99 grew by 56%, while the segment below $50 declined by 2%. In the smartwatch category, the mid-range segment ($200-$300) grew by 21%, while the $300-$500 segment fell by 8%. Manufacturers are enhancing competitiveness by incorporating flagship features into mid-range products, such as the new Apple Watch SE 3, which includes flagship health features and cellular support [9]. High-End Market Growth - Many manufacturers are integrating wearable wristbands into broader high-end strategies, focusing on advanced differentiation capabilities rather than competing on price. New models have significantly boosted the high-end market, with segments priced between $500-$700 and above $700 growing by 29% and 34% year-on-year, respectively. Companies are exploring new areas to drive premiumization, with generative AI transitioning from novelty to practicality, as manufacturers gradually integrate AI coaching into devices. The potential for autonomous intelligence is becoming evident, exemplified by the new Galaxy Watch supporting Gemini voice commands and enhanced health integration. The latest Apple Watch Series 11 marks the entry of smartwatches into the 5G era, with Apple and Garmin incorporating emergency satellite communication features into their flagship outdoor watches. Although smartwatch shipments grew by only 1% in Q3 2025, the shipment value increased robustly by 8%, indicating a shift towards premiumization in this category [10]. Future Outlook - Analysts suggest that smartwatch manufacturers need to strengthen native software and services while closely collaborating with third-party application and service providers to embed new features into devices, enhancing user experience and connectivity. Looking ahead, the core of smartwatches lies in immersive cloud-based generative AI health and fitness coaching, fully leveraging device computing capabilities. Additionally, integrating smart rings and health sensor-equipped TWS devices is crucial for building a comprehensive health and fitness ecosystem and unlocking new cross-selling opportunities. These fundamental elements are vital for ensuring that smartwatches offer superior value compared to basic devices in the future [11].