近几年来， 我国 高端腕表市场正经历深刻的结构性分化。 据 Vogue Business发布的行业分析报道所引述数据，摩根士丹利和瑞士钟表行业咨询公司 LuxeConsult合作发布的2024年度瑞士制表行业报告显示：2024年瑞士手表市场近5年来首次出现 萎缩，整体瑞士钟表出口总额(瑞士法郎)下降-2.8%；其中曾作为瑞士腕表增长的领头羊的大中华 区，出口额更是持续下降23%。二手市场上，劳力士腕表交易价格指数自2022年3月高点（30199 美元）跌至2024年12月的20853美元，跌幅超30%。 当传统腕表品牌纷纷陷入 市场 萎缩的困境时，以国产品牌为主的智能手表却录得快速增长。 IDC最 新发布的《全球可穿戴设备市场季度跟踪报告》显示，2025年第二季度，中国智能手表以31%的增 速，和手环品类一起领跑全球腕戴设备市场。其中，华为智能手表再次登顶了中国腕表市场出货量及 份额榜。根据中商产业研究院的报告，中国腕戴设备市场中，华为的出货量连续五年稳居第一。 一下一上，整个市场风向已经发生变化。其中，智能手表中的高端表品类，也有一股向上的暗流正在 涌动。 今日，华为 WATCH ULTIMATE DESI ...

每经记者｜杨建 每经编辑｜肖芮冬 据中国交通新闻网，11月21日，交通运输部负责人主持召开部务会，审议《正常类旋翼航空器适航规 定》《运输类旋翼航空器适航规定》《螺旋桨适航规定》等。会议强调，要认真指导督促有关地方加快 推动"两重"项目建设，形成更多实物工作量，扩大交通运输有效投资。要加快推进低空经济安全有序发 展和汽车租赁业高质量发展，持续做好交通运输领域促消费相关工作。会议强调，要着力提升民用航空 安全保障水平，大力促进民用航空事业健康发展。 NO.4 我国牵头制定的联合国全球技术法规《电动重型车辆车载电池耐久性》获表决通过 2025年11月11日至14日，联合国世界车辆法规协调论坛（UN/WP.29）第197次全体会议在瑞士日内瓦召 开。会议期间，由中国、美国、日本和欧盟共同牵头制定的联合国全球技术法规（UN GTR）《电动重 型车辆车载电池耐久性》经各缔约方投票表决通过，正式发布实施。下一步，工业和信息化部将继续组 织国内相关单位和专家，深度参与新能源汽车、智能网联汽车等领域的技术法规制定协调工作，持续提 升中国在汽车国际标准法规协调中的参与度与贡献度。 NO.5 上海集成电路产业投资基金二期增资至2 ...

Core Insights - The report by Zhiyan Consulting highlights the growth in China's electric watch imports, with a notable increase in quantity but a slight decrease in import value [1] Group 1: Import Data - In September 2025, China imported 970,000 electric watches, representing a year-on-year increase of 39.5% [1] - The import value for the same period was $0.55 million, showing a slight year-on-year decrease of 0.1% [1] Group 2: Industry Context - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services [1] - The firm has over a decade of experience in the industry research field, focusing on delivering tailored solutions to empower investment decisions [1]

Core Viewpoint - The article discusses the rise of the "Xiaotianzi" smartwatch among children, highlighting its role in creating a social hierarchy and commercial ecosystem among young users, leading to both opportunities and risks in the digital landscape [6][9][21]. Group 1: Market Dynamics - Xiaotianzi holds a 35.3% market share in the children's smartwatch sector, with a year-on-year growth of 47.6%, significantly outpacing the industry average [21]. - The brand has established itself as a status symbol among middle-class families, with many parents opting for it to ensure their children's safety and communication needs [8][17]. - The average age of prominent users, referred to as "big shots," ranges from 11 to 17 years, indicating a young demographic heavily engaged in social media dynamics [6][7]. Group 2: Social and Commercial Ecosystem - The Xiaotianzi smartwatch has fostered a culture where children engage in "like" trading, creating a marketplace for services such as "like bots" and account management, which are often operated by minors [10][12][13]. - Users can earn money through various means, including selling "likes" and managing accounts, with some young entrepreneurs reportedly earning over 60,000 yuan in a year [10][12]. - The competitive nature of gaining likes has led to a significant increase in the threshold for being recognized as a "big shot," now requiring at least 800,000 likes [18][21]. Group 3: Risks and Challenges - The article highlights the darker side of this ecosystem, including issues of online bullying, scams, and inappropriate content, which have emerged as children navigate this digital space [8][18][28]. - Parents often face challenges in monitoring their children's activities, leading to conflicts and even legal issues when transactions occur without parental consent [15][31]. - The increasing complexity of the social dynamics and the potential for exploitation have prompted calls for stricter regulations and oversight in the children's smartwatch market [31][32].

Core Insights - The report by Zhiyan Consulting highlights the trends in the Chinese smartwatch industry, particularly focusing on the import statistics of electric watches in August 2025, which saw an increase in quantity but a significant decrease in import value [1]. Import Statistics - In August 2025, China imported 570,000 electric watches, marking a year-on-year increase of 1.6% [1]. - The import value for the same period was $0.39 million, reflecting a year-on-year decline of 29.4% [1]. Industry Analysis - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services, including feasibility studies and customized reports [1]. - The firm emphasizes its commitment to delivering quality services and market insights to empower investment decisions [1].

Core Insights - The report highlights the evolution of smartwatches from digital tools to lifestyle symbols, emphasizing the changing consumer perceptions of fashion, where 61.0% view fashion as a reflection of lifestyle and 52.5% as an expression of inner qualities [1][6][12] - The smartwatch market is experiencing significant growth, with a projected compound annual growth rate (CAGR) of 26% and a notable increase in product offerings and user demographics [1][20][23] Consumer Perception - Technology and social change are identified as key factors shaping contemporary fashion views, with 73.7% and 72.0% of respondents respectively acknowledging their influence [1][12][14] - 79.3% of consumers believe that tech products enhance their fashion sense, with smartwatches being perceived as the most representative tech fashion item by 83.9% of respondents [1][16][18] Market Trends - The smartwatch industry is expanding rapidly, with a market size projected to grow significantly, and a penetration rate in the wearable watch market increasing year by year [1][20][21] - By 2025, the number of smartwatch products on the JD platform is expected to increase by 394%, with a 46% growth in user numbers, particularly among women aged 16-25, who show a remarkable growth rate of 118% [1][23][24] Brand Practices - Major brands like Xiaomi and Huawei are launching customized products that emphasize the fusion of technology and aesthetics, with notable sales performances for models like the Xiaomi Watch S4 and HUAWEI WATCH GT5 [1][27][31] - The design and aesthetic appeal of smartwatches are becoming critical selling points, with consumers increasingly prioritizing appearance over functionality in their purchasing decisions [1][35][36] Style Classification - The report identifies six core styles for smartwatches, catering to diverse consumer groups, including those interested in traditional aesthetics, sports, and outdoor activities [1][9][19] - The integration of fashionable elements such as "lightweight design" and "high-quality materials" is expected to accelerate in new product launches by 2025 [1][22]

Core Insights - The article emphasizes the importance of deeply understanding user needs to create strategic flagship products, highlighting that without genuine demand, products will not succeed [2][4][46] Group 1: User Needs - User needs can be categorized into explicit (above the iceberg) and implicit (below the iceberg) demands, with the latter representing hidden motivations and desires [2][4] - Identifying unmet or potential needs is crucial for product development, as conventional consumer demands are already satisfied [4][46] Group 2: Kano Model - The Kano model is introduced as a tool for classifying user needs and prioritizing them based on their impact on user satisfaction [5][6] - The model categorizes needs into five types: Must-be, One-dimensional, Attractive, Indifferent, and Reverse, each with distinct implications for user satisfaction [6][15] - Understanding the relationship between product features and user satisfaction through the Kano model can guide effective product development [5][6][15] Group 3: Demand Analysis and Case Studies - The article presents various case studies across different industries, demonstrating how the Kano model can be applied to identify and prioritize user needs effectively [37][38][39] - Examples include the consumer electronics sector, where a smartwatch's features were analyzed to enhance market share, and the food industry, where plant-based meat products were innovated to stand out in a competitive market [37][38] - Each case study illustrates the process of collecting user feedback, categorizing needs, and implementing changes that led to significant improvements in user satisfaction and market performance [37][38][39] Group 4: Strategic Product Development - Companies are encouraged to focus on "Attractive" needs to drive product innovation and market differentiation [46][48] - The article concludes that leveraging the Kano model allows companies to dynamically track and respond to changing consumer demands, fostering continuous product evolution [46][48]

Core Insights - The smartphone market is expected to see increased penetration of AI phones in the mid-range segment due to streamlined edge models and upgraded chip computing power, with the first foldable phone anticipated in 2026 to stimulate demand in the foldable market [1] - The AR market is transitioning from niche products to mainstream computing terminals, with smart glasses projected to become the next major computing device after smartphones, driving rapid growth in related components [1] - Global cloud providers are maintaining high investments in AI, with Chinese internet companies also increasing their investments, leading to a surge in GPU demand and subsequently boosting the demand for PCBs and passive components [1] Industry Data Tracking - In Q2 2025, global smartphone shipments reached 295 million units, a year-on-year increase of 1.0%, with Samsung leading the market, followed by Apple, Xiaomi, vivo, and Transsion; the low-end Android market is under pressure, affecting overall market growth [1] - The Chinese smartphone market has underperformed expectations, primarily due to subsidies failing to stimulate demand; IDC has revised the global smartphone shipment growth rate for 2025 from 0.6% to 1.0% [1] - The global smartwatch market has shown signs of recovery after five consecutive quarters of decline, with Chinese brands like Huawei, Xiaomi, and Little Genius playing a significant role in this recovery [1] - In Q2 2025, global semiconductor sales reached $175.9 billion, a year-on-year increase of 23%, driven by demand from the US and China, with the top five NAND Flash manufacturers seeing a 22% quarter-on-quarter revenue increase [1] - SMIC, a leading domestic wafer foundry, added 18,000 pieces of capacity (equivalent to 8-inch wafers) in Q2, reaching a total capacity of 991,300 pieces per month by the end of Q2, with a utilization rate of 92.5%, up 2.9 percentage points quarter-on-quarter [1] Sector Tracking - In August, the semiconductor industry index rose by 27.22%, the electronics industry index increased by 24.79%, and the CSI 300 index grew by 10.33% [2] - Year-to-date, the semiconductor industry index has increased by 36.66%, the electronics industry index by 38.34%, and the CSI 300 index by 14.28% [2] - In August, the digital chip design sector surged by 39.86%, the analog chip design sector rose by 16.46%, and the integrated circuit packaging and testing sector increased by 16.99% [2] - Year-to-date, the digital chip design sector has grown by 56.50%, the analog chip design sector by 25.31%, and the integrated circuit packaging and testing sector by 8.68% [2]

Group 1 - Huawei's smartwatch shipments surpassed Apple's for the first time in Q2 2025, making Huawei the global leader in smartwatch shipments [1] - Global smartwatch shipments grew by 8% year-on-year in Q2 2025, marking the first recovery after five consecutive quarters of decline, with the Chinese market playing a significant role in this growth [1] - Huawei achieved a 52% year-on-year increase in shipments, driven by a diverse product range and strong domestic market momentum, with over 75% of its shipments concentrated in China [1] Group 2 - Apple's smartwatch shipments have declined for seven consecutive quarters, losing its top position in the global market, but it remains a leader in the high-end smartwatch segment due to its iOS ecosystem and strong user loyalty [4] - Xiaomi and Little Genius saw significant growth in shipments, with Xiaomi excelling in the budget smartwatch market and Little Genius dominating the children's smartwatch segment [4] - The Chinese market has become the largest for high-end smartwatch shipments in Q2 2025, benefiting from affordable options, government subsidies, and integration with local application ecosystems [6] Group 3 - The global smartwatch market is expected to continue recovering, with an estimated annual growth rate of around 7%, driven by functional upgrades and the application of AI technology [6] - The decline of Apple and Samsung indicates that brand loyalty alone is insufficient for competitiveness; consumers now expect tangible value experiences [6] - The second half of 2025 will be crucial for Apple and Samsung to regain growth momentum, contingent on significant functional breakthroughs in their upcoming smartwatch models [6]

Core Insights - The report by Zhiyan Consulting highlights a decline in the import of electric watches in China, with a total of 640,000 units imported in June 2025, representing a year-on-year decrease of 12.3% [1] - The import value of electric watches in the same period was $4.6 million, showing a year-on-year decline of 14.6% [1] Industry Overview - Zhiyan Consulting is recognized as a leading industry consulting firm in China, specializing in in-depth industry research and providing comprehensive consulting services for investment decisions [1] - The firm has been dedicated to the industry research field for over a decade, offering a range of services including industry research reports, business plans, feasibility studies, and customized consulting solutions [1]