记者从可靠渠道了解到，登陆A股后，荣耀将在AI终端生态进行持续且大量的投入，持续加码AI，荣耀 IPO募集资金将被用于AI研发的各个关键环节。 此次发布会后，李健在接受记者采访时多次谈到AI。他认为，AI的发展分为L1—L5五个阶段。目前处 于L2到L3之间，简单说是让AI从"会想"到"会做"的阶段。AI要发展下去，核心是要服务于人，要走进 人的生活。怎么让AI真正落地生根，真正为人的生活和工作服务，这是现在最重要的事情。 随着荣耀IPO提上正式日程，其上市进展备受关注。 在日前举行的荣耀Magic V5暨AI终端生态发布会后，荣耀CFO彭求恩在接受证券时报·e公司记者采访时 剧透了荣耀IPO进度。 彭求恩表示，IPO有六个阶段，荣耀现在已经完成了第一个阶段，启动了第二个阶段，上市辅导还要验 收，后续进行申报、审核、发行上市。 此前，证监会官网显示，6月26日，荣耀终端股份有限公司获上市辅导备案，辅导券商为中信证券。根 据辅导工作安排，将于2026年1月至3月完成上市辅导。 "目前荣耀正在辅导机构的帮助下，按照相关法律法规在公司治理、内控等方面改进，辅导至少时间是 三个月，现在正在和合作单位做这些工作。按照程 ...

Market Performance - The Hong Kong stock market indices experienced a collective decline, with the Hang Seng Index down by 0.63%, the Hang Seng China Enterprises Index down by 0.88%, and the Hang Seng Tech Index down by 0.67% [1] - New consumption concept stocks faced downward pressure, with notable declines in companies such as Nayuki (down 10.12%) and Pop Mart (down 3.33%) [1] - Education stocks also saw significant drops, including a 9.42% decline in Bojun Education [1] Sector Performance - The SaaS and tech-related stocks performed poorly, alongside AI healthcare, internet healthcare, holiday concepts, and automotive sectors [2] - Conversely, the pharmaceutical sector saw gains, with companies like Kangfang Biotech rising by 14.33% and Junshi Biosciences by 11.63% [2] - The recent issuance of measures by the National Healthcare Security Administration and the National Health Commission is expected to support the high-quality development of innovative drugs [2] Apple Supply Chain - Apple-related stocks experienced a rally, with companies like FIH Mobile rising by 4.88% and Sunny Optical Technology by 4.66% [3] - Analysts predict that Apple will launch new MacBook Pro models with OLED screens next year, which could enhance market performance [3] - The global smartphone market is expected to recover, with IDC forecasting a 4% growth in 2024, benefiting Apple and its supply chain [3] Other Notable Movements - Non-ferrous metal stocks and gold stocks saw upward movement, while sectors such as baby products, pork, food, and luxury goods also performed well [4]

Group 1 - Foxconn, Apple's largest assembly partner, has requested over 300 Chinese employees at its iPhone factory in India to return to China, which comes at a critical time as Apple is preparing to expand production capacity for the new iPhone 17 in India [1] - Foxconn has been increasing its manufacturing efforts in India to reduce reliance on Chinese hardware manufacturing, with a recent approval from the Indian government for a $435 million investment to build a semiconductor factory [1] - The departure of Chinese employees, who make up a significant portion of the workforce at the Foxconn iPhone factory in India, may impact iPhone production during a crucial expansion phase [1] Group 2 - According to Canalys, iPhone exports from India to the U.S. surpassed those from China for the second consecutive month, with a 76% year-on-year increase in April, reaching 3 million units, while exports from China plummeted by 76% to approximately 900,000 units [2] - Despite growth in the Indian market, Apple's market share remains relatively small, failing to break into the top five, largely due to competition from Chinese brands like Vivo, Samsung, OPPO, Xiaomi, and Realme [2] Group 3 - Foxconn previously deployed a large number of experienced Chinese engineers in India to train local staff, which has been crucial for the assembly of iPhones, as India has only recently begun large-scale iPhone assembly, now accounting for one-fifth of global production [4] - Apple still assembles most complex components of iPhones in China before shipping them to India for final assembly, which raises questions about the extent of local manufacturing in India [4] - Apple's CEO Tim Cook has praised the skills of Chinese assembly workers, emphasizing that the decision to maintain a major production base in China is not solely based on cost advantages [4] Group 4 - The withdrawal of Chinese employees is expected to disrupt Apple's manufacturing expansion plans in South Asia, potentially delaying the training of local employees and the transfer of Chinese manufacturing technology, which may lead to increased production costs [5] - While the quality of production in the Indian factory may not be affected, the efficiency of the assembly line could decline due to the lack of experienced Chinese workers [5]

Core Insights - The establishment of the free trade zone in Manaus, Brazil, has attracted numerous Chinese companies, leading to a path of ecological and economic development in the Amazon rainforest [1][2] - Gree Electric Appliances, one of the first Chinese companies to enter the Brazilian market, has a factory in Manaus that produces environmentally friendly air conditioners, achieving an annual production capacity of 2 million units and a leading market share in Brazil [1][2] - The presence of Chinese enterprises in the Manaus free trade zone has significantly contributed to local employment and technological advancement, with companies like OPPO rapidly establishing production lines for smartphones [2][3] Company and Industry Summary - Gree Electric Appliances has been operating in Manaus since 2001, focusing on sustainable production practices with zero ozone depletion refrigerants [1] - The Manaus free trade zone has preserved 97% of the rainforest by providing job opportunities that reduce the need for local residents to engage in deforestation for agriculture [2] - OPPO's entry into the Brazilian market has been swift, with the first smartphone expected to roll off the production line in April 2024, showcasing the efficiency of Chinese manufacturing technology [2][3] - The local workforce has benefited from training and skill development, enhancing their technical and project management capabilities, which has led to increased production efficiency and product quality [3] - The Manaus free trade zone is projected to achieve its highest revenue in 58 years in 2024, indicating strong growth driven by Chinese investments and technology [3]

每日市场观察 2025 年 7 月 3 日 周三沪指窄幅波动，深成指和创业板指数有所调整。截至收盘，沪指 跌 0.09%，深成指跌 0.61%，创业板指数跌 1.13%。板块方面，钢铁、 光伏设备、水泥建材、煤炭、采掘等涨幅居前；航天航空、通信、半 导体、电子元件、消费电子等板块调整明显。两市跌多涨少，其中上 涨股票 1885 只，下跌股票数量 3145 只；沪深两市总成交金额超 1.37 万亿，环比有所萎缩。 周三钢铁、光伏设备、水泥、煤炭、采掘、工程机械等制造业板块护 盘，但中小市值板块调整明显。技术上看，股指 60 分钟指标处于低位 而 120 分钟指标处于高位，周四冲高回落概率较大。投资者应留意板 块轮动变化，适当调整仓位，回避上半年业绩预期不佳品种，逢低吸 纳有色金属、煤炭、工程机械等板块中的优质个股。 美国国会参议院通过全面减税和支出法案，美元预期未来走弱，有色 金属等资源价格或上行，投资者可关注未来铜、铝、锂等细分板块表 现。受上游原燃料价格走低以及行业重组限产推动，钢铁行业前 5 个 月利润大幅增长，投资者可适当吸纳股息回报整体稳定的龙头标的； 经过长期调整，工程机械板块有望迎来周期性拐点，建 ...

昨天， 发生了哪些财经大事？ 雷军回应友商"截胡YU7" 厦门市监局通报 牛约堡食品安全问题 7月2日，据媒体报道，知名汉堡品牌牛约堡福建厦门林后店后厨，有多种食材裸露，多只 蟑螂到处爬行。对此，牛约堡全国客服热线工作人员回应称，无法判断报道内容是否属实， 正在核实处理，如果检查出来有问题，会罚款。7月2日下午，厦门市场监督管理部门回 应，针对媒体报道反映问题，属地市场监管部门立即对涉事的两家门店开展现场检查，检查 发现其存在卫生环境差、食品安全主体责任落实不到位等问题，对涉嫌违法行为立案调查， 并通报各外卖平台作下线处理，目前两家门店已停业整顿。 7月2日晚，小米创办人、董事长兼CEO雷军在直播间回应YU7大定争议时表示，小米SU7 上市以来累计交付接近30万辆。小米SU7和SU7 Ultra转单数量不足YU7总订单数的 15%。针对市场消息称多 家车企推出"截胡"小米YU7订单的策略， 雷军表示，看到了个别 车企销售的"截胡"话术，"我也认真学习了一下，实话实说，内容 不太准确， 甚至有一些 诋毁和歪曲"，雷军强调，"我觉得大可不必"，每个产品有自己的优点，自信的话讲自己优 势就行，没必要诋毁。雷军表示， ...

Group 1 - The core argument emphasizes that a country's technological innovation capability is determined more by its ability to capture and apply technological results rather than by original inventions [1][2] - The article uses Huawei as an example, highlighting its success in telecommunications, smartphones, and electric vehicles through imitation and learning from companies like Cisco, Samsung, and Tesla, rather than through original inventions [1][2] - The historical context shows that countries like Germany, the US, and Japan achieved technological advancements through rapid and continuous technology diffusion, with original inventions being secondary outcomes [2] Group 2 - The Wright brothers invented the airplane, but the aviation industry developed in Europe, illustrating that invention alone does not guarantee industrial success [3][4][5] - Despite the Wright brothers' invention, the US aviation industry lagged behind Europe for years due to a lack of commercial orders and industrial infrastructure [5][8] - The article argues that without the ability to convert inventions into products, technological innovations remain ineffective and do not impact society [9] Group 3 - The article discusses the importance of technology diffusion over original invention, citing Henry Kaiser’s innovations in shipbuilding as an example of applying techniques from other industries to achieve success [10][14] - Japan's shipbuilding industry rose from the ashes by combining innovative techniques with government support and market opportunities, surpassing the US and UK [15] - The US shipbuilding industry, despite having advanced technology, stagnated due to protective measures that limited the application of efficient manufacturing processes [11][12] Group 4 - Innovation is framed as an economic concept rather than a purely technical one, focusing on the introduction of new combinations of production factors into the economy [18][20] - The article emphasizes that the true measure of technological innovation lies in its economic value and the ability to create products that can be marketed [27][31] - The low patent conversion rate in Chinese universities compared to enterprises highlights the gap in translating research into economic benefits [25][32] Group 5 - The article asserts that the trend of enterprise-led innovation is a global phenomenon, with businesses increasingly taking the lead in research and development funding [34][39] - The US leads in corporate R&D spending, with a significant portion coming from the private sector, indicating a shift away from government-led initiatives [39][41] - Large enterprises are identified as the main drivers of technological diffusion, possessing superior capabilities in market information collection, product promotion, and resource integration [42][45] Group 6 - The article concludes that the competition between the US and China in technological innovation is evident, but there remains a disparity in the overall strength of large enterprises [47][48] - It advocates for a pragmatic approach that emphasizes economic benefits from technological innovation, focusing on market applications rather than merely pursuing original inventions [48][49]

Lenovo Group Conference Call Summary Industry and Company Overview - **Company**: Lenovo Group - **Industry**: PC, Server, and Mobile Devices Key Points and Arguments PC Business Performance - Lenovo's PC shipments reached 15.2 million units in Q1 2025, with a market share of 24.1%, representing a year-on-year growth of 10.8%, significantly outpacing the industry growth of 4.9% [2][5] - The balanced business model, with consumer sales accounting for 35%-40% and commercial sales for 60%-65%, has helped reduce production costs and geopolitical risks [4][9] - The company expects improved performance in the China region in 2025, with IDC predicting a stabilization compared to a nearly 10% decline in the previous year [9] Server Business Growth - Lenovo's X86 server revenue surged by 74.8% year-on-year to $4.12 billion globally, placing it among the top three worldwide [2][6] - In China, server revenue skyrocketed by 127.2% year-on-year and 30.6% quarter-on-quarter, also ranking in the top three [2][6] - The growth is attributed to a forward-looking strategy in AI computing capabilities [6] Mobile Business Developments - Motorola's revenue in overseas markets rose to fourth place, with shipment volume maintaining fifth place [7] - In North America, revenue increased by 20.4% year-on-year to $1.01 billion, with a market share of 3.6%, moving up to third place [7] - Emerging markets in Asia-Pacific saw a remarkable growth of 92.1%, driven by a high-end pricing strategy [7] Global Supply Chain Ranking - Lenovo ranked eighth in Gartner's global supply chain list, surpassing companies like Walmart and BMW, reflecting strong performance in business metrics, financial data, and ESG [8] - This ranking highlights Lenovo's resilience and innovation in a complex global environment [8] AI PC Market Insights - AI PCs are gaining popularity, with domestic sales during the 2025 618 shopping festival showing a 151% year-on-year increase [4][12] - The expected penetration rate for AI PCs is projected to reach 20%-30% in 2025, potentially exceeding 40% by 2026 and 70%-80% by 2027-2028 [15] Future Market Share Expectations - Lenovo aims to increase its market share by 0.5% to 0.7% annually, building on a growing gap with competitors [13] - The discontinuation of Windows 10 support in October 2025 is expected to drive further PC replacements, boosting market share [13] Profitability and Margin Analysis - The gross margin for Lenovo's PC business has risen from around 10% to nearly 20% over the past decade, driven by high-end product development [18] - The ISG business is expected to achieve double-digit year-on-year growth, contributing positively to overall profitability [17][21] Strategic Focus on AI Servers - Lenovo's strategy for AI servers emphasizes a hybrid approach, integrating personal, enterprise, and public intelligence to promote AI adoption [25] - The company plans to establish a presence in the Middle East, particularly in AI data center construction, following a strategic partnership with the Saudi sovereign fund [26] Additional Important Insights - Lenovo's production model balances in-house manufacturing and outsourcing, each accounting for 50%, allowing for flexibility and cost advantages [11] - The company has established multiple production bases globally to mitigate high tariff risks and enhance local delivery capabilities [10]

雷军：小米SU7和SU7 Ultra转订YU7占比不足15% 金十数据7月2日讯，小米创办人、董事长兼CEO雷军在直播间回应YU7大定争议时表示，小米SU7和 SU7 Ultra转订YU7的订单，占YU7总订单数不足15%。 （界面） ...

Group 1: Employment and Economic Indicators - The ADP employment number in the U.S. decreased by 33,000 in June, marking the largest decline since March 2023 [2] - The "Big and Beautiful Act" eliminates consumption taxes for wind and solar projects [2] Group 2: Company News - Intel's CEO is considering a strategic change for its foundry business [2] - Alibaba is reportedly expanding its AI cloud services in Malaysia and the Philippines [2] - Apple has entered the P1 prototype stage for its foldable iPhone, while the development of the foldable iPad has been shelved [2] - Jeff Bezos has sold nearly $737 million worth of Amazon stock [2] - A California jury ruled that Google infringed on Android data, facing a compensation of $314.6 million [2] - Tesla's electric vehicle sales in China increased by 0.8% year-over-year in June, ending an eight-month decline [2] - Ford's electric vehicle sales fell by 31.4% in the second quarter [2]