Canalys（现并入Omdia）最新研究显示，2025年第一季度，全球智能手机市场仅实现0.2%的增长，出货量达 2.969亿台。由于阶段性换机高峰进入尾声以及厂商寻求更健康的库存水位，全球智能手机市场增速已经连续 三个季度回落。三星凭借最新旗舰产品的发布以及性价比A系列新品巩固了第一的位置，出货量达6050万台。 苹果凭借其在亚太新兴市场以及美国市场的增长位列第二，出货量达5500万台，份额达19%。小米稳居第三， 出货量达4180万台，市场份额为14%，丰富的生态产品组合助力其在中国本土市场和海外新兴市场强化品牌优 势。vivo和OPPO位列第四及第五位，出货量分别为2290万台和2270万台。 Canalys（现并入Omdia）首席分析师朱嘉弢指出："各区域智能手机状况正变得复杂。在过去一年增长势头强 劲的印度、拉美和中东等区域出现了明显下滑，显现出大众产品区间换机需求的饱和。多数安卓品牌正在一季 度积极调整自身的库存水平以避免影响新机发布和渠道价格体系。欧洲市场在经历了短暂的复苏后再次出现下 跌，厂商受困于去年末的旗舰机高库存以及生态设计法案对未来中低端区间产品线的扰乱。然而仍然有区 域 市场呈现出 ...

下图是具体配置，不难看出两款系列机型各有优势。 | 手机 | iQOO Z10 Turbo | REDMI Turbo 4 | iQOO Z10 Turbo Pro | REDMI Turbo 4 Pro | | --- | --- | --- | --- | --- | | 性能三件套 | 天玑8400满血版(4nm) | 天玑 8400-Ultra(4nm) | 骁龙 8s Gen4(4nm) | 骁龙 8s Gen4(4nm) | | | LPDDR5X+UFS4.1 | LPDDR5X+UFS4.0 | LPDDR5X Ultra+UFS4.1 | LPDDR5X+UFS4.1 | | 胖带 | 6.78 英寸 OLED,10bit, | 6.67 英寸 OLED, | 6.78 英寸 OLED,10bit | 6.83 英寸 OLED,12 bit | | | 华星 C9+直屏, | 12bit,华星/天马直屏 | 华星 C9+直屏 | 华星 M9 直屏 | | | 800-2000-5500nit, | 800-1400-3200nit, | 800-2000-5500nit, | 800-180 ...

Core Viewpoint - Transsion, known as the "King of African Mobile Phones," is facing its biggest market challenge in recent years, with a significant decline in smartphone shipments and financial performance in 2025 compared to 2024 [2][3]. Group 1: Market Performance - In Q1 2024, Transsion's smartphone shipments reached 28.5 million units, capturing 9.5% of the global market, ranking fourth among smartphone manufacturers [2]. - By Q1 2025, Transsion's shipments fell below 22.7 million units, resulting in its exclusion from the top five manufacturers, categorized under "Others" [2]. - Transsion's revenue for Q1 2025 was 13.004 billion yuan, a year-on-year decline of 25.45%, while net profit plummeted by 69.87% to 490 million yuan [2]. Group 2: Financial Indicators - The net profit excluding non-recurring gains for Q1 2025 was 343 million yuan, down 74.64% year-on-year [3]. - Basic earnings per share dropped to 0.43 yuan, a decrease of 70.14% from the adjusted 1.44 yuan in the same period last year [2]. - Operating cash flow for the reporting period was -741 million yuan, worsening from -108 million yuan in the previous year [2]. Group 3: Competitive Landscape - Transsion's performance decline is attributed to increased market competition and rising supply chain costs, which have pressured its gross margin [3]. - The company has historically focused on low-cost models in Africa and Latin America, with entry-level models averaging only $70 [4]. - Rising supply chain costs, particularly for DRAM and NAND Flash, are squeezing profit margins, with expected price increases of 13-20% for these components [5]. Group 4: Market Challenges - In 2024, Xiaomi's sub-brand Redmi aggressively entered the African market with low-cost models, achieving a 22% growth in the region [6]. - Realme also gained traction in Africa, with a 70% year-on-year growth, further intensifying competition for Transsion [6]. - Transsion's expansion efforts in India, Southeast Asia, and Latin America are hindered by established competitors like Vivo, OPPO, and Samsung, limiting its market share [7].

在各大厂商中，华为一家就占据了76.6%的市场份额，同比增长32.5个百分点，这应该是华为入局折叠 屏市场后取得的最高份额。其他厂商中，荣耀和OPPO的份额均不足两位数，小米和三星的份额更不到 3%。 今年已是折叠屏规模商用第六年，一季度整体国内市场渗透率约4%，同比提升了1.3个百分点。过去几 年，各大厂商在折叠屏的轻薄、影像、续航、可靠性等方面进行了激烈竞争，让折叠屏体验更加接近直 板旗舰，如今华为的统治性地位，不由让人感叹折叠屏市场的战争开始一边倒。 （文/观察者网 吕栋 编辑/张广凯） 近日，市场调研机构IDC发布的数据显示，今年一季度，中国折叠屏手机出货量达到284万台，同比增 长53.1%，相比上个季度9.5%的下滑幅度出现明显反弹，也大幅跑赢整个手机市场3.3%的增速。 但在分析机构看来，苹果是否入局，对华为和市场来说仍然是一个重要变数。Canalys研究分析师钟晓 磊对观察者网表示，苹果如果入局折叠屏，会让竞争更加激烈，"苹果并不是以纸面硬件参数为主的公 司，更多绑定在用户体验和软件生态上，苹果的大屏生态要比安卓厂商好很多，能帮助折叠屏拥有更好 的软件体验。" 华为Pura X 图源：观察者网 ...

小米集团董事长兼CEO雷军在社交平台表示，"十年后，小米手机重回中国市场第一。看到这份报告，无比感慨！我们还要继续努力， 不辜负大家对小米的期待。 " 小米出货量1330万台，市场份额18.6%，同比增长39.9%； 华为出货量1120万台，市场份额15.7%，同比增长10%； OPPO出货量1110万台，市场份额15.5%，同比增长0.5%； vivo出货量1080万台，市场份额15.0%，同比增长4%； 苹果出货量980万台，市场份额13.7%，同比下降10%。 据IDC发布的数据表示，2025年第一季度，中国智能手机市场前五大厂商出货量及市场份额分别为： 前五大厂商合计市场份额达到80.5%，中小品牌整体市场份额从23.5%下降至19.5%。在排名变化中，小米成为本季度增长幅度最大的厂 商，出货量同比增长近四成，排名上升至首位。华为保持稳步增长，继续稳居第二。OPPO和vivo增长幅度有限，整体市占率稳定。苹 果出货量出现10%的下滑，市占率下降近2个百分点，成为前五大品牌中唯一录得负增长的厂商。 图源：雷军微博 图源：雷军微博 Canalys首席分析师朱嘉弢对"科创板日报"表示："小米本季度的重要增长 ...

最近几天，多家市场调研机构公布2025年第一季度中国手机销量排行，两家机构认定华为、小米为中国出货量第一名。华为对此不置可否，没有做出官方回 应。雷军却发文表示小米重回中国第一名不容易，无比感慨，认为还要继续努力。 雷军本人也转发了这条消息，感慨"十年后，小米手机重回中国市场第一。看到这份报告，无比感慨"。距离小米上一次成为中国市场第一名，距今已经过去 十年时间，难怪雷军会发出这样的感叹。 2014年，小米首次成为中国市场销量冠军，距离其成立只过去三年时间。2015年小米蝉联出货量冠军，雷军在发布会上高调讽刺同行"让友商很遗憾"，那个 时候的雷军完全可以用"年轻气盛"形容，攻击力拉满。可就在雷军春风得意的时候，小米在2016年遭遇重大挑战，在中国市场销量断崖式下跌，此后十年一 度跌出中国市场销量前五名。 | 中国大陆智能手机市场出货量和年增长率 | | | | | | --- | --- | --- | --- | --- | | Canalys 智能手机市场统计: 2025 年第 | 第四 | | | | | 胸 2025 年 | | 2025 年 | 2024 年 | 2024年 | | 第一季度 | | ...

Core Insights - Amazon is positioned to potentially surpass Nvidia, Microsoft, and Apple in market valuation over the next five years, with its stock currently seen as undervalued [2][15][16] Company Overview - Amazon holds a dominant position in multiple industries, including e-commerce, cloud computing, and digital advertising, which presents significant growth opportunities [4][5] - The company has demonstrated a willingness to sacrifice short-term gains for long-term growth, resulting in substantial free cash flow growth and an expanding operating margin [6] Financial Performance - In 2024, Amazon generated $32.9 billion in free cash flow with a 10.75% operating margin, showing improvements in profitability across all business segments [6][7] - North American retail's operating margin increased to 6.4% from 4.2%, while the international segment turned positive with a 2.7% margin compared to -2% in 2023 [7] - Amazon Web Services (AWS) achieved a 37% operating margin in 2024, up from 27% in 2023, indicating strong profitability in its cloud segment [7] Growth Strategies - Amazon has revamped its logistics network to reduce costs and improve delivery times, which is expected to enhance profitability moving forward [8] - The company plans to invest heavily in AWS to meet the growing demand for AI services, anticipating significant revenue growth as it expands its data center capacity [9] Emerging Opportunities - Amazon is leveraging its infrastructure to capitalize on the growth of artificial intelligence, introducing services like Amazon Bedrock to assist enterprises in developing AI applications [11][12] - The company has the potential to launch logistics services for third parties, utilizing its extensive fulfillment network to create additional revenue streams [13][14] Market Position and Valuation - With its leading positions in fast-growing markets and new opportunities, Amazon is on a trajectory to potentially become one of the most valuable companies globally [15] - The stock's forward PE ratio is around 29.5, which, while higher than its competitors, is relatively low for Amazon compared to its historical PE ratio [16] - Projections suggest that by 2030, Amazon could surpass $100 billion in annual free cash flow, with a valuation of $5 trillion at a 2% free cash flow yield [17][18]

Core Insights - The implementation of the "mobile national subsidy" policy on January 20 significantly impacted the smartphone market, with a reported doubling of foot traffic in stores on the first day of the subsidy [1][3] - OnePlus's Ace 5 Pro emerged as a standout model, with a price drop of 400 yuan, making it the lowest-priced Snapdragon 8 Gen 2 model in the market, leading to immediate stock shortages [3][4] - The national subsidy is seen as a catalyst for consumers to opt for higher-performance products within their budget, benefiting mid-range models like the OnePlus Ace 5 series [4][5] Industry Impact - The national subsidy policy, which offers a 15% rebate on smartphones priced under 6000 yuan, has led to a 5% year-on-year increase in smartphone shipments in Q1 2025, totaling 70.9 million units [4] - Industry experts note that while the subsidy has stimulated initial demand, its marginal benefits may diminish over time, raising questions about the sustainability of growth in subsequent quarters [4][5] - OnePlus is strategically targeting the small-screen smartphone market, which has a significant demand gap, with the upcoming OnePlus 13T positioned to meet this need [5]

Core Insights - The Chinese smartphone market experienced a mild growth of 5% year-on-year in Q1 2025, with shipments reaching 70.9 million units, driven by national subsidy policies and consumer recovery [1][3] Group 1: Market Performance - Xiaomi led the market with shipments of 13.3 million units, a 40% increase year-on-year, capturing a market share of 19% [1][5] - Huawei followed closely with 13 million units shipped, maintaining double-digit growth [1][5] - OPPO and vivo ranked third and fourth with shipments of 10.6 million and 10.4 million units, respectively [1] - Apple saw a decline in shipments to 9.2 million units, an 8% drop year-on-year, placing it fifth in the market [1][5] Group 2: Impact of National Subsidy Policy - The national subsidy policy implemented in January has positively influenced market performance, prompting some consumers to upgrade their devices earlier, reflecting a shift in demand rather than organic growth [3] - The policy has also reinforced the dominance of major retail channels and e-commerce platforms like Tmall and JD.com [3] Group 3: Company Strategies and Innovations - Xiaomi's growth is attributed to its product and channel synergy, with a unified pricing strategy that reduces consumer decision costs [5] - Huawei is focusing on effective channel management and expanding its product offerings, including advancements in foldable devices and the development of the HarmonyOS ecosystem [5] - The penetration rate of AI smartphones in China reached 22% in 2024 and is expected to exceed 40% in 2025, highlighting the importance of innovation in areas like foldable screens and operating systems [5]

机构：一季度中国智能手机市场同比增长5% 小米重回第一 智通财经4月27日电，Canalys最新数据显示，2025年第一季度，中国智能手机市场出货量达7090万部， 受到国家补贴政策提振及消费复苏推动，同比温和增长5%，延续了自2024年开启的复苏趋势。其中， 小米出货量达1330万部，同比增长40%，时隔十年重回第一，市场份额19%。华为紧随其后，依旧维持 双位数增长，出货1300万部，位列第二。OPPO、vivo分别以1060万部和1040万部的出货量位列第三和 第四。苹果在其传统旺季后出现下滑，出货920万部，同比下跌8%，排名第五。 ...