英国伦敦牛津街上，往来的人们不时驻足举起手机，记录旅途瞬间。仔细看，会发现不少人用的是中国 品牌智能手机。 在一家英国通信运营商零售店内，几名消费者正在荣耀手机专柜前挑选产品。"这款手机是今年5月上市 的产品，配备较好的AI功能，摄影摄像效果不错，很受消费者喜爱。"门店助理销售经理凯文介绍。 从事手机销售工作近4年的凯文，几乎见证了荣耀品牌在英国发展的全过程。"以前顾客总会问荣耀是什 么牌子，现在我们的手机成为不少人的购机首选。"他说。 2021年底，荣耀手机正式进入英国市场。自当年11月推出首款产品以来，几款热销产品售价从700英镑 至1700英镑不等，都属于高端机型。"在这里，手机企业绕不过做高端产品。"荣耀英国市场负责人张斌 介绍，英国手机市场有两个"70%"——高端机占比70%，运营商渠道占比70%，品牌忠诚度高、高端需 求旺盛且渠道高度集中。 斯莫格品牌创始人周阳介绍，自己进入影像配件赛道的契机，源于一名欧洲用户的需求。2010年，在深 圳从事跨境贸易的周阳，应一名德国摄影爱好者要求，寻找一款能将电源固定在摄影设备上的配件，但 寻遍深圳各大电子市场及工厂均无所获。 "找不到不如自己做。"周阳由此开启 ...

Core Insights - The report titled "2026 Gold Mining Guide: Global All-Category 20 Major Consumer Trends" highlights the dynamic changes in the global consumer market, emphasizing the integration of technology, health orientation, sustainability, and personalized experiences as key trends [1] Group 1: Technology Integration - Artificial intelligence is deeply embedded across the consumer value chain, enhancing efficiency from product development to user service [1] - The market for smart hardware, such as sports headphones, is expanding due to diverse scenario demands, showing steady growth [1] Group 2: Health-Oriented Consumption - There is a comprehensive upgrade in health consumption needs, with consumers increasingly focused on health attributes and safety standards of products, driving the evolution of related categories towards refinement and functionality [1][11] - In North America, over 40% of the sleep technology product market is held, while in Europe, 86% of consumers prioritize sustainability, leading to a 12.8% growth in sustainable mattress development [11] Group 3: Sustainability and Green Consumption - Sustainable consumption has become a mainstream consensus, with consumers favoring products made from eco-friendly materials and low-carbon production methods [1] - The European Union's regulations require the use of digital passports for mattresses by 2027, documenting their components and recyclability [11] Group 4: Personalized and Experiential Consumption - Consumers are increasingly seeking customized, scenario-based, and emotionally engaging products and services, leading to a rise in niche brands and exclusive collaborations [1] - The toy market is experiencing a structural shift, with educational toys becoming the fastest-growing category, expanding at a 7.5% annual growth rate [24] Group 5: Cross-Channel Integration - The global consumer market is characterized by cross-channel integration, with online and offline interactions and cross-border consumption facilitating the expansion of category boundaries [1] - Emerging markets continue to show significant potential, with differentiated demand across various regional markets [1]

每经记者｜李星 每经编辑｜金冥羽 余婷婷 日前，有消息称，小米向汽车经销商发放补贴，全国门店发放金额累计超过1亿元。"确实有这样的政策，仅针对'车融合店'。"12月22日，小米集团相关 工作人员对《每日经济新闻》记者表示，车融合店是指既销售汽车，同时售卖手机以及大家电的小米门店。 据悉，小米此次经销商补贴主要分两类发放：2024年建造的门店，按每家店补贴10万元发放；2025年1月1日至12月15日新建的门店，按每家店50万元发 放。官方数据显示，截至11月30日，小米在全国131城已有441家门店，249家服务网点覆盖144城。 图片来源：小米App 此前，小米汽车副总裁李肖爽在接受记者采访时也强调，目前，对小米来讲，最重要的是把订单尽快转化成用户交付，不要让大家等太久。 12月2日，小米汽车宣布11月的交付量突破4万辆，2025年的交付量已超年初设定的35万辆全年交付目标。"2025年，小米汽车预计将交付超40万辆新 车。"小米集团创始人、董事长兼CEO雷军称。 记者|李星 2024年1月2日，小米汽车宣布，小米汽车销交服渠道优先覆盖头部市场，分批次布局全国，同时开放17城招募计划。 眼下，小米汽车正在加 ...

Core Insights - Huawei officially launched the nova 15 series and several other products on December 22, including the Huawei MatePad 11.5, Huawei WATCH 10th Anniversary Edition, Huawei WATCH GT 6, and Huawei HarmonyOS Smart Home [1] Product Launch Details - The nova 15 series will be available for purchase starting December 25, 2025, with prices set at 2,699 yuan for the nova 15, 3,499 yuan for the nova 15 Pro, and 4,199 yuan for the nova 15 Ultra [1] - The Huawei MatePad 11.5 will start at a price of 1,799 yuan, with an educational discount of 100 yuan available [1] Market Presence - As of now, the number of devices equipped with HarmonyOS 5 and HarmonyOS 6 has exceeded 32 million [1]

小米集团-W获南向资金连续17天净买入，累计净买入金额为155.58亿港元，股价累计下跌3.16%。 证券时报·数据宝统计显示，12月22日港股通（包括沪市港股通及深市港股通）成交活跃股合计成交 315.99亿港元，净买入金额为17.47亿港元。 12月22日上榜的成交活跃股中，小米集团-W通过港股通渠道成交金额为40.84亿港元，净买入金额为 6.87亿港元，不仅如此，该股已连续17日出现成交净买入，累计净买入金额为155.58亿港元，其间股价 下跌3.16%。（数据宝） （文章来源：证券时报网） ...

Group 1 - Samsung plans to launch its first "wide-foldable" smartphone in the fall of 2026, featuring an inner screen size of 7.6 inches and an outer screen of 5.4 inches, both made of OLED material with a 4:3 aspect ratio [1] - The current market for wide-foldable smartphones is dominated by Huawei's Pura X, which recently underwent its first major price adjustment since launch, attracting significant market attention [1][3] - The Pura X was released in March this year, running on HarmonyOS 5, with initial prices set at 7499 yuan for the standard version and 9999 yuan for the top-tier version [6][9] Group 2 - Huawei has reduced the price of the Pura X by 600 yuan for the standard version, bringing the lowest configuration to 6899 yuan, while the premium version saw a reduction of 800 yuan [3] - In-store promotions include an additional discount of 100 yuan for on-site activation, with reports of increased customer inquiries and purchases following the price drop [3] - Huawei's executive previously stated that the Pura X would be a product that "everyone can afford," but the initial pricing has sparked discussions due to its high cost relative to expectations [9]

Core Viewpoint - Huawei officially launched the nova 15 series and various new products, showcasing its advancements in smart office, audio-visual entertainment, and smart home applications, with over 32 million devices running HarmonyOS 5 and 6 [2] Group 1: nova 15 Series - The nova 15 series features upgraded front and rear imaging, stylish design, and deep integration with HarmonyOS, catering to young users' pursuit of individuality and self-expression [5] - The nova 15 Ultra and nova 15 Pro adopt a unique horizontal stacking design and are available in four colors: "Vibrant Green," "Stylish Purple," "Zero White," and "Mystic Black," balancing aesthetic design with durability [5] - The nova 15 Ultra introduces the "Maple Leaf" lens for enhanced imaging, improving color accuracy by 120% and providing the best selfie experience in the series' history [7] - The nova 15 series will be available for sale on December 25, 2025, with prices starting at 2699 yuan for the nova 15, 3499 yuan for the nova 15 Pro, and 4199 yuan for the nova 15 Ultra [7] Group 2: Huawei HarmonyOS Smart Home - Huawei's HarmonyOS Smart Home has achieved a market share that surpasses the combined total of the second to tenth competitors in the smart home sector, indicating its leading position in the industry [8] - The new "Xiao Yi" assistant features enhanced semantic understanding and natural voice control, allowing users to manage home lighting and create complex scene settings with simple voice commands [9] - The smart home ecosystem is supported by the powerful X2 Pro smart host, which enhances device collaboration and precision in multi-dimensional sensing [9] Group 3: Other Product Launches - The new Huawei MatePad 11.5 will be available starting at 1799 yuan, with educational discounts and promotional offers on launch day [11] - The Huawei WATCH 10th Anniversary edition will also launch on December 25, 2025, starting at 2799 yuan, while the Huawei WATCH GT 6 will be released on January 1, 2026, starting at 1488 yuan [12]

Group 1 - The A-share market continued its recent rebound, with the Shanghai Composite Index rising for four consecutive days, closing at 3917.36 points, up 0.69% [1] - The Shenzhen Component Index increased by 1.47%, the ChiNext Index rose by 2.23%, the CSI 300 gained 0.95%, and the STAR 50 climbed by 2.04% [1] - A total of 2836 stocks rose, 2133 fell, and 206 remained unchanged, with a total trading volume of 1.86 trillion yuan, an increase of approximately 136.24 billion yuan compared to the previous trading day [1] Group 2 - The net inflow of main funds into the market was 8.77 billion yuan, with the communication equipment sector receiving the highest net inflow, followed by electronic components, consumer electronics, motors, and semiconductors [7] - Conversely, the commercial retail sector experienced the largest net outflow, along with aerospace, internet services, optical optoelectronics, and automotive parts [7] - Various themes such as Hainan Free Trade, silver, SOFC concepts, tungsten, F5G concepts, precious metals, low-orbit satellites, and optical communication saw significant gains, while themes like SPD concept, Ant Group, pharmaceutical commerce, film and entertainment, Pop Mart, rental and sale rights, and AI healthcare faced declines [7] Group 3 - Market expert Xu Xiaoming indicated that the market's continued rebound suggests a formed bottom structure, with four days of substantial gains and a clear trend of more stocks rising than falling [7] - Xu emphasized the importance of adhering to market trends to avoid significant errors, noting that navigating through market fluctuations can be challenging but necessary for long-term success [7] - He pointed out that while the market has shown signs of a bottom structure, it is still uncertain if the fluctuations have ended, advising caution and a gradual approach moving forward [7]

Core Viewpoint - The trade tensions between the U.S. and China have escalated, leading to significant impacts on both economies, with the U.S. facing rising import costs and potential GDP decline, while China diversifies its export markets and maintains overall trade growth despite reduced exports to the U.S. [1][3][25] Group 1: U.S. Economic Impact - The introduction of high tariffs by the U.S. has resulted in a significant drop in Chinese exports to the U.S., with a year-on-year decrease of 18.9% by November 2025, totaling $385.9 billion, which is 28% lower than the peak in 2022 [1] - U.S. import costs have surged, leading to increased consumer prices and potential closures of small and medium-sized enterprises, with economists predicting a GDP decline of around 4% [3] - The U.S. trade deficit has worsened, reaching $890 billion in August, a 17% increase from the previous year, indicating self-inflicted economic challenges [7] Group 2: China's Trade Resilience - Despite a significant drop in exports to the U.S., China's overall exports grew by 5.4% year-on-year, exceeding $3 trillion, due to market diversification [9][11] - Exports to ASEAN countries increased by 12%, and to Latin America by 13%, with Brazil seeing a 22% rise, showcasing China's ability to offset U.S. tariffs through new markets [11] - High-tech exports, including chips and machinery, have seen substantial growth, with chip exports increasing by 17.4% and overall machinery and electronics exports rising by 8.7% [13] Group 3: Future Outlook - Economists predict a 5% growth in Chinese exports by 2025, supported by strong demand in emerging markets and a resilient manufacturing sector [15][25] - The U.S. is expected to face ongoing economic pressure, with predictions of a GDP growth of only 0.5% compared to China's 4% [17] - The trade war is likely to continue, but China's diversified trade strategy and strong economic fundamentals position it favorably for future growth [19][25]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The demand for AI-driven storage is surging, with Micron's Q1 revenue for fiscal year 2026 reaching $13.64 billion, a year-on-year increase of 57%, indicating strong ongoing AI demand [2][35] - The storage chip industry is entering a new upcycle, driven by both supply-side adjustments and structural recovery in demand, particularly for high-performance storage related to AI [2][31][34] - The semiconductor industry continues to experience robust demand, with global semiconductor sales in October 2025 reaching $72.7 billion, a year-on-year increase of 27.2% [22][24] Summary by Sections Weekly Market Review - The A-share market showed a mixed performance, with the Shanghai Composite Index up 0.03% and the Shenzhen Component Index down 0.89% during the week of December 15-21, 2025 [1][6] - The electronic sector underperformed, declining by 3.28% [6] Industry Data Tracking - The consumer electronics sector is increasingly reliant on technological innovation and stimulus policies, with smartphone shipments in China growing by 12.4% year-on-year in October 2025 [16] - The semiconductor industry remains strong, with domestic semiconductor equipment demand continuing to improve [22] - The storage chip industry is experiencing a significant uptrend, with DRAM prices showing a strong upward trend due to demand from AI servers [27][34] Investment Recommendations - The ongoing AI data center demand is expected to drive storage needs significantly, with a recommendation to focus on companies that achieve technological breakthroughs in key areas of the semiconductor supply chain [31][34] - The current price increase in the storage market is driven by AI-related high-performance storage demand and supply constraints in traditional storage sectors [31][34] Industry News and Important Announcements - Micron Technology reported a 57% increase in revenue for Q1 FY2026, driven by AI data center demand [35] - Samsung has launched the Exynos 2600, the world's first mobile application processor built on a 2nm process [36] - Honda's factories in China are facing production cuts due to semiconductor shortages, with a temporary shutdown planned [39]