Core Viewpoint - Transsion Holdings, known as the "King of Africa," is actively seeking new growth opportunities beyond its mobile phone business, particularly by establishing a mobility division to explore electric two-wheelers in developing countries like Africa [1]. Group 1: Business Expansion - Transsion has formed a mobility division to explore electric two-wheeler business, indicating a diversification strategy amid challenges in its core mobile phone segment [1]. - The company is currently hiring for various positions related to its mobility business, suggesting a commitment to this new venture [2][3]. - The electric motorcycle market in Africa is growing, with the number of motorcycles in sub-Saharan Africa increasing from 5 million in 2010 to 27 million in 2022, a growth rate of 440% [2]. Group 2: Market Challenges - Transsion's mobile phone business faced a significant decline, with net profit dropping nearly 70% year-on-year in Q1, and smartphone shipments decreasing from 9.5 million units to 9 million units in the same period [1]. - The company’s market share in Africa has decreased to 47%, down 5 percentage points year-on-year, as competitors like Samsung and Xiaomi gain momentum [7]. - The entry into the electric two-wheeler market presents challenges related to infrastructure, charging facilities, and consumer purchasing power in target markets [6]. Group 3: Competitive Landscape - Competitors are replicating Transsion's successful distribution model, which has led to increased competition in the African market [7]. - Samsung and Xiaomi have regained market momentum, with Xiaomi achieving a 32% year-on-year growth, particularly in Egypt and Nigeria [7]. - Other brands like OPPO and Honor are also increasing their investments and market presence in Africa, indicating a highly competitive environment [8].

证券研究报告·策略报告·策略深度报告 策略深度报告 20250701 7 月港股金股：利好落空后的利好 2025 年 07 月 01 日 [Table_Tag] [观点Table_Summary] ◼ 5 月开始，金管局因港币触及强方保证，下场干预，资金入港，hibor 利 率下跌，投资者觉得是利好。后来发现，这些进来的资金并没有大幅流 入股票，利好变成利空。两个月前阶段性卖出股票离场的资金，因为一 直没有等到市场下跌，在时间成本影响下，不得不在近期再次买入股票， 或将利好港股。 -此前利好：5 月份，资金入港， hibor 下跌，投资者预计增量资金入场。 -转落空：投资者发现，入港资金的投资去处，是存款、套息交易、债券、 打新股和加密货币等。这些资金并没有大幅投资二级市场股票。即使打 新股，上市后就立刻卖出。比如，海天味业获得超过 60 倍认购，但上 市后价格持平，没有上涨。说明部分资金在上市便锁定收益，并不停留 在股市上。 -或将转利好：有些资金仍然会依据过去三年的经验，在市场高位卖出， 然后等待市场下跌后再买入。经历了 5 月香港大规模资金入场，压低利 率后，转为利空，市场迟迟没有下跌。直到现在，这些资 ...

" 技术至上，小米凭实力突围 。 " 作者丨雪银 编辑丨 林子川 "这个世界不会永远是强者恒强，后来者总有机会。" 雷军多次在公开场合强调的口号，在 2025 年夏天 有了更具象的注脚。 $$\Theta\Phi$$ 在成立 15 周年的关键节点，小米迎来了发展的新起点。财报数据持续向好，核心业务稳健增长；高端化 战略成效显著，2025年第一季度小米手机时隔十年重回全国销量榜首；"人车家全生态"发力，智能大家 电出货量实现翻倍增长，小米门店突破两万家……曾被视作 "不可能" 的目标一次次被小米化作现实。 从 "千元机终结者" 到 "造车新势力头部"，从手机单品到人车家全生态，小米始终在争议中突破行业认 知。 当行业还在沉迷内卷时，小米已带着技术理想主的坚定信念，将目光投向了全球科技的尖端 —— 用产品 实绩回应争议，以核心技术构建护城，小米成功的秘密可在其15年的风雨兼程中窥得一二。 小米大心脏：在质疑中崛起 事实上，小米并不是第一个在质疑中崛起的企业。 6 月 26 日晚，小米人车家全生态发布会一结束 ，小米 YU7 开售 3 分钟大定突破 20 万辆的消息便登上 热搜，作为小米造车的第二枪，小米YU7 的 ...

| | | 全球 一般票指数 | | | | --- | --- | --- | --- | --- | | 市场 | 名称 | 现价 | 涨跌 | 涨跌幅 | | 欧美 | 道琼斯工业平均 | 44094.77 | 275.5 | 0.63% | | | 纳斯达克 | 20369.73 | 96.27 | 0.47% | | | 标普500 | 6204.95 | 31.88 | 0.52% | | | 欧洲斯托克50 | 5303.24 | -22.4 | -0.42% | | | 英国富时100 | 8760.96 | -37.95 | -0.43% | | | 法国CAC40 | 7665.91 | -25.64 | -0.33% | | | 德国DAX | 23909.61 | -123.61 | -0.51% | | | 俄罗斯RTS | 1142.24 | 15.69 | 1.39% | | | 上证指数 | 3444.42 | 20.2 | 0.59% | | | 深证成指。 | 10465.12 | 86.57 | 0.83% | | | 创业板指 nahulcos | | 2153 vd. ...

光大证券表示，沪指仅调整一个交易日即强势反弹，显示出市场的韧性，接下来市场有望延续指数震荡、热点轮动的风格。 今日题材方面： 1、华为产业链 | 据证券时报报道，6月30日，华为宣布开源盘古70亿参数的稠密模型和720亿参数的混合专家模型（盘古Pro MoE 72B）。此外， 基于昇腾的模型推理技术也同步开源。据了解，华为最新开源的Pro MoE 72B大模型，在参数量仅为720亿，激活160亿参数量的情况下，通过动 态激活专家网络的创新设计，实现了以小打大的优异性能，甚至可以媲美千亿级模型的性能表现。 点评：招商证券指出，今年年初以来，国产大模型在技术与应用层面迎来密集更新。其中华为盘古5.5发布了涵盖自然语言、视觉、多模态等领 域的718B参数MOE架构大模型，并推出"世界模型"赋能自动驾驶等行业应用。其表示，从昇腾（Ascend）芯片、CANN异构计算架构、超节点 到盘古大模型，华为提供了一个完全自主、深度优化的闭环解决方案。 2、工业互联网 | 据中证金牛座6月30日报道，进一步深化金融服务新型工业化的相关政策有望研究出台。服务新型工业化，是金融服务实体经济 的重要内容。去年4月，国家金融监督管理总局 ...

法院裁决显示，苹果(AAPL.O)必须面对美国指控其垄断智能手机市场的反垄断诉讼。 ...

Gaming Industry - The issuance of gaming licenses in China remains high, with 757 domestic game licenses issued in the first half of the year, a year-on-year increase of over 20% [1] - Key projects such as "Douluo Dalu: Soul Master Battle" by Kaiying Network and "Endless Cultivation" by Giant Network have received new licenses, indicating a recovery in the gaming sector [1] - The application of AI technology in gaming is becoming clearer, with expectations for more AI-native games to emerge, driving a revaluation of the gaming industry [1] Stablecoins - Hong Kong is accelerating the application of stablecoin policies to address long-standing issues in cross-border payments, aiming to enhance service to the real economy [2] - Stablecoins are seen as a cost-effective alternative in the traditional financial system, with potential to transform payment and capital market activities [2] - The stablecoin industry is expected to enter a period of compliant development as global regulatory policies are implemented [2] Foldable Phones - Honor is set to launch the Honor Magic V5, touted as the world's lightest and thinnest foldable phone, featuring advanced AI capabilities [3] - The Chinese foldable phone market is projected to maintain a 40% global market share, with shipments expected to exceed 17 million units by 2028, reflecting a compound annual growth rate of 19.8% over the next five years [3] - Apple's entry into the foldable phone market is anticipated to boost global sales and drive innovation in the foldable supply chain [3] Regenerative Medicine - Chinese scientists have made a significant breakthrough in regenerative medicine by discovering a key "molecular switch" that regulates mammalian regeneration, marking a major original innovation [4] - The aging population in China is driving clinical demand for regenerative medicine, with technologies like stem cell therapy and 3D bioprinting entering a phase of clinical transformation [4] - The "14th Five-Year Plan" has identified regenerative medicine as a strategic emerging industry, indicating strong government support [4] Innovative Pharmaceuticals - The National Healthcare Security Administration is set to announce measures to support the high-quality development of innovative drugs, which is expected to benefit domestic innovative pharmaceutical companies significantly [5] - The Chinese innovative drug market is projected to exceed 1.22 trillion yuan by 2025, with an annual growth rate of 8.53% [5] - The implementation of policies to support innovative drug development is expected to accelerate the commercialization of new drugs, with 2025 potentially marking a turning point for profitability in the sector [5] Solid Waste Management - A nationwide campaign has been launched to address illegal dumping of solid waste, focusing on hazardous waste and construction debris [6] - The solid waste management industry is experiencing a dual boost from policy support and technological upgrades, with significant market expansion expected [6] - The "14th Five-Year Plan" emphasizes the importance of solid waste management as a pillar of the environmental protection industry [6] AI in Healthcare - Shanghai Ruijin Hospital has open-sourced its RuiPath pathology model, covering seven common cancer types, and initiated a global multi-center plan [7] - The integration of AI technology in healthcare is rapidly transforming the industry, with major tech companies accelerating their investments in AI healthcare solutions [7] - The development of large models in AI is expected to bring revolutionary changes to various medical applications, driving the intelligent upgrade of the healthcare industry [7] Photovoltaic Glass - Major domestic photovoltaic glass companies plan to collectively reduce production by 30% starting in July to alleviate supply-demand imbalances [8][10] - The average net profit of the photovoltaic glass industry has dropped to a historical low, indicating severe profitability challenges [8] - The production reduction is expected to improve market conditions and help companies find a new equilibrium in supply and demand [8][10]

证券研究报告 | 策略报告 gszqdatemark 2025 06 30 年 月 日 关注相关政策和旺季催化——2025 年 7 月海外金股推荐 近期重点事件： 关注 7 月关税政策、政治局会议、国常会等。央视新闻指出，7 月 9 日是美国政府暂 停征收所谓"对等关税"90 天的截止期限。而白宫的最近表态显示，特朗普政府可能 推迟这个截止期。国内政策方面，按惯例年中政治局会议一般于 7 月底召开，重点关注 对经济形势和下半年政策的定调。 6 月 24 日，国新办举行发布会，会上提及阅兵相关内容。阅兵领导小组办公室副主 任、军委联合参谋部作战局少将副局长吴泽棵表示，这次参阅的所有装备均为国产现役 主战装备，我们在展示新一代传统武器装备的基础上，也安排部分无人智能、水下作 战、网电攻防、高超声速等新型作战力量参阅，体现我军适应科技发展和战争形态演 变、打赢未来战争的强大能力。 特斯拉 Robotaxi 开始运营，小米 Yu7 需求火爆，继续关注国内整车厂新车及智驾模 型迭代情况。当地时间 6 月 22 日，特斯拉的 Robotaxi（无人驾驶出租车）正式在美国 得州奥斯汀开始运营。上线首日共有 35 辆车，车费 ...

以下文章来源于虹线 ，作者评论尸 虹线 . 面向自己写作。 本文来自微信公众号： 虹线 ，作者：评论尸，头图来自：视觉中国 从我 2024 年 2 月 28 日参与众筹算起，到 2025 年 6 月 27 日终于收到这部 Minimal Phone，时间已 经过去了整整 485 天。这比原计划的发货日期 （2024 年 8 月 31 日） 晚了将近一年。 这篇文章旨在记录我这次"虽败但到" （毕竟最后还是收到了货） 的众筹经历。结论先行：我最终拿 到了手机，但时至今日，仍有大量支持者两手空空。 这件事，或许是美国制造业衰败的一个缩影。人们常说美国本土早已造不出手机，但现实似乎更为严 峻：他们甚至连找到深圳的代工厂来完成 OEM 订单，都显得力不从心。 一、参加众筹 那么，这究竟是个怎样的项目呢？它由一家美国初创公司在众筹平台 Indiegogo 上发起，旨在打造一 款独具特色的智能手机：既拥有类似黑莓的全键盘，又配备了一块护眼的 E-Ink （电子墨水） 屏 幕。 近些年，E-Ink 手机和全键盘智能手机的众筹项目并不少见，但将两者如此激进地结合在一起， Minimal Phone 可谓是前无古人，恐怕也后无 ...

据港交所披露，上周（6月23日至6月29日）共有34家公司递表，3家公司通过聆讯，9家公司招股，另有 8只新股上市。 34家公司递表 1）斯坦德机器人(无锡)股份有限公司（简称"斯坦德机器人"） 6月23日，斯坦德机器人向港交所主板递表，中信证券、国泰君安国际担任其联席保荐人。 据招股书介绍，斯坦德机器人是全球领先的工业智能移动机器人解决方案提供商，致力于赋能多种工业 场景中的智慧工厂。根据灼识咨询资料，截至2024年12月31日的年度，按销量计算，该集团为全球第五 大工业智能移动机器人解决方案提供商及第四大工业具身智能机器人解决方案提供商。 业绩方面，2022年至2024年，斯坦德机器人实现收益分别约为9627.5万元、1.62亿元、2.51亿元人民 币；同期年内亏损分别约为1.28亿元、1亿元、4514.4万元人民币。 2）深圳承泰科技股份有限公司（简称"承泰科技"） 6月23日，承泰科技向港交所主板递表，国泰君安国际担任其独家保荐人。 据招股书介绍，承泰科技是一家专注于毫米波雷达产品研发、制造和销售的企业，产品涵盖第5代4D雷 达、第5.5代4D高解析度雷达等，广泛应用于乘用车及商用车的智能驾驶领域，覆 ...