据韩国媒体消息称，三星方面正考虑为Galaxy S27系列重新配备可变光圈镜头模组。促使三星考虑的原 因，是苹果iPhone 18 Pro准备配备可变光圈模组的消息。 当然，现在的可变光圈与之前完全是两回事了，华为的 可变光圈模组，可以实现在F/1.4-F/4.0光圈之间十档连续 切换，模组精度要求更高。技术上对三星没有难度，但 增加的额外成本，对于目前以利润为导向的三星手机， 则会造成成本压力。 三星希望能够在与苹果的竞争中不落下风，因此在紧盯苹果新机的配置。而此前就有消息称，由于苹果 新一代手机并不会提升价格，因此三星方面也决定跟进，不会提高新款机型的首发价格。 目前，三星方面已经要求供应商开发相关组件并进行测试，负责供货的企业包括三星电机和MCNEX。 可变光圈对于三星来说，并不是什么新鲜的东西，早在Galaxy S9系列中，三星就曾使用过可变光圈模 组，在主摄拍照中，能够实现F/1.5和F/2.4两档物理光圈。此后，三星在Galaxy S10系列中继续使用可变 光圈模组，而后或是因为模组厚度以及成本增加的原因，在后续机型中取消了该配置。 韩国方面表示，现在的可变光圈镜头模组，在技术上已 经进化，不仅厚 ...

Core Viewpoint - Xiaomi's founder and CEO Lei Jun announced the launch of the YU7 model, which features a self-developed four-in-one domain control module for its electronic and electrical architecture, emphasizing Xiaomi's strength in smartphone technology [2][5]. Group 1: Product Features - The new electronic and electrical architecture addresses a significant issue related to signal coverage in underground areas, which was a problem in the previous SU7 model [3][6]. - By utilizing the dual SIM functionality, users can install two SIM cards (one from China Telecom and one from China Mobile), significantly improving signal coverage in basements [3][6].

Investment Rating - The investment rating for Xiaomi Group-W (1810 HK) is maintained at "Buy" with a target price of HKD 47.00 [1][2][5]. Core Insights - The report highlights that the rising prices of DRAM and NAND storage are negatively impacting the gross margins of consumer electronics, including Xiaomi's products. Despite this, Xiaomi's revenue is expected to grow by 10% year-on-year in 4Q25, driven by the delivery of 140,000 vehicles [1][2]. - The automotive business is showing significant growth, with expected revenue of RMB 37.2 billion in 4Q25, representing a 123% year-on-year increase. The gross margin for this segment is projected to be around 21.6% [1][3]. - The smartphone segment is facing challenges, with expected shipments declining to 37.8 million units in 4Q25, a decrease of 11.5% year-on-year, and a gross margin drop to approximately 8.5% [1][4]. - The Internet of Things (IoT) segment is anticipated to see a revenue decline of 19% year-on-year to RMB 25.2 billion, while maintaining a high gross margin of 22.2% [1][4]. - The Internet services revenue is expected to grow by 2% year-on-year to RMB 9.5 billion, with a stable gross margin of 76.9% [1][4]. Summary by Sections Automotive and New Business - In 4Q25, Xiaomi's automotive deliveries are expected to reach approximately 140,000 units, generating revenue of RMB 37.2 billion, a quarter-on-quarter increase of 28.2%. The gross margin for the automotive segment may decline to around 21.6% due to changes in model delivery proportions [3]. - For 2026, the company aims to deliver 650,000 vehicles, exceeding its initial target of 550,000 units, with an anticipated adjusted gross margin of 23.6% [3]. Smartphone/IoT/Internet - The global smartphone market is projected to see a slight decline in shipments, with Xiaomi's expected to drop to 37.8 million units in 4Q25, resulting in a gross margin decrease to 8.5% [4]. - The IoT business is forecasted to generate approximately RMB 25.2 billion in revenue for 4Q25, with a gross margin of 22.2% [4]. - Internet services are expected to yield RMB 9.5 billion in revenue, maintaining a gross margin of 76.9% [4]. Profit Forecast and Valuation - The revenue forecasts for 2025-2027 have been adjusted downward by 3.1%, 9.5%, and 11.5% respectively, with non-GAAP net profit estimates reduced by 9.1%, 21.4%, and 19.4% [5]. - The target price has been revised to HKD 47.00, based on a sum-of-the-parts (SOTP) valuation method, corresponding to a 29x PE ratio for 2026 [5][19].

港股市场回购统计周报 2026.02.02-2026.02.08 | 分析师： | 刘景锋 | | | --- | --- | --- | | 中央编号： | BXJ117 | | | 联系电话： | 852-6222 | 4563 | | 邮箱： | liujingfeng@cnzsqh.hk | | 1 目录 2 l 港股市场回购周统计数据 l 上市公司回购的意义与作用 港股市场回购周统计数据 3 港股市场回购周统计数据（2026.02.02-2026.02.08） l 周回购数据总汇 | 证券代码 | 证券简称 | 期间回购金额 | 期间回购数量 | 回购数量占 | | --- | --- | --- | --- | --- | | | | (万港元) | (万股) | 总股本比例 | | 2057.HK | 中通快递-W | 326,936.30 | 1,825.44 | 2.29% | | 1810.HK | 小米集团-W | 48,588.93 | 1,405.00 | 0.05% | | 3888.HK | 金山软件 | 8,998.77 | 327.56 | 0.23% | | 0175.HK ...

Group 1 - In 2025, Apple achieved a record annual shipment of 240.6 million iPhones, marking a 7% year-on-year increase, maintaining its position as the world's largest smartphone manufacturer for the third consecutive year [2] - Samsung rebounded in 2025 with a 7% year-on-year increase in shipments, following three years of decline, with a notable 16% increase in the fourth quarter driven by strong demand for flagship models and a recovery in the mass market [2] - Xiaomi retained its position among the top three manufacturers, but experienced a 2% decline in fourth-quarter shipments, while Vivo entered the fourth position for the first time with a 4% year-on-year increase in annual shipments [2] Group 2 - Honor achieved the highest global growth rate of 11% among the top ten manufacturers in 2025, leading in overseas shipment growth in the high-end and mid-high-end segments [3] - The global launch of the first "robot phone" HONOR ROBOT PHONE and the Honor Magic V6 foldable phone is scheduled for March 2026 at the Mobile World Congress in Barcelona [3] - Transsion, Lenovo, and Huawei reported annual shipment growth rates of 8%, 5%, and 4% respectively in 2025 [3]

Core Viewpoint - The nova 15 series is positioned as a top choice for consumers looking to purchase a smartphone priced between 2000 to 3000 yuan, emphasizing its comprehensive features and aesthetic appeal, particularly for the upcoming Spring Festival gifting season [1][18]. Design and Aesthetics - The nova 15 series features an ultra-thin design with a distinctive "Dazzling Dual Star" camera module, a metal frame, and a 6.8mm slim body, appealing to young consumers' desire for individuality and aesthetics [3][4]. - The primary color "Vibrant Green" is designed to stand out, making it suitable for various occasions, from daily commutes to festive gatherings [3][4]. Camera and Imaging Capabilities - The series boasts a comprehensive upgrade in its imaging system, featuring a rear camera setup with three 50-megapixel RYYB sensors, ensuring high-quality images in various lighting conditions [6]. - The front camera incorporates the new Red Maple color technology, enhancing the quality of selfies and group photos, capturing natural skin tones and details [6]. - The nova 15 series includes advanced AI features for photography, such as intelligent scene recognition and automatic composition guidance, making it user-friendly for novice photographers [8]. Operating System and Smart Features - The nova 15 series runs on HarmonyOS 6, which enhances the overall user experience with features like dynamic calling cards and improved cross-device connectivity [10]. - The system supports various interactive features, allowing users to express emotions and customize their communication experience [10]. Communication and Battery Life - All models in the nova 15 series support offline communication, enabling users to stay connected even without internet access, which is particularly useful during the festive season [14]. - The nova 15 Pro and Ultra models are equipped with a 6500mAh battery, ensuring long-lasting performance even with heavy usage during the Spring Festival [16]. - The series supports 100W Huawei Super Fast Charging, allowing for quick recharging, which is beneficial for travel and extended use [16]. Market Positioning and Recommendations - The nova 15 series is described as a "comprehensive all-rounder" in its price range, making it a strong contender in the market [18]. - For consumers seeking high-quality imaging and reliable communication, the Ultra model is recommended, while the Pro model offers a balanced experience with aesthetic appeal [18].

Group 1 - WeChat's HarmonyOS version still utilizes Huawei's system camera capabilities, with recent updates aimed at optimizing the photo-taking interface for a more streamlined user experience [2] - Xiaomi's CEO Lei Jun reviewed the battery pack vibration testing in their automotive lab, highlighting safety and reliability tests that simulate various driving conditions [2] - XINWANDA Power and Weir Electric reached a comprehensive settlement regarding a previous sales contract dispute involving approximately 2.314 billion yuan, with XINWANDA required to pay 608 million yuan in installments by 2030 [2] - Stellantis, the world's fourth-largest automaker, is facing pressure in its electrification strategy, with a 24% drop in stock price and an announcement of $26.2 billion in expenses due to a strategic shift away from plug-in hybrids [2]

2 月 4 日，数码闲聊站在微博爆料，称某厂的手机磁吸镜头已经启动量产计划，最快今年有机会看到相关产品落地。结合讨论推测，「某厂」很可能就是曾 在 MWC 2025 上拿出磁吸光学模块方案的小米，而这套方案可能会适配后续的 MIX 系列机型。 图片来源：雷科技 当然了，考虑到产品刚刚启动量产计划，有关手机能否在今年看到还是未知数。不过可以肯定的是，那个已经被 AI 影像取代、曾经百家争鸣的移动影像黄 金时代，马上就要回来了。 新一代磁吸镜头，与外挂镜头、无屏相机区别在哪？ 这种设计在相机逻辑上是自洽的，但在手机影像时代却显得格格不入：手机影像真正的竞争力，早已不只来自光学硬件，而是来自传感器、算力和算法构成 的整体系统。当手机端的 ISP、HDR、多帧合成和 AI 算法不断进化时，无屏相机却把成像权彻底交给了外置模块，反而割裂了手机影像系统最重要的优 势。 尽管在大众消费者不怎么留意，但其实在手机影像的发展史中，「外挂」并不是一个新概念。 早期的外接镜头，本质上只是给手机镜头增加前组光学结构，对成像链路并没有实质性改变；后来出现的无屏相机方案，则干脆把完整的相机系统独立出 来，通过无线方式与手机连接。 从结果 ...

Group 1 - Huawei Mate 80 Pro Max is ramping up production with plans to ship before the Spring Festival, reflecting a significant gap between initial production capacity and market demand [1] - The key to increasing production capacity lies in the supply of core chips, specifically the Kirin 9030 series, which is expected to see improved availability around the Spring Festival [1] - Apple CEO Tim Cook announced plans for the company's 50th anniversary celebration, emphasizing the importance of reflecting on Apple's contributions over the past five decades [2][4] Group 2 - The Xiaomi YU7 GT features upgraded dimensions of 5015mm x 2007mm x 1597mm, with a wheelbase of 3000mm, enhancing its visual appeal and performance capabilities [4][9] - The YU7 GT is equipped with a dual-motor all-wheel-drive system, delivering a combined power output of 738kW (approximately 1003 horsepower) and a top speed of 300 km/h, marking a significant achievement in the domestic electric SUV market [5][7] - The expected price range for the YU7 GT is between 450,000 to 500,000 yuan, positioning it competitively within the electric vehicle segment [14]

Group 1 - Bithumb, a South Korean cryptocurrency exchange, mistakenly issued 620,000 bitcoins worth over $40 billion to 695 customers due to a manual input error during a promotional event [3][5] - The error was identified within 20 minutes, and all transactions and withdrawals were frozen shortly after the mistake was discovered [3] - Bithumb has successfully recovered 618,212 bitcoins, which accounts for 99.7% of the mistakenly issued amount, and 93% of the 1,788 bitcoins sold by users have also been retrieved [3][5] Group 2 - LABUBU, a product from Pop Mart, achieved annual sales exceeding 10 million units, indicating strong market demand [6] - The global average selling price of smartphones is projected to surpass $400 by Q4 2025, driven by a trend towards higher-end models [5] - Several banks have raised deposit rates, with new three-year fixed deposit rates reaching 1.95%, reflecting a competitive banking environment [9]