财务数据显示，截至2025年03月31日，创智环球收入总额1224.85万美元，同比减少40.35%；归母净利 润-1525.98万美元，同比减少1097.44%。 据交易所数据显示，12月16日，创智环球(CGTL)开盘上涨6.84%，截至22:30，报1.25美元/股，成交1.6 万美元，总市值3215.62万美元。 本文源自：市场资讯 作者：行情君 资料显示，创智环球科技控股有限公司是一家在开曼群岛注册成立的境外控股母公司,主要通过其香港 实体子公司创智环球科技有限公司运营开展业务。创智环球负责采购和转售回收的消费电子设备,目前 主要是智能手机、平板电脑和笔记本电脑。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the consumer electronics industry [1]. Core Insights - The global consumer electronics market is experiencing structural differentiation, with traditional categories slowing down and new AI-driven products like AI smartphones, AI PCs, and AI glasses accelerating their market entry. The competition is shifting from individual product comparisons to ecosystem building focused on overall user experience [17]. - In Q3 2025, global smartphone shipments reached approximately 323 million units, a year-on-year increase of 2.6%. The Chinese smartphone market saw a slight decline of 0.5%, with major players like Vivo and Apple maintaining significant market shares [4][6]. - The wearable watch market is showing a clear trend towards high-end products, with global shipments stable at 54.6 million units, reflecting a 3% year-on-year growth. The average selling price increased by 9%, indicating a shift towards premium offerings [9][10]. Summary by Sections Industry Tracking: Wearable Watch High-End Trend - In Q3 2025, global smartphone shipments were approximately 323 million units, with a 2.6% year-on-year growth. Samsung and Apple remained the top two players, while Vivo held the third position. The Chinese market showed a slight decline, influenced by seasonal factors and policy changes [6][7]. - The global PC market saw a 9.4% year-on-year increase in shipments, reaching 76 million units, driven by the end of Windows 10 support and the transition to AI PCs [8]. - The global tablet market reached 40.04 million units in Q3 2025, marking a 5.1% year-on-year growth, with Apple leading the market [9]. Industry News: Exploring Technology Boundaries with Foldable Screens and AI Glasses - Major advancements in foldable screens and AI glasses were reported, including the launch of Samsung's Galaxy Z TriFold and Alibaba's Quark AI glasses S1, showcasing the industry's push towards innovative technology [13][14]. Sector Tracking: AI as the Core Engine Driving the Industry - The consumer electronics index outperformed the CSI 300 index by 0.74 percentage points over the past month, with a year-on-year performance exceeding the CSI 300 by 20.93 percentage points [16].

这并非深圳近期发力冰雪产业的孤例。就在两个月前，号称"全球最大室内滑雪中心"的深圳前海·华发冰雪世界开 业，尽管初期面临票价与配套争议，但首日即售罄的门票和社交平台上"下饺子"般的排队画面，证实了南方高净 值人群对冰雪消费的渴望。 在深圳，一场关于冰雪产业的"热战"正在升温。12月14日，南都湾财社记者现场获悉，"TCL冬日冰雪乐园"在深 圳湾万象城开馆。在米兰-科尔蒂纳丹佩佐冬季奥运会开幕前，深圳市民可以在这一核心商圈内通过科技手段体验 到科尔蒂纳雪山。 此外，AI技术的落地也成为此次"造雪"的关键变量。在日前的TCL全球技术创新大会上，TCL创始人、董事长李 东生曾透露，2025年TCL推进落实AI应用，预计创造综合效益超10亿元。在冰雪乐园现场，AR雪镜漫游、AI生成 的冬奥绘梦等互动区，成为B端工业AI技术向C端消费场景的一次展示。 这种"技术造雪"，源自其上游产业链的突破。就在今年10月，TCL华星在广州总投资约295亿元的t8项目正式开 工，这是全球首条规模化量产的G8.6代印刷OLED产线。相比传统工艺，印刷OLED在成本控制和显示效果上的优 势，使得大屏沉浸式体验能以更低的成本从奥运赛场复制到 ...

Market Overview - On December 16, A-shares and Hong Kong stocks experienced a pullback, with only about 50 out of over 1300 ETFs closing higher, and 6 of these ETFs rising by 1% or more. Financial technology, tourism, and automotive sector ETFs showed relative resilience [1] - In the cross-border ETF segment, two Brazilian ETFs and one S&P Consumer ETF led the market in terms of gains [1] ETF Performance - Notably, several ETFs that rose against the market trend saw significant increases in trading volume. The S&P Consumer ETF (159529) had a turnover rate of 199.92%, with a trading volume nearing 2 billion yuan, four times that of the previous day. The Smart Driving ETF (516520) also saw its trading volume increase to approximately seven times that of the previous day [2] - On December 16, financial technology, tourism, and automotive sector ETFs performed well, with multiple products ranking among the top gainers. The financial technology ETFs linked to the CSI Financial Technology Index saw over half of their constituent stocks close in the green, with notable gains from companies like Chuangshi Technology (300941) and Cuiwei Co. (603123) [4] Fund Flows - On December 15, despite the market pullback, ETFs experienced a net inflow of approximately 6.7 billion yuan, with broad-based ETFs attracting significant capital. Several ETFs linked to the CSI A500 Index ranked among the top for net inflows, with three A500 ETFs collectively receiving over 13.5 billion yuan in net inflows over the past five trading days [3][9] - The A500 ETF from Southern Fund (159352) led with a net inflow of 3.915 billion yuan on December 15, significantly outpacing other products [11] Sector-Specific Insights - The gold stock ETFs faced a sharp decline on December 16, with the largest drop exceeding 4%. Six out of the top ten ETFs with the largest declines were gold-related, reflecting a cautious market sentiment ahead of key economic data releases [7] - The CSI A500 Index has over 280 public funds linked to it, with more than 80 asset management firms involved, totaling over 240 billion yuan in assets. Over 80% of this is held in ETF products, with 40 ETFs exceeding 210 billion yuan in total assets [10] Upcoming Products - On December 19, Huatai-PB Fund will launch the Sci-Tech Entrepreneurship Artificial Intelligence ETF, adding to the growing list of innovative ETF products in the market [13]

Core Insights - Huawei is set to launch the nova 15 series, including the nova 15 Ultra, on December 22 at 14:30, showcasing advancements in design, performance, and imaging capabilities [4][5] Product Details - The nova 15 Ultra will feature a new green color scheme called "15号色," with a unified design language across the back cover, frame, and camera module [3][4] - The device will incorporate a vertical texture process on the back, enhancing both touch and visual quality [3][4] - The imaging module will maintain a horizontal layout with a large matrix structure and a dual-ring lens design, improving recognition [3][4] Technical Specifications - The nova 15 series will include three models: standard nova 15, nova 15 Pro, and the top-tier nova 15 Ultra [5] - The standard model will be powered by the Kirin 8 series processor, while the Pro and Ultra versions will upgrade to the Kirin 9 series, aligning their performance closer to flagship Mate and Pura series [5] - The nova 15 Pro will feature a 50MP main camera and a 50MP periscope telephoto lens, along with ultra-wide and multispectral sensors [5] - The Ultra version will enhance the main camera with a 1/1.3-inch large sensor for improved light sensitivity and image quality [5]

苹果公司正经历一场重大的领导层变动，可以说是自2011年创始人乔布斯去世以来，范围最广的一次。 人工智能、设计、法务、运营和财务等部门出现离职潮。这家全球市值最高的公司之一，正面临内部架 构的重塑。 2019年7月，苹果首席执行官蒂姆·库克在爱达荷州参加艾伦公司太阳谷峰会。图片来源：Patrick T. Fallon— Bloomberg/Getty Images 上周，苹果公司宣布，其环境、政策与社会事务副总裁丽莎·杰克逊将于明年1月退休；而总法律顾问凯 特·亚当斯也将在明年晚些时候退休。这波变动并非孤立事件。在此之前，已有多位重量级高管相继离 职：人工智能业务高级副总裁约翰·詹南德里亚于本月宣布退休；用户界面设计主管艾伦·戴伊，这位自 2015年起执掌苹果产品视觉风格的关键人物，已选择离开并加入Meta。此外，彭博社曾报道称，苹果 芯片负责人、Apple Silicon首席架构师约翰尼·斯鲁吉正在考虑离职，不过这位61岁的高管本周一在内部 备忘录中澄清了传闻，他表示："我热爱我的团队，我热爱我在苹果的工作。" 值得一提的是，马克·扎克伯格领导的Meta已成为苹果人才流失的主要受益者。除了艾伦·戴伊之外，高 ...

今年以来，港股在全球主要股市中表现突出，恒生指数等年内涨幅超过20%。不过，自10月中旬以来， 港股市场进入调整阶段，波动有所加大，11月整体呈现震荡走势，12月以来的调整幅度有所加大。 港股作为典型的离岸市场，其流动性受海外环境影响显著，而基本面则与内地经济紧密相连。相比基本 面，流动性对港股行情的影响更为直接和迅速，其中科技类资产对利率变化更为敏感。 除了流动性，估值优势、资产质量提升与市场生态重塑多重因素，也将促使港股估值修复。多家券商机 构展望2026年港股行情时指出，随着港股基本面触底反弹，叠加其依旧显著的估值折价，港股市场在 2026年将迎来第二轮估值修复以及业绩进一步复苏的行情。 南向资金创纪录流入 中信证券也表示，考虑到理财和货基等产品收益率持续下滑，而今年以来中国资产的"赚钱效应"愈发显 著，居民"存款搬家"现象或将持续。特别考虑到港股的低配情况，预计南向资金将持续增配港股，尤其 散户资金有较大的增配空间。 回购热情升温 与南向资金涌入相呼应的是，港股市场回购热情出现升温。 数据显示，截至2025年12月15日，港股上市公司今年以来的回购金额为1693.45亿港元，相比2024年 2655. ...

Core Viewpoint - The Hong Kong stock market has shown strong performance in 2023, with the Hang Seng Index rising over 20% year-to-date, but has entered a correction phase since mid-October, with increased volatility and a significant adjustment in December [1] Group 1: Market Performance and Trends - The Hong Kong stock market is significantly influenced by overseas liquidity and closely tied to the mainland economy, with liquidity having a more immediate impact on market performance than fundamentals [1] - Multiple factors, including valuation advantages, improved asset quality, and market ecosystem restructuring, are expected to drive valuation recovery in the Hong Kong market [1] - Several brokerage firms predict that the Hong Kong market will experience a second round of valuation recovery and performance rebound by 2026, as fundamentals are expected to bottom out [1] Group 2: Southbound Capital Inflows - Southbound capital has been a key driver of the Hong Kong market's strong performance in 2025, with net inflows reaching a record 1.39 trillion HKD by December 15, 2025, significantly surpassing the total for 2024 [3] - The cumulative net inflow through the Stock Connect has reached 5.09 trillion HKD, nearing the 5.10 trillion HKD mark, providing substantial liquidity to the market and enhancing the pricing power of mainland investors [3] - The total trading volume in the Hong Kong market exceeded 57.5 trillion HKD in the first 11 months of 2025, marking a historical high and a 94.5% increase year-on-year [4] Group 3: Future Projections for Southbound Capital - Future inflows of southbound capital are expected to continue, with estimates suggesting an additional 600 billion HKD from public funds and insurance capital in 2026 [4] - If the proportion of Hong Kong stocks in new funds increases from 30.8% to 35%, there could be an additional inflow of 1 to 1.5 billion HKD [4] - Individual investors are projected to contribute significantly to the inflow, with potential purchases of 2.5 billion to 5 billion HKD in the coming year [5] Group 4: Share Buyback Trends - The enthusiasm for share buybacks in the Hong Kong market has increased, with total buyback amounts reaching 169.35 billion HKD in 2025, despite a decline from 2024 [8] - Monthly buyback amounts have surged since October, with 93.72 billion HKD in October, 117.42 billion HKD in November, and 115.24 billion HKD in the first half of December [8][10] - Major companies like Xiaomi and Tencent have contributed to the rising buyback trend, enhancing earnings per share and market confidence [9][10] Group 5: Foreign Capital Inflows - In 2025, foreign capital has stopped flowing out of the Hong Kong market, with inflows of 13.44 billion USD reported [12] - The demand for foreign capital in Chinese assets remains optimistic, driven by expectations of a stable or appreciating RMB and positive domestic fundamentals [12] - The inflow of foreign capital is expected to be slightly lower in 2026 compared to 2025, but remains strong compared to southbound capital inflows [12] Group 6: Outlook for 2026 - The Hong Kong market is anticipated to benefit from internal catalysts and external monetary easing policies, particularly from the US and Japan [14] - The market is expected to see a rebound in corporate earnings and continued inflows from southbound and foreign capital, driven by a "money-making effect" [15] - Key investment directions for 2026 include technology sectors, healthcare, resources benefiting from inflation, essential consumer goods, and industries benefiting from RMB appreciation [14][15]

Group 1 - The 14th China Electronic Information Expo (CITE 2026) will be held from April 9 to 11, 2026, in Shenzhen, featuring a new conference on "AI Empowering the Scale Leap of Manufacturing" [1] - The expo will focus on "new technologies, new products, and new scenarios," aiming to create a high-end display platform covering the entire global electronic information industry chain [1] - Key exhibition areas will include consumer electronics, embodied intelligence, AI large models/intelligent computing centers, AI+ application scenarios, integrated circuits, low-altitude economy, electronic components, and dual-use electronic technologies [1][2] Group 2 - The consumer electronics area will showcase innovations driven by AI, including foldable smartphones, AI phones, smart home devices, health wearables, and new payment terminals, reflecting trends in a trillion-level market [2] - The embodied intelligence area will present cutting-edge achievements such as humanoid robots, robotic dogs, industrial/service robots, AGVs, robotic arms, and virtual digital humans, highlighting the potential of intelligent agents interacting with the physical world [2] - The AI large model/intelligent computing center area will focus on computing power infrastructure, showcasing servers/storage, edge computing, intelligent computing centers, and liquid cooling technologies to support AI from model training to large-scale application [2] Group 3 - The integrated circuit application area will emphasize "quality leap" and domestic substitution, displaying AI chips, storage chips, and other key products, while highlighting the collaboration between RISC-V architecture and OpenHarmony ecosystem [3] - The low-altitude economy area will feature eVTOLs, various drones, detection equipment, flight simulators, and industry solutions, showcasing Shenzhen's leading capabilities in urban air traffic, logistics, and emergency rescue [3] - The electronic components area will exhibit passive components, connectors, sensors, and semiconductor equipment, addressing the strong demand for high-performance basic components in communications, automotive, industrial control, and AI sectors [3] Group 4 - CITE 2026 will include a series of high-end activities, featuring a core opening forum with academicians, experts, and industry leaders discussing cutting-edge trends, as well as the China Electronic Information Expo Innovation Award and Gold Award selection [4] - Eight vertical field forums will be held to promote in-depth exchanges on advanced technology discussions, policy interpretations, and case sharing [4] - The expo will also host over 50 meetings, seminars, and overseas buyer procurement matching activities, enhancing collaboration with overseas embassies and trade associations to create efficient trade bridges for exhibitors and global buyers [4]

Group 1 - The 14th China Electronic Information Expo (CITE 2026) will be held from April 9 to 11, 2026, in Shenzhen, featuring a new conference on "AI Empowering the Scale Leap of Manufacturing" [1] - The expo will focus on "new technologies, new products, and new scenarios," aiming to create a high-end display platform covering the entire global electronic information industry chain [1] - Key exhibition areas will include consumer electronics, embodied intelligence, AI large models/intelligent computing centers, AI+ application scenarios, integrated circuits, low-altitude economy, electronic components, and dual-use electronic technologies [1][2] Group 2 - The consumer electronics area will showcase innovations driven by AI, including foldable phones, AI smartphones, smart home devices, health wearables, and new payment terminals, reflecting trends in a trillion-level market [2] - The embodied intelligence area will present cutting-edge achievements such as humanoid robots, industrial/service robots, AGVs, robotic arms, and virtual digital humans, highlighting the potential of intelligent agents interacting with the physical world [2] - The AI large model/intelligent computing center area will focus on critical components like servers/storage, edge computing, and liquid cooling technologies, supporting the full-stack needs of AI from model training to large-scale application [2] Group 3 - The integrated circuit application area will emphasize "quality leap" and domestic substitution, showcasing AI chips, storage chips, and other key products, with a focus on RISC-V architecture and OpenHarmony ecosystem collaboration [3] - The low-altitude economy area will feature eVTOLs, various drones, detection equipment, flight simulators, and industry solutions, demonstrating Shenzhen's leading capabilities in urban air traffic, logistics, and emergency rescue [3] - The electronic components area will display passive components, connectors, sensors, and semiconductor devices, addressing the strong demand for high-performance basic components in communications, automotive, industrial control, and AI sectors [3] Group 4 - CITE 2026 will include a series of high-end activities, including a main forum with academicians, experts, and industry leaders discussing cutting-edge trends, and the China Electronic Information Expo Innovation Award and Gold Award selection [4] - Eight vertical field forums will be held to facilitate in-depth discussions on various themes, including technology research, policy interpretation, and case sharing, promoting deep exchanges in niche areas [4] - The expo will also host over 50 meetings, seminars, and overseas buyer procurement matching activities, enhancing cooperation with overseas embassies and trade associations to create efficient trade bridges for exhibitors and global buyers [4]