风波背后，昔日的"中华酷联"成员早已跌出主流阵营，手机业务持续萎缩，甚至转而倚重加密货币谋求增长。 从市场第一到艰难求生，酷派能否在质疑与转型中真正"重生"，仍是未知数。 01 嘎子哥卖手机遭"打假" 酷派官方紧急上架回应 8月21日，网红"反诈老陈"发布视频质疑"嘎子哥"谢孟伟直播间销售的699元酷派手机为非官方正品。 反诈老陈喊话酷派官方："你们到底有没有这款产品？如果没有，跟老百姓说一声，别让别人冒充官方来坑老百姓！" 来源：凤凰网财经《公司研究院》 近日，网红"反诈老陈"公开质疑"嘎子哥"谢孟伟直播间所售699元酷派手机是否为正品，引发广泛关注。 酷派官方虽最终回应确认为正品，但其回应滞后、渠道混乱与价格差异等问题，仍令公众质疑不断。 （嘎子直播回应反诈老陈质疑） （嘎子哥橱窗此前所售卖的酷派手机） 事件发酵后，各方关注焦点集中在酷派官方的态度上。8月24日，酷派京东自营旗舰店客服明确表示："没有这款产品"。 多家媒体以消费者身份咨询时，也得到了相同答复。酷派官方客服则表示，已收到大量客户咨询此事，问题已向上反馈，领导表示将在8月25日作出正式回 应。 今日，酷派官方正式回应此事，称确认该产品为酷派正 ...

产业经济周报 证券分析师 陈梦洁 资格编号：S0120524030002 邮箱：chenmj3＠tebon.com.cn 周天昊 资格编号： S0120525040002 邮箱：zhouth＠tebon.com.cn 证券研究报告 | 产业经济周报 2025 年 08 月 25 日 [Table_Main] 消费焕新延续，液冷赋能数据中心， 折叠屏或打开成长空间 [Table_Summary] 核心观点： 请务必阅读正文之后的信息披露和法律声明 核心观点：近期产业趋势延续分化格局：新消费板块热度持续传导至 A 股，短期 或受中报扰动出现阶段性调整，中长期主线仍在情绪消费、渠道革新及品牌出海； 高端制造方面，液冷技术成为应对算力与能耗矛盾的关键路径，具备提升效率与降 低能耗的双重价值；硬科技领域，折叠屏手机在价格下探与苹果入局的催化下，有 望带动渗透率提升并利好上游供应链。整体看，消费升级与科技迭代共振，产业机 遇与结构性机会并存。 高端制造看点：数据中心作为现代信息基础设施，其能源消耗问题日益凸显。伴随 人工智能、大数据及云计算等应用加速渗透，能耗持续攀升，对环境与经济均形成 压力，行业可持续发展需求不断增强 ...

Core Points - A former anti-fraud police officer, known as "Anti-Fraud Old Chen," has raised concerns about actor Xie Mengwei's live-streaming sales of a Coolpad phone, claiming it is not an official product [1][3] - The phone, marketed as "GZ coolpad 酷派X60" for 699 yuan, could not be found on Coolpad's official website or their JD.com flagship store [1][7] - Xie Mengwei has responded strongly, asserting that all products he promotes are genuine, while Anti-Fraud Old Chen continues to call for a formal response from Coolpad to protect consumer rights [5][9] Company and Industry Summary - The controversy involves the legitimacy of a product being sold in a live-streaming format, highlighting potential issues in the influencer marketing space [1][9] - Coolpad is expected to address the situation officially on August 25, following multiple customer inquiries regarding the product's authenticity [7] - This incident is part of a broader pattern of scrutiny surrounding Xie Mengwei's live-streaming activities, which have previously faced allegations of selling counterfeit goods [9]

光是想一想，这样的工程就足够诱人。 然而，要真正实现这一体系，并不容易。它需要极其庞大的消费数据沉淀，这在以往的线下零售时代 几乎不可想象。 过去，经济学界衡量消费主要依赖两类指标：社会消费品零售总额和消费者价格指数 （CPI） 。前 者揭示消费规模的增长，后者刻画价格的变化，但它们都无法回答"消费者到底买得更好，还是更 假设有这样一项"超级工程"：它能为中国市场上每天销售的每一件商品，按照品牌与品质自动打分， 并且实时记录，比如手机行业，苹果 iPhone 算 100 分，华为 95 分，荣耀 90 分，而某些山寨手机 可能只有 50 分。 接下来，再把全国亿万消费者每个季度购买的所有手机的分数汇总，算一个"平均分"——这"平均 分"就是一个消费品质指数。它能清晰地告诉我们：过去一段时间，中国人买的手机整体是越来越高 分、越来越多优质品牌，还是更偏向低分、低价的产品。 如果把这个办法推广到所有行业，比如服饰、家电、日用品、食品、酒水，把所有消费行为的"平均 分"都算出来，我们就能得到一个覆盖全行业的消费品质指数。它能回答很多关键问题： 中国消费者整体是在消费升级，还是在被低价竞争"拉低"品质？ 哪些地区的人 ...

Core Insights - The African smartphone market has shown robust growth, increasing by 7% year-on-year, making it one of the best-performing regions globally [2] - Transsion Holdings leads the African market with a shipment of 9.7 million units, capturing a 51% market share, meaning one in every two smartphones sold in Africa is from Transsion [2][3] - Since its establishment in 2006, Transsion has focused on localized innovations, such as deep skin tone imaging optimization and long battery life, reshaping the mobile experience for African users [2][3] Company Overview - Transsion Holdings is primarily engaged in the design, research, production, sales, and brand operation of smart terminals, with three major smartphone brands: TECNO, itel, and Infinix [3] - In the second quarter of the year, Transsion ranked fifth globally among smartphone manufacturers with a shipment of 24.6 million units, maintaining its top position in Africa [3] Market Strategy - Transsion has expanded its market presence beyond Africa into Southeast Asia, South Asia, and Latin America, focusing on a diversified strategy that includes smart hardware and mobile internet ecosystems [2][6] - In Southeast Asia, Transsion achieved a shipment of 4.5 million units, securing an 18% market share and a 17% year-on-year growth, making it the only brand in the top five to exceed 15% growth [6][7] Product Innovation - The company has tailored its products to meet the specific needs of African consumers, such as long battery life, multi-SIM support, and enhanced camera features for deep skin tones [4][5] - Transsion's mobile internet services include applications like Boomplay and Phoenix, which have over 10 million monthly active users, enhancing user engagement [7][8] Diversification Efforts - Transsion has launched various brands in the home appliance and digital accessory sectors, including oraimo and Syinix, with oraimo ranking 81st in the "Most Loved Brands in Africa" list [8] - The company has also established a new division for electric two-wheelers, introducing the "Revoo" brand, which includes multiple models currently sold in Africa [8]

Core Insights - Xiaomi is facing a crisis in its smartphone business, with Q2 2025 revenue at 45.5 billion yuan, a decrease of 1 billion yuan year-on-year, despite a 4.5 percentage point increase in market share for mid-to-high-end models [1] - The company is shifting focus to the African market, appointing several executives to enhance its presence there, as indicated by CEO Lei Jun's statement on increasing investment in Africa [1][2] - The African smartphone market is highly competitive, with local brand Transsion holding a dominant position, making it challenging for Xiaomi to gain market share [5][7] Xiaomi's Strategy in Africa - Xiaomi's initial entry into Africa began in 2015, but it struggled to establish a strong presence due to reliance on a single distributor and lack of direct channels [2] - The company has since adopted a "ground strategy," focusing on low-cost sub-brands like Redmi and A series, and has expanded operations to 16 African countries by 2024 [2][5] - Xiaomi's approach includes local partnerships and direct store openings to improve market penetration in smaller cities and towns [2] Competitive Landscape - Transsion has been operating in Africa for over 15 years, establishing a robust sales network and catering to local consumer preferences with tailored products [4][5] - In Q1 2025, Transsion achieved a market share of 47% in Africa, while Xiaomi's share was only 13%, indicating the significant challenge Xiaomi faces in this market [5][6] - Other competitors like Samsung and OPPO are also active in Africa, with Samsung holding a 21% market share in Q1 2025 [6][7] Market Dynamics - The African smartphone market is characterized by a growing demand for affordable devices, with a 6% year-on-year increase in shipments in Q1 2025 [13] - Despite the overall growth, there are disparities in market performance across different countries, with some experiencing declines due to economic factors [14][15] - Xiaomi's strategy to focus on low-cost models aligns with the purchasing power of African consumers, who are increasingly seeking value [15] Future Prospects - Xiaomi aims to leverage its experience from the Indian market to establish a strong foothold in Africa, targeting the middle and lower segments with competitively priced products [18][24] - The company is also exploring opportunities in the electric vehicle market in Africa, which presents a significant growth potential given the low penetration of electric vehicles [22][25] - By building a localized team and enhancing its service offerings, Xiaomi hopes to create a comprehensive ecosystem that includes both smartphones and related services [19][20]

Core Viewpoint - July economic data shows signs of slowdown, with only exports accelerating while industrial, service, consumption, investment, and real estate sales all underperformed compared to previous values, indicating a divergence in internal and external demand [1][6]. Economic Data Summary - Actual GDP index estimated to be approximately 5.02% year-on-year based on industrial value added and service production index, and about 4.79% when estimated using industrial value added and retail sales [1][6]. - Exports increased by 7.2% year-on-year, surpassing the previous value of 5.9% [6]. - Industrial value added grew by 5.7%, down from 6.8% previously, with a month-on-month seasonal adjustment of 0.38% [1][7]. - Service production index rose by 5.8%, lower than the previous 6.0% [6]. - Retail sales (社零) increased by 3.7% year-on-year, down from 4.8% previously, with a month-on-month seasonal adjustment of -0.14% [2][10]. - Fixed asset investment showed a cumulative year-on-year growth of 1.6%, down from 2.8%, with a single-month year-on-year decline of -5.2% [3][13]. - Real estate sales decreased by 8.0% year-on-year, compared to a previous decline of 5.4% [4][15]. Sector-Specific Insights - In the industrial sector, coal production growth saw a significant decline, while new industry products like smartphones and robots also experienced a slowdown [7][8]. - Retail sectors such as dining and tobacco continue to show low growth, with automotive sales turning negative for the first time in five months [2][10]. - Fixed asset investment in manufacturing, infrastructure, and real estate all showed notable declines, with real estate investment down by 17.2% year-on-year [3][15]. - Real estate data indicates a continued slowdown in sales, new construction, and investment, with significant declines in various metrics [4][15][16]. Policy and Market Outlook - The overall economic indicators suggest the emergence of a "slowdown zone," which aligns with market expectations [5][18]. - Recent macroeconomic policies are focused on supporting service consumption, particularly through interest subsidies for personal and business loans [5][18]. - The continuation of "two重" policies and real estate policies is deemed crucial for stabilizing the economy [5][18].

Core Viewpoint - The article emphasizes the necessity for Chinese companies to strategically approach international expansion, highlighting the importance of understanding local markets, compliance, and building effective overseas teams to navigate the complexities of globalization [2][25]. Group 1: Global Market Trends - The adjustment of global economic and trade patterns is driving a new wave of international expansion among Chinese enterprises, which include entrepreneurs, traditional business leaders, and seasoned cross-border players [2]. - The era of low tariffs and rapid growth from the WTO is over, prompting companies to seek opportunities abroad due to domestic challenges such as overcapacity and insufficient domestic demand [5][6]. Group 2: Strategic Considerations for Going Abroad - Companies must avoid blindly following trends or peers when selecting international markets, as different countries have unique business environments and cultural contexts that can significantly impact operational costs and success [5][6]. - Compliance is critical; missteps in legal and financial structures can jeopardize a company's viability in foreign markets [6][14]. Group 3: Talent and Organizational Development - Building a capable overseas team is essential, with a focus on hiring individuals who share the company's mission and can withstand challenges [9][10]. - Practical experience in local markets is invaluable, and companies should encourage cross-functional roles to foster understanding and adaptability among team members [10][12]. Group 4: Risk Management and Compliance - Companies must recognize the importance of understanding local regulations and cultural nuances to mitigate risks associated with international operations [16][20]. - Establishing a robust legal framework and maintaining relationships with local experts can help navigate the complexities of foreign markets [20][21]. Group 5: Tools and Resources for International Expansion - The article outlines various practical tools and frameworks, such as PEST and CAGE models, to assist companies in evaluating potential markets and developing effective entry strategies [28][36]. - The importance of a supportive network, including access to resources and shared experiences among peers, is highlighted as a means to enhance the chances of successful international ventures [22][32].

Core Insights - High-tech products are driving China's export growth, with a notable increase in the share of high-tech product exports reaching 18.2% in 2024 and a year-on-year growth of 9.2% in the first half of this year [2][5] - Emerging products, particularly in the fields of high-end equipment and green technology, are leading the export growth, with a 9.5% increase in electromechanical product exports [3][5] - Chinese brands are gaining popularity in international markets, with significant sales increases in electric vehicles and consumer electronics, indicating a shift in perception from "world factory" to a technology powerhouse [7][9] Export Growth - In the first half of the year, China's electromechanical product exports reached 7.8 trillion yuan, accounting for 60% of total exports, with high-end equipment growing over 20% [3] - The export of industrial robots surged by 61.5%, reflecting the effectiveness of China's advanced manufacturing policies and the diversification of international markets [3][5] Brand Influence - Chinese brands are increasingly recognized globally, with BYD electric vehicles surpassing Tesla in Europe and dominating the electric vehicle market in Brazil [5][7] - The value of Chinese brands is projected to increase significantly, with a 26% growth expected by 2025, showcasing their market vitality and brand strength [7] Technological Advancements - China's transition from a labor-intensive manufacturing model to a technology-driven ecosystem is evident, with automation and AI integration enhancing production efficiency [6][8] - The development of a robust AI industry supply chain independent of the U.S. is underway, focusing on practical applications that attract users [7][9] Global Trade Dynamics - Despite global economic challenges, China's export performance remains resilient, with a growing number of sovereign wealth funds planning to increase investments in Chinese assets due to its strengths in advanced technology and clean energy [9] - The adaptability of Chinese exporters in changing trade routes and maintaining competitiveness in high-tech and capital-intensive sectors is crucial for sustaining export growth [5][9]

Core Viewpoint - The article emphasizes the transition of the live e-commerce industry in China into a new phase driven by efficiency, focusing on refined operations in product management, traffic, and marketing strategies to achieve sustainable growth [1][2]. Group 1: Market Overview - The live e-commerce market in China is projected to reach 5.8 trillion yuan in 2024, reflecting a year-on-year growth of 17.7%, indicating a shift from extensive growth to deep operational efficiency [2]. - The industry is facing structural challenges as user growth slows, with user penetration rates in short videos, live broadcasts, and online shopping exceeding 75%, leading to a focus on existing user engagement [5]. Group 2: User Behavior and Demand - User behavior is evolving towards a multi-threaded approach, with consumers actively comparing products across platforms, necessitating a non-linear, dynamic outreach strategy from merchants [8]. - There is a notable shift in consumer demand from "extreme cost-effectiveness" to a dual focus on "price + quality," with 76.9% of consumers prioritizing product quality over price sensitivity [14]. Group 3: Merchant Strategies - Merchants are required to adopt refined strategies for user operations, focusing on "activating existing users, deepening demand, and recreating value" to maximize user lifetime value [5]. - The E-MAX merchant operation framework is introduced, emphasizing full-cycle supply, all-touchpoint penetration, and cross-field marketing to enhance product efficiency and integrate marketing resources [21][60]. Group 4: Operational Methodologies - The full-cycle supply strategy involves enhancing the efficiency of product supply across different stages: incubation, explosion, and deep cultivation, with tailored strategies for each phase [23][61]. - The all-touchpoint penetration strategy aims to connect various traffic channels, including public and private domains, to reach dispersed users effectively [33][36]. Group 5: Marketing Integration - The all-field marketing approach integrates live marketing with brand marketing, creating a resonance effect that enhances both short-term sales and long-term brand positioning [63]. - Merchants are encouraged to leverage platform resources for dynamic marketing strategies that balance promotional bursts with ongoing operational efficiency [19][46]. Group 6: Case Studies and Examples - Successful case studies highlight how brands like UR and vivo have utilized the E-MAX framework to achieve significant sales growth and brand exposure through strategic live broadcasts and marketing campaigns [66][84]. - The article illustrates how high-quality content and differentiated product offerings can drive brand recognition and consumer trust, essential for long-term success in the live e-commerce landscape [78][79].