新浪科技了解到，此次手机全面普涨的核心诱因，是内存成本的无法规避及价格的剧烈波动。2026年以 来，全球内存市场迎来快速上涨行情，AI服务器的爆发式增长抢走了大量手机内存产能，导致手机用 运行内存和NAND Flash存储内存出现结构性缺货，价格一路飙升。 TrendForce集邦咨询2026年2月最新数据显示，近三个月，手机存储芯片现货价格累计上涨超300%， 1TB闪存成本从2025年的200多元，涨到现在的近600元，直接翻了两倍多；2026年第一季度DRAM价格 涨幅达80%-95%，12GB LPDDR5X内存成本从200元涨到近600元，256GB UFS4.0闪存涨幅80%-90%， 成本直接翻倍。更值得关注的是，内存价格的波动周期已缩短至历史最短，甚至出现一个月二次调价的 情况。 受此影响，2026年中国手机市场将迎来历史性的变化——首次出现一年内多次上调价格的情况。"以往 即便有涨价，也多是一次性调整，或者仅针对部分高端机型，而2026年，无论是新品还是老品，都可能 迎来多次调价。" (家电网® HEA.CN) 多方消息证实，2026年中国手机行业将正式迎来全面涨价潮，这也是国内手机市场发展 ...

摘要： 商业世界没有永恒的避风港。 如果不是因为一则赴港上市的传闻，竺兆江这个名字，依然会安静地躺在中国科技富豪榜的中段，不显山不露水。 2月23日，市场消息称，传音控股将于3月12日启动香港上市NDR(非交易路演)，目标在2026年第二季度登陆港交所，募资规模预计5亿至10亿美元。 消息一出，舆论场里除了对这家"非洲手机之王"惯常的惊叹，还夹杂着一丝微妙的猜疑：这是来"圈钱"吗？是不是要跑路？ 毕竟，此时传音的处境颇为微妙。就在一个月前，公司发布业绩预告，2025年营收预计下滑4.58%，归母净利润更是腰斩，暴跌超过54%，较上年同期减 少约30.03亿元。内忧外患之际选择二次上市，在资本市场的语境里，多少显得有些刺眼。 但如果你把时间轴拉长，把视角放到竺兆江身上，就会发现，这家公司和他个人的命运，从来都是在不被看好的"边缘市场"中逆袭而来的。 这或许不是一场撤退，而是一场在利润失守后的又一次"边缘突围"。 波导的弃将，非洲的拓荒人 最经典的，是那个被戏称为"美黑"的拍照算法。早期国际大牌手机的拍照算法是基于白种人或黄种人调校的，非洲用户拍出来，往往只剩下漆黑的轮廓和 一口白牙。传音的研发团队开发了一套基于 ...

Group 1 - Zhao Ming, former CEO of Honor, has officially joined Qianli Technology as Co-Chairman, marking a significant career move after over a year of speculation regarding his next steps [1][3] - Zhao Ming has over 25 years of experience in global technology management, having held various key positions at Huawei before leading Honor for a decade [3] - Qianli Technology, previously known as Lifan Technology, is transitioning from traditional automotive manufacturing to an "AI + vehicle" model, reflecting a broader trend of tech leaders entering the automotive industry [4] Group 2 - The trend of technology executives moving into the automotive sector is notable, with several former leaders from the mobile phone industry taking on significant roles in automotive companies [4] - The shift towards smart technology in the domestic automotive industry is driving this trend, as highlighted by industry experts [5]

更深层次的问题是，传音的多品牌战略虽然在市场覆盖上取得了成功，但在生态构建上却形成了割裂。 TECNO、Infinix、itel三个品牌之间缺乏底层的互联互通，用户体验无法形成闭环，这使得所谓的"生 态"更像是简单的产品堆砌。 "非洲手机之王"松动的危险信号 传音控股面临的挑战，远比财报所揭示的数字更为复杂。这家企业曾凭借对非洲市场的深刻洞察，缔造 了一段商业传奇。无论是优化深肤色人群的影像呈现、推出适配多卡多待用户的手机功能，还是设计满 足当地需求的超长续航能力，这些看似细微却极具针对性的本土化创新，帮助传音在非洲大陆逐步构筑 起稳固的市场地位，一度形成了难以撼动的领先格局。 然而，王座正在松动。小米、荣耀、华为等中国同行开始大举进军非洲市场，他们带来的不仅仅是价格 竞争，更是全新的商业模式冲击。小米通过线上渠道和精准营销，在2025年第一季度实现了超百分之三 十的增长，荣耀更是以超百分之二百的增速在南非市场攻城略地。这些数字背后，是传音赖以生存的渠 道优势正在被重新定义。 传音的应对策略显得有些被动。为了维持市场份额，公司不得不在价格战中妥协，这直接导致了毛利率 的持续下滑。从2023年的23.2%到20 ...

手机产业链全线上涨，截至发稿，丘钛科技(01478)涨7.89%，报9.3港元；瑞声科技(02018)涨4.77%，报 38.66港元；舜宇光学(02382)涨4.3%，报59.4港元；高伟电子(01415)涨2.88%，报29.28港元。 消息面上，根据Omdia的测算，2025年全球智能手机出货量同比增长2%，达到12.5亿部。25Q4全球智 能手机市场同比增长4%，这一增长得益于季节性需求回升和库存管理改善，但是部分厂商开始受到零 部件成本上升的影响。Canalys预计2025年AI手机渗透率将达到34%，端侧模型的精简以及芯片算力的 升级将进一步助推AI手机向中端价位段渗透。 中银国际表示，AIGC技术将推动端侧产品向语音、动作等多模态交互演进，交互中枢由传统App体系 转向AI智能体，用户与App的直接关联逐步弱化，豆包手机助手已体现出这一趋势雏形。尽管产品仍处 于早期阶段，但随着功能成熟与体验优化AI交互模式的革命性改变预期能够带动端侧换机热潮，而这 一趋势可能在未来1-3年就有望上演，催化AI产业链中下游行情。 ...

消费方面。春节时餐饮旅游热闹一阵，节后很快就回归平常。但跟以往不同，消费会更理性务实，不再盲目追风。政策上九部门推乐购新春方案，重点以旧 换新补贴返券有奖发票啥的。家电汽车手机大件有针对性支持，绿色产品优先。人们花钱会多想想是不是真需要，而不是跟风买面子货。消费从报复式转向 精打细算，这是个提醒，得注重性价比和实用。 先说就业这块儿。春节过后，大家最操心的就是活儿好找不。数据显示2025年城镇就业稳住了，但稳不等于容易。毕业生人数又涨了，竞争加剧。各地春风 行动提供岗位不少，但结构变了。简单岗位卷得厉害，工资低加班多。 相反，技能型岗位缺人，薪资上浮。人社部计划五大培训行动，针对青年农民工低空经济新能源人工智能等领域。这表明就业从数量导向转到技能导向。普 通人得明白，光会吃苦不够，得有真本事才站得住脚。 不少人觉得预测这事儿挺神秘的，但其实靠谱的判断往往来自于数据和政策走向。把近几年公开信息和机构分析往前推，就能看到一些趋势。结合权威来源 对2026年的看法，如果没啥大意外，春节后国内经济生活可能会出现几个现实变化，跟工作收入房子养老啥的都沾边。 政策五大培训行动盖青年农民工。技能岗位需求旺薪资升。社区服务扩 ...

Core Viewpoint - Transsion Holdings, known as the "King of Africa," is facing significant challenges as it anticipates a more than 50% decline in net profit due to rising raw material costs and intensified competition from domestic smartphone manufacturers entering the African market [5][18]. Group 1: Market Position and Performance - According to IDC, Transsion Holdings holds a 12.5% share of the global smartphone market, ranking third behind Samsung and Apple, and a 7.9% share in the global smartphone brand market, ranking sixth [2]. - In the African market, Transsion leads with the highest market share in the smartphone segment [2]. - The company's net profit is projected to decline significantly, with a 44.97% drop reported in Q3 2025 and a 57.48% decline in the first half of 2025 [10][11]. Group 2: Factors Affecting Performance - The primary reason for the decline in Transsion's performance is the rising costs of core materials driven by the AI industry's rapid growth, which has increased the prices of essential components like DRAM and NAND Flash [8][11]. - The average selling price of Transsion's feature phones is around 50 yuan, while entry-level smartphones average between 300 to 500 yuan, making it difficult to pass on rising costs to consumers [11]. - The proportion of storage chips in Transsion's material costs has increased from 22% in 2024 to 27% in 2025, with projections indicating it could reach 34% by the end of 2026 [11]. Group 3: Competitive Landscape - Domestic competitors such as Xiaomi, OPPO, and Honor are increasingly targeting the African market, leading to a decline in Transsion's market share, which has dropped to 51% as of September 2025 [12][15]. - Xiaomi's sales in Africa grew by 32% in Q1 2025, while Transsion experienced a 5% decline in the same period [15]. - Competitors are adopting similar technologies that were once unique to Transsion, eroding its competitive advantage [17]. Group 4: Strategic Responses - Transsion has submitted an application for an H-share IPO to raise $1 billion, with funds allocated for AI technology development, market promotion, IoT business expansion, and operational liquidity [21][22]. - The company aims to enhance its product competitiveness through AI applications and improve brand recognition in emerging markets [22]. - Transsion is also increasing its sales and R&D expenditures to maintain its market position amid rising competition and costs [17].

Core Insights - The rapid increase in memory prices since Q4 2025 has significantly raised costs for smartphone manufacturers, leading to a potential retreat in the industry as companies face tough choices between raising prices or reducing specifications [1][5][8] - Counterpoint research indicates that memory prices may rise by approximately 40% before Q2 2026, further increasing material costs for manufacturers [2] - The smartphone market is experiencing a shift, with manufacturers adjusting their strategies to cope with rising costs, leading to a potential decline in overall market volume and increased competition among brands [8][10] Price Increases and Cost Management - Recent statistics show that new models from brands like Xiaomi, OPPO, and vivo have seen price increases ranging from 100 to 600 yuan compared to previous models, with mid-range models experiencing a price gap increase from 300 to between 400 and 600 yuan [3] - Memory typically accounts for 15% of a smartphone's Bill of Materials (BoM), rising to 20% in mid-range models, while most Chinese smartphone brands have hardware gross margins between 10% and 20% [4] - The price of the mainstream "12GB+256GB" memory configuration has surged by 75% over the past year, raising concerns about consumer willingness to absorb these costs [5] Market Dynamics and Manufacturer Strategies - The pressure from rising memory costs is affecting upstream suppliers, with manufacturers reluctant to pass on costs to consumers for fear of reduced sales, leading to downward adjustments in business plans for 2026 [6][7] - Manufacturers are increasingly focusing on structural adjustments to manage costs, such as changing suppliers or reducing specifications in less noticeable areas [5][7] - The competition is intensifying, with leading brands like Apple and Samsung having more leverage due to their financial stability and long-term supply agreements, while smaller brands face greater challenges [7][8] Market Outlook and Future Trends - The smartphone market in China is projected to see a slight decline in shipments, with major brands like Xiaomi and OPPO reducing their 2026 order quantities by over 20% [8][10] - The trend of "flagship-ifying" mid-range models is reversing, as manufacturers face supply pressures and must focus on high-end models and overseas markets for growth [10] - The global smartphone market is expected to enter a phase of "scale contraction and price increase," with IDC and Counterpoint predicting at least a 2% decline in global smartphone sales this year [10]

Core Viewpoint - Transsion Holdings, known as the "King of Africa," has seen a significant decline in net profit, dropping from 55.49 billion RMB to 25.46 billion RMB, a decrease of 54.11%, despite a slight revenue drop of 4.58% to 655.68 billion RMB in 2025 [5][9]. Group 1: Historical Success - Transsion's success is attributed to its strategic focus on the African market, which was largely ignored by global giants, and its ability to meet local consumer needs with low-cost, durable phones that support multiple SIM cards [6][7]. - The company achieved a peak revenue of over 600 billion RMB, with a compound annual growth rate exceeding 30% from its initial revenue of 253.46 billion RMB [7]. Group 2: Profit Decline Factors - The global price surge of storage chips, with DRAM and NAND flash prices increasing over 40%, has severely impacted Transsion's low-cost phones, necessitating a price increase of 17% to maintain margins, which is not feasible in the price-sensitive African market [9]. - Increased competition from domestic brands like Xiaomi and Honor has forced Transsion to spend heavily on sales and channel subsidies, leading to a significant reduction in profit margins [9][10]. - The revenue contribution from high-margin feature phones has plummeted to 5.86%, while low-margin smartphones now account for 83.87% of revenue, indicating a shift towards lower profitability [10]. Group 3: Strategic Shifts and Challenges - Transsion is attempting to diversify by investing approximately 2 billion RMB into energy storage and electric vehicles through a planned IPO in Hong Kong, although this new business only accounted for 8.8% of revenue in the first half of 2025 [10][11]. - The rise of e-commerce in Africa is reshaping sales channels, requiring Transsion to allocate resources to adapt to new market dynamics, which adds to the cost of transformation [11][12]. - The company faces internal challenges related to organizational complexity as it expands globally, which could hinder operational efficiency [11]. Group 4: Future Outlook - The loss of 30 billion RMB in profit signifies the end of an era where Transsion relied on market gaps and first-mover advantages, necessitating a transition to a model focused on technological innovation and brand value [13][14]. - Transsion must enhance its AI capabilities to compete effectively, as competitors have already made significant advancements in this area [14].

Core Viewpoint - JD.com is aggressively expanding its partnerships with smartphone manufacturers, indicating both ambition and anxiety in a competitive market [2][12]. Group 1: Strategic Partnerships - JD.com has formed a strategic partnership with Vivo, aiming for a sales target of 100 billion yuan over the next three years, focusing on user engagement, product co-development, and full-channel integration [4][7]. - The collaboration with Vivo will leverage JD's 700 million active users to target high-potential demographics such as Gen Z through joint marketing and member integration [7]. - JD.com has also secured the national agency rights for ZTE, Nubia, and Red Magic, setting a sales goal of 10 billion yuan, aiming to enhance ZTE's market presence through integrated resources [8][9]. Group 2: Business Expansion and Supply Chain Focus - JD.com is diversifying its business into food delivery, dining, and travel, all centered around its core supply chain capabilities [14][16]. - The company has quickly captured a significant market share in the food delivery sector, achieving 25 million daily orders within three months [16]. - JD's approach in the food industry includes using technology to ensure food safety and streamline supply chain processes, reflecting its long-standing operational efficiencies [17]. Group 3: Financial Performance and Challenges - JD.com's Q3 2025 financial report shows a revenue increase of 14.9% to 299.1 billion yuan, but net profit plummeted by 54.7% to 5.3 billion yuan, indicating financial strain from new business ventures [23]. - The company faces challenges in maintaining market share in food delivery, with a drop in user retention once subsidies are reduced, highlighting the volatility of its new business models [24]. - JD's core supply chain efficiency has declined, with inventory turnover days increasing from 30.4 to 35.8 days, and accounts receivable turnover days rising from 5.8 to 8.3 days, signaling operational difficulties [24][25].