"极致轻薄"遇"市场寒流" iPhone Air于2025年10月22日在中国上市，但市场表现低迷。供应链数据显示，截至2026年1月24日， iPhone Air累计激活量不到20万台，销量不及预期。IDC机构调研发现，由于iPhone Air的销量仅为苹果 最高预期的约三分之一，苹果在该款机型上市仅几周后就将其生产计划削减了一半。 从苹果Apple Store天猫旗舰店披露的库存情况来看，此次参与促销活动的iPhone Air数量也仅1.3万台。 据记者了解，iPhone Air为追求极致轻薄做出了多项配置妥协。其厚度仅5.6毫米，重量165克，是苹果 史上最薄的iPhone。但为实现这一目标，电池容量、续航时间相较同级别机型明显减少，后置摄像头也 取消了长焦镜头。 国际数据公司IDC中国研究经理郭天翔分析指出，iPhone Air产品在续航、影像等方面存在短板，短期 内或吸引部分消费者，但最终可能因不符合预期而出现退货或转卖等情况。 上市仅三个月的"迄今最薄iPhone"，创下了苹果历史上新款iPhone降价幅度最大纪录。据记者了解，近 日，苹果某第三方购物平台官方旗舰店发布促销公告，苹果开启了2026 ...

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [2][9]. Core Insights - The communication industry index outperformed the Shanghai Composite Index in December 2025, with a rise of 12.82% compared to +2.06% for the Shanghai Composite Index [8]. - Key material supply for optical modules remains tight, with major players like Longfei and Hengtong winning bids for China Unicom's hollow-core fiber cable procurement [8]. - The retail sales of communication equipment in China increased by 20.9% year-on-year in December 2025, driven by the demand for smartphones [8]. - The global smartphone shipment is projected to grow by 2% year-on-year in 2025, reaching 1.25 billion units, with AI smartphones expected to penetrate 34% of the market [8]. - The export value of optical modules from China decreased by 15.6% year-on-year in 2025, while Thailand's communication equipment exports surged by 152.1% [8]. - The capital expenditure of major North American cloud providers reached $112.43 billion in Q3 2025, a 76.9% increase year-on-year [8]. Summary by Sections Market Review - The communication industry index rose by 12.82% in December 2025, outperforming major indices [14]. - Various sub-sectors within the communication industry saw significant gains, with cable and network connection sectors increasing by 22.05% and 19.44% respectively [15]. Industry Tracking - The global ICT market is expected to grow from $5.9 trillion in 2025 to $7.6 trillion by 2029, with a CAGR of 7.0% [39]. - The Chinese enterprise ICT market is projected to reach approximately $314.7 billion in 2025, growing at a rate of 14.3% year-on-year [39]. - The telecom business revenue in China reached 1.6096 trillion yuan from January to November 2025, reflecting a 0.9% year-on-year increase [48]. Telecom Industry Insights - As of November 2025, the number of 5G mobile phone users in China reached 1.193 billion, accounting for 65.3% of total mobile users [49]. - The number of fixed broadband users with gigabit access reached 239 million, representing 34.3% of total broadband users [52]. Investment Recommendations - The report suggests focusing on companies involved in optical chips, optical devices, and optical modules, such as SourceJ, Shijia Photon, and Tianfu Communication [9]. - It also highlights the potential of AI smartphones and telecom operators like China Mobile, China Telecom, and China Unicom as key investment opportunities [9].

Core Viewpoint - Xiaomi is set to launch the Xiaomi 17 Max smartphone, which focuses on a large battery capacity and fast charging capabilities, differing from the Xiaomi 17 Pro Max by omitting the back screen design [1][2][3] Group 1: Product Features - The Xiaomi 17 Max will feature an 8000mAh battery, supporting up to 100W wired fast charging and 50W wireless fast charging [2][3] - The smartphone will include a 200-megapixel Leica main camera and a 50-megapixel periscope lens [2][3] - It will be powered by the Qualcomm Snapdragon 8 Elite Gen5 processor and the latest Surge OS 3 system [2][3] Group 2: Market Positioning - The removal of the back screen design is expected to reduce production costs, allowing for a more competitive pricing strategy [2][3] - The traditional design of the Xiaomi 17 Max is anticipated to be more appealing to consumers who prefer conventional smartphones [2][3] - The official release of the Xiaomi 17 Max is expected in the second quarter of this year [2][3]

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [2][9]. Core Insights - The communication industry index outperformed the Shanghai Composite Index in December 2025, rising by 12.82% compared to +2.06% for the Shanghai Composite Index and +2.28% for the CSI 300 Index [8][14]. - Key material supply for optical modules remains tight, with major players like Longfei and Hengtong winning bids for China Unicom's hollow-core fiber cable procurement [8][9]. - The retail sales of communication equipment in China increased by 20.9% year-on-year in December 2025, driven by the demand for smartphones [8][41]. - The global smartphone shipment is projected to grow by 2% year-on-year in 2025, reaching 1.25 billion units, with AI smartphones expected to penetrate 34% of the market [8][29]. - The export value of optical modules from China decreased by 15.6% year-on-year in 2025, while Thailand's communication equipment exports surged by 152.1% [8][9]. Summary by Sections Market Review - The communication industry index rose by 12.82% in December 2025, outperforming major indices [14]. - Sub-sectors such as cables and network equipment saw significant gains, with increases of 22.05% and 19.44% respectively [15][19]. Industry Tracking - The capital expenditure of major cloud providers in North America reached $112.43 billion in Q3 2025, a 76.9% increase year-on-year [25][28]. - AI applications are driving cloud business growth, with major companies like Amazon, Microsoft, Google, and Meta significantly increasing their capital expenditures [25][29]. - The Chinese ICT market is expected to grow to approximately $889.43 billion by 2029, with a CAGR of 7.0% [39][40]. Domestic Telecom Industry - Telecom business revenue in China reached 1.6096 trillion yuan from January to November 2025, a year-on-year increase of 0.9% [48]. - The number of 5G mobile phone users reached 1.193 billion by November 2025, accounting for 65.3% of total mobile phone users [49]. - The number of fixed broadband users with gigabit access reached 239 million, representing 34.3% of total users [52].

Core Viewpoint - Xiaomi Group emphasizes the importance of quality as a key driver for long-term development and user trust, as highlighted by the recent "Xiaomi Quality Award" ceremony where the玄戒 chip project won first prize [1][3]. Group 1: Quality Commitment - Xiaomi aims to set industry standards for high quality, committing to actions that reflect its promise of quality leadership [1][3]. - The company believes that quality is essential for high-end positioning and is crucial for gaining user trust [1][3]. Group 2: User-Centric Approach - Xiaomi stresses the importance of being user-centered, focusing on quickly addressing and resolving user issues to enhance user experience [1][3]. Group 3: Organizational Excellence - The company highlights the need for a robust quality organization capable of systematic operations and tackling challenges, rather than relying on individual efforts [1][3].

Group 1: Technology Developments - The open-source project Clawdbot has gained significant attention, capable of running on Mac mini and integrating with various tools, developed almost entirely by AI [2] - DeepSeek has released a new model, DeepSeek-OCR 2, which utilizes an innovative method to enhance AI's visual understanding [4] - The domestic AI startup, Moonlight Dark Side, launched the Kimi K2.5 model, achieving top scores in multiple agent evaluations and integrating various capabilities into one model [5] Group 2: Market Trends and Pricing - Two major chip manufacturers, Zhongwei Semiconductor and Guoke Micro, have announced price increases for their products, with adjustments ranging from 15% to 80% [6] - OpenAI's advertising costs for ChatGPT are reported to be three times higher than Meta's, with limited data provided to advertisers [8] Group 3: Corporate News - OpenAI's Chief Information Security Officer, Matt Knight, announced his departure from the company after joining in 2020 [11] - Anthropic has completed a new funding round, achieving a valuation of $350 billion, with total financing between $10 billion and $15 billion [14][15] - Turing Quantum has secured hundreds of millions in Series B funding, continuing its trend of significant capital raises [16] Group 4: Product Launches - Samsung's Galaxy Z TriFold, the first three-fold smartphone, is set to launch in the U.S. at a price of $2,899, significantly higher than other smartphones on the market [17]

天风国际证券分析师郭明錤表示，苹果在2026年第二季度将面临与第一季度相似幅度的内存价格上涨， 而苹果的应对策略十分明确：利用市场混乱确保芯片供应、承担成本压力并抢占市场份额，随后通过服 务业务弥补损失。 这一判断基于三星电子和SK海力士近期成功将供应给苹果的低功耗DRAM价格较上季度提高近一倍的 事实。据华尔街见闻此前文章提及，1月27日，韩国媒体zdnet报道，三星电子一季度LPDDR芯片价格上 涨超过80%，SK海力士涨幅约为100%，苹果作为年出货量约2.5亿部iPhone的关键客户不得不接受这一 涨幅。 1月28日，"最懂苹果的分析师"郭明錤在社交平台X上发帖称，苹果能够在供应紧张环境下锁定内存供 应协议，充分展现其强大的议价能力。 他指出："对于大多数非人工智能品牌而言，即便你愿意支付高价，也无法保证一定能获得货源。苹果 能够达成这样的交易，足以证明他们拥有多么强大的议价能力。" 据华尔街见闻文章，市场数据显示，LPDDR5价格已在去年四季度上涨约40%。TrendForce预测，一季 度通用型DRAM价格将环比上涨55-60%。一位业内人士表示，一季度的涨幅更大，整体涨幅至少达到 60%。 如果 ...

图片来 他还表示，内存报价上涨导致成本上升的议题，将是投资人与分析师对本周苹果电话会的关注重点之 一。苹果对这件事的说法，可能对相关产业股价造成的波动，远高于对苹果自身与其供应链股价的影 响。 苹果将于1月29日美股盘后公布2026财年第一季度业绩。苹果预计将实现稳健的营收、净利润和每股收 益增长。市场目前预计，苹果该季营收将同比增长11.3%至1384.2亿美元，净利润将同比增长8.4%至 393.8亿美元，每股收益将同比增长11.2%至2.67美元。 他还透露，iPhone的内存报价现在是按季谈，而非半年，所以iPhone的内存报价在2026年第二季度还会 再涨一次。目前看二季度的环比涨价幅度约和一季度接近。 在郭明錤看来，绝大部分非AI产业的品牌客户，即使愿意付钱也未必能得到内存供应保证，所以苹果 能谈成上述结果"已经算很强了"。 此前有消息称，三星电子和SK海力士已决定通过与苹果公司的谈判，大幅提高iPhone所用LPDDR的价 格。前者要求季度涨幅超80%，后者更是提出近乎翻倍的涨价诉求。LPDDR指的是低功耗DDR内存， 主要用于手机、平板等移动端产品。 郭明錤提及，内存报价上涨会影响iPhone ...

Core Viewpoint - The smartphone industry, particularly Apple, is expected to face challenges due to a DRAM memory shortage in 2026, but Apple plans to maintain stable pricing for the iPhone 18 series despite rising component costs [1][4]. Group 1: Memory Pricing and Supply - Apple and memory suppliers are using a quarterly pricing model, with a new round of memory price increases expected in Q2 2026, similar to Q1 [4]. - Current memory prices have risen by 10% to 25% compared to the same period last year, which will directly impact the gross margin of iPhones [4]. - Apple has secured stable supply agreements, allowing it to absorb some of the increased costs due to its industry influence [4]. Group 2: Strategic Positioning - Apple's strategy is to leverage market fluctuations to gain a competitive edge, secure chip supplies, and absorb cost pressures to expand market share [4]. - The company aims to maintain its pricing strategy for the iPhone 18, avoiding price increases despite the memory shortage driven by AI industry demand [4]. - Apple plans to compensate for profit losses through its services business, indicating a clear and defined strategic approach [4].

● 本报记者 葛瑶 国际资本对中国市场的关注度显著回升。去年境外投资者对中国市场的低配幅度从约2.5%收窄至约 1.3%，减少了约1.2个百分点的低配。瑞银全球金融市场交易部主管贺立言（Neil Hosie）日前在接受中 国证券报记者专访时表示："如果外资进一步降低低配幅度，将意味着可观的潜在资金流入。" 关注科技创新投资主线 贺立言表示，外资情绪正从此前的观望态度转向"谨慎乐观"。在他看来，中国市场估值优势凸显、企业 治理持续改善、科技创新动能不断增强，叠加全球投资者分散化配置需求上升，配置型资金的入场窗口 有望逐渐打开。瑞银预计中国股市2026年全年涨幅约18%，盈利增速约10%，机器人、人工智能、新能 源汽车、生物科技等科技创新赛道最受关注。 外资谨慎乐观 "谨慎但乐观"，贺立言用这一表述来概括当前外资的情绪基调。他观察到，与一年前同期相比，境外投 资者的心态已发生明显转变。"今年投资者正在做大量工作来深入了解中国公司，这和去年年初相比已 经有了很大不同。"他认为，这一变化在一定程度上受2025年A股市场表现带动：上证指数全年涨幅达 18.41%，沪深300指数涨幅超17%，强劲的市场表现开始吸引全球投 ...