Core Viewpoint - Meizu has officially launched its flagship model, Meizu 22, and the new CEO Huang Zhipan outlined the company's strategic direction and product strategy, emphasizing a return to core values and user experience [2][3]. Product Strategy - The Meizu 22 was initially planned for release during the 618 shopping festival but was delayed due to internal adjustments and challenges in meeting design, imaging, battery life, and performance requirements within a 6.3-inch device [2][3]. - The company aims to achieve self-sufficiency in its mobile business within three years, focusing on creating personalized products that reflect Meizu's unique characteristics [3][4]. - Meizu plans to maintain an annual iteration for its digital flagship series, with the next generation expected in the second half of next year, while the Note series will focus on reliability and cost-effectiveness [4][11]. Market Positioning - Despite selling the Meizu 22 starting at 2999 yuan, the company is currently operating at a loss on hardware sales due to high channel and marketing costs [3][7]. - Meizu is strategically extending its focus towards Flyme Auto and Flyme AIOS, while still recognizing the importance of mobile devices as essential terminals for users [3][7]. Future Developments - The company is exploring modular phone designs, with potential releases by the end of this year or early next year, while currently avoiding the foldable phone market due to high costs and low user adoption [4][11]. - In the Flyme Auto segment, Meizu has partnered with 28 vehicle models and aims for 5 million installations within three years, while also developing an international version of Flyme Auto [5][17]. Competitive Landscape - Meizu, along with Huawei and Xiaomi, is one of the few companies capable of integrating mobile, system, and automotive sectors in China, which positions it uniquely in the market [5][16]. - The company acknowledges the resource gap compared to competitors but aims to focus on optimizing user experience rather than engaging in extreme parameter competition [10][18]. Additional Product Lines - Meizu is also investing in smart glasses, exploring their integration with automotive systems, although this segment is still in the investment phase and requires market education [19][22]. - The company is currently not planning to charge users directly for Flyme Auto services, focusing instead on building a user base and exploring future monetization opportunities [15][17].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q4 2025, the convertible bond market shows wide - volatility characteristics, and attention should be paid to band and structural selection [27]. - Active funds reduce positions, while passive funds increase allocations. The delisting of Pufa Convertible Bonds in October may bring re - allocation demand [27]. - In Q4, the equity market tends to have a structural market. Equity - biased convertible bonds still have obvious elasticity advantages, and capital outflows bring more profit space for low - price convertible bonds [27]. - A portfolio of ten convertible bonds is recommended to select high - quality targets, focusing on elasticity, and the portfolio is adjusted monthly [27]. 3. Summary by Relevant Catalogs Macro Data Overview - In Q2 2025, GDP at constant prices increased by 5.2% year - on - year, slightly lower than the previous quarter's 5.4% [1]. - In August 2025, the manufacturing PMI was 49.4%, up from 49.3% in the previous month; the non - manufacturing PMI for business activities was 50.3%, up from 50.1% [1]. - In August 2025, the year - on - year growth rates of M0, M1, and M2 were 11.7%, 6.0%, and 8.8% respectively. The new RMB loans of financial institutions in that month were 590 billion yuan [1]. - In August 2025, CPI decreased by 0.4% year - on - year, and PPI decreased by 2.9% year - on - year [1]. - In August 2025, the cumulative year - on - year growth rate of fixed - asset investment (excluding rural households) was 0.5%, and the cumulative year - on - year growth rate of total retail sales of consumer goods was 4.64% [1]. - In August 2025, the year - on - year growth rates of export and import values were 4.4% and 1.3% respectively [1]. Commodity Investment Reference Comprehensive - The Ministry of Commerce called on the US to cancel unreasonable tariffs on China and emphasized that the biggest obstacle to Sino - US economic and trade cooperation is US unilateral restrictions [2]. - Xiaomi launched the Xiaomi 17 series, Xiaomi Pad 8 series, and many other tech home appliances. Xiaomi's founder, CEO Lei Jun, said that self - developed mobile phone SoCs should be persisted for at least 10 years with an investment of at least 50 billion yuan [2]. - According to CME's "FedWatch", the probability that the Fed will keep interest rates unchanged in October is 14.5%, and the probability of a 25 - basis - point rate cut is 85.5% [2]. Metals - On September 25, international precious metal futures generally rose. Fed officials sent mixed policy signals, reflecting the Fed's dilemma in balancing inflation and employment goals [3]. - On September 25, the closing price of the main Shanghai copper contract 2511 was 82,710 yuan/ton, up 3.4%. The suspension of production at the Grasberg mine may exacerbate the global copper supply shortage [3][4]. - The China Non - Ferrous Metals Industry Association proposed to control the expansion of copper smelting capacity. High - end analysts predicted a 500,000 - ton copper supply loss in the next 12 - 15 months [4]. - Congo (Kinshasa) extended the cobalt export ban until October 15 and implemented an export quota system. Cobalt prices have risen nearly 40% this year [4]. - Citi raised its copper price forecast. It is expected that the medium - term copper price will rise to $12,000 per ton in the next 6 - 12 months [5]. Coal, Coke, Steel, and Minerals - In August 2025, global crude steel production increased by 0.3% year - on - year to 145.3 million tons, while China's crude steel production decreased by 0.7% year - on - year to 77.4 million tons [6]. - As of mid - September, the price of coke (quasi - first - grade metallurgical coke) decreased by 4.69% month - on - month, and the price of rebar (HRB400E Φ20mm) increased by 0.29% month - on - month [6][7]. Energy and Chemicals - On September 25, international oil prices fluctuated narrowly. The resumption of crude oil exports in the Kurdish region eased supply concerns, but the unexpected decrease in US crude oil inventories offset some negative impacts [8]. - Daqing Gulong Continental Shale Oil National Demonstration Area added 158 million tons of proven shale oil reserves [8]. - Russia plans to implement a diesel export ban on resellers until the end of the year and extend the gasoline export ban on resellers and producers [8]. Agricultural Products - The Ministry of Agriculture and Rural Affairs called for stabilizing the supply of "vegetable basket" products and promoting the application of high - performance agricultural machinery [9]. - In 2024, China's organic product sales reached 124.7 billion yuan, a year - on - year increase of 22.79%, making China the world's third - largest organic consumer market [9]. - China launched an anti - dumping investigation into imported pecans from Mexico and the US starting from September 25 [10]. - The EU Commission adjusted its forecasts for wheat and corn production and exports in the 2025/26 season [10]. - Argentina resumed taxing the export of grains and their by - products after agricultural product sales reached $7 billion [10]. Financial News Compilation Open Market - On September 25, the central bank conducted 483.5 billion yuan of 7 - day reverse repurchase operations, with a net withdrawal of 3.5 billion yuan on the same day [11]. - On September 25, the central bank conducted 600 billion yuan of 1 - year MLF operations, with a net injection of 300 billion yuan, and has increased the volume of MLF for 7 consecutive months [11]. Important News and Information - China submitted a position paper on the issue of special and differential treatment to the WTO, not seeking new special and differential treatment in current and future negotiations [12][13]. - The Ministry of Commerce responded to issues related to Sino - US soybean trade and Boeing aircraft purchase negotiations, emphasizing that US unilateral restrictions are the main obstacle to normal economic and trade cooperation [2][13]. - The Ministry of Commerce launched a trade and investment barrier investigation into Mexico's measures to raise import tariffs on Chinese products [14]. - Three US companies were included in the unreliable entity list for their military - related cooperation with Taiwan [15]. - The China Foreign Exchange Trade System will optimize the "Swap Connect" operation mechanism and increase the daily net limit to 450 billion yuan from October 13 [15]. - The central bank deputy governor proposed to expand the application scenarios of the Hong Kong RMB bond market [16]. - The Hong Kong Securities and Futures Commission and the Hong Kong Monetary Authority jointly released a development roadmap for the fixed - income and money market [16]. - The scale of China's public funds exceeded 36 trillion yuan for the first time at the end of August [17]. - Internet giants such as Tencent, Baidu, and Alibaba are accelerating their layout in the dim - sum bond market [17]. - The Digital RMB International Operation Center was officially launched on September 24, with three business platforms launched [18]. - The Bank of China Research Institute predicted that more banks may cut deposit rates in Q4, and the RMB exchange rate will remain stable and may appreciate [18]. Bond Market Summary - MLF incremental roll - over had little positive impact on the bond market. Spot bonds and futures were generally weak [21]. - In the exchange bond market, Vanke bonds generally rose, while some other bonds fell [21]. - The CSI Convertible Bond Index rose 0.46%, and the Wind Convertible Bond Equal - Weighted Index rose 0.33% [22]. - On September 25, most money market interest rates rose [22]. - Shibor short - term varieties showed differentiation [23]. - The winning yields of some financial bonds issued by policy - based banks were announced [23][24]. - Inter - bank repurchase fixed - rate bonds and silver - silver inter - bank repurchase fixed - rate bonds generally rose [24]. - European and US bond yields generally rose, with some exceptions [24][25]. Foreign Exchange Market Express - The on - shore RMB against the US dollar closed at 7.1253, down 34 basis points from the previous trading day [26]. - The US dollar index rose 0.60%, and most non - US currencies fell [26]. Stock Market Important News - The A - share market showed a differentiated trend, with the ChiNext Index hitting a new stage high for two consecutive days. AI concept stocks rebounded [29]. - The Hong Kong Hang Seng Index fell 0.13%, while the Hang Seng Tech Index rose 0.89%. Geely Auto rose nearly 4% on its first trading day [29]. - The Shanghai, Shenzhen, and Beijing stock exchanges announced the holiday schedule for the National Day and Mid - Autumn Festival [29]. Today's Reminders - On September 26, 247 bonds will be listed, 88 bonds will be issued, 139 bonds will make payments, and 344 bonds will repay principal and interest [28].

Core Viewpoint - Xiaomi's journey in chip development has been marked by both ambition and challenges, with a renewed commitment to self-developed chips being crucial for the company's future success [1][2][4]. Group 1: Chip Development History - Xiaomi began its chip development journey in 2014, launching its first self-developed SoC, Surge S1, in 2017, which sold over 600,000 units [1]. - In 2018, Xiaomi made the difficult decision to halt SoC development and focus on smaller chips due to the challenges faced [1]. - The failure of the Surge project led to reflections on the need to target high-end markets for self-developed chips, as seen with competitors like Huawei and Apple [1]. Group 2: Strategic Decisions and Challenges - The complexity and cost of chip development have significantly increased, with estimates of requiring ten years and $50 billion for a successful SoC [2]. - In early 2021, Xiaomi restarted its chip journey by establishing the "Xuanjie" team, but faced significant revenue challenges shortly after [2][3]. - A critical meeting in May 2022 led to a consensus to continue chip development despite financial pressures, emphasizing the long-term vision over short-term gains [3]. Group 3: Commitment to Chip Development - Xiaomi's leadership expressed strong support for continuing chip development, viewing the investment as essential for building a robust R&D team, regardless of the outcome [4]. - By early 2024, the self-developed chip "Xuanjie O1" was successfully taped out using advanced 3nm technology, boosting confidence within the team [4]. - The success of the Xuanjie O1 is seen as just the beginning, with the company acknowledging the long road ahead in achieving ultimate success in chip development [5].

Core Insights - Qualcomm is the first global tech company to provide a clear timeline for 6G pre-commercial terminal launch, expected in 2028 [1] - The rise of AI is expected to elevate various "edge" devices, including smartphones, PCs, wearables, and robots, into potential blockbuster products [1] - Qualcomm aims to enhance AI capabilities in smart terminals by integrating NPU and GPU technologies during the chip design phase [1] Group 1: AI Integration in Chip Design - Qualcomm showcased its self-developed Oryon architecture at the Snapdragon Summit, emphasizing its superior SoC capabilities for AI processing and energy efficiency [2] - The self-developed Oryon architecture allows Qualcomm to reduce dependency on other companies, particularly in licensing fees and long-term development [2] Group 2: Performance Enhancements - The fifth-generation Snapdragon 8 flagship chip, utilizing 3nm process technology, has achieved a 20% performance increase in CPU, 23% in GPU, and 37% in NPU for AI applications [3] - Major smartphone brands like Honor, Xiaomi, Vivo, and OPPO plan to adopt the fifth-generation Snapdragon 8 in their flagship products [3] Group 3: AI Applications and Collaborations - Qualcomm and Honor are collaborating on developing edge AI model solutions to enhance user experience in applications like image recognition and color extraction [4] - The partnership aims to create GPU-NPU heterogeneous AI technologies to improve gaming graphics through AI learning [4] Group 4: Future AI Applications - Qualcomm predicts that robots and various wearable smart glasses could become as prevalent as smartphones in the future [6] - The automotive sector is identified as a prime application area for edge AI due to its need for local processing capabilities [6] Group 5: Evolution of Intelligent Agents - The future will shift from mobile-centric to intelligent agent-centric systems, requiring advanced understanding and decision-making capabilities [7] - 6G is expected to support real-time collaboration between edge devices and the cloud, enhancing AI-native applications [7] Group 6: Competitive Landscape - Domestic smartphone manufacturers are developing specific AI applications, with Honor's intelligent agent supporting over 200 vertical scenarios and 3000 general scenarios [8] - Other brands like OPPO, Vivo, and Xiaomi are also enhancing their AI capabilities, integrating them with their operating systems [8] Group 7: Challenges and Requirements - The development of AI intelligent agents necessitates advancements in both hardware AI chip capabilities and software interaction methods [9] - Companies must focus on personalized services through AI while addressing cost and technical challenges in their solutions [9]

点击上图▲立即收听 " 本分，本是初心，分是边界，初心如磐石，边界随能力慢慢扩展。 " 文 / 巴九灵（微信公众号：吴晓波频道） "在科学史、艺术史和商业史上，当一个流派或国家正处于鼎盛的上升期时，便会在某一年份集束式地诞生一批伟大的人物或公司。" 《激荡三十年》这样写道。 但对 1978年以来的中国而言，命运的齿轮几乎年年启动。今天，我们把时间定格在1995年。 在 1995年的东莞长安镇，挤满了20多岁 、 刚从信息与电子专业毕业的年轻人，他们中的 7个人此时正蜗居在一间两室两厅的小房子里埋头搞研 发，未来三十年，他们的命运，将和另外四个字母深度绑定：vivo。 —— 吴晓波 2025年是vivo企业成立三十周年。在这家公司诞生的前一年，伴随着第一个省级数字移动通信网在广东省开通，中国正式迈入"2G手机时代"。 从功能机到智能手机，手机行业曾有过 "十年一G"的断代标准，中国在3G时代崛起，在4G时代逼近一流，在5G时代领先，如今正引领着6G时代 的到来。 vivo三十年的故事，是中国手机品牌崛起的缩影。 三十年， vivo从一个7人小队，成长为研发人员超过1.3万人，并服务于全球60多个国家和地区超5亿 ...

Group 1 - The core idea of the articles emphasizes the importance of innovation and new offerings in the restaurant industry to maintain consumer interest and prevent customer attrition [1][2][4] - A restaurant company chairman mentioned that they launch numerous new products annually, using an internal competition model to identify popular dishes, which helps retain consumer freshness and interest [1] - The competition in the restaurant industry extends beyond menu innovation to include store decor, tableware styles, and dining atmosphere, which are crucial for attracting consumers [1] Group 2 - Even for fixed menu items, businesses are constantly seeking breakthroughs, with variations in flavors and textures that cater to consumer desires for novelty [2] - This pursuit of novelty is not limited to the food industry but extends to sectors like home appliances, smartphones, and automobiles, where companies innovate in design and features to stimulate consumer demand [2][3] - The automotive industry is experiencing a "replacement trend," with consumers frequently switching from fuel vehicles to electric vehicles, driven by the desire for new models and features [3] Group 3 - The increasing frequency of product updates and improved designs, along with the fashionable attributes of goods, drive consumers to pursue the latest offerings [4] - The domestic market's characteristics, such as a large user base and intense competition, lead to high product segmentation, encouraging businesses to continuously innovate [4] - In contrast, foreign markets exhibit a different consumption pattern, with limited product choices and slower updates, highlighting the vibrancy of the domestic consumption market compared to abroad [4]

雷军提到的"两个儿子读书说"，部分借鉴了20年前，李嘉诚以儿子、猪仔，对比旗下业务的譬喻。但 是，考虑到当前舆论场，以及小米集团港股的股价表现，这一说法确实有助于理解、审视这家科技龙头 的趋向。 两个儿子有明显的区别：新进入的汽车行业地位特殊，自建产线，押上了身家，是读书好坏直接影响到 家族未来表现的嫡子。 芯片行业不同，更像是一个试探，只有读书够好，才配得上雷布斯的威名，才有资格认祖归宗。表现不 好，小米集团完全可以换个新儿子，比如人工智能。财大气粗如OPPO的陈明永，头脑发热，赌上几百 亿，稍微遇挫就收摊关门，就是教训。 小米集团的股价进入新的平台期 和几位同行相比，雷军是唯一让自己品类上发生巨大变化的手机大厂的CEO。小米非常高效地进入了汽 车行业，并且站稳了脚跟。 OPPO、vivo的主战场还是手机，机器人、XR所谓的科技新产品，都是为了让自己显露科技实力，而不 是真的相信这些新产品可以成为未来的新赛道。库克任内推出的vision Pro现在可以断定，不会是下一 个iPhone，也不是iPhone杀手。 相比手机硬件主业，手机广告的主利润，这些新玩意都过于渺小了。 唯一跟雷军有类似，肉眼可见的变化的是 ...

Core Insights - Vietnam's total goods import and export value for the first half of September 2025 reached 39.05 billion USD, reflecting a month-on-month decrease of 3.25% [1] - The export value was 19.2 billion USD, down 4.3% month-on-month, primarily due to significant declines in four major product categories [1] - The import value was 19.85 billion USD, showing a month-on-month decrease of 2.21%, with declines concentrated in two main categories [1] Export Analysis - The decline in exports was driven by significant drops in textile and garment exports (335 million USD), footwear exports (250 million USD), mobile phones and components (120 million USD), and wood and wooden products (110 million USD) [1] - The data indicates a weakening external demand, particularly for labor-intensive products heavily reliant on large markets such as the US and Europe [1] - Foreign investment continues to play a dominant role in exports, accounting for 79.2% of total exports, highlighting a slow growth rate for domestic enterprises [1] Import Analysis - The decrease in imports was primarily focused on two categories: computers, electronic products, and components (210 million USD decrease), which, despite the largest drop, remained the highest import category; and machinery, tools, and components (120 million USD decrease) [1]

Core Viewpoint - Cathay Securities maintains revenue forecasts for Xiaomi Group-W (01810) for FY2025E-FY2027E at RMB 489.1 billion, 641.8 billion, and 758.4 billion respectively, with adjusted net profit estimates at RMB 45.4 billion, 68.1 billion, and 83.6 billion. The stable delivery of Xiaomi cars, competitive advantage in home appliances, and the upcoming smartphone launches are seen as important catalysts. The target price remains at HKD 77.5 with a "Buy" rating [1]. Group 1: Automotive Performance - Xiaomi's car delivery volumes have remained stable at over 30,000 units in July and August, with expectations to exceed the annual target of 350,000 deliveries for 2025 [2]. - The second-phase factory is expected to ramp up production faster than the first phase due to accumulated supply chain and production line experience [2]. Group 2: Home Appliances - Xiaomi's air conditioner shipments exceeded 5.4 million units in Q2 2025, representing a year-on-year increase of 60%, with growth rates surpassing 50% for three consecutive quarters [3]. - The new Wuhan home appliance factory is set to enhance Xiaomi's competitive advantage in the home appliance sector, supported by a high-end strategy to narrow the price gap with leading brands [3]. Group 3: Smartphone Innovations - The upcoming launch of the Xiaomi 17 Pro and Pro Max, featuring a customizable back screen, is anticipated to be a significant catalyst for future growth [4]. - Pre-orders for the Xiaomi 17 series have doubled compared to the previous generation, indicating strong market interest [4]. - The company expects marginal improvements in smartphone revenue and gross margins in Q4 with the release of new Xiaomi and Redmi series products [4].

Core Viewpoint - Africa is becoming increasingly significant to China's economy, with exports to Africa growing by 25.9% year-on-year, contrasting with a 13.5% decline in exports to the U.S. [3][4] Group 1: Economic Growth in Africa - East Africa is projected to have a real GDP growth rate of 5.3% in 2025 and 6.1% in 2026, leading other regions in Africa [6] - Ethiopia and Rwanda are expected to achieve GDP growth rates of around 7% in 2025, while Kenya, South Sudan, Uganda, and Tanzania are projected to exceed 5% [7] Group 2: Ethiopia's Economic Landscape - Ethiopia, known as the "Roof of Africa," has a population of approximately 120 million and a median age of 19, making it a labor-intensive market [13][19] - The country relies heavily on agriculture, which constitutes 60% of its GDP, leading to high consumer prices that are 3-10 times higher than in China [16] - Despite its rich labor resources, Ethiopia faces high unemployment and a weak industrial base, with most industrial goods imported [19][21] - The Ethiopian government has recently banned the import of fuel vehicles, promoting electric vehicles due to its abundant and cheap electricity [21] Group 3: Kenya's Economic Environment - Kenya, with a population of over 50 million, has a higher GDP per capita compared to Ethiopia and is expected to become East Africa's largest economy by 2025 [29] - The country has a more vibrant commercial atmosphere, with a significant presence of international organizations and a growing tourism sector [29][30] - The real estate market in Nairobi is thriving, with high rental yields and a growing number of Chinese expatriates [31][32] Group 4: Investment Opportunities and Challenges - Both Ethiopia and Kenya face challenges such as reliance on agriculture, weak industrial foundations, and political instability, which may hinder their ability to attract comprehensive supply chains [42][43] - However, Africa presents opportunities for Chinese companies, particularly in labor-intensive industries, as the local market is still developing [43] - The fragmented nature of the African market requires localized operations for successful business ventures [44][46] Group 5: Entrepreneurial Spirit in Africa - Many Chinese entrepreneurs are finding success in Africa by diversifying their business operations beyond their initial ventures [48] - The unique conditions in Africa foster a spirit of innovation and adaptability among entrepreneurs, leading to the establishment of local brands and services [32][39]