Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report provides a comprehensive update on the fixed - income market, including bond price movements, macro - news, and company - specific financial and operational information. It also highlights potential investment opportunities, such as the recommendation to buy INCLEN 4.5 04/18/27 in the RNW complex [15]. 3. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, the new DBS 3.989 28 was 3bps tighter from RO at par. In Asia IG, HYUELE 2.375 31s was 1bp tighter. SK Hynix repaid KRW3.4tn (cUSD2.5bn) [2]. - In financials, there was selling in STANLNs due to USD9.6bn unlawful transactions allegations. STANLN Perps were down 0.1pt. Yankee AT1s were weaker [2]. - In lifers, JP DAIL 6.2 Perps/MYLIFE 5.8 54s/NIPLIF 6.5 55s were down 0.4pt. KR TYANLI 35 was 1bp tighter. Tongyang Life announced the redemption of USD300mn TYANLI 5.25 Perp on 22 Sep'25 [2]. - In Chinese AMCs, CFAMCI 25/29s were 0.1 - 0.2pt higher. China CITIC FAMC expects its 1H25 net profit to increase 12.5 - 16.3% yoy to RMB6 - 6.2bn [2]. - In HK Corp, there was selling in HYSAN/CPREIT/CKHH/MTRC for profit - taking. HYSAN 4.85/7.2 Perps was 0.4 - 1.1pts lower. MTRC 55 was 1bp wider and MTRC Perps were 0.1 - 0.2pt lower [2]. - In Chinese HY, HONGQI 28s were 1bp tighter. China Hongqiao announced the buy - back of 10.2mn shares for cHKD234mn. GWFOOD 30 was 1.1pts lower. WESCHI 26 was 0.1pt higher [2]. - In Chinese properties, FTLNHD 25 - 26 were 0.2pt higher, FUTLAN 28 was unchanged. Seazen obtained approval for up to RMB1.1bn (cUSD147.5mn) onshore ABS offering and announced a profit warning for 1H25 results [2]. - In SEA, PTTGCs were 0.2 - 1.4pts higher (1 - 4bps tighter). PTT Global Chemical eyes THB30bn (cUSD923mn) from non - core assets monetization. PERTIJs were 1 - 2bps tighter. VLLPM 27 - 29 were down 0.1 - 1.5pts [2]. - This morning, the new ALVGR 6.55 Perp was up 0.5pt from RO at par. China and KR IGs were 1 - 3bps wider. There was profit - taking from BNKEAs/NANYANs. BBLTB subs were 2bps wider. SHIKON 35 was 1bp tighter [3]. - INCLEN 27s/INGPHL 27s/RPVIN27 - 28s were 0.1 - 0.4pt higher after results announcement. CTFSHK 29 was 0.4pt lower this morning [3]. - In the LGFV space, flows were mixed. Higher - yielding (8%+) papers were sought after by HF and RM, while there was profit - taking on 5% - 7% yielding papers. TSIVMG 1.55 29 was up 0.7pt [4]. Macro News Recap On Tuesday, S&P was down 0.59%, Dow was up 0.02%, and Nasdaq was down 1.46%. UST yield was lower, with 2/5/10/30 yields at 3.75%/3.82%/4.30%/4.90% [7]. Desk Analyst Comments - INCLEN's module and cell manufacturing drove 1QFY26 revenue and adj. EBITDA growth [8]. - ReNew Energy (RNW) reported a 71% yoy increase in 1QFY26 revenue to INR39.0bn, with adj. EBITDA rising 43% yoy to INR27.2bn. The manufacturing segment contributed significantly [8]. - In May'25, RNW secured INR8.7bn (cUSD100mn) from Marquee Investment for a 10% stake in its solar manufacturing subsidiary. The investment will expand manufacturing capacity [9]. - RNW's total operational capacity reached 11.1GW in 1QFY26, up 16% yoy. The PLF for wind assets improved to 32.8%, while solar PLF declined to 24.6% [10]. - RNW reiterates its FY26 guidance for adj. EBITDA at INR87 - 93bn and maintains CFe guidance at INR14 - 17bn. 1QFY26 adj. EBITDA represents 29 - 31% of the full - year target [11]. - As of Jun'25, cash and bank balance was INR76.1bn, 6% lower than in Mar'25. 1QFY26 capex was INR5.1bn, down 86% yoy [12]. - RNW's net debt/LTM adj. EBITDA was down to 7.5x in Jun'25 from 8.3x in Dec'24 [13]. - On 2 Jul'25, RNW received a final non - binding offer to be taken private at USD8 per share, a 13.2% increase from the previous proposal [14]. - The analyst maintains a buy on INCLEN 4.5 04/18/27 in the RNW complex [15]. Offshore Asia New Issues - Priced: Ganzhou Urban Investment Holding issued USD250mn, 3 - year bonds at a 4.8% coupon. Tongling State - owned Capital Operation Holding Group issued USD200mn, 3 - year bonds at a 4.65% coupon [20]. - Pipeline: No new issues pipeline today [20]. News and Market Color - Yesterday, 118 credit bonds were issued onshore with an amount of RMB114bn. Month - to - date, 1,319 credit bonds were issued, raising RMB1,183bn, a 3.7% yoy increase [22]. - The US government is exploring ways to get stakes in companies like Taiwan Semiconductor Manufacturing, Micron, and Samsung [22]. - BHP plans to cut annual capex to USD10bn in FY28 - 30 from USD11bn in FY26 - 27 and will sell Carajas copper assets in Brazil for up to USD465mn [22]. - Media reported CK Asset was approached for short - term financing or equity investment opportunities [22]. - Seazen expects 1H25 profit to fall by up to 48% yoy to RMB500 - 700mn (cUSD69.6 - 97.5mn) [22]. - HPCL - Mittal Energy will purchase USD56.39mn of HMELIN 5.45 10/22/26 and USD85.55mn of HMELIN 5.25 04/28/27 in tender offers [22]. - LG Electronics aims to expand in the Indian home electronics market [22]. - Powerlong 1H25 loss will widen to up to RMB2.9bn (cUSD403mn) [22]. - West China Cement will hold fixed income investor meetings from 26 Aug'25 [22]. - Xiaomi 1H25 revenue rose 38.2% yoy to RMB227.3bn (cUSD31.6bn) and plans to enter the European EV market by 2027 [22].

据了解，2019年1月，字节跳动收购锤子科技部分专利使用权，当时便引发市场对于字节将进入手机市 场的猜测。此后，原坚果手机团队在字节跳动内部以"新石实验室"为名开展工作，定位为集团硬件中 台，探索智能手机及教育硬件等智能硬件产品。不过，2021年1月，"新石实验室"并入由Musical.ly原创 始人阳陆育负责的教育硬件团队，合并后的团队专注于教育领域，不再研发坚果手机、TNT显示器等其 他无关产品。 今年以来，类似传闻亦多次出现。1月，有消息称字节跳动选择与努比亚合作开发AI手机，字节跳动回 应称消息不实；2月，关于荣耀前CEO赵明将加盟字节跳动并负责手机业务的传言，字节跳动同样表示 信息不实。 来源：环球网 【环球网科技综合报道】8月20日消息，针对近日市场上有关字节跳动正在研发"豆包手机"的传言，字 节跳动相关负责人明确回应称，该消息不实，豆包目前并无推出自有手机产品的计划。 据介绍，豆包始终致力于将自身AI能力向包括手机厂商在内的各类硬件厂商开放。在此过程中，虽会 与部分合作伙伴共同开展完整解决方案的尝试，但所有合作均不涉及自有手机产品的研发与推出。 豆包大模型作为字节跳动旗下重要的AI产品，数据显示 ...

Core Insights - The Chinese smartphone market experienced a 4.1% year-on-year decline in Q2 2025, marking the end of six consecutive quarters of growth [2][15] - Huawei regained the top position in shipments with 12.5 million units, while Vivo and OPPO followed in second and third place, respectively [2][4] - The market dynamics indicate a shift from volume-driven competition to a focus on brand loyalty, technological differentiation, and strategic management [2][10] Group 1: Huawei's Performance - Huawei's return to the top is characterized by a stable recovery rather than explosive growth, with a shipment of 12.5 million units, down 3.4% year-on-year [4][5] - Key factors for Huawei's success include strong brand loyalty, the maturation of the HarmonyOS, and the high-end Mate series maintaining its significance in government and business sectors [5][11] - Huawei's strategy emphasizes high-end market management without resorting to price wars, demonstrating that consumers are willing to pay for perceived scarcity and domestic innovation [5][6] Group 2: Xiaomi's Decline - Xiaomi's shipments fell to 10.4 million units, despite being the only top-five manufacturer to show a year-on-year increase of 3.4% [7][12] - The decline is attributed to a lack of new product launches in Q2 and the impact of previous high inventory levels, leading to reduced consumer demand [8][12] - Xiaomi faces the challenge of transitioning from a "hit product" strategy to a more sustainable high-end ecosystem approach [8][9] Group 3: Market Dynamics of Other Brands - Vivo and OPPO reported shipments of 11.9 million and 10.7 million units, with year-on-year declines of 10.1% and 5%, respectively [10][13] - Both brands maintain strong offline channel control but lack a significant presence in the high-end market, requiring time to transition to premium offerings [13] - Apple shipped 9.5 million units in China, with a minimal decline of 1.3%, indicating resilience in its brand and ecosystem despite increasing competition from domestic brands [14] Group 4: Overall Market Trends - The overall decline in the Chinese smartphone market reflects broader economic challenges, including reduced consumer confidence and the end of government subsidies [15][16] - The global smartphone market saw a total shipment of 297 million units in Q2, with a 1.4% year-on-year growth, contrasting with the Chinese market's decline [15] - The future success of smartphone manufacturers will depend on their ability to adapt to a non-growth environment by focusing on product rhythm, technological advantages, and strategic foresight [15][16]

Financial Data and Key Metrics Changes - Total revenue reached RMB 116 billion, up 30.5% year on year, marking the fifth consecutive quarter of record-breaking performance [6][24] - Adjusted net profit was RMB 10.8 billion, up 75% year on year, achieving a new record high for the third consecutive quarter [6][32] - Gross margin improved to 22.5%, an increase of 1.8 percentage points year on year [6][24] Business Line Data and Key Metrics Changes - Smartphone revenue was RMB 45.5 billion, accounting for 39.3% of total revenue, with global smartphone shipments reaching 42.4 million units, marking the eighth consecutive quarter of year-on-year shipment growth [25][24] - AIoT revenue reached RMB 38.7 billion, up 44.7% year on year, with a gross margin of 22.5%, up 2.8 percentage points year on year [26][24] - Smart large appliances revenue grew 66.2% year on year, with air conditioning shipments exceeding 5.4 million units, achieving over 60% year-on-year growth [27][15] Market Data and Key Metrics Changes - In Mainland China, smartphone market share for devices priced between RMB 4,000 and 6,000 increased by 4.5 and 6.5 percentage points year on year, reaching 24.7% and 15.4% respectively [13] - Xiaomi ranked first in smartphone activations in Mainland China and maintained strong positions in Southeast Asia, Europe, and Latin America [9][10] - Global MAUs for Internet services reached 731 million, up 8.2% year on year, with MAUs in Mainland China reaching 185 million, up 12.4% year on year [29] Company Strategy and Development Direction - The company aims to achieve steady annual increases in market share in China and is focused on premiumization and technological advancements [11][12] - Xiaomi plans to enter the European market by 2027 and is committed to enhancing its brand and product competitiveness [21][85] - The company emphasizes innovation driven by user needs and aims to transform the home appliance industry through intelligent transformation [16][17] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the intense competition in the smartphone industry and the need for continuous investment in core technology and product innovation [10][11] - The company expects the smartphone market to show little growth overall, with a target of 175-180 million shipments for the year [81] - Management expressed confidence in the long-term growth of the large appliance business despite current market challenges [17][98] Other Important Information - Xiaomi's R&D expenses reached RMB 7.8 billion, up 41.2% year on year, with a record high of 22,641 R&D personnel [31] - The company was included in the Fortune 500 list for the seventh consecutive year, ranking 297th, an improvement of 100 places from the previous year [21] - The company is committed to corporate social responsibility and has made significant contributions to disaster relief efforts [33] Q&A Session Summary Question: Performance of AIoT segment in China and overseas - Management noted strong growth in both markets, with a focus on expanding the new retail system to enhance AIoT business [36][38] Question: Long-term smartphone gross margin outlook - Management indicated that while there are short-term pressures on gross margin, premiumization and product structure adjustments are expected to support future growth [37][45] Question: AIoT gross margin pressure and R&D investment direction - Management explained that the pressure on AIoT gross margin was due to market conditions, and R&D investments are focused on core technologies and product lines [48][52] Question: EV business gross margin and overseas development - Management expressed confidence in maintaining satisfactory gross margins through competitive products and emphasized the importance of brand awareness for EVs in overseas markets [88][90] Question: Robotics opportunities and large appliances strategy - Management is optimistic about robotics opportunities and highlighted the rapid growth of air conditioning sales, with plans to enhance competitiveness further [94][98]

智能手机市场，总是处在快速变化的态势当中。 2025年上半年的中国手机江湖，像一锅文火慢炖的老汤，表面波澜不惊，底下暗流汹涌。 IDC的数据显示，上半年中国智能手机出货量达1.4亿台，同比微降0.6%，算是展现出一定的韧性。细看之下，一根刺眼的小阴线扎在二季度——同比下 滑4%，打断了连续六个季度的上扬势头。这根线像根针，刺痛所有场内玩家保持清醒。国补潮水退去，剩下的玩家都得拿出真本事，在实打实的比拼中 见高低。 图源IDC中国，2025 在此关口，蛰伏四年的华为市场份额回升，在今年二季度重夺榜首，vivo与OPPO紧随其后，小米排在第四且是前五名中唯一正增长的，苹果则排在第 五。政策转向、技术迭代加速、消费者决策更趋理性——三重因素交织，将整个行业推入了比拼硬核实力的深水区。 01「变局之中，打响价格战」 年初的国补政策，形成推力托起了一季度手机市场的销量。但效应难以持久——消费者支出最终回归产品价值本身。二季度开始，厂商们调整策略，618 大促的锣鼓震天响，核心目标转向加速清库存。IDC指出，大部分厂商为控制渠道库存水位，在618期间主动缩减出货量，重点清理现有库存。 与此同时，价格战打得愈发激烈。 苹果 ...

In smartphones, China is again global number one. But over the last few years, India has risen to become the #2 manufacturer. More than 20% of iPhones are now made in India, up from <1% in 2017. https://t.co/4jKBd2i3Vw ...

智能手机市场的复苏之路再生波折。8月18日，市场研究机构IDC于发布的最新报告显示，2025年第二 季度，中国智能手机市场出货量为6886万台，同比下降4.1%，结束了此前连续六个季度的同比增长态 势。 在市场大盘整体承压的背景下，头部厂商的座次竞争愈发激烈。数据显示，华为以1250万台的出货量和 约18%的市场份额，时隔四年重返中国市场榜首。 头部座次再生变数，华为登顶 根据IDC数据，本季度中国市场排名前五的厂商座次发生了显著变化。 其中，尽管华为1250万台的出货量相较去年同期仍有3.4%的微弱下滑，但在竞争对手普遍下滑的背景 下，仍然实现赶超。Counterpoint Research高级分析师Ivan Lam此前指出，华为登顶的主要原因是其仍 然在享受其核心用户群体的高度忠诚，这些用户正在购买华为新品替换旧机。 紧随其后的是vivo和OPPO，二季度出货量分别为1190万台和1070万台，位列第二、三名，但同比分别 下滑了10.1%和5.0%，面临较大增长压力。 值得注意的是，从一季度榜首滑落至本季度第四名的小米，是前五厂商中唯一实现正增长的品牌。其二 季度出货量为1040万台，同比增长3.4%。分 ...

Market Trends & Dynamics - Tesla reportedly offers up to 40% discounts to car leasing companies in the UK due to storage issues [1] - Samsung's smartphone shipments to the US surged in the second quarter, increasing market share from 23% to 31% [2][3] - Apple's smartphone market share in the US declined from 56% to 49% [3] Company Operations & Ventures - Novo Nordisk's obesity drug WGOI received accelerated FDA approval for treating a serious liver disease [2] - Foxconn will operate a US factory owned by SoftBank, potentially the first manufacturing site in the Stargate venture, for AI server production [3][4] - The AI server production plant is a joint venture with SoftBank, OpenAI, and Oracle [3] - SoftBank is acquiring a former GM electric vehicle plant from Foxconn and will supply manufacturing gear, with Foxconn continuing to run operations [4] Entertainment Industry - "Weapons" remained number one at the weekend box office, earning $25 million in its second weekend [4] - Disney's "Freakier Friday" earned about $14 million domestically, staying in the second spot [4]

Core Insights - The global smartphone market saw a shipment of 297 million units in Q2 2025, reflecting a year-on-year growth of 1.4% [1] - In China, smartphone shipments totaled 68.86 million units in Q2, marking a year-on-year decline of 4.1%, ending six consecutive quarters of growth [1] Global Market Overview - The top five smartphone manufacturers globally are Samsung, Apple, Xiaomi, vivo, and Transsion [1] Chinese Market Dynamics - The leading smartphone manufacturers in China are Huawei, vivo, OPPO, Xiaomi, and Apple, with only Apple being a foreign brand [1] - Huawei regained the top position with a shipment of 12.5 million units and a market share of 18.1%, highlighting its strong brand appeal [1] - Xiaomi achieved a shipment of 10.4 million units, securing a market share of 15.2%, and was the only top-five manufacturer to experience a year-on-year growth of 3.4% [1] - Apple managed to reduce its year-on-year decline to 1.3% through strategic price adjustments that qualified certain models for subsidies [1]

Core Viewpoint - The potential removal of the camera button from future iPhone models may lead to a broader trend among smartphone manufacturers, particularly in the Chinese market, to reconsider the necessity of this feature [1][3][31] Group 1: Industry Trends - Recent reports suggest that Apple may eliminate the camera button in the next iPhone generation, influencing other manufacturers to follow suit [1][3] - Several leading Chinese brands are reassessing the inclusion of the camera button in their upcoming flagship models, indicating a shift in design philosophy [3][10] - The trend of adopting features based on Apple's design choices has been prevalent among Chinese manufacturers, often leading to a lack of innovation [8][13] Group 2: User Feedback and Experience - User feedback on the camera button has been polarized, with some praising its professional feel while others criticize its practicality and ease of use [21][29] - The camera button has been described as cumbersome and not intuitive, leading to operational difficulties that detract from the user experience [17][25] - Many users prefer touchscreen controls over the physical camera button, indicating a preference for simplicity and efficiency in smartphone design [29][30] Group 3: Market Dynamics - The introduction of the camera button was seen as a strategy by Apple to differentiate its Pro series, targeting a niche market of professional users [29][30] - The follow-up by Chinese manufacturers appears to be driven by competitive anxiety rather than genuine innovation, as they seek to match Apple's offerings [30] - As market dynamics evolve, manufacturers may prioritize essential features like battery life and signal strength over less critical functionalities like the camera button [30][31]