03 每日焦点 01 大盘 昨夜美股三大股指持续震荡。截至收盘，道指平收 0%，纳指跌 0.5%，标普跌 0.27%。恐慌指数VIX涨 1.83%至17.26。美元指数昨日跌 0.41%，报98.65。美国十年国债收益率跌1.051%，收报4.424%，相较 两年期国债收益率差46.8个基点。现货黄金昨日涨 0.98%，报3354.93美元/盎司。布伦特原油收涨5.02% 至69.91。 美国5月CPI数据全线低于预期，核心CPI仅增长0.1%。随后特朗普再次呼吁美联储降息100个基点。美 国上诉法院裁定特朗普关税在上诉期间继续生效。欧盟希望贸易谈判延长至特朗普设定的7月最后期限 之后。特朗普对达成伊核协议信心减弱。伊朗防长：如果核谈判失败并与美国发生冲突，伊朗将打击该 地区的美军基地。洛杉矶市中心实施宵禁至当地时间周三早上六点。美国总检察长：特朗普将在加州动 用"霍布斯法"。 02 行业&个股 行业板块方面，除能源、公用事业、医疗和工业分别收涨1.45%、0.06%、0.05%和0.05%外，标普其他6 大板块悉数收跌：原料、房地产、日常消费、半导体、通讯和科技分别收跌0.99%、0.54%、0.34%、 ...

本报记者贾丽 6月11日，在华为Pura 80系列及全场景新品发布会上，华为技术有限公司（以下简称"华为"）常务董 事、终端BG董事长余承东宣布，配备行业首个双镜长焦的全新手机Pura 80系列正式上市，成为首款全 面搭载HarmonyOS 5.1操作系统（以下简称"鸿蒙5.1"，也被称为原生鸿蒙）的高端直屏手机。 余承东表示，华为Pura 80系列升级第八代ISP，配合一英寸RYYB超大底传感器，实时数据处理能力提 升200%，并让AI色彩引擎能力提升120%，AI降噪提升113%，AI实时HDR提升41%，实现视频能力跨 越式升级。 华为Pura 80系列是华为定位中高端领域的重要旗舰手机，也是其加速回归和抢占高端市场的重要"利 器"。Counterpoint发布的数据显示，今年一季度，华为手机以19.4%的份额再度成为中国市场第一，达 到2021年以来的最高份额，同比增长28.5%。其中，华为Pura 70系列手机起到不可或缺的作用。 Techinsights发布的数据显示，华为Pura 70系列手机上市8个月销量突破千万台。 菁锐智库特聘专家袁博对《证券日报》记者表示，华为Pura 80系列手机的发布 ...

在智能手机行业陷入创新同质化的当下，华为Pura 80系列正以"移动影像引领者"的姿态撕开市场裂 口。 6 月 11 日，在华为 Pura 80 系列及全场景新品发布会上，华为正式带来了上半年旗舰产品华为 Pura 8 0 系列，起售 价 6499 元（华为 Pura 80 Pro ）。 过去十多年， P 系列成为华为登顶全球高端市场的核心引擎。从 P9 的徕卡联名奠定影像标杆，到 P20 Pro 的"夜视仪"震撼行业，再到 P30 Pro 潜望长焦改写规则， P 系列以影像为矛，硬生生在 国外品牌垄断多年的高端手机市场撕开口子，将华为送上全球高端三强宝座。 2024 年，华为 P 系 列重磅升级为 Pura 系列，影像体验全面升级。 从此次发布看，华为 Pura 80 系列的登场正在触发一系列连锁反应——不仅是华为技术突围的具象 化呈现，更可能成为搅动高端市场格局的"鲇鱼"。 重构高端市场产品坐标系 这种定位调整暗藏精妙的战略部署，在华为的高端产品矩阵中， Mate 系列负责技术参数的全面碾 压， Pura 系列则专攻影像美学的情感共鸣。就像徕卡之于相机行业，华为 Pura 80 系列 正在尝试 建立移动影 ...

作者 | 黄昱 编辑 | 王小娟 比去年晚了两个月，华为今年首个高端旗舰手机终于来了。 6月11日，华为举办Pura 80系列及全场景新品发布会。这是华为手机回归5G后，Pura系列（原P系列）首次拥有了正式发布会后才发售，与此同时，Pura 80 系列是华为首款全面搭载纯血鸿蒙（鸿蒙5.1）的高端旗舰手机。 Pura 80系列继续在影像能力上突破，搭载了一英寸超大底传感器、红枫原色影像、AI辅助构图等，同时喊出了"舞台神器"的口号。 影像能力之外，搭载纯血鸿蒙也是Pura 80系列备受关注的点。 众所周知，为了确保用户能有海量的APP使用，2019年前被迫"备胎转正"的鸿蒙系统，设计了可以兼容安卓应用的双框架。经过几年的努力后，鸿蒙成为了 全球第三大手机操作系统，华为也在2023年全面启动鸿蒙原生应用的开发工作，目标指向与安卓彻底割席。 单框架的鸿蒙5.0在去年10月正式发布。彼时华为常务董事、终端BG董事长余承东透露，自2023年9月25日吹响鸿蒙原生集结号至今，已有超15000个鸿蒙原 生应用和元服务上架，是4个月前的10倍。 然而，基于原生鸿蒙生态尚未完全成熟，去年11月发布的华为Mate 70系列同 ...

据介绍，Pura 80系列手机出厂搭载HarmonyOS 5.1操作系统，全新小艺再升级，新增AI视觉识别能力。价格方 面，华为Pura 80 Pro售价 6499元起，华为Pura 80 Pro+ 售价7999元起。华为Pura 80 Ultra售价9999元起。 6月11日，华为召开Pura 80系列及全场景新品发布会，正式发布Pura 80系列手机。 "科技长跑拼的是长期的研发投入耐力！"华为常务董事、终端BG董事长余承东在主题演讲中表示，过去的一 年华为的研发投入接近1800亿元（1797亿元），其中，600亿元用在基础研究，1200亿元用在产品研发，华为 去年研发费用占营业收入超过20.8%，累计全球有效授权专利15万件。 在发布会之前，华为Pura 80已开启预约，截至6月11日下午发布会结束之前，华为商城上华为Pura 80 Pro和华 为Pura 80 Pro+预约数已达到28.4万。 华为又有新品发布。 6月11日，在发布会开始，华为常务董事、终端BG董事长余承东表示，科技长跑拼的是长期的研发投入耐力， 过去十年，华为累计研发投入12490亿元，刚刚过去的一年华为的研发投入接近1800亿元（ ...

Group 1: Investment Environment - The global investment environment is currently complex, requiring investors to be more cautious in asset allocation [1][5] - The focus for global investors in the second half of the year will be on tariffs, potential Fed rate cuts, and global diversification [2][4] - The "American exceptionalism" theory may no longer apply, prompting a shift towards global asset allocation [2][4] Group 2: Sector Opportunities - In the U.S., technology and power sectors are highlighted as attractive investment areas [1][7] - In Asia, China's technology sector shows significant appeal [1][7] - In Europe, defense, industrial sectors, and small-cap stocks present investment opportunities [1][7] Group 3: Economic Outlook - China's economy is expected to remain resilient, with potential monetary policy easing of 50-100 basis points, releasing approximately 1 trillion yuan in liquidity [4] - The U.S. economy may face challenges, with inflation expected to rise and GDP growth forecasted at 1.5% [4] - The U.S. faces significant debt repayment pressures, with interest payments reaching 1 trillion dollars [4] Group 4: Market Strategies - A neutral outlook is held for U.S. equities, with high valuations limiting upside potential [6] - Seeking permanent income through high-rated bonds is recommended, along with diversification in fixed income strategies [7] - A mid-term weakening of the dollar is anticipated, suggesting reduced exposure to dollar cash and increased allocation to currencies like yen, euro, pound, and Australian dollar [7] Group 5: Long-term Investment Directions - Focus on transformative innovation opportunities such as artificial intelligence, power and resources, and longevity economy [8] - Artificial intelligence is viewed as a significant investment opportunity, contributing to GDP growth [8] - Global electricity consumption is expected to grow, particularly in construction, industry, and transportation sectors [8]

瑞银在 2025 年第二季度开展的第 21 次瑞银证据实验室智能手机调查中，覆盖了美国、英国、德国、日本和中国。调查结论如下： 关税显然正在影响全球智能手机买家的情绪 如果美国最终对进口智能手机征收关税，无论是通过基本关税 / 互惠关税，还是与使用非美国原产半导体组件相关的 "232 条款" 关税（链接）， 原始设备制造商可能不得不提高价格。 如果他们这样做，全球涨价可能更有可能分散影响，避免全球套利。因此，了解智能手机市场对此的反应必须超越美国市场。无论如何，关税讨 论似乎已经影响了潜在智能手机买家的情绪。在表示未来 12 个月内不太可能购买智能手机的受访者中，19% 的人提到担心关税对价格的影响是他 们这样做的原因。 理想换机周期持续延长至 31.1 个月（2024 年第四季度 / 2024 年第二季度分别为 29.7 个月 / 29.6 个月）。 特别值得注意的是，美国未来 12 个月的购买意向大幅下降至 37%（2024 年第四季度 / 2024 年第二季度分别为 50%/44%）。 积极的一面是，在表示未来 12 个月内可能购买智能手机的受访者中，82% 的人表示，如果原始设备制造商提高平均售价以抵 ...

Core Viewpoint - The article discusses the transformation of industries and the necessity for policy innovation in response to economic changes since 2022, highlighting the divergence in economic indicators and the impact of external factors on domestic industries [1][6]. Group 1: Industry Transformation and New Challenges - Since 2022, the economic transformation has entered a "new stage," characterized by a downward trend in the contribution of traditional sectors like real estate, with growth rates for real estate-related industries dropping below 2% [7][24]. - The pressure in this new stage is increasingly focused on terminal demand, leading to a decline in PPI while CPI remains weak, indicating a shift of excess capacity to downstream sectors [13][24]. - The transformation has resulted in a significant decline in the growth rate of traditional industries, similar to trends observed from 2011 to 2015, which ultimately stabilized the economy [7][13]. Group 2: Policy Innovation - The effectiveness of traditional policy frameworks has diminished, necessitating comprehensive policy innovation to address the new economic landscape [1][35]. - By the end of 2024, a comprehensive optimization of the policy framework was initiated, focusing on supply-side structural reforms and enhancing the targeting of structural policies [35][42]. - The new policy framework emphasizes high-quality development, high-level openness, and sustainable growth, with a shift from investment-driven to people-centered approaches [3][121]. Group 3: External Shocks as Accelerators - External shocks, particularly during the tariff phases, have accelerated domestic industrial upgrades, with significant shifts in trade structures observed [64][65]. - The first phase of tariffs led to a notable increase in high-value-added industries, while the second phase primarily impacted low-value-added consumer goods, which were already experiencing significant internal competition [64][101]. - The export structure has improved, with a decrease in the proportion of exports to the U.S. and an increase in exports to non-U.S. economies, particularly in the context of the Belt and Road Initiative [83][90]. Group 4: Focus on "Anti-Internal Competition" and Service Sector - The new policy framework is expected to focus on "anti-internal competition" and the service sector, which can absorb structural employment pressures during the transformation process [4][121]. - The service sector has become the largest employment absorption area, yet it faces significant supply shortages, indicating a need for increased support and demand stimulation [4][121]. - By the second half of 2025, the main macroeconomic indicators may experience a "strong-weak conversion," with potential downward pressure on manufacturing and positive improvements in service sector investments and consumption [4][121].

Core Viewpoint - Xiaomi is facing a significant trust crisis in the automotive sector, stemming from safety controversies and misleading marketing claims, which contrasts sharply with its previous success in consumer electronics [1][2][3] Group 1: Trust Crisis and Consumer Expectations - The controversy surrounding the SU7 Ultra carbon fiber hood highlights the mismatch between Xiaomi's marketing strategies and the rigorous standards of traditional automotive manufacturers [1][2] - Consumers' expectations for technology in the electric vehicle era have been amplified, leading to a conflict between internet-driven marketing and engineering ethics [2][3] Group 2: Response and Accountability - Xiaomi's response to the carbon fiber hood issue, including offering compensation, has been criticized as inadequate compared to its previous handling of other issues, such as the full reimbursement for parking assistance flaws [2][3] - Legal implications suggest that if false advertising is confirmed, Xiaomi could face substantial penalties, emphasizing the importance of maintaining technical integrity in the automotive sector [2] Group 3: Industry Implications and Regulatory Changes - The crisis has prompted a broader industry reflection, with consumer-driven testing and increased regulatory scrutiny reshaping marketing practices and standards in the automotive field [3][4] - Recent regulations from the Ministry of Industry and Information Technology and the State Administration for Market Regulation require truthful and comprehensive information regarding smart connected vehicles, indicating a shift towards more regulated industry practices [4] Group 4: Future Outlook - The current trust crisis may serve as a pivotal moment for Xiaomi, potentially marking its transition from a cross-industry challenger to a mature automotive enterprise [4] - The situation underscores the necessity for companies to embed sincerity into every aspect of vehicle production to thrive in the competitive electric vehicle market [4]

当华尔街还在为AI驱动的智能手机"超级周期"描绘美好前景时，UBS最新调查数据如一盆冷水泼向市场——全球智能手机购买意愿正在急剧萎缩，苹果更 是首当其冲。 据追风交易台消息，本周瑞银发布调查报告，对横跨五国（美、英、德、日、中）的7500名消费者进行的调查显示，未来12个月的智能手机购买意向已从 去年四季度的39%下滑至36%，与去年同期持平。 其中，美国市场的崩塌式下滑尤为引人注目，其远期购买意向从四季度惊人的50%暴跌至37%，同比也低于去年的44%。瑞银分析师David Vogt在其报告 中指出： 美国市场远期购买意向的急剧下滑尤其值得注意。消费者在美国可能征收新关税前，已经提前释放了需求。 苹果首当其冲，iPhone光环褪色 与此同时，消费者的"换机拖延症"正变得愈发严重。 被称为"期望更换周期"的数据——即消费者计划持有多久才更换新手机——已经从去年四季度的29.7个月，悄然延长至31.1个月（约2.59年）。 在这场全面的市场降温中，苹果公司感受到的寒意或许最为直接。 调查显示，iPhone的未来12个月购买意向份额已从去年四季度的18%降至14%。 在美国这个关键市场，其跌幅更为惨重，从24%大 ...