Core Insights - The competition between Apple and Samsung in the U.S. smartphone market has intensified, particularly focusing on screen size and innovation [1][2] Market Share Dynamics - In Q2, Samsung's U.S. market share increased from 23% to 31%, while Apple's share declined from 56% to 49% [2] - Despite the decline, Apple remains the leader in new smartphone sales in the U.S. [2] Stock Performance - Apple's shares have decreased by 7.5% this year, underperforming most U.S. megacap tech companies, except Tesla [3] - In contrast, Samsung's stock has risen approximately 35% in 2025 [3] Product Innovations - Samsung launched new foldable phones, including the Z Fold 7 and Z Flip, which have gained significant attention on social media [4][5] - The Z Fold 7 has been highlighted for its durability, with a user demonstrating its resilience through extensive bending tests [5] Pricing Strategy - Samsung offers a wide range of products, with prices ranging from $650 to $2,400, allowing it to cater to various market segments [8] - Apple's iPhone lineup has remained relatively static in design since 2017, with prices ranging from $829 to $1,599 [8] Future Developments - Apple is expected to introduce a new slimmer iPhone model soon, potentially competing with Samsung's Galaxy Edge [9] - Analysts predict that Apple may launch its first foldable iPhone in 2026, which could allow for higher pricing opportunities [10][11]

Summary of Global Switch Market Conference Call Industry Overview - The conference call discusses the global switch market, focusing on data center switches and campus switches, with an emphasis on the impact of generative AI on demand and specifications [1][2][10]. Key Points Market Growth Projections - The global switch market is expected to reach **US$54 billion** in 2025 and **US$66 billion** in 2026, with data center switches projected to grow **42% YoY** to **US$38 billion** in 2025 and **32% YoY** to **US$50 billion** in 2026 [2][10]. - Data center switch ports shipment is anticipated to increase to **93 million** units in 2025 and **144 million** units in 2026, reflecting a **50%** and **55% YoY** growth respectively [2][10]. Demand for High-Speed Transmission - The demand for switches is shifting towards high-speed transmission due to the adoption of generative AI, with **800G switch value** expected to grow **159%** in 2025 and **92%** in 2026 [1]. - Customized switch solutions are increasingly sought after to meet specific client needs across various AI application scenarios [1]. Campus Switches Stability - Campus switch ports volume is expected to remain stable, with a slight decline of **-1%** in 2025 and flat growth in 2026, primarily serving educational and small to medium business clients [11]. - The mix of switch types is projected to upgrade, with **25G** and **100G** switches increasing from **0.6%** and **0.2%** in 2024 to **0.7%** and **0.3%** in 2026 [11]. Revenue and Pricing Insights - Data center switch revenues are projected to grow significantly, with the average selling price (ASP) per port expected to rise from **US$186** in 2023 to **US$240** in 2026 [10]. - The overall revenue from switch ports is expected to increase from **US$39.7 billion** in 2023 to **US$66.4 billion** in 2026 [10]. Competitive Landscape - Key players mentioned include Ruijie, Huaqin, Hon Hai/FII, Arista, Dell, and Broadcom, indicating a competitive environment with various brands and technologies [3]. Additional Insights - The attach ratio of switch ports per GPU is projected to increase, indicating a growing need for high-performance computing solutions in data centers [16]. - The conference highlights the importance of adapting to technological advancements and client demands in the switch market, particularly in the context of AI and high-speed networking [1][10]. Conclusion - The global switch market is poised for significant growth driven by advancements in AI and high-speed transmission requirements, with data center switches leading the charge. The stability in campus switches suggests a mature market segment, while the competitive landscape remains dynamic with several key players vying for market share.

| 中东地区(不含土耳其)智能手机出货量和年增长率 | | | | | | | --- | --- | --- | --- | --- | --- | | Canalys 智能手机分析统计数据: 2025 年第二季度 | | | | | | | 2025 年 | | 2025 年 | 2024 年 | 2024 年 | 운동 | | 第二季度 | | 第二季度 | 第二季度 | 第二季度 | | | 대 분통 | | 市场份额 | 대응흥 | 市场份额 | | | - 商 | (百万部) | | (百万部) | | | | 三星 | 4.5 | 34% | 3.3 | 28% | 39% | | 小米 | 2.3 | 17% | 2.3 | 20% | 1% | | 传音 | 2.0 | 15% | 1.8 | 16% | 13% | | 荣耀 | 1.3 | 10% | 0.7 | 6% | ਰੇਟੇ% | | 車道 | 1.1 | 8% | 1.1 | 10% | 1% | | 其他 | 1.9 | 15% | 2.4 | 21% | -19% | | 会计 | 13.2 | 100% | 11.5 | ...

每经AI快讯，荣耀今日官宣新款折叠屏旗舰手机荣耀Magic V Flip2将于8月21日发布，产品slogan为"小 高定，大自拍"，将在影像、外观、续航等方面迎来升级。 ...

Core Viewpoint - The Southeast Asian smartphone market is experiencing a slight decline in shipments due to ongoing tariff uncertainties, with a projected 1% decrease in Q2 2025, resulting in 25 million units shipped [1][3]. Market Performance - Xiaomi regained the top position in the Southeast Asian smartphone market for the first time in four years, with shipments of 4.7 million units and a market share of 19%, reflecting an 8% year-on-year growth [1][8]. - Transsion ranked second with 4.5 million units shipped and an 18% market share, showing a significant 17% increase year-on-year [1][8]. - Samsung followed closely in third place with 4.3 million units and a 17% market share, but experienced a 3% decline year-on-year [1][8]. - OPPO ranked fourth with 3.5 million units shipped and a 14% market share, facing a 19% year-on-year decline [1][8]. - Vivo, in fifth place, shipped 2.8 million units with an 11% market share, down 21% year-on-year [1][8]. Competitive Strategies - Xiaomi's success is attributed to its direct-to-consumer (DTC) and carrier channel expansion, which laid a solid foundation for scaling its sub-brands [3]. - Samsung has strengthened its channel diversification and high-end positioning through its enterprise market strategy, enhancing its average selling price (ASP) and creating new revenue streams beyond traditional retail [3]. - In the competitive landscape, differentiation beyond pricing remains a challenge for all manufacturers, with Xiaomi and Transsion leading in the low-price segment due to competitive pricing and active channel incentives [3]. Emerging Opportunities - TikTok's rapid expansion in the consumer electronics sector is opening new growth channels for smartphone manufacturers in Southeast Asia, with brands like Infinix and Xiaomi leveraging the platform for sales of low-cost models [6]. - The collaboration with local sellers and brands on TikTok, along with significant investments in partnerships and authorized brand stores, mirrors the early development stages of platforms like Shopee and Lazada [6].

8月12日，一则关于荣耀前CEO赵明或将加盟智界汽车的消息在网络发酵。 不过，从赵明本人的规划来看，短期内回归高强度工作的可能性不大。 公开资料显示，赵明于2025年1月因身体原因辞去荣耀CEO等职务。他当时在告别信中表示，常年高强 度工作让身体不堪重负，未来一段时间需要调整修复、陪伴家人。 赵明于1998年加入华为，2015年起担任荣耀总裁，是带领荣耀品牌从华为内部走向独立，并成功穿越周 期、实现市场份额V形反弹的核心人物。自其卸任后，荣耀由同为华为"老将"的李健接任CEO，目前正 处在推进IPO的进程中。 采写：南都湾财社记者 严兆鑫 程洋 对此，南都湾财社记者向华为内部人士求证，对方表示，智界内部没有相关消息的声音。同日，赵明本 人也在回应媒体时予以明确否认，称"不会的"。 此次传闻发酵的背景，与智界品牌刚刚宣布进入"2.0阶段"有关。8月7日，奇瑞与华为宣布深化战略合 作，将共同向智界品牌投入超百亿元，并成立独立运营的智界新能源公司。此次独立运作后，双方分工 进一步明确，华为将在管理与战略上全面主导，奇瑞则全力保障制造与体系协同。 据悉，智界此举旨在解决此前因双方磨合、供应链等问题导致的销量与交付困境 ...

赵明 视觉中国 此前于8月7日，华为与奇瑞在深圳签署智界品牌战略2.0合作协议，并举行智界汽车上海-深圳双设计中 心开业仪式。智界品牌将投资超过100亿元，研发团队规模将增至5000人。双方还将成立智界新能源公 司，推动研发、生产、销售、服务一体化独立运作。 华为常务董事、终端BG董事长余承东表示，智界会让大家"眼前一亮又一亮"，未来智界品牌计划发布 多款新品，进一步拓展新能源汽车市场。 【文/观察者网 潘昱辰 编辑/高莘】日前，网传荣耀前首席执行官（CEO）赵明将加入智界汽车。对此 消息，赵明本人向网易科技回应称"不会的"，奇瑞内部人士也对此进行了否认。 作为华为鸿蒙智行的第二"界"，智界品牌于2023年9月正式发布，先后上市轿车S7和SUV R7两款车型， 涵盖纯电动和增程式两种动力，但先前市场表现未能达到预期。 今年7月，智界品牌正式发布新LOGO。接着便是华为与奇瑞签署2.0合作协议，标志着智界的发展步入 新阶段。而智界新款车型也已开启预售。 而被传加入智界的赵明早在1998年便加入华为，曾任华为CDMA/WiMAX/TD产品线总裁、全球无线解 决方案销售部部长、意大利代表处代表、西欧地区部副总裁等职 ...

Core Viewpoint - The global smartphone shipment volume slightly decreased to 288.9 million units in Q2 2025, primarily due to moderate consumer demand, leading to restrained market growth [1] Global Smartphone Vendors Overview - Samsung maintained its position as the largest vendor with a shipment of 57.5 million units, a year-on-year increase of 7%, driven by the Galaxy A series targeting the mass market [1][3] - Apple ranked second with iPhone shipments of 44.8 million units, experiencing a 2% decline year-on-year, facing challenges from intense competition in China and inventory adjustments in the U.S. market [1][3] - Xiaomi held the third position with 42.4 million units shipped, showing strong performance in Latin America and Africa [1][3] - Vivo ranked fourth with a shipment of 26.4 million units, reflecting a 2% year-on-year growth, particularly strong in the Indian market [1][3] - Transsion ranked fifth with 24.6 million units shipped, marking a 3% decline year-on-year [1][3] Regional Market Insights Middle East & Africa - Transsion led with a 35% market share, growing by 6% year-on-year, followed by Samsung at 25% with a 19% increase [4] Latin America - Samsung captured 32% of the market with an 8% growth, while Xiaomi held 20% with the same growth rate [5] Europe - Samsung led with a 31% market share but saw a 10% decline, while Xiaomi grew by 11% to capture 23% [5] Mainland China - Huawei led with an 18% market share, growing by 15%, followed closely by Vivo at 17% with a 10% decline [8] India - Vivo dominated with a 21% market share, experiencing a significant 31% growth, while Xiaomi faced a 25% decline [8] United States - Apple led with a 49% market share but saw a 10% decline, while Samsung grew by 38% to capture 31% [9] Brazil - Samsung held 40% of the market, experiencing a 3% decline, while Lenovo captured 24% with an 8% decline [9] Mexico - Samsung led with a 23% market share, facing a 2% decline, while Xiaomi held 18% with a 13% decline [11] Canalys Smartphone Horizon Service - Canalys, now part of Omdia, offers a comprehensive view of global smartphone shipment estimates, including quarterly market share data and in-depth analysis of specifications such as storage, processors, and cameras [12]

Investment Rating - The report reiterates a BUY rating for Xiaomi Corporation with a price objective of HKD 69.00, while the current price is HKD 54.00 [4][5]. Core Insights - Xiaomi's 2Q operating profit is expected to reach CNY 9.6 billion, reflecting a 3% decrease quarter-over-quarter but a 66% increase year-over-year. Revenue is projected at CNY 114 billion, a 3% decrease quarter-over-quarter but a 29% increase year-over-year, primarily due to slower smartphone shipments. However, gross margin is anticipated to grow by 0.3 percentage points to 23.1% due to a higher sales mix of IoT products [1][15]. - The report highlights a robust growth in IoT revenue, expected to increase by 38% year-over-year, driven by subsidies, mid-year promotions, and the peak season for air conditioners. This growth is seen as a counterbalance to the weakness in smartphone sales [2][12]. - Demand for electric vehicles (EVs) remains strong, with Xiaomi shipping 81,000 units in 2Q. The gross margin for EVs is expected to expand to 25% due to higher average selling prices. Despite supply bottlenecks, demand is stable, indicating a strong brand image and sustainability [3][13]. Summary by Sections 2Q Earnings Preview - Expected real operating profit: CNY 9.6 billion (-3% QoQ, +66% YoY) - Revenue forecast: CNY 114 billion (+3% QoQ, +29% YoY) - Anticipated gross margin: 23.1% (+0.3 ppt QoQ) [1][15]. Smartphone and IoT Performance - Global smartphone shipments: 42.4 million units (+1% QoQ, flat YoY) - China shipments: 10.4 million units (-22% QoQ, +4% YoY) - IoT revenue growth forecast: 38% YoY [2][12]. Electric Vehicle Outlook - EV shipments in 2Q: 81,000 units - Expected gross margin for EVs: 25% - July shipments: over 30,000 units, indicating strong demand despite supply issues [3][13]. Adjusted Earnings Estimates - 2025E adjusted earnings raised by 4% - Fine-tuning of 2026-27E estimates to reflect current business outlook [4][16].

Investment Rating - The report maintains a Buy rating for Xiaomi shares, with a target price of HK$69, down from HK$73, reflecting a long-term growth thesis intact [5][11][28]. Core Insights - Xiaomi is expected to report strong 2Q25 results, with adjusted net profit projected at RMB 10.4 billion, representing a 68% year-over-year increase, despite a slight decline from the previous quarter [2][3]. - The company anticipates total revenue of RMB 114 billion for 2Q25, a 47% year-over-year increase, driven by robust IoT and EV sales [3][9]. - The smartphone segment is expected to remain flat year-over-year, with revenue of RMB 46.3 billion, while IoT revenue is projected to grow by 35% year-over-year to RMB 36 billion [3][8]. - The report highlights upcoming catalysts, including 3Q25 guidance, Phase 2 EV capacity ramp, and new product launches, which could positively impact the stock [11][28]. Revenue and Profitability - Total revenue for 2025 is estimated at RMB 483.5 billion, with adjusted net income expected to reach RMB 44.5 billion, reflecting a 63.3% growth [4][11]. - The gross margin for the overall business is projected to be 22.6% in 2025, with smartphone gross margin narrowing to 11.9% due to competitive pressures [4][8]. - EV sales are expected to contribute approximately RMB 20.7 billion in revenue for 2Q25, with gross margin improving to 24% [9][11]. Market Position and Strategy - Xiaomi's market share in the global smartphone market is reported at 14.5%, with a slight increase in the Chinese market share to 15.1% [8]. - The company is focusing on expanding its IoT and EV segments, with a strong emphasis on product mix and pricing strategies to maintain competitiveness [2][9][28]. - The report indicates a positive outlook for Xiaomi's smartphone business, driven by subsidy-driven demand in China and normalized component costs [28][29].