人民财讯12月25日电，小米17Ultra发布，售价6999元起。 ...

市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 小米正式发布小米17 ultra，起售价6999元起。 风险提示及免责条款 ...

Core Insights - The folding screen smartphone market is transitioning from a niche curiosity to a mainstream practical choice, driven by technological maturity and decreasing prices [1][5][26] - The user base is expanding, with 17.9% of users aged 18-24, and over 90% of consumers considering a folding screen for their next phone [1][14] - Huawei leads the market with nearly 70% share and has become the first brand to exceed 15 million cumulative shipments of folding screen devices [3][8] Market Trends - In 2024, China's folding screen smartphone shipments are expected to reach 9.69 million units, with 7.62 million units shipped in the first three quarters of 2025 [3] - The market is showing steady recovery, particularly in the high-end segment priced above 10,000 yuan [3] Technological Advancements - The transition from "niche curiosity" to "mainstream practicality" is driven by advancements in hardware technology, software ecosystems, and innovative product forms [5][26] - Huawei has pioneered the development of key technologies such as the water-drop hinge and the Tian Gong hinge system, which have become mainstream in folding screen design [9][26] Consumer Demographics - Folding screen smartphones are increasingly appealing to younger consumers, who view them as symbols of innovation and personal taste [10][14] - Among young users, a higher percentage purchase folding screens for entertainment and innovative experiences compared to the overall consumer base [10][14] User Preferences - 95.5% of consumers express willingness to switch to a folding screen phone, with reliability, battery life, and hardware specifications being key decision factors [14] - Huawei is the preferred brand for 67.4% of consumers considering a folding screen device [14][16] Software and Ecosystem - Huawei's Mate XTs integrates PC-level applications, enhancing productivity in various scenarios and providing a desktop-like experience on mobile devices [18] - The integration of AI capabilities is expected to revolutionize the interaction and productivity of folding screen devices, making them more efficient and user-friendly [19][21] Future Outlook - The combination of AI and folding screens is anticipated to drive a new wave of growth, transforming smartphones into intelligent hubs capable of handling complex tasks [23][28] - As the market matures, folding screen smartphones are expected to shed their niche status and become mainstream consumer choices, with Huawei continuing to define industry standards [26][28]

Core Insights - The 2025 foldable smartphone market continues to emphasize thinness and lightness, with models like OPPO Find N5 achieving a thickness of 8.93mm and a weight of 217g, which are now comparable to traditional smartphones [1][4] - Despite a 14% year-on-year decline in Q2, the foldable smartphone market in China rebounded with a 17.8% growth in Q3, largely driven by Huawei, which holds a 68.9% market share [1][4] - The trend towards lightweight designs is leading to compromises in imaging capabilities, which are critical for high-end devices, as manufacturers struggle to balance thinness with performance [3][7] Market Dynamics - The foldable smartphone segment is experiencing a shift towards new form factors, with companies like Huawei and Samsung introducing models that explore different folding mechanisms, such as the tri-fold and wide-fold designs [4][16] - The introduction of new ratios and designs, such as Huawei's Pura X and Samsung's Galaxy Z TriFold, indicates a move away from merely making devices thinner and lighter towards enhancing user experience and functionality [20][24] - Xiaomi's decision to delay the launch of its new foldable device suggests a strategic pause to reassess the market direction amidst the current emphasis on lightweight designs [14][15] Consumer Expectations - As foldable devices become lighter, consumer expectations are shifting closer to those of traditional flagship smartphones, demanding high-quality imaging and performance without compromises [14][25] - The trade-offs made in hardware configurations, such as reduced camera specifications and fewer speaker channels, are becoming more noticeable to consumers, raising questions about the value proposition of foldable devices [11][12] - The success of new form factors, like the Pura X, which achieved significant sales shortly after launch, indicates a willingness among consumers to pay a premium for innovative designs that enhance usability [22][23] Future Outlook - The foldable smartphone market is at a crossroads, where the next phase of competition will focus on redefining user experience rather than just incremental improvements in size and weight [25][26] - Companies are exploring the potential of foldable devices to serve as hybrid devices between smartphones and tablets, suggesting a broader rethinking of what foldable technology can offer [25][26] - The ongoing developments in foldable technology highlight the industry's need to address the unique advantages of foldable devices beyond just being thinner and lighter [25][26]

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 小米集团-W（01810）发布公告，于2025年12月24日该公司斥资1.49亿港元回购380万股，回购价格为 每股39.08-39.26港元。 责任编辑：卢昱君 客户端 责任编辑：卢昱君 客户端 小米集团-W（01810）发布公告，于2025年12月24日该公司斥资1.49亿港元回购380万股，回购价格为 每股39.08-39.26港元。 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 ...

快科技12月25日消息，今晚7点，小米年度压轴旗舰小米17 Ultra将正式登场。 作为年末安卓旗舰市场的重磅选手，该机凭借"第五代骁龙8至尊版+徕卡深度共创"的双buff加持，从性 能到影像全面突破，提前锁定"年度旗舰标杆"热度，成为数码圈最受期待的新品之一。 作为Ultra定位产品，小米17 Ultra在性能层面的选择并不意外——搭载第五代骁龙8至尊版。 骁龙平台在高端安卓阵营中长期扮演着"性能底座"的角色，其优势并不仅体现在跑分数字上，更在于稳 定性、功耗控制以及游戏和多媒体场景中的持续输出能力。对于Ultra级产品来说，"高性能只是起点， 持续高性能才是门槛"。 第五代骁龙8至尊版采用高通自研第三代Oryon CPU，最高主频达4.6GHz，配合全新切片架构GPU，不 仅安兔兔跑分轻松突破400万大关，Geekbench 6更是交出单核3559分、多核10854分的亮眼成绩。 强劲硬件带来极致体验，搭配满血LPDDR5X内存与UFS4.1闪存，APP启动、4K视频剪辑、大型游戏加 载均秒速响应。 | System Information | | | --- | --- | | Operating Sy ...

Group 1 - Canon is considering outsourcing the production of some low-end products, particularly cameras and printers, due to increasing pressure on profit margins in the entry-level camera market [1][3] - The company had previously shut down its camera factory in Zhuhai, Guangdong, which primarily produced compact and entry-level cameras, indicating a shift in focus away from the low-end camera market [1][3] - The decline in entry-level cameras is attributed to the significant advancements in smartphone imaging technology, which has increasingly encroached on the market share of compact cameras [3][4] Group 2 - The entry-level camera segment has been in a long-term decline, with global digital camera shipments dropping from nearly 100 million units in 2010 to around 7-8 million units annually since 2020, representing a reduction to about one-tenth of its peak [11] - The traditional compact camera market has seen shipments fall from tens of millions to less than 2 million units, while low-end interchangeable lens cameras are also experiencing a contraction [11] - In contrast, flagship imaging smartphones are gaining popularity, with brands like Xiaomi seeing significant market share growth in Japan, particularly with high-end models like the Xiaomi 14 Ultra [13][15] Group 3 - Despite the overall decline in entry-level cameras, some manufacturers are still releasing new products, focusing on Vlog video capabilities to avoid direct competition with smartphones [16][18] - Canon and other brands are shifting their target audience for entry-level cameras from casual users to content creators, aligning with current market trends and consumer demands [18] - The potential outsourcing of entry-level camera production by Canon may indicate that this segment will not be entirely abandoned, but rather repositioned within the market [18]

Core Insights - Huawei is increasing the proportion of domestic components in its high-end smartphones, with the 2024 model "Mate70Pro" featuring approximately 57% Chinese-made parts, and the 2025 model "Pura80Pro" maintaining the same percentage [1][3][4] - The estimated cost of components for the "Pura80Pro" is $380, which remains unchanged from the previous year [3] - The shift towards domestic sourcing is largely driven by U.S. export controls that began in 2019, which have restricted American companies from trading with Huawei [6] Component Cost Analysis - The analysis conducted with Fomalhaut Technology Solutions reveals the procurement ratios of components from various countries, showing a significant decrease in the share of parts sourced from Japan, the U.S., and South Korea, which collectively dropped by over 20 percentage points since 2023 [4] - The trend indicates a strengthening of China's semiconductor supply chain, particularly in CPU and memory chip production, as Huawei capitalizes on the opportunity to enhance domestic manufacturing capabilities [1][6] Market Context - The increase in domestic component usage reflects a broader industry shift towards self-sufficiency in semiconductor technology, particularly in the context of advanced applications like artificial intelligence [1]

Group 1 - Mercedes-Benz (China) has delayed payments to suppliers for over two years, with outstanding amounts related to the AMG project exceeding 1.482 million yuan [3][4] - The total payable amount confirmed by Ernst & Young for the AMG project is 6.994 million yuan, but the payment process has been stalled due to various excuses from Mercedes-Benz [3][4] - The new regulations effective from June 2025 require large enterprises to pay within 60 days after delivery, but many suppliers report difficulties in enforcing this policy [4][5] Group 2 - Doubao's daily active users have surpassed 100 million, making it one of the lowest-cost products among ByteDance's billion-level apps [7][9] - Doubao's marketing expenses are reported to be the lowest for any product achieving over 100 million DAU, indicating effective cost management [7][9] - The Seed team at ByteDance is seen as a core strategic business, focusing on large model foundational research and application [9] Group 3 - Shopee is set to launch a zero-commission policy for new stores starting January 1, 2026, aimed at reducing barriers for sellers entering overseas markets [12] - This initiative will allow sellers in specific Southeast Asian markets to operate their first store without commission for the first three months, with a cap of 500 orders per month [12] Group 4 - Yuan Minghong has appointed Sun Jin as the new CEO of Dongfang Zhenxuan, confirming leadership changes within the company [13][14] - Sun Jin has extensive experience within New Oriental, having joined in 2006 and held various leadership roles [13][14] Group 5 - Cloud Deep Technology, part of the "Hangzhou Six Little Dragons," has initiated IPO counseling, focusing on intelligent robotics [16][17] - The company recently completed over 500 million yuan in Series C financing, indicating strong investor interest and growth potential [17] Group 6 - UBTECH plans to acquire a controlling stake in A-share company Fenglong Co., with a total transaction value of approximately 1.161 billion yuan [22] - The acquisition will give UBTECH a 29.99% stake in Fenglong, changing the controlling shareholder to UBTECH [22] Group 7 - The new brand "Qijing" from Huawei and GAC has unveiled its first model, a hunting-style coupe, which is set to compete in the high-end electric vehicle market [30][31] - The vehicle will feature advanced technologies, including L3-level autonomous driving capabilities, and is expected to launch in June 2026 [30][31] Group 8 - The chairman of Lantu Motors discussed the "involution" in the new energy vehicle sector, emphasizing the need for genuine innovation rather than imitation [33][34] - He highlighted that true innovation should address user needs and improve product value, rather than merely competing on superficial features [34] Group 9 - NVIDIA plans to deliver H200 chips to Chinese customers before the Lunar New Year, with a unit price of 1.4 million yuan [36][37] - The expected shipment volume is between 5,000 to 10,000 modules, translating to approximately 40,000 to 80,000 H200 chips [36][37]

来源：光大证券微资讯 热点聚焦 1、隔夜，美股三大指数集体收涨，均录得日线5连涨。道指涨0.6%，标普500涨0.32%，纳指涨0.22%。 其中，标普500、道指均创历史收盘新高。当天盘前，英特尔股价直线跳水，盘中跌幅一度超过5%，收 盘跌0.52%。有报道称，英伟达已暂停对英特尔18A制程工艺的测试。同时，英伟达称并未收购AI芯片 初创公司Groq，仅为技术许可安排。此前报道称，英伟达拟以约200亿美元收购Groq。 2、隔夜，国际贵金属期货收盘涨跌不一。COMEX黄金期货持平，报4505.4美元/盎司；COMEX白银期 货涨1.04%，报71.88美元/盎司。12月25日1:16，现货白银短线拉升，向上触及72美元/盎司，日内上涨 0.8%。此前，黄金、白银在创下历史新高之后，一度跳水。北京时间25日5:59纽约尾盘，离岸人民币兑 美元报7.0074元，较周二纽约尾盘涨119点。 3、据环球时报，美国政府23日宣布，将在2027年对华芯片加征关税，结束了拜登政府发起的对华芯片 贸易调查。美媒分析称，尽管美国政府称中方在芯片产业中的做法"损害美国利益"，但最终决定至少在 18个月内不对华芯片加征额外关税。 ...