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。 ...

Core Viewpoint - Apple may face significant cost pressures due to rising memory prices as long-term contracts with suppliers are set to expire in January 2026, potentially leading to price increases for the iPhone 18 series [1][2] Group 1: Impact on Pricing and Sales - The anticipated rise in memory prices could force Apple to increase the prices of the iPhone 18 series, marking a departure from its recent strategy of maintaining prices despite enhanced specifications [1] - Analysts predict that if Apple raises the iPhone 18 series prices, the increase could be at least 5%, with entry-level models potentially starting above $800 and the Pro Max models beginning at $1,250 [1] - The increase in memory prices is not only affecting smartphones but also impacting laptops, gaming consoles, and networking products, indicating a broader "tech inflation" trend [1] Group 2: Supply Chain Dynamics - Apple has previously secured favorable long-term contracts with memory suppliers like Samsung and SK Hynix, which currently provide a significant portion of its memory needs, but these contracts are set to expire soon [2] - The price of LPDDR5X memory used in iPhone 17 Pro models has surged from $25-$29 to $70, reflecting a 1.8 times increase, which could affect future pricing strategies [2] - Apple is reportedly struggling to find suitable alternative suppliers for memory components, with Samsung currently supplying 60-70% of the required memory for the iPhone 18 series [2] Group 3: Market Sentiment and Brand Strength - Some industry experts believe that Apple's strong brand influence may allow it to maintain sales even with higher prices, as loyal customers may still be willing to purchase the new models [3] - The continuation of memory shortages and price increases leading up to the iPhone 18's release remains uncertain, but if the new models are well-received, there could be a positive outlook for the overall smartphone market [3]

每经编辑｜何小桃 多年以前，雷军曾有一句流传甚广的名言："站在台风口，猪都能飞上天。"他后来说，这句话是对他和小米最大的误会。他的本意是说，在进入新领域、 寻找新机会时，要放低姿态，虚心学习，既要埋头苦干，也要把握时机，顺势而为。 从手机到新能源车，小米的发展一直在风口之上。正如小米汽车YU7的品牌语言"陆地战车，御风而行"，在过去一年，作为小米集团领路人，雷军需 要"驾御"着日益庞大的"小米战车"，在更高的发展阶段，特别是在新能源车赛道上"御风而行"。 这个过程中，还有"碳纤维盖板风波""169元车规级纸巾盒争议""宣传海报小字风波"⋯⋯每一个产品槽点，都会引发外界对雷军以及小米营销话术的质 疑。 但风口之上，也可能是风险之上，市场博弈和舆情风浪都考验着老司机的"驾驶技术"。因为这一年的小米，来到前所未有的新高度。 2025年三季报显示，小米集团总营收1131亿元，同比增长22.3%；经调整净利润113亿元，同比增长80.9%，创下历史新高。 这一年，小米手机在全球市场稳居前三，份额达到13.6%；小米YU7预售，官方宣称"3分钟大定突破20万台、1小时大定28.9万台"，创下行业奇迹；小米 汽车用不到20 ...

Group 1 - Volcano Engine will become the exclusive AI cloud partner for the 2026 Spring Festival Gala, with ByteDance's AI assistant Doubao also involved [1] - Douyin has previously served as the exclusive interactive platform for the Spring Festival Gala in 2019 and 2021, offering significant cash rewards during these events [2] - The AI industry has rapidly developed over the past three years, with AI assistant products potentially becoming the next major entry point for user growth [2] Group 2 - WeChat has debunked rumors that clicking on live stream links could lead to account theft, confirming that their security mechanisms are intact [3][5] - Kuaishou reported a black market attack on its platform, which is currently under urgent repair and has been reported to the authorities [5] Group 3 - Xiaohongshu has faced criticism for inadequate information review and regulatory oversight, particularly regarding the blocking of media content without explanation [6][8] - The Cultural and Tourism Bureau of Lijiang has called for Xiaohongshu to strengthen its information review responsibilities, citing issues with false content harming businesses [8] Group 4 - Apple is set to allow third-party headphones to receive notifications and pair with iPhones more easily, following the EU's Digital Markets Act [9][11] - These features will be tested by third-party manufacturers and are expected to be fully available in Europe by 2026 [11] Group 5 - Yingshi has reported a significant number of malicious attacks against its drone product, leading to legal action and a reward for information on the perpetrators [14] - The company has documented over 2,500 instances of false information targeting its product, which has been linked to competitive sabotage [14] Group 6 - Novo Nordisk's oral version of the weight loss drug semaglutide has received FDA approval and will be available in the U.S. starting January [19][20] - This marks the first approval of an oral GLP-1 weight loss drug globally, with significant market potential projected for oral weight loss medications by 2030 [19][20] Group 7 - The control of the listed company Read Culture is set to change hands, amid ongoing controversies involving its founders [21][22] - The company has faced challenges due to the decline of traditional book sales and increased competition from short video platforms [22] Group 8 - New regulations for live-streaming food sales are set to be implemented to enhance food safety oversight in the e-commerce sector [23][24] - The regulations will specify prohibited food categories and establish compliance requirements for live-streaming marketers [24]

【#小米17Ultra跑分出炉##小米17Ultra售价#】小米 17 Ultra（2512BPNDAC）今日出现在了 Geekbench 基准测试数据库中。Geekbench 数据显示，该机单核得分 3559 分，多核 10854 分，与小米 17 Pro 性能 释放一致。小米 17 Ultra 搭载了高通第五代骁龙 8 至尊版 SoC，配备至少 12GB 内存，运行基于安卓 16 的小米澎湃 OS 3。（IT之家） Geekbench Browser Geekbench 6 · Geekbench Al ▼ 10854 Multi-Core Score Geekbench 6.3.0 for Android AArch64 Result Information | | | System Information | System Information | | | --- | --- | | Operating System | Android 16 | | Model | Xiaomi 2512BPNDAC | | Model ID | Xiaomi 2512BPNDAC | | Motherboard ...

Core Insights - Xiaomi's ambition is revealed through its commitment to invest over 200 billion yuan in research and development over the next five years, emphasizing its strategic focus on AI as the next core area of competition [1][17] - The launch of the open-source large model MiMo-V2-Flash on December 17 is seen as a significant step in Xiaomi's AI strategy, showcasing its technological capabilities [2][18] Investment Strategy - The 200 billion yuan investment is not seen as reckless spending but rather a strategic move to solidify Xiaomi's identity as a "hardcore technology company" and to adapt to industry changes [4][20] - By 2025, Xiaomi plans to allocate over 30 billion yuan for R&D, with approximately 25% directed towards AI, indicating an annual investment of over 7.5 billion yuan in this area, positioning it among the top hardware manufacturers in China [12][28] Competitive Landscape - Xiaomi's previous focus was primarily on smartphones and automobiles, but the company aims to transcend these sectors by mastering core technologies such as AI, chips, and operating systems, which are essential for its "human-vehicle-home ecosystem" [5][22] - The competition in the AI sector is expected to be more intense than in smartphones and automobiles, with major players like Baidu, Alibaba, Tencent, Huawei, and OPPO already having significant investments and advancements in AI [15][31] Talent Acquisition - The recruitment of AI expert Luo Fuli, who was lured with a salary of 10 million yuan, highlights Xiaomi's commitment to building a strong AI team and its ambition in the AI field [12][28] - Luo Fuli's leadership in the development of the MiMo large model has raised expectations for Xiaomi's AI capabilities, with her stating that while the model may not be classified as a super-large model, its coding ability ranks among the top two globally [30] Market Recognition - Xiaomi's AI initiatives have garnered positive recognition from the capital markets, with Goldman Sachs expressing optimistic expectations for the company's AI developments, which are anticipated to enhance its core competitiveness and drive growth across its ecosystem [30]

Core Insights - The sales performance of smartphones priced above 4000 yuan in November 2025 highlights the competitive landscape in the high-end market, with Apple and Huawei leading due to strong brand influence, while Xiaomi and Vivo follow closely, indicating a multi-player competition [1][4] High-End Market Overview - In the mainstream high-end segment (4000 to 6000 yuan), there is a clear trend of market concentration, with Apple and Huawei at the forefront, while Xiaomi and Vivo maintain their positions [1][4] - In the ultra-high-end segment (above 6000 yuan), Apple retains a dominant position with its iPhone series, holding a market share of 76%, while Huawei and Xiaomi follow, collectively accounting for 94% of the market share in this price range [1][4] Competitive Dynamics - In the 5000 to 6000 yuan price range, the market ranking remains consistent with the ultra-high-end segment, where Apple, Huawei, and Xiaomi hold a combined market share of 82%, indicating high concentration and limited penetration for other brands [3][4] - The 4000 to 5000 yuan price segment has become a focal point of competition, with Huawei surpassing Apple to take the lead in sales, followed by Vivo and Xiaomi, with the top three brands holding 68% of the market share [3][5] Market Trends - The share of high-end smartphones (priced above 4000 yuan) in total sales has risen to 42% in November 2025, reflecting an increasing consumer preference for flagship models and indicating that premiumization is a key trend in market development [3][5] Overall Market Performance - In the overall smartphone market, Apple leads with a share of 23.22%, followed by Xiaomi at 15.89%, Vivo at 15.63%, OPPO at 15.16%, Huawei at 13.48%, and Honor at 11.58%, with other brands collectively holding 5.04%, showcasing a competitive landscape with narrowing gaps among leading brands [4][5]

Group 1 - Samsung Electronics is accelerating the development of a new foldable smartphone, codenamed "Wide Fold," aiming to launch it before Apple's anticipated foldable iPhone in September 2026 [1][3] - The "Wide Fold" will feature a shorter and wider design, with a screen ratio close to 4:3 when unfolded, contrasting with the current Galaxy Z Fold7's elongated design [3] - Samsung plans to officially release the "Wide Fold" in the fall of 2026, coinciding with the launch of the iPhone Fold, marking a strategic response to Apple's entry into the foldable screen market [3] Group 2 - The "Wide Fold" will have a screen size of approximately 5.4 inches when folded and 7.6 inches when unfolded, while Apple's iPhone Fold is expected to have a folded screen size between 5.3 to 5.5 inches and an unfolded size of 7.5 to 7.8 inches [3] - Samsung's product strategy will feature a "dual Fold" layout, with the standard Galaxy Z Fold 8 maintaining the existing high-narrow ratio design for traditional users, while the "Wide Fold" targets high-end users seeking productivity and immersive content experiences [3] - A new generation flip-style foldable device, likely the Galaxy Z Flip 8, is also set to be launched simultaneously, enhancing the overall product range [3]

Core Viewpoint - Samsung Electronics has officially terminated the development of the next-generation "Galaxy S26 Edge" due to weak global consumer demand for ultra-thin flagship smartphones, following Apple's significant production cuts for the iPhone Air [1] Group 1: Samsung's Decision - Samsung planned to replace the "S26+" model with the Galaxy S26 Edge, continuing the product line from the Galaxy S25 Edge launched in 2025 [1] - The Galaxy S25 Edge experienced disappointing sales, becoming a public commercial failure, partly due to its 3900mAh battery's poor performance in high-demand scenarios [1] - Despite initial plans for the S26 Edge to feature a larger battery and improved thermal management, ongoing weak market feedback led Samsung to reassess the long-term viability of this product category [1] Group 2: Market Context - Apple's significant reduction in iPhone Air production targets and potential postponement of a new model in 2026 have influenced Samsung's decision [1] - The iPhone Air, which emphasizes a lightweight design, has not gained mainstream consumer appeal since its launch, indicating a consumer preference for practicality over thinness [1]

Core Insights - The ongoing global DRAM supply chain shortage is significantly testing Apple's cost control capabilities, with the price of 12GB LPDDR5X memory chips for the iPhone 17 Pro series soaring from $25-29 in early 2025 to over $70, representing a 230% increase [1][3] Group 1: Price Surge and Supply Chain Challenges - The price of 12GB LPDDR5X memory for the iPhone 17 Pro has increased by over 230%, from initial contracts of $25-29 to current prices exceeding $70 [3][5] - Apple is reportedly preparing various measures to address the recent surge in memory prices, having secured a significant amount of supply in advance compared to major manufacturers [2][4] Group 2: Contract Expiry and Future Implications - Apple faces potential risks from expiring supply chain contracts, with long-term DRAM supply agreements with major suppliers Samsung and SK Hynix set to end in January 2026 [5] - Samsung currently accounts for approximately 60% to 70% of Apple's DRAM chip shipments, making it challenging for Apple to find alternative suppliers in the short term [5] Group 3: Impact on Future Products - The cost crisis is particularly concerning for the upcoming iPhone 18 series, which is expected to enter mass production in February 2026 and will utilize advanced "six-channel LPDDR5X memory" to enhance bandwidth and AI performance [5][6] - If chip procurement costs remain high at $70, Apple may be forced to increase the prices of new devices to offset costs, making effective response strategies a priority [5][6] Group 4: Strategic Responses and Industry Outlook - Apple plans to reduce reliance on external suppliers by using its self-developed A20 series chips and C2 5G modems in flagship models, which could help mitigate some of the financial impact from rising memory chip prices [6] - The DRAM shortage is expected to persist until the fourth quarter of 2027, potentially affecting Android manufacturers more severely, as they may have to compromise on memory specifications or reintroduce lower-memory models [6]