荣耀从4月起祭出了机海战术应对份额颓势，以应对市场份额的低迷。 更关键的是，荣耀大幅优化了Live Photo的体验：拥有安卓最流畅的2K满帧动态图片拍摄能力，支持裁剪、旋转、滤镜、调色、电影感拼图等编辑，首次 在安卓实现动态图片设为锁屏，并支持与iOS互传。 外观设计上，荣耀400 Pro配备了6.55英寸的居中挖孔全面屏，机身厚度仅为7.8毫米，重量也控制在了196克，荣耀400系列全系均采用金属中框设计，并 辅以精细雾面工艺。 笔记本、千元机、GT系列、X系列轮番上阵，不过压轴的仍是其产品线的中流砥柱：荣耀数字系列。此前，被寄予厚望的赵明时代"收山之作"荣耀300系 列，荣耀内部希望借助这款产品在 2000 元价位段与红米 K70、真我GT6等竞品抗衡，并进一步抢占市场份额，稳固中端市场产品布局，然而表现却不尽 如人意，该系列的两款机型在预售阶段的市场反馈未达预期，销量表现平淡，令荣耀内部憋足了气。 此番荣耀400系列可谓"诚意满满"，不仅在轻薄机身塞入7200mAh超大电池；还将"影像能力"进一步下放，Live图等影像拍摄及后期功能的显著进步，带 来了更多激发创作与分享欲的玩法。 一个月内密集发布并开 ...

2025.05. 29 经历了管理层的调整后，眼下的荣耀急需一场胜利来再次证明自己。 一位荣耀核心经销商对记者表示，过去一年荣耀面临着来自于其他手机品牌的压力，市场份额有所下 降。"面对庞大的员工和经销商队伍，新的管理者需要更大的决心推进市场政策的落地。" 根据Canalys发布的2024年中国智能手机出货量数据，荣耀2024年在中国手机市场的份额为15%， 位列第5名，对比2023年市场份额下滑1个百分点，年增长率为-3%。尤其是在下半年，荣耀的市场 份额明显受到了来自于华为的压力，四季度份额为14%，没有进入中国手机市场出货量前5名。 而在今年一季度，荣耀中国区的销量依旧承压。另一家调研机构Counterpoint公布的数据显示，荣 耀在Q1中国智能手机市场份额中以13.7%排名第六，前五名分别为华为、vivo、小米、OPPO与苹 果。 "上半年手机行业发布了59款新品，荣耀是2款，还是四月份上的，在这样的情况下维持13%的市场 占有率，中国区的队伍是非常不容易的。"李健在谈到销量时表示，团队也不会过分关注数据与图 表，因为数据存在一定滞后性。他认为，所有业务问题最终都是组织问题，此刻的荣耀更需要重新激 ...

Core Viewpoint - The article discusses the revaluation narrative of Chinese technology assets, led by companies like Xiaomi, as they gain momentum in the global market, similar to the "Magnificent 7" in the U.S. stock market [1][30]. Group 1: Xiaomi's Financial Performance - Xiaomi's Q1 2025 financial report showed a revenue increase of 47.4% year-on-year, reaching 111.3 billion yuan, and an adjusted net profit exceeding 10.7 billion yuan, up 64.5% [3][30]. - The report highlighted that Xiaomi's revenue growth outpaced major competitors, with Apple achieving only 11% growth in Q4 2021 and Tesla experiencing a 9% decline in Q1 2025 [3][30]. Group 2: Market Position and Strategy - Xiaomi's market share in China surged from 13% to 19%, while Apple's share dropped from 21% to 15% in Q1 2025, indicating a significant shift in the smartphone market landscape [15][20]. - The company has successfully positioned itself in high-end markets across smartphones, automobiles, and home appliances, with the average selling price (ASP) of smartphones reaching a historical high of 1211 yuan, up 5.8% year-on-year [7][12]. Group 3: Ecosystem Development - Xiaomi has established a comprehensive ecosystem that spans smart devices, home appliances, and electric vehicles, capturing a significant share of the 3 trillion yuan market [21][24]. - The company’s strategy focuses on integrating various product lines to create a seamless user experience, which is crucial for building a sustainable ecosystem [17][24]. Group 4: Research and Development Investment - Xiaomi plans to invest 200 billion yuan in R&D over the next five years, with Q1 2025 R&D spending reaching 6.7 billion yuan, a 30.1% increase [27][30]. - The introduction of the self-developed 3nm flagship SoC chip "Xuanjie O1" marks a significant technological advancement for Xiaomi, enhancing its competitive edge in the market [28][30]. Group 5: Future Outlook - The article suggests that the revaluation of Chinese technology assets is gaining traction, with Xiaomi's Q1 performance serving as a pivotal moment in this narrative [33][34]. - The focus on technological innovation and ecosystem development positions Xiaomi favorably for future growth, with expectations of continued investment and market expansion [30][34].

点击注册小程序 特别申明： 1)出货量方面， 1Q25小米手机全球出货同比增长3%至4180万台，其中中国市场表现亮眼，1Q25小米在中 国大陆出货市占率18.8%，同比提升4.7pct、时隔十年重回第一，中国出货同比增速40%，远超行业增速 （1Q25中国智能手机市场出货yoy+5%）2)ASP方面， 1Q25小米手机ASP提升至 1211元， yoy+5.8%/qoq+0.7%，主要受益于国补+高ASP的国内出货占比提升。3)毛利率方面，1Q25手机业务毛利 率12.4%，较4Q24的12.0%环比提升0.4pct，核心受益于海外市场产品结构改善。 IoT收入&毛利率再创新高，广告带动互联网业务稳步增长 1)IoT业务: 1Q25 IoT收入323亿元，同比增速高达59%，其中科技家电收入同比增速113.8%，空调出货量 同比增长超65%至110+万台，冰箱出货量同比增长超65%至88+万台，洗衣机出货量同比增长超100%至 74+万台；此外，全球平板+可穿戴产品出货均有亮眼表现。我们认为，受益于小米品牌力提升+零售渠道 拓展+国补政策刺激，2Q25-4Q25 IoT业务营收有望延续增长趋势。2)互联网业 ...

Core Viewpoint - The article discusses Honor's strategic transformation under the leadership of CEO Li Jian, focusing on shifting from a hardware manufacturer to an AI terminal ecosystem company, with plans for organizational restructuring and new product launches to regain market share in the competitive smartphone industry [1][7]. Group 1: Leadership and Organizational Changes - Li Jian, the new CEO, emphasizes the challenges and transformations the company has undergone since his appointment in January, including a significant organizational restructuring and the establishment of new departments focused on AI and robotics [1][2]. - Honor's management team is promoting a "collective leadership" approach, indicating a collaborative effort in addressing challenges and driving the company's strategic direction [2]. Group 2: Product Launch and Market Position - Honor launched the Honor 400 series smartphones, targeting the mid-range market while incorporating high-end features, such as the Snapdragon 7 Gen 4 chip and a 7200mAh battery, aiming to enhance user experience through AI functionalities [4][5]. - Despite facing pressure in the domestic market, Honor aims to regain a top-three position by the end of the year, with the Honor 400 series expected to be a turning point in sales [5][6]. Group 3: Market Performance and Growth Strategy - In Q1 2025, Honor's market share fell to 13.7%, ranking sixth in China, while competitors like Huawei and Vivo maintained strong positions [5]. - Honor reported significant growth in international markets, with over 50% growth in regions like Latin America and the Middle East, and over 100% growth in Southeast Asia [5][6]. Group 4: Strategic Expansion into Robotics - Honor is expanding its strategic focus beyond smartphones into the robotics sector, with plans to develop AI-driven robots and establish a new industry incubation department [7][9]. - The company aims to create multiple growth curves by exploring new business models and enhancing its research and development capabilities in AI technologies [9][10].

冷寂已久的手机SoC再次走向舆论场中央，诸多造芯旧事重提，OPPO哲库曾经轰轰烈烈的造芯往事，也被 迫成为背景板的一员。 哲库造芯始于2020年，地缘波动的余韵开始发酵，以创立哲库为起点，OPPO宣布自研芯片计划，以世界上 最深的海沟马里亚纳命名，暗示着计划的凶险，也给风声鹤唳的产业链打入了一剂强心剂。 随后两年，哲库稳扎稳打，先后发布NPU"马里亚纳X"、蓝牙音频SoC"马里亚纳Y"。2023年初，哲库首席 SoC架构师Nhon Quach发文称，下一代SoC架构设计工作已于2022年中基本完成。 然而几个月后，OPPO官宣终止造芯计划，持续两年的造芯大梦戛然而止，留下了数不胜数的唏嘘和遗憾。 回头来看，OPPO的激流勇退其实并不意外。在哲库造芯的两年里，智能手机市场快速收敛，出货量萎缩不 振，让无底洞般的芯片研发投入越发无以为继。 企业的经营存续无关义气，止损不过是应有之义。客观上看来，OPPO在哲库上的壮士断腕，也的确换来了 更健康的现金流和更强的抗风险能力。 哲库解散半年后，OPPO携业内首款AI手机Find X7系列归来，SoC搭载与联发科共同研发的潮汐架构，因为 Find X7及后续几款旗舰机的热 ...

Core Viewpoint - Honor is transitioning from a hardware manufacturer to an AI terminal ecosystem company, emphasizing the importance of AI technology and new growth opportunities in its strategic vision [1][8]. Company Strategy and Leadership - Honor's CEO, Li Jian, has been in office for four months and has initiated significant organizational changes, including the establishment of new departments focused on AI and robotics [3][9]. - The company has completed its shareholding reform and is preparing for an IPO, having engaged relevant institutions for the process [3][6]. Product Launch and Market Position - Honor launched the Honor 400 series smartphones, targeting the mid-range market while incorporating high-end features, such as the Snapdragon 7 Gen 4 chip and a 7200mAh battery [5][6]. - Despite facing market share pressure, Honor aims to return to the top three in the domestic market by the end of the year, with the Honor 400 series expected to be a turning point for sales [6][7]. Market Performance - According to CounterPoint Research, Honor's market share has dropped to 13.7%, placing it sixth in the Chinese smartphone market, while Huawei leads with 19.4% [6]. - Honor has experienced significant growth in international markets, with over 50% growth in regions like Latin America and the Middle East, and over 100% growth in Southeast Asia [7]. Technological and Industrial Transformation - Honor is focusing on three main transformation lines: technological change driven by AI, industrial change moving beyond smartphones, and ecological change through collaboration with the supply chain [8][10]. - The company is entering the robotics sector, with plans to develop various AI-driven products and establish a new industrial incubation department [9][10]. Research and Development - Honor has restructured its R&D framework to adapt to the AI era, creating three primary departments focused on AI systems, hardware, and platforms, which cover critical areas from software to algorithms [10].

Core Insights - Xiaomi reported its strongest quarterly earnings in history during the Q1 2025 earnings call, with a commitment to invest 200 billion yuan in R&D from 2026 to 2030, focusing on hard technology as a competitive advantage [2][3] - The company aims to enhance its position in the high-end smartphone market and expand its automotive business, despite facing challenges in brand perception and profitability [2][4] R&D Investment Strategy - Xiaomi plans to invest 300 billion yuan in R&D by 2025, totaling over 1,020 billion yuan from 2021 to 2025 [2] - The new five-year plan (2026-2030) includes a projected R&D investment of 200 billion yuan, emphasizing the importance of AI and chip technology [3][5] Market Position and Challenges - Xiaomi holds a strong position in the mid-to-low-end smartphone market but struggles to penetrate the high-end segment, where it faces stiff competition from Apple and Samsung [2][4] - The automotive sector is still in its early growth phase, with challenges related to production capacity and profitability, particularly in the context of low margins and high R&D costs [2][4] Global Expansion and Ecosystem Development - The company aims to leverage its experiences in China to expand globally, focusing on emerging markets like Southeast Asia and Latin America, while also targeting mature markets in Europe and the Middle East [4] - Xiaomi is working on creating a unified ecosystem that integrates smartphones, home appliances, and vehicles to enhance user engagement and ecosystem value [4] AI and Chip Development - Xiaomi is advancing its AI capabilities with the release of the Xiaomi MiMo model, which has shown strong performance in mathematical reasoning and coding competitions [5] - The company launched its first self-developed 3nm flagship smartphone SoC, the Xiaomi玄戒O1, which features 19 billion transistors and is positioned among the top tier in the industry [5][6] Long-term Commitment to Chip Development - Since restarting its chip project in 2021, Xiaomi has committed to a long-term investment plan of at least 500 billion yuan over ten years, with over 135 billion yuan already invested in the chip department [6] - The chip R&D team has grown to over 2,500 members, making it one of the largest in China, with a focus on maintaining strategic patience and continuous investment [6]

向中曾根首相提交报告书的经济构造调整研究会的主席前川（左）（1986年4月7日，首相官邸） 1985年至今日本依赖汽车的贸易结构没有太大变化。"在货币政策的运营方面，有必要在确保内 外货币价值稳定的同时，为实现内需主导型经济而灵活地运营"，1985年广场协议后，追求的改 革至今仍是日本面对的课题…… "1.扩大内需 为了从依赖外需转变为内需主导型的有活力的经济增长"……在日本被称为"前川报 告"的建议正是以此为开篇。 题？ "经济开放" 在1985年9月广场协议达成一个月后，应日本时任首相中曾根康弘的要求，"为实现国际协调的经 济构造调整研究会"成立。发布以研究会主席、日本央行前总裁前川春雄的姓氏称呼的报告是 1986年4月。 当时的日本正在探索战后复兴的社会模式。前川报告指出的道路是经济开放，即国际化。恰巧在 1985年4月，日本电信电话公社（简称电电公社）实现了民营化，NTT由此诞生。这是放宽管制 的象征。 从显示日本与海外的商品与服务交易的国际收支来看，2024年由于向以"GAFA"为代表的美国平 台提供商的支付，日本在数字领域的逆差超过6万亿日元。1985年日本出口的19%是汽车，2024 年仍然保持 ...

智通财经APP获悉，美国消费电子巨头苹果公司(AAPL.US)所推出的基础机型——iPhone 16成为2025年第一季度全球最畅销的智能手机，标 志着iPhone系列的基础款在时隔两年空缺榜首荣誉后，于第一季度重返Counterpoint Research全球智能手机销量排行榜榜首。 根据研究机构Counterpoint Research的最新统计数据，iPhone 16基础机型在日本、中东以及非洲(MEA)市场表现尤其突出，其中日本市场的 基础款iPhone销量增幅最大，这得益于当地经济状况大幅改善以及政府补贴政策调整。 苹果售价更加昂贵的旗舰智能手机机型——iPhone 16 Pro Max和iPhone 16 Pro分别位居榜单第二和第三，而iPhone 16e则在截至三月的单月份 全球前十榜单中位列第六。 AI深度融合智能手机，前景可谓无比广阔，当前苹果换机动力仍然集中于旧款用户性能升级以及补贴政策带动某些果粉换机需求前置，但 是在高盛、摩根士丹利以及美国银行等华尔街投资机构看来，更新迭代后的Apple Intelligence(即苹果AI功能)——即融入最先进Siri AI语音助 手的版本，有望驱 ...