Core Viewpoint - The emergence of AI smartphones, particularly represented by ByteDance's "Doubao Phone" nubia M153, signifies a significant shift in the mobile internet landscape, contrasting with the API standardization approach taken by Apple and Google, leading to a redefined relationship among smartphone manufacturers, app developers, and users [5][7][12]. Group 1: AI Smartphone Development - On December 19, ByteDance announced collaborations with hardware manufacturers like vivo, Lenovo, and Transsion to advance AI smartphone technology following the launch of the "Doubao Phone" [5][6]. - The "Doubao Phone" utilizes GUI technology to enable AI assistants to perform complex tasks across applications, which has prompted a defensive response from mainstream apps [5][10]. - The core technology of the "Doubao Phone" is based on a deep integration of GUI and system-level permissions, allowing AI to execute tasks like ordering food and comparing prices seamlessly [7][10]. Group 2: Technical Route Comparison - The competition between the GUI paradigm represented by Doubao and the API paradigm led by Apple and Google highlights a fundamental divergence in AI smartphone strategies [12][13]. - The GUI approach allows for broader application compatibility without requiring developer cooperation, while the API approach emphasizes stability, privacy, and efficiency but relies on app developers to integrate their functionalities [12][13]. - Apple and Google are currently focusing on API development, which is seen as a more conservative and slower approach compared to the rapid advancements in GUI technology [17][20]. Group 3: Market Implications - According to Canalys, the global AI smartphone shipment share is expected to rise from 16% in 2024 to 54% by 2028, with a compound annual growth rate of 63% from 2023 to 2028, driven by major players like Samsung and Apple [20][21]. - The introduction of AI assistants in smartphones raises concerns among major app developers about potential disruptions to their business models, as AI could bypass traditional app functionalities [21][22]. - The future ecosystem of AI smartphones is anticipated to evolve into a "layered governance" structure, where different players will have varying degrees of influence and control over AI operations [22][23].

Core Viewpoint - Transsion Holdings, known as the "King of Africa" in the mobile industry, has submitted an H-share listing application to the Hong Kong Stock Exchange to diversify its financing channels and support its strategic transformation into a smart ecosystem service provider, covering mobile internet services, energy storage, and electric mobility [1][2]. Group 1: Market Position and Financial Performance - Transsion has established a dominant position in emerging markets, particularly in Africa, where it holds a market share of 61.5%, and is the largest smartphone provider in emerging markets with a share of 24.1% as of 2024 [1][2]. - The company's total revenue is projected to grow from RMB 465.96 billion in 2022 to RMB 687.15 billion in 2024, with net profit increasing from RMB 24.67 billion to RMB 55.97 billion during the same period [2]. - However, in the first half of 2025, the company experienced a revenue decline from RMB 346 billion in 2024 to RMB 291 billion, with a drop in gross margin from 20.8% to 19.0%, attributed to smartphone product release cycles and intensified competition in emerging markets [2]. Group 2: Strategic Transformation and Future Growth - The long-term growth strategy of Transsion is to transition from hardware sales to building a smart ecosystem driven by mobile internet services and diversified IoT products [2][5]. - The company aims to leverage its large user base to drive high-growth services and products, with over 270 million average monthly active users as of June 30, 2025, and a focus on mobile internet services that have a gross margin of 78.0% [5][6]. - Transsion is also expanding into energy storage and light electric mobility, launching brands like itel Energy and DYQUE Energy to address power supply issues in Africa, and introducing electric mobility solutions for both personal and commercial users [6][7]. Group 3: Market Opportunities and Projections - Emerging markets are expected to be the main growth driver for the global smartphone market, with a projected compound annual growth rate (CAGR) of 6.7% from 2024 to 2029, surpassing the global market's expected 4.6% [3][5]. - The market sizes for mobile internet services, IoT products, energy storage, and light electric mobility are projected to grow significantly, with CAGRs of 26.9%, 19.4%, 16.4%, and 15.6% respectively from 2024 to 2029 [6][7]. - To support its ecosystem transformation and maintain technological leadership, Transsion plans to use funds from the H-share listing to enhance AI capabilities and upgrade its operating system [6].

Core Viewpoint - Transsion Holdings, known as the "King of Africa" in the mobile industry, has submitted an H-share listing application to the Hong Kong Stock Exchange to diversify its financing channels and support its strategic transformation into a smart ecosystem service provider, covering mobile internet services, energy storage, and electric mobility [1][2]. Group 1: Market Position and Financial Performance - Transsion has established a dominant position in emerging markets, particularly in Africa, where it holds a market share of 61.5%, and is the largest smartphone provider in emerging markets with a 24.1% share [1][2]. - The company's total revenue is projected to increase from RMB 465.96 billion in 2022 to RMB 687.15 billion in 2024, with net profit rising from RMB 24.67 billion to RMB 55.97 billion during the same period [2]. - However, in the first half of 2025, the company experienced a revenue decline from RMB 346 billion in 2024 to RMB 291 billion, with a drop in gross margin from 20.8% to 19.0%, attributed to smartphone product release cycles and intensified competition in emerging markets [2]. Group 2: Strategic Transformation and Future Growth - The long-term growth strategy of Transsion is to transition from hardware sales to building a smart ecosystem driven by mobile internet services and diversified IoT products, leveraging its strong mobile business [3][5]. - Emerging markets are expected to be the main growth driver for the global smartphone market, with a projected CAGR of 6.7% from 2024 to 2029, surpassing the global market's expected growth of 4.6% [3][5]. - The company aims to utilize its large user base to drive high-growth services and products, with mobile internet services achieving a gross margin of 78.0% in the first half of 2025, although their contribution to total revenue remains low at 1.4% [5][6]. Group 3: Investment in New Business Areas - Transsion is actively expanding into high-growth sectors such as energy storage and light electric mobility, launching brands like itel Energy and DYQUE Energy to address power supply issues in Africa [6]. - The market for mobile internet services, IoT products, energy storage, and light electric mobility is expected to grow at CAGRs of 26.9%, 19.4%, 16.4%, and 15.6%, respectively, from 2024 to 2029 [6][7]. - The company plans to use funds from the H-share listing to enhance AI capabilities, develop AI assistants, upgrade Transsion OS, and improve mobile imaging capabilities, positioning AI as a core driver for future product differentiation [7].

曾就读于清华大学，获得电子工程学士学位和硕士学位。 一、从上千万到几万元 具身智能价格下探应用场景更多元 第一财经 高 远 嘉宾简介： 夏志进 淡马锡旗下 祥峰投资管理合伙人 2010年加入祥峰投资，主导创新科技领域的投资，重点关注半导体芯片、人工智能、先进制造等领域的 创业项目。 投资案例包括地平线[9660.HK]、极智嘉[02590.HK]、錼創科技[TWSE: 6854]、云英谷、松灵机器人、 移芯通信、中科原动力等。 加入祥峰之前，夏志进曾在汤姆逊研究与创新部担任研究工程师，致力于视频处理技术并获得多项国际 专利，也曾在泰山国际投资公司担任分析师。 祥峰投资 夏志进 我记得在十年前Boston Dynamics（波士顿动力）出了人形机器人，他们给高校科研使用一台，价格是 1000万人民币。所以您想想看，过去十年从1000万到现在几万人民币，机器人价格已经是多大的变化或 者降幅。 其实仔细来看，我觉得机器人不应该是一个价格很昂贵的产品，我们去看它的本体、电机，无非是一些 材料的组装。所以我觉得整个价格的下降趋势还会加快。 现在这个时间点上，有很多可以落地的场景。我上周在深圳还碰到一个美国的创业者，他们 ...

Core Insights - Huawei's "Extraordinary" brand plan for 2025 collaborates with the documentary program "Thirteen Invitations" to explore the concept of "extraordinary spirit" through interviews with notable figures from various fields [1] - The program features discussions that highlight the diverse interpretations of what it means to be extraordinary, prompting deeper public reflection on the subject [1] Group 1: Featured Personalities - Swimmer Wang Shun shares his 25-year journey in competitive sports, emphasizing perseverance and the importance of viewing challenges as opportunities for rebirth [3][5] - Actor Tony Leung's career reflects the idea that extraordinary achievements stem from consistent effort and resilience, as he faced industry lows yet maintained a calm demeanor [6][8] - Scientist Xu Ying's meticulous attention to detail in her work on satellite navigation illustrates that extraordinary outcomes arise from a commitment to the ordinary [8][9] Group 2: Product Highlights - The Huawei Mate80RS Extraordinary Master is positioned as a high-end flagship product, showcasing advanced technology and design that embodies the brand's spirit of "seeing the extraordinary in the ordinary" [9][12] - The device features a high-brightness titanium body and innovative 5D Kunlun glass back, enhancing durability and aesthetic appeal [10][12] - It supports the BT.2020 ultra-wide color gamut technology, improving color accuracy and richness, thus setting a new standard for mobile imaging [10][11] - The Mate80RS also boasts superior communication capabilities, including dual satellite communication features, ensuring connectivity in challenging environments [11][12] - The device is competitively priced at 4,699 yuan, with promotional offers enhancing its appeal to consumers [12]

智通财经记者 |李家琦 智通财经编辑 |文姝琪 12月20日，智通财经独家获悉，小米最近给全国经销商发放资金补助，主要针对车融合店。发放条件为2024年建造的门店，按每家店补贴10万元发放，2025 年12月15日之前的新建门店，按每家店50万元发放，无任何捆绑条件。此次全国门店发放金额累计超过一亿元。 对此消息，小米回应智通财经表示消息属实。 公开资料显示，截至2025年11月30日，小米汽车全国已有249家服务网点，覆盖全国144城，小米汽车计划新增36家门店，预计覆盖衡阳、绵阳等7座城市。 知情人士告诉智通财经，此次补贴是以红包形式发放的，意在12月31日新年来临之际对全国经销商表示感谢，部分经销商拿到了超过400万元的"红包"补 助。 智通财经记者 |李家琦 小米线下门店 智通财经记者摄 上述人士还表示，小米内部正在准备新一轮政策调整计划，会进一步增加小米汽车的激励和解绑一线的考核管理规则。该政策大概率会在新年后推出，将有 效缓解当前线下所面临的短期压力。 某小米经销商对智通财经表示"小米这次做确实很体面，50万现金基本能支撑线下两个多月的运营，有些友商都被小米的这个操作整懵了"。 上海地区小米汽车门 ...

超级App围剿下的"反围剿"，正在上演。 12月19日，《每日经济新闻》记者从消息人士处获悉，字节跳动正与联想集团方面开展AI（人工智 能）手机相关合作，为其设备预装AIGC（人工智能生成内容）插件，从而获得用户入口，扭转当前AI 在执行层面的被动局面。 此前，12月1日，字节首次发布豆包手机助手技术预览版，并与中兴合作发售了工程样机nubia M153， 因该手机拥有"系统级控制权"而掀起行业巨浪，微信、淘宝等超级App（应用程序）纷纷打响入口保卫 战。 通过建立新的"联盟"，字节或许能在移动互联网延续十多年的入口格局上打开一个新的窗口，并将手机 厂商从单纯的设备制造商，绑定为自身AI生态的"渠道合伙人"。 上述消息人士向记者透露，字节跳动的战略并非是为业务增长，而是创造新的流量变现路径，使手机厂 商参与到流量分发和会员订阅等收益中。双方讨论的合作模式包括不收取定制化开发费或Token（大模 型处理文本时的最小单位）销售分成，以及给予手机厂商二次流量的分成收益等，目前方案讨论都还在 初期。 对于字节和手机厂商的合作，知道创宇首席安全官周景平在接受《每日经济新闻》记者电话采访时表 示，对并非行业最顶端的硬件厂 ...

⑨ 【2027年前苹果折叠屏iPhone或面临缺货困境】天风证券分析师郭明錤透露，用户大概率要等到2027年才能顺利买到。其表示该产品开发进度滞后， 虽预计2026年下半年发布，但2026年底前或面临缺货困境。 每经记者｜宋欣悦 每经编辑｜段炼 高涵 ① 【三大期指涨跌不一】截至发稿，道指期货跌0.08%、标普500指数期货涨0.19%、纳指期货涨0.40%。 ② 【中概股盘前普涨】中概股盘前普涨。截至发稿，阿里巴巴涨1.53%，拼多多涨3.77%，网易涨1.60%，百度涨1.60%。 ③ 【智能驾驶概念股盘前集体走强】智能驾驶概念股盘前集体走强。截至发稿，小鹏汽车涨5.53%，近日有消息称小鹏汽车已在广州市获得L3级自动驾驶 道路测试牌照，并启动常态化的L3道路测试。 ④ 【甲骨文涨超5%】截至发稿，甲骨文盘前涨超5%。消息面上，甲骨文与OpenAI在密歇根州数据中心电力供应获批；此外，有消息称TikTok母公司字 节跳动与包括甲骨文在内的三家投资者签订协议，成立一间美国合资公司。 ⑤ 【耐克跌超10%，Q2净利润跌超三成】截至发稿，耐克盘前跌超10%，报59美元。消息面上，耐克公布2026财年第二季度业绩 ...

另一份来自行业研究机构的报告同样持积极态度。报告 指出，在苹果即将推出的折叠屏手机以及部分厂商新一 代三折叠设备的共同作用下，2026年全球折叠屏手机市 场或将迎来快速增长阶段，全年出货量同比增幅有望达 到30%。 从竞争格局来看，2026年的全球折叠屏市场预计将形成 由三星、华为和苹果主导的局面。其中，苹果凭借其品 牌影响力和产品创新力，将在进入该细分市场后迅速取 得可观份额，初步预计可占据约22%的市场，跻身行业前三。 技术层面，这款折叠屏iPhone或将在多个关键环节实现升级。据现有信息，新机可能配备无折痕的内翻 式主屏幕，搭载2400万像素的屏下前置摄像头，并支持更大容量的电池配置，以提升用户体验。 在定价方面，该机型预计将延续苹果高端产品一贯的定位策略。市场普遍预测其起售价约为2400美元， 折合人民币约16901元，有望成为苹果历史上价格最高的iPhone型号。 2025年12月19日，关于苹果公司即将推出的折叠屏智能手机的消息持续引发关注。据多方信息显示，这 款备受期待的新品预计将在2026年秋季正式发布，成为苹果在移动设备领域的一次重要突破。 市场研究机构发布的最新数据显示，2026年全球折叠 ...

露，字节跳动此次合作旨在构建新型流量变现通道，通过向手机厂商开放流量分发与会员订阅收益分成，探 索免收定制开发费及 Token 销售分成的合作模式，当前方案仍处初期讨论阶段。 合作计划将优先覆盖 2000 元以上中端机型，首批通过新机预装实施，后续以 OTA 升级扩展至存量机型。字 节跳动内部设定 1.5-2 亿台设备规模的目标，其海外渠道优势可能成为重点投放方向。 IT之家 12 月 19 日消息，据智通财经今日报道，字节跳动正与 vivo、联想、传音等硬件厂商推进 AI 手机合作计划，拟通过预装 AIGC 插件获取用户入口。 多位 vivo 员工证实，字节跳动已与 vivo 确立合作意向，具体方案仍在商讨中。截至IT之家发稿，相关企业未对合作事宜作出回应。 报道显示，vivo 此前曾探索与腾讯的 AI 大模型深度合作，因商业化路径存在分歧未达成一致。知情人士透 消息人士透露，字节跳动 AI 手机项目团队规模已超千人，此前与 OPPO 的接洽未达成合作。中兴手机是目 前字节跳动官方披露的唯一合作厂商，魅族科技则已主动发出合作邀约。 字节跳动此前声明称，旗下豆包应用正与多家手机厂商洽谈助手级合作，并明确表示无 ...