Core Viewpoint - The article discusses the recent leadership change at vivo, highlighting the departure of former Vice President Jia Jingdong and the appointment of Xie Zhihan as his successor, while also noting vivo's strong market performance in the smartphone industry [2]. Group 1: Leadership Change - Jia Jingdong has left his position as Vice President of vivo for personal reasons, and the company expressed gratitude for his contributions during his tenure [2]. - Xie Zhihan, who has been with vivo for over ten years and previously served as the General Manager of the Media Management Department, will take over the role of Vice President [2]. Group 2: Market Performance - According to data from market research firms like Counterpoint, vivo has been the top-selling domestic smartphone brand in China for four consecutive years from 2021 to 2024 [2]. - In the first quarter of 2025, vivo experienced a year-on-year growth of 6% in the global smartphone market, elevating its ranking to fourth place globally [2].

6月19日，在一年一度的亚太科技（002540）盛会"2025MWC上海"的现场，当行业仍在激辩大模型的参 数与能力时，履新不久的荣耀CEO李健，将目光投向了更现实的命题：如何让AI真正走进生活。 求解产业"三环之困" 南都湾财社记者现场获悉，李健发表了《开放共生，众木成林 让AI走进生活》的主题演讲，并现场官 宣将于7月2日发布最新一代AI折叠旗舰荣耀Magic V5。 李健判断，当前AI正处在从"思考"向"行动"的跨越，AI的竞争焦点正从"模型能力"转向"落地能力"。为 此，他系统性地提出了荣耀的解法：直面并打通"场景、性能、信任"三大闭环，并向全行业发出共建生 态联盟的倡议。 荣耀此刻的发声，恰逢全球智能手机市场竞争白热化阶段。据IDC最新数据，2025年第一季度，全球智 能手机出货量榜单竞争激烈，苹果、三星、小米、传音等厂商份额胶着，市场已进入存量搏杀的"零和 游戏"阶段。在此背景下，AI成为头部厂商打破同质化、驱动增长的抓手。 AI下半场，仍面临"三环之困" "真正的AI应用，不是'你点击了它，它做了什么'，而是'它主动替你完成了什么'。"李健表示，AI竞争 比拼的不再是算力或参数，而是为用户交付结 ...

Core Insights - Samsung has launched the Galaxy Z Fold6, which is thinner and lighter than its predecessor, as part of its strategy to compete with Chinese rivals in the foldable smartphone market [1][4] - The importance of slim foldable designs has increased, as consumers are less willing to accept thicker and heavier devices for the benefits of a folding phone [2][6] - Chinese competitors like Honor and Oppo have successfully differentiated themselves with thinner and lighter foldable devices, prompting Samsung to enhance its offerings [3][5] Company Developments - Samsung's Galaxy Z Fold6 measures 12.1 millimeters thick and weighs 239 grams, while competitors like Oppo's Find N5 and Honor's Magic V3 are significantly thinner and lighter [3] - The upcoming launch of a new thinner version of Samsung's flagship foldable smartphone is expected to take place next month, indicating the company's commitment to improving its foldable lineup [1][4] - Honor is also set to launch its latest folding phone, the Magic V5, on July 2 in China, intensifying competition in the foldable market [4] Market Trends - The foldable smartphone market is projected to account for only 2% of the overall smartphone market this year, highlighting the challenges in consumer adoption [6] - Analysts suggest that thinner foldables may attract consumer interest and encourage a shift in preferences towards folding devices [6] - Despite advancements, there remains skepticism about the necessity of foldable devices among consumers, which could hinder market growth [7]

Group 1 - Honor's new AI foldable flagship phone, Magic V5, is set to be released on July 2, 2025, and is positioned as the "lightest foldable phone globally" and "the strongest AI smartphone in the industry" [1] - The Magic V5 will feature a Snapdragon 8 Gen 2 processor, a new silicon battery, and support for Beidou satellite messaging and side fingerprint recognition [1] - Apple is expected to start production of its foldable iPhone in Q3 or Q4 of 2025, with orders for 15 to 20 million units, indicating a long-term demand outlook rather than just for 2026 [1] Group 2 - The foldable smartphone market is anticipated to be a key growth area as the overall smartphone market slows down, with a projected global shipment growth rate of 6% for foldable phones in 2023 [2] - China is leading the foldable smartphone industry, accounting for 46% of global shipments from Q1 to Q3 of 2024 [2] Group 3 - On August 9, 2024, speculation arose about Huawei launching a new three-fold phone, leading to significant stock price increases for several foldable concept stocks, including Star Technology and Kaisheng Technology [3] - Notable stock performances included Star Technology with a 20.23% increase, Huawei Technology with a 10.05% increase, and Kaisheng Technology with a 10% increase [4]

Core Viewpoint - The smartphone market is experiencing significant price reductions, particularly for high-end models, as companies like Apple and various Android manufacturers engage in aggressive discounting strategies to maintain market share and drive sales during promotional events like the "618" shopping festival [5][11][15]. Group 1: iPhone Pricing and Market Position - The iPhone 16 Pro 128GB version has seen a price drop to around 5400 yuan, down from its original price of 7999 yuan, marking a reduction of over 2000 yuan [1][3]. - During the "618" event, some users reported purchasing the iPhone 16 Pro for as low as 4999 yuan after applying various subsidies [1]. - Apple's market share in China has declined, with a reported 8% year-on-year drop in shipments for Q1 2025, leading to a market position of fifth place, behind competitors like Xiaomi and Huawei [9]. Group 2: Competitive Landscape - Android manufacturers, including Huawei, Xiaomi, and OPPO, are also reducing prices significantly, with Huawei's Pura 70 Pro+ dropping to 5499 yuan, and Xiaomi 15 being available for around 3000 yuan after subsidies [4][15]. - The competitive pricing strategies from Android brands are seen as a direct challenge to Apple's dominance in the high-end smartphone market [21][20]. Group 3: Consumer Sentiment and Market Dynamics - Consumer feedback indicates a perception of stagnation in Apple's innovation, with many feeling that the product value does not justify the price [10]. - The ongoing price war has raised questions about how brands can maintain consumer interest and perceived value in high-end devices, especially as the smartphone market growth slows [23][29]. - Analysts suggest that while price reductions may attract some consumers, the long-term loyalty to brands like Apple is influenced by user experience and ecosystem integration [25][26]. Group 4: Future Outlook - The continuation of government subsidies until the end of 2025 is expected to support market demand, but there are concerns about potential declines in demand once these subsidies are removed [27][28]. - Companies must focus on creating deeper user ecosystems and differentiated experiences to redefine high-end value in a post-subsidy market [29].

Core Viewpoint - Trump Mobile has launched pre-sales for its first smartphone, T1, priced at $499, aiming to commemorate the 10th anniversary of Donald Trump's first presidential campaign [1] Product Overview - T1 is marketed as "designed and manufactured in America," featuring a 6.8-inch AMOLED display, a 50MP main camera, and a 16MP front camera, with additional 2MP depth and macro cameras [3] - The device includes 12GB RAM, 256GB ROM, a 5000mAh battery, and runs on Android 15, with support for USB-C and 3.5mm headphone jack [3] - Pre-orders require a $100 deposit, with the phone expected to be assembled in the U.S. and customer service provided by a U.S.-based team [3] Manufacturing and Design Concerns - Analysts have noted that T1 bears a strong resemblance to the T-Mobile REVVL 7 Pro 5G, which is believed to be manufactured in China, raising questions about the authenticity of the "American-made" claim [3][7] - The phone's design appears to be in early rendering stages, with potential issues in brand perception and product value due to design inconsistencies [7] Service Offering - Alongside the T1, Trump Mobile introduced the "47 Plan" service package priced at $47.45 per month, which includes unlimited calls, texts, and data (with a 20GB cap) [8][10] - The plan also offers additional services such as device protection, 24-hour roadside assistance, free international calls to over 100 countries, and telehealth services [11] Market Positioning and Competition - Trump Mobile operates as a virtual network operator (MVNO) using infrastructure from major carriers like AT&T, Verizon, and T-Mobile USA [8] - The pricing of the "47 Plan" is higher than similar offerings from established carriers, which may impact its competitiveness in the market [14] - The company may face challenges in network coverage and service quality compared to larger operators, which could affect user experience and long-term success [14][15]

Core Viewpoint - The smartphone market exhibits a "wealth gap" phenomenon, where lower-priced models may not offer better value due to inferior performance and safety issues compared to higher-priced models [1][3]. Group 1: Market Dynamics - Cheaper smartphone models often lack competitive performance, build quality, and safety features, leading to a misconception of their value [1][3]. - Consumers sometimes opt for lower-priced models due to budget constraints, despite knowing they may not provide the best value [3]. Group 2: Safety Concerns - Recent safety issues have emerged with Google's Pixel series, particularly in lower-end models, highlighting potential battery safety risks [5][7]. - Google has implemented measures such as "battery locking" to mitigate risks in affected models, indicating a disparity in quality control between different price segments [7][8]. Group 3: Brand Strategy - The trend shows that lower-priced models often face more significant safety and performance issues, while flagship models maintain better quality and reliability [8][10]. - The introduction of high-power fast charging in sub-brands raises questions about the maturity of technology used in lower-end models compared to flagship devices [10][13].

China's Economic Strategy & Consumer Market - China is strategically shifting away from export dependency on the US consumer by stimulating domestic consumption, which has been sluggish since COVID [3] - The Chinese government is using fiscal stimulus to support consumption, particularly for big-ticket items like washing machines and refrigerators [5] - Chinese retail sales rose more than expected due to stimulus measures like the consumer goods trade-in program [1] US-China Trade & Tech Competition - US companies, particularly Apple, are losing ground in the Chinese market due to US-China tensions and increasing domestic competition [6][7] - Huawei is dominating the smartphone market in China, while Tesla's market share in the EV space has significantly declined, now barely in the top 10 [8][9] - China is successfully implementing industrial policy, dominating the renewable energy sector and expanding into robotics, advanced manufacturing, and AI [9][10] Global Investment & US Economic Outlook - TPW Advisory is overweight on Chinese equity using US-listed ETFs and has been for over a year, also favoring emerging markets more broadly [10][11] - The US is perceived as being priced at a premium with governance and policy uncertainties, leading to a potential shift in global equity leadership away from the US [16][17] - There is a lack of appetite from domestic and foreign investors to significantly increase their treasury, dollar, or US equity positions [15] - The US is seen as falling behind in EVs and industrial policy compared to Europe and China, which are actively investing in AI, climate, and defense [21]

Core Insights - The article highlights the successful launch of the Honor 400 series, which has significantly outperformed previous models in sales, indicating a strong recovery in the brand's market position and channel trust [1][9][14] Group 1: Sales Performance - The Honor 400 series sold over 25,000 units within three days of its launch, surpassing the total sales of Huawei's nova 14 series in the first week [9][10] - A dealer reported that they expect to sell over 1,500 units of the Honor 400 series within a month, marking a fourfold increase compared to the previous best-selling model [1][9] - The strong demand led to customers queuing outside stores on the first day of sales, a phenomenon not seen for a long time [2][13] Group 2: Management and Strategy Changes - CEO Li Jian's hands-on approach, including visiting stores and engaging with staff, reflects a strategic shift in Honor's management style, emphasizing listening to frontline feedback [1][3] - The "Global Million Eagle Plan" initiated by Li Jian aims to optimize organizational structure and shift channel management from "inventory-driven" to "value co-existence" [2][3] - A strict market monitoring mechanism has been established to maintain stable pricing for new products, addressing previous issues of price discrepancies and ensuring dealer profitability [2][4][6] Group 3: Inventory and Supply Chain Management - Honor has moved away from the "sea of products" strategy, focusing on core products and utilizing a "big goose system" for precise supply chain and inventory coordination [7][13] - The "sales-driven production" model has significantly reduced inventory pressure on dealers, allowing them to confidently stock products without fear of losses [2][7] - The collaboration with a financial institution to provide low-interest loans has improved cash flow for small and medium-sized dealers, enhancing their operational capabilities [8][9] Group 4: Marketing and Brand Perception - The marketing strategy for the Honor 400 series included systematic promotional activities, which helped build brand presence and consumer awareness [11][14] - The focus on actual sales figures rather than inflated pre-orders has fostered trust among consumers and dealers, contributing to a positive brand image [9][11][13] - The successful launch and subsequent sales performance indicate a shift in consumer perception, moving away from the "cost-performance" label towards a more robust brand identity [10][14]

Core Viewpoint - Huawei's Pura 80 series, including the Pro and Pro+ models, has officially launched and is experiencing a strong initial sales performance, with improved availability compared to previous models [1][5]. Product Launch and Sales - The Pura 80 series was released on June 14, with the Pro and Pro+ models available for purchase, showing no significant stock shortages [1][3]. - The Pro model is priced at 6499 yuan and the Pro+ at 7999 yuan, maintaining the same price points as the previous generation [5]. - Initial sales reports indicate that stores are selling 50 to 60 units daily, reflecting strong consumer interest [3]. Product Specifications - The Pura 80 Pro features a 50MP one-inch main camera and a 12-core processor, while the Pro+ model includes a high-dynamic one-inch main camera [3]. - Both models run on HarmonyOS 5.1, which does not support downgrading [3]. Market Competition - Xiaomi's recent models, particularly the Xiaomi 15 series, are noted for their performance advantages due to the latest Qualcomm processors, although Huawei's Pura 80 series is praised for its superior build quality [5][6]. - Xiaomi has regained the top position in the Chinese smartphone market with an 18.6% share, benefiting significantly from government subsidy policies [8][9]. Market Trends and Predictions - The smartphone market is facing challenges, with IDC lowering global shipment growth forecasts due to tariff fluctuations and extended replacement cycles [11]. - In China, smartphone sales increased by 8.2% year-on-year during the promotional period from May 1 to June 7, driven by government subsidies and promotional activities [11]. - Huawei's ability to maintain growth and capture more high-end market share with the Pura 80 series is critical, especially as it competes against Apple and Xiaomi [11][12].