Core Insights - Honor has launched two new models in the Magic8 series: Honor Magic8 Pro Air and Honor Magic8 RSR Porsche Design, focusing on innovative design and product concepts [1] Group 1: Honor Magic8 Pro Air - The Honor Magic8 Pro Air features a slim design with a thickness of only 6.1mm and a weight of 155g, minimizing hand fatigue [2] - It includes a full-range Pro-level imaging system and the industry's first lightweight high-definition periscope telephoto lens, addressing previous compromises in thin devices [2] - The device is equipped with a 5500mAh battery with an energy density of 917Wh/L, supporting 80W wired and 50W wireless fast charging [2] - It is powered by the Dimensity 9500 chip and supports eSIM with dual standby for four cards [2] Group 2: Honor Magic8 RSR Porsche Design - The design of the Honor Magic8 RSR Porsche Design incorporates elements from Porsche sports cars, including aerodynamic curves and a unique color calibration developed in collaboration with Porsche engineers [3] - It boasts a high-end camera setup with a 200MP telephoto lens and a 50MP main camera, along with the Honor AiMAGE engine for enhanced photography [4] - The device is powered by Qualcomm's fifth-generation Snapdragon 8 mobile platform and offers up to 24GB of LPDDR5X memory [4] - It features a 7200mAh battery with 120W wired and 80W wireless fast charging, optimized by Honor's AI power management system [4] - The device runs on the latest MagicOS 10 system with the YOYO intelligent assistant, enabling seamless integration across multiple devices [7] - The starting price for the Honor Magic8 Pro Air is 4999 yuan, while the Honor Magic8 RSR Porsche Design starts at 7999 yuan for its storage variants [7]

每经编辑｜胡玲 张喜威 ０中国１月一年、五年期贷款市场报价利率(LPR) 将公布 2国新办将于1月20日10时就落实中央经济工作 会议精神,推动"十五五"实现良好开局有关情况举 行新闻发布会 3 国新办将于1月20日15时就发挥积极财政政策 作用，推动经济社会高质量发展有关情况举行新闻 发布会 4 央行发布《金融机构客户受益所有人识别管理 办法》，自2026年1月20日起施行 1 隔夜市场 当地时间1月19日为"马丁·路德·金纪念日"，美股将休市一天，1月20日恢复正常交易。 周一（1月19日）纽约尾盘，标普500股指期货最终跌0.88%，道指期货跌0.80%，纳斯达克100股指期货跌1.11%。罗素2000股指期货跌1.01%。 纽约尾盘，ICE美元指数跌0.33%，报99.065点。COMEX黄金期货涨1.77%，最终报4676.70美元/盎司。COMEX白银期货涨6.49%，最终94.280美元/盎司。 在岸人民币兑美元夜盘收报6.9640，较上一交易日夜盘收涨80个基点。沪银夜盘收涨5.88%，报23565元人民币/千克，继续创收盘历史新高；沪金涨1.35%， 报1053.46元。上期所原油期货250 ...

1月19日，荣耀在珠海举办了一场名为"设计之夜"的发布活动，一次性发布了三款风格与定位差异明显的新品：主打极致轻薄的Magic8 Pro Air，面向年轻群 体的500 Pro Molly泡泡玛特联名款，以及定位高端市场的Magic8 RSR保时捷设计。 过去几年，全球智能手机市场的竞争逻辑，已经从"谁能卖得更多"，转向"谁能在更高价值区间站得更稳"。一边是整体出货量长期徘徊，另一边却是高端机 型、折叠屏与影像旗舰不断刷新价格上限；一边是大量品牌被挤出牌桌，另一边却是头部厂商之间的竞争愈发胶着。 在这样的环境中，任何一家仍然依赖低价走量的厂商，都会面临利润空间和品牌空间同时被压缩的局面。而结构性升级，正在成为少数仍有余力扩张的厂商 必须跨越的一道门槛。 荣耀2025年的变化，正是在这样的背景下展开的。 如果只从形式上看，这是一场标准的新品发布会。但在当前的时间节点，它更像是一次阶段性的集中展示：用三种几乎不共享同一用户画像的产品，呈现过 去一年荣耀在工程路线、产品结构与品牌年轻化的变化，它开始懂得年轻人的文化与情绪，让手机成为个人态度的一部分，而不只是工具。 经历了数年的需求透支、换机周期拉长与供应链波动之后 ...

1 月 19 日，荣耀在珠海举办了一场名为 "设计之夜"的发布活动，一次性发布了三款风格与定位差异 明显的新品：主打极致轻薄的 Magic8 Pro Air ，面向年轻群体的 500 Pro Molly 泡泡玛特 联名款， 以及定位高端市场的 Magic8 RSR 保时捷设计。 如果只从形式上看，这是一场标准的新品发布会。但在当前的时间节点，它更像是一次阶段性的集中 展示：用三种几乎不共享同一用户画像的产品，呈现过去一年荣耀在工程路线、产品结构与品牌 年 轻化 的变化 ，它开始懂得年轻人的文化与情绪，让手机成为个人态度的一部分，而不只是工具 。 经历了数年的需求透支、换机周期拉长与供应链波动之后， 目前 全球智能手机市场正在进入一个新 的阶段： 总量增长不再是共识，结构性分化成为主线。不同区域、不同价位段、不同品牌之间的差 距，正在被重新拉开。 Canalys 在年初发布的一份海外市场追踪报告显示 ， 2025 年，只有少数几家中国厂商仍然保持了相 对明确的海外扩张节奏，其中荣耀的增速尤为突出。 根据 Omdia 的统计数据， 2025 年前三个季 度，荣耀海外出货量同比增长约 55% ， 在全球前十大智能手 ...

北京商报讯（记者 陶凤 王天逸）1月19日，荣耀手机正式发布新品荣耀Magic 8 Pro Air。资料显示， Magic 8 Pro Air支持eSIM技术，起售价4999元。 ...

在新管理团队执掌近一年后，荣耀在年轻化、全球化、高端化转型中取得了实质进展。 在1月19日晚举行的2026年荣耀设计之夜上，荣耀"一口气"推出了三款新品，包括荣耀Magic8Pro Air、 荣耀500Pro MOLLY20周年限定版、荣耀Magic8RSR保时捷设计款。 这三款产品差异化特征均颇为显著，其中，荣耀Magic8Pro Air主打极致轻薄，机身厚度仅约6.1mm，重 量约155g，刷新行业旗舰机物理尺寸，瞄准追求极致轻薄的中高端人士；荣耀500Pro MOLLY20周年限 定版为行业首款潮玩手机，深度融合了泡泡玛特经典IP(如Molly)元素，覆盖机身外观设计、专属系统主 题与定制化周边配件，视觉辨识度拉满，瞄准热衷潮玩用品的年轻用户；荣耀Magic8RSR保时捷设计款 则将跨界超跑设计美学与顶级科技配置完美融合，代表荣耀品牌的顶级实力，瞄准崇尚设计美学与顶级 性能的超高端商务人士。 "通过这三款产品，荣耀全面覆盖当下国内主流的不同消费群体，同步展现荣耀在设计、技术与生态融 合上的核心实力，这一产品设计组合思路值得行业借鉴。"一位手机业人士表示。据了解，目前，行业 其他手机品牌也在跟进Air款以 ...

Market Overview - The major indices showed mixed performance with the Shanghai Composite Index up by 0.29%, Shenzhen Component up by 0.09%, while the ChiNext Index fell by 0.70% [1] - The TMT sector led the gains, particularly in communication cables and components (+2.50%) and gaming (+1.18%), while the portal websites sector saw a significant decline of -5.41% [1] Domestic News - The semiconductor industry is projected to grow, with the National Bureau of Statistics indicating a 22.8% increase in storage chip production and a 12.6% increase in server production driven by AI advancements [2] - CINNO reported that Qizhong Technology plans to invest 50 million yuan in HeXin Integrated, acquiring a 2.27% stake, enhancing its technology layout in wafer-level packaging and chip testing [2] - Counterpoint Consulting forecasts a 1.6% year-on-year decline in China's smartphone shipments for Q4 2025, with Apple leading the market with a 22% share due to strong iPhone 17 sales [2] - MicroLED Display's Sichuan project has successfully topped out, with a total investment of 1 billion yuan, aiming for an annual output value exceeding 1 billion yuan upon full production [2] Overseas News - SEAJ revised its forecast for Japan's semiconductor equipment sales for the 2026 fiscal year to 5.5 trillion yen, reflecting a 12.0% year-on-year increase due to expanded DRAM investments and anticipated growth in AI server chip investments [3] - Rubin NVL72 system adopts a 100% liquid cooling design, significantly improving cooling efficiency compared to previous models [3] - Micron confirmed plans to phase out DDR4 production for PCs and data centers over the next three quarters [3] AI Insights - Research indicates that by December 2025, South Korean consumers are expected to spend 80.3 billion won (approximately 430 million yuan) on AI services, with ChatGPT capturing 71.5% of the market [4] - MIT's new paper introduces RLM, allowing for processing of millions of tokens without altering model architecture [4] - Elon Musk's xAI has launched the world's first 1 GW supercomputer cluster, significantly enhancing AI model training efficiency [4] Industry Tracking - China's commercial aerospace sector successfully launched 19 low-orbit satellites using the Long March 12 rocket [5] - A portable brain-machine interface developed by Fudan University for stroke rehabilitation integrates EEG monitoring with theta pulse stimulation technology [5] - The first domestic rapid analysis instrument for nanocrystal structures has been released, matching international standards [5] - Dongyi Technology has completed a significant financing round to accelerate the development of humanoid robots and core joint modules [5] Earnings Forecast - Hao Shang Hao expects a net profit of 65 million to 83 million yuan for 2025, representing a year-on-year growth of 115.64% to 175.35% [6] - Chengdu Huamei anticipates a net profit of 213 million to 255 million yuan for 2025, with a growth rate of 74.35% to 108.73% [6] - Anfu Technology projects a net profit of 216 million to 254 million yuan for 2025, reflecting a growth of 28.55% to 50.91% [6] - Ding Tong Technology expects a revenue of 1.593 billion yuan for 2025, with a net profit growth of 119.59% [6]

Core Insights - The report from Counterpoint indicates a 1.6% year-on-year decline in smartphone shipments in China for Q4 2025, with an overall annual decline of 0.6% [1][3] Company Performance - Huawei's shipments increased by 1.7% year-on-year, securing the top position in the Chinese market with a 16.9% market share, bolstered by strong performance of mid-to-high-end models following price discounts [1][3] - Apple saw a 7.5% year-on-year increase in shipments, achieving a 16.7% market share, attributed to the successful market performance of the iPhone 17 series and accelerated supply growth [1][3] - Vivo experienced a 6.7% decline in shipments, holding a 16.4% market share, ranking third in the market [1][3] - Xiaomi's shipments grew by 4.3%, capturing a 15.7% market share, placing it fourth [1][3] - OPPO's shipments rose by 1.8%, with a market share of 15.5%, ranking fifth [1][3] - Honor faced a significant decline of 12.6% in shipments, resulting in a 13.4% market share and a sixth-place ranking [1][3]

Core Insights - Apple has selected Google's Gemini model to support its upcoming AI features, including a new version of Siri, marking a significant strategic decision in its AI development [1] - Alibaba's Tongyi Qianwen is rapidly integrating into its core ecosystem, providing services through conversational interfaces, indicating a shift towards a more seamless AI experience [1][5] - The industry is moving towards an A to A (Agent to Agent) model, which respects data sovereignty while breaking down information silos, contrasting with the earlier GUI approach [3][4] Industry Trends - The A2A model is emerging as a potential foundational logic for future AI hardware, addressing the conflict between data access and privacy [4] - Alibaba is positioning itself as a leader in this transition, with its Tongyi Qianwen acting as a central hub to connect various services across different applications [5] - WeChat, already a comprehensive service platform, could leverage the A2A model to enhance efficiency by coordinating multiple service agents, thus creating a more integrated user experience [6][7] User Experience and Privacy - The A2A model offers a more user-friendly and privacy-conscious approach, allowing users to authorize specific intents rather than granting AI unrestricted access to their data [7][8] - This shift reflects a more mature AI philosophy that prioritizes human-centric values, emphasizing the importance of human intuition and emotion in decision-making processes [8]

据 Counterpoint Research称，尽管关键内存芯片短缺情况加剧，苹果公司(AAPL.US)在假日季的iPhone 出货量猛增28%，重新夺回了在中国市场的领先地位。其中，iPhone17系列设备吸引了众多消费者，在 第四季度，苹果手机的出货量占到了全球出货量的五分之一，而华为等国产手机下滑，出现了两位数的 百分比降幅。总体而言，全球最大智能手机市场的出货量下降了1.6%。 Counterpoint分析师伊万.林表示："iPhone Air表现不佳。由于发布较晚，以及在轻薄和功能配置之间做 出的取舍，导致其开局缓慢。" 此外，iPhone出货量重回榜首，还很大程度上归功于其集成的Apple Intelligence功能。为了流畅运行端 侧大模型，未来的iPhone(如iPhone18系列)必须配备更大容量的运行内存(RAM)。在内存单价飙升的背 景下，苹果还不得不提高单机的内存容量(例如从8GB迈向12GB/16GB)。这种"价格上涨+需求容量增 加"的双重打击，是苹果在维持市场第一地位时面临的最大财务挑战。 然而，尽管当前iPhone在市场销量夺冠，但内存芯片价格的剧烈波动，正悄然成为影响其未 ...