Core Insights - SEI blockchain development team Sei Labs has announced a partnership with Xiaomi to pre-install the SEI crypto wallet application on new Xiaomi smartphones, targeting markets outside of mainland China and the United States, including Europe, Latin America, Southeast Asia, and Africa [1][2] Group 1: Market Position and Sales - Xiaomi holds over 36% market share in the Greek smartphone market and over 24% in India [2] - The company is projected to sell over 168 million devices in 2024, capturing 13% of the global market share [2] Group 2: Wallet Features and Services - The pre-installed wallet will allow user registration via Google or Xiaomi account credentials [2] - The collaboration aims to support decentralized applications, peer-to-peer transfers, and consumer-level commercial transactions [2] Group 3: Future Plans and Investments - SEI and Xiaomi plan to enable USDC and other stablecoin transactions on the SEI network, with stablecoin payment services expected to launch in Hong Kong and the EU by Q2 2026 [2] - SEI has committed $5 million to initiate the "Global Mobile Innovation Program," which will provide funding support for developers and startups creating blockchain applications for consumer devices [2] - The partnership is anticipated to bring tens of millions of new users to the SEI platform annually, focusing on expanding wallet services in emerging markets [2]

Core Insights - The global foldable smartphone market is expected to see significant growth in 2026, driven by Apple's first foldable iPhone and Samsung's Galaxy Z Trifold, with an annual growth rate projected at 30% [1][4] - By 2025, global foldable smartphone shipments are anticipated to reach 20.6 million units, a 10% increase from the previous year, with a long-term compound annual growth rate of 17% until 2029 [1][4] - Foldable smartphones are projected to account for over 10% of the total smartphone market value by 2029, marking a substantial shift in the high-end mobile device sector [1][4] Industry Dynamics - The introduction of Apple's foldable iPhone is expected to reshape the market structure, with Apple likely to capture over 22% of the shipment share in its launch year and 34% of the revenue share due to a high average selling price of $2,400 [3][5] - Major manufacturers are focusing on substantial innovations to stimulate upgrade demand as the traditional smartphone market becomes saturated and user upgrade cycles lengthen [6] - Foldable devices, including tri-fold models, are seen as a key direction for overcoming current industry bottlenecks, with their average price being approximately three times that of regular smartphones, enhancing brand value and profitability for participating companies [6]

Core Viewpoint - Multiple smartphone brands are expected to adopt a "four-tier" product layout next year, refining flagship series into four levels: Standard, Pro, Pro Max, and Ultra, with the Ultra version being launched separately to emphasize its premium positioning [1][4]. Group 1: Product Strategy - The flagship series will expand from three models (Standard, Pro, Ultra) to four (Standard, Pro, Pro Max, Ultra), with the first three models anticipated to launch between September and October, while the Ultra version will be delayed [1][4]. - Qualcomm's next-generation Snapdragon 8 series will be divided into standard and Pro versions, with most standard flagship models expected to use the basic chip, while Pro and above will utilize the more powerful Snapdragon 8 Pro version, enhancing differentiation within the flagship product line [1][4]. Group 2: Market Trends - The naming convention "Pro Max" is no longer exclusive to one brand, as Xiaomi and Huawei have introduced their own Pro Max models, which occupy different positions in their product lines compared to Apple's iPhone 17 Pro Max [3][5]. - The trend indicates that other manufacturers will likely focus on the configuration and price range between Pro and Ultra for their upcoming Pro Max models, creating a more comprehensive and multi-tiered flagship product system to meet high-end user demands [3][5]. Group 3: Technology and Pricing - Next year's flagship models are expected to feature chips based on a new 2nm process technology, while rising memory and storage costs are predicted to lead to a new round of price increases in the high-end smartphone market [4][5]. - The three-tier progression of Standard, Pro, Pro Max, and Ultra is set to become the mainstream model for flagship smartphones next year, reflecting manufacturers' efforts to enhance competitive barriers in the high-end market through more complex product matrices [4][5].

Group 1 - The core viewpoint of the article highlights the innovative and forward-looking nature of the Doubao AI native phone, which has gained significant market attention and sales momentum, evidenced by ZTE's stock hitting the daily limit and a transaction volume exceeding 13.7 billion yuan on the launch day [3][27] - The Doubao phone is only available in one configuration (16GB+512GB) and was priced at 3,499 yuan, selling out quickly on the official website, indicating strong demand in a highly homogeneous smartphone market [3][27] - Discussions about the Doubao phone on social media platforms exceeded 7,000 posts within three days, with nearly 800,000 interactions, showcasing its popularity and market buzz [3][27] Group 2 - Despite initial success, the Doubao phone's official statement cautioned that it is primarily aimed at industry professionals needing to experience the Doubao assistant, and does not guarantee the completeness of product features for ordinary consumers [5][28] - The phone is described as more of an "engineering prototype" with limited sales (only 30,000 units) and a future production plan set for 2026, indicating a cautious approach rather than an immediate challenge to established players in the smartphone market [5][29] - The Doubao phone's strategy involves collecting data from tech enthusiasts and developers to refine AI capabilities, rather than directly competing with mainstream brands that typically launch 2-3 million units during initial sales [5][29] Group 3 - Market reactions have been mixed, with reports of users encountering security measures when using the Doubao assistant for price comparisons, leading to restrictions on its capabilities in certain applications [8][35] - The Doubao assistant has demonstrated the ability to operate across multiple apps, but concerns about privacy, security, and the potential for creating "information silos" have been raised [9][38] - The competition between AI capabilities and existing app ecosystems is highlighted, with predictions of a potential technical arms race as apps may alter their structures to hinder AI operations [9][38] Group 4 - The Doubao assistant's core functionality allows users to perform tasks like price comparisons across platforms, utilizing advanced visual understanding and automation techniques [10][37] - The assistant's performance in visual understanding and reasoning is reported to be among the best globally, raising questions about the necessity of multiple apps in a smartphone environment [12][37] - The article discusses the need for a new permission system at the operating system level to define what AI can and cannot do, emphasizing the importance of user trust and security [41][41] Group 5 - Major tech companies are exploring AI integration in wearable devices, with Baidu and Alibaba launching AI glasses, while smartphone manufacturers like Huawei and Xiaomi are advancing their AI capabilities [20][44] - The article concludes that the Doubao phone must collaborate with existing app ecosystems to ensure compliance and explore a viable path for AI development [21][46] - The need for transparency and mutual trust in partnerships with established apps is emphasized as crucial for the Doubao phone's success in the market [21][45]

Core Insights - The global technology industry is expected to experience a dual trend of differentiated end-user demand and accelerated AI innovation by 2026, driven by rapid iterations of AI large models [1][4] - The demand for computing power and the innovation cycle of edge AI products (AI smartphones, AI PCs, AI glasses) will be the main growth drivers, while low-end consumer electronics demand is anticipated to face short-term pressure due to macroeconomic uncertainties and rising storage costs [1][4] AI Computing Infrastructure - The global server market will be dominated by AI infrastructure investments, with AI server shipments expected to grow by 50% year-on-year to 2.32 million units in 2026 [2][6] - The market will exhibit a "GPU/ASIC dual-drive" pattern, with GB/VR iterations driving specification upgrades and self-developed ASICs enhancing value [2][6] - ODM leaders and core component suppliers with "mechatronics" capabilities are expected to benefit, including companies like Luxshare Precision, Hongteng Precision, and BYD Electronics [2][6] Smartphone Market - Global smartphone shipments are projected to decline by 5% year-on-year to 1.18 billion units in 2026, primarily affecting low-end models due to macro uncertainties and rising storage costs [2][6] - The high-end market remains resilient, driven by AI innovations, with Apple expected to launch significant upgrades including the iPhone 18 and the first foldable iPhone [2][6] - Opportunities in optical components, structural parts, and thermal management are highlighted, with companies like Luxshare Precision, AAC Technologies, and Xiaomi Group being key players [2][6] AR/VR Market - The global AI glasses market is expected to exceed 10 million units by 2026, marking a new era for smart glasses [2][6] - Major tech companies are accelerating their investments, with Meta focusing on social ecosystems and Google building an ecosystem through the open Android XR platform [2][6] - Companies with core optical technologies and assembly capabilities are likely to benefit from industry growth, including Sunny Optical, AAC Technologies, and Q Tech [2][6] PC and Automotive Electronics - The global PC market is projected to see a slight decline of 2% year-on-year to 275 million units, influenced by the end of the Windows 11 upgrade cycle and rising storage costs [2][6] - AI PCs are expected to penetrate the market significantly, with their share projected to exceed 50% by 2026 [2][6] - The commercialization of L4-level autonomous driving is expected to accelerate, with opportunities in high-voltage connectors, automotive optics, and smart cockpit displays, benefiting companies like Luxshare Precision, Hongteng Precision, BYD Electronics, Sunny Optical, AAC Technologies, and BOE Technology Group [2][6]

Core Viewpoint - OPPO is intensifying its focus on AI by restructuring its AI center and consolidating key AI-related services into a single project called "Super Xiaobu" [2]. Group 1: Organizational Changes - OPPO has completed a new organizational structure adjustment for its AI center, merging three core services: Xiaobu Memory, Xiaobu Assistant, and Xiaobu Suggestions into "Super Xiaobu" [2]. - The newly formed Smart Product R&D Department will oversee the development of "Super Xiaobu," led by Jiang Yuchen, who was previously in charge of Xiaobu Memory [2]. - This restructuring reflects OPPO's strategic approach to unify AI capabilities, contrasting with other brands that are still competing for dominance between AI and operating systems [2]. Group 2: AI Center Development - The AI center was established in January 2024, integrating various AI-related fields from within the company, including digital engineering and software engineering [2]. - Over the past two years, the AI center has successfully delivered products such as the integration of Xiaobu Assistant with DeepSeek and the development of one-click memory capabilities [2]. Group 3: Future Prospects - Jiang Yuchen has recently founded a startup called Wave Intelligent, focusing on long-text generation for novel writing, which OPPO plans to acquire in October 2024 [3]. - In a recent interview, Jiang mentioned that the AI technology used in the Doubao phone serves as a fallback solution for OPPO to cover long-tail scenarios, indicating a preference for an Agent to Agent approach for ecosystem interconnectivity [3].

Core Insights - The global technology industry is expected to experience a divergence in end-user demand alongside accelerated AI innovation by 2026 [2] - High-end markets are showing resilience driven by AI functionalities, while low-end consumer electronics are facing short-term pressure due to macroeconomic factors and cost challenges [2] AI Computing Infrastructure - The demand for AI computing power is expected to expand, with a focus on AI infrastructure, including VR/ASIC architecture upgrades that will drive both volume and price increases for ODM and components [2][3] - AI server shipments are projected to grow by 50% year-on-year to 2.32 million units, driven by investments in AI infrastructure [3] Smartphone Market - Global smartphone shipments are anticipated to decline by 5% year-on-year to 1.18 billion units due to macroeconomic uncertainties and rising storage costs [4] - High-end smartphones, particularly Apple's innovations, are expected to maintain resilience, with the introduction of the first foldable iPhone and AI-driven features [4] AR/VR Market - The global AI glasses market is projected to exceed 10 million units by 2026, marking a significant growth in wearable technology [5] - Major tech companies are intensifying their investments in AR/VR, with expectations for AR glasses to reach 32 million units by 2030 [5] PC and Automotive Electronics - The global PC market is expected to face a slight decline of 2% year-on-year to 275 million units, influenced by the end of the Windows 11 upgrade cycle and rising storage costs [6] - AIPC penetration is forecasted to exceed 50% by 2026, becoming a mainstream standard, while L4-level autonomous driving is expected to accelerate due to regulatory improvements and cost reductions [6]

分析师：李璐毅 登记编码：S0730524120001 lily2@ccnew.com 021-50586278 联系人：李智 电话： 0371-65585629 | | | 地址： 上海浦东新区世纪大道1788 号T1 座22 楼 投资要点： 豆包 AI 手机发布，Marvell 收购 Celestial AI ——通信行业月报 证券研究报告-行业月报 强于大市(维持) 通信相对沪深 300 指数表现 相关报告 ⚫ 维持行业"强于大市"投资评级。截至 2025 年 12 月 9 日，通信行 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第1页 / 共42页 通信 发布日期：2025 年 12 月 11 日 -15% -1% 14% 28% 43% 58% 72% 87% 2024.12 2025.04 2025.08 2025.12 通信 沪深300 资料来源：中原证券研究所，聚源 《通信行业专题研究：高端光芯片供不应求， 国产替代加速》 2025-11-28 《通信行业年度策略：智启新质，算力互联破 浪前行》 2025-11-24 《通信行业月报：北美云厂商继续上 ...

Group 1 - Citic Securities maintains a "Buy" rating for Kuaishou-W (01024.HK), highlighting the significant upgrade of Kuaishou's AI capabilities, which is expected to drive commercial growth and optimize platform ecology and profit margins [1] - CICC maintains an "Outperform" rating for Hang Lung Properties (00101.HK) with a target price of HKD 9.46, noting the company's strategic expansion in Wuxi, which will increase retail space by 38% and enhance its luxury positioning [1] - Citic Securities maintains a "Buy" rating for Giant Bio (02367.HK) with a target price of HKD 44, despite a downward adjustment in profit forecasts due to sales pressure during the Double Eleven shopping festival [1] Group 2 - Citic Securities maintains a "Buy" rating for Xiaomi Group-W (01810.HK), reporting a significant increase in automotive business revenue, which reached RMB 28.3 billion, a year-on-year growth of 197.9%, marking its first profitable quarter [2] - Citic Securities maintains a "Buy" rating for Kelun-Biotech (06990.HK), emphasizing the company's collaboration with Crescent on ADC and dual antibody development, which includes an upfront payment of USD 80 million and potential milestone payments of up to USD 1.25 billion [3] - Citic Securities maintains a "Buy" rating for Virginie (02199.HK) with a target price of HKD 3.5, reporting a 25.7% year-on-year growth in net profit despite tariff disruptions, driven by strong performance in activewear and new business expansions [4] Group 3 - Tianfeng Securities maintains a "Buy" rating for Jiangnan Buyi (03306.HK), forecasting a revenue and net profit growth of 4.6% and 6.0% respectively for FY25, supported by a growing high-spending membership base [5] - Tianfeng Securities maintains a "Buy" rating for Kelun-Biotech (06990.HK), projecting a narrowing of net losses to a profit of RMB 561 million by 2027, highlighting the potential of its ADC product [6] - Everbright Securities maintains a "Buy" rating for Laopu Gold (06181.HK) with a target price of HKD 804.64, reporting a substantial increase in revenue and net profit for the first half of 2025, driven by the growing market for traditional gold products [7][8]

根据权威三方机构数据显示, 自华为Mate80系列发布以来, 华为手机国内市场份额连续2周超越苹果, 重夺国内市场份额第 o 潇湘晨报12月11日消息，根据权威三方机构数据，自华为Mate80系列发布以来，华为手机国内市场份额连续2周超越苹果，重夺国内市场份额第一。 华为Mate80系列手机搭载多项黑科技，包括第2代红枫原色影像，14天极限续航，超透亮玲珑屏，起售价比上代低800元，带来极强的市场竞争力。市场 回升也折射了消费者对鸿蒙生态信心的回归。 华为Mate80系列发布以来 华为手机重夺国内市场份额第 2025年W48中国手机市场排名 | 排名 | 品牌 | 市场份额 | | --- | --- | --- | | NO.1 | 华为 | 27.81% | | NO.2 | 苹果 | 17.12% | | NO.3 | OPPO | 14.68% | | NO.4 | vivo | 14.41% | | NO.5 | 荣耀 | 12.80% | | Others | 其他 | 13.18% | 2025年W49中国手机市场排名 | 排名 | 品牌 | 市场份额 | | --- | --- | --- | ...