一部原价3499元的AI手机，在二手市场最高被炒至3.6万元，却遭到微信、支付宝等多款主流APP的"围 剿"，AI时代的新一轮"手机入口争夺战"就此打响。 12月10日，证券时报记者实地探访了被称为"二手手机集散地"的深圳华强北通天地通讯市场，发现努比 亚M153手机（以下称"豆包AI手机"）在二手交易市场属于"线下缺货，线上溢价"的状态，此前一度卖 到了万元以上，但随着豆包AI手机被多款主流APP限制使用，溢价出现了较大幅度的回落。 有专家向记者表示，豆包手机助手所代表的"系统级AI Agent"能力，正触动微信和淘宝等超级应用在广 告曝光、内容分发等方面的核心利益，颠覆用户使用APP的模式，AI手机想进一步落地，短期还面临权 限合规、生态摩擦等多重挑战。 二手市场降温 溢价有所回落 近期热度极高的豆包AI手机，指的是字节跳动旗下的AI助手豆包与中兴通讯合作推出的努比亚M153手 机，它是目前唯一一款将豆包嵌入底层操作系统的手机。这款手机让AI不再只是简单的APP应用，而是 真正改变了手机的"使用方式"：只需给AI助手下达指令，它就能自动打开APP帮忙购物、买机票、给视 频点赞……正因为这样的"颠覆级体验" ...

Core Viewpoint - The emergence of the Doubao AI phone, priced originally at 3,499 yuan, has sparked a new "mobile entry competition" in the AI era, with its resale price in the second-hand market reaching as high as 36,000 yuan before facing restrictions from major apps like WeChat and Alipay, leading to a significant price drop [1][4]. Group 1: Market Dynamics - The Doubao AI phone, a collaboration between ByteDance's AI assistant Doubao and ZTE's Nubia M153, is the only phone with Doubao embedded in its operating system, fundamentally changing how users interact with apps [2][3]. - Initially, the Doubao AI phone required a limited F-code for purchase, creating a supply constraint that led to high demand and price premiums in the second-hand market [2][3]. - The highest resale price for the Doubao AI phone reached 36,000 yuan, but many listings have since dropped to around 3,999 yuan, reflecting a decrease in demand due to app restrictions [3]. Group 2: App Restrictions and Market Impact - Major applications like Taobao, Meituan, and Alipay have restricted the use of the Doubao AI phone, citing privacy and security concerns, which has contributed to the decline in its market price [4][5]. - The Doubao AI phone's ability to automate app interactions poses a threat to the traditional user engagement models of these apps, which rely on direct user interactions for revenue generation [5][6]. Group 3: Future of AI Phones - The trend towards AI integration in smartphones is expected to grow, with projections indicating that by 2026, AI phone shipments in China could reach 147 million units, accounting for over half of the market [6]. - Despite current challenges such as compliance and ecosystem friction, the demand for efficient smart interactions suggests that AI phones will eventually overcome existing barriers [7][8].

Core Viewpoint - The Chinese market is undergoing a significant transformation from a focus on low prices to an emphasis on quality and value, as consumers increasingly prioritize quality and experience over mere cost savings [6][10][11]. Group 1: Consumer Behavior Changes - Consumers are shifting their purchasing criteria from "absolute low prices" to safety, quality, and service, indicating a rational pursuit of a better quality of life [7][10]. - The middle-income group is expanding, and Generation Z is becoming the main consumer force, focusing more on quality, health, experience, and emotional resonance [10][14]. Group 2: Industry and Market Dynamics - Many companies are moving away from price wars and are instead focusing on technology, quality, and brand development [6][12]. - The "Fifteen Five" plan emphasizes the creation of a market order that prioritizes quality and fair competition, which is essential for fostering innovation and enhancing economic vitality [6][8][11]. Group 3: Implications for Business - Companies are encouraged to adopt a "quality over price" strategy, which can lead to higher customer satisfaction and loyalty, even if it results in lower foot traffic compared to low-price competitors [12][13]. - The integration of quality standards and branding can help businesses focus on producing high-quality products while ensuring fair compensation for producers [7][13]. Group 4: Regulatory and Policy Framework - The market regulatory authority is actively implementing policies to combat "involution" in competition, including holding discussions with businesses and enforcing fair competition practices [15][16]. - Experts suggest that breaking down local protectionism and enhancing market access for high-quality products are crucial for achieving a balanced market environment [16][17].

近期，一款搭载了某AI助手的工程样机限量发售，引发热议。凭借深度系统集成的AI助手，使用者可 以通过语音指令完成发消息、点外卖甚至控制智能车载系统等复杂任务，新颖的体验令这款手机的二手 市场价格一度翻番。不少用户还开发出"游戏刷分""自动投简历"等新奇应用场景。 然而没过几天，包括多家金融机构在内的众多主流App纷纷将这款手机列为"风控重点对象"，采取限制 登录、禁用部分功能等措施，甚至直接拒绝服务。 笔者认为，该款手机所展现的手机交互升级，确实具有划时代意义。当人工智能（AI）助理能够理解 复杂意图、绕过繁琐的前台交互，直接抵达服务核心时，将给用户体验带来前所未有的提升。但此次风 波背后，更为根本的命题是：追求极致效率与智慧化的AI助手，是否会动摇数据安全的基石？ 来源：环球时报 最后，是生态规则重塑可能引发的系统性风险。颠覆式创新往往伴随着对旧有规则的强力冲击。从算法 推荐重塑信息分发伦理、"大数据杀熟"，到如今AI助手试图重构人机交互与应用访问范式，若缺乏有效 制衡，可能留下长期风险与治理难题。 面对日新月异的技术革新，我们必须为其提前划清安全与伦理的边界。具体包括： 以"最小权限""持续验证"为原则， ...

图虫创意/供图 证券时报记者 安宇飞 在深圳华强北通天地通讯市场，有店铺老板表示，豆包AI手机线下全面缺货。 安宇飞/供图 同时，豆包AI手机的火热还催生出了"租赁手机"的业务，租一天豆包AI手机的价格普遍在70元到300元之间。一位卖家 称，豆包AI手机"租的比卖的更火"，租一天价格是200元，"排期"已经排到了12月18日。该卖家表示："我光租手机赚的 钱，都快赶上手机售价了。" 为何豆包AI手机在二手交易市场热度较高？苏商银行特约研究员高政扬接受证券时报记者采访时表示："这种溢价是稀缺 性与情绪溢价的叠加效应。一方面，豆包AI手机用F码限量发售形成了人为的供给约束，强化市场的稀缺预期；另一方 面，AI手机概念尚处于产业发展早期，叠加公众对下一代终端形态的美好想象，'技术尝鲜权'的心理诉求推动了价格上 涨。" 港股100强研究中心顾问、经济学家余丰慧向证券时报记者表示，这种现象也表明在目前的手机消费大环境之下，部分消 费者依然愿意为获得前沿技术和独特体验而支付溢价。 一部原价3499元的AI手机，在二手市场最高被炒至3.6万元，却遭到微信、支付宝等多款主流APP的"围剿"，AI时代的新 一轮"手机入口争夺 ...

Core Insights - The AI phone, Nubia M153, originally priced at 3499 yuan, has seen its price in the second-hand market soar to 36,000 yuan, indicating a fierce competition for mobile entry points in the AI era [1] - The phone's high demand has led to a significant price drop due to restrictions imposed by major apps like WeChat and Alipay, which has affected its usability [1][4] Group 1: Market Dynamics - The Nubia M153, known as the "Doubao AI phone," is the only device that integrates the Doubao AI assistant into its operating system, fundamentally changing user interaction with apps [2] - Initially, the phone was sold through a limited F-code system, creating a scarcity that drove up prices in the second-hand market [3] - The peak price for the Doubao AI phone reached 36,000 yuan, but it has since dropped to around 3999 yuan due to restrictions on its use by various apps [3] Group 2: Competitive Landscape - Major applications like Taobao, Meituan, and Alipay have restricted the use of the Doubao AI phone, citing privacy and security concerns, which has contributed to the decline in its market price [4][5] - The core conflict between the Doubao AI phone and major apps revolves around "entry control" and "data sovereignty," as the AI assistant's capabilities bypass traditional user interactions that these apps rely on for revenue [5][6] Group 3: Future Trends and Challenges - The trend towards AI integration in smartphones is expected to grow, with projections indicating that by 2026, AI phone shipments in China could reach 147 million units, accounting for over half of the market [7] - Despite the potential for AI phones, challenges remain, including technical limitations, lack of standardized interfaces, and compliance issues regarding privacy and data security [7][8] - Long-term demand for efficient intelligent interaction suggests that AI phones will eventually overcome current obstacles [8][9]

相比之下，安卓阵营主流品牌均未推出2TB存储手机。OPPO产品负责人曾明确表示"2TB的硬件目前还不成熟"，而红魔等品牌则面临着存储芯片成本飙升40 倍的供应链压力。 01 技术瓶颈制约2TB普及 2TB存储手机面临的首要难题是 物理空间限制。当前2TB存储芯片厚度达到1.4毫米，而手机内部结构空间极为有限，较厚的芯片会直接影响手机轻薄化设 计。 同时， QLC闪存颗粒的可靠性仍是行业顾虑焦点。虽然QLC技术在存储密度上具有优势，但其在读写速度、使用寿命和功耗方面的表现仍不及主流TLC芯 片，厂商担心影响用户体验。 安卓厂商对2TB存储持保守态度的另一重要原因是 产能与良品率挑战。2TB存储芯片的良品率仅为50%左右，远低于普通512GB存储90%以上的良品率，导 致成本显著增加。 02 成本与需求的现实考量 从成本角度分析，2TB存储芯片的物料成本比256GB版本高出约800元，但手机售价差距却达到数千元。这种定价策略反映了厂商需要 均摊研发投入的考 量。 市场实际需求也是关键因素。数据显示，目前只有约2%的用户需要超过1TB的存储空间，这意味着2TB手机的目标用户群体非常有限。大多数用户更倾向于 选择 性 ...

一部原价3499元的AI手机，在二手市场最高被炒至3.6万元，却遭到微信、支付宝等多款主流APP的"围 剿"，AI时代的新一轮"手机入口争夺战"就此打响。 此前，豆包AI手机需要官方购机F码（优先购买资格）购买，最后购买期限为12月7日。这意味着，目 前豆包AI手机已经全面转入二手市场交易。证券时报记者来到华强北专门进行二手手机交易的通天地 通讯市场三楼了解情况，有店铺老板向记者表示，在今年二手手机市场普遍"刚开卖就破发"的情况下， 豆包AI手机的高溢价较为罕见。 上述店铺老板表示："你说的豆包AI手机，前两天普遍加价2000元才能买到，而且线下市场全都没货， 你只能到线上平台去买。因为它只能通过F码购买，数量也不多，没有在线下市场大量流通。"记者询问 了多家店铺，均没有豆包AI手机现货。 在闲鱼等线上二手交易平台，记者发现豆包AI手机最高售价达3.6万元，不过大量店铺的标价已经回落 到3999元，较原价溢价500元。有卖家告诉记者："前几天还卖六七千元，最近很多APP不让这手机用 了，溢价也降了不少，再卖不出去担心无法出手。" 同时，豆包AI手机的火热还催生出了"租赁手机"的业务，租一天豆包AI手机的价格普 ...

Market Overview - On December 10, the Hong Kong stock market saw a net sell-off of 10.18 billion HKD from Northbound trading, with a net sell of 32.21 billion HKD from the Shanghai Stock Connect and a net buy of 22.03 billion HKD from the Shenzhen Stock Connect [2]. Stock Performance - The stocks with the highest net buy from Northbound trading included Xiaomi Group-W (01810), Agricultural Bank of China (01288), and Alibaba Group-W (09988) [3]. - The stocks with the highest net sell included the Tracker Fund of Hong Kong (02800), Tencent Holdings (00700), and SMIC (00981) [3]. Active Stocks in Shanghai Stock Connect - Alibaba Group-W had a net buy of 15.93 billion HKD, with total trading volume of 29.87 billion HKD [4]. - Tencent Holdings experienced a net sell of 5.67 billion HKD, with total trading volume of 23.01 billion HKD [4]. - Agricultural Bank of China had a net buy of 3.95 billion HKD, while Construction Bank (00939) faced a net sell of 1.24 billion HKD [6]. Company News - Xiaomi Group-W received a net buy of 6.19 billion HKD, with recent management changes aimed at enhancing operational efficiency and focusing on high-potential markets [5]. - Alibaba Group-W reported a net buy of 3.42 billion HKD, with its AI application "Qianwen" achieving over 30 million monthly active users within 23 days of public testing [6]. - Longi Green Energy (06869) announced a placement of 70 million shares at a price of 32.26 HKD per share, raising approximately 22.3 billion HKD for overseas business development [7]. - Horizon Robotics-W (09660) received a net buy of 59.63 million HKD, with an upward revision of R&D spending estimates by a major brokerage [7]. - SMIC (00981) faced a net sell of 4.5 billion HKD amid news of U.S. government approvals for AI chip sales to China [7]. Other Notable Transactions - The Tracker Fund of Hong Kong (02800) saw a significant net sell of 15.58 billion HKD [8]. - Meituan-W (03690), CNOOC (00883), and Pop Mart (09992) received net buys of 3.2 billion HKD, 2.69 billion HKD, and 1.79 billion HKD, respectively [8].

Group 1 - The trade agreement between the United States and Indonesia, reached in July, is facing potential collapse due to disagreements over key commitments [1][2] - U.S. Trade Representative Jamison Greer has accused Indonesia of "backtracking" on multiple commitments, particularly regarding non-tariff barriers and digital trade issues [2][4] - Indonesia's President Prabowo has not moved forward with the domestic approval process for the agreement, citing domestic political factors [4] Group 2 - The trade agreement includes a reduction of U.S. tariffs on Indonesian goods from 32% to 19%, with Indonesia committing to purchase $15 billion in U.S. energy, $4.5 billion in U.S. agricultural products, and 50 Boeing aircraft [5] - The U.S. exports to Indonesia would benefit from tariff and non-tariff barrier exemptions, but local content requirements have raised concerns among Indonesian business groups about their competitiveness [7] - The U.S. has attempted to include "poison pill" clauses in the agreement, which Indonesia rejects, arguing that such clauses infringe on its economic sovereignty [7]