Core Points - Nubia Z80 Ultra has been officially launched, featuring a dual-focus street photography system and advanced gaming capabilities, positioning itself as both a street photography and gaming powerhouse [3][5][11] - The device is equipped with the latest Snapdragon 8 Gen 2 processor and a unique gaming engine, enhancing its performance for gaming and photography [11][13] - The new AI photography features include multi-modal AI assistance for scene recognition and real-time shooting guidance, making it a versatile tool for photographers [8][9] Group 1: Camera Features - The Nubia Z80 Ultra features a custom dual-focus system with 35mm and 18mm focal lengths, designed for street photography, with a 50MP main sensor that surpasses traditional one-inch sensors [5][8] - The device includes a 64MP periscope telephoto lens with optical image stabilization and advanced AI algorithms for enhanced long-distance photography [5][8] - A dedicated physical shutter button allows for quick focus and capture, improving the user experience in fast-paced shooting scenarios [5][9] Group 2: Gaming Capabilities - The device is powered by the Snapdragon 8 Gen 2 processor, with a CPU clock speed of up to 4.6GHz, and features high-speed LPDDR5X and UFS 4.1 memory for optimal gaming performance [11][14] - The Nubia Z80 Ultra incorporates the CUBE gaming engine, which intelligently allocates resources based on gaming scenarios, ensuring high performance with controlled power consumption [13][14] - The device supports a 144Hz refresh rate and 3000Hz touch sampling rate, providing a smooth gaming experience with reduced latency [14] Group 3: Software and User Experience - The Nubia Z80 Ultra runs on the upgraded Nebula AIOS 2, offering enhanced user interaction and a variety of practical features for improved usability [15] - The device includes over 500 optimizations for a seamless experience across various applications, from unlocking to gaming [15] - Customizable features allow users to set up quick access to frequently used applications, enhancing overall convenience [15] Group 4: Pricing and Availability - The Nubia Z80 Ultra is available in multiple configurations, with prices starting at 4999 yuan for the 12GB+512GB version and going up to 5999 yuan for the limited edition models [19] - The device is being sold through various online platforms, including ZTE Mall, JD.com, Tmall, Douyin, and Pinduoduo, with promotional offers available [19]

Core Viewpoint - Guangdong Province has introduced the "Action Plan for High-Quality Development of Manufacturing Empowered by Artificial Intelligence (2025-2027)" to accelerate the integration of AI and manufacturing, aiming to create a globally influential demonstration zone for this integration [1][2]. Group 1: Policy Measures - The Action Plan outlines 16 policy measures across four main areas: strengthening key supply, promoting application, building support systems, and optimizing element guarantees [2][3]. - The first five measures focus on enhancing the supply of industrial AI, targeting key industries such as electronics, smart home appliances, automotive, and robotics, and promoting the development of vertical large models and specialized small models [2][3]. - Measures six to ten emphasize the large-scale application of industrial AI, establishing a "diagnosis-transformation-promotion" system for manufacturing enterprises to facilitate AI adoption [3]. - Measures eleven to thirteen aim to build a supporting system for industrial AI, including the establishment of AI application pilot bases and digital transformation promotion centers [3][4]. - The final three measures focus on optimizing the guarantees for industrial AI, including financial support through provincial and municipal funds and encouraging financial institutions to offer financing services for AI product development [3][4]. Group 2: Industry Focus - The Action Plan identifies specific industries for AI integration, including consumer electronics, high-end equipment, automotive, petrochemicals, metal manufacturing, advanced materials, and more [4][5]. - The plan aims to enhance the entire manufacturing process, from R&D and production to sales and management, by leveraging AI technologies [4][5]. Group 3: Financial Support and Investment - Guangdong Province plans to allocate 132 million yuan in its 2025 budget to support cutting-edge AI technology projects, with a total of 2.196 billion yuan designated for AI research and platform construction [7]. - The province aims to increase AI-related investments to over 20 billion yuan by 2027, driving the scale of related industries to exceed 100 billion yuan [7][8]. - Various funds, including the Advanced Manufacturing Industry Investment Fund, have been established, with a cumulative subscribed scale of approximately 70 billion yuan [7][8].

Core Insights - Nubia has launched its new flagship imaging smartphone, the Z80 Ultra, which integrates high-performance capabilities with advanced imaging technology, targeting both photography and gaming markets [1][2] - The Z80 Ultra is priced starting at 4999 yuan, featuring a dual-focus system with a 35mm and 18mm lens, and a triple-camera setup aimed at delivering high-quality photography experiences [1][2] Imaging Technology - The Z80 Ultra features a three-camera system, including a 50MP main sensor for 35mm focal length, a 50MP wide-angle sensor, and a 64MP periscope telephoto lens with OIS and AI super-resolution capabilities [1] - The device incorporates an AI photography master system that utilizes multi-modal recognition and cloud collaboration to enhance shooting suggestions and real-time composition guidance [1] Performance Features - The smartphone is powered by the fifth-generation Snapdragon 8 Gen 2 mobile platform, with a maximum clock speed of 4.6GHz, complemented by LPDDR5X RAM and UFS 4.1 storage [2] - Nubia has introduced the CUBE gaming engine to the Z80 Ultra, allowing for intelligent resource allocation based on gaming scenarios, supporting 2K resolution and 144Hz refresh rates [2] Display and Battery - The Z80 Ultra features a 6.85-inch Sky Full-Screen display with a refresh rate of 144Hz and a touch sampling rate of 3000Hz, designed for enhanced responsiveness in gaming [2] - The device is equipped with a 7200mAh battery and a composite liquid metal cooling system, ensuring high performance and extended battery life [2] Software and Customization - The smartphone runs on Nebula AIOS 2, which includes new features like AI call assistant and super alarm, along with over 500 system optimizations for improved user experience [2] - The Z80 Ultra is available in two colors, Phantom Black and Condensed White, with special editions featuring custom themes and collectibles [2]

Report Summary 1. Report Industry Investment Rating No information provided in the report regarding the industry investment rating. 2. Core Viewpoints - The report provides a comprehensive update on the fixed - income market, including bond price movements, new issues, and macro - economic news. It maintains a buy recommendation on the FAEACO 12.814 Perp bond, which has gained about 20 pts in the past two weeks [2]. - SoftBank Group's new bond issues are analyzed, with estimated fair values for SOFTBK 61s and SOFTBK 65s at around 7.6% and 8.4% respectively [4][8][9]. 3. Section - by - Section Summaries Trading Desk Comments - Yesterday, the TW lifers/BBLTB sub curve/HYUELE curve/PETMK curve tightened by 1 - 3 bps. There were two - way flows on JP/KR/AU front - end FRNs from PBs [2]. - Japanese insurance hybrids and AT1s edged 0.1 pt firmer with light flows, while Yankee AT1s opened cautiously in London. BNP papers recovered after a previous plunge [2]. - Chinese IG benchmarks tightened by 1 - 2 bps. In Greater China higher - beta space, NWDEVL 28 - 31s were up 0.6 - 1.5 pts, but NWDEVL Perps were down 0.3 - 1.3 pts. FAEACO 12.814 Perp gained 0.4 pt [2]. - In Chinese properties, VNKRLE 27 - 29s decreased by 0.4 - 0.6 pt after Moody's downgrade. YUZHOU 27 lost 0.7 pt. In Southeast Asia, VLLPM 27 - 29s led the space and rose 3.2 - 4.4 pts [2]. - In LGFV space, there were mixed, light two - way flows. RMs and AMs were topping up IG USD and AAA - guaranteed issues, and flows on higher - yielding papers were sporadic [3]. Morning Update - This morning, the new ASBBNK 4.155 30 tightened 1 bp from initial issuance at T + 60, and ASBBNK Float 30 tightened 10 bps from RO at SOFR+90. The new GSCCOR 4.25 30 tightened 1 bp from pricing at T + 77 [4]. - The new GEZHOU 4.25 Perp traded up to 0.1 pt higher with light flows. SOFTBKs were unchanged, and LGELECs were unchanged after S&P revised the outlook of LG Electronics to positive from stable [4]. Top Performers and Underperformers - Top performers included VLLPM 7 1/4 07/20/27 (price 69.2, change 4.4) and NWDEVL 4 1/2 05/19/30 (price 72.7, change 1.5). Top underperformers included NWDEVL 5 1/4 PERP (price 48.8, change - 1.3) and YUZHOU 7 06/30/27 (price 12.0, change - 0.7) [5]. Macro News Recap - On Tuesday, the S&P was flat (+0.00%), the Dow rose 0.47%, and the Nasdaq fell 0.16%. UST yields were lower, with 2/5/10/30 - year yields at 3.45%/3.56%/3.98%/4.55% [7]. Desk Analyst Comments on SoftBank - SoftBank Group proposes to issue 35.5NC5.5 and 40NC10 Reg S USD subordinated bonds (S&P: B+) and 37NC7 EUR subordinated bonds for general corporate purposes [8]. - The fair value of the new SOFTBK 61 (first call Apr'31) is estimated at around 7.6% vs IPT at 7.875% - 8%, and for the new SOFTBK 65 (first call Oct'35) at around 8.4% vs IPT at 8.5% - 8.625% [9]. - The bonds have step - up mechanisms, and will receive 50% equity credit from S&P and JCR until the first reset date. SoftBank has a track record of calling its bonds on the first call date [10]. - In Jun'25, SoftBank's investment portfolio was valued at about USD269.6 bn, with 76% in listed shares (about USD205 bn). It held cash of about USD25.3 bn and standalone net debts of about USD45.9 bn, with an LTV ratio of 17.0% [11][12]. - While it has completed refinancing for the current fiscal year, there is a medium - term refinancing requirement in 2028 - 31, but it has access to diverse funding channels [12]. Offshore Asia New Issues - Priced new issues include ASB Bank (USD500/300 mn, 5 - year, 4.155%/SOFR+90), China Energy Overseas Investment (USD100/100 mn, 3 - year/PerpNC5, 3.8%/4.25%), GS Caltex Corporation (USD300 mn, 5 - year, 4.25%), and Republic of Kazakhstan (USD1500 mn, 5 - year, 4.412%) [16]. - Pipeline new issues include Avation Plc, China Three Gorges Corporation, Softbank Group, and The Republic of Korea with various tenors and coupon rates [17]. News and Market Color - Yesterday, there were 158 onshore credit bonds issued with an amount of RMB156 bn. Month - to - date, 910 credit bonds were issued with a total amount of RMB889 bn, a 31.1% yoy increase [18]. - S&P revised the outlook of LG Electronics to positive from stable, and the Republic of Indonesia is looking to price 5 - year/10 - year dim sum bonds tomorrow [18]. - Other corporate news includes S&P revising the outlook of Japfa Comfeed to stable from negative, NWD denying LME on perps, San Miguel obtaining a USD1.5 bn syndicated loan, Sun Hung Kai Properties announcing a USD10 bn debt instruments issuance programme, and Woodside Energy's 9M25 oil and gas output rising 5% yoy [25].

Core Insights - Honor and BYD signed a strategic cooperation agreement to enhance smart travel experiences by integrating Honor's vehicle connectivity solutions with BYD's DiLink ecosystem [1][2] - The collaboration focuses on three main areas: core technology and functionality, channel ecosystem and user rights, and joint communication and user engagement [1][2] Group 1: Strategic Cooperation - The partnership marks a significant step in the deep collaboration between two technology companies, aiming for a forward-looking layout in the smart travel sector [1][2] - The cooperation has a history, with breakthroughs in NFC car key technology achieved in 2023, allowing BYD car owners to unlock their vehicles using Honor smartphones [2] Group 2: Future Developments - By 2024, the collaboration will expand to include in-car fast charging scenarios, and by 2025, the integration of Honor's vehicle connectivity system with BYD's entire brand lineup is planned [2] - Honor's CEO emphasized the vision of combining technology with human-centric design to enhance user potential, indicating a commitment to creating a high-end, intelligent travel experience [2] Group 3: Upcoming Events - The upcoming 2025 Honor Global Developer Conference on October 23 will serve as a platform to showcase the results of the collaboration [3] - Honor aims to leverage its HONOR AI Connect platform to develop AI-driven, user-centered ecological solutions, further advancing the smart experience [3]

Company Performance - Apple is experiencing a resurgence in market favor, driven by strong sales of the iPhone 17 in the US and China, as well as positive reception for the latest iPad [1][2] - Revenues for Apple are expected to increase, reflecting a new adoption cycle for its products [2][5] - The iPhone 17 features significant design upgrades, with potential for a foldable model next year, which could further boost revenue growth [5] Financial Strength - Apple is compared to US Treasury bonds in terms of stability, boasting an exceptional balance sheet and strong free cash flow [4][7] - Approximately 300 to 400 million iPhones are over four years old, indicating a substantial upgrade opportunity for Apple [4] Valuation and Market Position - Apple's current trading valuation is around 35 times trailing earnings and 31 to 32 times forward earnings, which is considered stable given its fundamentals [8] - The company is part of a select group of tech stocks, referred to as the "Splendid Six," which includes Microsoft, Nvidia, Google, Amazon, and Meta, all of which are viewed as staples in investment portfolios [9][10] Industry Trends - The enterprise software sector, including companies like Salesforce, is facing challenges due to the rise of AI, which may impact their market positions [12] - Despite the challenges, Salesforce is recognized for its strong base and efforts to adapt to AI, suggesting potential resilience in the face of industry changes [12]

Core Insights - Apple's iPhone Air launched in China with a lukewarm consumer response, attributed to its high starting price of 7999 yuan and reliance on eSIM technology, which has seen slow adoption by local carriers [1] - Despite the initial reaction, the iPhone Air's lightweight design and new color options attracted attention, though most consumers opted for trial rather than purchase [1] - The iPhone 17 series, including the 17, 17 Pro, and 17 Pro Max, remains more popular, as they still support physical SIM cards, while the iPhone Air focuses on eSIM to enhance battery capacity [1] - Apple's sales in the Greater China region have begun to recover, with recent financial reports indicating growth after seven consecutive quarters of revenue decline [1] - The iPhone Air may provide new growth momentum for Apple amid competition from local brands like Huawei, Xiaomi, and OPPO [1] Competitive Landscape - Local competitors have launched similar lightweight and foldable models, and new flagship devices in the past week, making the iPhone Air's higher price point less attractive [2] - Consumers can often purchase higher-spec Android devices for less money, although Apple remains in the top tier of the market [2] - Demand for the new iPhone models is strong, with the iPhone 17 series seeing a 14% increase in sales compared to the iPhone 16 series within the first 10 days of launch in the US and China [2]

Core Viewpoint - The article discusses the evolving trend of travel photography among young people, emphasizing their desire for unique and high-quality images that capture personal experiences during their travels [4][8]. Group 1: Travel Trends - Young people are increasingly seeking "escape-style travel," where short trips are prioritized over long vacations, reflecting a shift in travel behavior [4]. - The rise of social media has led to a new culture of "aesthetic accumulation," where users share fashion, art, and photography to enhance their visual storytelling skills [5]. - The concept of "stylized photography" has become a competitive aspect of travel, with young travelers focusing on achieving a cinematic feel in their photos [6]. Group 2: Photography Challenges - Many young travelers face difficulties in capturing the beauty of their surroundings due to a lack of photography knowledge, leading to high "waste rates" of unusable photos [10]. - Common issues include poor lighting conditions and the inability to replicate the stunning visuals seen in person, resulting in frustration and a desire for better equipment [11][14]. - The emergence of live photos has added complexity, as capturing the right moment often results in blurry images, further complicating the photography process [12][14]. Group 3: Equipment Preferences - Young travelers are increasingly turning to smartphones for photography, seeking devices that can deliver high-quality images without the bulk of professional cameras [16][17]. - The OPPO Find X9 series has been highlighted as a solution, featuring advanced imaging technology that addresses common pain points in travel photography, such as clarity and color accuracy [20][22]. - The series offers significant improvements in image quality, including 8K photo capabilities and enhanced low-light performance, making it an attractive option for young travelers [20][24]. Group 4: Market Insights - The demand for travel photography services is growing, with a notable percentage of female travelers opting for tour packages that include photography services [7]. - The trend indicates a broader market opportunity for companies that can provide innovative solutions for mobile photography, catering to the needs of young consumers who prioritize quality and convenience [25].

Core Insights - The launch of Apple's iPhone Air in China received a muted consumer response, contrasting with the international rollout of the iPhone lineup which saw long queues [1][2] - The iPhone Air, priced at 7,999 yuan ($1,120), only supports eSIM, which has been slowly adopted by local carriers, leading to limited consumer interest [1][3] - Despite the lack of excitement for the iPhone Air, Apple has reported sales growth in the greater China region after a prolonged period of declining revenue [4] Consumer Response - At the Sanlitun store in Beijing, more customers were interested in the iPhone 17 Pro models rather than the iPhone Air, which was available for immediate purchase [2] - In Shanghai, the iPhone Air had no queues, indicating a lack of urgency among consumers, although some color options sold out quickly [2] - Consumers expressed curiosity about the iPhone Air's design and colors but were more inclined to try the device rather than make a purchase [2] Competitive Landscape - The iPhone Air's design prioritizes battery capacity over physical SIM card support, unlike the iPhone 17 series [3] - Local competitors like Huawei, Xiaomi, and Oppo have launched similarly thin foldable models, intensifying competition in the premium smartphone market [6] - The iPhone Air is considered expensive by Chinese standards, as consumers can find high-end Android devices at lower prices [6] Sales Performance - Demand for Apple's new iPhones has been strong, particularly for the redesigned iPhone 17 Pro and the new Air model [7] - The iPhone 17 series has outperformed the previous iPhone 16 series, with a 14% increase in sales during the first 10 days of availability in the US and China [7]

Group 1 - The National AI Application Pilot Base for Consumer AI Terminals has organized a series of enterprise symposiums to foster industry consensus and collaboration for building a global highland in the mobile terminal industry [1][2] - The first symposium focused on the implementation of leading scenarios, with representatives from major companies like Huawei, OPPO, and vivo participating to discuss ecological development [2][4] - The East Guangdong government emphasized the importance of leveraging AI technology for large-scale application and industrialization, encouraging companies to actively participate in the base's construction [4][11] Group 2 - The second symposium aimed to clarify construction paths and cooperation models, with discussions on the core themes of "AI + terminal products" and "AI + production processes" [5][7] - Key industry players shared insights on challenges such as OS adaptation, data labeling, and quality inspection, indicating a strong willingness to contribute to the base's ecosystem [4][7] - The base's operational unit, China Unicom (Guangdong), highlighted its commitment to building an innovative ecosystem by leveraging its 5G networks and data resources [7][10] Group 3 - The third symposium focused on empowering enterprises through AI capabilities, with a detailed analysis of current AI technology characteristics in the industrial sector [8][10] - The East Guangdong AI Research Institute provided insights into practical applications of AI in smart manufacturing, addressing industry pain points [10] - The collaborative efforts have resulted in a preliminary list of scenarios for implementation, marking significant progress in the local application of the national "AI +" initiative [11]