围绕现代海洋经济。出台新一轮支持海洋经济高质量发展政策20条，增强海洋产业竞争力。安排2800万 元，支持海洋高能级平台建设，助力海洋领域关键核心技术攻关。争取中央资金3.7亿元，支持渔业产 业转型升级。 今年以来，青岛市财政局认真贯彻青岛市委、市政府工作部署，以更加积极的财政政策推动全市经济社 会高质量发展。其中，为激发消费潜力，争取中央资金40.5亿元、市级配套7.15亿元，支持汽车、家 电、手机等消费品以旧换新，发放1.8亿元住宿、餐饮、文娱等惠民消费券，让市民乐享实惠。 实施更加积极的财政政策，全力稳增长扩内需 对上争取扩大有效投资。抓好政策资金项目争取，争取上级转移支付资金270.1亿元，同口径增长8％； 争取新增一般债限额78亿元、增长36.8％，新增专项债限额677亿元、增长16.5％，支持307个重点项目 建设，项目总投资超5100亿元。 充分激发消费潜力。争取中央资金40.5亿元、市级配套7.15亿元，支持汽车、家电、手机等消费品以旧 换新，发放1.8亿元住宿、餐饮、文娱等惠民消费券，对个人消费贷款给予财政贴息，让市民乐享实 惠。入选国际化消费环境建设、消费新业态新模式新场景"双试点"城市， ...

智通财经APP获悉，12月11日，中国信通院发布2025年10月国内手机市场运行分析报告。2025年10月，国内市场手机出货量3226.7万部，同比增长8.7%， 其中，5G手机2932.6万部，同比增长9.7%，占同期手机出货量的90.9%。 2025年1-10月，国内市场手机出货量2.52亿部，同比增长0.8%，其中，5G手机2.17亿部，同比增长1.3%，占同期手机出货量的86.0%。 国内手机市场国内外品牌构成 2025年10月，国产品牌手机出货量2524.0万部，同比增长7.6%，占同期手机出货量的78.2%;国产品牌上市新机型43款，同比增长4.9%，占同期手机上市新 机型数量的95.6%。 2025年1-10月，国产品牌手机出货2.18亿部，同比增长2.9%，占同期手机出货量的86.4%;国产品牌上市新机型421款，同比增长20.6%，占同期手机上市新 机型数量的95.0%。 国内智能手机发展情况 图1 国内手机市场出货量及5G手机占比 2025年10月，国内手机上市新机型45款，同比增长9.8%，其中5G手机19款，同比下降26.9%，占同期手机上市新机型数量的42.2%。 2025年1-10 ...

智东西12月10日报道，12月2日，全球第三大手机厂商深圳传音控股正式递表港交所，中信证券独家保荐。 传音控股已于2019年9月在A股科创板上市，此次有望实现"A+H"上市，截至昨日收盘其市值为767.84亿元。 成立于2013年的传音控股，被业界称为"非洲之王"。十余年前国内手机竞争激烈，传音控股选择冲向非洲开阔市场，去年其手机销量超2亿部，仅非洲地 区就占1.03亿部。 从全球市场来看，如今传音控股已经成为销量仅次苹果、三星的手机厂商。根据沙利文的数据，2024年全球手机销量第一、第二为苹果、三星，传音控股 为全球第三，紧随其后的是小米、OPPO。 | | 全球手機市場排名 | | | --- | --- | --- | | 排名 | 公司 | | | 1 | 公司A | 226 | | 2 | 公司B | 223 | | 3 | 本公司 | 201 | | 4 | 公司C | 169 | | 5 | 公司D | 103 | ▲根据批注估计公司A、B、C、D分别为苹果、三星、小米、OPPO 在传音控股深耕的非洲、新兴亚太市场、拉美、中东、中欧及东欧等新兴市场，根据沙利文数据，按照2024年手机销量计算，其 ...

Group 1: Core Insights - The overseas business segments of major Chinese internet companies have become "profit dark horses," with Alibaba's international digital commerce turning profitable, Meituan's Keeta achieving monthly profitability in Hong Kong, and Tencent's overseas gaming revenue surging by 43% year-on-year [1] - As domestic internet traffic growth reaches diminishing returns, going overseas has become a necessary strategy for companies, evolving from "go overseas or go home" to "no core capabilities, no overseas expansion" [1] Group 2: Cross-Border E-commerce - Alibaba's international retail business reported revenue of 28.068 billion yuan, a 10% year-on-year increase, driven by growth from AliExpress and other international operations [2] - The international wholesale business generated 6.731 billion yuan, an 11% increase year-on-year, attributed to growth in value-added services related to cross-border business [2] - Temu's gross merchandise volume (GMV) growth is primarily due to rapid penetration in the European (30-40% share, 60-70% year-on-year growth) and Latin American markets (over 15% share), while growth in North America is slowing [2][3] Group 3: Local Lifestyle Services - Meituan's Keeta achieved its first monthly profitability in Hong Kong, marking a significant milestone in its overseas expansion [4] - Keeta is expanding in the Middle East and Brazil, utilizing AI algorithms and big data to optimize delivery routes and improve efficiency [4][5] - The competitive landscape in Brazil is intense, with Didi and Uber also expanding their food delivery services, indicating a battle for market share [6] Group 4: Entertainment Sector - Tencent's international gaming revenue reached 20.8 billion yuan, a 43% year-on-year increase, driven by successful titles like "Clash Royale" and "PUBG MOBILE" [7] - NetEase's overseas strategy is undergoing significant adjustments, with the closure of several overseas studios despite some successful game launches [8] Group 5: Mobile Phones - Xiaomi's smartphone revenue declined by 3.1% year-on-year to 46 billion yuan, attributed to a decrease in average selling price (ASP) [9] - Xiaomi's overseas internet service revenue reached a record high of 3.3 billion yuan, growing by 19.1% year-on-year, with a notable increase in the share of high-margin overseas market revenue [10] - The competition in the African market between Xiaomi and Transsion is intensifying, leading to price wars [10] Group 6: Conclusion - The third-quarter financial reports indicate a shift in Chinese internet companies' overseas strategies, moving from reliance on policy advantages and low prices to focusing on supply chain capabilities, AI technology, localization, and compliance management [12] - The transformation represents an upgrade from being participants in the global value chain to integrators, with challenges such as geopolitical compliance risks and cultural differences remaining significant [13]

国外 许多投资者预计，美联储本周在降息的同时将释放偏鹰的前瞻指引，反映出FOMC内部对是否应继续降 息存在分歧。然而，高盛首席美国经济学家David Mericle认为，美联储很可能不会完全排除明年1月再 次行动的可能性。"指望FOMC通过强烈暗示'1月将暂停降息'而把自己逼入死角是不现实的，因为如果 到那时劳动力市场仍在明显走弱，降息仍可能是合适的。"他指出，自9月就业数据发布以来，官方尚未 公布新的劳动力市场统计，这使得票委们在本周会议中更不愿过早锁定1月政策路径。"在缺乏最新就业 数据的情况下，决策者会格外谨慎，避免束缚自己的政策灵活性。"因此，尽管本周可能降息，美联储 或将刻意保持措辞开放，为1月根据经济数据（尤其是劳动力市场动态）保留进一步宽松的空间。 2. 巴克莱：料美联储本周将降息25BP，明年3月及6月各降息25BP 巴克莱预计，美联储将于本周议息会议上将利率下调25BP至3.5%至3.75%区间，会后声明料将加入鹰派 措辞，暗示明年1月将暂缓降息。该行目前维持美国明年3月及6月各降息25个基点的预测。巴克莱认 为，新的经济预测摘要可能显示经济预测变化不大，点阵图则将反映2026年及2027年 ...

元旦假期快到了，不少人已经开始规划这几天小长假要去哪里玩，但也有部分晕车群体开始发愁，对于他们来说，只要车一开，就会头晕、恶心、冷汗直 冒，想睡也睡不着，妥妥的「坐牢」，也因此市面上存在各种各样的晕车药、晕车贴以及一些民间处方。 可能很多读者都不知道，其实这两年手机厂商都默默纷纷在系统里加了一个看上去有点玄学的功能：晕车模式，当然也有厂商称其为车辆运动提示或晕动视 觉辅助，虽然命名方式不同，但其目标是一致的——让你在车上刷手机没那么难受。 除了手机，很多新能源汽车也推出了「晕车舒缓模式」，好像防晕车模式突然成了科技圈新的「刚需卖点」。 问题来了：手机上的晕车模式到底是噱头，还是确实能救一救「晕车党」？ 晕车模式：苹果首创，安卓厂商跟风 在了解晕车模式之前，我们先来科普一下为什么人会晕车。简单讲，就是人的大脑被「信息冲突」影响：明明耳朵里的前庭系统感受到车辆在行驶状态，但 眼睛却盯着一个几乎静止的手机屏幕，两路信号对不上，大脑就会用「恶心、反胃、出冷汗」这种方式来抗议。 苹果是第一家将这项功能推到大众眼前的厂商，其在 iOS 18中就加入了「车辆运动提示」，当系统检测到你正在乘车时，会在屏幕边缘出现一圈随着车辆 ...

Core Viewpoint - Transsion Holdings, known as the "King of African Mobile Phones," has submitted an IPO application to the Hong Kong Stock Exchange amid performance fluctuations and the need for new growth avenues, following its 2019 listing on the STAR Market in China [2] Financial Performance - In the first half of 2025, mobile revenue is expected to decline by 18.4% year-on-year to 26.093 billion yuan, with a gross margin dropping to 19.0% [2] - Revenue for the first three quarters decreased by 3.33% to 49.543 billion yuan, while net profit attributable to shareholders plummeted by 44.97% [2] - Despite a 22.6% year-on-year revenue surge in the third quarter, net profit still fell by 11.06% [2] - As of December 8, 2023, Transsion's A-share market capitalization is approximately 80 billion yuan [2] Market Position and Competition - Transsion's mobile phone shipments are projected to reach 201 million units in 2024, marking a historical high, with a global market share ranking third for five consecutive years [5] - In the African market, Transsion holds a 51% market share as of the third quarter of 2025, but its growth rate has slowed to 25% compared to competitors like Xiaomi and Honor, which have seen growth rates of 34% and 158%, respectively [6] - The competitive landscape in Africa has intensified, with rivals moving into the mid-range market segment, diminishing Transsion's previous advantages [6] Strategic Initiatives - Transsion is pursuing a dual listing to enhance its capital operations and expand into Southeast Asia and the "Belt and Road" markets [7] - The company is diversifying its business into energy storage, new energy vehicles, and smart home appliances, with significant R&D investments of 2.139 billion yuan in the first three quarters of 2025, a 17.26% increase [7] - The company aims to establish a dual-brand strategy in the energy storage sector and has launched personal and commercial electric vehicle brands [7] Transition Challenges - The mobile business still accounts for over 90% of revenue, and new business lines have yet to achieve scale [8] - Short-term efficiency improvements in the mobile segment through AI are unlikely, and the transition to new business areas will take time [8] - The upcoming IPO is seen as a means to raise funds and signal confidence in the company's transformation efforts [8]

期货研究院 格林大华期货研究院专题报告 宏观经济 2025年12月8日 证监许可【2011】1288号 11月份，中国出口机电产品2059亿美元，同比增长9.7%，1-11 月累计同比增长8.0%，去年全年增长7.5%。1-11月高新技术产品出 口同比增长6.6%，去年全年增长4.8%。1-11月集成电路出口同比增 长24.7%，去年全年增长17.4%。前11个月出口汽车（包括底盘）同 比增长16.7%，去年全年增长15.5%。前11个月出口船舶同比增长26. 8%，去年全年增长57.3%。前11个月出口家电同比下降3.6%，去年 全年增长14.1%。前11个月出口手机同比下降11.2%，去年全年下降 3.1%。前11个月出口箱包及类似容器同比下降13.5%，去年全年下降 3.2%。前11个月出口玩具同比下降12.1%，去年全年下降1.7%。前1 1个月出口服装及衣着附件同比下降4.4%，去年全年增长0.3%。前1 1个月出口家具及零件同比下降5.9%，去年全年增长5.8%。今年中国 出口更高科技含量产品和传统优势出口产品的增长速度明显分化。 11月位于中国进口金额前列的还是集成电路和大宗商品。11月中 国进 ...

近日，被誉为"非洲手机之王"的传音控股（688036.SH）公告，公司已于12月2日向香港联交所递交IPO申请。这家已经在A股上 市6年的公司，为何突然选择二次上市？ 根据招股书披露，截至2025年6月30日，其手机业务营收同比下滑18.4%，由2024年上半年的319.79亿元，收缩至260.93亿元。公 司营收从2022年465.96亿元增至2024年687.15亿元，2025年上半年营收290.77亿元，毛利55.33亿元，毛利率从2024年的20.9%下 降至19.0%。 行业内人士指出，其中或许既有业绩承压、募资寻求资金支持的缘故，也有开拓市场、寻找第二曲线的渴求存在。 截至12月8日11时左右，传音控股A股市值接近800亿元。 竞争加剧业绩承压 销售的经历使竺兆江得以敏锐捕捉到新兴市场对于手机的特殊需求。针对非洲运营商分散、基建情况较差的状况，公司首款 Tecno手机便主打双卡双待设计，并针对当地深色肤质用户的夜间拍照需求研发了特殊算法，让拍照"不再一团黑"。同时，非洲 当地频繁停电、温差大、手部汗液多等问题，传音研制了高压快充、环境温度检测和防汗液USB端口等技术。而在以年轻游戏 用户为主的东南 ...

Core Viewpoint - Transsion Holdings, known as the "King of Mobile Phones in Africa," has submitted an IPO application to the Hong Kong Stock Exchange, driven by declining mobile business revenue and the need for capital to support market expansion and innovation [1][15]. Group 1: Financial Performance - As of June 30, 2025, Transsion's mobile business revenue is projected to decline by 18.4%, from 31.979 billion yuan in the first half of 2024 to 26.093 billion yuan [1]. - The company's revenue increased from 46.596 billion yuan in 2022 to 68.715 billion yuan in 2024, with a first-half revenue of 29.077 billion yuan in 2025 and a gross profit of 5.533 billion yuan, resulting in a gross margin decrease from 20.9% in 2024 to 19.0% [1]. - For the first three quarters of 2025, total revenue was 49.543 billion yuan, a year-on-year decrease of 3.33%, while net profit attributable to shareholders dropped significantly by 44.97% [6][7]. Group 2: Market Position and Competition - Transsion has successfully captured the African market, holding over 40% of the smartphone market share, while facing increasing competition from brands like Xiaomi and OPPO, which are expanding their presence in Africa [5][9]. - In the second quarter of 2025, Transsion maintained a 51% market share in Africa, but Xiaomi's share rose to 14%, indicating a shift in the competitive landscape [9]. - The company has historically focused on low-cost smartphones but is now facing competition in the sub-$100 segment and the mid-range market [9]. Group 3: Strategic Initiatives - Transsion is diversifying its business by entering the energy storage and electric vehicle markets, launching brands like itel Energy and DYQUE Energy, and developing electric two-wheelers and three-wheelers [14]. - The company emphasizes local talent and has established a strong presence in 32 countries, with a foreign employee ratio of about 40% [5]. - To address competitive pressures, Transsion has increased its R&D investment, reaching 2.139 billion yuan in the first three quarters of 2025, a year-on-year increase of 17.26% [10]. Group 4: Future Outlook - The IPO in Hong Kong is seen as a strategic move to expand into Southeast Asia and other markets, leveraging Hong Kong as a gateway [15]. - Despite the ambitious plans for diversification and AI integration, the mobile business still accounts for over 90% of revenue, indicating a need for successful execution of new strategies to ensure long-term growth [15].