A股三大股指小幅低开，截至9：40，沪指跌0.33%，深成指跌0.48%，创业板指跌0.49%。 盘面上，AI手机概念股延续活跃，道明光学4连板，福蓉科技2连板，中兴通讯、传音控股、天音控股 跟涨；零售板块局部异动，茂业商业6天5板，合百集团触及涨停，文峰股份、百大集团、红旗连锁等跟 涨；福建本地股局部走高，平潭发展、榕基软件双双涨停，海峡创新涨超10%，漳州发展、福龙马、厦 工股份跟涨。 跌幅方面，渔业、冶钢原料、能源金属等板块跌幅居前。 展望后市，华安证券表示，12月维持高位震荡，市场继续在高位震荡中等待新契机。行业快速轮动或仍 是主基调，建议关注AI产业链和景气改善领域。 热门板块 1、AI手机概念延续强势 AI手机概念股延续活跃，道明光学4连板，福蓉科技2连板，中兴通讯、传音控股、天音控股跟涨 点评：消息面上，豆包发布手机助手技术预览版，可在工程样机nubia M153上体验。豆包方面表示，这 是一款需要和手机厂商一起完成的产品。豆包目前正与多家手机厂商洽谈助手合作，并没有自己开发手 机的计划，后续将公布更多进展。 12月来看，市场仍处于风格频繁切换阶段，或以结构性行情为主。一方面，作为年末最关键的政 ...

Core Insights - The first "Doubao Assistant" phone has sold out, with second-hand prices ranging from 4200 to 4999 yuan, exceeding the official price by 700 to 1500 yuan [1] - The phone is a collaboration between ZTE and ByteDance, with Doubao leading the AI assistant's product definition and experience, while Nubia handles hardware development and manufacturing [1] - Nubia has not released sales data yet, as this is the first model with limited external sales [1] Product and Development - The Nubia M153 software will receive updates approximately every two weeks until the end of Q1 2026, with future update frequency to be announced later [3] - Doubao is exploring partnerships with multiple phone manufacturers but has no plans for self-developed phones [3] Market Position and Competition - Major domestic phone manufacturers currently do not have similar collaboration plans with Doubao [4] - Companies like Honor have existing collaborations with Volcano Engine for various functionalities, but specifics regarding Doubao's assistant remain unconfirmed [4] - Other manufacturers, such as OPPO and Vivo, have not confirmed any collaboration but are observing Doubao's upcoming technical solutions [4] Industry Dynamics - Existing voice assistants from major manufacturers are deeply integrated into their operating systems, representing control over ecosystem traffic and future service business models [5] - Smaller manufacturers may have more flexibility in collaborating with Doubao, allowing Doubao to maintain greater control over model development [5] - The collaboration model between Doubao and ZTE resembles Huawei's "Smart Choice Car" model, where Doubao retains model development authority while manufacturers focus on hardware [6] - The willingness of other application ecosystem companies to provide AI capabilities for Doubao's assistant remains uncertain [6]

Core Insights - The "Doubao Assistant" phone, developed by ZTE and ByteDance, has sold out, with second-hand prices ranging from 4200 to 4999 yuan, exceeding the official price by 700 to 1500 yuan [1][3] - Nubia, a subsidiary of ZTE, has not released sales data for the "Doubao Assistant" phone, indicating limited initial availability [1] - The phone is not entirely out of stock, as developers can apply for an F code to purchase it, although software functionality may not match mainstream flagship models [1] Collaboration and Market Position - Nubia is not the only partner for "Doubao Assistant," as ByteDance is in talks with multiple phone manufacturers, but no major collaborations have been confirmed yet [3] - Major phone manufacturers like Honor have existing partnerships with Volcano Engine, while OPPO and Vivo have not confirmed any collaboration with Doubao [3][4] - The current landscape shows that leading phone manufacturers have their own voice assistants, which are deeply integrated into their operating systems, representing control over ecosystem traffic and future business models [4] Competitive Landscape - The collaboration model between Doubao and ZTE resembles Huawei's "Smart Choice Car" model, where Doubao retains control over model development while manufacturers provide hardware [5] - There is potential for more second and third-tier manufacturers to explore this model, but the willingness of other application ecosystem companies to provide AI capabilities remains uncertain [5] - The competition among voice assistants is expected to extend beyond smartphones to other devices like headphones and smart glasses, indicating a broader market for AI integration [5]

消息面上，据划重点KeyPoints独家报道称，从供应链等多方了解到，字节跳动和中兴通讯合作的AI手 机即将在12月初发布。其中，字节主导豆包大模型的植入与AI交互功能定义，中兴则主导硬件定义、 产品设计和生产制造。报道指出，知情人士透露，相比目前主流AI手机，这款手机在字节和中兴努比 亚团队的深度合作下，对硬件层、软件层、甚至操作系统层，都进行了更深入的整合和重构，这被定义 为一款"AI 原生手机"（AI Native Phone）。 华创证券此前研报曾指出，中兴通讯已在硬件设计、研发及生产等当面积累了深厚的技术底蕴，而豆包 大模型等AI技术作为系统级的能力其在手机中的应用亦可极大的拓宽AI模型的应用边界，从而在更多 应用场景下完成落地，建议关注相关手机研发进展及相关增量为中兴通讯等合作方带来的市值弹性空 间。 中兴通讯（000063）(00763)涨超7%，截至发稿，涨7.07%，报33.64港元，成交额7.65亿港元。 ...

Core Viewpoint - The Mate80 series from a certain company has adopted a "quantity increase and price decrease" strategy, defying the trend of rising component prices in the smartphone industry, which has left competitors at a disadvantage [1][3][4]. Pricing Strategy - The Mate80 series has seen a price reduction of 800 yuan for the standard version, bringing it down to 4699 yuan, while the Pro and ProMax versions have decreased by 500 yuan [1]. - With additional e-commerce platform subsidies, the actual price drop could reach up to 1000 yuan [2]. Competitive Landscape - Competitors in the Android market were preparing for price increases due to rising costs of key components, such as a 30% increase in Qualcomm Snapdragon 8 chip prices and a 200% increase in DRAM memory prices over six months [2][6]. - The price reduction by the certain company has rendered similar models from competitors nearly incomparable, causing panic among rival brands [3][4]. Supply Chain Advantages - The Mate80 series boasts over 90% of its components sourced from domestic suppliers, which has allowed the company to maintain lower costs compared to competitors reliant on international supply chains [5][7]. - The self-developed Kirin 9030 chip significantly reduces external procurement costs, with internal costs potentially being half of the approximately 200 USD that competitors pay for flagship chips [5]. Market Impact - The goal for the Mate80 series is to achieve sales of over 20 million units, which would help expand the HarmonyOS ecosystem to 50 million devices, attracting more developers and enhancing the product ecosystem [5]. - The success of the Mate80 series could lead to market share loss for competitors who are heavily dependent on international supply chains [5][9]. Industry Trends - The smartphone market is currently in a phase of stock competition, with rising procurement costs leading to higher retail prices, which could hinder sales across the board [6][9]. - The certain company's ability to lower prices amidst rising costs indicates a shift in the industry, potentially forcing competitors to source components domestically to remain competitive [10][11]. Investment Opportunities - The situation presents significant investment opportunities in the domestic storage industry, which is likely to see growth due to increased demand from the certain company's success [12]. - Key players in the domestic storage supply chain, including equipment manufacturers and chip producers, are expected to benefit from this trend [12][13][14]. Conclusion - The Mate80's reverse pricing strategy signifies a shift towards "domestic substitution and ecological independence" in China's tech industry, presenting potential growth for investors focused on companies with strong technological barriers and solid performance [15].

据市说新语 公众号（ 国家市场监督管理总局官方账号 ） 27日消息，11月26日，市场监管总局在广东深圳对手机和手机应用平台企业开 展反不正当竞争合规指导。 市场监管总局通报了手机行业不正当竞争典型案例，并指出，作为数字经济关键组成部分，手机和手机应用领域当前非理性竞争问题较为 突出， 部分企业利用技术、数据、平台规则等优势实施流量劫持、强制跳转、恶意不兼容等不正当竞争行为，损害其他经营者和消费者的 合法权益，扰乱市场公平竞争秩序。 市场监管总局强调，手机行业相关经营者要切实增强责任意识，深入学习新反不正当竞争法，高度重视反不正当竞争合规工作。要全面排 查风险隐患，建立健全内部合规管理体系，自觉维护公平竞争市场环境。要坚决停止并防范各类不正当竞争行为，推动形成优质优价、良 性竞争的市场秩序。要遵守法律和商业道德，共同构建健康有序、互利共赢的产业生态。 市场监管总局将持续强化反不正当竞争监管执法，不断完善公平竞争制度规则，用好梯次性监管工具，切实维护市场公平竞争和消费者合 法权益，推动手机行业规范健康可持续发展。 市场监管总局、中央网信办、最高人民法院相关司局同志，广东、上海、重庆等地市场监管部门同志，以及手机 ...

市场监管总局强调，手机行业相关经营者要切实增强责任意识，深入学习新反不正当竞争法，高度重视 反不正当竞争合规工作。要全面排查风险隐患，建立健全内部合规管理体系，自觉维护公平竞争市场环 境。要坚决停止并防范各类不正当竞争行为，推动形成优质优价、良性竞争的市场秩序。要遵守法律和 商业道德，共同构建健康有序、互利共赢的产业生态。 市场监管总局将持续强化反不正当竞争监管执法，不断完善公平竞争制度规则，用好梯次性监管工具， 切实维护市场公平竞争和消费者合法权益，推动手机行业规范健康可持续发展。 记者从市场监管总局获悉，11月26日，市场监管总局在广东深圳对手机和手机应用平台企业开展反不正 当竞争合规指导。 市场监管总局通报了手机行业不正当竞争典型案例，并指出，作为数字经济关键组成部分，手机和手机 应用领域当前非理性竞争问题较为突出，部分企业利用技术、数据、平台规则等优势实施流量劫持、强 制跳转、恶意不兼容等不正当竞争行为，损害其他经营者和消费者的合法权益，扰乱市场公平竞争秩 序。 （原标题：市场监管总局对手机行业开展合规指导） 21世纪经济报道记者 王俊 ...

Core Insights - The focus of leading domestic smartphone manufacturers has shifted from performance metrics of large models to practical applications of edge AI, enabling rich functionalities in offline scenarios [1][2] - The rapid development of open-source large models, exemplified by DeepSeek, has facilitated the miniaturization of models, which is a fundamental reason for the enhanced capabilities of edge AI in smartphones this year [1][3] - AI smartphones are transitioning from being seen as a novelty to becoming a necessity, indicating a critical point in their evolution [1] AI Underlying Evolution - Recent breakthroughs in AI large models, including miniaturization, multimodality, and long-context expansion, have provided foundational conditions for edge applications in smartphones [1] - The integration of cloud and edge computing paradigms presents key opportunities for terminal manufacturers [2] - The miniaturization of models has significantly improved the feasibility of deploying powerful models on smartphones, allowing for enhanced offline AI functionalities [3][5] Application and Ecosystem Development - OPPO has identified three strategic pillars for AI: new computing, new perception, and new ecosystem [3] - The deployment of edge models has reduced memory requirements, allowing for more efficient use of high-end smartphones [4][5] - The evolution of AI applications is expected to enhance user experiences by integrating AI into traditional functionalities like voice assistants and photo management [6] Agent Ecosystem and User Interaction - The year 2025 is anticipated to be pivotal for the development of AI agents, with manufacturers focusing on embedding AI capabilities into smartphones [7] - The transition from basic smart assistants to more sophisticated systems with multi-agent architectures is underway, enabling complex tasks like food delivery and ride-hailing [7][8] - Challenges remain in user adaptation to AI-driven interactions, as many users are accustomed to traditional GUI methods [8] Market Dynamics and Consumer Behavior - The perception of AI capabilities in smartphones has historically been limited, impacting consumer purchasing decisions [9] - The success of AI features will depend on their ability to address user pain points and enhance convenience [9][10] - The competition among AI smartphones is shifting from technical specifications to the ability to create open and unified ecosystems that align with user interaction habits [10]

今年"双11"，手机仍是竞争最激烈的产品品类，各大手机厂商均在"双11"之前就做足准备。此刻，谁是此次较量的最终赢家成为市场关注焦点。京东发布 的手机竞速排行榜显示，苹果、小米、vivo位列前三，包揽品牌销量累计榜前三。在智能机"厮杀"的主战场之外，飞利浦、天语等主打功能机业务的手机 品牌也跻身TOP10。 每经记者｜王晶 每经编辑｜程鹏 黄博文 品牌商与消费者双向奔赴、全民狂欢的"双11"电商节在全网热度中徐徐落幕。 智能手机的普及，曾让功能机一度退居"老人机"赛道。如今，这片最后的阵地也正面临来自智能终端的渗透与重塑。 李大爷的手机又坏了，家人匆匆在电商平台下单，买来一台百元左右的"老人机"——功能极其简单、字体大、音量高、待机时间长。熟悉智能设备的张大 姐则花两千多元买了部智能手机，能刷短视频、视频通话、扫码支付…… QuestMobile（北京贵士信息科技有限公司）指出，截至2024年9月，银发人群（通常指60岁及以上的老年群体）月活用户约3.29亿，人均月使用时长高达 129小时，相当于每天网上"冲浪"超过4小时，其中短视频、社交、资讯、电商等位居使用时长前四位。同时，2000元以上中高端智能机的使 ...

Core Viewpoint - Honor is shifting its product strategy from a reactive approach to a proactive one, aiming to redefine user experience in the smartphone industry [1][2] Group 1: Product Strategy - The upcoming Honor 500 series will adopt a "dual super" strategy, simplifying the product line to only standard and Pro versions [1] - The standard version is designed to provide a balanced experience, while the Pro version will offer an enhanced experience for users seeking premium features [1][2] Group 2: Industry Insight - Honor identifies a major pain point in the smartphone industry where standard models are increasingly underperforming, forcing users to pay more for Pro versions [1] - The company aims to address this issue by ensuring that the standard version is not a compromise but rather a preferred choice for consumers [2]