印度电信部发布行政命令，要求手机厂商 （苹果、三星和小米等）在90天内，把政府的网络安全 APP"Sanchar Saathi"应用预装到所有新机型中，上述企业需在90天内遵令执行，用户亦不得禁用或删除 该应用。 不仅如此，印度电信部指令还要求厂商通过软件更新方式，将这款应用推送到旧款机型上，使这一强制 措施不仅覆盖新上市手机，也延伸至市场上已售设备。 美股周二尾盘，苹果公司股价上涨1.2%。据消息人士透露，苹果公司将拒绝印度政府关于在苹果手机 中强制安装安全应用命令，不会在iPhone上预装该应用。苹果公司将告知印度政府，由于存在安全和隐 私风险，苹果不会在其参与的任何市场遵从此类命令。 印度电信部发布行政命令，要求手机厂商 （苹果、三星和小米等）在90天内，把政府的网络安全 APP"Sanchar Saathi"应用预装到所有新机型中，上述企业需在90天内遵令执行，用户亦不得禁用或删除 该应用。 不仅如此，印度电信部指令还要求厂商通过软件更新方式，将这款应用推送到旧款机型上，使这一强制 措施不仅覆盖新上市手机，也延伸至市场上已售设备。 责任编辑：张俊 SF065 美股周二尾盘，苹果公司股价上涨1.2%。据 ...

Core Viewpoint - Xiaomi reported Q3 2025 performance with total revenue of 113.1 billion yuan (+0.5% vs consensus), year-on-year growth of 22%; adjusted net profit reached 11.3 billion yuan (+12.6% vs consensus of 10 billion yuan), year-on-year growth of 81%, corresponding to a net profit margin of 10.0% [1] Group 1: Smartphone Business - Smartphone shipments in Q3 were 43.3 million units, a year-on-year increase of 0.5%, with a market share of 13.6%; market share in China was 16.7% [2] - Average Selling Price (ASP) was 1,062 yuan, down 4% year-on-year; smartphone revenue was 46 billion yuan (+0.3% vs consensus), year-on-year decline of 3.1% [2] - The increase in storage prices has led to a decline in gross margin, with Q3 smartphone gross margin at 11.1%; Q4 smartphone gross margin is expected to be 10% [2] Group 2: IoT and Internet Business - In Q3, IoT revenue was 27.6 billion yuan (-1.9% vs consensus), year-on-year growth of 5.5%; gross margin improved by 1.4 percentage points to 23.9% [3] - Major appliances faced pressure with a year-on-year revenue decline of 15% due to competition and subsidy reductions; attention is advised on overseas expansion and market share changes [3] - Internet business revenue for Q3 was 9.4 billion yuan (+2.2% vs consensus), year-on-year growth of 10.8% [3] Group 3: Automotive Business - The automotive segment achieved profitability for the first time, with Q3 deliveries of 108,800 units and an ASP of 260,000 yuan; gross margin decreased by 0.9 percentage points to 25.5% [3] - November deliveries exceeded 48,000 units, with expectations of nearing full production by year-end; total annual deliveries are projected to exceed 400,000 units [3] - Q3 automotive revenue was 29 billion yuan, with other related businesses contributing 700 million yuan [3] Group 4: Financial Forecast and Valuation - Projected revenues for Xiaomi Group in 2025 and 2026 are 471.7 billion yuan and 545 billion yuan (year-on-year growth of 29% and 16% respectively); adjusted net profits are forecasted at 43.3 billion yuan and 44.9 billion yuan (year-on-year growth of 59% and 4%) [3] - The company is assigned a 20x PE for its main business in 2026 and a 2.5x PS for the automotive segment, with a target price of 51.1 HKD and a "buy" rating [3]

Group 1: Samsung's Launch of Galaxy Z TriFold - Samsung Electronics officially launched its first tri-fold smartphone, the Galaxy Z TriFold, on December 2, with a starting price of 3.5904 million KRW (approximately 17,302 CNY) [5] - The device features an inward folding design, providing a screen space equivalent to three 6.5-inch smartphones side by side, surpassing the previous Galaxy Z Fold 7 [5] - The Galaxy Z TriFold is equipped with a customized Snapdragon 8 Elite for Galaxy chip, 16GB of RAM, and offers storage options of 512GB and 1TB, along with a 5600mAh battery [6] Group 2: Apple's Advancements in Foldable Technology - Apple has made significant progress in developing its first foldable smartphone, the iPhone Fold, achieving a "no crease" design, which could make it the world's first truly crease-free foldable phone [7] - The expected price for the iPhone Fold is projected at $2399, with lifecycle sales estimated at 15.4 million units, despite the overall smartphone market facing a decline [8][9] - Apple has innovated in the integration of the screen and hinge system to eliminate permanent creases, collaborating with key suppliers to develop critical components [9] Group 3: Market Trends and Challenges - The global smartphone market is expected to continue shrinking, with a projected decline of 4% in 2026, while the Chinese market is anticipated to decrease by 3% [9][10] - Despite challenges such as high prices, durability issues, and software adaptation, analysts remain optimistic about the future of foldable smartphones, predicting that improvements in technology will attract a broader consumer base [10][11] - The ongoing optimization of fundamental features by various manufacturers is seen as essential for the future development of foldable smartphones [11]

目前三折叠手机市场相对小众，三星发布三折叠手机对全球及中国市场的折叠手机销售不会带来明显的销量贡献，但能提升折叠屏产品的"科技光环"。 12月2日，三星电子发布首款三折叠手机。这款三折叠手机展开两次时，会露出一个10英寸的显示屏。与此前华为三折叠手机采用Z字形折叠方案不同， 这次三星电子发布的三折叠手机采用双侧内折方案，内屏完全包裹。 "而华为三折叠手机Mate XTs采用Z字形折叠方案，折叠是直板，半展开使用2/3屏幕是大折叠，完全展开是平板形态，相对灵活，但缺点在于有一部分屏 幕长期暴露，刮花风险更大。"周华说。 周华认为，目前三折叠手机市场相对小众，三星发布三折叠手机对全球及中国市场的折叠手机销售不会带来明显的销量贡献，但是能提升折叠屏产品 的"科技光环"，吸引消费者的关注度。 据CINNO Research数据，2025年全球折叠屏手机出货量将同比微增2%，达1800万台左右，其中，中国折叠屏手机出货量可能将同比增长6%至1250万台。 2026年受益于华为和三星新品迭代、价格下探和苹果可能入局，全球折叠屏手机的出货量预计将同比增长38%-65%至 2500万-3000万台，其中，中国折叠 屏手机出货 ...

Core Insights - The Nubia M153, the first model equipped with the Doubao mobile assistant, has sold out on ZTE's official store, indicating strong market interest and demand for this product [1] - The Doubao mobile assistant is designed for developers and tech enthusiasts, with a focus on enhancing mobile operation capabilities and integrating AI features [1][2] - The stock performance of related companies, particularly ZTE, has been robust, reflecting investor optimism surrounding the AI mobile phone concept [2] Group 1: Product Overview - The Nubia M153 is priced at 3499 yuan and features a 6.78-inch LTPO screen and Qualcomm Snapdragon 8 Gen 2 mobile platform [1] - The device is marketed specifically for industry professionals needing to experience the Doubao mobile assistant, with a cautionary note for regular consumers regarding its capabilities [1] - Software updates for the device are planned approximately every two weeks until the end of Q1 2026 [1] Group 2: Market Response - Users who secured the Nubia M153 are reselling it at a premium, with prices ranging from 4000 to 7000 yuan, indicating a willingness to pay above the official price [1] - The resale market shows significant interest, with multiple listings and high view counts, although actual transaction volumes remain uncertain [1] Group 3: Industry Trends - The AI mobile phone concept is gaining traction, with ZTE's stock experiencing a surge and related companies like Daoming Optics and Fulong Technology also seeing strong performance [2] - AI phones, equipped with large model assistants, are expected to differentiate themselves from traditional smartphones through enhanced operational capabilities and personalized services [2] - Challenges such as software-hardware synergy, privacy and data security, and computational costs need to be addressed as the Doubao mobile assistant is still in the technical preview stage [2]

Core Insights - The article emphasizes the importance of innovative consumer products that go beyond mere functionality, focusing on user experience and addressing pain points in daily life [1][2] - The 2025 Annual Focus Product Plan aims to showcase a diverse range of products across various categories, highlighting their role in enhancing quality of life and driving industry innovation [1][2] Group 1: Consumer Electronics - The iPhone AIR and Honor Magic8 series are highlighted as key mobile products, showcasing advancements in technology and user experience [3][15] - The Honor Magic8 series features a self-evolving AI system and impressive battery life, appealing to users who prioritize performance and convenience [15][16] Group 2: Home Appliances - The Angel Space Master series water purifier is noted for its compact design and high performance, achieving top sales in its category [20][22] - The Lenovo Zhaoyang X7 laptop is recognized for its powerful processing capabilities and reliability, making it suitable for high-demand professional environments [25][26] Group 3: Health and Wellness - The Mounjaro peptide and MitoQ + turmeric capsules are mentioned as innovative health products that address specific consumer needs [7] - The DeRUCCI AI smart mattress is highlighted for its advanced sleep management features and significant sales achievements, appealing to health-conscious consumers [30][33] Group 4: Beauty and Personal Care - The Color Repair Whitening Toothpaste is presented as a product that caters to the growing demand for effective personal care solutions [9] Group 5: Food and Beverage - The article mentions popular food products like the spicy rice noodles from Ma Liu Ji and bottled tea from Let Tea, reflecting consumer preferences in the food and beverage sector [10] Group 6: Automotive - The Aion M9 and Zeekr ES8 are noted for their innovative features and strong market performance, appealing to high-end consumers [5][76] - The Aion M9 has achieved significant sales milestones, establishing itself as a benchmark in the luxury vehicle segment [76] Group 7: Digital and Smart Devices - The Shokz OpenDots ONE earphones are recognized for their lightweight design and advanced sound technology, leading the open-ear headphone market [54][57] - The Baidu AI glasses Pro are highlighted for their stylish design and practical AI features, enhancing user experience in daily activities [60][61] Group 8: AI and Technology - The Lenovo ThinkStation PGX AI workstation is noted for its ability to run large AI models locally, significantly improving efficiency and reducing costs [28][29] - The iFlytek mobile digital human is recognized for its advanced interaction capabilities, enhancing user experience in various applications [72][73]

Group 1 - The article discusses the potential impact of AI mobile assistants like Doubao on the application ecosystem and the competitive landscape for companies like Apple, which has struggled to innovate its AI assistant Siri [1][2] - The retirement of Apple's AI head, John Giannandrea, is highlighted as a significant change, indicating a shift in the company's AI strategy [1][3] - The article critiques Apple's decision not to enter the automotive industry, suggesting that the company is missing out on a major market opportunity despite having a loyal customer base that values integration with Apple products [2][3] Group 2 - The global market is experiencing volatility, with Japan's bond yields reaching historical highs, impacting risk assets worldwide [8][9] - A-share market saw a correction after a previous period of stability, with notable declines in stocks like Chip Original and ZTE, indicating a cooling off in previously hot sectors [14][16] - The article notes that the Hong Kong stock market is facing challenges in the automotive sector due to the impending withdrawal of government subsidies, which may lead to increased sales pressure for car manufacturers [18][19] Group 3 - The article discusses the recent performance of Hong Kong dividend stocks, which have shown resilience and are expected to remain a foundational asset for institutional investors [23][31] - A significant change in ETF naming conventions is mentioned, which could enhance brand recognition and marketing for fund managers, potentially impacting investment flows [26][28] - The article highlights a peculiar corporate governance issue where a chairman voted against his own compensation proposal, raising questions about board dynamics [35]

现在下单 1 件，实付低至 4899 元，原价 6499 元，现在能以更实惠的价格把这款优质手机带回家。 现在下单 1 件，实付低至 4899 元，原价 6499 元，现在 能以更实惠的价格把这款优质手机带回家。 天猫精选正在售卖华为 HUAWEI Pura 80 Pro 手机 12GB + 256GB 版本，这款手机拥有大容量运行内存 和存储空间，能轻松应对多任务处理和大量数据存储需求。目前活动售价 6499 元，参与晒单还可返 100 元，并且有国家补贴，补贴 15%起还能减 500 元。 天猫精选正在售卖华为 HUAWEI Pura 80 Pro 手机 12GB + 256GB 版本，这款手机拥有大容量运行内存和存储空 间，能轻松应对多任务处理和大量数据存储需求。目前 活动售价 6499 元，参与晒单还可返 100 元，并且有国家 补贴，补贴 15%起还能减 500 元。 ...

Core Viewpoint - The article discusses the significant impact of the high "Android tax" imposed by domestic smartphone manufacturers on game developers, leading to a shift in distribution strategies towards more cost-effective platforms like short video and social media channels [1][3][10]. Group 1: Android Tax and Its Implications - The "Android tax" in China is notably high at 50%, which is criticized by game developers as the highest globally compared to Apple's and Google's 30% cut [1][5]. - Major game companies like NetEase, Tencent, and Alibaba are moving away from traditional app stores to avoid the high fees, opting for platforms like Douyin and WeChat for distribution [3][5][10]. Group 2: Changes in Distribution Strategies - The formation of the "Hardcore Alliance" by major smartphone manufacturers in 2014 has historically enforced the 50% cut, making it difficult for game developers to bypass this fee [7][8]. - The rise of short video and social media platforms has provided game developers with alternative, lower-cost distribution channels, allowing them to reach users directly without incurring the high fees [8][10]. Group 3: Future Outlook - The shift in distribution strategies is seen as a "burden reduction" for game developers, potentially leading to a more competitive environment for users, with lower prices and more promotional activities [12]. - Smartphone manufacturers may respond by adjusting their commission rates or enhancing services to attract game developers back to their platforms, indicating a potential evolution in the market dynamics [12].

【导读】三星推出 Galaxy Z TriFold 折叠手机，罗永浩辣评：意义在哪里？ 中国基金报记者 晨曦 可折叠手机市场，新品来了！ 12 月 2 日，三星宣布推出 Galaxy Z TriFold 折叠手机。三星称， Galaxy Z TriFold 展示 了其最先进的折叠技术，其纤薄的机身确保了高端手机的便携性，展开两次时还能展现沉浸 式的 10 英寸显示屏，提升生产力和电影般的观感。 折叠技术方面， Galaxy Z TriFold 采用三星迄今为止最先进的铰链，引入了专为 10 英寸屏 幕设计的新显示技术，该屏幕可折叠两次，成为口袋手机。外部采用先进材料，钛合金铰链 壳体引入一块薄金属，保护折叠机构并抵抗长期磨损。 屏幕方面，三星将 Galaxy Z TriFold 称为 " 三星最多功能的 AI 手机，搭载最大屏幕 " 。当 Galaxy Z TriFold 打开时，屏幕显示效果类似于三部 6.5 英寸智能手机在 10 英寸屏幕上， 为用户提供更多任务处理空间。 Galaxy Z TriFold 预计将于 2025 年 12 月 12 日在韩国上市，随后进入包括中国、中国台 湾、新加坡和阿联酋在 ...