【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 ...

值得注意的是，该命令并未公开，而是私下发送给了多家公司。 印度电信部开发的APP"Sanchar Saathi" 图片转自India TV 根据印度政府数据，该应用自1月份推出以来，已帮助找回超过70万部丢失的手机，仅10月份单月就找回了5万部。 当地时间12月1日，路透社爆料称，印度电信部已私下要求包括苹果、三星、vivo、小米、OPPO等智能手机制造商在其所有手机上预装一款由该部门开发的 网络安全APP"Sanchar Saathi"，且该程序不可被卸载。 报道称，印度政府已于11月28日发布命令，要求这些智能手机公司在90天的时间内，在所有于印度市场销售的新款手机上预装政府的"Sanchar Saathi"应用程 序，并规定用户无法删除该应用。印度电信部还要求，对于现有的设备，制造商应通过软件更新将该应用推送到手机上。 据印度时报等印度媒体介绍，"Sanchar Saathi"是印度电信部于2025年1月推出的应用程序。其主要目的是通过印度官方的登记系统，帮助用户在所有电信网 络中封锁和追踪丢失或被盗的智能手机，它还允许用户识别并切断欺诈性的移动连接。印度电信部宣称，这一APP具有"强大的安全功能和反诈 ...

Core Viewpoint - Apple Inc. plans to reject the Indian government's mandate to pre-install a state-owned cybersecurity app on its smartphones, citing privacy and security concerns related to its iOS ecosystem [1][3] Group 1: Government Mandate - The Indian government has ordered Apple, Samsung, and Xiaomi to pre-install an app called "Sanchar Saathi" within 90 days to track stolen phones and prevent misuse [1] - The app is intended to address serious cybersecurity threats, as confirmed by the Indian Ministry of Telecommunications [1][2] - Critics, including political opponents and privacy advocates, argue that this move is an attempt by the government to gain access to the data of 730 million smartphones in India [1][3] Group 2: Industry Response - Apple is not planning to comply with the directive and will inform the government that such regulations pose privacy and security issues for its iOS ecosystem [1][2] - Other manufacturers, such as Samsung, are evaluating the directive, with concerns that the government did not consult the industry before implementing it [3] Group 3: Legal and Regulatory Context - The directive comes at a time when Apple is involved in a legal battle regarding a $38 billion antitrust fine in India, related to allegations of abusing its market position [4][5] - Apple has indicated that its maximum penalty risk could reach $38 billion based on the average revenue from its global services business over the past three fiscal years [5]

Core Viewpoint - The competition in the foldable smartphone market is intensifying, with Huawei and Samsung as the primary players, particularly following Samsung's recent launch of the Galaxy Z TriFold, which marks the second commercial three-fold smartphone after Huawei's Mate XTs [1][3][4]. Group 1: Product Launches - Huawei launched the world's first three-fold smartphone, Mate XT, in September 2024, with an initial price of 19,999 yuan, followed by the upgraded Mate XTs at 17,999 yuan [1]. - Samsung has introduced its first three-fold smartphone, Galaxy Z TriFold, which will be available for online reservation on December 9 and officially launched on December 12 [1][2]. Group 2: Technical Specifications - The Galaxy Z TriFold features a unique "G-shaped" inward folding design, a 6.5-inch outer screen, and a 10-inch main screen when fully unfolded, with a thickness of only 3.9 mm and a weight of 309 grams [1]. - It is powered by a customized Qualcomm Snapdragon 8 Elite for Galaxy chip, has a 5600mAh battery with 45W fast charging, and includes a camera system led by a 200-megapixel main camera [2]. Group 3: Market Dynamics - According to Canalys, Huawei led the global foldable smartphone market with a 48% share in the first half of 2025, while Samsung held 20% [4]. - The market share dynamics between Huawei and Samsung have shifted significantly, with Huawei increasing its share from 14% in 2022 to 48% in 2025, while Samsung's share decreased from 78% to 20% over the same period [4]. Group 4: Future Outlook - Apple is expected to launch its first foldable device in the fall of 2026, which could reshape the competitive landscape in the high-end foldable smartphone market [6]. - Despite the anticipated growth in the foldable smartphone segment, it remains a niche market, projected to account for only 1.0% to 1.5% of global smartphone shipments by 2026 [7]. Group 5: Strategic Importance - Foldable smartphones are seen as a strategic lever for manufacturers to drive premium branding and long-term profitability, with significant revenue contributions despite their limited market size [8].

Core Viewpoint - Morgan Stanley expresses skepticism about the practical implementation of the Doubao AI assistant, despite its impressive demonstration of features, and maintains a positive outlook on "super apps" like WeChat, Taobao, and Meituan [2][3][4]. Group 1: Challenges in Implementation - The Doubao AI assistant requires deep system-level integration, necessitating modifications to the operating system, which directly impacts the core interests of smartphone manufacturers (OEMs) [4][6]. - The successful implementation and promotion of the Doubao AI assistant depend on extensive technical collaboration and commercial negotiations with various smartphone OEMs, which poses significant challenges [7][11]. Group 2: Competitive Landscape - Major hardware players, including Apple, Huawei, and Xiaomi, are likely to develop their own AI assistants rather than collaborate with ByteDance, leaving limited options for partnerships with Doubao [10][11]. - The competitive environment in the Chinese market presents high entry barriers for Doubao to establish a broad hardware ecosystem [11][12]. Group 3: Investment Strategy - Given the difficulties in hardware breakthroughs, Morgan Stanley recommends investing in software application giants with substantial traffic and use cases, asserting that the dominance of "super apps" remains unchallenged [13][14]. - The report reiterates "overweight" ratings for Tencent, Alibaba, and Meitu, providing specific rationales for each: - Tencent is viewed as the best AI application proxy in China, with plans to launch its next-generation AI model, Hunyuan 2.0 [14]. - Alibaba is identified as the best AI infrastructure stock, with accelerating cloud revenue growth expected [14]. - Meitu is recognized as a beneficiary of AI multimodal capabilities, particularly in its "last mile" service capabilities that general AI assistants cannot fully replace [14].

Core Insights - The article discusses the launch of new AI-powered features in domestic smartphones, particularly focusing on the advancements made by Shanghai-based AI company Jieyue Xingchen and its collaboration with Doubao [1] Group 1: AI Technology Developments - Jieyue Xingchen has open-sourced the GELab-Zero suite, a GUI Agent technology similar to Doubao's mobile assistant, along with a 4B GUI Agent model and complete infrastructure for one-click deployment [1] - The new model has achieved state-of-the-art (SOTA) performance across multiple GUI benchmarks on both mobile and computer platforms [1] Group 2: Product Launches and Collaborations - Doubao released a technical preview of its "Doubao Mobile Assistant," which has system-level operational capabilities, allowing it to recognize UI elements on mobile screens and perform tasks like price comparison for food delivery and searching for travel guides [1] - Doubao has partnered with ZTE to launch a smartphone model equipped with this technology, leading to a significant increase in ZTE's stock price, which hit the daily limit [1] Group 3: Broader AI Applications - At the World Artificial Intelligence Conference in July, ZTE and Jieyue Xingchen introduced the "Elderly AI Assistant," which can execute tasks such as appointment scheduling and social security payments through voice commands [1]

Core Viewpoint - Morgan Stanley's report indicates that while the ideal "Doubao" ecosystem from ByteDance appears rich, there are significant execution challenges ahead [1][4] Summary by Sections Product Features - The "Doubao" AI assistant is deeply integrated into smartphone operating systems and showcases capabilities such as interactive functions, multi-modal generation, app proxying, memory functions, and a professional mode for complex tasks [2][6] Market Challenges - The report highlights major obstacles in promoting the "Doubao" assistant, particularly the need for in-depth technical cooperation and commercial negotiations with various smartphone OEMs, which may redefine the smartphone value proposition and weaken OEMs' bargaining power [3][6] - Major smartphone OEMs like Apple, Huawei, and Xiaomi are more likely to develop their own AI assistants rather than collaborate with ByteDance, limiting the options for partnerships in the Chinese market [3][6] Investment Perspective - Despite concerns that the "Doubao" assistant may become a traffic entry point and weaken C-end applications, Morgan Stanley remains optimistic about Chinese applications in AI investment, citing the dominance of super apps like WeChat, Taobao, and Meituan, which prefer to develop their own AI assistants to maintain traffic [7]

【文/观察者网 陈思佳】据路透社12月2日报道，印度政府近日向苹果、三星和小米等手机制造商发出 通知，要求这些公司在智能手机中预装一款网络安全应用。三名知情人士透露，苹果公司将拒绝印度政 府的要求，理由是这种做法可能给苹果iOS生态带来隐私和安全问题。 印度电信部要求手机制造商在90天内为新手机安装一款名为Sanchar Saathi的应用，并确保该应用的功能 不会被用户限制或禁止。这款应用的作用是追踪并封锁丢失或被盗的手机，防止这些手机被不当使用， 还可以识别诈骗性质的手机号码。 对于已经进入供应链的设备，印度电信部要求手机制造商通过软件更新的方式推送应用。报道称，印度 电信部没有公开这项命令，而是私下发送给制造商。 印度电信部很快证实了这一消息，该部门解释称，印度拥有庞大的二手移动设备市场，推广Sanchar Saathi应用可以帮助应对重复或伪造国际移动设备识别码（IMEI）的问题，遏制诈骗等"严重危害"网络 安全的活动。 业内人士指出，苹果会在新生产的手机上预装苹果自己的应用，但不会在手机售出前预装任何第三方应 用。市场研究公司Counterpoint的研究总监塔伦·帕塔克认为："苹果可能寻求一个折中 ...

Core Insights - The article highlights a 3% year-on-year growth in China's smartphone market sales for October 2025, with Apple showing outstanding performance [3]. Group 1: Market Sales Trends - In the period from October 2024 to October 2025, the sales volume of smartphones in the Chinese market has shown a positive trend, indicating a recovery in consumer demand [3]. - The analysis includes a comparison of smartphone sales across different price segments, revealing shifts in consumer preferences [3]. Group 2: Brand Performance - The report details the performance of various smartphone brands in the Chinese market, with specific emphasis on Apple's strong sales figures compared to competitors [3]. - It provides insights into the top-selling products within the 4,000 to 4,999 yuan price range, showcasing brand strategies and consumer choices [3]. Group 3: Price Segment Analysis - The article breaks down the smartphone market into different price segments, including 4,000-4,999 yuan, 5,000-5,999 yuan, and above 6,000 yuan, analyzing brand performance and sales trends within each category [3]. - It highlights the competitive landscape and how brands are positioning themselves in response to market dynamics [3]. Group 4: Panel Price Trends - The report forecasts the price trends for various types of smartphone panels, including a-Si LCD, LTPS LCD, rigid OLED, and flexible OLED from January 2024 to December 2025 [3]. - This section provides valuable insights into the cost structure of smartphone manufacturing and potential impacts on retail pricing [3].

Core Viewpoint - Morgan Stanley expresses skepticism about the feasibility of ByteDance's "Doubao" AI assistant smartphone ecosystem, emphasizing that while the concept appears rich, execution challenges are significant [1]. Group 1: Product Features - The "Doubao" AI assistant is deeply integrated into the smartphone operating system, showcasing capabilities such as interactive functions, multi-modal generation, app access, memory features, and a professional mode for complex tasks [2]. Group 2: Market Challenges - Morgan Stanley identifies major obstacles in promoting the "Doubao" assistant, particularly the need for in-depth technical collaboration and commercial negotiations with various smartphone OEMs, which may prefer developing their own AI assistants [3]. - The report highlights that leading smartphone OEMs like Apple, Huawei, and Xiaomi are likely to focus on their proprietary AI solutions rather than partnering with ByteDance, limiting the potential OEM options for collaboration [3]. Group 3: Investment Perspective - Despite concerns that the "Doubao" assistant could become a traffic entry point and weaken consumer-facing applications, Morgan Stanley maintains a positive outlook on Chinese applications, citing the dominance of super apps like WeChat, Taobao, and Meituan, which are likely to develop their own AI assistants to secure traffic [3].