根据BCI最新发布的数据显示，2025年二季度，中国厂商包揽中国大陆手机市场激活量前四。具体厂商 中，小米(含REDMI)以1141.76万台的激活量，登顶中国智能手机市场，占据了16.63%的市场份额，同 比增长7.39%。紧随其后的是vivo(含iQOO)，以1123.93万台的激活量和16.37%的市场份额位列第二，但 同比下降了5.95%。OPPO(含一加、realme)以1117.28万台的激活量和16.27%的市场份额排名第三，同比 增速达到10.48%。华为以1104.01万台的激活量和16.08%的市场份额位列第四，同比增速高达10.96%。 苹果则以1103.79万台的激活量和16.08%的市场份额排名第五，同比增速为8.46%。 ...

智通财经APP获悉，中国信通院发布的2025年5月国内手机市场运行分析报告显示，国内市场手机出货 量2371.6万部，同比下降21.8%，这一降幅主要由安卓设备的疲软表现所致。投行杰富瑞的分析师 Edison Lee在一份投资者报告中表示："中国市场5月安卓手机出货量同比下降24%、环比下降11%，至 约1800万部，为过去12个月中的最低水平。"分析师补充称："外国品牌(主要是iPhone)手机5月出货量同 比下降10%，但环比增长29%，至约450万部，这是过去12个月中的第三高水平，主要是为'618'大促提 前备货。" 中国信通院的报告也能显示苹果智能手机销量在5月的良好表现。报告显示，今年5月，国内品牌手机出 货量占同期手机出货量的80.95%。而在4月，国内品牌手机出货量占同期手机出货量的85.9%。该数据 仅一个月就相差了5%。有业内人士表示，由于国外品牌手机主要集中在苹果品牌上，因此这次相关数 据的大幅变动也主要是因为苹果销量在今年5月有了明显回暖。 Edison Lee表示："我们的行业调研显示，6月中国智能手机终端销量基本持平。因此，我们认为安卓手 机库存水平仍然较高，未来几个月出货量可能会 ...

Core Insights - Samsung Electronics reported a significant decline in operating profit for Q2, down 55.94% year-on-year, falling short of market expectations [3][4] - The company's operating profit for the second quarter was 4.6 trillion KRW (approximately 239.9 billion RMB), with sales decreasing by 0.09% year-on-year and 6.49% quarter-on-quarter, totaling 74 trillion KRW [3][4] Financial Performance - The operating profit for Q2 2023 is the lowest since Q4 2022 and the lowest for any Q2 in recent years, indicating a concerning trend for the company [3] - The decline in profit is attributed to the impact of U.S. restrictions on advanced AI chips sold to China, affecting the Device Solutions (DS) division [3][4] Departmental Performance - While specific departmental performance figures were not disclosed, estimates suggest that the DS division's operating profit exceeded 1 trillion KRW, while the Mobile Experience (MX) and Network Project divisions generated around 2 trillion KRW [4] - Other divisions, such as Display, TV and Home Appliances, and Automotive Electronics, reported operating profits ranging from 600 billion to 700 billion KRW, 400 billion to 500 billion KRW, and 300 billion to 400 billion KRW, respectively [4] Future Outlook - Analysts predict that Samsung's performance may recover in the second half of the year, driven by an expected increase in storage chip prices and a seasonal boost in mobile and display businesses [4]

Core Viewpoint - Coosea Intelligent Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for capacity expansion, R&D enhancement, strategic acquisitions, IT system upgrades, and general corporate purposes, although specific funding amounts and allocations have not been disclosed [1] Company Overview - Established in 2006, Coosea Intelligent is a provider of end-to-end solutions for smartphones, focusing on R&D, design, production, sales, and service [2] - The company is positioned as a significant player in the domestic smartphone brand solutions market, particularly serving local brands lacking independent design and production capabilities [2] - Coosea Intelligent has developed over 526 smartphone models and 46 other smart devices, with a strong emphasis on optimizing its proprietary didoOS to meet customization needs [2] Market Position - According to Frost & Sullivan data, Coosea Intelligent is the second-largest end-to-end solution provider for local smartphone brands by shipment volume in 2024, expected to rise to the top position in Q1 2025 [3] Financial Performance - Coosea Intelligent's revenue for 2022, 2023, and 2024 was approximately 1.713 billion, 2.302 billion, and 2.717 billion RMB, respectively, with profits of about 110 million, 203 million, and 207 million RMB [4] - The company has a high customer retention rate of 92.9% for local brands and 100% for telecom operators in 2024, indicating strong customer loyalty [4] Customer and Supplier Concentration - The revenue concentration from the top five customers was 38.4%, 44.1%, and 42.8% for the years 2022 to 2024, with the largest customer contributing 11.1% in 2022, increasing to 17.4% in 2023, and decreasing to 10.5% in 2024 [4] - In terms of geographical revenue distribution, 35% of the revenue in 2024 came from the Greater China region, while 28.2% came from the Americas [4] Supplier Dependency - Coosea Intelligent faces supplier dependency risks, with procurement from the top five suppliers accounting for 48.8%, 37.6%, and 33.2% of total procurement from 2022 to 2024 [5] - The company does not typically enter into long-term procurement agreements with suppliers, which raises concerns about the stability of raw material supply and pricing [5]

Group 1 - Xiaomi's public relations manager Wang Hua denied rumors about the termination of the partnership with Leica, stating that previous claims about the Xiaomi 14 being the last collaboration were also false [1][6] - In May, there were reports of issues in the collaboration, particularly regarding the absence of the "LEICA" watermark in the camera after system upgrades, which Xiaomi explained was due to compliance with Leica's updated visual standards [4][6] - The strategic partnership between Xiaomi and Leica was announced on May 23, 2022, with the first jointly developed series, the Xiaomi 12S, launched on July 4, 2022 [6][8] Group 2 - Insider information suggested that each phone's licensing fee with Leica could reach $3-5, indicating that reducing these fees could lower production costs and enhance pricing advantages, particularly affecting Xiaomi's Redmi and POCO series [6] - The upcoming Snapdragon 8 Elite 2 chip, expected to be released in September, is based on TSMC's third-generation 3nm N3P process and features a second-generation self-developed Oryon CPU architecture [7]

如果您希望可以时常见面，欢迎标星收藏哦~ 科技界正热议三星电子 (SSNLF) 2025 年第二季度财报。该报告显示，三星营业利润下降 15%至 5.5 万亿韩元（37 亿美元），为六个季度以来的最低水平。虽然这一下滑并不令人意外，但其根 本原因——尤其是半导体部门——却对三星在 AI 芯片领域的竞争力敲响了警钟。让我们来分析一 下三星面临的风险与机遇。 半导体摊牌：HBM3E 为何重要 三星半导体部门（DS 部门）正为争取其 12 层 HBM3E 芯片（AI 服务器的黄金标准）的订单而展 开生死战。问题在于： NVIDIA 尚未认证这些芯片，而 SK 海力士和美光等竞争对手已经锁定订 单。由于没有 NVIDIA 的支持，即使数据中心硬件需求飙升，三星的 AI 芯片销量也依然持平。 来 源： 内容 来自 ainvest 。 这一延迟至关重要，因为分析师认为，到2025年，人工智能服务器将占全球HBM需求的30%。三 星未能占领这一市场，可能会永久地将市场拱手让给竞争对手。与此同时，美国的贸易政策也加剧 了这一困境：三星HBM收入的33%来自中国，但新的出口规则限制了先进芯片在中国的销售。 中国问题——以及关税 ...

证券研究报告|行业深度研究报告 [Table_Date] 2025 年 07 月 07 日 [Table_Title] 苹果加速入局折叠屏，核心环节有望深度受益 [Table_Title2] 折叠屏手机行业 [Table_Summary] 苹果入局折叠屏产品，带动行业加速发展 传统手机进入存量时代，折叠屏定义智能手机新形态。据 TrendForce 数据，2024 年全球折叠屏手机出货量为 1780 万 台，预计 2027 年有望增长至 7000 万台，2024-27 年 CAGR 为 57.8%。据 IT 之家，苹果有望于 2026 年推出折叠 iPhone，有 望带动折叠屏手机实现加速放量。 增量环节 1：铰链 铰链作为折叠屏手机的核心组件，负责支撑和引导屏幕的开 合、悬停。铰链尺寸虽小但结构复杂，内部包含上百个零部 件，并要满足 20 万次以上的开合寿命，对于零部件的强度、 精度、耐磨性等要求极高。与此同时，在折叠屏整机轻薄化设 计趋势下，铰链设计要在开合顺畅的基础上，兼顾轻薄耐用， 有效改善折痕等问题。因此，各大厂商积极进行产品迭代，对 铰链的结构、材质和工艺等进行全面升级。 按形态看，折叠屏铰链主要 ...

Core Viewpoint - Xiaomi's public relations manager Wang Hua denied rumors about the termination of the partnership with Leica, stating that such claims are unfounded [1][3]. Group 1: Partnership Details - The collaboration between Xiaomi and Leica began in May 2022, focusing on mobile imaging technology [3]. - The first product launched from this partnership was the Xiaomi 12S series in July 2022, which received positive feedback from professional photographers [3]. - In April 2023, both companies announced an upgrade to their mobile imaging optical system, introducing the Summicron lens on the new Xiaomi 13 Ultra, described as Leica's most perfect lens in mobile imaging to date [3]. Group 2: Speculations and Financial Considerations - A report suggested that Xiaomi might end its partnership with Leica to focus on developing its own camera technology for the next generation Snapdragon 8 Elite 2 devices, indicating a shift in strategy [3]. - The report also mentioned that terminating the partnership could help Xiaomi reduce licensing fees, which could be as high as $3-5 per device, thereby lowering production costs and enhancing pricing advantages, particularly for its Redmi and POCO series [3]. Group 3: Previous Issues and Clarifications - In May 2023, there were rumors about issues in the partnership when the "LEICA" watermark disappeared from the camera interface of some Xiaomi models after a system update [4]. - Xiaomi's camera product manager clarified that this change was in compliance with Leica's updated visual standards, emphasizing adherence to strict branding guidelines [4]. Group 4: Industry Context - Leica is a renowned German optical company known for its high-quality cameras and lenses, which have become cultural symbols in the photography community [5]. - Previously, Huawei had a partnership with Leica, which ended in March 2022, marking the last Huawei phone with Leica branding as the P50 series [5]. - The competition among domestic smartphone manufacturers is intensifying, particularly in the area of imaging capabilities and partnerships with established lens manufacturers [5].

Core Viewpoint - Europe, once an industrial powerhouse, is now facing unprecedented challenges in its manufacturing sector, particularly in the automotive industry, due to the ongoing repercussions of the Russia-Ukraine conflict and an energy crisis [2][7] Group 1: Trade Barriers and Protectionism - The EU announced in 2024 the imposition of "anti-subsidy tariffs" on Chinese electric vehicles, claiming it is to maintain "fair competition," which reveals Europe's own struggles in the electric vehicle sector [5] - France initiated sanctions against the Chinese automotive industry, leading to the EU's "anti-subsidy investigation" and subsequent tariffs on Chinese products, similar to previous actions against Chinese solar panels [5][7] - The protectionist tendencies observed in Europe are not unique, as multiple European countries have followed the U.S. lead in imposing barriers against Chinese high-tech products under the guise of "national security" [9] Group 2: Energy Dependency and Strategic Failures - Europe's manufacturing sector has long relied on cheap Russian energy, and the disruption caused by the Russia-Ukraine conflict has led to soaring energy costs, negatively impacting the competitiveness of European products [7] - The slow response of Europe in addressing climate change and energy transition has resulted in missed opportunities in the new energy sector, prompting a reliance on trade barriers to compensate for strategic failures [7][9] - Experts argue that instead of building walls, Europe should confront its issues and focus on industrial upgrades and technological innovation to remain competitive globally [9]

Group 1 - According to Counterpoint Research, China's smartphone sales are expected to see a slight year-on-year increase in Q2 2025, with Huawei projected to grow by 12% and Apple by 8% [1] - The Guangdong provincial government has issued a plan to promote economic growth, which includes accelerating the replacement of old electronics, including smartphones [1] - The "618" shopping festival, supported by national subsidies, has significantly boosted sales of smartphones and other consumer electronics, with Su Ning reporting sales increases of 62.35% for smartphones [2] Group 2 - Huawei and Xiaomi were the biggest beneficiaries of the national subsidy policy, with their shipment volumes increasing by 18% and 40% respectively in Q1 [2] - The overall smartphone market in China is expected to grow by approximately 3% in 2025, with a projected shipment volume of about 290 million units [2] - China Galaxy Securities forecasts that the penetration rate of AI smartphones will reach 34% by 2025, while AI PCs are expected to rise from 0.5% in 2024 to 79.7% by 2028 [3] Group 3 - AAC Technologies (瑞声科技) anticipates a significant increase in the shipment of its WLG products, which will be widely used in smartphones and other sectors [4] - Sunny Optical Technology (舜宇光学科技) expects a 26% year-on-year increase in global demand for automotive lenses, driven by the development of smart driving in China [4] - Q Technology (丘钛科技) reported a decrease in camera module sales but a 45% year-on-year increase in fingerprint recognition module sales [5] Group 4 - Xiaomi Group achieved over 30% year-on-year growth during the "618" shopping festival, with total payments reaching 35.5 billion RMB [5] - Xiaomi's online store revenue grew by 18%, while smartphone shipments increased by 17% during the same period [5] - The company's offline store revenue surged by 51%, with smartphone shipments growing by 31% and AIoT revenue increasing by 63% [5]