存储产品价格持续上涨背景下，手机企业开始通过内部品牌、产品整合等优化内部组织架构、提升效 能。如今，新年伊始之际，OPPO系便打响了内部整合第一枪。 此次回归后，一加、realme都将成为OPPO旗下子品牌，预计回归后，三大品牌间的产品定位等将逐渐 理清，或将有所调整。 不过，此次调整也并非空穴来风。2025年年底就有消息称，realme将启动大规模裁员，不过当时realme 方面回应称一切正常。 一加的回归，也可以看作是OPPO系内部整合的试水。根据2025年12月3日一加Ace 6T发布会信息，一 加中国区总裁李杰表示，2025年一加手机销量同比增长 42.3% 。这一增长主要得益于品牌聚焦性能与 游戏赛道的策略，尤其在年轻用户群体中表现突出，24岁以下用户规模同比增长 106% 。这表明，一加 回归OPPO后，取得了正面效应。 反之，还未回归OPPO旗下的realme销量则相对逊色，虽然其与大盘保持一致。相关数据显示，2025年 上半年真我手机全球出货量为2000万台，排名全球第十，数据机构CounterPoint Research预测其2025年 全年出货量将实现3%的同比增长。此外，根据realme ...

编者按： 2025 年，经济观察报以 " 我们的四分之一世纪 " 为年终特刊主题，旨在通过数十位时代亲历者 的故事，共绘一幅属于这段岁月的集体记忆图谱。本文系特刊卷首语。 （原标题：世界并非注定如此｜我们的四分之一世纪） 一 这可能是人类历史上最热闹的一晚。 1999年12月31日，从纽约到北京、从伦敦到上海，人们聚集在一起，等待千禧年的到来。 这是新世纪的开端，高速增长的经济与全球化和技术进步交织，蒸腾着一种异常乐观的千禧氛围，各种 机遇似乎唾手可得。 当跨年钟声响起时，18岁的张悦然挤在济南泉城广场欢呼的人群中，次年，她就在新概念作文比赛上拿 奖，出了个人小说集，成为和韩寒、郭敬明一样的"80后作家"。 2001年，25岁的许知远加入刚刚创刊的《经济观察报》，成为这家橙色报纸的主笔。 2004年，刚毕业的时晓曦进入还如日中天的诺基亚，成为首批本土设计师。两年后，他参与了诺基亚 1200的设计，这款当时的冷门机型最后在全球卖了1.5亿台。 新世纪初，中国大地上涌动着一种改变的情绪。90年代的改革锐气仍存，社会愿意给提出问题的人更多 空间。 2000年，37岁的湖北监利县棋盘乡党委书记李昌平写了一夜的信，信里 ...

Core Viewpoint - The article emphasizes the strong performance of quality stocks since October, particularly those with low price-to-earnings ratios and attractive dividend yields, suggesting that these stocks will continue to attract attention as the year ends and the new year begins [3]. Group 1: Market Trends - Quality stocks have shown robust performance, with the low price-to-earnings index rising over 8% and the performance index for quality stocks increasing over 6% [3]. - The market is expected to focus on quality stocks, especially those with good dividend yields and trading at lower valuations [3]. Group 2: Investment Recommendations - Tianfeng Securities suggests three main investment themes for the upcoming spring market: 1. Technology AI sector led by DeepSeek breakthroughs and open-source initiatives 2. Economic recovery driven by both domestic and international factors, continuing the "stronger gets stronger" trend in the bull market, with opportunities in cyclical sectors 3. The ongoing rise of undervalued dividend stocks [4]. Group 3: Notable Stocks - According to statistics, 12 stocks have a dividend yield exceeding 3% and have retraced more than 30% from their yearly highs, excluding ST stocks [4]. - Notable companies include: - Transsion Holdings, valued at nearly 80 billion, is a leader in the African mobile phone market, benefiting from the transition from feature phones to smartphones [4]. - Huali Group, valued at nearly 60 billion, is a leading sports shoe manufacturer, expected to maintain rapid growth through expansion and new client acquisition [4]. - Aima Technology and Lianmei Holdings have shown significant net profit growth in the first three quarters, with Aima's revenue increasing nearly 21% and net profit up nearly 23% year-on-year [4]. Group 4: Institutional Interest - Certain stocks have gained favor among institutional investors, with Transsion Holdings, Huali Group, and Ganyuan Foods seeing significant holdings valued over 100 million as of the end of Q3 [5]. - Companies like Huali Group, Jinyu Medical, and Aima Technology are highlighted as favorites among institutional investors [5]. Group 5: Dividend Performance - Companies such as Ousheng Electric, Transsion Holdings, and Lianmei Holdings have shown substantial cumulative dividend rates exceeding 190% over the past three years [5]. - Ousheng Electric has maintained a dividend rate above 70% for four consecutive years, while Transsion Holdings and Lianmei Holdings have consistently exceeded 50% annually in the last three years [5].

部分高股息股票或被误伤。 部分个股获得了机构的青睐。其中，传音控股、华利集团、甘源食品等个股获险资重仓持股市值超过1 亿元（截至今年三季度末）；华利集团、金域医学、爱玛科技则为险资重仓股。 上榜公司近年来的分红也较为可观。其中，欧圣电气、传音控股、联美控股等近三年（2022年至2024 年）累计分红率均超190%。具体看，欧圣电气已经连续四年分红率均超70%；传音控股和联美控股近 三年每年分红率均超50%。值得一提的是，联美控股发布了三次股东回报规划，分别是2012年至2014年 股东回报规划、2015年至2017年股东回报规划和2023年至2025年股东回报规划，凸显了对投资者回报的 高度重视。 10月以来优质股票表现持续强势，低市盈率指数大涨超8%，绩优股指数大涨超6%。岁末年初，市场或 继续聚焦绩优股，尤其是那些有着较好股息率的低位优质股票，值得关注。 天风证券（维权）建议把握春季行情，结合经济复苏与市场流动性特征，可以把投资主线分为三个方 向：一是DeepSeek突破与开源引领的科技AI主线；二是内外共振带动经济修复，牛市 "强者恒强" 风格 延续，周期板块后半段存表现窗口；三是低估值红利股的持续崛起 ...

数据来源：国家统计局，智研咨询整理 相关报告：智研咨询发布的《2025-2031年中国智能手机行业市场行情动态及发展趋向分析报告》 根据国家统计局数据显示：2025年10月中国移动通信手持机(手机)产量为1.4亿台，同比下降4.2%；2025 年1-10月中国移动通信手持机(手机)累计产量为12.5亿台，累计下降4.7%。 2020-2025年1-10月中国移动通信手持机(手机)产量统计图 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

新一轮的涨价潮，是要来了吗？ 2025年12月15日起，在无官方通知的情况下，麦当劳对多款餐品的价格进行上调，涨幅在0.5-1元， 包括多款汉堡、小食及套餐。 然后是茅台。 2025年12月24日，第三方平台"今日酒价"数据显示，茅台酒全系列产品批发价全线上涨，其中25年 飞天茅台原箱单日涨40元至1600元/瓶，生肖蛇原箱单日暴涨230元至2000元/瓶，非标产品涨幅显 著。 再然后是中芯国际。 中芯国际已经对部分产能实施了涨价，涨幅约为 10% 。据 《科创板日报》报道，中芯国际已向下游 客户发布涨价通知，且此次涨价主要集中于8英寸BCD工艺平台，涨价幅度在10%左右。 再然后是航运方面。 全球主要集装箱航运公司已陆续发布新年首轮运价调整通知。地中海航运（ MSC ）、达飞轮船（ CMA CGM ）、马士基（ Maersk ）及赫伯罗特（ Hapag-Lloyd ）等巨头纷纷行动。 计划自 2026 年 1 月 1 日起，对欧洲、地中海、非洲、拉美等多条关键航线征收旺季附加费（ PSS ）或上调均一运费率。 再再然后，手机其实也有涨价。 这段时间，我不知道大家有没有关注，好多行业，好多东西，要开始涨价了。 ...

Core Insights - The 35th Africa Cup of Nations (AFCON) has officially commenced in Rabat, Morocco, with TECNO, a brand under Transsion Holdings, as the official global partner, highlighting its significant presence in the event [2][4] - TECNO's partnership with AFCON is a strategic move to enhance brand visibility and connect with local consumers, showcasing its commitment to the African market [4][6] Market Position and Strategy - Transsion Holdings, known as the "King of Africa," has a dominant market share in the African smartphone market, with over 40% in 2024, and ranked fourth globally with a shipment of 29.2 million units in Q3 2025 [6][7] - The company has tailored its products to meet local needs, focusing on features like high-volume speakers, long battery life, and multi-SIM capabilities, which are essential for African consumers [8][9] Technological Innovation - Transsion has invested in AI technology to address local user needs, launching a smartphone assistant that supports over 100 languages, including many African dialects, enhancing accessibility for users [9][11] - The company emphasizes the importance of localized technology, with AI features designed for real-world applications, such as image enhancement for diverse skin tones and voice interaction for low literacy scenarios [13][16] Brand Engagement and Community Involvement - TECNO's sponsorship of AFCON is not just for exposure but aims to create deeper connections with users by integrating practical AI features into the viewing experience [16][18] - The brand engages in community projects, such as sports field renovations and educational support, fostering a long-term relationship with consumers beyond mere transactions [9][18] Global Expansion and Market Adaptation - Transsion is expanding its market presence globally, achieving a 14% market share in the global smartphone market by 2024, with significant growth in Southeast Asia and the Middle East [15] - The company's strategy of "Think Globally, Act Locally" allows it to adapt to different markets by understanding local consumer needs and preferences [15][19] Long-term Vision and Sustainability - Transsion's approach to building trust in emerging markets is through consistent presence and engagement, rather than short-term marketing tactics [16][19] - The company's ability to create sustainable social connections while generating commercial value positions it as a model for global brands in emerging markets [19]

其中，中南传媒被连续持仓长达55个季度，位居榜首。中邮证券近期研报指出，尽管出版传媒行业面临转型，但公司正积 极推动门店改造升级，探索"书店+IP"等多元新业态，并持续推进核心门店的标准化与信息化升级，其净利润增长显示了较 强的经营韧性。 从持仓市值看，传音控股以超过45亿元的市值位居第一。开源证券11月研报指出，这家深耕新兴市场的手机巨头，正凭借 在非洲等地的稳固基本盘，持续向中高端产品转型，并积极拓展AIoT、家电、储能等新业务领域，成长空间受到机构关 注。 作为典型的长期资金与"耐心资本"，社保基金的投资轨迹历来备受关注。 据第一财经等媒体统计，截至今年三季度末，全国社保基金重仓持有科技股（涵盖电子、通信、计算机、传媒四大板块） 的期末市值已突破469亿元，创下历史同期最高纪录。与2011年同期相比，更是实现了超过18倍的惊人增长。 据数据宝统计，截至今年前三季度，有6只科技股票被社保基金连续重仓达24个季度（即6年）及以上。 | | | 社保基金长期重仓科技股一览 | | | | --- | --- | --- | --- | --- | | 信标 | 理级特有 | 三季度期末 | | 同比增减(%) ...

Core Viewpoint - The article discusses the experiences and challenges faced by Chinese expatriates working in Africa, highlighting the high salaries and potential for savings, but also the difficulties such as harsh working conditions, health risks, and social isolation [5][8][31]. Group 1: Historical Context - The influx of Chinese workers to Africa began in the 1960s, driven by the need for development in newly independent African nations and China's desire for allies [8][11]. - Major projects like the TAZARA Railway were significant milestones, with thousands of Chinese engineers sent to Africa, marking the start of a long-term engagement [11][12]. Group 2: Current Employment Landscape - Expatriate positions in Africa are often associated with high salaries, sometimes exceeding double the pay in major Chinese cities, particularly for roles in engineering and management [15][16][19]. - The average monthly salary for expatriates in engineering roles can be significantly higher than domestic counterparts, with some positions offering annual earnings around 990,000 RMB when including bonuses and allowances [19][20]. Group 3: Challenges Faced by Expatriates - Expatriates face numerous challenges, including demanding work hours, health risks from diseases prevalent in Africa, and security concerns such as robbery and kidnapping [24][25][27]. - The social isolation experienced by expatriates is profound, often leading to feelings of loneliness and disconnection from their home culture [30][31]. Group 4: Economic Implications - The high salaries offered to expatriates are a reflection of the supply-demand dynamics in the labor market, where the demand for skilled labor in Africa outstrips the local supply [23]. - Despite the lucrative opportunities, the risks and challenges associated with working in Africa can deter many potential candidates, leading to a limited pool of willing expatriates [24][33]. Group 5: Future Outlook - The evolving economic landscape in Africa presents both opportunities and challenges for Chinese companies, with issues such as political instability and inflation impacting business operations [32][33]. - The article concludes that while some individuals may thrive in expatriate roles, the overall experience is complex and varies greatly depending on personal circumstances and the broader economic context [35].

Core Viewpoint - The article discusses the complexities and realities of working in Africa, particularly for Chinese expatriates, highlighting both the financial incentives and the challenges faced in such roles [14][15][22]. Group 1: Historical Context - The trend of Chinese expatriates in Africa began in the 1960s, coinciding with the continent's independence movements and China's need for allies [25][30]. - The construction of the TAZARA Railway is a significant historical example of early Chinese involvement in Africa, with nearly 50,000 Chinese engineers sent to assist [35][36]. - By the 1980s, China's aid to Africa shifted from political to economic motivations, with state-owned enterprises leading the charge in infrastructure projects [37][39]. Group 2: Current Employment Landscape - There is a growing number of job postings for expatriate positions in Africa, with salaries often exceeding those in major Chinese cities by more than double [55][57]. - For example, expatriates in engineering roles can earn an average monthly salary that is over twice that of similar positions in Beijing [57]. - New graduates can expect total compensation packages of around 250,000 yuan per year, while those with more experience can earn between 350,000 to 500,000 yuan [58][59]. Group 3: Challenges Faced by Expatriates - Working in Africa is often characterized by high demands, with expatriates expected to work long hours and handle multiple responsibilities [84]. - Health risks are significant, as Africa is known for high rates of infectious diseases, and access to quality healthcare can be limited [88][90]. - Security concerns are prevalent, with reports of crime and violence against expatriates, particularly in countries like Nigeria and the Democratic Republic of the Congo [92][96]. Group 4: Economic Considerations - The high salaries offered to expatriates are a result of supply and demand dynamics in the labor market, where local labor may not meet the expectations of Chinese companies [78][80]. - Despite the financial benefits, expatriates often face a high cost of living in terms of personal sacrifices, including isolation and cultural barriers [98][100]. - The article notes that while expatriates can save money due to provided accommodations and limited spending options, the overall experience can be challenging [71][74]. Group 5: Future Outlook - The increasing interest in Africa as a market presents both opportunities and challenges for companies, with issues such as political instability and corruption affecting operations [109][110]. - The evolving landscape means that while some expatriates find success, others may struggle with the realities of working in such environments [111][112]. - Ultimately, the decision to work in Africa is a complex one, influenced by personal circumstances and broader economic trends [115][116].