Core Viewpoint - Huawei's launch of the second-generation tri-fold screen smartphone, Mate XTs, marks a significant advancement in the foldable smartphone market, driving technological innovation and supply chain upgrades across the industry [1][2]. Group 1: Product Launch and Features - Huawei officially launched the Mate XTs tri-fold screen smartphone on September 4, featuring the Kirin 9020 chip and the new Harmony operating system, resulting in a 36% performance improvement [1]. - The new smartphone will be available for the first time through Meituan's flash purchase platform, indicating a shift towards instant retail channels for product launches [1]. Group 2: Market Trends and Projections - The global foldable smartphone shipment increased by 45% year-on-year in Q2, driven by strong demand in the Chinese market, with Huawei being a key player [2]. - By the first half of 2025, China's foldable smartphone shipments are expected to reach 4.98 million units, with Huawei holding a 75% market share [2]. - The foldable smartphone market is anticipated to evolve from a niche "novelty" to a mainstream category, with prices expected to drop below 10,000 yuan by 2026 [2]. Group 3: Industry Dynamics and Competition - The introduction of tri-fold screen smartphones is prompting competitors like Samsung and Apple to accelerate their own development efforts in this segment [1]. - The complexity of tri-fold structures is driving upgrades in core components such as hinges and screens, with domestic suppliers entering Huawei's supply chain [4]. - The launch of the new tri-fold smartphone is seen as a reset of industry standards, pushing the market into a new competitive cycle focused on form, ecosystem, and supply chain integration [4].

盘前要闻 1、国办出台20条举措推进体育产业高质量发展，目标2030年总规模超7万亿 类型：行业 情绪影响：正面 国务院办公厅发文提出，加快构建现代体育产业体系，不断提振体育消费，增强体育产业整体实力和竞 争力。到2030年，培育一批具有世界影响力的体育企业和体育赛事，体育产业发展水平大幅跃升，总规 模超过7万亿元，在构建新发展格局中发挥重要作用。 2、央行开展1万亿买断式逆回购，专家称月内有望二度实现加量续作操作 类型：宏观 情绪影响：正面 央行今日将以固定数量、利率招标、多重价位中标方式开展10000亿元买断式逆回购操作。因今日有 10000亿买断式逆回购到期，央行此举相当于等量续作。由于本月还有3000亿逆回购到期，专家预计， 央行还会开展一次6个月期买断式逆回购操作，以应对流动性收紧态势。 3、传闻称DeepSeek将发布AI智能体，今年有望成为AI Agent商业爆发元年 类型：行业 情绪影响：正面 有消息称，中国AI公司DeepSeek正在开发具有更先进代理功能的人工智能AI模型，意在与OpenAI等竞 争对手在技术新前沿展开竞争。东莞证券指出，2025年有望成为AI Agent商业爆发元年，侧重 ...

Industry - The Ministry of Commerce has imposed anti-dumping duties on single-mode optical fibers originating from the United States, indicating that U.S. exporters lack sufficient commercial rationale for their trade practices [1] - The domestic paper industry is experiencing a new round of price increases, with expectations for improved profitability in the second half of the year due to seasonal demand [12] Company - The FTSE China A50 Index has made significant adjustments, including the addition of companies like BeiGene, NewEase, WuXi AppTec, and Zhongji Xuchuang, reflecting strong performance in the pharmaceutical and AI computing sectors [2] - Robotech has signed a contract for fully automated silicon photonic packaging equipment worth approximately €946.50 million [14] - Aishida's subsidiary has secured a strategic procurement deal with Honglu Steel Structure for 1,888 intelligent welding robots [14]

Core Insights - The smartphone market in Q2 2025 shows a slight decline in total shipments compared to Q2 2024, with total shipments decreasing from 71.8 million to 69.0 million [1] - Huawei maintains its leading position with a market share increase from 18.0% to 18.1%, despite a slight decrease in shipments from 12.9 million to 12.5 million [1] - Vivo and OPPO both experienced a decline in shipments and market share, with Vivo's shipments dropping from 13.3 million to 11.9 million and OPPO's from 11.3 million to 10.7 million [1] - Xiaomi shows a modest increase in shipments from 10.1 million to 10.4 million, resulting in a market share increase from 14.1% to 15.1% [1] - Apple also saw a slight increase in market share from 13.5% to 13.9%, with shipments remaining relatively stable at 9.7 million in Q2 2024 and 9.6 million in Q2 2025 [1] - The "Others" category, which includes various smaller brands, saw a decrease in shipments from 14.5 million to 13.8 million, but maintained a stable market share of 20.0% [1] Company Summaries - **Huawei**: Q2 2025 shipments at 12.5 million, market share at 18.1%, slight decrease in shipments but increase in market share [1] - **Vivo**: Q2 2025 shipments at 11.9 million, market share at 17.3%, significant decline in both shipments and market share [1] - **OPPO**: Q2 2025 shipments at 10.7 million, market share at 15.5%, decline in shipments and market share [1] - **Xiaomi**: Q2 2025 shipments at 10.4 million, market share at 15.1%, modest increase in shipments and market share [1] - **Apple**: Q2 2025 shipments at 9.6 million, market share at 13.9%, stable shipments with slight market share increase [1] - **Others**: Q2 2025 shipments at 13.8 million, market share at 20.0%, decrease in shipments but stable market share [1]

Core Viewpoint - The implementation of the Private Economy Promotion Law starting May 20, 2025, marks a significant milestone in the development of China's private economy, establishing its legal status and emphasizing the government's commitment to its sustainable and high-quality growth [1][10][19]. Group 1: Background and Significance - The Private Economy Promotion Law is a response to the substantial scale and importance of the private economy in China, which has evolved significantly over the past 40 years [2]. - The law reflects the government's unwavering support for the private sector, as highlighted by President Xi Jinping's consistent emphasis on the importance of private enterprises [10][19]. Group 2: Role of Private Enterprises - Private enterprises play a crucial role in the real economy, contributing significantly to employment and tax revenue, with over 92% of all enterprises in China being private [4]. - The number of private enterprises has increased from 10.857 million in 2012 to over 57 million currently, showcasing their growing importance in the economy [4]. Group 3: Innovation and Global Competitiveness - Private enterprises are increasingly recognized for their innovation capabilities, with many leading in sectors such as artificial intelligence and robotics [7]. - The private sector has become a vital player in international markets, with private enterprises accounting for over 56% of China's total import and export volume [9]. Group 4: Government Support and Policy Measures - The government has established various communication channels to support private enterprises, ensuring their concerns are addressed and fostering a conducive business environment [11][12]. - Recent policy measures have aimed to reduce barriers to market entry and enhance the operational environment for private enterprises, including significant adjustments to the market access negative list [12][13]. Group 5: Future Prospects - The Private Economy Promotion Law is expected to instill greater confidence among private enterprises, enabling them to navigate challenges and seize new opportunities in a complex economic landscape [14][15][19]. - The law aims to create a stable and predictable environment for private enterprises, encouraging them to focus on long-term development and innovation [15][19].

Group 1 - The Chinese economy demonstrated resilience with a GDP growth of 5.4% in the first quarter, outperforming both the previous year and global peers, indicating a strong foundation for high-quality development [2][3][8] - China's manufacturing sector remains robust, with significant achievements in technology and production capabilities, evidenced by the successful launch of major projects and innovations [3][4][6] - The country maintains its position as the world's largest manufacturing power and leading goods trader, supported by a comprehensive industrial system and strong supply chain integration [4][6] Group 2 - New consumer products and channels are driving growth, with notable sales increases in various sectors, including home appliances and e-commerce [5][6] - The domestic market is expanding, contributing over 80% to economic growth in the past five years, indicating a strong demand base for various industries [6][8] - Companies are diversifying their markets to mitigate risks, with many establishing overseas operations and partnerships, enhancing their resilience against international uncertainties [7][8] Group 3 - The high-tech manufacturing sector is growing rapidly, with a 9.7% increase in value added, reflecting the emergence of new productive forces [8][9] - China is advancing in technological innovation, with significant achievements in areas such as artificial intelligence and semiconductor production, positioning itself as a global leader in these fields [9][10][11] - The talent pool is expanding, with a focus on STEM education, contributing to a shift from demographic dividends to talent dividends [12][13] Group 4 - Foreign investment is on the rise, with a 4.3% increase in newly established foreign enterprises, indicating a growing confidence in China's market [15][19] - China is actively participating in global economic integration, hosting international trade events and expanding its trade partnerships, which enhances its global economic standing [16][20] - The country is committed to institutional openness, with policies aimed at attracting foreign investment and fostering a favorable business environment [18][19] Group 5 - Macroeconomic policies are effectively supporting economic stability, with coordinated efforts to stimulate consumption and investment, leading to positive market responses [22][25] - The government is implementing proactive measures to address economic challenges, ensuring a stable environment for businesses and consumers [26][27] - Historical experiences in macroeconomic management have equipped China to navigate current uncertainties, reinforcing confidence in its economic trajectory [24][28]