从基金十大重仓股角度 截至发稿，何文逸累计任职时间3年320天，现任基金资产总规模7.81亿元，任职期间最佳基金回报 32.35%， 任职期间最差基金回报-39.67%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 资料显示，深圳传音控股股份有限公司位于广东省深圳市南山区西丽街道西丽社区仙元路8号传音大厦, 香港铜锣湾希慎道33号利园1期19楼1919室，成立日期2013年8月21日，上市日期2019年9月30日，公司 主营业务涉及以手机为核心的智能终端的设计、研发、生产、销售和品牌运营。主营业务收入构成为： 智能机83.91%，其他10.22%，功能机5.86%。 数据显示，中海基金旗下1只基金重仓传音控股。中海进取收益混合（001252）三季度持有股数5853 股，占基金净值比例为3.06%，位居第十大重仓股。根据测算，今日浮盈赚取约4038.57元。 中海进取收益混合（001252）成立日期2015年5月13日，最新规模1804.69万。今年 ...

来源：@经济观察报微博 记者 郑晨烨 经济观察报记者郑晨烨 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。 1997年，在宁波做业务员的陈凯峰，拥有了人生第一部手机。 那时候，手机是纯粹的奢侈品，当时实行的是双向收费，不仅打出去要钱，接听电话也要按分钟扣钱，而陈凯峰当时一个月的工资还不到3000元，但他每个 月报销的话费账单通常在2000元到3000元之间。 那是中国电子通信产业爆发的前夜，在那之前，陈凯峰腰里别着传呼机，手里拿着像砖头一样的移动电话，在公共场合甚至还需要使用磁卡电话亭。 二十八年后，陈凯峰坐在深圳的办公室里，作为酷赛智能的董事长向记者讲述这段往事。他现在的生意，是把智能手机卖到全球七十多个国家。 从1997年那个拿着昂贵手机的年轻人，到2025年把超600万台手机卖遍全球的操盘手，陈凯峰完整地经历了中国手机产业从无到有、从草根到正规、从狂热 到冷静的全过程。 21世纪的第一个25年，他做过功能机的特色创新，也在鸟巢开过群星璀璨的品牌发布会，最终在巨头林立的市场缝隙中，找到了一条看似不显眼但却足够宽 阔 ...

一位自非洲旅行归来的博主向北京商报记者描述，当地民众的日常生活正随着智能手机的普及逐步接入互联网前沿。 "非洲确实功能机与智能机混杂、部分机型运行也不算流畅，但当地人还是会在路上、车上刷着海外版抖音这类视频内容。"博主提到，非洲市场的手机多 是国内少见的版本；品牌方面，素有"非洲之王"称号的传音仍占主流，但小米、OPPO的身影也在逐渐增多。 微观图景背后，处于扩容期的非洲智能手机市场正发生微妙变化。Omdia数据显示，2025年三季度，非洲智能手机出货量达2280万台，较2024年同期的 1840万台增长24%。传音的出货量从2024年三季度的930万台升至1160万台，年增长率25%，市场份额也从50%小幅升至51%，仍是当地绝对主导者。 不过竞争已悄然升温：当季，小米出货量同比增长34%，荣耀增速更是高达158%——后发品牌的快速渗透，有逐步缩小与"非洲之王"差距的趋势。 "非洲之王"这一标签出现在了传音最新的招股书中：12月初，深圳传音控股向香港联交所递交H股上市申请，中信证券为独家保荐人。据招股书披露，此 次IPO募资将重点投向AI技术研发，以此加快产品迭代、强化技术能力，通过整合AI功能适配新兴市场 ...

一、行业概况 新兴市场手机行业是以非洲、中东、东南亚、拉丁美洲等手机市场处于成长阶段的地区为核心，围绕功能机与智能手机的研发、生产、销售，以及适配当地 需求的移动互联网配套服务等开展经营活动的产业总称。 二、行业市场现状分析 新兴市场人口总量庞大，年轻群体占比高，这类人群对手机等电子产品接受度高，构成了持续的消费主力军，为手机市场提供了源源不断的基础需求。 2020-2025年E全球新兴市场功能手机行业市场规模及预测 资料来源：沙利文、观知海内信咨询（观知海内信息网） 根据数据显示：2020年规模45亿元，2021年40亿元，2022年35亿元，2023年31亿元，2024年28亿元，2025年预计25亿元。 2020-2025年E全球新兴市场智能手机行业市场规模及预测 资料来源：沙利文、观知海内信咨询（观知海内信息网） 根据数据显示：2020年规模1344亿美元，2021年1429亿美元，2022年1519亿美元，2023年1612亿美元，2024年1711亿美元，2025年预计1926亿美元。行业规 模前期稳步小幅增长，各年度均较上年提升，2025年预计扩张速度加快，整体从1344亿美元逐步向2000亿美 ...

Core Viewpoint - Transsion Holdings, known as the "King of African Mobile Phones," has officially initiated its process for a secondary listing in Hong Kong after facing significant challenges, including a 44.97% year-on-year decline in net profit for the first three quarters of 2025 [2][3]. Financial Performance - For the first three quarters of 2025, Transsion Holdings reported revenue of 49.543 billion yuan, a decrease of 3.33% year-on-year, and a net profit of 2.148 billion yuan, down 44.97% [3]. - The company's half-year report for 2025 showed even more severe results, with revenue of 29.077 billion yuan, a decline of 15.86%, and a net profit of 1.213 billion yuan, down 57.48% year-on-year [3]. - The stock price as of November 12, 2025, was 65.85 yuan per share, with a total market capitalization of 75.8 billion yuan, significantly down from a peak market value of nearly 200 billion yuan [3]. Market Position and Competition - Transsion Holdings has seen its market share in Africa decline from 52% in Q1 2024 to 47% in Q1 2025, with a shipment drop to 9 million units, making it the only brand among the top five to experience a decline [4][5]. - Despite a slight recovery to 51% market share in Q2 2025, competitors like Xiaomi and Honor have been gaining ground, with Xiaomi's shipments increasing by 32% and Honor's by 161% [5]. Supply Chain and Cost Pressures - The company faces significant pressure from rising supply chain costs, particularly in the storage chip market, which has seen prices increase due to high demand driven by AI applications [6]. - DRAM prices have surged nearly 70% for server contracts and 20-30% for NAND contracts in Q4 2025 compared to the previous year, impacting Transsion's cost structure [6]. Strategic Initiatives - In response to market challenges, Transsion is focusing on developing mid-to-high-end models and enhancing its product offerings [7]. - The company is also investing in AI technologies and diversifying its business into home appliances and digital accessories, aiming to create a comprehensive ecosystem [8][9]. Listing Rationale - The decision to pursue a secondary listing in Hong Kong is aimed at enhancing the company's competitive edge, improving its international brand image, and diversifying its financing channels [10]. - The funds raised from the listing are intended for R&D in AI technologies, expanding international marketing, and strengthening the company's operational capabilities [11].

Core Insights - The article emphasizes the critical importance of digital transformation in the current business landscape, highlighting that companies must adapt to avoid obsolescence [4][10][12] Group 1: Historical Lessons - Companies like Kodak and Nokia failed due to underestimating the power of technological change and clinging to outdated business models [1][2] - The article suggests that these historical examples serve as warnings for current businesses to embrace change rather than resist it [2] Group 2: Digital Transformation in China - China is undergoing a profound digital transformation, moving from consumer internet to industrial internet, making digital tools essential for businesses [4] - WeChat Mini Programs are identified as a cost-effective and efficient interface for businesses to engage with the digital economy [4] Group 3: Customer Engagement - The article stresses that younger customers are fully digitalized, relying on online solutions for their needs, making it crucial for businesses to provide modern digital interfaces [6] - Without a Mini Program, businesses risk losing relevance and connection with the new generation of consumers [6] Group 4: Data and Private Traffic - Data is described as a new energy source, with Mini Programs serving as natural data collection tools for businesses [8] - Private traffic is positioned as a protective moat, allowing businesses to build their own customer base without relying on external platforms [8] Group 5: Industry Trends - The article outlines a clear trend where all industries should undergo digital transformation, leading to a bifurcation between efficient, digital-savvy companies and traditional, less effective ones [10] - Examples include the integration of Mini Programs in various sectors like dining, retail, and beauty services, indicating a shift towards digitalized operations [10] Group 6: Future Imperatives - The necessity of adopting Mini Programs is framed as a future requirement for survival in the market, rather than a mere option [12] - Delaying this transition could result in significant costs and potential exclusion from the market as digital norms become established [12]

Core Viewpoint - Transsion Holdings has experienced a decline in stock price this year, with a notable drop of 17.31% year-to-date, while recent trading shows mixed performance in the short term [1][2]. Company Overview - Transsion Holdings, established on August 21, 2013, and listed on September 30, 2019, is headquartered in Shenzhen, China. The company focuses on the design, research and development, production, sales, and brand operation of smart terminals, primarily smartphones [1]. - The revenue composition of Transsion Holdings is as follows: smartphones account for 83.91%, other products for 10.22%, and feature phones for 5.86% [1]. Financial Performance - For the period from January to September 2025, Transsion Holdings reported a revenue of 49.543 billion yuan, reflecting a year-on-year decrease of 3.33%. The net profit attributable to shareholders was 2.148 billion yuan, down 44.97% compared to the previous year [2]. - Since its A-share listing, Transsion Holdings has distributed a total of 13.230 billion yuan in dividends, with 10.620 billion yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Transsion Holdings increased to 25,600, marking a rise of 13.86%. The average number of circulating shares per shareholder decreased by 12.18% to 44,576 shares [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 19.844 million shares, a decrease of 12.3365 million shares from the previous period. Other notable shareholders include E Fund's and Huaxia's ETFs, which also saw reductions in their holdings [3].

Core Points - Transsion Holdings experienced a decline of 5.08% on October 16, with a stock price of 78.91 yuan per share and a total market capitalization of 899.85 billion yuan [1] - The company, founded on August 21, 2013, and listed on September 30, 2019, specializes in the design, research and development, production, sales, and brand operation of smart terminals, primarily mobile phones [1] - The revenue composition of Transsion Holdings includes 83.91% from smartphones, 10.22% from other products, and 5.86% from feature phones [1] Fund Holdings - Morgan Fund holds a significant position in Transsion Holdings through its fund, the Morgan SSE STAR Market New Generation Information Technology ETF (588770), which has 101,700 shares, accounting for 2.56% of the fund's net value [2] - The fund has reported a floating loss of approximately 429,000 yuan as of the latest update [2] - The Morgan SSE STAR Market New Generation Information Technology ETF was established on March 14, 2025, with a current size of 316 million yuan and a cumulative return of 43.32% since inception [2]

Group 1 - The core viewpoint of the news is that Transsion Holdings has experienced a significant decline in its stock price, dropping 5.01% on October 10, with a cumulative decline of 9.11% over four consecutive days [1] - As of the report, Transsion Holdings' stock price is at 89.10 yuan per share, with a trading volume of 9.55 billion yuan and a turnover rate of 0.93%, leading to a total market capitalization of 1016.05 billion yuan [1] - The company, founded on August 21, 2013, and listed on September 30, 2019, primarily focuses on the design, research and development, production, sales, and brand operation of smart terminals, with 83.91% of its revenue coming from smartphones [1] Group 2 - From the perspective of major fund holdings, Penghua Fund has a significant position in Transsion Holdings, with its Penghua Sci-Tech Innovation ETF holding 354,600 shares, accounting for 1.31% of the fund's net value, making it the ninth-largest holding [2] - The estimated floating loss for the fund due to the recent decline in Transsion Holdings' stock is approximately 166.68 million yuan today, with a total floating loss of 333.36 million yuan over the four-day decline [2] Group 3 - The Penghua Sci-Tech Innovation ETF was established on February 26, 2025, with a current size of 21.62 billion yuan and a cumulative return of 37.26% since inception [3] - The fund manager, Su Junjie, has been in position for 7 years and 255 days, overseeing a total fund asset size of 197.79 billion yuan, with the best and worst returns during his tenure being 87.57% and -21.6%, respectively [3]

Group 1 - The core viewpoint of the news is that Transsion Holdings has experienced a decline in stock price, with a cumulative drop of 8.72% over three consecutive days, closing at 94.20 CNY per share on September 30, with a total market capitalization of 1074.21 billion CNY [1] - Transsion Holdings was established on August 21, 2013, and went public on September 30, 2019. The company focuses on the design, research and development, production, sales, and brand operation of smart terminals, primarily mobile phones [1] - The revenue composition of Transsion Holdings is as follows: smart devices account for 83.91%, other products for 10.22%, and feature phones for 5.86% [1] Group 2 - From the perspective of major fund holdings, Penghua Fund has one fund heavily invested in Transsion Holdings, specifically the Penghua Sci-Tech Innovation Board Comprehensive ETF, which held 354,600 shares as of the second quarter, representing 1.31% of the fund's net value [2] - The estimated floating loss for the fund due to the recent decline in Transsion Holdings' stock price is approximately 638,400 CNY, with a total floating loss of 3,191,800 CNY over the three-day decline [2] Group 3 - The Penghua Sci-Tech Innovation Board Comprehensive ETF was established on February 26, 2025, with a current scale of 2.162 billion CNY and has achieved a return of 33.12% since inception [3] - The fund manager, Su Junjie, has been in position for 7 years and 245 days, managing total assets of 19.779 billion CNY, with the best fund return during his tenure being 84.87% and the worst being -21.6% [3]