Group 1 - iPhone 17 release is approaching, leading to increased hiring by Apple supply chain companies such as Foxconn, Lens Technology, and Luxshare Precision, with wages significantly higher than non-Apple factories [2] - Lens Technology's hourly wage reaches 37 RMB, while Bern Optical in Huizhou offers 33 RMB, both being the highest in Guangdong, compared to less than 25 RMB in non-Apple factories [2] - Huawei's Mate XTs Master Edition, featuring the Kirin 9020 chip and HarmonyOS 5.0, has been launched [2] Group 2 - In Q2 2025, global smartwatch shipments increased by 8% year-on-year, marking the first growth after five consecutive quarters of decline, with Huawei surpassing Apple to become the top seller [4] - The recovery in smartwatch shipments is primarily driven by consumer demand in the Chinese market, with brands like Huawei, Xiaomi, and Little Genius leading the growth [4] Group 3 - ExxonMobil is considering selling its chemical plants in the UK and Belgium, with potential sale prices reaching up to 1 billion USD due to industry challenges from US tariffs [5]

2025 年 9 月 5 日星期五 研 究 报 【实时热点】 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 证 券 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 | 涨跌(%) | | --- | --- | --- | --- | --- | --- | | 波罗的海干散货 | 1940.00 | -2.32 | 纳斯达克指数 | 21707.69 | 0.98 | | CME比特币期货 | 110760.00 | -1.83 | 道琼斯工业指数 | 45621.29 | 0.77 | | ICE布油 | 66.88 | -1.07 | 美元指数 | 98.27 | 0.13 | | 伦敦金现 | 3544.65 | -0.39 | 标普500 | 6502.08 | 0.83 | | 美元兑人民币(CFETS) | 7.15 | -0.01 | 日经225 | 42580.27 | 1.53 | 告 美国 8 月"小非农"不及预期 特朗普：不久将对芯片征收"相当可观"的关税 特朗普签署行政命令 ...

Group 1 - The National Standardization Administration plans to revise and develop over 4,000 national standards focusing on key areas such as artificial intelligence, the Internet of Things, and new materials to support the transformation of the manufacturing industry [1] - OpenAI is collaborating with Broadcom to mass-produce its self-developed AI chips, with shipments expected next year [2] - Apple is developing an AI-based web search tool for Siri to compete with OpenAI, with plans to launch the feature next year [3] Group 2 - ZhiYuan Robotics has adopted a "performance" model, earning approximately 15,000 yuan per day per robot, with over 100 contracts completed since June [4] - UBTECH has secured a record 250 million yuan contract for humanoid robots, marking the largest order in the global humanoid robot sector to date [5] - Huawei launched the Mate XTs foldable smartphone, featuring the Kirin 9020 chip and HarmonyOS 5.0, with a performance improvement of 36% [6] Group 3 - Huawei's smartwatch shipments have surpassed Apple's for the first time, driven by a recovery in consumer demand, particularly in the Chinese market [7][8] - New games will be launched on the HarmonyOS 5 system, including popular titles from Tencent and Kingsoft, with the first game set to release on September 25 [8] - Foxconn and other Apple supply chain companies are aggressively hiring due to the upcoming iPhone 17 release, with hourly wages significantly higher than non-Apple factories [9]

Group 1: National Standards and Manufacturing - The National Standards Committee plans to revise and formulate over 4,000 national standards focusing on key areas such as artificial intelligence, the Internet of Things, and new materials to support the transformation of the manufacturing industry [1] - In 2023, the National Standards Committee has already released over 600 national standards related to the transformation and upgrading of the manufacturing industry, promoting high-end, green, and intelligent development [1] Group 2: AI Developments - DeepSeek aims to release its AI agent by the end of this year [2] - OpenAI is collaborating with Broadcom to mass-produce its self-developed AI chips, with shipments expected next year [2] - Apple plans to develop an AI-based web search tool for Siri to compete with OpenAI, with a launch expected next year [3] Group 3: Robotics and Automation - Zhiyuan Robotics has adopted a "performance" model, earning approximately 15,000 yuan per day per robot since June, with over a hundred contracts from various sectors [4] - UBTECH has secured a record contract worth 250 million yuan for humanoid robots, marking the largest contract in the global humanoid robot sector to date [5] Group 4: Consumer Electronics - Huawei launched the Mate XTs foldable smartphone, starting at 17,999 yuan, featuring the Kirin 9020 chip and HarmonyOS 5.0, with a 36% performance improvement [6] - Huawei's smartwatch shipments have surpassed Apple's for the first time, driven by a recovery in consumer demand, particularly in the Chinese market [7][8] Group 5: Supply Chain and Labor Market - Foxconn and other Apple supply chain companies are aggressively hiring due to the upcoming iPhone 17 release, with hourly wages significantly higher than non-Apple factories [9]

Group 1 - Trump responded to rumors of his death, labeling them as "fake news" and emphasized his active weekend [4] - ByteDance denied rumors regarding the separation of its chip business, stating that the business entity remains unchanged [6] - 361 Degrees announced the termination of its contract with marathon runner Zhang Shuihua during a live stream [5] Group 2 - Giorgio Armani, the founder of the luxury brand Armani, passed away at the age of 91 [5] - Agricultural Bank of China surpassed Industrial and Commercial Bank of China in total market value, becoming the new "universe bank" [8][10] - Huawei's smartwatch shipments surpassed Apple's for the first time, marking a significant milestone in the wearable technology market [10] Group 3 - NIO confirmed its collaboration with McLaren, contributing to its technology service revenue [10] - Xiaomi plans to expand its home appliance and new retail business overseas, with a goal of launching its automotive products internationally by 2027 [10] - The price of gold jewelry in China has risen to 1,060 yuan per gram, reflecting a trend in the precious metals market [13][14] Group 4 - WeRide launched its Robotaxi GXR for 24-hour unmanned commercial operation in Guangzhou [20] - Meta is set to release a new type of smart glasses priced around $800, indicating a shift in its product strategy [23] - OpenAI plans to launch an AI-powered employment platform by 2026, aiming to connect businesses with skilled candidates [23]

Core Insights - Huawei's smartwatch shipments are projected to grow by 52% year-on-year by Q2 2025, achieving a market share of 21%, surpassing Apple for the first time [1] - Apple's market share has declined to 17%, marking a significant drop after nearly seven years of dominance in the global smartwatch market [3] Market Positioning - Huawei's success is attributed to its comprehensive product line that covers all consumer levels, from entry-level to high-end flagship models, while Apple's offerings are more limited [4][7] - The high-end models of Huawei are priced between 2,699 yuan and 23,999 yuan, featuring advanced functionalities such as dual Beidou satellite messaging and 100-meter water resistance [4] - Mid-range models like WATCH GT and WATCH FIT are priced between 699 yuan and 2,488 yuan, appealing to a younger demographic with over 60% market share [6] Competitive Landscape - Xiaomi has seen a 38% year-on-year increase in shipments, capturing 9% of the market share, while Kid's Genius has grown by 21% to hold 7% [3] - Samsung's market share has decreased by 3%, placing it fifth in the global rankings [3] Distribution Strategy - Huawei has expanded its offline presence to over 30,000 stores in China, targeting third and fourth-tier cities, while also increasing its international footprint across Europe, the Middle East, Africa, and Asia-Pacific [7] - As of Q2 this year, Huawei has established over 62,000 stores and counters globally, covering more than 170 countries and regions [7] Product Innovation - Huawei's WATCH 5 series introduced the "X-TAP Smart Window" feature, which combines ECG, PPG, and tactile sensing technologies to provide comprehensive health metrics [8] - In contrast, Apple's recent updates have been criticized for lacking significant advancements, with some features being restricted in the Chinese market [10][12] Upcoming Releases - Both Huawei and Apple are expected to launch new products soon, with Huawei's WATCH GT6 series likely debuting alongside the Mate XTs foldable phone on September 19 [13] - Apple's upcoming event on September 10 will feature the Apple Watch Ultra 3, which aims to enhance outdoor performance capabilities [14]

Group 1: Shopping Trends and Preferences - The rise of "China Purchase" has led to an expanded shopping list for inbound tourists, with diverse options ranging from traditional clothing to high-tech products [1] - Foreign tourists are increasingly interested in customized clothing, with a notable example being a Swiss executive who regularly orders tailored suits and shirts in Shanghai [2][3] - The South Bund Textile Market has transformed into a hub for custom clothing, attracting many foreign visitors due to its reputation and quality service [3] Group 2: Technological Products and Consumer Experience - In Chengdu, the Huawei Smart Living Store has seen a significant increase in foreign customers, with a 33% rise in inquiries and purchases compared to the previous year [6][7] - The introduction of convenient payment options, including the ability to use international credit cards on public transport, has enhanced the shopping experience for foreign tourists [7][8] - The demand for high-tech products, such as smartwatches and foldable devices, is growing among international visitors in Shenzhen's Huaqiangbei area, with a 50% increase in foreign visitors this year [15][16] Group 3: Culinary Experiences and Cultural Engagement - Guangzhou has become a popular destination for foreign tourists seeking authentic culinary experiences, with traditional dim sum being a highlight [11][12] - The city's food culture is attracting more international visitors, with a reported 30% increase in foreign diners at local restaurants this year [13] - The implementation of transit visa exemptions has allowed tourists more time to explore local cuisine, enhancing their overall experience in Guangzhou [12] Group 4: Retail and Tax Refund Services - Chengdu has improved its tax refund services for foreign tourists, with a focus on enhancing the shopping experience and promoting second-time consumption [8][9] - The "immediate refund" policy has been well-received, with many tourists appreciating the efficiency of the process [8] - The growth in inbound tourism has led to a significant increase in the number of foreign visitors utilizing these services, with a 56.7% increase in foreign arrivals reported [9] Group 5: Market Growth and International Appeal - The South Bund Textile Market and Huaqiangbei in Shenzhen are becoming key destinations for international tourists, driven by the appeal of custom clothing and innovative electronics [3][16] - The overall increase in inbound tourism, particularly in Chengdu and Guangzhou, reflects a growing interest in Chinese culture and products among foreign visitors [9][12] - The combination of cultural events, such as the World University Games in Chengdu, and improved services has contributed to a vibrant shopping environment for tourists [7][9]

Group 1: Shopping Trends Among Foreign Tourists - The trend of "China Purchase" is gaining momentum, with inbound tourists expanding their shopping lists and exploring diverse stores, from traditional Chinese clothing to high-tech products [1] - Custom clothing is particularly popular, with many foreign tourists seeking tailored suits and shirts, highlighting the growing recognition of Chinese craftsmanship [2][3] - The South Bund Textile Market has transformed into a hub for custom clothing, attracting a significant number of foreign visitors, especially business travelers [3] Group 2: Technological Products and Smart Devices - In Chengdu, foreign tourists are increasingly interested in high-tech products, such as Huawei's AI smartwatches, which feature advanced health monitoring capabilities [4][5] - The introduction of convenient payment options, including international credit card acceptance on public transport, enhances the shopping experience for foreign visitors [6] - The demand for innovative electronic products is evident in Shenzhen's Huaqiangbei area, where foreign tourists are drawn to unique items like AI glasses and smart home devices [11][12] Group 3: Culinary Experiences - Foreign tourists are actively engaging in local culinary experiences, with many seeking out traditional Cantonese dim sum and other regional delicacies in Guangzhou [7][8] - The "Food in Guangzhou" experience is a significant attraction for international visitors, with a notable increase in the number of foreign diners at local restaurants [9][10] Group 4: Travel and Tourism Statistics - Chengdu's airport has seen a substantial increase in inbound travelers, with over 384.6 million passengers recorded this year, marking an 11.5% year-on-year growth [7] - Guangzhou's Baiyun Airport has also reported impressive figures, with over 1 million inbound travelers, a 123.5% increase compared to the previous year [8]

Core Viewpoint - The traditional allure of European luxury watches, once seen as a symbol of wealth and status in China, is diminishing as consumer preferences shift towards domestic brands and smartwatches, leading to a significant decline in the resale value of high-end Swiss watches [4][5][10]. Market Trends - The resale index for Rolex watches has dropped nearly one-third from its peak in March 2022 to March 2025, marking a four-year low [4][10]. - The sales of Swiss watches to mainland China fell by 26% last year, with exports to Hong Kong also declining by 19% [11]. Consumer Behavior - The middle-class consumer group, which has been a significant driver of luxury watch sales, is experiencing a decline in spending enthusiasm, with 45% reporting reduced luxury goods consumption in 2023-2024 [14][17]. - A survey indicated that 80% of consumers who are reducing luxury purchases believe that luxury goods lack cost-effectiveness [17]. Competitive Landscape - Domestic watch brands like Seagull and Fiyta are gaining traction, particularly with models associated with national leaders, while smartwatches from brands like Huawei and Xiaomi are becoming popular for their affordability and functionality [4][20]. - In 2024, Huawei led the smartwatch market in China with a shipment of 21.2 million units, reflecting a 34.2% year-on-year growth [19]. Brand Perception - The perception of European luxury watches as "hard currency" is fading, with consumers now prioritizing value for money over status symbols [5][11]. - The narrative surrounding luxury watches is changing, with younger consumers seeking personalized expressions rather than adhering to traditional brand stories [18][24]. Technological Advancements - Domestic watch manufacturers are improving their technical capabilities, with products like the Fiyta "Zhai Xing" automatic mechanical movement achieving recognition for quality [22][24]. - The gap in technology between domestic and Swiss watches is narrowing, as evidenced by advancements in domestic manufacturing processes [21][22]. Cultural Shifts - The cultural significance of luxury watches is evolving, with consumers increasingly valuing heritage and local craftsmanship in domestic brands [20][24]. - The rise of smartwatches and domestic brands reflects a broader shift in consumer values, moving away from ostentation towards practicality and personal relevance [20][24].

Core Viewpoint - The luxury watch market in China, particularly for European brands like Rolex, is experiencing a significant decline, with prices dropping and consumer interest shifting towards domestic and smartwatches [3][4][5]. Group 1: Market Trends - The resale value of Rolex watches has decreased by nearly one-third from March 2022 to March 2025, reaching a four-year low [3]. - Other high-end brands such as Vacheron Constantin, Piaget, and Patek Philippe are also facing price pressures, indicating a broader market trend away from luxury watches as "hard currency" [3][4]. - The export value of Swiss watches to mainland China fell by 26% last year, while exports to Hong Kong dropped by 19%, highlighting a significant market contraction [7]. Group 2: Consumer Behavior - The middle-class consumer segment, which has been a major growth driver for luxury goods, is showing a rapid decline in spending on luxury watches, with 45% of middle-class consumers reporting decreased spending on luxury items [10][13]. - A survey indicated that 80% of consumers who are reducing their luxury purchases believe that luxury goods lack cost-effectiveness, leading to a shift in spending priorities [13]. - The traditional consumer base for luxury watches is evolving, with younger consumers from tech and healthcare sectors seeking more personalized and value-driven products [14]. Group 3: Domestic Brands and Smartwatches - Domestic brands like Seagull and Fiyta are gaining traction, with Fiyta's sales of a co-branded watch with the film "The King of the Sky" increasing by 63% [19]. - Smartwatches from brands like Huawei and Xiaomi are rapidly capturing market share, with Huawei leading the market with a 34.2% year-on-year growth in shipments [15]. - The shift towards smartwatches and domestic brands reflects a broader cultural change, as younger consumers prioritize functionality and value over traditional luxury branding [16][19]. Group 4: Industry Performance - Swatch Group, which owns brands like Omega and Longines, reported a 14.6% decline in net sales to 6.74 billion Swiss francs for 2024, with net profit plummeting over 70% to 220 million Swiss francs [5][7]. - The overall market for luxury goods in China is projected to be below 2022 levels, indicating a challenging environment for luxury brands [10].