Market Dynamics - The selection process for the new Federal Reserve Chair is in its final weeks, with Kevin Hassett seen as the frontrunner. The Treasury Secretary indicated that the nomination could be announced before the end of the year, with traders increasing bets on interest rate cuts [1] - U.S. stock indices rose for the third consecutive day, with Google challenging Nvidia in the AI model space. Google's stock saw a significant increase, while Nvidia's stock dropped [1] - The onshore and offshore RMB appreciated against the USD, reaching over a year-high, with the Nasdaq Golden Dragon China Index also seeing gains [2] - Southbound funds recorded a net purchase of approximately 11.166 billion HKD, with Alibaba and Kuaishou receiving significant inflows [3] Industry Developments - The Singapore National AI Strategy is shifting its focus to Alibaba's Qwen open-source architecture, marking a significant expansion of Chinese open-source AI models globally [2] - The global wafer foundry market is expected to reach $199.4 billion by 2025, driven by strong AI demand, with a projected CAGR of 14.3% from 2025 to 2030 [6] - The demand for SSDs is increasing, with North American cloud service providers planning to expand their use of SSDs for both warm and cold data applications [12] - The memory market is experiencing severe shortages, with expectations of continued price increases for DRAM and storage flash memory [12] Company Updates - Alibaba's cloud intelligence group reported a revenue of 39.82 billion CNY for Q2 of FY2026, a 34% year-on-year increase, with AI-related product revenue growing for nine consecutive quarters [4][5] - NIO reported a record delivery of 87,071 vehicles in Q3, a 40.8% year-on-year increase, with revenue reaching 21.79 billion CNY [14] - Meta Platforms is reportedly considering a significant investment in Google's TPU for its data center construction [8] - The company CFM noted a significant price increase in SSDs, driven by AI demand, with expectations of continued shortages in the memory market [12]

Core Insights - The high-end watch market in China is experiencing significant structural differentiation, with a notable decline in traditional Swiss watch exports and a rise in domestic smartwatches [1][4][20] - The Swiss watch market is projected to shrink for the first time in five years, with a 2.8% decrease in overall exports, and a 23% drop in exports to Greater China [1] - The resale market for luxury watches, particularly Rolex, has seen a price drop of over 30% since its peak in March 2022 [1] Market Trends - Traditional watch brands are struggling with market contraction, while domestic smartwatches, particularly from Huawei, are experiencing rapid growth, leading the global wearable device market with a 31% growth rate [4] - Huawei's WATCH ULTIMATE DESIGN series is positioned to penetrate the core price segment of traditional Swiss watches, offering advanced technology and features that traditional watches cannot match [9][20] Consumer Behavior Changes - The value anchors of luxury watches, traditionally based on craftsmanship and heritage, are becoming less relevant as consumers shift towards technology and health-oriented products [8][18] - High-net-worth individuals are increasingly interested in smartwatches that offer comprehensive health management and connectivity features, which traditional watches fail to provide [8][18] Product Innovations - Huawei's WATCH ULTIMATE DESIGN series integrates cutting-edge technology, including eSIM communication, satellite messaging, and advanced health monitoring capabilities, setting a new standard in the high-end smartwatch market [15][16] - The series features luxurious materials and craftsmanship, appealing to consumers' desires for both aesthetic and functional excellence [11][16] Strategic Positioning - Huawei's dual flagship strategy, with the non凡大师 (Ultimate Design) series targeting high-end consumers and the non凡探索 (Ultimate Exploration) series aimed at sports enthusiasts, strengthens its market dominance [20] - The brand's focus on continuous innovation and product iteration demonstrates its commitment to leading the high-end smartwatch segment [20][21]

华为Mate 80系列发布。 今日举行的华为全场景新品发布会上，余承东宣布正式推出全新的Mate 80及Mate 80 Pro系列机型， HUAWEI Mate 80系列起售价4699元，HUAWEI Mate 80 Pro系列起售价5999元。首发搭载HarmonyOS6 操作系统，11月28日正式开售。 华为新款折叠屏手机Mate X7正式发布，该机首次商用A2A（Agent to Agent）智能体协作，从"值 机"到"买菜"甚至"理财"，只需一句指令，它就能搞定。 此外，华为WATCH ULTIMATE DESIGN 非凡大师紫金款正式发布，搭载HarmonyOS 6系统，支持北斗 卫星语音消息、eSIM独立通信、星闪连接、手势操控车门、150米潜水等，售价24999元。 在华为终端业务发力和智能汽车业务等诸多业务发力之下，华为上半年营业收入继续保持增长，不过， 由于研发大手笔投入和公允价值收益变动影响，净利润出现下滑。 8月底，华为发布2025年半年报显示，今年上半年营收4270.39亿元，同比增长3.94%，净利润371.95亿 元，同比下降32%。其中，研发投入969.50亿元，同比增长9.04 ...

华为Mate 80系列发布。 今日举行的华为全场景新品发布会上，余承东宣布正式推出全新的Mate 80及Mate 80 Pro系列机型， HUAWEI Mate 80系列起售价4699元，HUAWEI Mate 80 Pro系列起售价5999元。首发搭载 HarmonyOS6操作系统，11月28日正式开售。 华为新款折叠屏手机Mate X7正式发布，该机首次商用A2A（Agent to Agent）智能体协作，从"值 机"到"买菜"甚至"理财"，只需一句指令，它就能搞定。 市场研究机构IDC发布的最新报告显示，2025年第二季度，中国智能手机市场出货量为6886万台，同比 下降4.1%。在这一背景下，华为以1250万台的出货量时隔多年重返国内市场榜首，市场份额达18.1%。 紧随其后的是vivo，出货1190万台，市场份额17.3%；OPPO出货1070万台，市场份额15.5%；小米出 货1040万台，市场份额15.2%；苹果则以960万台排名第五，市场份额13.9%。 此外，华为WATCH ULTIMATE DESIGN 非凡大师紫金款正式发布，搭载HarmonyOS 6系统，支持北 斗卫星语音消息、eSI ...

作为参考，去年11月推出的华为WATCH ULTIMATE DESIGN非凡大师系列定价23999元，手表镶嵌有六 段18K金条，拥有24K纯金字符，配备黄金旋转表冠，钛合金表带和伸缩蝴蝶扣（支持12级灵活调 节）。 据媒体报道，新品可能在健康监测指标与智慧交互方面有所升级，具体性能参数待正式发布后确认。 凤凰网科技讯（作者杨睿琪/云飞） 11月14日，华为官方宣布，11月15日10:08，全新华为WATCH ULTIMATE DESIGN非凡大师紫金款开启预售。从预热海报来看，华为新款智能金表将采用紫金配色， 延续了该系列超高端产品的设计风格。 该系列产品自2023年首次推出黄金智能腕表以来，已陆续发布黑金、蓝金及蓝宝石黄金款等版本。紫金 款在设计上继续采用贵金属材质与精密工艺，如表圈镶金、陶瓷材质及可伸缩表扣结构，并支持双向北 斗卫星消息、eSIM独立通信、高级别防水及智能车控等功能。 ...