2025 年 12 月 12 日 ` 即日財經頭條 | 信報: | | | --- | --- | | ◼ | AI 搶初級職位 失業率料長踞 4% | | ◼ | 四成企業看好明年業績增長 | | 經濟日報: | | | ◼ | 中經會：保持必要財赤 靈活降準降息 | | ◼ | 新增「建設大灣區國際科創中心」 京提升重視 | | 明報: | | | ◼ | 港銀首未跟減 金管局余偉文：減息利經濟樓市 | | ◼ | 無鷹派發言 利率期貨料明年減息 0.5 厘 | | 星島日報: | | | ◼ | 儲局降息 0.25 厘港 P 未跟減 分析指 P 息難再減 | | 證券日報： | | | ◼ | 商務部：以高水平開放促進高標準建設海南自貿 | | 港 | | 即日港股重點消息 港股昨日回顧 | 香港指數 | 上日收市(點) | 日變化(%) | 年初至今(%) | | --- | --- | --- | --- | | 恒生指數 | 25530.51 | -0.04 | 27.27 | | 國企指數 | 8934.28 | -0.23 | 22.56 | | 科技指數 | 5534.59 | -0.83 ...

在不看苹果的情况下，市场同比下降 5%，反映出更为谨慎的消费者环境以及 Q4 开局动力不足。今年 不少消费者已在年初借助补贴提前购机。此外，各大智能手机品牌的战略重心转向新推出的高端设备， 虽然可能提高了平均售价（ASP），但对销量产生了相反的影响。 （原标题：Counterpoint Research：苹果(AAPL.US)推动中国双11期间智能手机销量同比增长3%） 由于新推出的旗舰 Mate 80 系列发布时间比双11晚了两周，华为的业绩下滑幅度最大。这款新机型旨在 与最近推出的一系列中国智能手机品牌旗舰产品进行竞争。 智通财经APP获悉，根据 Counterpoint Research 的《中国智能手机周度销售追踪》，今年双11的关键销 售期间中国智能手机销量同比增长 3%，主要受到苹果(AAPL.US) iPhone 17 系列的强劲需求推动。 小米(01810)销量同比下降 11%，主要由于其小米 17 系列的提前发布，使销售峰值提前了一个月，加上 旧机型表现走弱导致。 来源：Counterpoint Research《中国智能手机周度销售追踪》 注：OPPO 包括 OnePlus；双11销售周期 ...

Core Insights - The article highlights that the smartphone sales in China during the Double 11 shopping festival saw a year-on-year increase of 3%, primarily driven by strong demand for the Apple iPhone 17 series [4][5][7]. Smartphone Market Performance - The iPhone 17 series, particularly the base model, has shown remarkable performance with sales more than doubling year-on-year, while the Pro and Pro Max models also experienced mid to high double-digit growth [5][8]. - Excluding Apple, the overall smartphone market in China declined by 5% year-on-year, indicating a more cautious consumer environment and weak momentum at the start of Q4 [7][8]. - Huawei faced the largest decline among major smartphone brands due to the delayed launch of its flagship Mate 80 series, which missed the Double 11 sales period [7][8]. - Xiaomi's sales dropped by 11% year-on-year, attributed to the early release of the Xiaomi 17 series, which shifted the sales peak forward by a month [7][8]. Strategic Shifts in the Industry - Major smartphone brands are shifting their focus towards newly launched high-end models, which has further suppressed overall sales [8]. - The early launch of the Xiaomi 17 series and the strong performance of the previous generation Xiaomi 15 series during the Double 11 period highlight the impact of product timing on sales performance [8].

Core Insights - The report highlights a significant increase in electricity consumption in October, with a total of 857.2 billion kWh, representing a year-on-year growth of 10.4% [2] - The Chinese smartphone market experienced a notable recovery in October, with overall sales increasing by 8% year-on-year, driven by strong performances from brands like Apple and Xiaomi [5] - The airline industry showed positive trends in October, with an increase in passenger load factors and capacity deployment, indicating a favorable supply-demand relationship [7][8] Electricity Consumption - In October, the total electricity consumption reached 857.2 billion kWh, with the first industry consuming 12 billion kWh (up 13.2%), the second industry 568.8 billion kWh (up 6.2%), and the third industry 160.9 billion kWh (up 17.1%) [2] - Cumulative electricity consumption from January to October was 8,624.6 billion kWh, reflecting a year-on-year increase of 5.1% [2] Smartphone Market - The smartphone market in China saw a significant uptick in October, with Apple leading the market with a 37% year-on-year increase in sales, capturing a 25% market share [5] - Xiaomi ranked second for the first time in over a decade, with a 7% increase in sales, attributed to its diverse product offerings [5] - OPPO also contributed to market growth with a 19% increase in sales, while other brands like vivo and Honor experienced minor fluctuations [5] Airline Industry - Domestic airline capacity increased by approximately 3.6% year-on-year in October, with a corresponding rise in passenger load factors by about 1.8 percentage points [8] - International airline capacity saw a year-on-year increase of 14.3%, with a slight rise in load factors, indicating a healthy demand despite some overcapacity risks [9] - The report notes that the recent travel advisories may impact demand for certain international routes, particularly to Japan [10][11] Financial Sector - The report indicates a continued decline in social financing growth, with a year-on-year increase of 8.5% as of October, reflecting a slowdown in credit demand [14][15] - The total new RMB loans in October amounted to 220 billion, with a year-on-year decrease of 280 billion, highlighting a weak credit environment [16] - The M1 growth rate decreased to 6.2%, while M2 grew by 8.2%, indicating a trend towards "de-banking" in the financial sector [18]

Core Insights - Apple's smartphone sales in October increased by 8% year-on-year, driven by a 37% growth in iPhone sales, particularly the iPhone 17 series [1][6] - The iPhone 17 series has achieved significant sales, with over 80% of new iPhone sales coming from this model, leading to an expected rise in overall sales due to increased average selling prices [1][6] - October marked Apple's best-ever Q4 start, with iPhones accounting for one in four smartphones sold in China, a feat only previously achieved in 2022 [4][6] Company Performance - OPPO emerged as the second-largest growth driver in the domestic smartphone market, thanks to its flagship Find X9 series and the youth-oriented Reno 14 series, exceeding expectations [6] - Xiaomi launched its Xiaomi 17 series early, along with a diverse product lineup, allowing it to reclaim the second position in the domestic market for the first time in over a decade [6] - Apple's sales momentum remains strong entering November, with expectations of achieving the best quarterly performance in December, despite potential competition from Huawei's upcoming Mate 80 series [6]

Core Insights - In October, China's smartphone sales increased by 8% year-on-year, driven by Apple's 37% growth in sales [4][5][7] - The iPhone 17 series has significantly contributed to Apple's performance, with over 80% of sales coming from this new lineup, leading to an expected increase in overall sales due to rising average selling prices [5][7] - October marked Apple's best-ever Q4 start, with one in four smartphones sold in China being an iPhone, a feat only previously achieved once in 2022 [7] Market Performance - The iPhone 17 series, including the base, Pro, and Pro Max models, achieved double-digit growth rates in October, with the base model showing the fastest growth [7][9] - OPPO's flagship Find X9 series has performed well, driven by its strong imaging capabilities and large battery capacity, making it the second-largest growth driver in the domestic smartphone market [9] - Xiaomi reached the second position in the domestic market for the first time in over a decade, aided by its strong product lineup, including the Xiaomi 17 series launched during the Mid-Autumn Festival sales peak [9] Future Outlook - Apple's strong sales momentum is expected to continue into November, with the potential for record quarterly performance in December [9] - The upcoming launch of Huawei's Mate 80 series on November 25 poses a potential challenge, but current trends suggest that Apple's growth is robust and unlikely to see significant declines [9]

Core Insights - The iPhone 17 and Xiaomi 17 series are key drivers for growth in their respective brands during the first month of sales [4][5] - Both Apple and Xiaomi experienced similar overall sales growth, with Apple increasing by 22% and Xiaomi by 21% year-on-year [5] Sales Performance - The iPhone 17 series contributed significantly to Apple's sales in China, with nearly 80% of iPhones sold during the period coming from the new series [8] - Xiaomi's early launch of the 17 series effectively supported its smartphone sales, leading to a 21% year-on-year increase [8] Market Trends - The timing of the new product launches before the Mid-Autumn Festival boosted sales compared to the previous year [8] - Consumers are seeking high cost-performance products while also expecting innovative features, which the latest offerings from Apple and Xiaomi fulfill [8] Consumer Behavior - There is a strong demand for the new iPhone models, particularly the standard and Pro versions, driven by a wave of users upgrading from older models post-COVID [10] - Xiaomi's 17 Pro and 17 Pro Max have become the main sales drivers, indicating a shift in consumer preference towards higher-end models [10]

Core Insights - The Chinese smartphone market experienced a year-on-year decline of 2.7% in Q3 2025 due to economic slowdown and reduced demand [5][4] - OPPO achieved the highest year-on-year growth rate among major OEMs, driven by strong demand for its sub-brand OnePlus [6][5] Market Performance - The overall smartphone sales in China decreased by 2.7% in Q3 2025, influenced by ongoing economic factors such as the summer vacation and back-to-school season [5][4] - Vivo's market share fell to 18.5% amid intensified competition, yet it maintained a leading position with a diverse product line [5][6] - Huawei's high-end Mate 70 and Pura 80 series saw lower sales compared to previous models, while the Nova 14 series continued to perform well [5][6] Brand Analysis - OPPO's growth of 2.1% was attributed to stable sales of the Reno 14 series and strong performance from OnePlus, particularly the Ace 5 and 13 series [6][5] - Xiaomi recorded a year-on-year growth of 1.1%, supported by the Redmi Note 15 and K80 series, with the recently launched Xiaomi 17 series receiving positive market feedback [6][9] - Honor's X70 series stood out in the entry-level market, but the brand's overall sales declined by 8.1% [6][5] Apple Performance - The iPhone 17 series outperformed the iPhone 16 series in initial sales, with the base model being particularly popular due to its competitive pricing [7][11] - Apple's pricing strategy has increased pressure on high-end Android brands, with expectations of intensified competition in Q4 [7][11] - The iPhone 17's sales in September were nearly double that of the iPhone 16 during the same period last year, indicating strong market demand [11][9]

Group 1: Banking Industry Insights - Government financing is slowing down, with deposits continuing to be activated. As of September, the total social financing stock increased by 8.7% year-on-year, while RMB loans increased by 6.4% year-on-year [5][6] - The structure of loans is focusing on optimization, with expectations for new policy tools in Q4 to leverage credit. The focus will be on small and micro enterprises, technological innovation, and green sectors [7][11] - The M2 and M1 growth rates were 8.4% and 7.2% respectively, indicating a seasonal return of deposits and continued activation of funds [8][9] Group 2: Semiconductor Industry Insights - The semiconductor industry is experiencing a price increase, driven by demand from AI applications and data centers. Major manufacturers like Micron and SanDisk have announced price hikes [12][17] - In September, the semiconductor sector saw a sales increase of 21.73% year-on-year, with storage prices rising between 2.00% and 15.00% [14][18] - The demand for consumer electronics is recovering, with significant growth in TWS headphones, wearable devices, and AI servers, while smartphone demand remains relatively flat [15][16]

Group 1: Inflation Data - In September 2025, the CPI decreased by 0.3% year-on-year, while the PPI decreased by 2.3% year-on-year, indicating ongoing deflationary pressures [5][6][7] - The core CPI rose to 1.0% year-on-year, marking five consecutive months of increase, driven by stable service prices and a significant rise in gold jewelry prices [8][9] - The impact of tail effects on CPI and PPI is expected to diminish after October, with potential price increases in various sectors, particularly in household appliances and medical services [5][6] Group 2: Machinery Equipment Industry - In September 2025, excavator sales reached 19,858 units, a year-on-year increase of 25.4%, with domestic sales growing by 21.5% and exports by 29% [10][11] - The domestic excavator market is supported by ongoing infrastructure investments and government policies aimed at urban renewal and old community renovations [11][12] - Major exhibitions showcased numerous electric and intelligent equipment, indicating a shift towards modernization in the machinery sector [12][13] Group 3: Semiconductor Industry - The semiconductor industry showed signs of recovery in September 2025, with prices increasing and demand driven by AI applications and consumer electronics [16][18] - Storage chip prices saw significant increases, with major manufacturers announcing price hikes of 10% to 30% for NAND and DRAM products [20][21] - The overall semiconductor market is expected to continue its upward trend, with a focus on AIOT and key components, despite external pressures from U.S. policies [16][21]