五年前，荣耀以独立之姿横空出世，凭雷霆之势登顶中国市场，何等风光。 （图源：RD观测) 2024年第一季度荣耀曾达到17.1%的峰值，如今已经累计下降4.3个百分点，相当于缩水25%左右。 从季度走势看，2025年上半年一度跌至12.8%，三季度短暂回升到14.4%，但全年仍未能重返前五，这种市场份额的剧烈波动，暴露出其市场竞争力的严 重不稳与战略上的摇摆不定，而这背后，是荣耀正深陷"低端依赖症"的泥潭。 2025年手机市场呈现出鲜明特征，荣耀3款机型上榜，X系列与畅玩系列覆盖不同需求。第三季度数据显示，荣耀在2000元以下价位段的产品占比已攀升 至58%，较去年同期猛增12个百分点，其中X70系列凭借搭载超8000毫安时电池所带来的极致续航和超高性价比，一度成为拉动整体销量回升的关键引 擎。 五年后，不再年轻的它却遭遇 "中年危机"：低价战场陷入无休止厮杀，高端之路步履维艰；嘴上喊着 AI 转型、生态突围的转型宣言，实际却在设计、营 销上处处复刻华为，始终摆脱不了 "替代品" 的桎梏。 前有苹果、华为构筑的行业高墙，后有小米、OPPO 的步步紧逼，曾经意气风发的挑战者，如今困在进退两难的十字路口。 但荣耀绝 ...

进入2026年，新一轮的"国补"政策已然落地，补贴幅度与去年相似。 去年年底，苹果官网的活动界面截图 另一方面，在京东、淘宝等电商平台上，仍有部分地区的iPhone 17享受国补。以京东平台为例，经向客服确认，目前仅辽宁、福建、四川、江西、广东、 湖南、山东、浙江、北京、江苏等地可享受国补购买iPhone 17。目前尚不清楚后续是否有更多省市加入这一名单。 对于消费电子品类，除了2025年已有的手机、平板、智能手表等产品，智能眼镜首次被纳入补贴范围。补贴力度与去年相同，按售价15%补贴，单件最高 500元，仅支持单价6000元以内的产品。 1月5日，观察者网查询发现，苹果官网似乎并未在2026年后更新支持国补，其国家补贴的活动界面已不可见，仅有教育优惠和以旧换新等常规活动。 苹果官网去年底的活动界面曾显示，北京及上海两地的Apple Store零售店可享受国家补贴，覆盖iPhone、iPad、Apple Watch、Mac等产品，根据不同种类产 品最高可享500元及2000元不等的优惠。当时，iPhone 17标准版的256GB版本补贴后的到手价为5499元。 指定产品或可享国家 至高省 RMB 20( 仅限 ...

Group 1 - The new Honor Power 2 smartphone has sparked discussions due to its design similarities with the iPhone 17 Pro Max, particularly in the rear camera module and color options [1][4] - The Honor Power 2 features a 6.79-inch 1.5K LTPS display, MediaTek Dimensity 8500 Elite processor, a 16MP front camera, a 50MP main camera with a 5MP secondary camera, and a large 10,080mAh battery with 80W fast charging, expected to be priced around 2,000 yuan [4] - There is a divided opinion among consumers regarding the design; some prioritize performance and value over originality, while others express concerns about the lack of distinctiveness in design affecting brand reputation [8] Group 2 - As of December 21, the iPhone 17 series has sold approximately 14.86 million units in the Chinese market, while Honor's Magic 8 series has sold about 454,000 units, indicating a significant gap in market performance [9] - Other domestic brands have also seen varying sales figures, with OPPO Find X9 series at approximately 747,500 units, vivo X300 series at about 973,600 units, Huawei Mate 80 series at around 1.23 million units, and Xiaomi 17 series at approximately 2.69 million units [9]

Core Insights - Honor has successfully transformed from a mid-range smartphone brand to a leading player in the high-end smartphone market, focusing on AI terminal ecosystems and innovative technologies [1][2][4] Group 1: Market Position and Strategy - Honor's CEO announced the "Alpha Strategy" in March, aiming to transition from a smartphone manufacturer to a global AI terminal ecosystem company, with over $10 billion planned for ecosystem development over five years [2][4] - By Q3 2025, Honor's smartphone shipments in China reached approximately 9.9 million units, ranking fifth in the market, driven by the success of the Honor 400 and X70 series [2] - In the global smartphone market, Honor, along with Samsung, Apple, and Transsion, contributed to a 3% year-on-year increase in shipments, with each brand's shipments rising by over 2 million units compared to 2024 [2] Group 2: High-End Smartphone Market - The high-end smartphone segment, priced above $600, saw an 8% year-on-year increase in sales in the first half of 2025, marking a historical high [3] - The foldable smartphone market is maturing, with Honor capturing a 11.2% market share in China, ranking second, thanks to the performance of the Magic V5 and Magic V Flip series [3] Group 3: AI and Ecosystem Development - Honor's transition to an AI terminal ecosystem company is seen as a forward-looking strategy, with AI becoming a critical competitive factor in the industry [4][8] - The launch of the Magic8 series, which integrates AI capabilities across various scenarios, signifies Honor's commitment to enhancing user experience through AI [4] - Honor's "1×3×N" strategy aims to create a cross-brand, cross-scenario, and cross-device intelligent interconnected ecosystem, leveraging partnerships with companies like Alibaba and BYD [6][8] Group 4: Manufacturing and Global Expansion - Honor established a smart manufacturing production line in just 211 days, with over 85% of processes automated, showcasing high efficiency in smartphone production [9] - Honor's global expansion has accelerated, with operations in over 100 countries, and its foldable smartphones have gained significant recognition in the European market, achieving a 377% year-on-year sales increase in 2024 [9][10] - By December 2024, Honor's overseas sales surpassed domestic sales for the first time, with a 11% year-on-year growth in the European market despite an overall decline in smartphone shipments [10][11]

Core Insights - In Q3 2025, Honor regained its position in the smartphone market with a shipment of 9.9 million units and a market share of 14.4%, ranking fifth alongside OPPO, marking its return to the top five for the first time in recent quarters [1][2] - The recovery was driven by strong performance in the mid-range segment, particularly the Honor X70 series, which features a large battery and high cost-performance ratio, solidifying its sales base [2][3] - Despite the improved ranking, overall sales for Honor still declined year-on-year, indicating that the market recovery is more about relative stability than active growth [3][5] Market Environment - The Chinese smartphone market continued to face challenges in Q3 2025, with total shipments around 68.46 million units, a slight year-on-year decline of 0.5%, while other reports indicated larger declines of 3% and 2.7% [2] - The competitive landscape among leading manufacturers is intensifying, with most brands experiencing a decline in shipment volumes, except for a few like Apple that managed to grow [2][5] - The market is characterized by a focus on maintaining existing market share rather than expanding, as companies struggle with the challenges of natural replacement cycles [2][3] Strategic Initiatives - Honor's CEO, Li Jian, has implemented product and channel adjustments, focusing on solidifying the mid-range market while pursuing an "Alpha Strategy" aimed at transforming the company into a leading AI terminal ecosystem [1][3] - The company has also restructured its organization to promote open collaboration and break down system barriers, establishing new departments to support its strategic goals [1][3] Competitive Challenges - The upcoming Q4 is expected to be a critical period for the smartphone industry, with intense competition as major brands release flagship products, putting pressure on Honor to maintain its market share [5][6] - The industry is facing rising costs for key components like storage, which has led to price increases for new products across various brands, complicating pricing strategies and profit margins [6][7] - Honor's reliance on the mid-range market for recovery poses a challenge as it seeks to compete in the high-end segment, where brand strength and pricing power are crucial [6][7]

Core Insights - Honor's market share has shown signs of recovery, with a 14.4% market share in Q3 2025, ranking fifth alongside OPPO, after a decline in 2024 [1][4] - The recovery is attributed to strong performance in the mid-range segment, particularly the Honor X70 series, which has bolstered sales [4][5] - Despite the improved ranking, overall sales still declined year-on-year, indicating that the increase in market share is more about relative stability in a declining market rather than active growth [5][6] Group 1: Market Position and Performance - In Q4 2024, Honor's market share was 14.9%, down 8.1% year-on-year, reflecting significant pressure on the brand [1] - The overall smartphone market in China saw a slight decline of 0.5% in Q3 2025, with major brands like Apple experiencing growth while most others faced declines [4][5] - The competitive landscape is tightening, with brands focusing on maintaining their positions amid a challenging market environment [4][11] Group 2: Strategic Initiatives - Honor's CEO Li Jian has implemented product and channel adjustments, including the "Alpha Strategy" aimed at transitioning to a leading AI terminal ecosystem [1][6] - The company has established new departments to foster open collaboration and break down system barriers, aiming to build an intelligent platform [1][7] - The anticipated impact of the AI transformation strategy has yet to materialize in terms of sales growth, with the upcoming flagship Magic 8 series needing time to prove its market value [6][8] Group 3: Competitive Challenges - The upcoming Q4 2025 is expected to intensify competition as major brands launch flagship products, making it a critical period for Honor [10][11] - The pressure from rising storage costs and supply chain challenges is affecting pricing strategies across the industry, with Honor needing to balance cost management with maintaining competitiveness in both mid-range and high-end markets [13][14] - The need for differentiation through technology and ecosystem integration is crucial for Honor's long-term success in a saturated market [7][14]

Core Viewpoint - The article emphasizes the transformative potential of AI-native smartphones, particularly highlighting the launch of Honor's Magic 8 series, which integrates self-evolving AI capabilities to redefine the smartphone experience and enhance user interaction with technology [1][4][7]. Group 1: AI Evolution and Market Position - The AI terminal ecosystem is seen as a pivotal point for industry transformation, with Honor's Magic 8 series introducing the concept of "self-evolving AI native smartphones" [1]. - Honor is positioned as a leader in the AI terminal field, with its advancements expected to push the industry into a new phase characterized by "Chinese definitions" [3][12]. - The self-evolution capability of AI is identified as a key competitive advantage for future AI terminals, with Honor's CEO stating it is crucial for the transition from large language models (LLMs) to artificial general intelligence (AGI) [5][9]. Group 2: Technological Innovations - The Magic 8 series features the YOYO intelligent agent, which has been upgraded to possess autonomous learning and continuous evolution capabilities, marking a significant advancement in AI interaction [7]. - The MagicGUI model, with 70 billion parameters, achieves a 91.5% accuracy rate in multi-modal deep understanding, expanding from 200 to over 3000 automated execution scenarios [7]. - Honor has established the most comprehensive and open AI service ecosystem among smartphone manufacturers, integrating over 4000 ecological intelligent agents from leading internet platforms [7][10]. Group 3: Strategic Initiatives and Financial Commitment - Honor's "Alpha Strategy" marks its transition from a smartphone manufacturer to a leading AI terminal ecosystem company, emphasizing the importance of software capabilities and ecosystem development in the AI era [9]. - The company plans to invest $10 billion (approximately 72 billion RMB) over the next five years, with R&D expenditures expected to exceed 15% of revenue [9]. - Honor's collaboration with Qualcomm aims to develop efficient edge AI model solutions, enhancing user experience and performance beyond traditional hardware capabilities [10]. Group 4: Market Performance and Growth - Honor has seen a significant rebound in market share, ranking fifth in the Chinese market due to the success of its 400 series and X70 models [13]. - In the Latin American market, Honor's shipments grew by 70% year-on-year, reaching a record 2.9 million units, securing the fourth position [13]. - The Magic 8 series is anticipated to drive new growth for Honor, with expectations of expanding market share and influencing the global smartphone competition landscape [14].

Core Viewpoint - The article emphasizes that the AI wave is rapidly transitioning from laboratories to everyday life, with Honor's Magic 8 series redefining the concept of AI smartphones through "self-evolution" [1][3]. Group 1: AI Evolution and Native Capabilities - Magic 8 is described as the strongest AI smartphone, characterized by its self-evolution and AI-native capabilities, allowing it to learn and grow alongside the user [3][4]. - The YOYO intelligent agent within Magic 8 continuously learns user behavior and preferences, enabling personalized decision-making and recommendations [4][5]. - Honor employs a "LLM Creative Engine + Evolution Algorithm Screening Framework" to facilitate the self-evolution of the AI model, allowing each device to develop a unique "personalized intelligent gene" [5][7]. Group 2: AI Operating System and User Interaction - The upgraded MagicOS 10 integrates AI as a core component, transforming the smartphone from a passive tool to an active partner capable of understanding and executing tasks autonomously [7][8]. - The YOYO intelligent agent can identify user intent and execute tasks across over 3,000 scenarios, enhancing user interaction and experience [8][10]. - The AI imaging system in Magic 8 Pro features advanced capabilities, including a "2 billion ultra-night long-focus" and real-time optimization for various photography scenarios [10][11]. Group 3: Market Position and Competitive Landscape - Honor's strategic positioning with the Magic 8 series aims to redefine the industry ceiling for AI smartphones, showcasing significant advancements in AI technology, system ecology, imaging breakthroughs, and performance [8][11]. - The release of Magic 8 has led to a notable recovery in Honor's market share, re-entering the top five in the Chinese market, indicating the successful execution of its AI strategy [11][12]. - The article highlights the competitive landscape in the smartphone market, where global manufacturers are racing in AI chip and computing power, while Chinese brands like Honor leverage system-level innovations to establish differentiated advantages [11][12]. Group 4: AI Ecosystem and Interconnectivity - Honor's approach extends AI capabilities beyond individual devices to a fully interconnected ecosystem, allowing seamless transitions between smartphones, tablets, PCs, and other devices [12][13]. - The "wish pool" mechanism enables users to directly request new features, fostering a participatory growth model for the AI system [15][16]. - Magic 8 supports cross-brand connectivity, breaking down ecosystem silos and promoting industry-wide AI interoperability, reflecting a broader technological confidence within the Chinese smart industry [15][16].

Core Insights - Honor's CEO Li Jian emphasized the company's focus on genuine product value rather than superficial features, encapsulated in the "three truths" principle: true materials, true effort, and true sincerity [2][3] - The company envisions a future where AI technology evolves from smartphones to "robotic phones," creating a comprehensive ecosystem that enhances user experience and emotional connection [3][4] - Honor has made significant advancements in imaging technology, transforming it from a weakness to a key selling point in the Magic 8 series, with a dedicated team of over 1,000 people working on this strategic initiative [4][5] Product Philosophy - The company adopts a "no cup" philosophy, focusing on the real value of products rather than just appealing names or large sizes [2] - Honor's product development is guided by the principle of delivering practical value to consumers, as demonstrated by the functionality of the YOYO assistant [2][3] AI Strategy - Honor's AI strategy is structured around a "three-horse carriage" concept, integrating AI smartphones, robotic devices, and high-definition imaging equipment to create products that resonate emotionally with users [3] - The company plans to leverage vast amounts of data from smartphones to enhance AI capabilities across various devices, forming a complete intelligent loop of perception, decision-making, and execution [3][4] Imaging Technology - Imaging has become a focal point for Honor, with significant improvements made to night photography and stabilization features, achieving a CPI of 5.5 across all products [4][5] - Innovations in imaging include AI-assisted composition guidance and advanced color grading techniques that surpass traditional methods [4] Product Features - The standard version of the Magic 8 series is equipped with AI functionality, long-lasting battery life, advanced chip performance, and superior audio features, appealing particularly to younger consumers [5] - The success of the standard version is attributed to the company's commitment to product excellence and understanding of user needs [5] AI and Privacy - Honor emphasizes the importance of user privacy, ensuring that core personal data remains on-device, with a focus on local learning to build foundational data models [5][6] - The company believes that the future of AI will be a combination of edge and cloud computing, with edge computing becoming increasingly valuable for privacy protection and user engagement [6]

Core Insights - In Q4, a peak consumption season, smartphone manufacturers are launching their most expensive models, with a focus on high-end market competition against Apple [1][4] - Domestic brands like vivo, OPPO, and Honor are intensifying their efforts in the high-end segment, showcasing flagship models with advanced features [2][4] Group 1: Product Launches - Vivo's X300 series features the MediaTek Dimensity 9500 chip, BOE LTPO flexible display, and OriginOS 6, with two models: X300 and X300 Pro [2] - The starting prices for the X300 series are 4399 yuan and 5299 yuan, which are lower than the previous generation's launch prices [2][3] - The X300 series emphasizes imaging capabilities, with a 200MP Zeiss imaging system, aiming to differentiate from Apple [2] Group 2: Market Dynamics - The high-end smartphone market is a key focus for manufacturers due to its rapid growth and resilience, with global competition intensifying [4][6] - In China, smartphone sales declined by 2% year-on-year, with vivo holding a 19% market share, while Apple captured 12% [4][5] - The high-end market is dominated by Apple, which holds a 62% share, while Samsung has 20%, indicating a significant competitive landscape [5] Group 3: Competitive Strategies - Domestic brands are adopting aggressive pricing strategies to increase market share during peak sales seasons [3][6] - The competition in the 2000 to 5000 yuan price range is fierce, with Chinese manufacturers increasing investments in high-end features and AI applications [6] - Apple has responded to domestic competition by lowering prices for its iPhone 16 series, indicating a shift in strategy to remain competitive [5]