Core Viewpoint - The integration of 5G applications into 91 categories of the national economy is progressing, with a complete 5G industry chain established from chips to terminals and base station equipment [1][2] Group 1: 5G Development and Infrastructure - China has surpassed 4.7 million 5G base stations, with 5G-A commercial deployment advancing orderly, covering over 300 cities [1] - The country has built the world's largest 5G network, with over 60% of global 5G base stations located in China [1] Group 2: Policy and Strategic Initiatives - The Ministry of Industry and Information Technology is actively promoting the large-scale development of 5G applications through various policies, including the "5G Sailing" action plan and the "5G + Industrial Internet" 512 project implementation plan [1][2] - Future work will focus on accelerating technological breakthroughs and expanding the depth of integration to unleash application potential [2] Group 3: Industry Chain and Product Development - A complete and efficient 5G industry chain has been established in China, covering chips, modules, terminals, base stations, and medical applications [2] - The variety of 5G products, including modules, base stations, and smartphones, is rich and of high performance, with 5G robots gradually becoming more widely used [2]

Investment Rating - The report indicates a positive outlook for the domestic smartphone market, with a growth forecast for 5G smartphone adoption and overall market expansion [1][4]. Core Insights - In September 2025, the domestic smartphone shipment reached 27.93 million units, representing a year-on-year increase of 10.1%, with 5G smartphones accounting for 86.3% of total shipments [1]. - From January to September 2025, the total smartphone shipments were 220 million units, showing a slight decline of 0.3% year-on-year, while 5G smartphone shipments increased by 0.1% to 187 million units, maintaining an 85.3% share [1]. - The number of new smartphone models launched in September 2025 was 47, a 30.6% increase year-on-year, with 5G models making up 48.9% of the new launches [3]. - The domestic brands accounted for 84.7% of the total smartphone shipments in September 2025, with a year-on-year growth of 16.1% [4]. Summary by Sections Domestic Smartphone Market Overview - In September 2025, 5G smartphone shipments reached 24.11 million units, a growth of 8.0% year-on-year, contributing to 86.3% of total shipments [1]. - For the first nine months of 2025, 5G smartphone shipments were 187 million units, with a marginal growth of 0.1% [1]. New Smartphone Models - The total number of new smartphone models launched in the first nine months of 2025 was 398, with 180 being 5G models, which is a 1.1% increase year-on-year [3]. Domestic Brand Performance - Domestic brands saw a shipment of 23.64 million units in September 2025, marking a 16.1% increase year-on-year, and accounted for 91.7% of new models launched [4]. Smart Phone Development - In September 2025, smart phone shipments were 25.62 million units, reflecting an 8.0% year-on-year growth, while the number of new smart phone models launched was 29, a significant increase of 52.6% [7].

Core Insights - The domestic smartphone market in China saw a shipment volume of 27.93 million units in September 2025, representing a year-on-year growth of 10.1% [1] - 5G smartphones accounted for 24.11 million units shipped in the same month, with a year-on-year increase of 8.0%, making up 86.3% of total shipments [1] - The cumulative smartphone shipments from January to September 2025 reached 220 million units, showing a slight decline of 0.3% year-on-year, while 5G smartphone shipments totaled 18.7 million units, a growth of 0.1% [3] Market Dynamics - In September 2025, 47 new smartphone models were launched, marking a 30.6% increase year-on-year, with 23 of these being 5G models, which is a 64.3% increase [5] - For the first nine months of 2025, a total of 398 new smartphone models were introduced, up 20.6% year-on-year, with 180 being 5G models, reflecting a 1.1% increase [5] - Domestic brands dominated the market, with shipments of 23.64 million units in September 2025, a 16.1% increase, representing 84.7% of total shipments [5] Brand Performance - In the first nine months of 2025, domestic brands shipped 192 million units, a growth of 2.3%, capturing 87.6% of the overall market [5] - The number of new models launched by domestic brands reached 378, accounting for 94.7% of the total new models [5] - In September 2025, the shipment of smart devices was 25.62 million units, with a year-on-year growth of 8.0%, and smart devices accounted for 91.7% of total shipments [7] Future Outlook - Industry experts suggest that the key variables for the future performance of the domestic smartphone market will include the increase in 5G penetration, the push of domestic brands into the mid-to-high-end market, and the optimization of new product structures [7]

Investment Rating - The report maintains an "Overweight" rating for the communication industry, expecting the industry index to outperform the market index by over 10% in the next six months [2][43]. Core Insights - The number of global operators launching 5G-A commercial networks has reached 12, indicating a shift in industry focus from initial non-independent networking to more substantial investments in standalone (SA) networks, marking a deepening phase in 5G independent networking development [3][39]. - The communication industry is entering a period of technological iteration and policy dividends, with new productivity directions such as AI, quantum communication, and low-altitude economy expected to drive growth [3][39]. - The report suggests focusing on three main lines of opportunity: "technology commercialization + policy catalysis + performance certainty" [3][39]. Industry Performance Review - The communication sector index fell by 3.26% over the past two weeks (11/7-11/20), underperforming the CSI 300 index by 0.53 percentage points, ranking 25th among 31 first-level industries [10][11]. - For November, the communication sector index has decreased by 1.88%, again underperforming the CSI 300 index by 0.25 percentage points [10][11]. - Year-to-date, the communication sector index has risen by 58.84%, outperforming the CSI 300 index by 42.83 percentage points [10][11]. Industry News and Company Announcements - In September, domestic mobile phone shipments reached 27.93 million units, a year-on-year increase of 10.1%, with 5G phones accounting for 86.3% of total shipments [15][18]. - Dell'Oro Group reported that 12 mobile network operators have launched 5G-Advanced commercial networks, indicating a global trend towards standalone network deployment [18]. - The IDC reported a recovery in China's video cloud market, with a market size of $5.23 billion in the first half of 2025, reflecting an 8.9% year-on-year growth [20]. Industry Data Updates - As of September 2025, the mobile phone user base reached approximately 1.828 billion, a year-on-year increase of 2.78% [26]. - The internet broadband access user base was about 695 million, up 5.35% year-on-year [28]. - The total number of 5G base stations reached 4.705 million, with a net increase of 455,000 from the end of the previous year [34].

Group 1 - The current A-share market is in a phase of consolidation and preparation for future investments, with expectations of a potential upward trend in the near future [1][8] - The Hang Seng Index Company announced the results of the third quarter review of the Hang Seng Index series [2] - The U.S. stock market saw a collective decline, with the Dow Jones down 0.84%, Nasdaq down 2.15%, and S&P 500 down 1.56%, primarily driven by a drop in technology stocks [3] Group 2 - China's foreign trade has maintained stable growth despite external pressures, with a focus on supporting new business models like cross-border e-commerce and enhancing logistics systems [4] - The Chinese government is emphasizing the need for high-quality development in manufacturing and is increasing financial support for key technologies [4] - The China Chemical and Physical Power Industry Association plans to release guidelines to address the challenges faced by the lithium iron phosphate industry, including price competition and industry standards [6] Group 3 - In September 2025, the domestic smartphone market shipped 27.93 million units, a year-on-year increase of 10.1%, with 5G smartphones accounting for 86.3% of total shipments [7] - The total smartphone shipments for the first nine months of 2025 reached 220 million units, a slight decline of 0.3% year-on-year, with 5G smartphones showing minimal growth [7]

Core Insights - The report from the China Academy of Information and Communications Technology indicates that in September 2025, the domestic smartphone market shipped 27.931 million units, representing a year-on-year growth of 10.1% [1] - Among the total shipments, 24.106 million units were 5G smartphones, showing a year-on-year increase of 8.0%, which accounted for 86.3% of the total smartphone shipments during the same period [1] - For the period from January to September 2025, the total smartphone shipments in the domestic market reached 220 million units, reflecting a slight year-on-year decline of 0.3%, while 5G smartphone shipments totaled 18.7 million units, marking a year-on-year growth of 0.1%, representing 85.3% of total shipments [1]

智通财经APP获悉，中国信通院发布《2025年9月国内手机市场运行分析报告》。数据显示，2025年9月，国内市场手机出货量 2793.1万部，同比增长10.1%，其中，5G手机2410.6万部，同比增长8.0%，占同期手机出货量的86.3%。2025年1-9月，国内市场 手机出货量2.20亿部，同比下降0.3%，其中，5G手机1.87亿部，同比增长0.1%，占同期手机出货量的85.3%。 国内手机市场国内外品牌构成 2025年9月，国产品牌手机出货量2364.4万部，同比增长16.1%，占同期手机出货量的84.7%；国产品牌上市新机型44款，同比增 长25.7%，占同期手机上市新机型数量的91.7%。 2025年1-9月，国产品牌手机出货1.92亿部，同比增长2.3%，占同期手机出货量的87.6%；国产品牌上市新机型378款，同比增长 22.7%，占同期手机上市新机型数量的94.7%。 国内智能手机发展情况 2025年9月，智能手机出货量2561.7万部，同比增长8.0%，占同期手机出货量的91.7%；智能手机上市新机型29款，同比增长 52.6%，占同期手机上市新机型数量的61.7%。 2025年9月，国内 ...

Core Insights - The domestic smartphone market in China experienced a decline in shipment volume during the first eight months of 2025, with a total of 192 million units shipped, representing a year-on-year decrease of 1.7% [1] - The share of 5G smartphones in total shipments remains significant, accounting for 85.1% of the total shipments in the same period, although the volume of 5G smartphones shipped also saw a slight decline of 1.0% year-on-year [1] - The month of August 2025 saw a total smartphone shipment of 22.6 million units, down 6.0% year-on-year, while 5G smartphone shipments increased by 1.2% to 19.99 million units, making up 88.4% of the total shipments for that month [1] Market Trends - A total of 351 new smartphone models were launched in the domestic market from January to August 2025, marking a 19.4% increase year-on-year, although the number of new 5G models decreased by 4.3% [1] - In August 2025, 65 new smartphone models were introduced, which is a 32.7% increase compared to the same month last year, with 31 of these being 5G models, remaining stable year-on-year [1] - Domestic brands accounted for 169 million units shipped in the first eight months of 2025, a slight increase of 0.6%, representing 88.0% of total shipments [1] Future Outlook - The smartphone industry in China is expected to see a potential improvement in market performance in the fourth quarter of 2025, following the release of several flagship models by various brands in late September [2]

Group 1: Overall Market Situation - In August 2025, the domestic smartphone shipment volume reached 22.603 million units, representing a year-on-year decline of 6.0%. Among these, 19.992 million units were 5G smartphones, showing a year-on-year growth of 1.2%, accounting for 88.4% of the total shipments [2][3]. - From January to August 2025, the total smartphone shipment volume was 192 million units, down 1.7% year-on-year, with 16.3 million units being 5G smartphones, which is a decrease of 1.0%, making up 85.1% of the total shipments [3]. Group 2: New Smartphone Models - In August 2025, there were 65 new smartphone models launched in the domestic market, marking a year-on-year increase of 32.7%. Among these, 31 were 5G models, remaining stable compared to the previous year, representing 47.7% of the new models [4]. - From January to August 2025, a total of 351 new smartphone models were introduced, reflecting a year-on-year growth of 19.4%. However, the number of 5G models decreased by 4.3% to 157, which accounted for 44.7% of the new models [4]. Group 3: Domestic Brand Performance - In August 2025, domestic brand smartphone shipments totaled 21.298 million units, down 4.0% year-on-year, constituting 94.2% of the total shipments. The number of new models from domestic brands was 63, which is a 50.0% increase year-on-year [7]. - From January to August 2025, domestic brands shipped 169 million units, a year-on-year increase of 0.6%, representing 88.0% of the total shipments. The number of new models from domestic brands was 334, up 22.3% year-on-year, accounting for 95.2% of the total new models [9].

(本文来自第一财经) 中国信通院：2025年7月，国内市场手机出货量2809.3万部，同比增长16.1%，其中，5G手机2262.1万 部，同比增长9.5%，占同期手机出货量的80.5%。 ...