政策驱动与技术创新 其居产业升级 新华指数月度洞察 2025年9月 | 00 ▶ 摘要 | | --- | | 出海战略、储能需求爆发和消费电子创新共驱 | | 经济动能 | | 2025年9月，新华出海系列指数多数上扬，其中，电 | | 新出海、TMT出海指数指数月内分别收涨19.58%、 | | 11.36%。A股企业出海驱动业绩突破、全球储能需求 | | 同步高景气、消费电子创新复苏,共同构成了当前经 | | 济增长的核心线索。 | | 市场呈现明显的"政策驱动+技术引领"特征 | | 2025年9月末，新华创研恒久指数收盘点位为 | | 1892.61点,较上月末涨13.23%。资金高度向新能 | | 源(电池、光伏)、半导体倾斜,这一趋势与中央及 | 地方政策导向、技术突破及全球产业周期紧密契合。 0 ▶ 要闻关注 A A A A A A股上市公司2025年中期业绩披露,出海成为 中报超预期的核心线索 尽管面临关税、汇兑损益和现金流压力的影响,一批 代表性企业的海外业务对整体收入和利润率已产生实 质拉动,过去一年加速出海的企业ROE和利润率也在 不断修复,出海不再只是补充渠道,而已成为部分企 业财务 ...

在2025苹果秋季新品发布会上，苹果首次发布了5G智能手表，包括Apple Watch Series 11和Apple Watch Ultra 3两款产 品，这两款产品均采用了5G RedCap技术，作为全球知名品牌，苹果对RedCap的采用，无疑给RedCap的应用推广提供 了强有力的背书，将撬动和刺激其他相关厂商的采用。不过，在笔者看来，RedCap的规模化应用涵盖行业很广，仅仅 苹果的采用不足以形成整体的、大范围推进力量，还需要更多行业领域的持续突破，寻找各行业类似"苹果"的角色。 苹果一小步，RedCap一大步 公开信息显示，苹果在秋季发布的Apple Watch Series 11和Apple Watch Ultra 3两款产品作为其首次采用5G技术的智能 手表，使用的是联发科的5G RedCap芯片，验证了RedCap在网络质量、功耗等方面适合智能穿戴。当然，RedCap只是 苹果本次发布的智能手表众多亮点中的其中一个，不过，从多个角度来看，苹果走出的这一小步，对于RedCap应用发 展来说却是一大步。 首先，体现苹果对RedCap应用于穿戴设备的坚决态度 虽然苹果并非全球首家在智能穿戴设备上采用 ...

Testing out the Apple Watch Ultra 3 today with my weighted vest. The Apple Watch Ultra 3 is here and I've been putting it through the paces to find out whether it's truly worthy of that Ultra name and that ultra price tag at $800. Let me take you on this journey.So, let's talk about satellite connectivity. Now, if you remember, the iPhone got this a while back. This not only means being able to call the emergency services and share your location if you're lost.It also means that it becomes your only lifelin ...

[Music] The Apple Watch Ultra 3 has arrived. And while it might not look like a lot has changed, there's way more than meets the eye. Let's go on a journey.This is all things mobile. I've been putting this watch through the paces for over a week now to find out if it really holds up to the Ultra name and most importantly that $800 Ultra price tag. And I've come to the ends of the earth to prove it.The answer is a solid maybe. And I know that's not as satisfying as telling you yes or no, but I promise you by ...

Group 1 - The core viewpoint of the articles highlights that major tech companies like Apple and Meta are driving a recovery in the global consumer electronics industry through innovative product launches, which has positively influenced market sentiment and valuations [1][2]. - Apple's recent product launch on September 15 introduced the iPhone 17 series and Apple Watch Ultra 3, showcasing significant upgrades in AI capabilities, display technology, and communication features [1]. - Meta's introduction of the Meta Ray-Ban Display smart glasses at the MetaConnect conference marks a shift from concept to scalable application in the AR/VR market, with a comprehensive product matrix covering various price points and use cases [1]. Group 2 - As of September 26, the consumer electronics sector has seen a monthly increase of over 12%, with core companies in Apple's supply chain and semiconductor equipment manufacturers performing particularly well [2]. - The consumer electronics sector is projected to achieve a revenue of 886.56 billion yuan in the first half of 2025, reflecting a year-on-year growth of 24.81%, with net profit expected to reach 33.38 billion yuan, up 14.94% [2]. - China's consumer electronics market is expected to grow from 1.6587 trillion yuan in 2018 to 1.9772 trillion yuan in 2024, contributing over 40% to the global market valued at 1.2 trillion USD [2]. Group 3 - Long-term growth logic in the consumer electronics sector remains solid, with AI innovation expected to be a core driver, potentially accelerating the smartphone replacement cycle and hardware upgrade demand [3]. - Companies with strong R&D capabilities and engineering talent, particularly domestic leaders, are anticipated to benefit significantly from these trends [3]. - Luxshare Precision, a key player in Apple's supply chain, has seen its stock price rise by 39.73% in September, outperforming the consumer electronics sector's monthly increase of 12% [3]. Group 4 - The Xinhua TMT Index has increased by over 4% this week, with significant contributions from the consumer electronics, semiconductor, and server industries, driven by competition in edge AI hardware [4]. - Notable stock performances include Longchuan Technology, which surged nearly 50%, and several other companies like Luxshare Precision and Shanghai Electric, which saw increases of over 10% [4]. Group 5 - The Xinhua TMT Index stands at 3085.91 with a weekly increase of 4.32%, reflecting strong performance in the consumer electronics and semiconductor sectors [5].

Product Testing & Validation - Apple tests Apple Watch Series 11 antenna performance in a controlled environment to eliminate external interference [1][2] - Apple simulates real-world conditions by testing how the human body affects Apple Watch signal transmission [2] - Apple Watch Ultra 3 location transmission accuracy is tested using satellite connectivity in a specialized chamber [3] - Apple recreates satellite geometry to simulate any location on Earth for testing emergency SOS and location sharing features [4] Product Development Cycle - Apple's testing process can take up to a year, suggesting continuous product development and testing cycles [4]

Core Viewpoint - The introduction of satellite connectivity in smartwatches marks a significant advancement in wearable technology, allowing for emergency communication without cellular coverage [1][12]. Group 1: Industry Developments - Qualcomm has launched the second-generation Snapdragon W5 wearable platform, which includes NB-NTN satellite communication capabilities [1]. - Apple has also integrated satellite connectivity into its flagship Apple Watch Ultra 3, indicating a trend towards enhanced communication features in wearables [1]. Group 2: Technical Considerations - Smartwatch chips cannot simply replicate smartphone chips due to size and thermal constraints, as smartwatch mainboards are significantly smaller [5][7]. - The power consumption of smartwatch chips is critical, as they must support longer battery life compared to smartphones, which typically require more frequent charging [7][8]. Group 3: Market Dynamics - The wearable device market is experiencing a lack of differentiation, leading to reduced consumer upgrade motivation and longer product lifecycles [10][12]. - The industry faces a common challenge of product homogeneity, where new releases do not significantly differ from previous models, diminishing overall market appeal [10][12]. Group 4: Future Directions - Future advancements in smartwatches should focus on developing genuinely useful new features, such as non-invasive blood glucose monitoring and continuous blood pressure tracking [13][16]. - Enhanced interaction methods that leverage cross-device collaboration with other gadgets like headphones and glasses are essential for the evolution of smartwatches [16][18].

Core Insights - The Apple Watch Series 11 and Ultra 3 introduce enhanced features, while WatchOS 26 provides new functionalities for older models [1] Group 1 - The Apple Watch Series 11 and Ultra 3 include more advanced features compared to previous models [1] - WatchOS 26 introduces hypertension alerts and sleep scores, enhancing the health monitoring capabilities of older Apple Watch models [1]

Group 1 - Apple officially launched the iPhone 17 series globally on September 19, 2025, with China being one of the first markets [1] - The iPhone Air is highlighted for its impressive thinness at 5.6 mm and lightweight design at 165 grams, making it 12 grams lighter than the standard iPhone 17 [9][10] - The iPhone Air features a polished titanium metal frame and a seamless glass back, embodying Apple's design philosophy [11] Group 2 - The iPhone Air is available in four distinct colors: Cloud White, Light Gold, Sky Blue, and Deep Space Black, each with unique textures [19][24] - The iPhone 17 Pro series has improved hand feel due to a new design that combines straight edges with rounded back corners [25][27] - The standard iPhone 17 has subtle external changes but significant internal upgrades, including a high refresh rate display and enhanced front camera capabilities [40][46] Group 3 - The new front camera features a square sensor that allows for versatile shooting without changing grip positions, although it has limitations in utilizing the full sensor area [48] - Apple introduced a new magnetic strap for the iPhone cases, priced at 499 yuan, which enhances usability and aesthetics [52][56] - The AirPods Pro 3 have improved comfort and fit, with upgrades in sound quality and noise cancellation expected [62] Group 4 - The Apple Watch Ultra 3 includes internal upgrades such as 5G support and a larger display area, although external changes are less noticeable [66] - The iPhone 17 series is anticipated to be one of the most significant upgrades since the iPhone 13, featuring a new A19 processor and enhanced battery capacity [70][71] - Consumers are encouraged to take advantage of national subsidies available for the new products [67]

Core Insights - The iPhone 17 series launched on JD.com achieved remarkable delivery records, with over 30,000 users successfully receiving their devices within four hours, showcasing JD's strong supply chain and delivery capabilities [1] - JD.com prepared extensively for the launch, ensuring ample stock was available across the country, and collaborated with nearly 10,000 Apple authorized stores for simultaneous sales [1] - The sales figures were impressive, with the iPhone 17 series pre-sale volume exceeding the total sales of the previous year within the first minute, and trade-in sales reaching four times that of the same period last year [1] Group 1 - Over 80% of consumers chose JD.com as their preferred channel for purchasing the new iPhone, reflecting high trust in JD's supply chain and service capabilities [3] - JD.com invested 1 billion yuan in subsidies for trade-in services, allowing users to receive up to 2,100 yuan in discounts, making the iPhone 17 more affordable [3] - Users could purchase the iPhone 17 for less than 2,000 yuan after applying various subsidies, including a potential reduction of 4,721 yuan through JD's contract [3] Group 2 - 31% of consumers preferred trade-in options for purchasing new devices, with 70.55% believing JD.com offered the most substantial trade-in subsidies and overall discounts [4] - 75.4% of respondents rated JD.com as providing the smoothest and simplest user experience for purchasing new devices [4] - 80.2% of users indicated they would prioritize JD.com for trade-in purchases of new devices [4] Group 3 - JD.com has established itself as the preferred platform for consumers looking to upgrade their smartphones, thanks to its reliable supply chain, attractive trade-in subsidies, and seamless purchasing experience [7] - The company plans to continue collaborating with partners to bring various new 3C digital products to users, enhancing their experience with cutting-edge technology [7]