分析师：邹臣 登记编码：S0730523100001 zouchen@ccnew.com 021-50581991 半导体 谷歌发布新模型，关注谷歌产业链方 向 ——半导体行业月报 证券研究报告-行业月报 强于大市(维持) 半导体相对沪深 300 指数表现 资料来源：聚源，中原证券研究所 -10% 0% 10% 20% 30% 40% 50% 60% 2024.12 2025.04 2025.08 2025.12 半导体 沪深300 相关报告 《半导体行业月报：海外云厂商 25Q3 继续 加大资本支出，国内存储器厂商业绩表现亮 眼》 2025-11-10 《半导体行业月报：原厂陆续发布涨价函， 存储器周期继续上行》 2025-10-16 《半导体行业月报：半导体行业 25Q2 持续 稳健增长，国产 AI 算力厂商业绩表现亮眼》 2025-09-11 联系人：李智 投资要点： 本报告版权属于中原证券股份有限公司 www.ccnew.com 请阅读最后一页各项声明 第 1 页 / 共 51 页 发布日期：2025 年 12 月 10 日 电话： 0371-65585629 地址： 郑州郑东新区商务外环路 10号 ...

Core Insights - The global smartphone market revenue grew by 5% year-on-year in Q3 2025, reaching $112 billion, marking the highest level for Q3 in history [4][5] - The global smartphone shipment volume also saw a moderate 4% year-on-year increase, totaling 320 million units [5] - The average selling price (ASP) of smartphones reached a record high for Q3 at $351, driven by an expanding mature user base upgrading to more expensive devices [5][8] Company Performance - Apple led the market with a 43% revenue share and a 6% year-on-year growth, achieving its best-ever Q3 revenue [8][11] - Samsung experienced a 9% year-on-year revenue growth, supported by strong sales of the Galaxy S series and foldable devices, with its ASP increasing by 2.9% to $304 [5][11] - Vivo was the fastest-growing brand among the top five, with a 12% year-on-year revenue growth, driven by strong shipments in India and Southeast Asia [5][11] - OPPO achieved the highest ASP increase among the top five brands, growing by 3.4% to $254, thanks to strong performance in higher price segments [5][11] - Xiaomi held a 14% market share with a 2% year-on-year growth, benefiting from mid-to-high-end smartphone demand in emerging markets [11] Market Trends - The ongoing trend of premiumization in the smartphone market is expected to continue, with increasing adoption of foldable smartphones further driving ASP and revenue growth [8] - The introduction of trade-in offers, financing options, and bundled sales has lowered the upgrade barrier, particularly in emerging markets [5]