摘要： 精益生存存量比赛开打，谁更焦虑？ 智能手机市场表面平静下的暗流涌动，揭示了一个被普遍忽视的真相，在智能终端竞争进入重资产焦虑的关口，最年 轻的玩家反而最可能跑出上扬的增长曲线。 15%的平衡陷阱 2025年的中国手机市场，维持着一种脆弱的平衡，也可谓是竞争焦灼。在华为、苹果、vivo、小米、OPPO和荣耀组成 的中国区六强之间，形成了一种份额在15%上下波动的僵持格局。 看上去这是一个健康的稳定市场，但实际上是存量进入肉搏白热化的信号。原因很简单，因为每一个百分点的得失， 都意味着硬碰硬的资源投入与竞争。这意味着，每一家厂商都必须通过精细化的运营、差异化的产品和深耕的渠道， 才能来守住自己的基本盘。 然而，在看似胶着的平衡之下，有一股力量正在悄然冒头。市场研究机构Omdia的报告显示，2025年荣耀全球智能手 机发货量首次突破7100万台，实现9%的同比增长。 作为六强中最年轻、且唯一以单一品牌作战的选手，荣耀在这片平衡的竞争态势之下，展现出独特的韧性。 减配VS涨价，供应链风暴来了 首先，是精准卡位，远离消耗战泥潭。荣耀在全球市场展现出罕见的战略定力。在海外，坚决聚焦 300-499美元的中 高端价 ...

1月25日，苹果无预警官宣iPhone Air参与「年货狂欢节」，原价7999元的256GB版本立减2000元，叠加优惠券到手5499元。官降后的iPhone Air迅速卖爆， 多个平台显示发货日期延后，付款后15天内发货。 iPhone Air之所以发售三个月就迎来官降，主要还是销量不及预期。数据显示，iPhone Air激活量仅20万左右，远不及iPhone 17系列其他三款机型。对于多数 普通消费者而言，选购这款机型最大的阻碍就是eSIM。 （图源：中国联通） 就在苹果宣布官降的同时，中国联通发布了2026年eSIM的相关计划，预计接下来的一年时间里，每个月至少有一款支持eSIM的新机上线。一边是降价后卖 爆的iPhone Air，一边是中国联通大力推进eSIM新机上市，不难看出，2026年将会是eSIM用户数量暴增的一年。 （图源：荣耀） 那么为何手机厂商选择在2026年集体拥抱eSIM呢？其实这波"新机集体开始支持 eSIM"的根本原因，是这条产业链的三个关键产业终于在同一个时间节点， 找到了新的方向。 这其中最重要的自然是运营商。比如在中国联通公开的计划里，不管是鸿蒙eSIM、安卓eSIM还是苹果 ...

如此可见，iPhone 4S无疑具有极高的性价比，成为追求复古体验年轻人的理想选择。它既能满足他们 的怀旧情怀，又能作为一款简单易用的设备。对于那些对手机性能要求不高，仅需满足日常基本使用， 如打电话、发短信、使用社交软件等功能的用户来说，iPhone 4S无疑是一个性价比极高的选择。 从消费者心理角度分析，iPhone 4S承载着一代人的青春记忆。对于许多80后、90后来说，iPhone 4S是 他们接触苹果手机的开端，拥有一台iPhone 4S曾是不少人的梦想。如今，购买二手iPhone 4S成为了他 们重温旧时光、缅怀青春的一种方式。那熟悉的外观设计、经典的操作界面，都能勾起他们对过去的美 好回忆。 对于Z世代的年轻人来说，购买iPhone 4S不仅仅是为了功能上的需求，更是一种情感上的寄托。它让他 们暂时摆脱了现代科技的束缚，回到一个更简单、更真实的时代。有人形容这是"买一张回程票"，回到 那个不需要展示、只需要记录的年代。 小红书上的"CCD复古相机"风潮也为iPhone 4S的热销提供了助力。许多消费者在追逐复古风潮的同 时，开始关注那些老旧的数码产品。CCD技术曾是早期数码相机的主流，而如今，这 ...

Group 1 - Apple has launched a significant New Year promotion, with the iPhone Air's price dropping by 2000 yuan, making the final price as low as 5499 yuan, a discount of over 30% from the original price of 7999 yuan [1] - Other Apple products are also seeing discounts, including up to 300 yuan off the iPhone 17 Pro and 17 Pro Max, 1200 yuan off the MacBook Air, and 1000 yuan off the iPad Air [1] - The substantial price cut for the iPhone Air is unprecedented for a newly released model, indicating a shift in Apple's pricing strategy [1] Group 2 - The underperformance in sales of the iPhone Air, reaching only about one-third of Apple's highest expectations, has led to a reduction in its production plan by half [2] - Analysts note that the iPhone Air's pricing is too close to the iPhone Pro series while offering lower specifications, contributing to its poor market performance [2] - The late release of the iPhone Air and its balance between thinness and functionality have negatively impacted its market reception, although it remains significant for Apple's exploration of ultra-thin designs [2] Group 3 - Domestic brands like Honor, Lenovo, Huawei, Xiaomi, and Glory are rapidly expanding in the smartphone market, with Honor recently launching the Magic8 Pro Air, which is lighter than the iPhone Air [3] - In 2025, Apple held a 16.2% market share in China, while Huawei led with 16.4%, indicating a decline in Apple's market position [3] - Apple's revenue in the Greater China region has shown a decline, with a 3.6% drop year-on-year in Q4 of fiscal year 2025, and a total revenue of 64.377 billion USD for the fiscal year, down 3.8% [3] Group 4 - The current New Year promotion, particularly the significant price cut for the iPhone Air, is seen as a desperate measure to address market challenges amid rising competition from domestic brands [4] - The ability of Apple to adjust its strategy and regain market share in the face of increasing competition remains uncertain [4]

Core Viewpoint - The smartphone industry is facing increasing external pressures, leading to price hikes across various models, including the newly launched Honor Magic8 Pro Air, which targets the young consumer demographic [1][2]. Group 1: Product Launches and Features - Honor has introduced the Magic8 Pro Air, weighing 155 grams and measuring 6.1mm thick, making it the lightest flagship smartphone of the year [1]. - The Magic8 Pro Air features a MediaTek Dimensity 9500 processor and a rear camera setup that includes a 64MP periscope lens, while competing models like Huawei's Mate70 Air and Apple's iPhone Air have different specifications [3]. - Honor also launched a limited edition "Honor 500 Pro MOLLY 20th Anniversary" phone in collaboration with the trendy brand Pop Mart, aiming to resonate emotionally with younger consumers [1][5]. Group 2: Market Trends and Pricing - The smartphone market is experiencing a price increase due to rising storage chip costs, with DDR5 memory prices up over 300% since September 2025 [2]. - Honor's new models, including the Magic8 Pro Air, have starting prices above 4000 yuan, with the Magic8 Pro Air priced at 4999 yuan (12GB+256GB) [3]. - Despite the price hikes, Honor's strategy appears to be focused on appealing to younger consumers and creating a broader ecosystem beyond just smartphones [5][6]. Group 3: Industry Performance and Competition - The Chinese smartphone market saw a 1.6% year-on-year decline in shipments in Q4 2025, with Honor holding a 13.4% market share, ranking sixth [4]. - Apple's iPhone Air has struggled in the market, with initial activation numbers significantly lower than previous models, indicating a cooling demand for lightweight smartphones [5]. - The overall smartphone industry is entering a phase of low growth, with companies like Honor adapting their strategies to seek structural growth opportunities within a stagnant market [6].

Core Insights - Honor has launched three new smartphone models targeting different consumer segments, indicating a strategic shift to attract younger and female users under new management [1] - The global smartphone market is facing dual pressures from rising component costs and limited domestic market growth, necessitating a search for new growth opportunities [1] - Omdia predicts that by 2026, the smartphone market will enter a new phase dominated by "cost pressure" and "value creation," with a clear trend of market differentiation [2] Industry Overview - The global smartphone shipment is expected to reach 1.26 billion units in 2025, with a year-on-year growth of 1.9%, primarily driven by mid-to-high-end models [3] - Apple and Samsung are projected to be the strongest performers among the top five smartphone manufacturers, with growth rates of 6.3% and 7.9% respectively, increasing their combined market share to 39% [3] - Other manufacturers like Xiaomi and OPPO are experiencing market share declines, with Xiaomi's shipments dropping significantly in Q4 2025 due to competitive pressures and a shift towards high-end products [3] Market Dynamics - The entry-level smartphone segment, once a stronghold for Chinese manufacturers in overseas markets, is now under pressure due to rising component costs, prompting a shift towards the mid-to-high-end market [4] - Honor's overseas smartphone shipments grew by approximately 55% in the first three quarters of 2025, with Europe being a key market for its high-end strategy [4] - OPPO's shipments of mid-to-high-end smartphones increased from 2.7 million units in Q2 2024 to 4 million units in Q2 2025, reflecting a similar strategic shift [5] Supply Chain Challenges - Rising prices of core components, particularly storage, are significantly impacting the smartphone market, with Omdia highlighting this as a key variable for 2026 [7] - The supply of LPDDR4 and LPDDR5 memory is constrained, leading to intense competition among manufacturers to manage costs and secure supply [7] - The price of DRAM and NAND memory surged by 386% and 207% respectively in 2025, with further increases expected in early 2026 [8] Strategic Adjustments - Manufacturers are adjusting their product strategies in response to rising costs, with many shifting focus from entry-level to mid-range products to maintain profitability [4][9] - The industry is expected to face challenges in maintaining healthy inventory levels, with a recommended storage inventory of 8 to 10 weeks [9]

Core Viewpoint - The global smartphone market is expected to grow, with shipments reaching 1.26 billion units in 2025, reflecting a year-on-year increase of 1.9%. Despite this recovery, the industry faces long-term challenges [1]. Group 1: Market Dynamics - Chinese smartphone manufacturers have established a significant presence in the global market, capturing approximately 60% of global shipments, with brands like OPPO, vivo, Xiaomi, and Honor leading the charge [1]. - Honor has experienced rapid growth, with a reported 55% year-on-year increase in overseas smartphone shipments from Q1 to Q3 of 2025, marking it as the fastest-growing brand among the top ten global smartphone manufacturers [1][4]. Group 2: Strategic Approaches - Chinese companies are adopting two core strategies for international expansion: comprehensive AI integration and high-end branding. This includes a "Glocal" strategy, which combines global thinking with local action [4]. - Honor's international business has undergone a structural transformation, with overseas shipments rising from less than 10% of total shipments in early 2021 to nearly 50% by Q3 2025, indicating a strategic pivot towards international markets [4]. Group 3: Market Segmentation - Historically, Chinese manufacturers dominated the global mid-to-low-end market, but now they are increasingly focusing on the mid-to-high-end segments to balance scale and profitability. Honor is positioning itself in the $300-$500 price range, which accounted for approximately 23% of its overseas shipments in the first three quarters of 2025 [5]. - The high-end market, particularly in Europe, is a critical battleground for consumer electronics, with Honor maintaining a top-five market position in key Western European markets and achieving a 15% year-on-year growth in Central and Eastern Europe [7]. Group 4: Product Innovation - To penetrate the high-end market, product capability is essential. Honor has launched advanced products like the Magic8 series, which features AI-driven capabilities and innovative designs [9]. - The introduction of the ROBOT PHONE, a smartphone integrated with AI and robotics, showcases the innovative direction of Chinese manufacturers, with plans for further details to be revealed at major tech events [10]. Group 5: Future Outlook - The trends of high-end positioning and globalization are expected to continue, with a focus on enhancing product capabilities and user experiences through AI advancements [11]. - For Honor, 2025 marks a pivotal year in its transformation from a smartphone manufacturer to a leading AI terminal ecosystem company, with a global shipment target of over 71 million units and the fastest growth rate among the top ten brands [11][12].

Core Insights - The Chinese smartphone market is experiencing a shift, with Huawei returning to the top position after five years, while brands like Honor and Meizu are becoming marginalized [1] - Honor is attempting to reposition itself by targeting younger consumers with new product launches and collaborations, indicating a strategy to escape the "Huawei alternative" label [2][3] - Both Honor and Meizu face challenges in brand positioning, technology accumulation, and market competition, leading to difficulties in establishing a strong market presence [3][4] Brand Positioning - Honor is struggling with its brand identity post-separation from Huawei, initially positioned as a "tech flagship" but now forced to compete in the mid-to-low-end market due to Huawei's resurgence [4][5] - Meizu, after being acquired by Geely, has lost its previous market strength and is now perceived as a secondary player, with its product offerings failing to meet high-end expectations [4][5] Market Challenges - Both companies are facing supply chain issues and increased competition in the mid-range market, leading to reduced profit margins and reliance on online sales channels [5][6] - Honor's average selling price (ASP) has declined as it has shifted focus to lower-end products, diluting its brand value [4][6] Technology and Innovation - Meizu's reliance on external components and lack of core technology has weakened its competitive edge, while Honor has some technological capabilities but lacks the differentiation needed to compete with leading brands [6][7] - Both companies are exploring AI as a potential solution for their challenges, but their approaches differ significantly, with Honor aiming for a broader ecosystem and Meizu focusing on niche markets within Geely's automotive ecosystem [8][10] Strategic Paths - Honor's strategy involves leveraging AI to enhance its product offerings and establish itself as a player in the AI terminal ecosystem, while Meizu's strategy is more reactive, focusing on providing support within Geely's framework [10][11] - The contrasting strategies highlight the different trajectories of the two brands, with Honor having more flexibility and potential for growth compared to Meizu's constrained position [11][12] Industry Implications - The smartphone industry is witnessing a "Matthew effect," where leading brands like Apple and Huawei are gaining strength, while smaller brands like Honor and Meizu are struggling for survival [12][13] - For smaller brands to survive, they must maintain core values, precise positioning, and differentiation while seizing opportunities in AI and innovation [13][14]

Core Viewpoint - Honor is intensifying its efforts in the high-end smartphone market by launching three new models, all priced above 4000 yuan, amidst rising memory prices and fierce competition in the smartphone market [2][4]. Group 1: Product Launches - On January 19, Honor launched three new smartphones: the lightweight Magic8 Pro Air starting at 4999 yuan, the youth-oriented Honor 500 Pro Molly collaboration model starting at 4499 yuan, and the ultra-high-end Magic8 RSR Porsche Design starting at 7999 yuan [2][3]. - The Magic8 Pro Air is designed to be lightweight, weighing approximately 155g and measuring about 6.1mm thick, making it lighter than Apple's iPhone Air by 10g [2]. Group 2: Market Trends - The smartphone market is experiencing a surge in memory prices, with predictions of a 40%-50% increase in storage prices in Q1 2026 and an additional 20% rise in Q2 2026 due to high demand from AI and server capacities [4]. - The high-end smartphone market (priced above 600 USD) is expected to grow by 5.4 percentage points in market share, reaching 35.9%, while the low-end market (below 200 USD) is projected to shrink to 20% [5]. Group 3: Company Strategy and Performance - Honor's new management team, marking its one-year anniversary, aims to transition from a smartphone manufacturer to an AI terminal ecosystem company, with a commitment to invest 10 billion USD over the next five years [6]. - In 2022, Honor's smartphone shipments exceeded 71 million units, marking a 9% growth, with overseas sales increasing by 47%, accounting for over 50% of total sales [7]. - Despite these achievements, Honor remains the sixth largest player in the Chinese smartphone market, with a market share of 13.1%, closely trailing behind Xiaomi [7][8].

Core Insights - Honor held a product launch event named "Design Night" in Zhuhai on January 19, showcasing three distinct products: the ultra-thin Magic8 Pro Air, the youth-oriented 500 Pro Molly collaboration, and the high-end Magic8 RSR Porsche Design [1][3] - The event served as a concentrated display of Honor's evolution over the past year, highlighting its understanding of youth culture and emotions, positioning smartphones as part of personal identity rather than mere tools [3][6] - The global smartphone market is entering a new phase characterized by structural differentiation rather than overall growth, with varying performance across regions, price segments, and brands [3][7] Market Performance - Honor's overseas shipments grew approximately 55% year-on-year in the first three quarters of 2025, marking the most significant overseas growth among the top ten global smartphone manufacturers [3][6] - In 2025, Honor's global shipments surpassed 71 million units for the first time, with overseas sales accounting for over 50% of total shipments, indicating a shift to a "dual-main market" strategy [8][9] - The company has seen a clear segmentation in its overseas markets, with Latin America and the Middle East/Africa serving as scale bases, while Southeast Asia has accelerated its market presence [9][10] Product Strategy - Honor's growth strategy is shifting towards the mid-to-high price segments, with approximately 23% of shipments in the $300–499 price range, the highest among major Chinese manufacturers [10][14] - The product lines, including the Magic series, digital series, and the new WIN series, are designed to establish differentiated positions in various market segments and user scenarios [14][15] - Technological advancements, such as the evolution of the Qinghai Lake battery and the Oasis eye-care screen, are being integrated into products to enhance user experience and justify higher price points [15][16] Organizational Changes - 2025 marks the first full strategic year under the new management team, focusing on transitioning towards an AI terminal ecosystem and implementing systematic adjustments in governance and global organizational capabilities [16][19] - Honor is expanding its ecosystem strategy, moving beyond smartphones to include tablets, computers, wearables, and more, while also exploring long-term technological fields like ROBOT PHONE and embodied intelligence [16][19] - The brand is accelerating its youth-oriented expression, engaging users through collaborations and co-creation mechanisms, transforming the relationship from one-way communication to interactive participation [19][20] Future Outlook - The global smartphone market is becoming increasingly complex, with a shift from growth-driven strategies to stability and longevity in a challenging environment [21][22] - Supply chain uncertainties and the evolving role of AI present both challenges and opportunities for Honor, necessitating a focus on organizational capabilities and ecosystem integration [22][23] - Building localized capabilities in overseas markets may become one of Honor's most significant assets, ensuring resilience in a fluctuating industry landscape [25]