新一轮旗舰机竞争进入收官阶段，最后一位明星选手终于掀开面纱。 11月25日，华为在其新品发布会上正式推出Mate 80系列与Mate X7折叠屏系列两组旗舰机，考虑到苹果、OPPO、vivo、小米等头部品牌新一代数字旗舰均 已发布，两款Mate新品的发布既为2025年的旗舰机发布画上重音，也标志着全年旗舰机大战走向尾声。 北京商报记者在发布活动现场了解到，Mate 80系列包含四款机型，起售价覆盖4699元至11999元价格区间。产品参数界面信息显示，标准版搭载麒麟9020芯 片，Pro版、Pro Max版及RS非凡大师版则配置麒麟9030 Pro芯片。从配置来看，曾仅供高端版本的3D结构光人脸识别下放至标准版，可支持支付场景验证； Pro Max版搭载的"超透亮灵珑屏"——采用双层OLED架构，1% APL峰值亮度8000nits——此前为RS非凡大师版专属，如今也下放到Pro Max版。 华为常务董事、产品投资委员会主任、终端BG董事长余承东在发布会用大量篇幅介绍了新机的性能：Mate 80 Pro Max整机性能较上一代提升42%，并且首 次支持实时光线追踪，可适配《三角洲行动》等游戏。 有业内人士向北 ...

Market Overview - The market consensus indicates a rebound from oversold conditions, with the Nasdaq rising 2.69% overnight, leading to a 0.69% increase in Hong Kong stocks at the close [1] US-China Relations - A surprising positive and constructive phone call occurred between US President Trump and Chinese President, discussing various topics including the Russia-Ukraine situation and agricultural products [2] - Trump has accepted an invitation to visit China in April next year, indicating a desire for improved relations ahead of the midterm elections [2] Lithium Industry - Longpan Technology announced a contract exceeding 450 billion yuan with subsidiaries, significantly surpassing the previous estimate of over 50 billion yuan, resulting in a nearly 23% surge in its stock [3] - Related companies such as Tianqi Lithium and Ganfeng Lithium also saw stock increases of nearly 5% and over 3%, respectively [3] AI Sector - Google aims to double its AI computing power every six months and achieve a 1000-fold increase in the next 4-5 years to meet rising demand [3] - Meta Platforms is reportedly considering a multi-billion dollar acquisition of Google's TPU for data center development, contributing to Google's stock rise of 6.31% [3] Hardware Sector - Changfei Optical Fiber's components business has become a strong growth point, benefiting from North American AI data center construction, with a stock increase of nearly 13% [4] - Baidu's revenue from Kunlun chips is expected to grow significantly, with projections showing a sixfold increase from 2025 to 2026 [4] Healthcare Sector - There has been a significant increase in flu antiviral drug purchases, with sales of certain medications rising over 14 times compared to October [6] - Companies like Alibaba Health and Shandong Xinhua Pharmaceutical saw stock increases of over 4% and 7%, respectively [6] Electric Vehicle Market - European electric vehicle sales surged, with plug-in hybrid sales up 40% and pure electric vehicles nearly 33% [7] - BYD's sales more than doubled, while other companies like NIO and XPeng are expanding into new markets [7] Huawei Product Launch - Huawei launched the Mate 80 series and Mate X7, showcasing significant performance improvements over previous models, which is expected to attract market interest [8] Zhongtong Express - Zhongtong Express reported strong growth in its parcel business, with a revenue increase of 11.1% year-on-year for Q3 2025 [9][10] - The company is expanding its operations with a new smart operations center and has implemented advanced delivery technologies to enhance efficiency [10]

行情速递 ① 主 板 领 涨 ， 鼎 信 通 讯 (+10.07%)/ 欢 瑞 世 纪 (+10.06%)/ 实 达 集 团 (+10.04%)/ 榕 基 软 件 (+10.03%)/达华智能(+10.02%)/ ②创业板领涨，佳缘科技(+20.00%)/光库科技(+20.00%)/富春股份(+14.34%)/ ③科创板领涨，德科立(+20.00%)/长光华芯(+20.00%)/品高股份(+19.99%)/ ③安联锐视，发布关于对外投资的公告/公司拟以自有资金800万元（占 40%）与元启智动、北京金视科技、上海冀瑜企业咨询合伙企业及自然人胡 筱旋共同投资设立江苏元启联安机器人科技有限公司（暂定名）/注册资本 2,000万元/聚焦具身智能机器人的研发、制造与销售/ ④活跃子行业，SW印制电路板 (+5.82%)/SW游戏Ⅲ(+5.36%)/ 国内新闻 ①大话芯片，华为推出全新的Mate 80系列机型/芯片性能方面/华为Mate 80搭载麒麟9020芯片/对比Mate 70性能提升35%/Mate 80 Pro（12GB） 搭载麒麟9030/相比Mate 70 Pro提升35%/Mate 80 Pro（16GB ...

在谷歌凭借Gemini 3"屠榜"大模型圈后，华为也亮出了端侧AI的最新进展。 11月25日，华为正式发布Mate 80系列与Mate X7折叠屏手机，搭载HarmonyOS 6操作系统，而伴随鸿蒙AI的迭代更新，华为在端侧AI能力上实现了进一步突 破。华为常务董事、产品投资委员会主任、终端BG董事长余承东在演讲中表示，在Mate X7上，小艺智能体首次商用A2A智能体协作，可以与其他智能体同 屏协作。 "智能助手小艺可以提取和筛选用户个性化的记忆片段，类似的场景化我们还在探索。"华为内部人士向第一财经记者透露，目前内部已启动专项资金，目标 加速孵化超过1万个AI原生的元服务以及5000多个智能体。 此外，根据华为在会上公布的最新数据，截至目前，搭载HarmonyOS 5、HarmonyOS 6的终端设备已突破2700万台，每天的新增设备超过10万台。鸿蒙目前 应用市场可搜索应用及元服务数量突破30万，鸿蒙应用日均新增功能超过2000项，用户日均下载和更新应用超8800万。 当AI不仅仅会"执行命令" 余承东在现场演示了小艺如何从被动应答的工具，进化为能主动规划并执行任务的个人代理。 他以"小艺帮帮忙"功能为 ...

在当前的AI浪潮中，操作系统正从传统的资源管理器，演变为终端设备的智能中枢。大模型技术与多设备互联能力，已成为消费电子行业的核心竞争高 地。 谷歌Gemini 3之所以被视为OpenAI的强劲对手，不仅在于其模型能力的提升，更在于其在应用层展现出的商业化潜力。谷歌称，内部已经有不少工程已开始 使用AI处理购票与整理收件箱等"多步骤复杂任务"。 华为与谷歌方向一致，但路径有所不同。根据发布会透露的最新信息，华为目前已开放了智能体接口，将AI能力深度融入鸿蒙操作系统。基于鸿蒙智能体 框架HMAF，开发者可以通过小艺智能体平台高效开发鸿蒙智能体。而在此次发布会上，余承东表示，已联合超23000款应用打造了70多项鸿蒙创新特性。 华为内部人士透露，目前内部已启动专项资金，目标加速孵化超过1万个AI原生的元服务以及5000多个智能体。 在谷歌凭借Gemini 3"屠榜"大模型圈后，华为也亮出了端侧AI的最新进展。 11月25日，华为正式发布Mate 80系列与Mate X7折叠屏手机，搭载HarmonyOS 6操作系统，而伴随鸿蒙AI的迭代更新，华为在端侧AI能力上实现了进一步突 破。华为常务董事、产品投资委员会主任、 ...

Core Viewpoint - Huawei has launched its flagship Mate 80 series and the foldable Mate X7, featuring the new Kirin 9030 series chips, marking a significant advancement in both hardware and software capabilities. Group 1: Product Launch and Specifications - The Mate 80 Pro 12GB version is equipped with the new Kirin 9030 chip, while the 16GB version and Mate X7 utilize the Kirin 9030 Pro chip [3] - The starting price for the Mate 80 series is 4699 yuan, while the Mate X7 starts at 12999 yuan, going up to 15999 yuan for higher configurations [10][12] - The Mate 80 Pro Max is the first all-metal flagship phone post-5G era [5] Group 2: Software and AI Features - The Mate 80 series and Mate X7 debut with HarmonyOS 6, featuring upgraded AI capabilities [6] - The AI assistant, now called "Xiao Yi Intelligent Body," can autonomously learn app operations and collaborate with third-party applications [6][15] - The AI can assist with various tasks, such as reordering frequently purchased items and providing real-time updates on flight changes [19][25] Group 3: Imaging Capabilities - The Mate 80 series introduces the second-generation Red Maple imaging system, significantly enhancing color accuracy and dynamic range [8][51] - The main camera features a 5000-megapixel sensor with a variable aperture and optical image stabilization, while the long-focus camera offers 5.5x optical zoom [42][43] - The Mate 80 Pro Max includes advanced imaging hardware, improving processing speed, color accuracy, and noise reduction [63] Group 4: Kirin 9030 Chip Insights - The Kirin 9030 chip features a 1+4+4 core design with a CPU clocked at up to 2.75GHz and a GPU using Maleoon 935, indicating a notable performance improvement [83][84] - The return of the Kirin 9030 chip, combined with comprehensive software and hardware upgrades, enhances the flagship's appeal [84] Group 5: Additional Innovations - Huawei has introduced an AI pet called "Smart Huan Huan," reflecting its expansion into AI hardware ecosystems [86][88] - The company is set to showcase further innovations in the AI sector at the upcoming Quantum Meet 2026 conference [89]

1 习近平同美国总统特朗普通电话 11月24日晚，国家主席习近平同美国总统特朗普通电话。（新华社） 2 隔夜市场 美股三大指数集体收涨，道琼斯指数涨0.44%，标普500指数涨1.55%，纳斯达克综合指数涨598点，涨幅为2.69%。大型科技股集体上涨，特斯拉、谷歌涨超 6%。芯片股走强，费城半导体指数涨4.6%，博通涨超11%，美光科技涨近8%，AMD涨超5%，英伟达涨超2%。热门中概股多数上涨，纳斯达克中国金龙指 数收涨2.82%，百度涨超7%，哔哩哔哩涨超6%，阿里巴巴涨超5%，网易涨超4%，蔚来涨超3%。 当地时间11月24日，美联储理事沃勒表示，他主张在12月实施一次降息，不过之后的政策路径应采取逐次会议的形式。 每经编辑｜张喜威 胡玲 ↓华为将于11月25日举行新品发布会， 布Mate 80系列、Mate X7及多款全场婧 2 阿里巴巴17月25日公布2025年9月份 ③ 2025全球数商大会将于11月25日至2 海举行 4 国际铜业协会日中国论坛11月25日在 5 美国9月核心PPI、10月成屋签约销售 月诏商会消费者信心指数等数据将公布 美国经济分析局宣布取消第三季度美国国内生产总值(GDP) ...

Core Viewpoint - The article discusses the recent focus on price-increasing industries, highlighting a shift from financial re-inflation to physical re-inflation, with an emphasis on cyclical industries and essential sectors that are experiencing price increases [1][2]. Group 1: Industry Trends - Recent price increases in essential commodities are attributed to a phenomenon termed "physical re-inflation," with significant attention on cyclical industries such as non-ferrous metals, steel, coal, and petrochemicals [1]. - The market is witnessing a surge in cyclical stocks, driven by expectations of a strong economic cycle in the coming year, particularly in infrastructure projects linked to the five-year planning cycle [2]. - The supply-side constraints due to anti-involution policies are influencing price dynamics, with industries facing greater anti-involution measures showing higher price elasticity [2]. Group 2: Economic Indicators - The Consumer Price Index (CPI) for October rose by 0.2% year-on-year, up from a decline of 0.3% the previous month, indicating a shift in consumer prices [5]. - The Producer Price Index (PPI) showed a month-on-month increase of 0.1%, marking the first rise of the year, although it still reflects a year-on-year decline of 2.1% [8][9]. - The service price growth rate increased from 0.6% to 0.8% year-on-year, driven by seasonal demand and ongoing reforms in medical service pricing [6]. Group 3: Sector Performance - The electric power equipment sector has seen significant capital inflows, with net purchases reaching 483.93 billion yuan, indicating strong market interest [30][31]. - The basic chemical and banking sectors also attracted substantial investments, with net inflows of 216.79 billion yuan and 65.96 billion yuan, respectively [30]. - The storage sector is experiencing price hikes, with NAND flash memory prices increasing by up to 50%, impacting the entire supply chain [10]. Group 4: Future Outlook - The article anticipates continued inflationary pressures from rising commodity prices, although the impact on downstream prices may experience a time lag due to anti-involution measures [9]. - The construction of major infrastructure projects, such as the "Yin Da Ji Min" water diversion project, is expected to stimulate economic growth in the Chengdu Plain economic zone [4].

Core Insights - Apple's revenue in Greater China declined by 3.6% year-on-year in Q4 FY2025, making it the only market with a revenue drop globally [1][2][4] - CEO Tim Cook attributed the decline primarily to supply constraints affecting iPhone sales, which he noted were below actual demand [4][11] - Experts suggest that the revenue drop is due to both internal factors, such as limited product innovation and delayed product launches, and external pressures from local competitors like Huawei [5][6][11] Financial Performance - For Q4 FY2025, Apple's total net revenue was $102.47 billion, up 8% from $94.93 billion year-on-year, with net profit increasing by 86% to $27.47 billion [1][2] - Earnings per share rose to $1.85, exceeding Wall Street expectations and contributing to a post-earnings stock price increase of over 3% [1][2] Market Dynamics - The decline in Greater China revenue has been ongoing since Q3 FY2023, with the highest quarterly drop reaching 13% [2] - The competitive landscape in China's smartphone market has intensified, with local brands rapidly innovating in areas like foldable screens and fast charging, impacting Apple's market share [6][11] Product Challenges - The delayed launch of the iPhone Air, which only supports eSIM and faced regulatory hurdles, negatively impacted sales in Q4 FY2025 [7][10] - User feedback on the iPhone Air has been mixed, with concerns about its build quality and performance, leading to lower-than-expected demand [10] Competitive Landscape - Huawei's resurgence in the high-end market poses a significant threat to Apple's position, as it rebuilds brand loyalty and technological capabilities [11][12] - Other local brands like Xiaomi, OPPO, and vivo are also aggressively targeting Apple's high-end user base, emphasizing compatibility with Apple's ecosystem [12][14] Future Outlook - Despite current challenges, Apple maintains a strong brand influence and loyal customer base, with potential for recovery if it accelerates innovation and adapts pricing strategies [11][12] - The competitive dynamics in the high-end smartphone market are shifting, requiring Apple to respond proactively to maintain its market position [12][14]

Core Viewpoint - Apple's revenue in Greater China has declined again after a brief improvement, marking it as the only market with a revenue drop globally in the fourth quarter of fiscal year 2025 [1][2][10] Financial Performance - In Q4 FY2025, Apple's total net revenue was $102.47 billion, up 8% from $94.93 billion year-on-year; net profit was $27.47 billion, an increase of 86% from $14.74 billion; diluted earnings per share rose to $1.85 from $0.97 [2] - Revenue in Greater China was $14.49 billion, down 3.6% from $15.03 billion year-on-year, contrasting with growth in other regions [2][10] Reasons for Revenue Decline - CEO Tim Cook attributed the decline in Greater China to supply constraints affecting iPhone sales, specifically that the estimated production of the iPhone 16 series was slightly below actual demand [4][10] - Experts suggest that the decline is due to both internal and external pressures, including limited upgrades in iPhone models and strong competition from local brands like Huawei [6][7][10] Competitive Landscape - The Chinese smartphone market is becoming increasingly competitive, with local brands rapidly innovating in areas like foldable screens and fast charging, providing consumers with more choices [6][10][11] - Huawei's return has significantly impacted Apple's market share in the high-end segment, as it rebuilds its brand loyalty and technological confidence [10][13] Product Launch Challenges - The delayed launch of the iPhone Air, which only supports eSIM and faced compatibility issues with local carriers, directly affected sales in Q4 [7][9] - User feedback on the iPhone Air has been mixed, with concerns about its features and durability, leading to lower-than-expected demand [9] Future Outlook - Despite current challenges, Apple maintains a strong brand influence and loyal customer base, with potential for recovery if it accelerates innovation and optimizes pricing strategies [10][13] - The competitive landscape is shifting, and Apple must adapt to maintain its market position in China [10][13]