"现在市场没有那么多需求了，大家该换的已经换了，价格刺激也有上限。"一名华为授权店员工对作者 说道。 从前年年底开始，全球手机市场在触底后迎来了反弹，实现连续多季度的增长。其中，中国市场在国补 政策的刺激下，今年以来涨势较为不错。但是，就像开头华为授权店员工说得那样，这一轮的上涨是跌 入谷底的顺涨，国补的刺激也渐显疲态。"Mate系列还比较坚挺，但刚发布的Pura80系列我们已经开始 降价了。" 根据IDC最新发布的调研数据显示，今年第二季度，全球手机市场出货量达到2.952亿部，同比增长 1%，增速低于上一季度。而Canalys（现并入Omdia）给出的数据则更为惨淡，第二季度全球智能手机 市场同比下滑1%，是连续六个季度以来的首次下跌。 "这是预料中的结果，之前的回暖只是需求的前置。"某手机行业分析师对作者表示，在他看来，今年整 体的手机大盘也并不会很乐观。 美国忙囤货，中国加速清库存 "好时代已经过去。"在此前的一次交流中，小米的市场人员无奈对作者说道。从近两三年全球手机市场 的表现来看，成熟市场几乎饱和，在没有革命性创新的情况下，很难去激发市场的换机欲望。 需要指出的是，由于不同机构统计的口径和方式略 ...

点击注册小程序 查看完整报告 公司 6 月其他领域摄像模组出货量170 万颗，环比+10.2%、同比+99.3%，主要由于 IoT 和智能汽车领域摄 像模组出货量同比大幅上升。25H1 其他领域摄像模组出货量同比+47.9%，其中25Q1/25Q2 出货量分别同 比+16.6%/+86.3%，25Q2 出货量同比增速较 25Q1显著提升。公司在无人机及手持影像设备光学产品布局 广泛，涵盖相机模组、视觉模组、激光雷达等产品。根据潮电智库，公司摄像模组产品已交付大疆DJI Avata2 无人机、Osmo Pocket 3 手持相机等旗舰产品。我们预计，受益于全球消费级无人机及手持影像设 备市场规模高速增长，公司 IoT 摄像模组出货量将持续高速增长。 25H1 指纹识别模组出货量产品同比大幅上升，超声波指纹识别模组放量驱动产品规格提升 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客 户，用作新媒体形势下研究信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿 订阅、接收或使用本订阅号中的任何信息。本订阅号难以设置访问权限，若给您造成不便， 敬请谅解。光大证券研究所不 ...

Investment Rating - The industry rating is "Outperform the Market" (maintained) [5] Core Insights - The upcoming launch of the GB300 server and Oracle's contract are expected to drive investment opportunities in computing power [12] - The listing plans of Lens Technology and Luxshare Precision in Hong Kong, along with the US-Vietnam tariff adjustments, are stimulating the recovery of the consumer electronics supply chain [12][15] - The GB300 AI server chip from NVIDIA is set to be released in the second half of the year, with revenue opportunities expected to increase by 50 times compared to the previous generation [16] - Oracle has signed multiple cloud service contracts, which are anticipated to significantly boost demand for computing power and related infrastructure [20][21] - The demand for PCB (Printed Circuit Board) is expected to rise due to the increasing needs from AI servers and ASIC (Application-Specific Integrated Circuit) developments [23][31] Summary by Sections 1. Consumer Electronics Sector - Lens Technology and Luxshare Precision are planning to list in Hong Kong, enhancing their global presence and benefiting from tariff adjustments between the US and Vietnam [12][15] - The US-Vietnam trade agreement is expected to lower supply chain costs for companies like Apple, positively impacting the consumer electronics sector [15] 2. Computing Power Infrastructure - The GB300 AI server chip is anticipated to drive significant orders and technological upgrades within the industry [16][17] - Oracle's cloud service contracts are projected to contribute over $30 billion annually, indicating strong demand for AI infrastructure [20] 3. PCB Market Dynamics - The demand for PCB is expected to grow due to the increasing requirements from AI servers and ASIC technologies [23][31] - The GB200 NVL72 architecture from NVIDIA is raising the standards for PCB, leading to increased growth in the sector [26] 4. Smartphone Market Insights - Huawei continues to lead the Chinese smartphone market, with a 12% year-on-year growth in the second quarter of 2025 [35] - The release of new models from major brands is expected to drive further innovation and competition in the smartphone market [38][40]

一、事件：华为手机"超级智能体"发布 6月30日，华为消费者业务CEO余承东宣布，华为Pura80系列将于8月在中国上线"AI超级智能体"，旨在通过自然语言 对话让小艺理解用户意图并自主完成任务。 AI手机或成智能体超级入口 东吴证券表示，进入AI时代，超级入口的核心逻辑从"功能驱动"转向"任务驱动"。用户无需逐一操作应用程序，仅通 过自然语言提出任务，AI助手即可跨应用调取服务完成如报告生成、日程管理等复杂操作。 其指出，手机方面，厂商正把智能体从"语音助手"升级为深度嵌入操作系统的执行引擎，如苹果计划让新版Siri直接 在端侧调用日程、照片与邮件等私有数据，并在必要时通过加密云推理补齐复杂逻辑，目标是把填写表格之类的事务 完全交给系统处理；三星的GalaxyAI已在S25系列统一30个本地应用和十余款高频第三方应用等等。 去年10月，荣耀发布行业首个搭载智能体的个人化全场景AI操作系统——MagicOS 9.0，并正式宣布YOYO助理全面 升级为YOYO智能体。用户只需向YOYO发出语音指令"帮我点一杯热拿铁"，YOYO在理解用户需求后，就会像人一 样调取用户经常使用的外卖APP，找到经常光顾的咖啡店，自 ...

Core Insights - Huawei officially launched the developer Beta for HarmonyOS 6, emphasizing the importance of ecosystem reconstruction over merely building an operating system [2] - The number of registered developers for HarmonyOS has exceeded 8 million, with over 40 Huawei devices running HarmonyOS 5 and more than 30,000 applications in development [2][3] - HarmonyOS 6 aims to enhance user experience, integrating AI capabilities into its architecture and supporting over 50 smart applications [3][4] Ecosystem Expansion - Huawei's hardware strategy includes default installation of the native HarmonyOS on new devices, with plans for older models to receive upgrades [5] - The number of applications for HarmonyOS computers is expected to surpass 2,500 by the end of June, with over 100 general office platforms already adapted to HarmonyOS [5] - Huawei aims to achieve a market share of 19% in China's smartphone market by Q4 2024, surpassing Apple's iOS by 2% [6] Technical Advancements - HarmonyOS 6 features a self-developed architecture that enhances system fluidity by 30%, reduces memory usage by 1.5GB, and improves battery life by nearly one hour [4] - The introduction of the HarmonyOS Intelligent Agent Framework (HMAF) allows developers to create low-latency applications with autonomous capabilities [4] Future Goals - Huawei's target for the HarmonyOS ecosystem includes reaching 100,000 applications by 2025, marking a significant milestone for ecosystem maturity [6] - The company is encouraged to lower developer fees and establish a vendor alliance to increase the number of HarmonyOS devices in the market [6]

Group 1 - The unique mint green "LABUBU" was auctioned for 1.08 million yuan, showcasing a significant increase in value from its original purchase price in 2020 [1] - The price of the 2025 Flying Moutai has dropped below 2,000 yuan per bottle, indicating a decline in the market for traditional collectible liquors [1][2] - The market for collectible items is shifting, with younger consumers showing a preference for trendy and emotional products like "LABUBU" over traditional collectibles like Moutai [5][7] Group 2 - The rise of "LABUBU" reflects a broader trend of emotional consumption among younger demographics, who prioritize products that resonate with their personal experiences [5][6] - The liquor industry is encouraged to innovate and adapt to the emotional needs of younger consumers, moving beyond traditional quality and price considerations [7][8] - Companies like Huawei and Pop Mart are leading the way in integrating innovative resources to enhance consumer experiences and meet evolving market demands [7]

1.【余承东：华为近十年研发费用12490亿】在6月11日的华为Pura80系列及全场景新品发布会上， 余承东称，华为近十年研发费用12490亿。（新浪科技） 2.【高通公司在越南成立人工智能研发中心】美国芯片制造商高通公司 周二表示，该公司已在越南成 立了一个人工智能研发中心。该公司在一份声明中表示，其研究人员将专注于在智能手机、个人电 脑、XR(扩展现实)、汽车和物联网应用中推进生成式和代理式人工智能解决方案。高通公司表示，此 举符合越南在人工智能、半导体和数字化转型方面的战略，并将重点关注技术转让、生态系统合作和 能力建设。（科创板日报） 3.【黄仁勋：将在欧洲建造全球首个工业AI云】英伟达CEO黄仁勋在巴黎VivaTech大会上发表现场主 题演讲，主题为"人工智能计算的下一阶段——从智能体系统到AI工厂"。演讲中，黄仁勋透露，"星 门"（Stargate）项目将配备约50万块图形处理器（GPU）。同时，他还披露了英伟达的新规划，目 前其正在七个不同国家建立人工智能技术中心，计划在欧洲建造20多个超大型人工智能工厂。此外， 英伟达还将在欧洲建造全球首个工业AI云，总部位于德国的AI工厂将配备10000个 ...

Core Viewpoint - Huawei's Pura80 series marks a significant return to hardware emphasis in smartphone imaging, showcasing advanced sensor configurations and a commitment to high-quality photography [9][22][28] Group 1: Product Development and Features - The Pura80 series includes four models, with the Pro, Pro+, and Ultra versions featuring a combination of 40MP ultra-wide, 50MP 1-inch wide, and 48MP/50MP periscope telephoto sensors [9][11] - The Pura80 Ultra introduces a unique "dual-lens" periscope telephoto system, utilizing a 1/1.28-inch sensor to support both medium and ultra-long focal lengths, setting a new standard in the industry [16] - The series aims to evoke nostalgia for previous successful models like the P30 and P40, indicating a strategic shift back to hardware-centric design [17] Group 2: Market Position and Strategy - The pricing of the Pura80 Ultra is competitive with other top-tier models, reflecting Huawei's improved supply chain capabilities compared to previous years [19][20] - The emphasis on hardware in the Pura80 series signals a positive shift in product design philosophy, appealing to younger consumers who prioritize specifications [22] - Huawei continues to integrate computational photography features alongside hardware improvements, indicating a balanced approach to smartphone imaging technology [23] Group 3: Technological Innovations - The introduction of a customizable "color card" feature allows users to create and share personalized photo filters, enhancing user engagement [25] - The Pura80 series suggests potential improvements in Huawei's self-developed SoC, as it competes with flagship products from other manufacturers [28]

Group 1: US-China Trade Talks - The first meeting of the US-China trade negotiation mechanism took place in London, led by Chinese Vice Premier He Lifeng and US Treasury Secretary Janet Yellen, among others [2] - Both sides engaged in candid and in-depth discussions, reaching a principled consensus on key economic and trade issues [2] - The meeting aimed to implement the important consensus from the June 5 call between the two countries' leaders and to consolidate the outcomes of the Geneva trade talks [2] Group 2: Automotive Industry Developments - Several automotive companies, including Dongfeng Motor and China FAW, announced a unified payment term for suppliers to within 60 days [3] - This initiative is intended to support the healthy development of small and medium-sized enterprises in line with national policy [3] Group 3: IP Retail Market Growth - China has become the fourth largest IP retail market globally, with an annual retail sales total of 155.09 billion yuan in 2024, reflecting a year-on-year growth of 10.7% [4] - The IP derivative market in China is expected to exceed 100 billion yuan by 2027, with a compound annual growth rate of over 20% [4] Group 4: AI Development Initiatives - Liaoning Province has issued a plan to promote AI innovation, aiming to establish a collaborative development model by 2027 [5] - The plan includes building a computing power infrastructure with a scale of over 5000 PFLOPS and nurturing over 300 AI enterprises [5] Group 5: New Product Launches - Huawei launched the Pura80 series smartphones, featuring HarmonyOS 5.1 and starting prices of 6499 yuan for the Pro model and 9999 yuan for the Ultra model [6] - Alibaba's Qwen3-Embedding model topped the global open-source model rankings, indicating strong interest in AI models [7] Group 6: Corporate Restructuring and Financial Updates - Li Auto announced the establishment of two new robot departments to accelerate its AI strategy [9] - The founder of Pang Donglai projected a net profit of 1.5 billion yuan for the company in 2025, with an average monthly income of 9000 yuan for employees [10] - Marelli Corp filed for Chapter 11 bankruptcy protection in the US and secured $1.1 billion in new financing [14] Group 7: Market and Economic Indicators - The US manufacturing sector is under significant supply pressure due to a shortage of rare earth materials, with current inventories only sufficient for two to three months [11] - Tesla's Robotaxi project is set to launch in Austin, Texas, on June 22, with potential adjustments to the timeline [12] - Qualcomm has established an AI research center in Vietnam, focusing on generative and agent-based AI solutions [13]

Group 1: New Energy Vehicle Market - From June 1 to June 8, the national retail sales of new energy vehicles reached 202,000 units, a year-on-year increase of 40% compared to the same period last year, and a month-on-month increase of 4%. The retail penetration rate for the new energy market is 58.8%, with cumulative retail sales of 4.559 million units this year, up 34% year-on-year [1][6] - In the same period, the wholesale of new energy vehicles reached 166,000 units, a year-on-year increase of 5% but a month-on-month decrease of 6%. The wholesale penetration rate is 53.5%, with cumulative wholesale of 5.373 million units this year, up 39% year-on-year [6] Group 2: Government Policies and Initiatives - The Ministry of Industry and Information Technology and the National Development and Reform Commission announced a notification to develop pilot platforms for biomanufacturing, aiming to cultivate over 20 pilot capacity construction platforms by 2027, serving more than 200 enterprises and incubating over 400 products [3] - The Chinese Consumers Association, along with several industry associations, issued an initiative to oppose excessive packaging of goods and promote green consumption, urging compliance with relevant laws and standards [4] Group 3: Market Developments - On June 10, the largest ETF product in the market, Huatai-PB CSI 300 ETF, announced a dividend distribution, with the total amount expected to exceed 8 billion yuan [1][8] - The Shanghai Stock Exchange's benchmark market-making bond ETFs have seen significant growth, with four products surpassing 10 billion yuan in scale, totaling nearly 48 billion yuan, a 300% increase from the issuance scale [9] Group 4: Corporate Actions - Major automotive companies, including BYD, Geely, and Changan, have committed to a unified supplier payment term of no more than 60 days, enhancing cash flow for suppliers [8] - Tesla's CEO announced the upcoming delivery of the first fully autonomous vehicle in Texas, with plans for a Robotaxi pilot service [15]