Canalys首席分析师Sanyam Chaurasia 表示："vivo凭借稳固的渠道合作关系，新品在第二季度获得渠道广泛认可，而竞争对手则采取更为 谨慎的策略。V50系列在一线和二线城市通过大型零售和婚礼营销活动受到欢迎，Y系列则依靠深度分销和促销推动，在中小城市和半城 市化市场保持强劲动能。T系列产品组合更加丰富，在电商平台上稳步增长。" 智通财经APP获悉，Canalys数据显示，印度智能手机市场在年初低迷后实现回暖，2025年第二季度，印度智能手机出货量同比增长7%， 达到3900万部。增长主要来自第二季度厂商集中发布的新品，此前第一季度因库存水平偏高，厂商普遍采取保守策略。尽管面临季节性 需求疲软、极端天气、美国关税摩擦以及地缘政治不确定性等多重挑战，市场仍展现出强劲的恢复力。 vivo(不含iQOO)以810万部出货量、21%的市场份额稳居榜首。三星以620万部、16%的市场份额位列第二。OPPO(不含一加)出货量达500 万部，以微弱优势超越同样出货500万部的小米(01810)，升至第三位。realme以360万部的出货量位居第五。 Chaurasia继续表示："在自然需求有限的情况下，20 ...

Chaurasia继续表示："在自然需求有限的情况下，2025年下半年印度智能手机市场的表现将更多依赖于渠道执 行，而非产品发布。各大品牌正积极通过渠道激励计划，与分销商和零售商提前锁定库存，为即将到来的印度 节日季做准备。这些激励措施包括高价值奖项——从出国旅游到汽车奖励——这与雨季促销、杜尔加普贺节 （Durga Puja）和排灯节（Diwali）等节庆季的销售表现挂钩。零售基础设施升级也在加速推进，体现在展台 设置优化、货架陈列更有结构性，以及对促销员参与度和门店执行力提出更严格的季度考核目标。与此同时， 品牌也在大力推动高端机型的可负担性，扩大长期分期付款方案，尤其针对中高端产品。尽管这些举措有望增 强渠道信心并推动短期出货，但Canalys（现并入Omdia）预计，由于结构性需求挑战仍在，印度市场 2025全 年出货量将出现小幅下滑。" | 印度智能手机出货量和年增长率 | | | | | | | --- | --- | --- | --- | --- | --- | | Canalys 智能手机分析预测数据: 2025 年第二季度 | | | | | | | 岡 | 2025 年 | 2025 年 ...

报道称，三星显示在IT业务部门中增设IT销售团队，似乎是为了全面启动IT OLED业务做准备。尽 管苹果去年推出的首款OLED iPad销售不佳，但苹果仍计划从明年开始陆续推出OLED MacBook 等产品，三星显示则计划利用其第8.6代OLED产线为这些产品供屏。 7月17日，据韩国媒体the elec报道，三星显示在7月1日进行重组，IT业务部门内增设了IT销售团 队，此前该业务部门仅有IT技术团队和开发团队。 #OLED #三星显示 #笔电面板 【集邦Display显示产业交流群】 ▶ 关于集邦 上下滑动查看 图片来源：三星显示 2024年12月，三星显示宣布，由大尺寸事业部组长李钟赫（音译）副社长兼任IT事业部门组长， 李柱亨（音译）副社长当任中小尺寸事业部组长。 据悉，大尺寸事业部专注于生产电视和显示器用的量子点（QD）-OLED面板；中小尺寸事业部则 主要负责生产三星电子Galaxy系列和苹果iPhone等智能手机所需的OLED面板。 当时业界分析认为，三星显示将大尺寸事业组长委任为IT事业部组长，将有利于整个IT OLED业务 的整体拓展。 虽然显示器用QD-OLED技术和平板/笔记本电脑用中 ...

Group 1 - Global smartphone shipments are projected to see a slight year-on-year increase of 2% in Q2 2025, marking the second consecutive quarter of growth, primarily driven by contributions from North America, Japan, and Europe [1] - The first quarter's shipment disruptions due to tariff concerns have started to ease in the second quarter, although markets like China and North America still face some impacts, leading to inventory buildup in North America [1] - Entry-level and budget 5G devices are gaining traction in emerging markets, while high-end demand remains stable in mature markets [1] Group 2 - Samsung retains the top position in the global smartphone market with an 8% year-on-year increase in shipments in Q2 2025, supported by strong performance from the A series and foldable AI-driven products [1] - Apple ranks second with a 4% year-on-year increase in shipments, driven by preemptive demand in North America due to anticipated tariff impacts and strong performance in India and Japan [1] - The iPhone 16 and iPhone 15 series continue to see stable demand, and the upcoming iPhone 17 series is expected to maintain momentum in the second half of the year [1] Group 3 - Vivo and OPPO rank fourth and fifth respectively, showing stable performance in the mid-range market and signs of recovery in overseas markets such as Latin America and the Middle East and Africa (MEA) [2] - OPPO solidifies its leading position in the entry-level market with strong performance from the A5 Pro, while Vivo benefits from events like China's "618" shopping festival and strong performance of its Y and T series in the Indian mid-range market [2] - Motorola experiences a 16% year-on-year increase in shipments, becoming one of the fastest-growing major brands, driven by high demand in India and expansion in the North American prepaid market [2]

以下文章来源于Counterpoint 咨询 ，作者Counterpoint Counterpoint 咨询 . Counterpoint Research 是一家专注于科技行业的全球性研究公司，在全球主要的市场有着强大的影响 力。我们致力于为合作伙伴提供准确、及时的市场数据，帮助他们做出明智的决策。 研究总监Tarun Pathak 评论市场动态时表示："第一季度因对关税的担忧导致的出货中断情况在第 二季度开始缓解。不过中国和北美等市场仍受到一定影响，导致北美市场出现库存积压现象。入门 级和经济型5G设备在新兴市场的关注度持续上升，而高端需求在成熟市场保持稳定。" 全球智能手机前五大品牌出货量份额（初步数据） 2025年第二季度全球智能手机出货量实现连续第二个季度增长，同比增长2%，主要得益于北 美、日本和欧洲市场的增长。 三星保住了全球第一的位置，并在前五大厂商中增长最快。这一表现得益于其在各区域市场的 韧性和战略性产品发布（如中端A系列机型的升级发布）实现8%的同比增长。 苹果在2025年第二季度延续了增长势头，在北美、印度和日本的强劲表现的推动下，同比增长 4%。 摩托罗拉在2025年第二季度同比增长 ...

Core Viewpoint - The European Patent Office (EPO) ruled in favor of Borealis, allowing it to continue producing polyolefin elastomer (POE) films, concluding an eight-year patent dispute with Mitsui Chemicals [2][6]. Group 1: Patent Dispute Overview - The dispute originated from Mitsui Chemicals' European patent EP2626911B1, granted in November 2017 for its ENGAGE® 8400 POE material, aimed at creating a technological barrier in the photovoltaic POE encapsulant film market [3]. - Borealis challenged the patent in August 2018, arguing it lacked inventiveness due to the existence of similar solar cell encapsulation polymer products in the market prior to Mitsui's patent application [4]. - EPO's final ruling in July 2025 determined that Mitsui's patent was invalid based on the concept of "market publicness," indicating that existing technology must be assessed based on its public availability rather than its extractability [5]. Group 2: Market Dynamics and Trends - POE has gained significant traction in recent years, with major players like Dow, Mitsui, ExxonMobil, LG Chem, SK, and SABIC dominating the market. China has been heavily reliant on imports, with approximately 860,000 tons imported in 2023 [7]. - The penetration rate of POE in N-type module encapsulation has increased from 20% to 40%, squeezing the high-end EVA market and driving global demand for POE to 1.5 million tons [8]. Group 3: POE Product Types and Applications - Main types of POE include four-carbon POE and eight-carbon POE. Four-carbon POE is cost-effective and widely used in general products, while eight-carbon POE offers superior performance in extreme conditions but has higher production costs due to reliance on imported raw materials [9][10]. - Four-carbon POE is primarily used in cost-sensitive products, while eight-carbon POE is utilized in high-performance applications such as automotive parts and high-end packaging [10]. Group 4: Technological Barriers and Innovations - Key technological barriers in POE production include metallocene catalyst systems, sourcing high-carbon α-olefins, and solution polymerization processes. The catalyst's high-temperature resistance and equipment costs are significant challenges [11]. - Recent breakthroughs in the synthesis of 1-octene, a crucial raw material, have been achieved, with several companies establishing industrial trial facilities for its production [12]. - The China Petroleum and Chemical Corporation announced successful advancements in reactor heat control and polymer stability, leading to the development of a thousand-ton/year solution method for high-end elastomers [13]. Group 5: Future Directions - Future developments in POE materials are expected to focus on sustainability and multifunctionality, including the creation of bio-based, biodegradable, and recyclable POE products, as well as enhancements through the incorporation of nanoparticles and fibers [14].

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the rapid development of the tokenization industry in the US stock market, driven by regulatory improvements and increased participation from traditional financial institutions [2][4]. - The virtual asset trading services in Hong Kong are expanding, with over 41 financial institutions upgrading to the 1st license and more than 40 asset management firms upgrading to the 9th license [4][6]. Core Insights and Arguments - **Tokenization Technology Routes**: Three main technology routes for tokenization in the US market are identified: 1. Third-party issuance with exchange access, where crypto exchanges facilitate trading [5]. 2. Licensed brokers building their own chains for self-issuance, suitable for stricter regulatory environments [5]. 3. Contract for difference (CFD) methods allowing users to trade without holding physical stocks [5]. - **Market Potential**: The IT transformation space for virtual asset trading systems in Hong Kong is estimated to be between 30 billion to 180 billion RMB, indicating significant growth potential [6]. - **Beneficiaries of Virtual Assets**: Key beneficiaries of the rapid development of virtual assets include stablecoin issuers, cryptocurrency exchanges, and companies involved in RWA (Real World Asset) services, such as Langxin Group and cross-border payment firms [7]. - **AI Infrastructure Growth**: Companies like NVIDIA are experiencing significant growth in AI infrastructure, with the GB200 series reaching peak production and the GB300 series expected to contribute to revenue growth [9][10]. Additional Important Content - **Liquid Cooling Technology**: The adoption of liquid cooling technology is expected to rise significantly, with projections indicating high penetration rates in both overseas and domestic markets by 2026-2027 [11][12]. - **Impact of US-Vietnam Tariff Agreement**: The US-Vietnam tariff agreement is seen as beneficial for consumer electronics companies like Luxshare Precision, with lower tariffs than expected [13][14]. - **Market Sentiment on Supply Chain Companies**: The market sentiment towards supply chain companies, particularly those linked to Apple, is currently low due to uncertainties in tariffs and shipment expectations [15]. - **Emerging Opportunities in the Gaming Industry**: The gaming industry is experiencing a resurgence, driven by favorable EPS and PE trends, with companies like NetEase and 37 Interactive Entertainment showing strong potential [25][26]. - **Investment Opportunities in Small Cap Companies**: Small cap companies in the Hong Kong market, such as IGG and Youyi Time, are highlighted for their strong cash flow and low valuations, presenting potential investment opportunities [29][30]. - **Future of Liquid Cooling and Power Supply**: The transition from traditional cooling methods to liquid cooling in GPU servers is emphasized, with significant changes expected in power supply requirements as server power consumption increases [34][35][37]. This summary encapsulates the key points discussed in the conference call, providing insights into the evolving landscape of the tokenization industry, virtual asset trading, AI infrastructure, and emerging opportunities across various sectors.

公司功率器件产品包 括STD系列、FR系列、HER系列、SF系列、SKY系列、ZENER系列、光伏旁路轴 式系列、光伏旁路模块系列、光伏旁路贴片系列、功率MOS系列等，按领域主要分为消费电子、新能 源和车规电子三类，目前以新能源和消费电子类产品为主，车规电子类产品处于验证中。 在消费电子领域，钜芯科技在不断进行技术积累迭代的同时保持对功率器件市场的敏锐度，在对现有市 场深耕的同时积极进行新产品的开发和推广，目前公司已推出新型功率器件GBU、TO-252、TO-220等 型号产品，应用于电动工具、安防、充电桩、智能电 网等领域，产品已应用于美的、格力、 格兰仕等 大型白色家电生产厂商，未来公司新型功率器件产品营收规模将会增长。 在新能源领域，公司主要客户包括快可电子、通灵股份、泽润新能、人和光伏、中环赛特、晶科光伏等 光伏接线盒厂，公司产品已广泛应用于天合光能、晶澳科技、隆基绿能、晶科能源、通威股份、正泰新 能等主流光伏组件厂，并建立深度合作关系。在车规产品开拓方面，公司已通过IATF-16949体系认证， 且部分MOSFET产品已通过AEC-Q101产品认证。 近日，北交所正式受理了安徽钜芯半导体科技股份有限 ...

极米科技 20250627 摘要 极米科技国内市场毛利率约为 30%，海外市场更高，近期已接近 45%。毛利率提升主要得益于 TI DLP 芯片价格下降 40%及光机结构方 案设计迭代和零部件国产化替代。 国内市场需求承压，但利润端持续好转，规模保持稳定。海外市场持续 增长，欧洲市场去年收入 6 亿人民币，增速超 40%，美国市场收入近 2 亿人民币，增速相近。日本市场因渠道调整拖累海外整体增长，海外市 场增速约为 20%以上。 车载业务聚焦智能座舱和智能大灯，已与华为智选车合作落地，预计今 年贡献 3-4 亿人民币收入。目前车载业务处于投入期，预计收入达 10 亿人民币左右时实现稳定盈利，目标后年毛利率达 20%，净利率达 10%左右。 商用投影业务 6 月底量产，7 月开始出货，目标占据国内 100 亿人民币 商用市场 10%-20%份额。前期规划两款商用 SKU，亮度分别为 5,000 流明和 8,000-10,000 流明，预计今年实现数千万人民币收入，毛利率 预计 40%-50%，规模化后稳态净利率目标 15%-20%。 Q&A 极米科技家用产品线的毛利率结构如何，以及国内外市场的毛利率表现是否存 ...

Core Insights - Adobe's AI applications, particularly the Agentic AI, are in the early stages but are expected to be a key differentiator in its "AI + Creative Software" cloud product lineup [1][3] - The company has seen a strong rebound in growth due to the integration of generative AI into its core creative software products, such as Photoshop and Illustrator [1][2] - Adobe's "AI family" has been utilized over 24 billion times, generating significant AI content, which is driving sales growth [2] Group 1: AI Integration and Market Position - Adobe has significantly invested in generative AI, launching the Firefly series and embedding it into its core products, which has become a core engine for sales growth [2] - The AI applications are designed to automate repetitive tasks and provide real-time insights, enhancing decision-making capabilities [2][3] - The company is expanding its AI capabilities with new applications like Audience Agent and Content Production Agent, which are expected to enhance its competitive edge in the creative software market [3][4] Group 2: Strategic Partnerships and Differentiation - Adobe is forming tighter integrations with major enterprise partners like Amazon AWS and Microsoft Azure, which will enhance the penetration of its AI applications in various business functions [4] - The company collaborates with approximately 22,000 enterprise clients, allowing it to build diverse workflows for different metadata uses [4] - Key differentiators for Adobe include its extensive enterprise user base, a large legal copyright data stack, and a unique creative application ecosystem [4] Group 3: Growth Projections and Valuation - Morgan Stanley has reiterated a bullish outlook on Adobe, projecting a target price of $510, with a bull case reaching $780, indicating significant upside potential [5][6] - The current valuation of Adobe is approximately 17 times future earnings, which is considered attractive within the industry [6] - Analysts expect that as AI applications penetrate more deeply and pricing adjustments take effect, Adobe's revenue growth is likely to improve significantly in the latter half of the year and into fiscal 2026 [6]