端侧算力芯片：看好海外大模型带动产业链公司受益，以及NPU技术路径创新开拓新应用场景 （1）海外链：从海外科技巨头来看，端侧AI的战略地位正快速抬升并进入全面落地阶段。谷歌将模型 集成到搜索、Gmail、Android等核心产品中，并结合其既有硬件终端布局，形成从云端到端侧的体系化 协同。整体看，海外链端侧AI需求的确定性增强，有望驱动SoC厂商在新一代轻量化大模型终端中实现 结构性突破。（2）NPU协处理器：端侧模型升级催生硬件架构向专用协处理器演进。以瑞芯微为代表 的厂商正率先推出面向端侧AI的协处理器创新方案，端侧算力协处理器系列芯片内置大算力NPU和高 带宽嵌入式DRAM，能够较好地满足端侧模型部署的算力、存力、运力三者动态平衡需求。 存储：板块本身为强周期板块，本轮周期自25Q2持续上行，有望持续至26年全年 参考DRAM指数，2025年9-11月合计上涨101%，而NAND指数同期亦上涨79%。目前各CSP厂为保证服 务器的正常出货，均加大对存储产品的采购，且由于其对存储价格不敏感，推动存储价格涨幅持续超预 期，造就"超级周期"。25Q3前五大存储厂企业级存储营收合计逾65.4亿美元，环比增长28 ...

Core Viewpoint - The iPhone 17 Pro has made significant improvements in imaging experience compared to its predecessors, but it has removed the night mode feature in portrait mode, which was previously available in earlier models [1][3]. Group 1: Camera Features - The iPhone 17 Pro features a new "Center Stage" front camera and an upgraded rear triple-camera system with 48 million pixels, along with new software functionalities like "Dual Capture" [3]. - Users have reported the absence of the night mode feature in portrait mode, which was a popular function for low-light portrait photography [3][6]. - Since 2020, all Pro series models have supported night mode in portrait photography, making the removal in the iPhone 17 Pro an unusual decision [6]. Group 2: User Impact - The lack of night mode in portrait mode may lead to a downgrade in functionality for users who heavily rely on this feature when upgrading to the iPhone 17 Pro [6]. - If user feedback is strong enough, the company may consider reintroducing the feature through a software update in the future [6].

该公司表示，此次软件更新不会减慢iPhone 15 Pro的新A17 Pro芯片速度。 一些早期的iPhone 15 Pro用户报告称他们的iPhone有过热问题。苹果上周六将此归咎于Uber、Instagram 和部分游戏等应用程序，以及iPhone软件本身的漏洞。苹果称，新设备的设置可能会使处理器过度工 作，导致机身过热。 苹果周三发布软件更新，以解决iPhone 15 Pro系列部分早期购买者反映的机身过热问题。 苹果称，此次更新"提供了重要的错误修复和安全更新，解决了可能导致iPhone运行温度高于预期的问 题。"该更新还适用于旧款iPhone和iPad。 ...

在将显示器熔化到金属外壳的过程中， LG生产的显示器未能通过可靠性测试。苹果正在调整显示屏的 设计，以便通使其过测试，而且该公司仍然可以使用三星的显示器进行组装。 这个制造问题或将对iPhone 15 Pro和Pro Max造成严重的冲击，导致许多消费者难以在第一时间购买到 新设备。 至少有一款iPhone机型出现供不应求的情况在此前也曾多次发生过，而且也曾出现过 iPhone机型全部售 完，人们要等待几个月才能看到苹果提高产量、满足需求的情况。在这种情况下，苹果可能的利润率可 能会受到一定的影响，其假日季度收入将低于预期。 据报道，苹果在iPhone 15 Pro和Pro Max的显示屏的生产上遇到了困难，这可能会导致九月份新机上市 的时候设备数量受限。 据悉，iPhone 15 Pro系列将比iPhone14 Pro机型的边框更薄，正是边框尺寸的减小造成了问题。 苹果的供应商正在使用一种新的显示器制造工艺来缩小面板尺寸，这给 LG Display公司带来了问题。苹 果在2019年也遇到过类似的问题，那就是Apple Watch Series 7的显示屏尺寸增加了，导致这款设备的上 市时间被延迟了一个月。 ...

Core Insights - The article discusses the differences between JD's self-operated stores and official flagship stores, highlighting their operational models, pricing strategies, and customer service experiences [1][3][15] Group 1: Operational Models - JD's self-operated stores purchase and sell products directly, managing inventory and logistics through their own system, ensuring fast delivery and standardized service [3][4] - Official flagship stores are managed by brand owners, who control the sales and inventory, leading to potential variations in product authenticity and service quality [3][5] Group 2: Pricing Strategies - Pricing varies significantly between the two types of stores; JD's self-operated stores often offer lower prices for electronics due to bulk purchasing, while official flagship stores may have better deals on apparel due to flexible pricing strategies [4][8] - A comparison of 50 popular products revealed that pricing advantages fluctuate based on product type and brand collaboration with JD [4][8] Group 3: Customer Service - JD's self-operated stores provide standardized customer service, including policies like "7-day no-reason return" and "30-day price protection," which are consistently enforced [4][5] - Customer service in official flagship stores can be inconsistent, with some brands offering excellent support while others may have slower response times [5][9] Group 4: Logistics and Delivery - JD's self-operated stores utilize JD Logistics, ensuring fast and reliable delivery, especially in major cities where same-day delivery is common [7][8] - Official flagship stores may use various logistics providers, leading to variability in delivery speed and service quality [7][8] Group 5: Product Quality and Promotions - JD's self-operated products undergo quality checks, reducing the likelihood of counterfeit goods, while official flagship stores may offer exclusive or limited-edition items [8][11] - Promotional strategies differ, with JD's self-operated stores aligning with major sales events, while official flagship stores may have unique promotions at different times [8][12] Group 6: Consumer Decision-Making - Consumers are advised to consider product type, price sensitivity, service needs, and purchase frequency when choosing between the two store types [9][12] - Observing price fluctuations and promotional activities can help consumers make informed purchasing decisions [9][11] Group 7: Industry Trends - The lines between JD's self-operated and official flagship stores are blurring as brands adopt direct supply models, leading to more unified pricing and service standards [11][12] - The rise of new retail models emphasizes the integration of online and offline services, enhancing the overall shopping experience for consumers [12][13]

Group 1 - The article discusses issues related to Apple's Trade In program in China, highlighting consumer complaints about the program's execution and transparency [1][2][8] - A specific case is mentioned where a consumer attempted to trade in an iPhone 14 Pro for a discount of 2900 RMB on a new iPhone 17 Pro Max, but Apple later claimed the device had "external repairs," resulting in a discount of 0 RMB [1][6][12] - The article points out that the definition of "external repairs" in Apple's terms is vague, leading to accusations of violating consumer rights and unfair business practices [8][12][16] Group 2 - Multiple consumers have reported similar experiences, indicating that this issue is not isolated, with many claiming their devices were also denied trade-in value without clear justification [12][13][16] - There are discussions in the comments section suggesting that consumers may have the option to request the return of their devices if they disagree with the trade-in terms, although some users report that their devices were not returned [9][10][12] - The article notes a perception of double standards in Apple's treatment of Chinese consumers compared to those in Western markets, raising concerns about corporate ethics [1][8]

Core Viewpoint - The iPhone Air is not discontinued; rather, it is in a temporary halt of metal component production due to sufficient existing inventory to meet current orders. Apple plans to resume production after accumulating more orders [4][5]. Sales Expectations - Initial sales expectations for the iPhone Air were low, with internal estimates around one million units, compared to tens of millions for the iPhone 17 standard and Pro versions [5]. Technical Exploration - The iPhone Air serves as a platform for Apple's future technological explorations, focusing on materials, design, and miniaturization of components, rather than solely testing for foldable screens [11][56]. Material and Design Innovations - The iPhone Air is the only model this year to utilize grade 5 titanium, which enhances strength, heat resistance, and durability compared to pure titanium [15][18][21]. - The device features a unique stacking design that optimizes internal space, allowing for a larger battery while maintaining structural integrity [24][26]. Component Miniaturization - The iPhone Air employs a dual-layer stacked motherboard, significantly reducing thickness and weight while maintaining high processing power, indicating potential applications in wearable technology [42][46]. - The use of System-in-Package (SiP) technology allows for higher integration and performance in a smaller footprint, reflecting a shift in Apple's design philosophy towards prioritizing compactness and efficiency [46][52]. Future Directions - The iPhone Air embodies Apple's commitment to innovative design and future technology, hinting at aspirations for a more integrated and advanced device, potentially resembling a transparent iPhone [56][58].

Product & Pricing - Apple is now offering the iPhone 15 Pro at its lowest-ever price [1]

DEX Volume Analysis - Avalanche's 30-day DEX volume exceeds $13 billion [1] Comparative Analysis - $13 billion is equivalent to 208 million iPhone 15 Pros [1] - $13 billion is equivalent to 365 billion Big Macs [1] - $13 billion is equivalent to 259400 Tesla Cybertrucks [1] - $13 billion is equivalent to 419 billion Starbucks lattes [1] - $13 billion is equivalent to 310 Falcon 9 rocket launches [1]

Core Viewpoint - Flashback Technology is attempting its third IPO on the Hong Kong Stock Exchange despite consecutive years of losses, with a cumulative loss of 337 million RMB over four and a half years [1][2]. Financial Performance - Flashback Technology's revenue from 2021 to 2025 is projected to grow from 750 million RMB to 1.3 billion RMB, but the company has not achieved profitability, with losses ranging from 24.6 million RMB to 99.1 million RMB during the same period [3][4]. - The company's gross margin has decreased significantly from 8.2% in 2021 to 4.8% in 2024, although it slightly improved to 6.3% in the first half of 2025 [5][6]. Market Position - Flashback Technology is the third-largest mobile phone recycling service provider in China, holding a market share of approximately 1.3%, which is significantly lower than its competitors, Aihuishou and Zhuanzhuan, with market shares of 9.1% and 8.4% respectively [3][4]. Business Model and Challenges - The company's business model relies heavily on partnerships with upstream suppliers for low-cost procurement of used phones, which poses risks if relationships deteriorate [8]. - Flashback Technology faces high sales costs, which have nearly doubled from 688 million RMB in 2021 to 1.235 billion RMB in 2024, leading to a situation where sales costs are almost equal to revenue [5][6]. Cash Flow and Liabilities - The company has reported negative cash flow from operating activities for four consecutive years, with net cash outflows ranging from 6.4 million RMB to 47.8 million RMB [13]. - Flashback Technology's current liabilities have increased significantly, reaching 722 million RMB, primarily due to obligations arising from special agreements with investors [12][13]. Future Plans - The proceeds from the IPO are intended to enhance the company's technology and research capabilities, strengthen strategic partnerships with suppliers, and expand marketing efforts to increase sales and profit margins [14].