全球智能手机：因内存供应紧张，下调潜在市场总规模增速至 - 6%-Global Smartphones_ Cutting TAM growth to -6 on memory tightness

25 January 2026 | 5:00PM HKT Equity Research Global Smartphones: Cutting TAM growth to -6% / +2% on memory tightness We cut our smartphone TAM in 2026E / 27E to reflect our global tech analysts' changes, given rising memory prices. We reduce our global smartphone volume estimates by 6% / 5% to 1.2bn / 1.2bn in 2026 / 27E, or -6% / +2% YoY (vs. +1% / +1% previously). In the cycle of memory cost increases, we expect high-end smartphones to gain market share as the single material accounts for less percentage ...