<p><em>图片：作者生成</em></p>
<p>全球智能手机市场目前呈现出两个引人入胜且看似矛盾的叙事。在一方，你有全球巨头 <strong>苹果</strong> AAPL，在中国这个复杂而充满挑战的环境中航行。另一方面，你有一个大多数人未曾听闻的中国冠军 <strong>传音</strong> (688036.SH)，在征服非洲后，现在发现自己需要抵御国内竞争对手的挑战。它们的故事共同描绘出激烈竞争、不断变化的消费者口味以及强大的经济民族主义潮流的生动画面。</p>
<p>苹果在中国的表现不佳，连续两年的销售下滑形成了一个巨头失去控制的叙事。然而，该公司的最新季度报告却带来了希望的曙光，显示其大中华区销售同比增长 4.3%，这是很久以来的首次。这似乎与行业追踪机构 IDC 的数据相矛盾，后者显示苹果在大陆的出货量仍然下降，尽管降幅仅为 1.3%，而整体市场萎缩了 4%。这种细微差别在于指标：苹果按收入报告，而 IDC 则跟踪出货量。苹果在中国东北城市大连首次关闭零售店的消息也增加了这种混合信号。</p>
<p>我们认为，将这些事件孤立来看是一个错误。苹果面临的挑战是影响许多全球品牌在中国的更广泛趋势的症状。中国经济的表现不如以往，消费者在疫情结束后仍然保持谨慎。随着失业、薪资削减和奖金消失，消费者在像 iPhone 这样的高端产品上的可支配支出变得更加困难。此外，消费者偏好向国内品牌的转变是不可否认的。这种爱国消费在各个行业中都很明显，从电动车到服装，确实促进了本土手机制造商如 <strong>华为</strong>、<strong>小米</strong>(1810.HK) 等的发展。</p>
<p>大连店的关闭虽然引人注目，但不应被过度解读。其他全球零售商也 reportedly 退出了同一购物中心，这表明问题可能更多是关于特定地点的客流量下降——这是过去十年中建造的高端购物中心普遍存在的现象——而不是苹果的战略撤退。</p>
<p>展望未来，苹果并不注定会从中国市场消失。品牌吸引力在经济困难时期可能会减弱，但很少会消失。随着经济的逐步改善——这是政府积极追求的目标——一个全球知名的高端品牌的吸引力将会回归。当其他人都拥有国内手机时，拥有苹果产品的吸引力对许多人来说可能会变得相当强大。值得注意的是，苹果最近的销售反弹部分是由其 Mac 电脑系列推动的，证明其品牌影响力超越了 iPhone。未来几个月将会很关键，但与任何经济数据一样，避免从单一季度或事件中推断过多是明智的。</p>
<h4>一个你未曾听闻的中国巨头面临开创者的困境</h4>
<p>当苹果在高端市场争夺地位时，另一场戏剧正在预算智能手机领域展开，中心是一家名为传音的公司。尽管在中国智能手机制造商中占据主导地位，但由于其专注于发展中市场，尤其是非洲，西方消费者几乎对其一无所知，传音在非洲的市场份额约为一半，旗下品牌包括 Tecno、Infinix 和 Itel。现在，有报道称它正在探索在香港上市，这将使其成为国际投资者与小米并肩的选择。</p>
<p>从投资者的角度来看，传音的故事是一个经典的开创者故事。该公司通过满足市场上较大参与者忽视的基本需求而获得了巨大的成功。非洲是一个人口众多、潜力巨大的大陆，而传音是第一个进入的。然而，开创者往往会背负箭矢。随着经济的发展，消费者的期望发生变化。人们从购买仅仅能用的最便宜产品转向寻求更好的质量和更知名的品牌。</p>
<p>传音面临的挑战是，其领地不再属于自己。其他强大的中国品牌在国内面临激烈竞争和市场饱和，现在正大力进军非洲。这些公司带着更强的品牌影响力、市场营销能力和广告预算而来。我们怀疑这种日益增长的竞争威胁是传音考虑在香港上市的主要原因——为即将到来的竞争筹集资金。我们认为他们将面临艰难的挑战。</p>
<p>这一潜在上市是中国公司在上海或深圳上市后，追求在更国际化的香港市场进行第二次上市的更广泛趋势的一部分。其逻辑是多方面的。它提供了接触不同且更深层次资本池的机会。对于许多现在旨在 “走向全球” 的中国公司来说，香港上市在国际市场上充当了金融锚，增加了可信度和可见性。而且，正如在中国常见的情况一样，一些公司只是跟随一个受到香港证券交易所和中国当局强力支持的热门趋势。</p>
<p>然而，双重上市并不保证成功。虽然像电池制造商 <strong>CATL</strong> (3750.HK) 这样的主要参与者在香港的 IPO 取得了极大的成功，但较小、知名度较低的 “跟风” 公司往往难以吸引资金或在二级市场表现良好。市场对资本的吸收能力是有限的。虽然大型、受人尊敬的公司将继续表现良好，但许多走这条路的小公司可能会发现反响充其量是冷淡的。</p>
<p><em>Benzinga 免责声明：本文来自一位未付的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></p>

苹果

2 倍做多 AAPL ETF - GraniteShares

苹果每日 1 倍做空 ETF - Direxion

苹果每日 2 倍做多 ETF - Direxion

AAPX

AAPY

APLY

<p>全球智能手机市场正在经历截然不同的局面，苹果在中国面临挑战，包括销售下滑和最近的门店关闭，而在非洲占据主导地位的中国品牌传音则考虑在香港上市，以应对日益激烈的竞争。尽管出货量略有下降，苹果在大中华区的销售同比增长了 4.3%，反映了更广泛的经济趋势和消费者偏好向本土品牌的转变。与此同时，传音的潜在上市旨在筹集资金，以应对越来越多进入非洲市场的成熟中国品牌的竞争</p>

<p><em>image: Author generated</em></p>
<div class="lb-trans"><p><em>图片：作者生成</em></p>
</div><p>The global smartphone market currently offers a masterclass of two fascinating, and seemingly contradictory, narratives. In one corner, you have the global titan, <strong>Apple</strong> AAPL, navigating a complex and challenging environment in China. In the other, you have a Chinese champion most have never heard of, <strong>Transsion</strong> (688036.SH), which, after conquering Africa, now finds itself defending its turf from domestic Chinese rivals. Together, their stories paint a vivid picture of intense competition, evolving consumer tastes, and the powerful currents of economic nationalism.</p>
<div class="lb-trans"><p>全球智能手机市场目前呈现出两个引人入胜且看似矛盾的叙事。在一方，你有全球巨头 <strong>苹果</strong> AAPL，在中国这个复杂而充满挑战的环境中航行。另一方面，你有一个大多数人未曾听闻的中国冠军 <strong>传音</strong> (688036.SH)，在征服非洲后，现在发现自己需要抵御国内竞争对手的挑战。它们的故事共同描绘出激烈竞争、不断变化的消费者口味以及强大的经济民族主义潮流的生动画面。</p>
</div><p>Apple has had a rough go in China, with two years of declining sales creating a narrative of a giant losing its grip. The company's most recent quarterly report, however, offered a glimmer of hope, showing its Greater China sales rose 4.3% year-on-year for the first time in a while. This seems to conflict with data from industry tracker IDC, which showed Apple's mainland shipments still fell, though at a modest 1.3% as the broader market shrank by 4%. The nuance lies in the metrics: Apple reports by revenue, while IDC tracks units shipped. Adding to the mixed signals was the news of Apple's first-ever retail store closure in China, in the northeastern city of Dalian.</p>
<div class="lb-trans"><p>苹果在中国的表现不佳，连续两年的销售下滑形成了一个巨头失去控制的叙事。然而，该公司的最新季度报告却带来了希望的曙光，显示其大中华区销售同比增长 4.3%，这是很久以来的首次。这似乎与行业追踪机构 IDC 的数据相矛盾，后者显示苹果在大陆的出货量仍然下降，尽管降幅仅为 1.3%，而整体市场萎缩了 4%。这种细微差别在于指标：苹果按收入报告，而 IDC 则跟踪出货量。苹果在中国东北城市大连首次关闭零售店的消息也增加了这种混合信号。</p>
</div><p>We believe it's a mistake to view these events in isolation. Apple's challenges are symptomatic of broader trends impacting many global brands in China. The Chinese economy is not performing as it once did, and consumers have remained cautious long after the pandemic's end. With job losses, salary cuts and disappearing bonuses, discretionary spending on premium products like an iPhone is a harder sell. Furthermore, there's an undeniable shift in consumer preferences toward domestic brands. This patriotic purchasing is evident across sectors, from electric vehicles to apparel, and has certainly bolstered homegrown phone makers like <strong>Huawei</strong>, <strong>Xiaomi</strong>(1810.HK) and others.</p>
<div class="lb-trans"><p>我们认为，将这些事件孤立来看是一个错误。苹果面临的挑战是影响许多全球品牌在中国的更广泛趋势的症状。中国经济的表现不如以往，消费者在疫情结束后仍然保持谨慎。随着失业、薪资削减和奖金消失，消费者在像 iPhone 这样的高端产品上的可支配支出变得更加困难。此外，消费者偏好向国内品牌的转变是不可否认的。这种爱国消费在各个行业中都很明显，从电动车到服装，确实促进了本土手机制造商如 <strong>华为</strong>、<strong>小米</strong>(1810.HK) 等的发展。</p>
</div><p>The Dalian store closure, while noticeable, should not be over-interpreted. Other global retailers have also reportedly exited the same mall, suggesting the issue may be more about a specific location's declining foot traffic — a common sight amid a glut of high-end shopping malls built over the last decade — than a strategic retreat by Apple.</p>
<div class="lb-trans"><p>大连店的关闭虽然引人注目，但不应被过度解读。其他全球零售商也 reportedly 退出了同一购物中心，这表明问题可能更多是关于特定地点的客流量下降——这是过去十年中建造的高端购物中心普遍存在的现象——而不是苹果的战略撤退。</p>
</div><p>Looking ahead, Apple isn't destined to disappear from the Chinese market. Brand appeal may diminish during economic hardship, but it rarely vanishes. As the economy eventually improves — a goal the government is aggressively pursuing — the allure of a premium, globally recognized brand will return. When everyone else has a domestic phone, the appeal of owning an Apple product can become quite powerful for many. It's also interesting to note that Apple's recent sales rebound was partly driven by its Mac computer line, proving its brand power extends beyond the iPhone. The coming months will be telling, but as with any economic data, it's wise to avoid extrapolating too much from a single quarter or event.</p>
<div class="lb-trans"><p>展望未来，苹果并不注定会从中国市场消失。品牌吸引力在经济困难时期可能会减弱，但很少会消失。随着经济的逐步改善——这是政府积极追求的目标——一个全球知名的高端品牌的吸引力将会回归。当其他人都拥有国内手机时，拥有苹果产品的吸引力对许多人来说可能会变得相当强大。值得注意的是，苹果最近的销售反弹部分是由其 Mac 电脑系列推动的，证明其品牌影响力超越了 iPhone。未来几个月将会很关键，但与任何经济数据一样，避免从单一季度或事件中推断过多是明智的。</p>
</div><h4>A Chinese giant you've never heard of faces a pioneer's peril</h4>
<div class="lb-trans"><h4>一个你未曾听闻的中国巨头面临开创者的困境</h4>
</div><p>While Apple fights for position at the premium end of the market, a different drama is unfolding in the budget smartphone sector, centered on a company called Transsion. Though a dominant force among Chinese smartphone manufacturers, this company is virtually unknown to Western consumers because its focus has been on developing markets, particularly Africa, where it commands roughly half the market with brands like Tecno, Infinix, and Itel. Now, reports suggest it is exploring a Hong Kong IPO, which would make it an option for international investors alongside Xiaomi.</p>
<div class="lb-trans"><p>当苹果在高端市场争夺地位时，另一场戏剧正在预算智能手机领域展开，中心是一家名为传音的公司。尽管在中国智能手机制造商中占据主导地位，但由于其专注于发展中市场，尤其是非洲，西方消费者几乎对其一无所知，传音在非洲的市场份额约为一半，旗下品牌包括 Tecno、Infinix 和 Itel。现在，有报道称它正在探索在香港上市，这将使其成为国际投资者与小米并肩的选择。</p>
</div><p>From an investor's perspective, Transsion's story is the classic tale of a pioneer. The company found immense success by servicing a basic need in a market that larger players were ignoring. Africa is a continent with a huge population and vast potential, and Transsion got there first. However, pioneers often end up with arrows in their backs. As economies develop, consumer aspirations change. People move from buying the cheapest product that simply works to seeking better quality and more established brands.</p>
<div class="lb-trans"><p>从投资者的角度来看，传音的故事是一个经典的开创者故事。该公司通过满足市场上较大参与者忽视的基本需求而获得了巨大的成功。非洲是一个人口众多、潜力巨大的大陆，而传音是第一个进入的。然而，开创者往往会背负箭矢。随着经济的发展，消费者的期望发生变化。人们从购买仅仅能用的最便宜产品转向寻求更好的质量和更知名的品牌。</p>
</div><p>Transsion's challenge is that its turf is no longer its own. Other powerful Chinese brands, facing fierce competition and market saturation at home, are now pushing heavily into Africa. These companies arrive with more brand power, marketing muscle, and advertising dollars. We suspect this growing competitive threat is a primary reason Transsion is considering a Hong Kong IPO — to raise capital for the fight ahead. We believe they are going to have a hard time.</p>
<div class="lb-trans"><p>传音面临的挑战是，其领地不再属于自己。其他强大的中国品牌在国内面临激烈竞争和市场饱和，现在正大力进军非洲。这些公司带着更强的品牌影响力、市场营销能力和广告预算而来。我们怀疑这种日益增长的竞争威胁是传音考虑在香港上市的主要原因——为即将到来的竞争筹集资金。我们认为他们将面临艰难的挑战。</p>
</div><p>This potential listing is part of a broader trend of Chinese companies, already listed in Shanghai or Shenzhen, pursuing a second listing in the more international market of Hong Kong. The logic is multifaceted. It provides access to a different and deeper pool of capital. For the many Chinese firms now aiming to &#34;go global&#34; to escape value-destroying competition at home, a Hong Kong listing serves as a financial anchor in international markets, lending credibility and visibility. And, as is often the case in China, some companies are simply following a popular trend that enjoys strong support from both the Hong Kong Stock Exchange and Chinese authorities.</p>
<div class="lb-trans"><p>这一潜在上市是中国公司在上海或深圳上市后，追求在更国际化的香港市场进行第二次上市的更广泛趋势的一部分。其逻辑是多方面的。它提供了接触不同且更深层次资本池的机会。对于许多现在旨在 “走向全球” 的中国公司来说，香港上市在国际市场上充当了金融锚，增加了可信度和可见性。而且，正如在中国常见的情况一样，一些公司只是跟随一个受到香港证券交易所和中国当局强力支持的热门趋势。</p>
</div><p>However, a dual listing is no guarantee of success. While major players like battery manufacturer <strong>CATL</strong> (3750.HK) have had phenomenally successful Hong Kong IPOs, smaller, lesser known, &#34;me-too&#34; companies often struggle to attract funds or perform well in the secondary market. There's a limit to how much capital the market can absorb. While major, well-regarded companies will continue to do well, many smaller firms following this path may find the reception lukewarm at best..</p>
<div class="lb-trans"><p>然而，双重上市并不保证成功。虽然像电池制造商 <strong>CATL</strong> (3750.HK) 这样的主要参与者在香港的 IPO 取得了极大的成功，但较小、知名度较低的 “跟风” 公司往往难以吸引资金或在二级市场表现良好。市场对资本的吸收能力是有限的。虽然大型、受人尊敬的公司将继续表现良好，但许多走这条路的小公司可能会发现反响充其量是冷淡的。</p>
</div><p><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></p>
<div class="lb-trans"><p><em>Benzinga 免责声明：本文来自一位未付的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></p>
</div>

Apple's China Puzzle And An African Phone Pioneer's Peril

- 苹果在中国市场面临销售下滑，但最近销售回暖 4.3%。  
- Transsion 在非洲市场成功后，正面临国内竞争加剧。  
- 中国公司寻求在香港上市以获取更多资本，竞争压力加大。  

苹果在中国面临的难题以及非洲手机先锋所处的困境