The mobile phone supply chain saw gains against the broader market trend. As of writing, Q TECH (01478) rose 1.54% to HK$8.58; AAC TECH (02018) increased 1.38% to HK$39.76; COWELL (01415) was up 1.03% at HK$27.36. The movement comes amid news of the renewal of the national subsidy policy until 2026. Individual consumers purchasing four types of products—mobile phones, tablets, smartwatches/bands, and smart glasses (with a single-item selling price not exceeding 6,000 yuan)—will receive a subsidy equivalent to 15% of the product's selling price. Each consumer is eligible for a subsidy on one item per category, with a maximum subsidy of 500 yuan per item.

Datong Securities released a research report stating that, overall, future growth in the mobile phone market will depend more heavily on breakthrough technological innovations and effective market stimulus policies. Huaan Securities indicated that AI phones are reshaping the industry, with the overall market expected to maintain moderate growth in 2025, while the competitive focus has shifted to on-device AI capabilities. Mobile operating systems are evolving from mere "app launchers" to "system-level intelligent agents." Innovative products, exemplified by the Doubao phone, are attempting to achieve deep AI integration and cross-application operations. Meanwhile, flagship chips from both the Apple and Android camps continue to enhance NPU computing power, collectively driving the popularization and experience upgrade of on-device AI.