贝恩斯坦：2026年中国智能手机追踪器（5月）：历史新高ASP和库存水平（英文版）

High memory costs pressured all segments. In May, China smartphone sell-through picked up 5% MoM but dropped 20%YoY to 17.3Munits, making 5M26 cumulative shipment fall by 9% YoY. High memory price weighed on all segments with low-, mid-, and high-end segment dropping 38%, 17%, and 5% YoY, respectively. The contribution from entry-level models in the overall shipment mix fell to a record low in May.Historical high ASP ... May ASP rose 24% YoY, a clear acceleration from the mid-teens