华为天工铰链引领折叠革命，国产供应链抢占近百亿市场

Core Insights - Huawei launched its second-generation foldable smartphone, Mate XTs, on September 4, with a starting price of 17,999 yuan, which is 2,000 yuan lower than its predecessor [1] - The Mate XTs features the Kirin 9020 chip and HarmonyOS 5.1, introducing PC-level multi-window interaction and professional application adaptation [1] - The innovative Tian Gong hinge system allows the phone to be only 12.8mm thick when folded and 3.6mm when unfolded, significantly enhancing its portability and durability [1][2] Hinge Technology Breakthrough - The Tian Gong hinge system represents the highest level of current foldable screen hinge technology, utilizing a dual-track linkage structure and integrating embedded linkages and sliding arc arms [2] - The hinge's material innovation includes the use of "liquid metal + ultra-light carbon fiber" for mass-produced main load-bearing components, reducing the number of parts from 138 to 87 and thickness by 0.9mm [2] - Manufacturing precision is enhanced through liquid metal micro-gears that automatically correct manufacturing errors, ensuring a flatness of ≤0.3mm at 180° [2] Opportunities in Hinge Industry - The value of hinges in foldable devices is increasing with technological upgrades, with the hinge value of Huawei's foldable smartphone estimated at around 1,000 yuan [3] - The global foldable smartphone shipment is expected to exceed 30 million units by 2025, with foldable models potentially accounting for 15%, leading to a doubling of unit value and creating a nearly 10 billion yuan incremental market [3] Supply Chain Overview - The upstream supply chain for the hinge industry includes key suppliers of essential materials, such as liquid metal suppliers like Yian Technology and Changzhou Shijing, which provide materials that enhance mechanical strength and durability [4] - The midstream consists of specialized hinge assembly companies that process and assemble various materials into finished hinges, including international giants and domestic manufacturers [4] - The downstream includes major foldable smartphone brands like Samsung, Huawei, Xiaomi, Vivo, and OPPO, which integrate hinges with flexible screens and other core components to meet diverse market demands [5] Market Dynamics - In the first half of 2025, China's foldable smartphone market is projected to reach 4.98 million units, with a year-on-year growth of 12.6%, and Huawei holds a dominant 75% market share [5] - The competitive landscape is expected to intensify with Samsung's upcoming three-foldable phone and Apple's planned entry in 2026, driving further innovation in hinge technology [5] - Domestic supply chain companies are positioned as essential players in global consumer electronics innovation, focusing on developing lighter, more durable hinge designs that support unlimited folding capabilities [5]