3C设备周观点：龙头发力折叠屏市场，华为第二代三折叠手机发布-20250907

Investment Rating - The industry rating is "Outperform the Market" [7][13] Core Insights - Huawei has launched its second-generation foldable smartphone, the Mate XTs, featuring the Kirin 9020 processor and enhanced durability with a 30% increase in impact resistance due to the use of non-Newtonian fluid materials and UTG glass [3][5] - The global foldable smartphone market is expected to see stable growth, with an estimated shipment of approximately 19.83 million units in 2025, reflecting a year-on-year growth of 6.0%. By 2029, shipments are projected to approach 27.29 million units, with a five-year compound annual growth rate (CAGR) of 7.8% [5] - In the first half of 2025, China's foldable smartphone market reached a shipment of 4.98 million units, marking a year-on-year increase of 12.6%, with Huawei capturing a 75% market share by shipping 3.74 million units [5] Summary by Sections Market Developments - Huawei's Mate XTs is the first foldable smartphone with PC capabilities, showcasing advancements in hinge technology and screen durability [3] - Apple is expected to release its first foldable iPhone in the fall of 2026, which will adopt a book-style fold similar to Samsung's Galaxy Z Fold [4] Investment Opportunities - The report suggests focusing on companies involved in foldable screen hinges (e.g., Jingyan Technology, Dongmu Co., Tonglian Precision, Yian Technology, Lingyi Zhi Zao, Kosen Technology) [5] - Other areas of interest include panel equipment, flexible cover lamination equipment, liquid cooling micro pumps, automated assembly equipment, and 3D printing applications [5]