Group 1 - The core viewpoint of the article highlights Apple's significant upward revision of its foldable iPhone shipment forecasts, indicating strong expectations for the new product's potential popularity [1] - Apple's revised shipment estimates for foldable iPhones are now projected to be 8-10 million units in 2026 and 20-25 million units in 2027, up from previous estimates of 6-8 million and 10-15 million units respectively [1] - Foldable smartphones are emerging as a key innovation in consumer electronics, gradually penetrating from the high-end market to mainstream consumer groups [1] Group 2 - According to TrendForce, global shipments of foldable smartphones are expected to reach 17.8 million units in 2024, with projections of growth to 70 million units by 2027, representing a CAGR of 57.8% from 2024 to 2027 [1] - Analysts believe that Apple's accelerated entry into the foldable smartphone market is likely to drive rapid growth in foldable smartphone shipments and lead to innovation upgrades in the foldable supply chain [1] - There is optimism regarding core incremental segments such as foldable UTG cover glass and hinges, as well as new technologies like liquid metal and 3D printing [1]

Core Insights - Huawei launched the Mate XTs extraordinary master and new all-scenario products on September 4, showcasing its latest foldable smartphone with significant performance improvements [1] - The Mate XTs features the Kirin 9020 chip and HarmonyOS, achieving a 36% overall performance enhancement [1] - The launch marked the return of the Kirin chip after four years, generating excitement among attendees [1] Product Details - The Mate XTs is available in three versions, priced at 17,999 yuan, 19,999 yuan, and 21,999 yuan, with sales starting on September 12 [1] - The device is part of a broader ecosystem, with over 14 million devices now supporting HarmonyOS 5 [1] - More than 50 devices, including the Mate 70 and Mate X6 series, are compatible with the HarmonyOS 5.1 upgrade [1] Market Performance - According to IDC, China's foldable smartphone shipments are projected to reach 4.98 million units in the first half of 2025, representing a year-on-year growth of 12.6% [1] - Huawei achieved a record high with a shipment of 3.74 million units, capturing 75% of the market share [1] - Since launching its first foldable smartphone in 2019, Huawei has become the first Chinese brand to surpass 10 million cumulative shipments [1]

Group 1 - Huawei launched its second foldable smartphone, Mate XTs, with a starting price of 17,999 yuan, featuring the Kirin 9020 chip and a 36% performance improvement [3] - The global smartwatch shipment increased by 8% year-on-year in Q2 2025, with Huawei surpassing Apple for the first time in shipments [17] - The global foldable smartphone market saw a 45% year-on-year growth in Q2 2025, driven by strong demand in China and the US [19] Group 2 - Armani's founder, Giorgio Armani, passed away at the age of 91, marking a significant loss for the luxury fashion industry [5] - ByteDance reported the dismissal of 100 employees in Q2 for violating company policies, with 18 facing serious allegations [6] - Rivian is undergoing layoffs, affecting less than 1.5% of its workforce, as it prepares to launch a more affordable SUV [12] Group 3 - DeepSeek is developing an advanced AI model with improved agent capabilities, aiming to compete with US counterparts [7] - Tesla has opened its Robotaxi application to the public, indicating a broader rollout of the service [11] - Amazon completed the acquisition of Indian online financial platform Axio, enhancing its credit coverage in India [11] Group 4 - Cambricon's stock fell over 13%, resulting in a market value loss of more than 69.4 billion yuan [6] - Xiaohongshu's valuation surged by 5 billion USD in three months, reaching 31 billion USD, reflecting strong market confidence [6] - ZhuiMi Technology reported that its revenue for the first half of 2025 has already surpassed its total revenue for 2024 [10] Group 5 - Honeywell's quantum computing subsidiary, Quantinuum, completed a 600 million USD financing round, achieving a valuation of 10 billion USD [12] - The first batch of Tesla Model Y L vehicles produced at the Shanghai Gigafactory has been delivered [10] - The mini version of Labubu saw a price drop of 10% to 30% within a week of its online sale [7]

Market News - The three major U.S. stock indices closed higher, with the Dow Jones up 0.77%, S&P 500 up 0.83%, and Nasdaq up 0.98% [1] - Western Digital rose over 5%, Micron Technology rose over 4%, and large tech stocks strengthened, with Amazon up over 4% and Tesla up over 1% [1] - Chinese concept stocks mostly declined, with the Nasdaq Golden Dragon China Index down 1.11%, Alibaba down over 4%, NIO down over 3%, and XPeng down over 2% [1] - International precious metal futures generally fell, with COMEX gold futures down 0.91% at $3602.40 per ounce and COMEX silver futures down 1.77% at $41.32 per ounce [1] - International oil prices collectively fell, with WTI crude down 0.98% at $63.34 per barrel and Brent crude down 1.11% at $66.85 per barrel [1] - European stock indices closed mixed, with Germany's DAX up 0.74%, France's CAC40 down 0.27%, and the UK's FTSE 100 up 0.42% [1] Industry Insights - A surge in overseas demand has triggered a "buying spree" for energy storage cells, marking a chain reaction in the global energy landscape [2] - In North America, the market is driven by both large-scale and commercial storage [2] - In Europe, countries like Germany and Italy have seen household storage penetration rates exceed 25%, with a significant increase in new installations [2] - In the first half of 2025, Europe is expected to add 12 GWh of new storage capacity, a 210% year-on-year increase, with household storage accounting for over 60% [2] - The demand for Chinese energy storage cells is surging, with exports expected to reach 85 GWh in the first half of 2025, a 280% increase year-on-year, capturing over 75% of the global market [2] - The small storage cell market is experiencing rapid growth, with global shipments reaching 21.65 GWh in the first half of 2025 [2] - The North Star industry in China is projected to reach a total output value of 500 billion to 600 billion yuan by 2025, with a compound annual growth rate exceeding 10% [4] - Huawei's Mate XTs foldable smartphone was launched at a starting price of 17,999 yuan, featuring the Kirin 9020 chip and Harmony OS [5] - In the first half of 2025, China's foldable smartphone shipments reached 4.98 million units, a 12.6% year-on-year increase, with Huawei capturing 75% of the market share [5] - Apple plans to launch its first foldable iPhone in 2026, which is expected to accelerate the growth of the foldable smartphone market [6]

Group 1 - Huawei continues to strengthen its position in the foldable smartphone market, launching the Mate XTs Master Edition with a starting price of 17,999 yuan and featuring the Kirin 9020 chip, which enhances overall performance by 36% [1][4] - According to IDC, Huawei achieved a record 75% market share in China's foldable smartphone segment, with 3.74 million units shipped in the first half of 2025, marking a 12.6% year-on-year growth [1][7] - The foldable smartphone market is becoming increasingly competitive, with major players entering the space, and Huawei being the first Chinese brand to surpass 10 million cumulative shipments since its first foldable phone launch in 2019 [1][7] Group 2 - The Mate XTs Master Edition features a 10.2-inch display with a 3K resolution and a thickness of only 3.6 mm, utilizing advanced hinge technology to reduce thickness [4][6] - The device is equipped with HarmonyOS 5.1, enhancing large-screen interaction and productivity applications, allowing seamless integration with PC applications and supporting multi-window functionality [5][6] - The global foldable smartphone market is projected to reach approximately 19.83 million units by 2025, with China expected to account for 947 million units, maintaining a 75% market share for Huawei [7][8] Group 3 - The industry is shifting focus from hardware innovation to software ecosystems and cross-platform collaboration, with an emphasis on large-screen applications and AI integration as new growth points [8] - The competitive landscape is evolving, with companies needing to build mature large-screen application ecosystems to gain a competitive edge in the high-end market [8] - As hardware innovation slows, software upgrades are becoming the key factor in market competitiveness, leading the foldable industry into a new phase defined by "software defining hardware" [8]

Core Viewpoint - Huawei has launched the Mate XTs, the world's second commercial three-fold smartphone, at a price that is 2000 yuan cheaper than its predecessor, marking its first simultaneous sale through instant retail channels [1][7]. Group 1: Product Features - The Huawei Mate XTs is equipped with the Kirin 9020 chip, enhancing overall performance by 36% [2]. - The device features advanced camera technology, including an upgraded RYYB sensor and a 40% increase in light intake, with a new red maple color camera that improves color accuracy by 120% [3]. - The Mate XTs integrates PC-level applications, allowing for multi-document processing and a HarmonyOS 5.1 upgrade across over 50 devices [2][3]. Group 2: Market Position - Huawei leads the domestic smartphone market with a 75% share in the foldable phone segment, achieving a record high of 374,000 units shipped in the first half of 2025 [4]. - The foldable screen market is experiencing significant growth, with a 45% year-on-year increase in Q2 2025, and Huawei's market share rising from 32% to 45% [4]. - The global foldable smartphone market is projected to reach approximately 19.83 million units in 2025, with China maintaining over 40% of the market share [5]. Group 3: Competitive Landscape - Samsung is set to release its first three-fold smartphone, the Galaxy Z TriFold, later this month, with a significantly reduced initial production estimate of 50,000 units [5]. - The industry is moving towards a "software-defined hardware" phase, with more manufacturers expected to enter the three-fold and wide-fold segments [6].

Macro News - The State Council Office released opinions on unleashing the potential of sports consumption, aiming for the sports industry to exceed 7 trillion yuan by 2030 [1][3] - The Ministry of Commerce announced the first anti-circumvention investigation in China, targeting imports of specific optical fiber products from the U.S., with measures to be implemented by September 2025 [1] - To maintain ample liquidity in the banking system, the People's Bank of China will conduct a 10 trillion yuan reverse repurchase operation on September 5, 2025, with a term of 3 months [1] Industry News - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued a growth action plan for the electronic information manufacturing industry for 2025-2026, focusing on CPU and AI chip development [2] - Agricultural Bank's market capitalization reached 2.55 trillion yuan, surpassing Industrial and Commercial Bank's 2.49 trillion yuan, marking it as the "market cap champion" in A-shares [2] - Huawei launched its Mate XTs foldable smartphone featuring the Kirin 9020 chip, marking the first public display of Kirin chips in four years [2] - UBS highlighted two key trends in China's AI development: significant progress in AI monetization and accelerated localization of chip production [2] Global Market - U.S. stock markets rose, with the S&P 500 index up 0.83%, driven by weaker-than-expected labor market data that bolstered interest rate cut prospects [6] - International oil prices fell due to market concerns over potential supply increases from OPEC+ [7] Investment Opportunities - The tourism sector is experiencing a resurgence, with significant growth in travel data during the summer and expectations for continued momentum into the upcoming holidays [14] - Apple has raised its shipment expectations for foldable iPhones, indicating strong market potential for this product category [15]

Group 1: Computing Power Sector - The computing power sector experienced a downward trend today, with no significant negative news in the fundamentals, but rather positive developments such as Google's negotiations with computing power rental companies regarding TPU collaboration [3][5] - Google's Ironwood TPU (TPU v6) is set to begin mass production in the second half of 2025, with a peak FLOPS performance improvement of approximately 10 times compared to TPU v5p and a 5.6 times improvement in efficiency [6][7] - A recommendation is made to focus on the computing power sector through methods like dollar-cost averaging and diversified investments, particularly in communication ETFs (515880) and the ChiNext AI ETF (159388) [3][7] Group 2: Gold Market - The gold market is supported by a weakening dollar credit and a significant possibility of interest rate cuts by the Federal Reserve in September, with historical data showing gold prices rising in 7 out of 10 past rate cut cycles since 1980 [9][10] - The recent dismissal of Federal Reserve Governor Lisa Cook by President Trump has raised concerns about the independence of the Fed and potential impacts on monetary policy, which could lead to market volatility and inflation fears [9][10] - The recommendation is to continue monitoring gold ETFs (518800) and gold stock ETFs (517400) as the investment value of gold strengthens amid geopolitical uncertainties [9][10] Group 3: Consumer Electronics - The consumer electronics sector is entering a traditional peak season, with Huawei launching the MateXTs foldable phone priced from 17,999 yuan, featuring the Kirin 9020 processor [4][12] - Apple is expected to unveil the iPhone 17 series, including a new Air model, during a press conference, with significant design and hardware upgrades anticipated [12][13] - The foldable phone market is projected to see Huawei capturing a 75% market share by mid-2025, with other brands like Vivo, Xiaomi, Honor, and Samsung competing for the remaining share [12][14]

Core Insights - Huawei officially launched the new generation of its foldable flagship, HUAWEI Mate XTs, which integrates PC-level applications and interactions into a mobile device, powered by HarmonyOS 5.1 and the new HUAWEI M-Pen 3, enhancing productivity across various scenarios [1][3] Group 1: Product Features - The HUAWEI Mate XTs is the world's first commercial three-fold smartphone, featuring a unique hinge system and a large screen that redefines high-end foldable standards [1][5] - The device supports PC-level applications, allowing for multi-document editing with WPS, financial analysis with Wind terminal, and professional drawing tools [3] - It includes a 5600 mAh battery, 50W wireless fast charging, and an upgraded camera system with a ten-stop variable aperture [4] Group 2: Market Position and Strategy - Since the launch of the first Mate X in 2019, Huawei has led foldable screen innovation, with projections indicating that Huawei will capture 75% of the Chinese foldable screen market by mid-2025 [5][6] - The Mate XTs is set to be available for pre-sale on September 4, with a retail price starting at 17,999 yuan, and offers various customer service benefits [6]

9月4日14:30，华为举办"华为Mate XTs非凡大师及全场景新品发布会"。在发布会上，华为三折叠屏手 机Mate XTs非凡大师正式发布，售价为17999元至21999元，将于9月12日正式开售。 售价17999元起，搭载麒麟芯片 华为常务董事、终端BG董事长余承东宣布，华为三折叠屏手机Mate XTs非凡大师搭载麒麟9020芯片和 鸿蒙5.0系统。这是时隔4年之后，华为麒麟芯片首次公开展示。此外，余承东宣布鸿蒙5.0系统设备数突 破1400万。 在摄像头模组及光学元件方面，欧菲光、联创电子、晶方科技此前均为华为手机供应商。 从价格来看，Mate XTs非凡大师起售价为17999元（16GB+256GB），512GB版本售价为19999元，1TB 版本售价为21999元。该手机将于9月4日18点08分开启预售，在9月12日10点08分正式开售。 "三折叠能超越华为的只有华为。"余承东表示，Mate XTs屏幕采用最大10.2寸的华为临境显示3K大屏， 使用天工铰链系统，双轨联动，达到极致纤薄的效果，材质方面，采用了航天级的特种钢，超精密屏幕 加工；摄像头方面，搭载XMAGE红枫原色和潜望式长焦；传送速度 ...