Core Viewpoint - Apple is set to release a foldable iPhone with innovative design features, including a punch-hole camera on the external screen and an under-display camera on the internal screen, along with integrated Touch ID on the side button [1][2]. Group 1 - The foldable iPhone's internal display will have a 14.1:10 aspect ratio, while the external display will have a 14.6:10 aspect ratio [1]. - The device is expected to feature a dual rear camera setup and a front camera that can be used in both folded and unfolded states [2]. - The anticipated price range for the first-generation foldable iPhone is between $2000 and $2300, which is approximately 14423 to 16586 Chinese Yuan at current exchange rates [2]. Group 2 - Mass production of the foldable iPhone is projected to begin in Q4 2026, with a release expected by the end of next year [2]. - The design of the external screen's punch-hole camera is similar to that of current market competitors like the Google Pixel 9 Pro Fold [1].

Group 1 - The National Health Commission announced the revocation of medical licenses for individuals involved in a public opinion incident [1] - Liu Xiaoqing is under investigation for alleged tax evasion related to a loan transaction [4][5] - Wahaha Group has terminated its cooperation with Jinmailang due to quality control issues [6] Group 2 - Agricultural Bank of China is cooperating with authorities following the unfortunate death of a customer during a withdrawal attempt [6] - JD.com reported a significant increase in daily orders for its food delivery service, surpassing 20 million [6] - Alibaba announced a total dividend distribution of approximately $4.6 billion to shareholders [6] Group 3 - Neta Auto's founder has had 20 million RMB worth of shares frozen amid bankruptcy proceedings for the company [7] - The Ministry of Commerce emphasized the need for compliance in the sale of port transactions by CK Hutchison [7] - Eason Chan has been diagnosed with COVID-19, coinciding with a rising trend of cases across the country [8] Group 4 - Container shipping bookings from China to the U.S. surged nearly 300% following mutual tariff reductions [8] - NetEase reported a 7.4% year-on-year revenue increase in Q1 2025, with significant R&D investment [22] - Alibaba's revenue for the fiscal year 2025 reached 996.347 billion RMB, marking a 6% increase [21] Group 5 - GAC Trumpchi has undergone a leadership change with Feng Xingya stepping down as chairman [9] - Guangdong's new marriage and childbirth incentive program offers financial rewards to residents [10] - China has expanded its visa-free policy to include five additional countries starting June 1, 2025 [10] Group 6 - Hyundai has begun construction on its first manufacturing plant in Saudi Arabia, with an annual capacity of 50,000 vehicles [16] - Uber launched a new carpooling service in the U.S. aimed at daily commuters [16] - The global short video app in-app purchase revenue reached nearly $700 million in Q1 2025, a significant increase from the previous year [16] Group 7 - OpenAI has released the GPT-4.1 model for ChatGPT users, focusing on coding tasks [17] - "Zhongke Bosheng" completed nearly 100 million RMB in Series A financing to enhance production capabilities [18] - "Boson Quantum" secured several tens of millions in A+ round financing to advance quantum computing technology [18]

Core Insights - Apple is targeting to launch its first foldable iPhone in the second half of 2026, positioning it as a "large foldable screen iPhone" [1][3] Group 1: Supply Chain and Production - A supply chain company, which supplies multiple components for Apple phones, is actively seeking to become a key supplier for the foldable iPhone, with samples already sent for testing [3] - To secure additional business orders for critical components of the foldable iPhone, the supplier must pass Apple's stringent factory audit process [3] - After selecting suppliers for the foldable iPhone, Apple will enter the New Product Introduction (NPI) process, which is crucial for ensuring smooth mass production [3] Group 2: Market Demand and Competition - Apple iPhone has a large customer base, and the market demand for the foldable iPhone is expected to be considerable, although final sales will depend on pricing strategy [3] - The foldable smartphone market is highly competitive, with brands like Samsung, Huawei, Xiaomi, Vivo, OPPO, and Honor already launching multiple foldable models [3] - Research firm IDC notes that as technology improves, foldable smartphones are becoming more comparable to traditional smartphones in terms of configuration and price, leading to increased consumer acceptance [3] Group 3: Product Features and Design - Apple's foldable iPhone is expected to have two significant advantages: minimal visible crease when unfolded and a seamless design for a continuous visual experience [4] - The device will feature a "higher quality hinge," which is anticipated to be a key advantage over other foldable smartphones, made from a mix of titanium and stainless steel for durability and stability [4]

新款iPhone大降价，最高降2500元 据多家媒体报道，苹果向渠道商下发了调价通知，iPhone 16 Pro和iPhone 16 Pro Max所有容量版本降价 超千元。有渠道商认为，苹果此次调价是在为即将到来的"618"大促做准备。近日，天猫Apple Store官 方旗舰店公布的促销信息显示，5月16日20点起，iPhone 16 Pro 128GB在叠加国补和多种优惠之后，到 手价5499元，较原价7999元减少了2500元。（21财经） 【观网财经丨智能早报 5月15日】 可灵2.0模型接力1.6登顶全球视频生成大模型榜单 近日，全球知名AI基准测试机构Artificial Analysis发布了最新的全球视频生成大模型榜单，快手可灵2.0 模型以1124分的Arena ELO基准测试评分位居图生视频（Image to Video）赛道榜首，超越了此前一直领 跑的可灵1.6（Pro）模型，这也是快手可灵模型连续第三个月登顶该榜单。 苹果拟2026年推出折叠屏手机，产业链公司有望受益 据供应链公司人士处消息，苹果给供应商提供的出货目标指引是2026年下半年推出首款折叠屏手机，这 是一款大折叠屏iPh ...

● 本报记者 张兴旺 日前，中国证券报记者从供应链公司人士处获悉，苹果给供应商提供的出货目标指引是2026年下半年推 出首款折叠屏手机，这是一款大折叠屏iPhone。预计苹果完成折叠屏iPhone供应商选择后，将会进入 NPI（新产品导入）流程。 目前，三星、华为、小米、vivo、OPPO、荣耀等厂商已推出多款折叠屏手机。市场期待苹果进入折叠 屏手机市场。据苹果产业链公司人士对中国证券报记者分析称，苹果iPhone客户基础量大，预计苹果折 叠屏iPhone市场需求大，但销量将取决于最终的定价。 对于苹果迟迟未进入折叠屏手机市场的原因，据业内人士对中国证券报记者分析称，近几年折叠屏手机 出货量不多，仍是小众市场，而苹果的策略是求稳。 据研究机构TechInsights数据显示，2024年四季度，全球折叠屏手机出货量为380万部，同比下降18%。 2024年四季度，华为占据31.2%的市场份额，超越三星，成为市场领头羊；而三星跌至第二位，市场份 额为26.7%；荣耀凭借14.3%的市场份额稳居第三位。 2024年，全球折叠屏手机市场增速开始放缓，未来，随着苹果入局，市场有望迎来复苏。据研究机构 Counterpo ...

"6·18"购物节前夕，苹果手机降价超千元的消息引发市场广泛关注。 日前，有多家媒体报道称，苹果本月10日向渠道商下发了调价通知，苹果iPhone 16 Pro Max 所有容量版 本降价160美元（折合人民币1313.06元）；而 iPhone 16 Pro的128GB版本降价176美元（折合人民币 1445.27元），其他版本同样降价160美元。 中新经纬12日以消费者身份咨询了苹果官网客服，以及线上各电商平台旗舰店、自营店的客服，均表示 暂时未接到近期降价通知。但有第三方线下授权店的工作人员称，iPhone 16 Pro（512GB）11日已经降 了600元，这几天可能还会降。 苹果中国官网客服12日回应中新经纬称，最近确实收到了很多消费者咨询上述降价问题，但目前官网手 机均是原价，未收到近期降价通知，且官网产品也不参加国补。苹果天猫旗舰店和抖音自营旗舰店客服 均称，目前6000元以下的机型可以叠加国补，暂无其他优惠和降价活动。 多平台同步促销活动，国补机型抢购一空 随着iPhone 16系列降价，原本价格高于6000元、无法享受国补的iPhone 16 Pro，部分机型也能享受国 补，5月11日，京东 ...

Core Viewpoint - The recent US-China Geneva trade talks have led to a significant reduction in tariffs on Chinese goods, which is expected to alleviate pressure on the supply chain, particularly for Apple-related products, enhancing growth potential in the second quarter [1][3]. Group 1: Trade Policy Changes - The US will modify tariffs on Chinese goods, reducing the tariff from 125% to 34%, with 24% of the tariff suspended for the first 90 days, while retaining a 10% tariff on non-US origin products [2][3]. - The joint statement from the trade talks indicates that the short-term impact of the tariffs on the supply chain is largely mitigated, allowing for a more favorable environment for growth [3]. Group 2: Impact on Apple Products - Apple has announced significant price reductions for the iPhone 16 series, with the iPhone 16 Pro Max dropping by $160 and the iPhone 16 Pro by $176, aimed at boosting sales in the second quarter [2][4]. - The price cuts are expected to enhance shipment volumes, with a reported 6% year-on-year increase in iPhone shipments during Q2, driven by promotional activities on platforms like Pinduoduo and JD.com [4]. Group 3: Future Growth and Innovations - The upcoming launch of AI smartphones and foldable devices is anticipated to drive a new replacement cycle for iPhones, potentially increasing the average selling price (ASP) of core components in the supply chain [4][5]. - The market sentiment around emerging technologies such as humanoid robots and AI glasses is expected to positively influence the valuation of core suppliers in the Apple supply chain [5]. Group 4: Recommended Stocks - Key recommended stocks in the Apple supply chain include Lens Technology (300433.SZ), Lianyi Intelligent Manufacturing (002600.SZ), Xinwanda (300207.SZ), and Pengding Holdings (002938.SZ) [7].

Investment Rating - The industry investment rating is "Positive (Maintained)" [6] Core Insights - The recent US-China Geneva trade talks have led to a significant reduction in tariffs on Chinese goods, with the effective tariff rate dropping from 125% to 34%, alleviating negative pressures on the supply chain [2] - Apple's price reduction on the iPhone 16 models aims to boost sales volume in the second quarter, which is typically a season for inventory clearance, thus positively impacting the supply chain [3] - The introduction of AI smartphones and foldable screens is expected to drive a new replacement cycle for iPhones, enhancing the average selling price (ASP) of core components in the supply chain [3] - The market sentiment around emerging terminal technologies, such as humanoid robots and AI glasses, has led to an increase in the price-to-earnings (PE) ratios of core suppliers, indicating potential for valuation recovery in the supply chain [4] - Recommended core supply chain stocks include Lens Technology, Linyang Technology, Xinwanda, and Pengding Holdings [5] Summary by Sections Section 1: Tariff Changes - The US has announced a temporary suspension of 24% tariffs on Chinese goods for 90 days, with only 10% remaining, effectively neutralizing the short-term impact of the tariff war on the supply chain [2] Section 2: iPhone Pricing Strategy - Apple's recent price cuts on the iPhone 16 Pro Max and Pro models, with reductions of $160 and $176 respectively, are aimed at increasing sales volume and supporting supply chain growth [1][3] Section 3: Future Innovations - The anticipated launch of AI smartphones and foldable devices is expected to create a new wave of demand, leading to a rise in ASP for core suppliers over the next two years [3] Section 4: Market Sentiment and Valuation - Despite the positive developments, the market has not fully recovered to pre-tariff levels, but the recent price cuts and tariff negotiations suggest a potential for valuation recovery in the supply chain [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - The recent US-China Geneva trade talks have led to a significant reduction in tariffs on Chinese goods, with the effective tariff rate dropping from 125% to 34%, alleviating negative pressures on the supply chain [2] - Apple's price reduction on the iPhone 16 models aims to boost sales volume in the second quarter, which is typically a season for inventory clearance, thus positively impacting the supply chain [3] - The introduction of AI smartphones and foldable screens is expected to drive a new replacement cycle for iPhones, enhancing the average selling price (ASP) of core components in the supply chain [3] - The market sentiment around emerging terminals like humanoid robots and AI glasses has led to a recovery in the valuation of core suppliers in the supply chain, with expectations for further valuation recovery due to the recent tariff negotiations [4] Summary by Sections Tariff Impact - The US has suspended 24% of tariffs on Chinese goods for the first 90 days, with only 10% remaining, indicating that the negative impact of the tariff war on the supply chain is largely mitigated [2] iPhone Pricing Strategy - Apple's recent price cuts on the iPhone 16 Pro Max and Pro models, with reductions of $160 and $176 respectively, are intended to stimulate sales and support supply chain growth [1][3] Future Innovations - The anticipated launch of AI smartphones and foldable iPhones is expected to create a new wave of demand, leading to an increase in both volume and price for core suppliers over the next two years [3] Valuation Recovery - Despite the initial negative impact of tariff policies, the market is gradually desensitizing to these changes, and core suppliers are expected to experience a clear valuation recovery due to Apple's unexpected global price cuts [4]