Group 1 - Nvidia's H20 chip is set to return to the Chinese market, with Tencent and ByteDance potentially being the first buyers after receiving export approval from the U.S. government [3][5] - Nvidia's stock rose by 4.04% to $170.7, increasing its market capitalization by $161.8 billion (approximately 1160.5 billion RMB) overnight [3] - WM Motor has announced plans to resume production and aims to produce 1 million vehicles by 2030, with projected revenue of 120 billion RMB [3][5][6] Group 2 - Geely Holding Group has signed a merger agreement with Zeekr, with Zeekr shareholders having the option to receive cash or exchange for Geely shares [6] - JD Health has opened its first self-operated medical beauty clinic in Beijing, with plans for a second location, but currently lacks corresponding subsidy policies [8] - Pop Mart anticipates a revenue increase of no less than 200% and a profit increase of no less than 350% for the six months ending June 30, 2025, compared to the same period in 2024 [8] Group 3 - The U.S. startup financing reached $162.8 billion in the first half of the year, a 75.6% increase year-on-year, driven largely by investments in artificial intelligence [29] - IDC reported a 4% year-on-year decline in China's smartphone shipments in Q2 2025, with Huawei regaining the top market position after more than four years [30]

Core Viewpoint - Apple's first foldable iPhone is expected to be released in the second half of 2026, with a starting price of $1,800 [1] Group 1: Product and Pricing - The foldable iPhone will utilize Samsung Display's (SDC) wrinkle-free display design instead of Apple's own solution, ensuring mass production by the second half of 2026 [1] - The estimated bill of materials (BOM) cost for the iPhone Fold is approximately $759, which is 4% lower than the Samsung Z Fold SE [1] - Initial production is expected to be limited to 10-15 million units due to the technical complexity and high price point of foldable devices [1] Group 2: Supply Chain Dynamics - The adoption of SDC's design will reshape the supply chain, with Fine M-Tec being the largest beneficiary as a supplier of metal plates for the displays, expected to ship 13-15 million units starting Q1 2026 [2] - The unit price for the metal plates is projected to be around $30-35, significantly higher than traditional products priced at about $20 [2] - Samsung Display is anticipated to be the main supplier of 7-inch foldable OLED panels, with an annual capacity of 15 million units, while LG Display may also serve as an alternative supplier [2] Group 3: Market Response - Fine M-Tec's stock surged, reaching a closing increase of 29.83% to 9,270 KRW on the KOSDAQ market, driven by investor optimism regarding the foldable iPhone [3] - Analysts predict that the launch of the foldable iPhone will have a positive ripple effect across the supply chain, benefiting companies like Amphenol, Hirose, TDK, and Samsung SDI, which are currently trading below historical valuation averages [6] Group 4: Market Trends - The global foldable smartphone market is showing signs of fatigue, with growth slowing and a projected decline in 2025 due to high prices and concerns over durability and usability [6] - Samsung maintains a leading position in this segment with the most comprehensive foldable product line, while brands like OPPO, OnePlus, Google, Motorola, Honor, and Vivo are introducing unique foldable designs [6]

Core Viewpoint - Samsung's latest Unpacked event strategically addressed major obstacles facing the proliferation of foldable smartphones, such as device thickness, high prices, and growing privacy concerns in the AI era [1][2] Group 1: Market Dynamics - Global foldable smartphone shipments are expected to grow by 12% year-on-year in 2024, reaching 17.2 million units, but Samsung's market share has declined from 54% to 45% [1] - The overall foldable smartphone market is projected to stagnate in growth by 2025, indicating a need for Samsung to stimulate new market demand and transition foldable devices from niche to mainstream [1] Group 2: Product Innovations - Samsung introduced the Galaxy Z Fold7 and Flip7, the lightest and thinnest foldable smartphones to date, with the Fold7 measuring only 8.9mm thick and weighing 216 grams, aiming to address user complaints about the bulkiness of foldable devices [3] - The Galaxy Flip7 FE, priced at $899, is a new addition aimed at making foldable technology more accessible while maintaining some design elements and features from the Flip6 [5] Group 3: Consumer Behavior Insights - The lightweight design of foldable devices enhances portability and comfort, but its impact on consumer purchasing behavior remains uncertain, as lighter devices may be perceived as fragile or limited in functionality [4] - Samsung's extensive offline retail presence is crucial for allowing consumers to experience the products firsthand, potentially converting interest into purchases [4] Group 4: Privacy and Security Features - Samsung launched the KEEP system, part of the Knox platform, focusing on local privacy protection in the AI era by enabling application-level encrypted storage of sensitive user data [8] - The introduction of KEEP enhances user control over data and security, addressing privacy challenges posed by increasingly personalized AI solutions [9] Group 5: Competitive Positioning - Samsung's strategy with the Flip7 FE aims to capture the mid-range foldable market while preserving the premium positioning of its flagship series, targeting users interested in foldable technology without the high price tag [7] - The foldable smartphone market is viewed as a high-end segment, and Samsung, like its competitors, is cautious to avoid early commoditization of its products [7]

Industry News - The national insurance companies have fully implemented a long-cycle assessment mechanism of over three years, with the addition of five-year cycle indicators. The net asset return rate will now include a five-year cycle indicator, with weights of 30%, 50%, and 20% for the current year, three-year, and five-year indicators respectively [1][8] - The adjustment of the national basic medical insurance, maternity insurance, and work-related injury insurance drug catalog, as well as the commercial health insurance innovative drug catalog, has officially started. The new commercial insurance innovative drug catalog focuses on high innovation and significant clinical value drugs that cannot be included in the basic catalog due to exceeding the "basic protection" positioning [2][10] - The China Securities Association has released 28 measures to promote high-quality development in the securities industry, focusing on improving self-regulatory management and enhancing service functions [3][9] - The Shanghai Stock Exchange has published guidelines for the Sci-Tech Innovation Board, allowing 32 existing unprofitable companies to enter the growth layer immediately, with no additional listing thresholds for new unprofitable companies [3][6] Company News - China Shenhua announced a net profit of 23.6 billion to 25.6 billion yuan for the first half of the year, representing a year-on-year decline of 13.2% to 20% [14] - Fuda Alloy plans to acquire at least 51% of the shares of TOPCon battery silver paste company Guangda Electronics [15] - Huaxi Securities expects a year-on-year increase in net profit of 1025% to 1354% for the first half of the year [15] - Zijin Mining anticipates a net profit of approximately 23.2 billion yuan for the first half of the year, a year-on-year increase of 54% [16] - Sanhe Pile expects a year-on-year increase in net profit of 3091% to 3889% for the first half of the year [17] - Limin Co. anticipates a year-on-year increase in net profit of 719.25% to 782.27% for the first half of the year [17] - Lanqi Technology expects a year-on-year increase in net profit of 85.50% to 102.36% for the first half of the year [18] - Aopu Mai expects a net profit of approximately 37 million yuan for the first half of the year, a year-on-year increase of 53.28% [19] - China Jushi anticipates a year-on-year increase in net profit of 71.65% to 76.85% for the first half of the year [19] - Gaode Infrared expects a year-on-year increase in net profit of 735% to 957% for the first half of the year [19] - Degute is planning to acquire 100% of Haowei Technology, with stock resuming trading [19] - Kanghua Bio is planning a change of control, with stock suspended from trading [19] - Dongfang Caifu announced that its subsidiary Hafu Securities has been approved by the Hong Kong Securities and Futures Commission to provide virtual asset trading services [20] - Galaxy Microelectronics plans to invest 310 million yuan to build the first phase of a high-end integrated circuit discrete device industrialization base [20]

Core Viewpoint - Samsung Electronics has launched the new foldable flagship Galaxy Z Fold7, which integrates Galaxy AI with advanced hardware, setting a new benchmark for foldable smartphones and enhancing user experience through innovative design and technology [1]. Group 1: Product Features - The Galaxy Z Fold7 is lighter than the Galaxy S25 Ultra, weighing only 215 grams, with a thickness of 8.9 mm when folded and 4.2 mm when unfolded [1]. - The external display features a 6.5-inch second-generation dynamic AMOLED screen with a new 21:9 aspect ratio, providing a wider field of view [1]. - The main screen size has increased by 11% compared to the previous model, enhancing multitasking capabilities [2]. Group 2: Structural and Durability Enhancements - The main screen structure has been upgraded with a titanium metal protective layer, increasing structural strength while maintaining a lightweight design [2]. - The thickness of the UTG (Ultra Thin Glass) has been increased by 50%, making the screen more durable [2]. Group 3: Imaging and AI Capabilities - The Galaxy Z Fold7 incorporates professional-grade imaging capabilities, delivering high-resolution and stable imaging through advanced hardware and intelligent imaging [2]. - The device features enhanced Galaxy AI integration, providing a more intuitive and efficient user interaction experience, optimized for the foldable form factor and large screen [3]. - Samsung One UI 8 includes context awareness and natural response capabilities, significantly reducing app interface transitions and improving productivity [3]. Group 4: Pricing and Availability - The Galaxy Z Fold7 is available in four colors: Shadow Blue, Night Silver, Phantom Black, and Frost Green (exclusive to Samsung Mall), with a suggested retail price starting at 13,999 yuan [3].

Core Viewpoint - Samsung, once a pioneer in the foldable smartphone market, is facing significant competition from Chinese manufacturers, leading to a decline in its dual-foldable devices. The company aims to regain its presence by launching a tri-fold smartphone by the end of this year, emphasizing the importance of AI in its strategy [1][4]. Group 1: Product Development - Samsung plans to launch a tri-fold smartphone, tentatively named Galaxy G Fold, by the end of this year, focusing on product usability and market demand [4][6]. - The company has reportedly completed the hardware design for the tri-fold smartphone and is preparing for production, with a small-scale launch expected in September [4][6]. - The tri-fold smartphone will feature a larger display of approximately 10 inches compared to the Galaxy Fold series, and it will utilize OLED panels [6][8]. Group 2: Market Competition - The foldable smartphone market has become a significant segment, with Samsung acknowledging the need for more companies to enter this space to stimulate innovation [4][9]. - Huawei currently holds the title for the world's first mass-produced tri-fold smartphone, the Mate XT Ultimate Design, which has a starting price of 19,999 RMB [6][9]. - In the Chinese foldable smartphone market, Huawei leads with a 48.6% market share, followed by Honor and Vivo, while Samsung has fallen out of the top five, holding only 7.0% of the market [10]. Group 3: Technical Specifications - The tri-fold smartphone is expected to be powered by the Qualcomm Snapdragon 8 Elite processor, crucial for high-resolution multi-screen displays and multitasking capabilities [8]. - The device's battery capacity is reportedly lower than competitors, with Samsung focusing on a thinner design, which limits battery size due to internal space constraints [8][9].

Group 1 - Samsung launched three foldable smartphones: Galaxy Z Fold7 starting at 13,999 yuan, Galaxy Z Flip7 at 7,999 yuan, and Galaxy Z Flip7 FE at 6,499 yuan [1] - Galaxy Z Fold7 features an 8.9mm thickness when folded and 4.2mm when unfolded, weighing 215 grams, with an external screen of 6.5 inches and an internal screen of 8 inches [1] - The battery capacity of Galaxy Z Fold7 is 4,400mAh, which is significantly lower than competitors like Honor Magic V5 (6,100mAh) and vivo X Fold5 (6,000mAh) [1] Group 2 - Galaxy Z Flip7 is thinner than its predecessor, with a thickness of 6.5mm when unfolded and 13.7mm when folded, weighing 188 grams, featuring a 4.1-inch external screen and a 6.9-inch main display [2] - The camera system of Galaxy Z Flip7 includes a 50MP main camera and a 12MP ultra-wide dual camera, with a battery capacity of 4,300mAh [2] - Samsung's foldable devices utilize AI features supported by Google's Gemini model, with Galaxy Z Fold7 powered by a custom Snapdragon 8 Elite chip for enhanced on-device AI processing [2] Group 3 - The Exynos 2500 chip is expected to be used in the Galaxy Z Flip7, marking Samsung's return to using its own chips in flagship models after nearly a decade [4] - The Exynos 2500 chip features a ten-core architecture with a maximum frequency of 3.3GHz for the super core, which is lower than Xiaomi's equivalent chip [5] - Samsung faces increasing competition in the foldable smartphone market, with foldable phones accounting for less than 2% of the overall smartphone market according to Counterpoint Research [5] Group 4 - IDC forecasts that China's foldable smartphone shipments will reach approximately 9.17 million units in 2024, representing a year-on-year growth of 30.8% [7] - Huawei leads the Chinese foldable smartphone market with a 48.6% share, followed by Honor at 20.6% and vivo at 11.1%, while Samsung has been pushed out of the top five with a 7.0% market share [7] - Analysts suggest that the expected price reduction for foldable phones has not materialized, as manufacturers continue to earn substantial profits despite low shipment volumes [6]

Core Viewpoint - Samsung Electronics has launched its new generation of foldable flagship models, Galaxy Z Fold7 and Galaxy Z Flip7, emphasizing "AI-enabled foldable forms" with ultra-thin designs, professional imaging systems, multimodal AI interactions, and quantum security technology, redefining the aesthetics and functionality of foldable smartphones [1][16]. Product Features - Galaxy Z Fold7 is designed with "ultra-thin and ultra-powerful" principles, weighing only 215 grams (approximately 12% lighter than its predecessor) and achieving a thickness of 8.9 mm when folded and 4.2 mm when unfolded, making it the lightest and thinnest in the Galaxy Z series [1][3]. - The device features a 6.5-inch external display and an 8.0-inch main screen with Vision Booster technology and a peak brightness of 2600 nits, enhancing visibility even in direct sunlight [3]. - It is powered by a custom Qualcomm Snapdragon 8 Gen 2 mobile platform, with NPU performance increased by 41%, CPU by 38%, and GPU by 26%, supporting advanced AI capabilities [5]. - The imaging system includes a 200-megapixel wide-angle camera, improving detail by 4 times and brightness by 44%, along with a 10-megapixel selfie camera [7]. Galaxy Z Flip7 Features - Galaxy Z Flip7 adopts a "palm-sized fold" design, featuring a 4.1-inch external display, the largest in its series, with a peak brightness of 2600 nits and a 120Hz refresh rate [8][10]. - It includes a 4300 mAh battery, the largest in the series, supporting approximately 31 hours of video playback [10]. - The device integrates multimodal AI into its large external display, allowing users to perform tasks via voice commands and access personalized information [12]. Galaxy Z Flip7 FE - The Galaxy Z Flip7 FE is introduced as a more accessible option, featuring a 6.7-inch main screen and a 5000-megapixel camera system, priced at 6499 yuan [14]. Security and After-Sales - Both Galaxy Z Fold7 and Z Flip7 incorporate post-quantum encryption for secure Wi-Fi connections, ensuring user privacy even on public networks [15]. Market Strategy and Industry Impact - The launch of Galaxy Z Fold7 and Z Flip7 signifies the entry of foldable smartphones into the "deep integration of AI" phase, targeting high-end productivity users and fashion-conscious consumers [16]. - The pricing strategy positions Galaxy Z Fold7 starting at 13999 yuan and Galaxy Z Flip7 at 7999 yuan, making them more competitive compared to previous models [16]. - The advancements in design, screen materials, and AI algorithms reflect Samsung's commitment to enhancing the foldable smartphone ecosystem, potentially expanding its market share [17].

Group 1 - Samsung held its second Galaxy Unpacked event of the year on July 9 in New York, unveiling new foldable devices and smartwatches [1] - The Galaxy Z Fold7 is highlighted as one of the most anticipated products, featuring significant upgrades compared to its predecessor [2][4] - The Z Fold7's dimensions have improved, with a thickness of 8.9mm when folded and 4.2mm when unfolded, weighing only 215 grams, making it competitive in the market [4][5] Group 2 - The Z Fold7's external screen aspect ratio has been adjusted from approximately 22.1:9 to 21:9, enhancing usability [6] - The internal screen size has increased from 7.6 inches to 8 inches, with a resolution of 2184×1968 and a peak brightness of 2600 nits [7] - The internal camera has been upgraded from 4MP to 10MP, moving away from the under-display camera design [8] Group 3 - The Z Fold7 features a 200MP main camera sensor, with other cameras remaining at 12MP and 10MP for ultra-wide and telephoto respectively [9] - The device is powered by the Snapdragon 8 Elite for Galaxy, with storage options starting at 12GB RAM and up to 1TB [12] - The Z Fold7 is priced starting at 13,999 yuan in China, with pre-orders beginning on July 9 [15] Group 4 - The Z Flip7 has received a notable upgrade in its external screen, now featuring a full-screen design around the camera [17] - The Z Flip7's internal screen resolution has decreased slightly to 2520×1080, while the aspect ratio has changed to 21:9 [19] - The Z Flip7 will utilize Samsung's Exynos 2500 processor globally, marking a departure from the usual Qualcomm processors [23] Group 5 - The Galaxy Watch8 series was also introduced, featuring two models: Galaxy Watch8 and Galaxy Watch8 Classic [33] - The Watch8 series includes a new feature to monitor carotenoid levels, providing insights into health and lifestyle [36] - The Galaxy Watch8 is priced starting at 2,299 yuan for the 40mm Bluetooth version, while the Watch8 Classic starts at 3,499 yuan [38]

Investment Rating - The industry rating for the foldable screen mobile phone sector is positive, with expectations for accelerated growth driven by Apple's entry into the market [4]. Core Insights - The foldable screen mobile phone market is set to grow significantly, with global shipments projected to reach 17.8 million units in 2024 and potentially 70 million units by 2027, reflecting a CAGR of 57.8% from 2024 to 2027 [1][20]. - Apple's anticipated launch of a foldable iPhone in 2026 is expected to further stimulate market growth and increase shipments [20]. - The industry is transitioning from traditional smartphones to innovative foldable designs, which are becoming the new standard in mobile technology [15]. Summary by Sections 1. Foldable Screen Mobile Phones - The global smartphone market is rebounding, with a projected shipment of 1.238 billion units in 2024, a year-on-year increase of 6.4% [12]. - Foldable screen technology is recognized as a key innovation in the smartphone sector, addressing the need for larger screens while maintaining portability [15]. - The market is characterized by a shift towards lighter and more affordable foldable devices, with average prices decreasing significantly [31]. 2. Hinge Technology - Hinges are critical components in foldable phones, requiring high durability and precision, with designs evolving towards lighter and more robust solutions [38]. - The predominant hinge types are water-drop and U-shaped, with water-drop designs becoming the preferred choice due to their reduced screen wear and improved folding mechanics [40]. - The global market for foldable phone hinges is expected to grow from approximately $3.2 billion in 2024 to $15.4 billion by 2032, with a CAGR of 21.69% [47]. 3. Cover Glass Technology - Flexible cover glass is essential for foldable screens, with ultra-thin glass (UTG) increasingly replacing traditional materials due to its superior properties [3]. - The market share of UTG in domestic foldable smartphones has risen to 70% in 2023, indicating a strong trend towards this material [3]. - The production of UTG involves complex manufacturing processes, with a focus on improving yield and consistency [6]. 4. Investment Recommendations - The report highlights several key beneficiaries in the foldable screen supply chain, including: - UTG: Lens Technology - Hinges: Linyang Precision, Tonglian Precision, and Jingyan Technology - Liquid Metal: Yian Technology - 3D Printing: Huashu High-Tech and Plit [7].