2025 年的苹果秋季发布会，将成为科技史上的重要里程碑。尽管 iPhone 17 系列仍以直板设 计为主，但折叠屏 iPhone 已进入 P1 原型测试阶段，预计 2026 年下半年正式亮相。 立讯精密在墨西哥工厂建立的「零库存」供应链模式，通过5G + 边缘计算实现 AI 服务器组 件的实时调配，订单响应速度提升 40%，同时将北美市场供货周期缩短至 3 天。这种「专利 壁垒 + 柔性制造」的组合拳，让中国供应商在苹果的技术封锁中撕开一道口子。 产业链公司观察：部分公司区域化布局的战略 这款被定位为「未来旗舰」的产品，采用三星独家供应的 7.8 英寸 LTPO OLED 内屏和 5.5 英寸外屏，铰链由蓝思科技采用非晶态金属玻璃复合材质打造，钛合金机身将重量控制在 250 克以内。 尽管苹果官方尚未公布具体上市时间，但供应链消息显示，其折叠屏方案已历经6代技术迭 代，仅铰链结构就申请了超过300项专利。西部证券指出：鉴于苹果在全球的销售规模及其对 产品的创新要求，随着苹果对折叠屏手机加速布局，我们认为一方面或将对全球折叠屏手机 销量有较大的拉动，另一方面其有望引领折叠屏产业链的创新升级。 产业链公司观察： ...

Group 1 - Apple is planning to launch its first foldable iPhone, expected to be released by the end of 2026, likely alongside the iPhone 18 series [1] - The foldable iPhone has entered the Prototype 1 (P1) development stage as of June, with further stages (P2 and P3) expected to follow, each lasting about two months [3] - If progress continues smoothly, the entire prototype testing process (P1-P3) is expected to be completed by the end of this year, leading into the Engineering Validation Testing (EVT) phase [6] Group 2 - The anticipated first foldable iPhone will feature a left-right fold design, with a 5.5-inch outer screen and a 7.58-inch inner screen, and thicknesses of approximately 4.5mm when unfolded and 9-9.5mm when folded [6] - The device will include a 48MP dual-camera setup on the back, an under-display camera for the inner screen, and will replace Face ID with Touch ID [8] - The foldable iPhone's screen will be produced by Samsung Display, and Apple has invested significantly in hinge design to minimize visible creases, with a projected price range of $2000 to $2500 [8] - Research firm Canalys predicts that Apple's entry into the foldable market will stimulate demand, making 2026 a pivotal year for the recovery of the foldable screen market [8]

Core Insights - The domestic foldable smartphone market has entered a new phase of competition with the launch of several new products from leading manufacturers, including vivo's X Fold 5, Xiaomi's MIX Flip 2, and Honor's Magic V5 [1][2] Group 1: Product Launches - Honor's Magic V5, launched on July 1, is positioned as the lightest and thinnest foldable flagship, featuring a Snapdragon 8 Gen 2 chip, a thickness of 8.8mm, a weight of 217g, and a battery capacity of 6100mAh [1] - The starting price of Magic V5 remains at 8999 yuan, consistent with the previous model, Magic V3, despite significant improvements in processor performance and system connectivity [1] Group 2: Market Position and Strategy - Honor's market share has declined, dropping from first place to sixth with a 13.7% market share in Q1, largely due to slow product updates and a lack of competitive models in the mid-to-high-end market [2][4] - The launch of Magic V5 is seen as crucial for Honor to regain market momentum and demonstrate its AI strategy to investors [2] Group 3: Industry Trends - Honor has established a comprehensive product matrix across all price segments since its independence in 2020, including various series and foldable products [4] - According to IDC, Honor is projected to achieve 1.89 million units in foldable smartphone shipments and a 20.6% market share in 2024, ranking second in the domestic market behind Huawei [4] - The foldable smartphone segment is expected to evolve, with a shift towards scenario-based innovations and enhanced user experiences, as indicated by Honor's plans for future product upgrades [5] Group 4: Competitive Landscape - The entry of Apple into the foldable smartphone market, with prototype testing expected to begin in mid-2025, is viewed as a motivator for Honor and could stimulate consumer interest in foldable devices [5]

Group 1: Product Launch and Features - Honor has launched its first foldable smartphone, Magic V5, marking its strategic transformation into an AI terminal ecosystem company [2] - Magic V5 supports file interconnectivity across multiple operating systems, including HarmonyOS, iOS, and Android, and features various AI functionalities such as ride-hailing and PPT generation [2] - The device has a thickness of 8.8mm and weighs 217g, making it the lightest and thinnest foldable smartphone currently available [2] Group 2: Competitive Landscape - Apple is expected to begin production of its foldable iPhone by the end of Q3 or early Q4 2025, with Samsung supplying the foldable display [3] - The foldable smartphone market in China saw a decline of 9.6% year-on-year in Q4 2024, with shipments reaching 2.5 million units after nine consecutive quarters of growth [3] - Apple's entry into the foldable smartphone market is anticipated to accelerate the adoption and expand the user base of foldable devices [3] Group 3: IPO Details - Honor is progressing through its IPO process, having completed the first phase and currently in the second phase, which involves compliance with legal and regulatory requirements [4][5] - The IPO guidance is being provided by CITIC Securities, with the process expected to last from June 2023 to March 2024 [5] - Honor's registered capital is approximately 32.239 billion yuan, with the controlling shareholder holding 49.55% of the company [5]

Group 1: Market Dynamics - The summer season is a peak time for consumer electronics companies to launch new products, with foldable smartphones being a key focus this year [2] - Honor has launched its foldable flagship Magic V5, emphasizing its lightweight and slim design, claiming it to be the "thinnest and lightest" large foldable phone globally [2] - The global market for foldable smartphones is experiencing rapid growth, although the growth rate is showing signs of decline [4] Group 2: Competitive Landscape - Honor's product line president expressed excitement about Apple's anticipated entry into the foldable smartphone market, viewing it as a validation of the foldable category's potential [3] - Since the commercialization of foldable smartphones began in 2020, major manufacturers like Huawei, Xiaomi, Vivo, OPPO, and Honor have entered the market, making China the largest market for foldable smartphones [3] Group 3: Innovation and Future Trends - The slowing growth rate of foldable smartphones is interpreted as a transition from the 1.0 to the 2.0 era, where innovation will focus on functional versatility and scene-based applications [4] - Honor is preparing to launch a new small foldable product in August 2023, indicating ongoing innovation in the segment [3] Group 4: IPO Progress - Honor's IPO progress is under scrutiny, with the company having completed the preliminary filing process with the Shenzhen Securities Regulatory Bureau [4] - The CFO of Honor stated that the IPO process is proceeding normally, with the current phase focusing on governance and internal control improvements [4]

Core Viewpoint - The article discusses the launch of the Honor Magic V5 flagship foldable smartphone, highlighting its design, specifications, and pricing. Design and Build - The Honor Magic V5 is available in four colors: Silk Road Dunhuang, Deep Black, Warm White, and Dawn Gold, with the Warm White variant featuring a 4500-thread aerospace special fiber back cover, achieving a thickness of 8.8mm, while other colors are 9mm thick [2] - The device is marketed as the "lightest and thinnest foldable flagship," weighing only 219g [4] Display Features - The external display measures 6.43 inches, and the internal display is 7.95 inches, both featuring high-brightness professional screens with a peak brightness of 5000 nits, 100% DCI-P3 color gamut, and 4320Hz ultra-high frequency PWM dimming [3] - The external screen is equipped with the latest generation of Gorilla Glass, offering scratch resistance and water/dust protection rated at IP58+IP59 [3] Battery and Charging - The Honor Magic V5 features a new generation of Qinghai Lake battery with a 15% silicon content, achieving an energy density of 874Wh/L, while the latest Qinghai Lake blade battery has a silicon content of 25% and an energy density of 901Wh/L, with a capacity of 6100mAh [4] - The 1TB version includes a 6100mAh battery, while other versions have a 5820mAh capacity, all models support 66W wired fast charging and 50W wireless charging [5] Performance Specifications - The device is powered by the Snapdragon 8 Gen 2 processor, equipped with LPDDR5X memory and UFS 4.1 storage, along with a self-developed RF enhancement chip C1+ and a titanium VC cooling system [6] Camera Capabilities - The rear camera setup includes a 50MP main camera, a 50MP ultra-wide camera, and a 64MP periscope telephoto camera, supporting OIS optical stabilization and AI super long-focus capabilities; both the external and internal front cameras are 20MP [7] Pricing Information - The Honor Magic V5 is available in three storage configurations: 12GB+256GB priced at 8999 yuan, 16GB+512GB at 9999 yuan, and 16GB+1TB at 10999 yuan [8]

Group 1 - The foldable iPhone has entered the P1 prototype development stage in June 2023, with the entire P1-P3 development process expected to be completed by the end of 2025 [1] - Apple suppliers, including Foxconn, are anticipated to start production of the foldable iPhone by the end of Q3 or early Q4 of 2025, with an order of 15 to 20 million units reflecting cumulative demand over 2-3 years [1] - The foldable iPhone is expected to feature a horizontal "book-style" design with an inner screen size of 7.76 inches and an outer screen size of 5.49 inches, utilizing UTG ultra-thin glass OLED panels for a "zero crease" visual experience [1][4] Group 2 - The global foldable smartphone market is projected to see a slowdown in growth, with a year-on-year increase of only 2.9% in 2024, following a 6% growth rate in 2023 [2] - China is leading the foldable smartphone industry, accounting for 46% of global shipments from Q1 to Q3 of 2024 [2] - The entry of Apple into the foldable smartphone market is expected to accelerate the maturity of the supply chain, with innovations in hinge technology, including potential applications of liquid metal and advancements towards titanium alloys and 3D printing [2] Group 3 - The initial shipment volume of the foldable iPhone is estimated to be between 8 million and 10 million units, with plans to increase to 20 million units by 2027 [3] - Foxconn will remain the exclusive manufacturer for the foldable iPhone in 2026, while Luxshare Precision is expected to join production in 2027 [3]

荣耀将于7月2日发布最新一代AI折叠旗舰荣耀Magic V5，这将是全球最轻薄的折叠屏手机，也是行业 最强AI智能体手机。据荣耀CEO李健最新发布的信息显示，全新的荣耀Magic V5将带来全栈式个人知 识库、多智能体协同带来的PC级生产力、全品牌互联互通等功能。考虑到此前推出的荣耀Magic7系列 已经实现了包括"一句话关闭自动续费"、"一句话发送文件"等多种落地功能，预计这次荣耀Magic V5上 的AI能力还会进一步升级。 另外，据苹果知名分析师郭明鎮爆料，苹果供应商鸿海精密(富士康)预计将于2025年第三季度末或第四 季度初正式开始生产"折叠屏iPhone"。他还曾预测，苹果"折叠屏iPhone"的售价将在2000至2500美元之 间。 *风险提示：股市有风险，入市需谨慎 蓝思科技：公司覆盖UTG玻璃+金属中框全结构件，为苹果折叠屏试产玻璃盖板，湘潭基地产能释放。 大富科技：公司为荣耀MagicV2转轴核心供应商，技术延续至Magic V5的"鲁班缓震铰链"。 *免责声明：文章内容仅供参考，不构成投资建议 太平洋证券表示，中国是全球最大的折叠屏手机市场。据市场调研机构IDC预计，未来中国折叠屏手机 市 ...

Group 1 - Vivo officially launched the new folding flagship vivo X Fold5, weighing only 217g, setting a new record for the lightest foldable phone globally, surpassing the previous record of 219g held by vivo X Fold3 [1] - The vivo X Fold5 features industry-leading waterproof ratings, achieving IPX9+ and IP5X ratings, and operates normally at temperatures as low as -30℃, making it the world's first "three-proof" foldable screen phone [1] - The device allows for data and task transfer with Apple devices, marking it as the first Android phone to integrate with the Apple Watch ecosystem, indicating a significant advancement in cross-ecosystem collaboration [1] Group 2 - The release of vivo X Fold5 continues the trend of "reducing weight and increasing efficiency" in the foldable phone sector, with its weight being lighter than current mainstream foldable and flagship models [2] - The reduction in weight is a key focus for manufacturers, with competitors like Huawei and Honor also releasing models under 230g this year, pushing for advancements in hinge, screen, and battery technologies [2] - Hinge technology is critical for determining the thickness, crease control, and durability of foldable phones, making it a significant competitive factor in the industry [2] Group 3 - Vivo X Fold5's cross-ecosystem capabilities allow it to sync calls and messages with Apple Watch and is compatible with Windows computers and Tesla vehicles, representing a strategic move against Apple's closed ecosystem [4] - Many smartphone brands are enhancing their ecosystem connectivity, with Huawei, Xiaomi, and OPPO also developing interconnectivity features across devices [4] - The competition is shifting from hardware specifications to ecosystem integration, with cross-system collaboration expected to increase user engagement and drive manufacturers to open their ecosystems [4] Group 4 - The foldable smartphone market is projected to become a new growth engine for the smartphone industry, with IDC forecasting a shipment of approximately 10 million foldable phones in China by 2025, a growth of 8.3% [5] - Companies in the supply chain, such as BOE Technology Group and Tianma Microelectronics, are ramping up production capacity for flexible AMOLED products, which are crucial for high-end foldable phones [5] - As AI models are integrated into mobile operating systems, competition is expanding from individual products to a comprehensive "hardware + ecosystem + service" approach, highlighting the performance potential of related listed companies in the supply chain [5]

在智能手机市场竞争白热化的今天，折叠屏手机正逐渐从"技术秀场"走向"实用战场"。消费者对折叠屏 的期待早已超越了单纯的形态创新，而是渴望一款真正能兼顾轻薄、耐用与性能的全能旗舰。荣耀 Magic V5的即将登场，恰如其分地回应了这一时代需求，其铰链材料达到超级钢强度，从可靠性维度 发起了对折叠屏行业的全面革新。 折叠屏痛点凸显，耐用性成用户核心诉求 折叠屏手机自诞生以来，就面临着"轻薄与耐用不可兼得"的矛盾。早期产品为追求形态突破，往往在材 料和结构上妥协，折痕明显、铰链松动、屏幕易损等痛点始终让不少潜在的消费者对折叠屏敬而远之。 根据行业调研数据，超过20%的用户在选购折叠屏时最关注"耐用性"，而市场反馈显示，折叠屏的维修 成本普遍是普通手机的2倍以上。这种痛点背后反映的是折叠屏在可靠性深层的技术挑战。 尤其是折叠屏中的关键部件——铰链。铰链作为折叠屏的"心脏"，结构复杂度远超传统直板机，既要承 受反复折叠的机械应力，又要兼顾轻薄化需求，对材料和工艺提出了近乎苛刻的要求。 第二代盾构钢材料 为折叠屏铰链注入超强强度 荣耀Magic V5的出现，正是为了打破当前折叠屏手机面临的"可靠性"困局。其核心突破在于应 ...