Core Insights - Apple plans to launch a special edition iPhone, codenamed "Glasswing," in 2027 to commemorate the 20th anniversary of the iPhone [1][4] - The design features a full glass body, eliminating the traditional metal frame, and utilizes advanced 3D glass bending and laser etching technologies for a seamless integration [1][4] - The device is expected to have a 7.76-inch internal display with a resolution of 2713×1920 and a 5.49-inch external display, along with potential pressure-sensitive touch controls [4] Design and Features - The "Glasswing" design is inspired by the transparent wings of butterflies, featuring curved glass edges and ultra-narrow bezels for a true all-screen experience [4] - It will come pre-installed with iOS 28, continuing the "Liquid Glass" interface design from iOS 26, and will include new transparent elements and improved navigation features [4] - Battery life is expected to be significantly enhanced, optimized for AI functionalities and 6G network connectivity [4] Pricing and Market Position - Analysts predict the starting price of the "Glasswing" could exceed $2000 (approximately 14,500 RMB), representing a premium of over 60% compared to the iPhone 16 Pro Max, making it the most expensive iPhone to date [4] - The device may not follow the traditional numerical naming convention, similar to the iPhone X released in 2017 [4] Production and Supply Chain - Apple is also developing its first foldable iPhone, expected to enter mass production in 2026, with the 20th-anniversary edition potentially being the second generation of foldable devices [5] - The complexity of the all-glass body and under-display camera technology may necessitate reliance on the Chinese supply chain, as Indian factories may not be equipped to handle such production demands [5]

据道琼斯通讯社、路透社等媒体消息，全球市场研究机构 Counterpoint Research 13日公布的初步数据显示，苹果手机5月份在中国的销量升至榜首，4月和5 月全球销量同比增长15%。外媒指出，这是这家科技巨头近三年来获得的最强劲的月度表现。 分析认为，经历了三年下滑后，苹果公司全球销量的增长得益于苹果最大的两个市场——美国和中国，这两个市场的iPhone销量在4月至5月期间恢复了增 长。这一数据初步表明，苹果公司在中国市场通过力度空前的降价策略提振销量的努力在短期内带来了成效。 该研究机构的高级分析师Ivan Lam表示，这一数据为iPhone第二财季的全球销量表现奠定了良好基础。但他也指出，"一如既往，销量的波动都取决于两个 市场——中国和美国"，然而在依赖国补和大幅降价促销的情况下，iPhone在华销售是否还有"更大的增长空间"，这仍然是一个问题。 2025年1月5日，中国北京，北京三里屯 Apple Store 零售店（三里屯苹果店） IC photo 中国市场是苹果最重要的全球市场之一，但苹果在大中华区的营收已连续五个季度同比下滑。 根据苹果2024财年第四财季（自然年为2024年第三季度 ...

Group 1 - Huawei has recently launched several new products, including the Pura 80 series smartphone and the Matebook Fold, which has received strong market response with over 15,500 and 260,000 reservations respectively [1][2] - The Matebook Fold, priced at over 23,999 yuan, sold out within minutes of its release, indicating a significant demand for high-end products [1][3] - Huawei's recent product launches emphasize innovation, a complete ecosystem, and high pricing, drawing comparisons to Apple's strategy [2][3] Group 2 - Huawei's recent launches include a range of products with high price points, such as the Mate 70 Pro+ starting at 8,499 yuan and the Matebook Fold at 23,999 yuan, showcasing a trend towards premium pricing [3][11] - The company has positioned itself as a leader in the foldable smartphone market, with a reported 76.6% market share in China for foldable devices in Q1 2025, significantly increasing from less than half in 2024 [9][11] - Huawei's Harmony OS 5 is being integrated into its new products, including the Matebook Pro and Pura 80 series, expanding its ecosystem across multiple device categories [11][21] Group 3 - Huawei's strategy appears to be increasingly aligned with Apple's, focusing on building a closed ecosystem that includes hardware and software integration [12][13] - Despite Huawei's advancements, it faces challenges in fully establishing its ecosystem compared to Apple's well-entrenched iOS and hardware integration, which remains a significant barrier [20][21] - The competitive landscape is intensifying with other brands like Xiaomi also targeting high-end markets, which could further pressure Huawei and Apple [27][28]

Commercial Aerospace - Globalstar is expanding its second-generation direct-to-device (D2D) satellite constellation to provide network coverage for Apple devices, with Apple set to pay up to $1.1 billion to enhance iPhone's non-ground network connectivity [1] - The commercial aerospace sector is experiencing rapid development in reusable rockets and low-orbit satellite constellations, marking a dual turning point for China's commercial aerospace industry [1] - The low-orbit satellite launch acceleration is driving a comprehensive upgrade of the "satellite manufacturing-launch-application" chain, with low-orbit communication satellites being a significant future trend [1] Military Industry - The China Weaponry Equipment Group has received approval for a restructuring that will separate its automotive business into an independent central enterprise, which will not significantly impact the normal operations of related companies [2] - Analysts expect military industry orders to see a turning point by 2025, driven by new technologies and products aimed at enhancing equipment performance or reducing costs [2] - The restructuring is anticipated to lower the asset-liability ratio of the weaponry group to below 50%, enhancing financing cost advantages and increasing the expectation of asset securitization [2] Foldable Phones - Huawei's new tri-fold smartphone is expected to debut in the second half of the year, featuring an upgraded processor and imaging capabilities, while the first-generation model has seen strong sales [3] - The MateXT tri-fold phone, released in September 2024, achieved significant sales success, with all models selling out immediately and second-hand prices reaching up to 68,000 yuan [3] - The new tri-fold model is expected to generate renewed interest in the market, benefiting companies within the supply chain [3] Metformin - A study from the University of California, San Diego, found that women with type 2 diabetes taking metformin have a 30% higher chance of living to 90 years or older compared to those using sulfonylureas [4] - Metformin is being recognized for its potential anti-aging properties, with mechanisms including improved insulin sensitivity and cellular repair [4] Data Elements - The National Data Bureau announced the establishment of 10 national data element comprehensive pilot zones in various regions to support the development of data markets and enhance the integration of the digital and real economies [5] - The pilot zones aim to explore data value release paths and stimulate market growth, potentially creating an additional 100 trillion yuan in asset scale once data assets are recognized [5]

Investment Rating - The report gives a "Strong Buy" rating for the company with a target price of 34.80 CNY [1][9]. Core Insights - The company is a leading player in the 3C automation equipment sector, actively expanding into emerging fields such as new energy, semiconductors, and low-altitude economy [6][8]. - The company has shown a compound annual growth rate (CAGR) of 11.94% in revenue from 2018 to 2024, increasing from 2.518 billion CNY to 4.954 billion CNY [6][29]. - The report anticipates revenue growth to reach 5.751 billion CNY in 2025, 7.004 billion CNY in 2026, and 8.392 billion CNY in 2027, with corresponding net profits of 517 million CNY, 636 million CNY, and 767 million CNY respectively [2][9]. Summary by Sections 1. Company Overview - The company specializes in automation equipment, flexible production lines, and key components, serving sectors like consumer electronics, new energy vehicles, and semiconductors [6][13]. 2. Consumer Electronics - The company benefits from the innovation cycle in consumer electronics, extending its business from assembly and testing to component assembly and testing [6][39]. - It has established strong ties with major clients like Apple, which significantly influences its revenue [51][56]. 3. New Energy - The company is expanding its offerings in lithium battery equipment, including integrated cutting and stacking machines, liquid injection machines, and automated assembly lines [73]. - It is also focusing on the growing demand for charging and swapping stations for electric vehicles [75]. 4. Semiconductor - The company is strategically expanding into the semiconductor packaging sector, leveraging its experience in industrial equipment manufacturing [6][9]. 5. Other Business Areas - The company is diversifying its product matrix, including core components and low-altitude economy applications, to broaden its market reach [6][21]. 6. Financial Projections - The report projects earnings per share (EPS) to be 1.16 CNY in 2025, 1.42 CNY in 2026, and 1.72 CNY in 2027, with a price-to-earnings (PE) ratio of 30 times for 2025 [2][9].

" 渠道「对内开刀」，以退为进能否守得住战线。 " 作者丨雪银 编辑丨相辉 618将近，苹果今年动作频频。 据媒体报道，5月10日，苹果向渠道商下发了调价通知，除iPhone 16 Pro的128GB版本降价176美元， 折合人民币1445.27元，iPhone 16 Pro 其他版本和iPhone 16 Pro Max所有容量版本均降价160美元。 今年的"6·18"活动将于5月13日开始，有渠道商认为苹果此次调价就是在为即将到来的"6·18"大促做准 备。 iPhone前所未有的降价力度和京东、拼多多等电商平台"斗法"有很大关系，近年拼多多正在追求品牌化和 高端化，苹果品牌无疑是其实现转型的优质抓手。很长一段时间，3C业务有口皆碑的京东被当做苹果手机 的进货平台，大量黄牛从京东低价进货，再抬价出售给拼多多和各大分销商，一石三鸟之下受伤的只有苹 果自己和老实巴交的经销商们。 全渠道时代下的电商平台是苹果未来在中国走向零售化的过程中不可忽视的重要阵地，也是进一步优化渠 道布局、规范价格体系不可绕过的一环。 苹果这两年在线下渠道管理方面的动作也不小，线下作为目前手机销售的主阵地，各大手机厂商都在持 续"扩店洗商 ...

Core Viewpoint - Huawei has launched its first foldable screen HarmonyOS laptop, the HUAWEI MateBook Fold, during the product launch event on May 19, showcasing its ambition to provide an alternative in the PC operating system market dominated by Windows and macOS [3][21]. Product Features - The MateBook Fold features an 18-inch foldable OLED display and is priced at 23,999 yuan for the 32GB+1TB model and 26,999 yuan for the 32GB+2TB model, entering the ultra-high-end market segment [2][5]. - The laptop does not come with a physical keyboard, relying instead on a virtual keyboard or an external magnetic keyboard, allowing users to switch content between screens and adjust the screen angle [11][12]. - It is equipped with HarmonyOS 5, which integrates features like AI smart assistant, cross-device collaboration, and privacy protection [13][18]. Market Reception - Pre-sale data indicates strong interest, with nearly 70,000 reservations for both models by May 20, suggesting a positive market response [5][6]. - The pricing strategy has sparked discussions on social media, with mixed opinions on affordability and potential risks associated with the foldable screen [8][9]. Competitive Landscape - The MateBook Fold's pricing positions it above many high-performance laptops, including some of Apple's M-series models, indicating a strategic move into the premium segment [7][21]. - The foldable laptop market is not entirely new, as Lenovo previously launched a similar product, the ThinkPad X1 Fold, which faced challenges in market acceptance due to high pricing and ecosystem compatibility issues [16][22]. Industry Trends - The launch reflects a broader trend in the PC industry, where companies like Microsoft and Lenovo are also integrating AI capabilities into their products, indicating a shift towards smarter, more interconnected devices [19][20].

Core Viewpoint - Xiaomi is positioning its new Civi 5 Pro as an all-around flagship, directly competing with the iPhone standard version, showcasing significant upgrades in design and technology [3]. Group 1: Product Development - The Civi 5 Pro features a 6.55-inch ultra-narrow visual four-edge curved screen, is only 7.45mm thick, and has a width of 73.2mm [3]. - It is powered by the Qualcomm Snapdragon 8s Gen4 and includes a Leica triple-camera system, featuring the same Leica floating telephoto lens as the Xiaomi 15 [3]. - The Civi 5 Pro will be available in four color options: Nebula Purple, Sakura Pink, Black, and White [3]. Group 2: Financial Performance - Xiaomi's smartphone business achieved a revenue of 191.8 billion yuan in 2024, marking a year-on-year growth of 21.8% [5]. - The global smartphone shipment reached 169 million units, with a year-on-year increase of 15.7% [5]. - In Q1 2025, China's smartphone market saw shipments of 70.9 million units, a 5% year-on-year growth, with Xiaomi's shipments reaching 13.3 million units, a 40% increase, reclaiming the top position with a market share of 19% [5]. Group 3: Market Strategy - Xiaomi aims to sell over 10 million high-end smartphones globally in 2024 and plans to focus on the price segment above 6,000 yuan in 2025 [5]. - The company plans to open 10,000 Xiaomi Home stores overseas within five years to promote its major appliances [5]. - Xiaomi's air conditioning business aims to rank among the top three in China this year, with a long-term goal of being among the top two by 2030 [6]. Group 4: Production Capacity - The Xiaomi smart home appliance factory in Wuhan is in the critical phase of equipment installation and is expected to be operational in the second half of the year [8]. - The first phase of the project focuses on air conditioning, with plans for six core sub-factories to support both home and central air conditioning production [8].

Investment Rating - The industry rating is "Outperform the Market" [7] Core Insights - Huawei's nova 14 series and Harmony OS computer product launch event is scheduled for May 19, 2025, marking it as one of the most significant events for Huawei in 2025 [3] - Apple's first foldable iPhone is expected to be released in the fall of 2026, alongside the iPhone 18 Pro series, with a projected global shipment of 3.8 million foldable smartphones in Q4 2024, a year-on-year decline of 18% [4] - Huawei holds a 31.2% market share in the foldable smartphone segment, while Samsung's market share has decreased to 26.7% [4] Summary by Sections Product Launches - Huawei's upcoming launch includes the nova 14 series and a new Harmony OS computer, potentially the first foldable PC from Huawei [3] Market Trends - The foldable smartphone market is experiencing a decline, with a significant drop in shipments, but Apple's entry is expected to revitalize the market due to its strong brand and integration capabilities [4] Investment Opportunities - Suggested areas for investment include 3D printing applications (e.g., Huazhu High-Tech, Plittech), automated assembly equipment (e.g., Bozhong Precision, Kuaike Intelligent), and automated testing equipment (e.g., Oatmeal Technology, Jepter) [5]

折叠屏概念震荡走高 宜安科技20CM涨停 智通财经5月16日电，宜安科技20CM涨停，精研科技涨超10%，斯迪克、冠石科技、凯盛科技、东睦股 份、星星科技等跟涨。消息面上，记者日前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 引为2026年下半年推出首款折叠屏手机，是一款"大折叠屏iPhone"，该供应链公司表示，希望进入折叠 屏iPhone的关键部件供应商名单，近期相关部件已送样测试。 ...