Group 1 - Kuaishou's Keling 2.0 model ranks first in the global video generation model leaderboard with a score of 1124, surpassing the previous leader Keling 1.6 [1] - This marks the third consecutive month that Kuaishou's model has topped the leaderboard [1] Group 2 - Apple has announced significant price reductions for the iPhone 16 Pro and iPhone 16 Pro Max, with discounts exceeding 2500 yuan, likely in preparation for the upcoming "618" sales event [2] - Apple plans to launch its first foldable iPhone in the second half of 2026, which is expected to boost sales and encourage other brands to invest in the foldable phone market [2] Group 3 - Xiaoma Zhixing is reportedly planning to submit a listing application in Hong Kong, but the company has declined to comment on the matter [3] - The CPU and GPU prices in Huaqiangbei have returned to normal levels after a spike due to new tariffs, with some products seeing price reductions of up to 50% [3] Group 4 - The former chairman of Unisplendour, Zhao Weiguo, was sentenced to death with a two-year reprieve for corruption and other charges, which may impact the company's reputation and operations [4] Group 5 - Tesla's Shanghai Gigafactory exported nearly 30,000 Model 3 and Model Y vehicles in April, marking the highest monthly export volume in the past year [5] - Xiaomi's founder Lei Jun has restricted comments on his Weibo account to followers who have been following for over 100 days, amid customer dissatisfaction regarding the SU7 Ultra model [5] Group 6 - Baidu is reportedly planning to launch its autonomous taxi service "Luobo Kuaipao" in Europe, specifically in Switzerland and Turkey, as part of its international expansion strategy [7] - The company has accumulated significant operational experience in complex urban traffic scenarios in various Chinese cities [7] Group 7 - China's successful launch of the "Three-Body Computing Constellation" satellite aims to enhance data processing efficiency in space, facilitating the application and development of artificial intelligence [8]

● 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 ...

Core Viewpoint - Apple has significantly reduced the prices of its iPhone 16 series ahead of the "6·18" shopping festival, with discounts exceeding 1,000 yuan, in response to disappointing sales performance in the Chinese market [1][6]. Price Reduction Details - Apple announced a price cut of $160 (approximately 1,313.06 yuan) for all storage versions of the iPhone 16 Pro Max and a $176 (approximately 1,445.27 yuan) reduction for the 128GB version of the iPhone 16 Pro [1]. - On platforms like JD.com, the iPhone 16 Pro 128GB version, originally priced at 7,999 yuan, is now available for 5,499 yuan after applying national subsidies, marking a reduction of 2,500 yuan [2]. - The iPhone 16 Pro 128GB version on Tmall's official Apple Store is also priced at 5,499 yuan, reflecting a 31% discount from its original price [4]. Market Response - The price cuts have led to a surge in demand, with the subsidized iPhone 16 Pro 128GB version reportedly selling out quickly [4]. - Various platforms, including Pinduoduo, have also reported significant price drops for different iPhone models, with some versions seeing reductions of over 2,000 yuan [4]. Sales Performance - Apple's sales in the Greater China region have been declining, with a reported revenue of $15.033 billion for Q4 of fiscal year 2024, marking the only region with a year-on-year decline [6]. - In Q1 of fiscal year 2025, revenue from the Greater China region was $18.51 billion, down 11% year-on-year, and in Q2, it further decreased to $16 billion [6]. - According to IDC, Apple ranked fifth in smartphone shipments in China, with a 9% year-on-year decline, while competitors like Xiaomi, Huawei, OPPO, and Vivo continue to dominate the market [6]. Strategic Adjustments - Apple has been implementing multiple price reductions since the launch of the iPhone 16 series, indicating a shift towards regular promotions as demand wanes [8]. - The company is also exploring new product innovations, such as foldable smartphones, which may be launched depending on the sales performance of the iPhone [9].

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]

新华财经上海5月12日电（林郑宏）受《中美日内瓦经贸会谈联合声明》发布提振，5月12日港股尾盘大 幅上扬，恒生指数收盘涨近3%，恒生科技指数涨超5%。 苹果概念股领涨市场，瑞声科技（02018.HK）收盘涨15.37%，舜宇光学科技（02382.HK）涨14.83%， 比亚迪电子（00285.HK）涨13.79%。 A股"果链"公司股价此前亦表现不俗，蓝思科技（300433）收盘涨9.63%，立讯精密（002475）涨 6.36%，歌尔股份（002241）涨5.61%。 在5月12日发布的最新调研记录中，立讯精密董事长王来春在回复投资者提问时称，美国加征关税对公 司业绩影响非常有限，因为公司产能全球化多年来随着市场及客户的要求，已进行了完整布局。对于近 期股价出现较大幅度波动，王来春表示，公司经营状况良好，相信随着公司良好业绩的体现，一切担心 会消失，股价也会回归企业的价值面。 （文章来源：新华财经） 据中证报消息，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 ...

Core Viewpoint - Apple has implemented a significant price adjustment for the iPhone 16 series, with reductions reaching up to 1,500 RMB, as a strategic move to boost sales ahead of the upcoming "618" e-commerce promotion [2][3]. Pricing Strategy - The price cuts affect all models in the iPhone 16 series, with the iPhone 16 Pro Max seeing a reduction of 160 USD (approximately 1,313.06 RMB) and the iPhone 16 Pro 128GB version dropping by 176 USD (1,445.27 RMB) [2]. - On platforms like JD.com, the iPhone 16 Pro Max 256GB is currently priced at 9,299 RMB, and with the "618" national subsidy policy starting on May 13, the final price could drop below 7,000 RMB [2]. Market Context - The price adjustment is interpreted as a strategic preparation for the "618" sales event, aiming to stimulate inventory turnover and enhance market competitiveness in the high-end smartphone sector [3][4]. - Historical data from the 2024 "618" promotion shows that iPhone models dominated sales rankings, with the iPhone 15 Pro Max leading, indicating strong brand influence despite higher average prices compared to competitors [4]. Competitive Challenges - Apple faces significant challenges in the Chinese market, with a 25% decline in iPhone shipments to 13.1 million units in Q4 2024, attributed to competition from local brands like Huawei [5][6]. - Market share for Apple in the high-end smartphone segment has decreased from 75% in 2022 to 54% in 2024, while Huawei's share has increased from 12% to 29% during the same period [5]. Sales Performance - In Q1 2025, Apple ranked fifth in the Chinese smartphone market with 9.8 million units shipped, a 9% decline year-on-year, contrasting with growth from competitors like Xiaomi and Huawei [6][7]. - The overall smartphone market in China grew by 3.3% in Q1 2025, highlighting Apple's struggle to maintain its position among leading brands [6]. Product Innovation and Future Outlook - Apple's product innovation has been perceived as conservative, with slow advancements in features compared to local competitors, particularly in fast charging and camera technology [8]. - The company is exploring new product innovations, including a potential large-screen foldable iPhone expected to launch in late 2026, which could provide new growth opportunities [9]. - However, potential increases in production costs due to U.S. tariffs on semiconductors could lead to higher prices for iPhones globally, impacting consumer affordability in China [9].

【环球网科技综合报道】5月11日消息，据媒体援引供应链公司人士消息透露，苹果公司已为其首款折叠屏iPhone设定了出货目标，预计该产品将于2026年 下半年正式亮相，且将是一款"大折叠屏iPhone"。 首先，该设备在展开时，折叠痕迹将"几乎不可见"。这意味着其传闻中的7.8英寸至8英寸内屏将拥有更加无缝的设计，为用户带来不间断的视觉体验。古尔 曼表示："苹果希望通过减少手机展开时的折痕，使其在竞争中占据优势。" 其次，折叠iPhone将配备"质量更高的铰链"。与部分其他折叠屏手机相比，这一部件将成为其重要优势。虽然古尔曼未详细说明铰链的具体材质，但苹果供 应链分析师郭明錤此前曾透露，该铰链将采用钛和不锈钢的混合材料制造，以确保其耐用性和稳定性。（纯钧） 作为苹果手机多个零部件的供应商，这家供应链公司表示，他们正积极寻求进入折叠屏iPhone关键部件供应商名单，并已将相关部件送样测试。不过，要获 得折叠屏iPhone关键部件的增量业务订单，还需通过苹果公司的严格审厂流程。 据产业链人士分析，苹果手机拥有庞大的客户基础，预计其折叠屏iPhone市场需求将十分旺盛。然而，最终销量将取决于苹果公司对该产品的定价策略 ...

智通财经5月10日电，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"。该供应链公司是苹果手机的多个零部件供应 商。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；但 要拿到折叠屏iPhone关键部件的增量业务订单，还需经苹果审厂。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。一位产业链人士分析，苹果手机客户基础量大，预计苹果折 叠屏iPhone市场需求大，但销量将取决于最终定价。 (中证金牛座) 供应链公司：苹果首款折叠屏iPhone关键部件已送样 ...