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 ...

Core Viewpoint - Lenovo's Moto Razr 60 series, including the Pro and Ultra models, has been launched, featuring advanced display technology and high performance specifications [1][2]. Group 1: Product Specifications - The main display of the new Moto Razr 60 series is a 6.96-inch LTPO AMOLED foldable screen with a resolution of 1224×2992 and a pixel density of 464 ppi, supporting a refresh rate of 165Hz [1]. - The secondary display measures 4 inches and is an OLED screen [1]. - The Ultra model features a 4-inch external screen that also supports a maximum refresh rate of 165Hz and peak brightness of 3000 nits, matching the internal screen in color performance and operational smoothness [2]. Group 2: Display Technology - The screens are supplied by TCL Huaxing, utilizing the latest generation of LTPO technology, which reduces power consumption by 13% compared to the previous generation [2]. - The screens feature a maximum brightness of 2000 nits and peak brightness of 4500 nits, with a color gamut reaching 117% NTSC and 87% BT2020 [2]. - The Ultra model's screen is the first in the industry to support IP68 water resistance [2]. Group 3: Material and Reliability - The use of 50um thick UTG ultra-thin flexible glass enhances screen reliability while maintaining high transparency and optimizing crease performance [2]. - The combination of 8T1C LTPO technology and no polarizer technology allows for intelligent adaptive refresh rates from 1 to 165Hz, ensuring smooth visuals while optimizing energy consumption [2].

Core Insights - Apple plans to adjust the iPhone release schedule to a staggered model in spring and autumn starting next year [1][8] - The upcoming ultra-thin iPhone, expected to be 5.5mm thick, is anticipated to boost consumer interest and upgrade frequency [3][4] - Apple is also set to launch its first foldable iPhone in autumn 2026, which may activate the foldable smartphone market [6][7] Group 1: Ultra-thin iPhone - The ultra-thin iPhone is expected to have a thickness of approximately 5.5mm, making it the thinnest iPhone ever [1][3] - The device will feature a simplified design with one speaker and one camera, leading to a compromise in performance [3][4] - Battery life is projected to be shorter, with only 60%-70% of users able to last a full day without charging, compared to 80%-90% for other models [3][4] Group 2: Production and Market Strategy - Apple is reserving only about 10% of production capacity for the ultra-thin iPhone due to uncertain market demand, with the majority allocated to iPhone 17 Pro Max and Pro [4] - The staggered release strategy allows Apple to optimize production resources and avoid simultaneous manufacturing demands [8] - The production of new iPhones typically begins in summer, with peak demand expected before the winter holiday shopping season [8] Group 3: Foldable iPhone - The foldable iPhone will feature a book-style design with a 5.7-inch screen when folded and nearly 8 inches when unfolded [6] - Apple has patented a new hinge design to enhance the flexibility and durability of foldable devices [6] - 35% of iPhone users have shown interest in foldable phones, but concerns about system compatibility remain [6][7] Group 4: Future iPhone Models - The iPhone 18 Pro and iPhone 18 Pro Max will be released alongside the foldable iPhone, featuring a new design with a hole-punch front camera [7] - The standard iPhone 18 will be delayed until spring 2027, aligning with the release of the iPhone 16E successor [1][7]

Core Viewpoint - Apple is set to launch its first foldable iPhone, addressing long-standing issues in the foldable smartphone market, particularly focusing on minimizing screen creases and enhancing hinge quality [3][5][27]. Group 1: Product Strategy - Apple plans to adjust its iPhone release strategy, alternating between low-end and high-end models, with the foldable iPhone expected to debut alongside the iPhone 18 Pro series in late 2026 [3][27]. - The foldable iPhone is positioned as a high-end device, aiming to differentiate itself from competitors by focusing on two main features: nearly invisible screen creases and superior hinge quality [5][6]. Group 2: Screen Technology - The foldable iPhone will utilize advanced technology to ensure that screen creases are nearly imperceptible when unfolded, enhancing both visual appeal and user experience [8][12]. - A proprietary polymer design is expected to fill gaps between the flexible screen and hinge, contributing to a smoother surface and increased durability [9][10]. - The device will feature Ultra-Thin Glass (UTG) supplied by Chinese manufacturer Lens Technology, which is recognized as the current best solution for foldable screens [11]. Group 3: Hinge Design - The hinge design of the foldable iPhone is expected to be more robust, utilizing a unique structure that enhances flexibility and durability [13][18]. - The hinge will be made from a combination of titanium alloy and stainless steel, balancing lightweight properties with strength and durability [15][18]. Group 4: Design and Specifications - The foldable iPhone will adopt a book-style folding design, featuring an external display size similar to standard smartphones and an internal display close to 7.8 inches [19][21]. - The device's thickness will range from 9mm to 9.5mm when folded, and 4.5mm when unfolded, potentially making it one of Apple's thinnest devices [22]. - It is rumored to include a Touch ID power button instead of Face ID due to space constraints, and will feature dual rear cameras and a front camera [24]. Group 5: Market Context - The foldable smartphone market has seen a significant slowdown, with growth rates dropping from over 40% annually since 2019 to just 5% in 2024, raising concerns about Apple's timing in entering this segment [29]. - Analysts predict the foldable iPhone will be priced between $2100 and $2300, positioning it against high-end models like the Pro Max, despite cheaper alternatives available in the market [30].

Core Insights - Apple is set to enter the foldable smartphone market with its first model, the iPhone Fold, expected to launch in the fall of 2026, marking a significant shift in the smartphone landscape after a decade of anticipation [1][4][12] Product Launch Strategy - The standard iPhone 18 will be delayed to spring 2027 to prioritize the launch of the iPhone Fold, making the 2026 fall event a dedicated showcase for foldable technology [2][5] - The iPhone Fold will be released alongside the iPhone 18 Pro series and Air series, creating a powerful product lineup [2][4] Technical Specifications - The iPhone Fold will feature a thickness of only 4.5mm when unfolded, which is 13% thinner than the iPad Pro, and will have an 8-inch display while folded [6] - The device will utilize a titanium alloy frame and liquid metal hinge, designed to withstand 200,000 folds, addressing durability concerns associated with foldable screens [6] - The internal display will be a 7.76-inch "true full-screen" with a resolution of 2713×1920, while the external display will be 5.49 inches with a hidden Face ID feature [8] Pricing and Market Positioning - The starting price for the iPhone Fold is projected to be between $2100 and $2300, targeting high-end business users rather than competing in the mass market [8] - Approximately 35% of current iPhone users are reportedly interested in foldable technology, indicating a strong potential market for the iPhone Fold [8] Supply Chain and Production - Apple has secured an exclusive supply agreement with Samsung Display for 200,000 foldable screens per month, ensuring a steady supply for the iPhone Fold [9] - The use of ultra-thin glass (30 microns thick) from Lens Technology is expected to enhance durability, as it can withstand a 2-meter drop test [9] Market Impact and Future Projections - Analysts predict that the iPhone Fold could achieve first-year sales of over 8 million units, capturing 30% of the high-end smartphone market [11] - A second-generation foldable device, featuring a glass Unibody design, is anticipated for release in 2027, potentially revolutionizing smartphone materials [11]