Core Insights - Apple is expected to launch its first foldable iPhone by the end of next year, with a price starting at $2000, aligning with previous reports from analysts [1][2][11] - The foldable iPhone is described as a product that deviates from Apple's traditional innovation approach, entering a market where competitors like Samsung and various Chinese brands have already established themselves [2][4] - The device will feature a book-style design, expanding from a 5.5-inch screen to a 7.8-inch screen, with a thickness of approximately 9 to 9.5 mm when folded [2][4] - Apple plans to use components similar to those found in Samsung's Galaxy Z Fold series, including a foldable OLED display [4][5] - The foldable iPhone may incorporate a fingerprint recognition system, potentially reintroducing Touch ID, due to the challenges of implementing Face ID in a foldable format [5][11] - The device is positioned as a "true AI phone," capable of multi-modal and cross-app functionalities, suggesting a new interaction paradigm in the AI era [9][11] - The production timeline indicates that final specifications will be determined in Q2 of this year, with project initiation in the second half of the year and mass production targeted for Q4 2026 [11] - The foldable smartphone market is currently facing challenges, with a reported shipment of 7 million units in China in 2023, representing only 2% of the total smartphone market [13][16] Industry Context - The foldable smartphone category has not yet produced a game-changing product that alters public perception, despite the initial promise of combining the functionalities of a phone, tablet, and PC [14][16] - There is a growing skepticism about the practical applications of foldable smartphones, with the market needing a successful product to validate the category's potential [16][17] - The high price point of the foldable iPhone raises expectations for its performance and capabilities, as it aims to justify its cost by delivering significant advancements in user experience [17]

Core Insights - Apple is entering the foldable smartphone market as a "follower" rather than a leader, with its first foldable iPhone expected to launch by the end of 2026, following a market established by Samsung for seven years [1][2] - Unlike its previous groundbreaking products, Apple's entry into this market will not rely on revolutionary technology or design, but rather on a device similar to Samsung's Galaxy Z Fold series, with the OLED foldable screen supplied by Samsung Display [1][2] Group 1: Product Strategy - Apple's approach to the foldable smartphone will not introduce revolutionary interaction interfaces or hardware, but will aim to provide a similar experience to existing products, marking a rare follower position for a company known for leading trends [3] - The engineering team is focused on addressing long-standing weaknesses in foldable devices, such as minimizing screen creases and improving hinge durability and feel [3] - The upcoming iOS 27 will prioritize custom software features for the new device form factor to ensure a smooth user experience [3] Group 2: Market Positioning - Apple's foldable strategy is closely linked to its plans for the Chinese market, where local brands like Xiaomi and Huawei have already launched multiple foldable phones, with a preference for the "book-style" design [4] - The starting price of $2,000 aligns with the purchasing power of high-end Chinese consumers and may be a key factor in boosting sales in China [4] - Despite a lack of hardware innovation, Apple is expected to leverage its brand strength to tap into the market, as millions of iPhone users are reportedly waiting for a foldable product without wanting to switch to Android [4]

Core Viewpoint - Transsion is set to launch its first tri-fold smartphone, the Phantom Ultimate G Fold Concept, following similar products from Huawei and Samsung, indicating a competitive push in the foldable smartphone market [1][7]. Group 1: Product Features - The Phantom Ultimate G Fold Concept features a G-shaped folding design with an internal dual-hinge structure, offering a 9.94-inch display when unfolded and a battery capacity exceeding 5000mAh [1][7]. - In its folded state, the device measures only 11.49mm thick, and 3.49mm when unfolded, making it thinner than competitors like Huawei Mate XT Ultimate and Samsung Galaxy Z Fold 7 [3][5]. - The device utilizes a custom dual-hinge system, which includes a droplet-shaped hinge for folding and a larger main hinge that allows for partial folding, enabling functionalities like video calls [5][7]. Group 2: Market Context - The global smartphone market experienced a 1% year-on-year decline in Q2 2025, marking the first drop in six consecutive quarters, attributed to cautious consumer sentiment amid economic uncertainty [7]. - Samsung maintained its market leadership with a 19% share, followed by Apple at 16%, Xiaomi at 15%, and Transsion at 9%, which saw a 2% decline in market share [7][9]. - Transsion's performance has been under pressure, with a significant revenue drop of 25.45% year-on-year in Q1 2025, and a net profit decline of 69.87%, attributed to market competition and supply chain costs [8][9]. Group 3: Financial Performance - In 2024, Transsion reported a revenue of 68.715 billion yuan, a 10.31% increase, but this was a significant slowdown from the previous year's 33.69% growth, marking the second-lowest growth rate since its listing [8]. - The net profit for 2024 was 5.549 billion yuan, a slight increase of 0.22%, while the non-recurring net profit fell by 11.54% [8].

Core Insights - Apple plans to launch a foldable iPhone using Samsung Display's no-fold display solution, aiming for stable mass production in the second half of 2026 [1][3] - Apple has abandoned its own design for the foldable iPhone and will collaborate with Fine M-Tec for internal hinges, which are also used in Samsung's latest foldable devices [3][5] - The expected supply of hinges from Fine M-Tec is projected to start in Q1 2026, with a unit price of $30-35, and total shipments estimated between 13-15 million units [5] Cost and Pricing Analysis - The BOM (Bill of Materials) cost for Apple's foldable iPhone is estimated at $759, approximately 4% lower than Samsung's Z Fold SE [8] - Initial pricing for the iPhone Fold is anticipated to be between $1800 and $2000, with a profit margin of 53%-58%, which is higher than the iPhone 16 series [8] - Initial production capacity is expected to be limited to 10-15 million units, reflecting the technical complexity and high price point of foldable devices [8] Supply Chain and Component Suppliers - Samsung Display is expected to be the main supplier of 7-inch foldable OLED panels, with an annual production capacity of up to 15 million units [9] - The device may feature a titanium shell and liquid metal hinge, benefiting suppliers like Lens Technology, Amphenol, and Hon Hai [9] - Foxconn is anticipated to handle initial assembly, with Luxshare Precision as a secondary partner, showcasing Apple's established manufacturing ecosystem [9] Market Impact - The launch of the foldable iPhone is expected to boost market sentiment and stock prices for Apple, positively impacting its supply chain [8][11] - The anticipation surrounding the foldable iPhone reflects significant interest in how it will reshape the foldable smartphone market and contribute to Apple's product legacy [11]

Core Viewpoint - The article discusses the evolution and significance of hinge technology in foldable smartphones, highlighting the different types of hinges, their advantages and disadvantages, and the impact of material innovations on performance and cost [2][5][6]. Industry Perspective - Foldable hinge technology has undergone multiple iterations since the first commercial foldable phone was launched in 2019, leading to various technical routes and design philosophies [2]. - The main types of hinge technology include U-shaped hinges, waterdrop hinges, and other types, each with unique characteristics affecting crease control, thickness, cost, and durability [2]. U-Shaped Hinge - The U-shaped hinge, exemplified by the Samsung Galaxy Fold series, is a simpler and cost-effective design but suffers from significant drawbacks such as visible creases and potential screen damage over time [3]. - This hinge design has been criticized for allowing dust ingress and causing aesthetic issues due to gaps when closed [3]. Waterdrop Hinge - The waterdrop hinge, commonly used by domestic manufacturers like OPPO and Huawei, allows for a larger bending radius, reducing screen creases and providing a seamless closure [4]. - While offering advantages such as shallower creases and improved user experience, the complexity of the waterdrop hinge increases production costs and device thickness [4]. Evolution of Hinge Technology - The evolution of hinge technology reflects the transition of foldable smartphones from being merely functional to providing a better user experience, with advancements in materials and structural design [5]. - The latest innovation is Huawei's "Tiangong Hinge System," which supports both inward and outward folding, marking a new stage in hinge technology development [5]. Material Innovations - The performance of foldable hinges is closely tied to material selection, with advancements from traditional stainless steel to revolutionary liquid metal materials enhancing strength and fatigue resistance [6]. - Metal Injection Molding (MIM) is the mainstream choice for hinge manufacturing, while liquid metal offers superior properties, making it ideal for components requiring repeated folding [6]. Market Dynamics - The global foldable hinge market is projected to exceed $900 million in 2024, with a growth rate of nearly 5% [7]. - The introduction of tri-fold smartphones increases the number of required hinges, suggesting further market expansion [7]. - The market is characterized by high technical barriers, dense patent layouts, and a trend towards consolidation among leading companies [7]. Regional Distribution - Hinge manufacturers are primarily located in China and South Korea, with the U.S. excelling in design but less involved in manufacturing [8]. - Chinese companies are increasingly competitive across the entire supply chain, from materials to design and manufacturing [8]. Cost Structure - Hinges represent a significant incremental cost in foldable smartphones, with individual costs ranging from 800 to 1200 yuan, influenced by material choices and manufacturing complexity [8]. - Reducing hinge costs is crucial for the broader adoption of foldable smartphones, with potential improvements through material substitution and process enhancements [8]. Challenges in the Industry - The industry faces challenges such as reliance on foreign high-end materials and increasing competition, necessitating ongoing R&D investment [9]. - However, advancements in MIM technology and liquid metal by Chinese firms are enhancing the self-sufficiency of the supply chain [9]. Market Forecast - The global foldable hinge module market is expected to reach $1.82 billion by 2031, with a compound annual growth rate (CAGR) of 6.8% [10].

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].