Company Overview - Shengyi Technology Co., Ltd. is located in Dongguan, Guangdong Province, established on June 27, 1985, and listed on October 28, 1998. The company specializes in the design, production, and sales of copper-clad laminates and bonding sheets [1][2]. Stock Performance - As of August 22, Shengyi Technology's stock price increased by 2.05%, reaching 45.36 CNY per share, with a trading volume of 188 million CNY and a turnover rate of 0.18%. The total market capitalization is 110.19 billion CNY [1]. - Year-to-date, Shengyi Technology's stock price has risen by 93.43%. In the last five trading days, the stock increased by 1.18%, while it rose by 19.21% over the past 20 days and 69.63% over the last 60 days [1]. Capital Flow - The net inflow of main funds was 9.29 million CNY, with large orders accounting for 11.23% of total purchases and 10.2% of total sales. Notably, a significant single order bought 12.81 million CNY, representing 6.81% of total transactions [1]. Financial Performance - For the first half of 2025, Shengyi Technology reported a revenue of 12.68 billion CNY, reflecting a year-on-year growth of 31.68%. The number of shareholders decreased by 14.25% to 75,100, while the average circulating shares per person increased by 16.61% to 31,561 shares [2]. Dividend Distribution - Since its A-share listing, Shengyi Technology has distributed a total of 11.94 billion CNY in dividends, with 3.58 billion CNY distributed over the past three years [2]. Shareholding Structure - As of June 30, 2025, Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 166.7 million shares, a decrease of 16.4 million shares from the previous period [2].

Core Insights - The foldable smartphone market is maturing, with decreasing prices and increasing adoption among mainstream consumers [1][2] - Honor has launched the Magic V Flip 2, featuring advanced specifications and a competitive price point, indicating a shift towards affordability in foldable devices [1] - The global foldable smartphone shipment is projected to grow at a compound annual growth rate (CAGR) of 49.48%, reaching 102 million units by 2027, with China expected to see significant growth [1][2] Industry Trends - Foldable smartphones are becoming a key innovation in consumer electronics, transitioning from high-end to mainstream markets [1] - The hinge and flexible screen technologies are critical areas of innovation, with major players like Huawei and Samsung leveraging self-developed hinge technology for competitive advantage [1] - The foldable smartphone hinge market is expected to reach a value of $1.2 billion by 2025, with hinge costs accounting for approximately 5%-8% of the bill of materials (BOM) per device [2] Competitive Landscape - Apple's entry into the foldable smartphone market is anticipated to enhance market penetration, with expectations of a rise in foldable smartphone penetration from 1.6% in 2025 to over 3% by 2027 [2][3] - The focus will shift towards manufacturing efficiency, cost control, and supply chain integration as Apple aims to differentiate its offerings in a more stable market [3] - Suppliers that can manage technology, production capacity, and price flexibility will be key beneficiaries in the upcoming growth cycle [3]

- The report does not contain any quantitative models or factors for analysis

Group 1 - A-shares experienced significant activity with 63 stocks hitting the daily limit up and 10 stocks hitting the limit down on August 20 [1] - The liquid metal concept saw strong performance, with Dongfang Zirconium hitting the limit up [1] - The small metal sector also showed strength, with Yunnan Zinc Industry achieving two consecutive limit up days [1] Group 2 - ST Gaohong faced a continuous decline with eight consecutive limit down days [2] - Aili Home and ST Nanzhi both experienced two consecutive limit down days [2] - ST Huarong and Xintian Pharmaceutical also hit the limit down [2]

The provided content does not contain any specific quantitative models or factors, nor does it include their construction processes, formulas, evaluations, or backtesting results. The documents primarily discuss market performance, sector and concept index movements, market sentiment, capital flows, ETF premiums/discounts, block trading discounts, and institutional activities. These are general market observations and statistics rather than detailed quantitative models or factor analyses.

Group 1 - The core viewpoint is that the introduction of foldable products by Apple in the second half of 2026 is expected to increase the penetration rate of foldable phones from 1.6% in 2025 to over 3% by 2027, driven by advancements in hinge technology and design [1] - The foldable phone hinge market is projected to reach a value of $1.2 billion by 2025, with Samsung adopting a water-drop hinge design in its Galaxy Z Fold5 and Flip series to enhance durability and reduce crease visibility [2] - The industry is moving towards modular designs and standardization to reduce costs and improve yield rates, with suppliers like New Power and Amphenol investing in high-precision components to adapt to the water-drop hinge trend [2] Group 2 - Apple is considering the use of liquid metal as a structural material for its foldable devices, which could lead to a significant upgrade in the supply chain if combined with 3D printing and composite materials [3] - Apple typically adopts an "early majority" strategy, entering the foldable phone market once it stabilizes, aiming to capture market share through differentiation while minimizing risks and R&D costs [3] - The entry of Apple into the foldable phone market signifies a shift towards mature applications, where competition will focus on manufacturing efficiency, cost control, and supply chain integration [3]

Investment Rating - The report does not explicitly provide an investment rating for the liquid metal industry. Core Insights - Liquid metals possess significant advantages over traditional metal materials, including high strength, hardness, wear resistance, and excellent electrical and thermal conductivity, making them suitable for applications in electronics, healthcare, wearable devices, and flexible robotics. However, the industry faces technological bottlenecks in material and packaging, hindering clear industrial application trends [2][5][19]. Summary by Sections Industry Overview - Liquid metals are defined as metals or metal alloys with melting points below or near room temperature, exhibiting unique properties such as low melting points, high conductivity, and good flowability, applicable in various fields including consumer electronics, aerospace, and biomedical [6][7]. Raw Materials - High-purity gallium is the primary raw material for gallium-based liquid metals, with China leading globally in gallium resource reserves and production, providing a cost advantage and a foundation for technological innovation in the liquid metal industry [3]. Applications - The primary industrial application of liquid metals is in high-end chip cooling, where they serve as thermal interface materials (TIMs) due to their superior thermal conductivity and flowability. Other potential applications, such as hydrogen production, 3D printing, and flexible robotics, are still in the experimental stage and have not yet achieved commercialization [4][27][33]. Industrial Bottlenecks - The main bottlenecks in the industrial application of liquid metals are found in material and packaging dimensions. Material challenges arise from impurities in high-purity gallium, which complicate the material system and hinder predictability in modifications. Packaging issues stem from the complex solid-liquid phase transitions and the strong flowability and surface tension of liquid metals, leading to compatibility, design, and cost challenges [5][57]. Production Processes - The production of liquid metal components typically involves vacuum die casting, which offers advantages such as low cost, high complexity, and minimal waste compared to traditional metal processing methods. The process includes low-temperature melting and die casting to achieve precise shapes and properties [20][26]. Future Prospects - Liquid metals have vast potential in flexible electronics and robotics due to their unique properties, but significant technical challenges remain before widespread commercialization can occur. Continued research and development are necessary to overcome these challenges and enhance the feasibility of liquid metal applications [40][49].

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].

Investment Rating - The industry rating for the foldable screen mobile phone sector is positive, with expectations for accelerated growth driven by Apple's entry into the market [4]. Core Insights - The foldable screen mobile phone market is set to grow significantly, with global shipments projected to reach 17.8 million units in 2024 and potentially 70 million units by 2027, reflecting a CAGR of 57.8% from 2024 to 2027 [1][20]. - Apple's anticipated launch of a foldable iPhone in 2026 is expected to further stimulate market growth and increase shipments [20]. - The industry is transitioning from traditional smartphones to innovative foldable designs, which are becoming the new standard in mobile technology [15]. Summary by Sections 1. Foldable Screen Mobile Phones - The global smartphone market is rebounding, with a projected shipment of 1.238 billion units in 2024, a year-on-year increase of 6.4% [12]. - Foldable screen technology is recognized as a key innovation in the smartphone sector, addressing the need for larger screens while maintaining portability [15]. - The market is characterized by a shift towards lighter and more affordable foldable devices, with average prices decreasing significantly [31]. 2. Hinge Technology - Hinges are critical components in foldable phones, requiring high durability and precision, with designs evolving towards lighter and more robust solutions [38]. - The predominant hinge types are water-drop and U-shaped, with water-drop designs becoming the preferred choice due to their reduced screen wear and improved folding mechanics [40]. - The global market for foldable phone hinges is expected to grow from approximately $3.2 billion in 2024 to $15.4 billion by 2032, with a CAGR of 21.69% [47]. 3. Cover Glass Technology - Flexible cover glass is essential for foldable screens, with ultra-thin glass (UTG) increasingly replacing traditional materials due to its superior properties [3]. - The market share of UTG in domestic foldable smartphones has risen to 70% in 2023, indicating a strong trend towards this material [3]. - The production of UTG involves complex manufacturing processes, with a focus on improving yield and consistency [6]. 4. Investment Recommendations - The report highlights several key beneficiaries in the foldable screen supply chain, including: - UTG: Lens Technology - Hinges: Linyang Precision, Tonglian Precision, and Jingyan Technology - Liquid Metal: Yian Technology - 3D Printing: Huashu High-Tech and Plit [7].

Group 1 - The three major indices opened flat, with the Shanghai Composite Index down 0.02%, the Shenzhen Component Index down 0.09%, and the ChiNext Index slightly up [1] - Sectors such as liquid metal and CPO saw the largest gains, while sectors like electric power equipment, PEEK materials, and TOPCon batteries experienced the largest declines [1]