Core Viewpoint - Samsung, once a pioneer in the foldable smartphone market, is facing significant competition from Chinese manufacturers, leading to a decline in its dual-foldable devices. The company aims to regain its presence by launching a tri-fold smartphone by the end of this year, emphasizing the importance of AI in its strategy [1][4]. Group 1: Product Development - Samsung plans to launch a tri-fold smartphone, tentatively named Galaxy G Fold, by the end of this year, focusing on product usability and market demand [4][6]. - The company has reportedly completed the hardware design for the tri-fold smartphone and is preparing for production, with a small-scale launch expected in September [4][6]. - The tri-fold smartphone will feature a larger display of approximately 10 inches compared to the Galaxy Fold series, and it will utilize OLED panels [6][8]. Group 2: Market Competition - The foldable smartphone market has become a significant segment, with Samsung acknowledging the need for more companies to enter this space to stimulate innovation [4][9]. - Huawei currently holds the title for the world's first mass-produced tri-fold smartphone, the Mate XT Ultimate Design, which has a starting price of 19,999 RMB [6][9]. - In the Chinese foldable smartphone market, Huawei leads with a 48.6% market share, followed by Honor and Vivo, while Samsung has fallen out of the top five, holding only 7.0% of the market [10]. Group 3: Technical Specifications - The tri-fold smartphone is expected to be powered by the Qualcomm Snapdragon 8 Elite processor, crucial for high-resolution multi-screen displays and multitasking capabilities [8]. - The device's battery capacity is reportedly lower than competitors, with Samsung focusing on a thinner design, which limits battery size due to internal space constraints [8][9].

Group 1 - Samsung launched three foldable smartphones: Galaxy Z Fold7 starting at 13,999 yuan, Galaxy Z Flip7 at 7,999 yuan, and Galaxy Z Flip7 FE at 6,499 yuan [1] - Galaxy Z Fold7 features an 8.9mm thickness when folded and 4.2mm when unfolded, weighing 215 grams, with an external screen of 6.5 inches and an internal screen of 8 inches [1] - The battery capacity of Galaxy Z Fold7 is 4,400mAh, which is significantly lower than competitors like Honor Magic V5 (6,100mAh) and vivo X Fold5 (6,000mAh) [1] Group 2 - Galaxy Z Flip7 is thinner than its predecessor, with a thickness of 6.5mm when unfolded and 13.7mm when folded, weighing 188 grams, featuring a 4.1-inch external screen and a 6.9-inch main display [2] - The camera system of Galaxy Z Flip7 includes a 50MP main camera and a 12MP ultra-wide dual camera, with a battery capacity of 4,300mAh [2] - Samsung's foldable devices utilize AI features supported by Google's Gemini model, with Galaxy Z Fold7 powered by a custom Snapdragon 8 Elite chip for enhanced on-device AI processing [2] Group 3 - The Exynos 2500 chip is expected to be used in the Galaxy Z Flip7, marking Samsung's return to using its own chips in flagship models after nearly a decade [4] - The Exynos 2500 chip features a ten-core architecture with a maximum frequency of 3.3GHz for the super core, which is lower than Xiaomi's equivalent chip [5] - Samsung faces increasing competition in the foldable smartphone market, with foldable phones accounting for less than 2% of the overall smartphone market according to Counterpoint Research [5] Group 4 - IDC forecasts that China's foldable smartphone shipments will reach approximately 9.17 million units in 2024, representing a year-on-year growth of 30.8% [7] - Huawei leads the Chinese foldable smartphone market with a 48.6% share, followed by Honor at 20.6% and vivo at 11.1%, while Samsung has been pushed out of the top five with a 7.0% market share [7] - Analysts suggest that the expected price reduction for foldable phones has not materialized, as manufacturers continue to earn substantial profits despite low shipment volumes [6]

Core Viewpoint - Samsung Electronics has launched its new generation of foldable flagship models, Galaxy Z Fold7 and Galaxy Z Flip7, emphasizing "AI-enabled foldable forms" with ultra-thin designs, professional imaging systems, multimodal AI interactions, and quantum security technology, redefining the aesthetics and functionality of foldable smartphones [1][16]. Product Features - Galaxy Z Fold7 is designed with "ultra-thin and ultra-powerful" principles, weighing only 215 grams (approximately 12% lighter than its predecessor) and achieving a thickness of 8.9 mm when folded and 4.2 mm when unfolded, making it the lightest and thinnest in the Galaxy Z series [1][3]. - The device features a 6.5-inch external display and an 8.0-inch main screen with Vision Booster technology and a peak brightness of 2600 nits, enhancing visibility even in direct sunlight [3]. - It is powered by a custom Qualcomm Snapdragon 8 Gen 2 mobile platform, with NPU performance increased by 41%, CPU by 38%, and GPU by 26%, supporting advanced AI capabilities [5]. - The imaging system includes a 200-megapixel wide-angle camera, improving detail by 4 times and brightness by 44%, along with a 10-megapixel selfie camera [7]. Galaxy Z Flip7 Features - Galaxy Z Flip7 adopts a "palm-sized fold" design, featuring a 4.1-inch external display, the largest in its series, with a peak brightness of 2600 nits and a 120Hz refresh rate [8][10]. - It includes a 4300 mAh battery, the largest in the series, supporting approximately 31 hours of video playback [10]. - The device integrates multimodal AI into its large external display, allowing users to perform tasks via voice commands and access personalized information [12]. Galaxy Z Flip7 FE - The Galaxy Z Flip7 FE is introduced as a more accessible option, featuring a 6.7-inch main screen and a 5000-megapixel camera system, priced at 6499 yuan [14]. Security and After-Sales - Both Galaxy Z Fold7 and Z Flip7 incorporate post-quantum encryption for secure Wi-Fi connections, ensuring user privacy even on public networks [15]. Market Strategy and Industry Impact - The launch of Galaxy Z Fold7 and Z Flip7 signifies the entry of foldable smartphones into the "deep integration of AI" phase, targeting high-end productivity users and fashion-conscious consumers [16]. - The pricing strategy positions Galaxy Z Fold7 starting at 13999 yuan and Galaxy Z Flip7 at 7999 yuan, making them more competitive compared to previous models [16]. - The advancements in design, screen materials, and AI algorithms reflect Samsung's commitment to enhancing the foldable smartphone ecosystem, potentially expanding its market share [17].

Group 1 - Samsung held its second Galaxy Unpacked event of the year on July 9 in New York, unveiling new foldable devices and smartwatches [1] - The Galaxy Z Fold7 is highlighted as one of the most anticipated products, featuring significant upgrades compared to its predecessor [2][4] - The Z Fold7's dimensions have improved, with a thickness of 8.9mm when folded and 4.2mm when unfolded, weighing only 215 grams, making it competitive in the market [4][5] Group 2 - The Z Fold7's external screen aspect ratio has been adjusted from approximately 22.1:9 to 21:9, enhancing usability [6] - The internal screen size has increased from 7.6 inches to 8 inches, with a resolution of 2184×1968 and a peak brightness of 2600 nits [7] - The internal camera has been upgraded from 4MP to 10MP, moving away from the under-display camera design [8] Group 3 - The Z Fold7 features a 200MP main camera sensor, with other cameras remaining at 12MP and 10MP for ultra-wide and telephoto respectively [9] - The device is powered by the Snapdragon 8 Elite for Galaxy, with storage options starting at 12GB RAM and up to 1TB [12] - The Z Fold7 is priced starting at 13,999 yuan in China, with pre-orders beginning on July 9 [15] Group 4 - The Z Flip7 has received a notable upgrade in its external screen, now featuring a full-screen design around the camera [17] - The Z Flip7's internal screen resolution has decreased slightly to 2520×1080, while the aspect ratio has changed to 21:9 [19] - The Z Flip7 will utilize Samsung's Exynos 2500 processor globally, marking a departure from the usual Qualcomm processors [23] Group 5 - The Galaxy Watch8 series was also introduced, featuring two models: Galaxy Watch8 and Galaxy Watch8 Classic [33] - The Watch8 series includes a new feature to monitor carotenoid levels, providing insights into health and lifestyle [36] - The Galaxy Watch8 is priced starting at 2,299 yuan for the 40mm Bluetooth version, while the Watch8 Classic starts at 3,499 yuan [38]

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].

2025 年的苹果秋季发布会，将成为科技史上的重要里程碑。尽管 iPhone 17 系列仍以直板设 计为主，但折叠屏 iPhone 已进入 P1 原型测试阶段，预计 2026 年下半年正式亮相。 立讯精密在墨西哥工厂建立的「零库存」供应链模式，通过5G + 边缘计算实现 AI 服务器组 件的实时调配，订单响应速度提升 40%，同时将北美市场供货周期缩短至 3 天。这种「专利 壁垒 + 柔性制造」的组合拳，让中国供应商在苹果的技术封锁中撕开一道口子。 产业链公司观察：部分公司区域化布局的战略 这款被定位为「未来旗舰」的产品，采用三星独家供应的 7.8 英寸 LTPO OLED 内屏和 5.5 英寸外屏，铰链由蓝思科技采用非晶态金属玻璃复合材质打造，钛合金机身将重量控制在 250 克以内。 尽管苹果官方尚未公布具体上市时间，但供应链消息显示，其折叠屏方案已历经6代技术迭 代，仅铰链结构就申请了超过300项专利。西部证券指出：鉴于苹果在全球的销售规模及其对 产品的创新要求，随着苹果对折叠屏手机加速布局，我们认为一方面或将对全球折叠屏手机 销量有较大的拉动，另一方面其有望引领折叠屏产业链的创新升级。 产业链公司观察： ...

Group 1 - Apple is planning to launch its first foldable iPhone, expected to be released by the end of 2026, likely alongside the iPhone 18 series [1] - The foldable iPhone has entered the Prototype 1 (P1) development stage as of June, with further stages (P2 and P3) expected to follow, each lasting about two months [3] - If progress continues smoothly, the entire prototype testing process (P1-P3) is expected to be completed by the end of this year, leading into the Engineering Validation Testing (EVT) phase [6] Group 2 - The anticipated first foldable iPhone will feature a left-right fold design, with a 5.5-inch outer screen and a 7.58-inch inner screen, and thicknesses of approximately 4.5mm when unfolded and 9-9.5mm when folded [6] - The device will include a 48MP dual-camera setup on the back, an under-display camera for the inner screen, and will replace Face ID with Touch ID [8] - The foldable iPhone's screen will be produced by Samsung Display, and Apple has invested significantly in hinge design to minimize visible creases, with a projected price range of $2000 to $2500 [8] - Research firm Canalys predicts that Apple's entry into the foldable market will stimulate demand, making 2026 a pivotal year for the recovery of the foldable screen market [8]

Core Insights - The domestic foldable smartphone market has entered a new phase of competition with the launch of several new products from leading manufacturers, including vivo's X Fold 5, Xiaomi's MIX Flip 2, and Honor's Magic V5 [1][2] Group 1: Product Launches - Honor's Magic V5, launched on July 1, is positioned as the lightest and thinnest foldable flagship, featuring a Snapdragon 8 Gen 2 chip, a thickness of 8.8mm, a weight of 217g, and a battery capacity of 6100mAh [1] - The starting price of Magic V5 remains at 8999 yuan, consistent with the previous model, Magic V3, despite significant improvements in processor performance and system connectivity [1] Group 2: Market Position and Strategy - Honor's market share has declined, dropping from first place to sixth with a 13.7% market share in Q1, largely due to slow product updates and a lack of competitive models in the mid-to-high-end market [2][4] - The launch of Magic V5 is seen as crucial for Honor to regain market momentum and demonstrate its AI strategy to investors [2] Group 3: Industry Trends - Honor has established a comprehensive product matrix across all price segments since its independence in 2020, including various series and foldable products [4] - According to IDC, Honor is projected to achieve 1.89 million units in foldable smartphone shipments and a 20.6% market share in 2024, ranking second in the domestic market behind Huawei [4] - The foldable smartphone segment is expected to evolve, with a shift towards scenario-based innovations and enhanced user experiences, as indicated by Honor's plans for future product upgrades [5] Group 4: Competitive Landscape - The entry of Apple into the foldable smartphone market, with prototype testing expected to begin in mid-2025, is viewed as a motivator for Honor and could stimulate consumer interest in foldable devices [5]

7月2日，荣耀对外发布了其开启战略转型之后的首款折叠屏手机——Magic V5。 作为荣耀转型AI终端生态公司的首款旗舰产品，Magic V5支持了包括鸿蒙、iOS、安卓在内的全设备文 件互联，并搭载了一句话打车、编程、PPT生成、搜索等多个AI智能体功能。 国际数据公司IDC公布的数据显示，2024年第四季度，中国折叠屏手机出货量达到250万台，在连续9个 季度的高速增长之后，首次同比下降了9.6%。对于折叠屏手机而言，苹果此时的加入，无疑会加速该 机型的普及并扩大折叠屏的用户基本盘。 而除了折叠屏领域的竞争，荣耀此次也对外披露了IPO的更多细节。 据荣耀CFO彭求恩介绍，IPO有六个阶段，荣耀现在已经完成了第一个阶段，启动了第二个阶段，上市 辅导还要验收，后续进行申报、审核、发行上市。目前荣耀正在辅导机构的帮助下，按照相关法律法规 在公司治理、内控等方面改进，辅导至少的时间是3个月，现在正在和合作单位做这些工作。 更为关键的是，Magic V5将叠态厚度压缩到了8.8mm，重量同样为217g，成为了目前最轻薄的折叠屏手 机。 "新机在厚度和重量上的突破源于零部件的创新，荣耀在折叠屏领域已经快接近无人区，非 ...

Group 1: Market Dynamics - The summer season is a peak time for consumer electronics companies to launch new products, with foldable smartphones being a key focus this year [2] - Honor has launched its foldable flagship Magic V5, emphasizing its lightweight and slim design, claiming it to be the "thinnest and lightest" large foldable phone globally [2] - The global market for foldable smartphones is experiencing rapid growth, although the growth rate is showing signs of decline [4] Group 2: Competitive Landscape - Honor's product line president expressed excitement about Apple's anticipated entry into the foldable smartphone market, viewing it as a validation of the foldable category's potential [3] - Since the commercialization of foldable smartphones began in 2020, major manufacturers like Huawei, Xiaomi, Vivo, OPPO, and Honor have entered the market, making China the largest market for foldable smartphones [3] Group 3: Innovation and Future Trends - The slowing growth rate of foldable smartphones is interpreted as a transition from the 1.0 to the 2.0 era, where innovation will focus on functional versatility and scene-based applications [4] - Honor is preparing to launch a new small foldable product in August 2023, indicating ongoing innovation in the segment [3] Group 4: IPO Progress - Honor's IPO progress is under scrutiny, with the company having completed the preliminary filing process with the Shenzhen Securities Regulatory Bureau [4] - The CFO of Honor stated that the IPO process is proceeding normally, with the current phase focusing on governance and internal control improvements [4]