记者丨倪雨晴 编辑丨包芳鸣 视频丨柳润瑛 9月10日凌晨，苹果一年一度的秋季发布会"超燃"开场，这也被视为消费电子界的"春晚"。 苹果CEO库克一开场就点明了今年发布会的核心："设计一直是苹果公司和业务的基石。" 与往年市场热议"创新乏力"不同，此次苹果产品线进行了大更新，共发布了iPhone 17、iPhone Air、 iPhone 17 Pro和 iPhone 17 Pro Max四款机型。价格方面，新机5999元起，最高价为17999元。 其中，全新的"轻薄"产品线iPhone Air，取代了此前的Plus版本，也被称为"苹果史上最薄iPhone"，不少 人直呼"果味"回来了。从命名就能看出Air的重要性，不带数字"17"，代表它是新品类的初代。 最薄iPhone登场，AI还需等待 发布会最受瞩目的依旧是iPhone 17系列，其中取代Plus的iPhone Air成为全场焦点，被认为是本代的"实 验性"产品。 这款机型厚度仅5.6毫米，是迄今为止最轻薄的iPhone。为了实现极致轻薄，苹果在机械结构上进行创 新，采用了单摄设计、全面eSIM化，目前国内仅联通支持Air的eSIM。 与此同时，Air依 ...

Core Viewpoint - Huawei has officially launched the new Mate XTs foldable smartphone, priced at 17,999 yuan, which is 2,000 yuan lower than its predecessor, marking a significant development in the foldable smartphone market [2] Group 1: Product Features - The new Mate XTs features a new hinge system called "Tiangong Hinge," which reduces the thickness of the outer fold axis by 23% and the inner fold axis by 16% compared to single-sided foldable phones [2] - The device has a lightweight metal frame design and introduces eSIM functionality, eliminating the need for a physical SIM card slot. Its thickness is only 3.6mm when unfolded, making it 15% thinner than Samsung's Galaxy Z Fold 7 [3] - The screen is the largest foldable display in the industry, utilizing 30μm ultra-thin UTG glass, which enhances impact resistance by 30% through the use of non-Newtonian fluid materials [3] Group 2: Market Performance - Huawei has achieved a historical milestone by becoming the first Chinese brand to exceed 10 million cumulative shipments of foldable smartphones, with a market share of 75% in the foldable smartphone segment [4] - According to IDC data, the foldable smartphone market in China is expected to reach 4.98 million units in the first half of 2025, reflecting a year-on-year growth of 12.6% [4] Group 3: Supply Chain Insights - The hinge system's value is approximately 1,000 yuan, with suppliers including Kosen Technology, Jingyan Technology, and Yian Technology [2] - The metal frame's value is estimated to be between 800-1,000 yuan, with the supplier being AAC Technologies, which also provides speaker and motor components [3] - The display suppliers include BOE and Visionox, while the UTG flexible glass is sourced from Kaisheng Technology and Changxin Technology, indicating an increase in material costs due to upgrades [3]

Group 1 - Huawei has launched the new foldable Huawei Mate XTs, featuring the Kirin 9020 chip and HarmonyOS 5, enhancing overall performance by 36% through software-hardware cloud collaboration [1] - The device integrates PC-level applications into a smartphone, targeting various sectors such as office, finance, and design, with a starting retail price of 17,999 yuan [1] - The market response has been extremely positive, with all versions of the Mate XTs selling out in less than a minute during pre-sale, indicating strong demand for high-end foldable smartphones [1] Group 2 - The OLED supply chain in China is maturing, with companies like BOE and Tianma likely involved in supplying screens for the Mate XTs, showcasing the growth of the domestic OLED industry [1] - Lite-On Optoelectronics has achieved breakthroughs in OLED organic materials, providing high-quality proprietary materials to major panel manufacturers like BOE and Tianma [2] - Companies such as Jingce Electronics and Linde Equipment are involved in the production and assembly of OLED panels, contributing to the manufacturing process [2]

Investment Rating - The industry rating is "Outperform the Market" [7][13] Core Insights - Huawei has launched its second-generation foldable smartphone, the Mate XTs, featuring the Kirin 9020 processor and enhanced durability with a 30% increase in impact resistance due to the use of non-Newtonian fluid materials and UTG glass [3][5] - The global foldable smartphone market is expected to see stable growth, with an estimated shipment of approximately 19.83 million units in 2025, reflecting a year-on-year growth of 6.0%. By 2029, shipments are projected to approach 27.29 million units, with a five-year compound annual growth rate (CAGR) of 7.8% [5] - In the first half of 2025, China's foldable smartphone market reached a shipment of 4.98 million units, marking a year-on-year increase of 12.6%, with Huawei capturing a 75% market share by shipping 3.74 million units [5] Summary by Sections Market Developments - Huawei's Mate XTs is the first foldable smartphone with PC capabilities, showcasing advancements in hinge technology and screen durability [3] - Apple is expected to release its first foldable iPhone in the fall of 2026, which will adopt a book-style fold similar to Samsung's Galaxy Z Fold [4] Investment Opportunities - The report suggests focusing on companies involved in foldable screen hinges (e.g., Jingyan Technology, Dongmu Co., Tonglian Precision, Yian Technology, Lingyi Zhi Zao, Kosen Technology) [5] - Other areas of interest include panel equipment, flexible cover lamination equipment, liquid cooling micro pumps, automated assembly equipment, and 3D printing applications [5]

Core Viewpoint - Huawei's launch of the Mate XTs Extraordinary Master marks a significant advancement in the foldable smartphone market, showcasing the company's commitment to innovation and quality in technology [1][3]. Group 1: Product Launch and Market Position - The Mate XTs Extraordinary Master is Huawei's latest foldable smartphone, representing a major breakthrough in the foldable screen category [1]. - Since the introduction of its first foldable phone in 2019, Huawei has achieved a cumulative shipment of over 10 million units, becoming the first brand in China to reach this milestone [6]. - Huawei holds a 75% market share in the Chinese foldable smartphone market as of the first half of 2025, setting a historical record [6]. Group 2: Design and Aesthetics - The Mate XTs Extraordinary Master features a comprehensive design upgrade, including a new sand gold color scheme and intricate texture, enhancing both tactile and visual appeal [9]. - The phone is available in four new colors, each symbolizing unique meanings, such as nobility and purity [9]. Group 3: Technological Innovations - The device boasts a 10.2-inch display, making it the largest and thinnest foldable smartphone globally, with a thickness of only 3.6 mm [10]. - It incorporates advanced hinge technology, significantly reducing hinge thickness and enhancing the overall slimness of the device [10]. - The phone supports a high-resolution 3K display with a 92% screen-to-body ratio, providing an immersive user experience [10]. Group 4: Productivity Features - The Mate XTs Extraordinary Master integrates PC-level applications, offering users a near-PC operating experience, which is particularly beneficial for financial institutions and media [12]. - It features a multi-window function that allows users to adjust application window sizes freely and run three applications simultaneously, facilitating efficient multitasking [12][16]. - The introduction of the Huawei M-Pen 3 enhances productivity, serving as a powerful tool for creativity and efficiency [15].

Core Viewpoint - Huawei has solidified its position as the leader in the foldable smartphone market with the launch of the new Huawei Mate XTs, featuring the Kirin 9020 processor and a price reduction, enhancing its market competitiveness [2][3]. Group 1: Product Launch and Features - Huawei introduced the new generation of its foldable smartphone, the Mate XTs, at a recent event, showcasing the Kirin 9020 processor for the first time in four years [2]. - The Mate XTs features the HarmonyOS 5.1, achieving a 36% performance improvement through system-level optimizations and cloud collaboration [2]. - The device integrates PC-level applications, enhancing productivity across various fields such as finance and design, marking a significant evolution in the foldable smartphone ecosystem [2]. Group 2: Market Position and Sales - The starting price of the Mate XTs is set at 17,999 yuan, which is 2,000 yuan lower than its predecessor, making it more accessible and likely to expand market reach [3]. - Huawei captured 75% of the foldable smartphone market share in the first half of the year, with 3.74 million units shipped, indicating a dominant market presence [3][6]. - The company has released over ten foldable smartphone models, establishing a comprehensive product line that includes various folding mechanisms [3]. Group 3: Competitive Landscape - The foldable smartphone market is expected to become more competitive, with Apple planning to release its first foldable device next year and Samsung also entering the three-fold category [4]. - Huawei's focus on foldable technology is seen as a strategic move to regain lost market share while maintaining its high-end market advantage [5]. Group 4: Future Projections - IDC forecasts that global foldable smartphone shipments will reach approximately 19.83 million units by 2025, with a compound annual growth rate of 7.8% expected through 2029 [6]. - Huawei's return to the top of the Chinese smartphone market, with an 18.1% share in Q2 2025, marks a significant milestone after four years [8].

Core Insights - Huawei launched the Mate XTs Extraordinary Master, showcasing its commitment to innovation and design excellence [1][4] - The new device features a 10.2-inch 3K display, making it the largest foldable smartphone globally, with a thickness of only 3.6mm [3][4] - The integration of the Kirin 9020 chip and HarmonyOS 5.1 enhances the device's performance and user experience, marking a significant return for Huawei's self-developed chips [5] Group 1: Product Features - The Mate XTs Extraordinary Master introduces a new logo symbolizing the fusion of traditional and modern aesthetics, emphasizing extreme craftsmanship and innovation [2] - The device is equipped with a unique hinge system and advanced materials, improving durability and user experience [3][4] - It supports various professional applications and features a new stylus, Huawei M-Pen 3, enhancing productivity for users [3][4] Group 2: Market Positioning - The launch sets a new benchmark in the foldable smartphone industry, reflecting Huawei's ongoing exploration and innovation [4] - The pricing strategy includes three configurations: 16GB+256GB at 17,999 yuan, 16GB+512GB at 19,999 yuan, and 16GB+1TB at 21,999 yuan, with pre-sales starting on September 4 [5]

Group 1 - The mobile supply chain is experiencing a recovery, with notable stock price increases for companies such as Hongteng Precision (+4.35%), Lens Technology (+3.63%), BYD Electronics (+3.5%), and Sunny Optical (+2.51%) [1] - The iPhone 17 is entering mass production, with Apple reportedly planning a slight price increase for the iPhone 17 series, marking the first price adjustment since 2017. This is expected to raise the average selling price by 5% for the fiscal year 2026, exceeding market expectations, while demand is anticipated to remain unaffected [1] - Huawei has launched its new foldable smartphone, the Mate XTs, starting at 17,999 yuan. Additionally, analyst Ming-Chi Kuo predicts that Apple will release its first foldable iPhone in 2026, with expected shipments of 8-10 million units, growing to 25 million units by 2027 [1]

Core Viewpoint - The mobile industry supply chain is experiencing a rebound, driven by the upcoming release of the iPhone 17, which has entered mass production, leading to increased hiring among supply chain companies [1] Group 1: Stock Performance - Hongteng Precision (06088) rose by 4.35% to HKD 4.08 [1] - Lens Technology (06613) increased by 3.63% to HKD 26.82 [1] - BYD Electronics (00285) saw a rise of 3.5% to HKD 42.62 [1] - Sunny Optical (02382) gained 2.51% to HKD 79.65 [1] Group 2: iPhone 17 Insights - Apple is expected to slightly increase the prices of the iPhone 17 series during the launch, marking the first price hike since 2017 [1] - Morgan Stanley predicts that this price adjustment will raise the average selling price by 5% for the fiscal year 2026, which is significantly higher than market expectations [1] - Demand for the iPhone 17 is not anticipated to be negatively impacted by the price increase [1] Group 3: Competitive Landscape - Huawei's new foldable smartphone, Mate XTs, is priced starting at CNY 17,999 [1] - Analyst Ming-Chi Kuo revealed that Apple plans to launch its first foldable iPhone in 2026, with an expected shipment of 8-10 million units, and aims to follow up with a foldable iPad in 2028 [1] - The forecast for foldable iPhone shipments is expected to grow to 25 million units by 2027 [1]

Core Viewpoint - Huawei has launched the world's second commercial three-fold smartphone, the Huawei Mate XTs, which features significant upgrades in hardware and software, targeting the financial market with specialized applications [2][3][14]. Group 1: Product Features and Specifications - The Huawei Mate XTs has a fully expanded size of 10.2 inches, comparable to a mini tablet, and integrates financial applications for stock trading [2]. - It is powered by the new Kirin 9020 chip and the latest HarmonyOS, with a performance improvement of 36% [3][14]. - The device features a dual-track hinge system for enhanced durability, with a tensile strength of 2400MPa, and an impact resistance improvement of 35% [12][14]. - The phone supports satellite communication and boasts significant improvements in video upload and download speeds, with increases of 76% and 105% respectively [14]. Group 2: Pricing and Market Position - The starting price of the Huawei Mate XTs is set at 17,999 yuan, which is a reduction of 2,000 yuan compared to the previous generation [5][14]. - Huawei holds a 75% market share in the foldable smartphone segment, with cumulative shipments exceeding 10 million units, making it the first brand in China to reach this milestone [9][15]. - The company has established a diverse product lineup in the foldable screen market, including dual-fold, three-fold, and wide-fold designs [14]. Group 3: Market Outlook and Future Projections - According to IDC, the Chinese foldable smartphone market is expected to see a year-on-year growth of 12.6% in total shipments by the first half of 2025, with Huawei projected to maintain a leading position [15]. - The forecast indicates that the total shipment volume of foldable smartphones in China will reach 9.47 million units by 2025, reflecting strong growth potential [15].