折叠手机已经越来越常见了，特别是在打工人的世界里，在通勤地铁、商务会议、差旅途中，我们总 能看到有人优雅地展开一块大屏——几年前，整个手机行业都把"折叠"作为冲击高端品牌、服务精英 用户的关键战略决策，从体感上，可以说他们的战略已经取得了肉眼可见的阶段性的成功，也带动了 产业链上游技术和产能的快速提升。 但从去年到今年，折叠屏市场的增长曲线似乎正在放缓，似乎不再像它刚面世时每年成倍增长的崛起 之势——就好像一只股票，从"成长股"变成"价值股"，估值分析的逻辑都会发生根本上的变化——根 据IDC公布的数据， 在2024年，中国市场上的折叠屏手机，增速第一次下降到两位数区间， "仅"有 30.8%了；而在全球市场上，折叠屏的巨头三星则录得-33%的负增长。折叠屏的市场表现显著依赖 于明星产品的发布节奏，比如在2024年的最后一个季度，因为没有重磅新品推出，中国的折叠屏手 机出货量出现了同比下滑。直到2025年新品的发布，才让同比增长率回升到53.1%。 这组数据清晰地表明：中国厂商们在可折叠手机上的创新，仍然能获得消费者的认可，消费者对产品 迭代升级持有观望态度，是回归理性的表现。 这符合任何一项新兴技术的发展规 ...

苹果入局折叠屏，关注产业链布局机会 20250618 摘要 2024 年前三季度中国折叠屏手机出货量显著增长，预计全年达 926.6 万部，同比增长 32.2%。全球市场亦呈现增长态势，一季度同比增长 49%，预示着未来几年折叠屏面板采购量将保持两位数增长。 苹果公司加速布局折叠屏领域，频繁申请相关专利，并计划于 2026 年 推出首款折叠屏 iPhone，此举将推动产业链发展和技术创新，并可能加 速折叠屏手机的普及。 智能手机整体市场增长放缓，折叠屏作为新增长点备受关注。中国市场 在折叠屏领域占据重要地位，2023 年出货量占全球 46%，华为等厂商 表现突出，对三星构成竞争威胁。 折叠屏技术关键在于 UTG（超薄玻璃）和铰链设计。UTG 方面，三星 显示、京东方等厂商不断提升技术；铰链设计方面，各厂商积极创新， 探索多种折叠形态。 折叠屏手机用户定位中高端，消费预算较高，但随着技术成熟和成本下 降，部分小型折叠机型价格已降至人民币 6,000 元左右，有望进一步扩 大用户群体。 Q&A 折叠屏手机市场近年来的发展情况如何？ 折叠屏手机市场近年来呈现出快速增长的趋势。自 2019 年首款折叠屏产品上 市以来 ...

Core Viewpoint - Samsung is set to launch the Galaxy Z Fold7, which is anticipated to be the thinnest and lightest foldable smartphone to date, marking a significant advancement in foldable screen technology [3][4]. Design and Specifications - The Galaxy Z Fold7 features a thickness of only 3.9 mm when unfolded and 8.9 mm when folded, a reduction of over 3 mm compared to the previous Z Fold6, making it the world's thinnest foldable smartphone [3]. - The device utilizes a titanium support plate instead of traditional stainless steel, enhancing strength while significantly reducing weight [3]. - The external display size has increased from 6.3 inches to 6.5 inches, and the internal display has expanded from 7.6 inches to 8.2 inches, making it the largest internal screen in Samsung's foldable lineup [3]. Technology and Features - The Z Fold7 is expected to feature a new generation of ultra-thin flexible glass (UTG) and a waterdrop hinge technology, which minimizes the visibility of creases on the screen [4]. - It will be powered by the Qualcomm Snapdragon 8 Elite chipset, with configurations up to 16GB RAM and 1TB storage, positioning it among the top-performing Android devices [4]. - The device will maintain a 4000mAh battery capacity, with optimizations aimed at balancing thinness and battery life [4]. Camera and Software - The camera setup includes a 50MP main camera, a 12MP ultra-wide camera, and a 10MP front camera, with software enhancements expected to improve image quality, particularly in low-light and video stabilization [4]. - The Galaxy Z Fold7 will debut with the One UI 7.1 system, customized for Android 15 or 16, featuring optimized multitasking capabilities for foldable screens [4]. Release and Pricing - The Galaxy Z Fold7 is expected to be officially released in July 2025, with a starting price likely to remain around $1799 (approximately 13,000 RMB) [4].

Core Viewpoint - In Q1 2025, China's foldable smartphone shipments reached 2.84 million units, marking a 53.04% year-on-year increase, driven by technological maturity and ecosystem integration [1][13]. Industry Overview - Foldable smartphones utilize flexible screen technology to change form factors, providing larger display areas when unfolded and more portability when folded, thus enhancing user interaction experiences [2]. Industry Development History - The Chinese foldable smartphone industry has evolved through five stages, starting from the exploratory phase (2012-2017) with early models like Kyocera's KSP8000, to the current phase of technological deepening and ecosystem integration [4][6]. Industry Current Status - The significant growth in foldable smartphone shipments is attributed to advancements in hinge technology and the integration of operating systems like Huawei's HarmonyOS, which enhances user experience through features like split-screen functionality [13][17]. Industry Supply Chain - The supply chain for foldable smartphones includes upstream materials such as flexible display materials (UTG glass, flexible OLED panels), hinge system materials, and production equipment, with downstream channels including e-commerce platforms and physical retail stores [9]. Key Companies' Performance - Huawei dominates the foldable smartphone market with a 76.6% market share in Q1 2025, followed by Honor, OPPO, Xiaomi, and Samsung, indicating a competitive landscape characterized by differentiation [15][17]. Industry Development Trends - The foldable smartphone market is witnessing trends such as continuous innovation in form factors and functionalities, with AI integration reshaping user interactions and driving the evolution of operating systems [20][21]. Price Point and Market Penetration - Foldable smartphones are moving towards mainstream markets, with models like OPPO Find N5 priced at 6,999 yuan, contributing to a significant increase in sales within the 6,000 yuan price segment [22]. Ecosystem Reconstruction and Global Competition - The competition in the foldable smartphone market has shifted from hardware to ecosystem development, with companies like Huawei leveraging their HarmonyOS to create a comprehensive smart life ecosystem [23].

Group 1 - The core viewpoint of the news is that Shihua Technology is expected to achieve significant revenue and profit growth in the coming years, driven by its strategic projects and market opportunities in high-performance optical materials [1] - Shihua Technology anticipates a revenue of 795 million yuan and a net profit of 280 million yuan in 2024, representing year-on-year growth of 55.36% and 44.56% respectively [1] - In Q1 2025, the company expects to generate revenue of 256 million yuan and a net profit of 87 million yuan, with year-on-year growth rates of 92.04% and 111.23% respectively [1] Group 2 - The company is actively expanding its production capacity for functional materials and has several ongoing projects, including the expansion and upgrade of functional materials, an innovation center, and new high-efficiency sealing glue projects [1] - A refinancing plan has been disclosed, aiming to invest 740 million yuan in the optical display film material expansion project, with a fundraising target of no more than 600 million yuan [1] - The market for optical materials is large, with significant room for domestic substitution as high-end optical materials are currently dominated by foreign companies [1] Group 3 - Shihua Technology's business is primarily focused on domestic sales, with a low proportion of export revenue, indicating that short-term changes in tariff policies will have minimal impact [1] - The company is closely monitoring the development of foldable screen technology and is actively investing in related material research and development [1] - The future product structure of the company will consist of high-performance optical materials, functional electronic materials, and functional adhesives, with high-performance optical materials expected to grow the fastest [1]

Group 1: Shihua Technology - Shihua Technology is projected to achieve revenue of 795 million yuan and net profit of 280 million yuan in 2024, representing year-on-year growth of 55.36% and 44.56% respectively [1] - In Q1 2025, the company expects revenue of 256 million yuan and net profit of 87 million yuan, with year-on-year growth of 92.04% and 111.23% respectively [1] - The company is deepening its industrial chain layout with multiple projects progressing smoothly, including functional materials expansion and upgrade projects, innovation center projects, and new high-efficiency sealing adhesive projects [1] - A refinancing plan has been disclosed to invest 740 million yuan in optical display film material expansion, with a fundraising target of no more than 600 million yuan, and has received acceptance notification from the Shanghai Stock Exchange [1] - The company has two optical-grade production lines for high-performance optical materials R&D, sampling, and mass production, and is advancing expansion projects due to limited capacity [1] - The market for optical materials is large, with high-end optical materials still dominated by foreign companies, indicating significant domestic substitution potential [1] - Functional materials are applied across multiple product lines for Client A, with varying project sizes and substantial total demand space [1] - The Zhangjiagang factory is producing adhesive products, with ongoing production line debugging and trial production for various fields [1] - The company is closely monitoring the development of foldable screen technology and actively investing in related material R&D [1] - The business primarily focuses on domestic sales, with low export revenue proportion, making it less susceptible to short-term tariff policy changes [1] - The future product structure will consist of high-performance optical materials, functional electronic materials, and functional adhesives, with the fastest growth expected in high-performance optical materials [1] Group 2: Yifang Bio - Yifang Bio has introduced the latest R&D progress of its main products, including D-2570, which plans to conduct clinical exploration in multiple autoimmune disease areas, with the II phase clinical trial for ulcerative colitis approved by CDE and expected to complete the first patient dosing by May 2025 [2] - The drug Gesorex (D-1553) is expected to be approved for market launch in November 2024 for treating adult patients with KRS G12C mutation advanced non-small cell lung cancer, with ongoing phase III clinical research [2] - D-0502 is currently undergoing phase III clinical trials for second-line treatment in China, while also conducting international multi-center clinical trials in both China and the United States [2] - D-0120 has completed phase IIb clinical trials for hyperuricemia and gout, while YF087 and YF550 have made breakthrough progress in preclinical research [2]

Core Viewpoint - Huawei's launch of the MateBook Fold marks a significant breakthrough in the PC market, showcasing the potential of HarmonyOS and foldable screen technology, providing consumers with more choices in the computing landscape [2][3][14]. Group 1: Product Innovations - The Huawei MateBook Fold features an 18-inch screen when unfolded and a 13-inch portable laptop when folded, representing a new form factor in the PC space [2]. - The device has garnered over 140,000 reservations, indicating strong market interest, particularly for the model priced at 23,999 yuan [2]. - Huawei has introduced multiple foldable products within a year, including the Mate XT and Pura X, demonstrating its leadership in foldable technology [3][13]. Group 2: Market Position and Strategy - Huawei's dominance in the foldable screen market is evident, with a 76.6% market share in China as of Q1 2025, marking its fifth consecutive year of leading the foldable smartphone segment [19][20]. - The company aims to drive a new industry chain through its innovations in foldable technology, positioning itself as a pioneer in the market [13][20]. - Huawei's strategy includes deep collaboration with domestic suppliers to enhance the entire foldable screen ecosystem, ensuring a robust supply chain [20]. Group 3: Technological Advancements - The Mate XT features a unique hinge system that allows for both inward and outward folding, addressing previous concerns about durability and usability [9][10]. - Huawei's advancements in screen technology include a 25% increase in bendability and the introduction of a 3K display with superior brightness and refresh rates [10][11]. - The integration of HarmonyOS 5 enhances the user experience by enabling seamless multi-device interactions and efficient application deployment [17][20]. Group 4: User Experience and Applications - The large screen of the MateBook Fold facilitates a new collaborative work environment, enhancing productivity for office users [11]. - For entertainment, the device serves as a portable cinema, providing an immersive viewing experience with high-quality visuals [11]. - The product's design caters to various user needs, merging functionalities of a smartphone, tablet, and laptop into a single device [11][14].

Group 1 - Huawei recently announced the repair costs for its newly launched foldable laptop, MateBook Fold, with the standard price for a new screen component reaching 14,879 yuan [1] - Customers can enjoy a discounted price of 13,079 yuan if they return the original old part for recycling, while a refurbished screen can be replaced for only 9,197 yuan [1] - Within two years of purchase, customers are entitled to one screen replacement service, with the cost for a new screen at 6,539 yuan and a refurbished screen at 4,589 yuan [1] Group 2 - The starting price for the MateBook Fold is 23,999 yuan, and the cost of replacing its screen is comparable to purchasing multiple Huawei Mate70 Pro or nova14 Ultra devices [2] - The MateBook Fold features the world's largest dual-layer OLED display with a peak brightness of 1,600 nits and a contrast ratio of 2 million:1, utilizing commercial LTPO technology for a 30% energy efficiency improvement [2] - The device's screen has a 92% screen-to-body ratio and supports HDR Vivid adaptive color mapping and P3 wide color gamut management [2] Group 3 - The laptop is equipped with a 285mm hinge, which is the largest size in the world, overcoming deformation issues associated with large hinges [3] - The hinge is made using advanced technology, consisting of a main shaft and a three-segment pivot [3] Group 4 - The high repair costs are attributed to the expensive components, with the 18-inch dual-layer OLED display costing over 5,000 yuan and the hinge component costing at least 2,000 yuan [4] - Comparatively, the hinge costs for OPPO's Find N and vivo's X Fold are significantly lower, indicating a higher cost structure for Huawei's components [4] - The assembly yield rate for foldable screen hinges varies, with good designs achieving over 70% yield, while some may drop to 40-50% [4] Group 5 - Other repair costs for the MateBook Fold include a motherboard repair at 7,399 yuan (discounted to 5,209 yuan), while other components have repair prices generally under 1,000 yuan [4]

Core Viewpoint - Huawei has officially launched two significant HarmonyOS computer products, the HUAWEI MateBook Fold and the HUAWEI MateBook Pro, marking the beginning of the HarmonyOS office era with a dual breakthrough of "new system + new form" [1] Group 1: Product Features - The HUAWEI MateBook Fold features an 18-inch foldable screen, the largest in the world, which redefines the usage of computers and aims to inject new vitality into the global PC industry [1][4] - The device can transform from a portable 13-inch laptop to an immersive 18-inch display, providing users with a stunning visual experience [4] - The MateBook Fold weighs only 1.16 kg and has a thickness of 7.3 mm, making it highly portable while offering a large screen [7] Group 2: Technological Innovations - Huawei has overcome challenges in hinge design, large screen integration, heat dissipation, and battery life to deliver a lightweight and large-screen experience [2] - The device utilizes advanced materials and a unique water-drop hinge design, allowing for seamless closure and flexible opening angles [7] - The HarmonyOS 5 system enhances interaction logic, enabling smart recognition of various input methods and optimizing user experience across different modes [8][10] Group 3: Ecosystem Development - The launch of HarmonyOS computers signifies the completion of Huawei's "1+8+N" ecosystem, with a rapid increase in application availability from over 300 to more than 1,000, expected to exceed 2,000 by year-end [11] - Huawei has collaborated with ecosystem partners to develop over 150 customized applications for the MateBook Fold, enhancing user experience in various scenarios [11] - The introduction of the HUAWEI MateBook Pro complements the MateBook Fold, targeting mainstream office users with a lightweight design while sharing core capabilities of HarmonyOS 5 [14] Group 4: Strategic Initiatives - Huawei has launched the "Qingyun Xinghe Plan" to encourage enterprise users to co-build the HarmonyOS industry and ecosystem, focusing on digital transformation and innovation across various sectors [14] - The company aims to redefine the global PC industry's competitive landscape through the integration of foldable screens and the HarmonyOS, emphasizing the importance of making technology accessible and simplifying complex tasks [15]

市场研究机构IDC数据显示，2023年全球折叠屏手机出货量同比增长53%至2100万台，但均价从2020年的1680美元下降至1250美元。 Counterpoint研究报告指出，价格超过1500美元的折叠屏设备市场占比已从2021年的78%收缩至2023年的42%。华为此次逆势推出超 高端产品，折射出企业战略定位与市场需求的结构性矛盾。 从技术发展轨迹分析，华为近三年在柔性屏领域的专利申请量保持年均17%的增速，2023年折叠屏相关专利累计已达427项。但供应 链信息显示，折叠屏面板良品率仍徘徊在65%-70%区间，较传统液晶面板低25个百分点以上。这导致单台设备屏幕模组成本占比超 过40%，成为价格高企的核心因素。行业观察人士指出，华为需要通过高端产品维持技术领导形象，但消费电子市场正经历需求分 层重构。 消费者调查数据显示，愿意为折叠屏设备支付万元以上的用户群体仅占潜在购买人群的6.8%。社交平台舆情监测发现，"尝鲜溢 价"与"实用价值"的争议占据话题热度的73%。部分科技博主实测报告显示，三折形态在办公场景中的优势尚未形成差异化竞争力， 而重量控制与续航表现仍存改进空间。这种技术理想与市场现实的反差， ...