Core Insights - The report from Counterpoint Research predicts a 46% year-on-year growth in foldable smartphone panel shipments by 2026, driven primarily by Apple's entry into the foldable market with its first foldable iPhone [1][3]. Group 1: Market Growth and Trends - Apple's procurement of panels for its foldable iPhone is expected to significantly boost market demand, reactivating the entire foldable screen market [1]. - The overall shipment of foldable smartphones is projected to grow by 14% in 2025 and by 38% in 2026, with book-style models maintaining a dominant position [3]. - The average selling price (ASP) of foldable panels is anticipated to rise significantly, benefiting companies like Samsung Display, which is expected to surpass a 50% market share [3]. Group 2: Consumer Preferences and Market Dynamics - There is a growing consumer demand for larger screens and enhanced multitasking capabilities, leading to the popularity of book-style foldable designs despite their higher prices [5]. - The book-style foldable smartphones are rapidly gaining traction, with Samsung's Galaxy Z7 series showing that the Fold model's sales have surpassed that of the Flip model during the early sales phase in the second half of 2025 [3].

晶华新材今年以来股价涨202.31%，近5个交易日跌5.35%，近20日涨4.80%，近60日跌12.71%。 今年以来晶华新材已经6次登上龙虎榜，最近一次登上龙虎榜为9月18日。 资料显示，上海晶华胶粘新材料股份有限公司位于上海市松江区新桥镇千帆路237弄8号楼1702、1703和 1704室，成立日期2006年4月19日，上市日期2017年10月20日，公司主营业务涉及为工业企业、手机厂 商、动力电池厂商、屏显厂商等客户提供胶黏材料、胶粘剂等产品。 12月18日，晶华新材盘中下跌2.03%，截至13:39，报27.06元/股，成交8008.78万元，换手率1.02%，总 市值78.35亿元。 资金流向方面，主力资金净流出99.03万元，特大单买入143.31万元，占比1.79%，卖出125.95万元，占 比1.57%；大单买入1353.17万元，占比16.90%，卖出1469.56万元，占比18.35%。 晶华新材所属申万行业为：基础化工-化学制品-胶黏剂及胶带。所属概念板块包括：折叠屏、半导体、 集成电路、消费电子、机器人概念等。 截至9月30日，晶华新材股东户数1.41万，较上期增加14.06%；人均 ...

Core Insights - Apple plans to significantly expand its iPhone product line over the next two years, with flagship models expected to increase from five to at least seven by fall 2027 [1][2] - The centerpiece of this product upgrade is Apple's first foldable iPhone, anticipated for release in fall 2026, which aims to offer a different user experience compared to traditional smartphones [1][3] - A milestone iPhone 20th Anniversary Edition is set to launch in fall 2027, featuring a dual-curved glass design for a true full-screen effect [1] Group 1: Market Context and Financial Performance - Apple's expansion and restructuring of the iPhone product line comes at a critical time when the company faces market growth pressures due to smartphone market saturation and extended user upgrade cycles [2] - In fiscal year 2025, Apple's iPhone business achieved annual sales of $209 billion, reflecting a 4% year-over-year growth [2][3] Group 2: Product Strategy and Innovations - Apple aims to break market stagnation with an aggressive product strategy, planning to release seven new iPhone models within two years, covering a range from entry-level to premium devices [7][14] - The product roadmap includes the iPhone 17e as an entry-level model in spring 2026, followed by the iPhone 18 Pro series and the foldable iPhone in fall 2026, which will feature significant upgrades in design and technology [8][9] - The iPhone 20th Anniversary Edition will be a special model with a borderless design and an under-display camera, marking a significant innovation in Apple's product lineup [13] Group 3: Competitive Landscape and Strategic Responses - Apple's strategy includes a dual-flagship approach with the simultaneous launch of the iPhone 18 Pro series and the foldable iPhone, aiming to capture the high-end foldable market [16][19] - The introduction of advanced features like under-display FaceID and enhanced AI capabilities reflects Apple's pursuit of "invisible intelligence" in user experience [19] - The shift in production strategy to India for the iPhone 18 and iPhone 18e indicates a response to geopolitical risks and cost optimization, while also addressing emerging market demands [21][22]

Core Viewpoint - The global consumer electronics market is expected to experience structural differentiation in 2025, with traditional categories slowing down and new AI-driven devices like AI smartphones, AIPC, and AI glasses gaining traction. The industry is shifting from product competition to ecosystem building focused on overall experience [1]. Industry Data Tracking - In Q3 2025, global smartphone shipments are projected to be approximately 323 million units, reflecting a year-on-year growth of 2.6%. In contrast, China's smartphone market is expected to see a slight decline of 0.5%, with approximately 69 million units shipped. Innovations such as AI and foldable screens are key drivers for high-end upgrades [1]. - Global PC shipments are anticipated to grow by 9.4% year-on-year in Q3 2025, reaching 76 million units, driven by the end of Windows 10 support and a transition to AIPC [1]. - Global tablet shipments are expected to reach 40.04 million units in Q3 2025, marking a year-on-year increase of 5.1%, achieving growth for seven consecutive quarters [1]. - The global wearable watch market is projected to remain stable in Q3 2025, with shipments increasing by 3% to 54.6 million units. The average selling price is expected to rise by 9% year-on-year, indicating a shift towards higher-end products [1]. Industry News - On December 2, 2025, Samsung Electronics will launch its first tri-fold smartphone, Galaxy Z TriFold, in Seoul. Huawei will release its new flagship foldable phone, Mate X7, on December 11, 2025 [2]. - Alibaba's Quark AI glasses S1 will begin pre-sales on major e-commerce platforms on October 24, 2025, with shipments starting in early December. On December 3, 2025, Li Auto will unveil its groundbreaking smart terminal product, the Livis AI glasses, during its "Ideal Technology Day" event. Google will also introduce a prototype of its AI glasses featuring the NanoBanana image editing capability on December 9, 2025 [2]. Sector Tracking - Over the past month, the consumer electronics index has outperformed the CSI 300 index by 0.74 percentage points but underperformed the electronics index by 1.60 percentage points, with a decline of 2.08% for the consumer electronics index compared to a decline of 0.48% for the electronics index and 2.82% for the CSI 300 index [3]. - Over the past year, the consumer electronics index has outperformed the CSI 300 index by 20.93 percentage points but underperformed the electronics index by 3.09 percentage points, with a year-on-year increase of 35.28% for the consumer electronics index, 38.37% for the electronics index, and 14.35% for the CSI 300 index [3].

Core Viewpoint - The consumer electronics sector is experiencing growth driven by new technologies such as AI and foldable screens, with significant product launches expected from major companies like Apple and Samsung [1][2]. Group 1: Market Performance - As of December 17, 2025, the CSI Consumer Electronics Theme Index (931494) increased by 0.86%, with notable gains from companies such as Lianxu Precision (9.99%) and Zhaosheng Micro (7.91%) [1]. - The Consumer Electronics ETF (561600) rose by 0.61%, with the latest price reported at 1.15 yuan [1]. Group 2: Industry Developments - Apple plans to significantly expand its smartphone product line, potentially releasing at least seven new flagship models by fall 2027, including the first foldable iPhone expected in fall 2026 [1]. - Global smartphone shipments grew by 2.6% year-on-year in Q3 2025, despite a slight decline of 0.5% in the Chinese market, driven by innovations in AI and foldable technology [1]. - The global wearable watch market is showing a trend of stable volume and rising prices, with an average price increase of 9% year-on-year, indicating a deepening shift towards high-end products [1]. Group 3: Competitive Landscape - The competition in the consumer electronics industry is shifting from product-centric to ecosystem-building, with AI-enabled products accelerating the pace of innovation and providing companies with clear opportunities [1].

Group 1 - The global foldable smartphone panel shipment is expected to grow by 46% year-on-year in 2026, driven by Apple's first foldable iPhone panel procurement demand, marking a new phase in the foldable screen market [1] - Apple's entry into the foldable screen market is anticipated to revitalize global market activity and significantly boost panel shipment volumes, creating new development opportunities for the supply chain [1] Group 2 - Samsung Display is projected to capture 57% of the global foldable smartphone panel market share in 2026, benefiting the most from the market growth due to its technological expertise and production capacity [3] - BOE's market share is expected to decline by 8%, while Visionox is projected to grow by 8%, TCL Huaxing by 47%, and Tianma is expected to achieve a remarkable 580% year-on-year growth, indicating strong development potential [3] - The average selling price (ASP) of foldable panels is expected to rise significantly due to the increasing trend of large-size foldable screens, which will enhance profit margins for supply chain companies and promote high-quality industry development [3] Group 3 - The foldable smartphone market is undergoing a critical transition, with the book-type (left-right fold) design expected to solidify its dominant position in 2026 [4] - The sales of Samsung Galaxy Z Fold7's left-right fold version are projected to surpass those of the top-bottom fold version for the first time, indicating a shift in market focus [4] - Consumer demand is shifting from novelty to practical value, as users prioritize "tablet-level productivity" and larger screen experiences, driving upgrades in product design towards larger internal screens and better usability [4]

任何产业技术的迭代发展与做大， 都离不开先行者的孤勇及开拓。 时代的领先者，是敢于走在行业前面的人。 2024年，华为推出全球首款商用三折叠，把不可能变为可能，让科幻成为现实。那时候的华为或许不会想到，自己会在这条赛道独行这么久。 一年多后，第二位三折叠玩家正式入局，这个细分的赛道热闹起来，也第一次迎来了真正意义上的同行者。 在这之前，这条技术密度极高、供应链门槛极深的赛道始终只有华为"独行者一人"，并且迭代两代产品。华为不仅把三折叠从工程样品带到量产普及，更提 前把生态、交互、应用适配等系统能力铺设到了可持续进化的状态，用当下流行的话来说便是：华为三折叠的含金量还在上升。 因而说，这场"行业竞逐的热闹"，其实是给华为这位孤勇者响亮、确凿的一声回响。 折叠开创者 开创三折叠时代 几年前，当折叠屏市场形成内折、外折以及竖折三种主流方案之后，就有外界开始畅想三折叠。起初这一形态并不被行业看好，原因并不是缺乏想象力，而 是当时的技术与产业链都不足以支撑三折叠走出概念阶段。 一方面，双铰链系统与大面积柔性屏的组合，让工程难度几乎指数级放大；另一方面产业链也尚未成熟，要实现三折叠，就需要柔性屏、UTG玻璃、铰链 MIM ...

折叠屏市场预计将在2025年底以16%左右的同比增长收官，保持稳定的增长势头。这是因为高端用户正 越来越倾向于选择更大屏幕以提升生产力，同时享受更高的耐用性。2026年，市场将进入更显著的扩张 阶段。其主要推动因素包括耐用性的提升、机身进一步变薄变轻、铰链和面板结构的优化，以及更丰富 的AI驱动软件体验。 人民财讯12月3日电，根据Counterpoint Research最新发布的折叠屏智能手机市场追踪报告，2025年Q3全 球折叠屏智能手机出货量同比增长14%，创下该品类出货量的季度历史新高。随着折叠屏智能手机在高 端市场的进一步普及，其在全球智能手机出货量中的占比已达到2.5%。 ...

郭明錤误以为，中国的安卓厂商，还会有意愿去跟进与苹果的全面竞争；误以为，苹果可以轻松定义一个热潮 2026年，苹果手机产品最大的重点、热点，是苹果的折叠屏手机；折叠屏手机是苹果AI最佳载体；苹果折叠屏手机会带动整个消费电子行业的竞争，折 叠屏手机市场的第三波风潮要来了。 11月底，郭明錤所做的这次对话，相当详细、全面讲述了他所认知的热点趋势，其中包括了当下热门的谷歌TPU、AI行业的循环交易等等话题。但他自己 谈话的重点，以及外界对他较为信服的部分，无疑还是苹果。 他的逻辑非常清晰。苹果今年的现实，以及未来两年的大背景是，AI Ready口号喊了好久，但却经历苹果少有的WWDC发布会翻车，Siri远远没有ready ——对天天体验ChatGPT和Gemini的人来说，远远不够好。 iPhone折叠屏手机值得期待 奇景却是，AI不ready完全没有影响苹果手机17系列的表现。没有AI的苹果17标准版大获全胜，17全系的产量超过了9600万台，比iPhone16大幅增长了 1000多万台，符合郭天王一年前的预期。 遗憾在于iPhone Air，销量不达预期，苹果下修产量到900万台，iPhone air 2将会延 ...

Core Viewpoint - Kosen Technology's stock price has experienced fluctuations, with a year-to-date increase of 67.95% and a recent decline of 2.02% on December 2, 2023, indicating volatility in market performance [1] Company Overview - Kosen Technology, established on December 1, 2010, and listed on February 9, 2017, is located in Kunshan, Jiangsu Province. The company specializes in precision manufacturing processes such as die casting, forging, stamping, CNC machining, laser cutting, laser welding, MIM, and precision injection molding [2] - The company provides precision metal and plastic structural components for well-known clients like Apple, Amazon, Google, and Medtronic, serving industries including consumer electronics, medical devices, automotive (including new energy vehicles), LCD panels, and e-cigarettes [2] - The revenue composition of Kosen Technology includes 76.75% from consumer electronic components, 10.58% from new energy-storage business, 8.10% from medical surgical instrument components, 3.33% from other precision metal components, and 1.23% from other supplementary sources [2] Financial Performance - As of September 30, 2023, Kosen Technology had 94,300 shareholders, an increase of 27.57% from the previous period, with an average of 5,884 circulating shares per shareholder, a decrease of 21.61% [2] - For the period from January to September 2023, Kosen Technology reported revenue of 2.453 billion yuan, a year-on-year decrease of 6.45%, while the net profit attributable to shareholders was -115 million yuan, reflecting a year-on-year increase of 50.94% [2] Dividend Information - Kosen Technology has distributed a total of 283 million yuan in dividends since its A-share listing, with cumulative distributions of 71.68 million yuan over the past three years [3]