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， ...

每经记者｜王晶 每经编辑｜杨夏 在电脑领域，大尺寸屏幕与便携性总是难以兼得，但折叠电脑的出现成为一种新的解题思路。 5月19日下午，在一场发布会上，华为正式推出首款鸿蒙折叠电脑MateBook Fold非凡大师。"自2023年我们的非凡大师品牌诞生，华为推出了很多让科幻变 为现实的产品，今天我们带来了颠覆行业的电脑，解决了电脑便携和大屏无法兼容的历史难题。"会上，华为常务董事、终端BG（业务集团）董事长余承东 说道。 n B the first th t in ices, 2017-02- ESC Team is for the the stop t 2017 0:30 the state enter the 201 p of the r - 21 14 3 11 鸿蒙折叠电脑MateBook Fold非凡大师 图片来源：每经记者 王晶 摄 首款华为折叠鸿蒙PC备受外界期待，它也代表着国产操作系统在PC领域实现重要突破。不同于手机、平板所在的移动领域，电脑对于内核、框架以及生态 的要求更高。 单纯从产品形态上来看，华为的折叠屏PC和上述其他折叠PC差异不大，但由于搭载鸿蒙操作系统，华为MateBook Fol ...

目前，三星、华为、小米、vivo、OPPO、荣耀等厂商已经推出多款折叠屏手机。市场期待苹 果进入折叠屏赛道。研究机构IDC认为，随着相关技术的提升和成熟，折叠屏手机无论配置还 是价格都与直板手机越来越接近，消费者对于折叠屏手机的接受程度依然在提高。而在中国 市场，有超过60%的折叠屏手机消费者更偏好屏幕更大的机型。 研究机构TechInsights数据显示，2024年四季度，全球折叠屏手机出货量为380万部，同比下降 18%。华为超越三星，成为市场"领头羊"，占据31.2%的市场份额；三星跌至第二位，市场份 额为26.7%；荣耀凭借14.3%的出货量份额稳居第三位。 高盛认为，看好未来几年折叠屏手机市场渗透率提升，因为在整体手机市场温和增长的背景 下，智能手机品牌需要在高端智能手机领域引入新的外形规格和新的创新技术。 日前，记者从供应链公司人士处获悉，苹果给供应商提供的出货目标指引是2026年下半年推 出首款折叠屏手机，这是一款大折叠屏iPhone。 长江证券认为，考虑到折叠屏手机自带高端属性，其差异化的外形、更好的交互体验、更高 的定价，各家厂商将其作为打造高端手机品牌定位的利器，不遗余力在产品力上打磨完善 ...

Group 1 - The high-level economic talks between China and the US were held in Geneva, with Chinese Vice Premier He Lifeng and US Treasury Secretary Janet Yellen leading the discussions [2] - Wang Yi, China's Foreign Minister, expressed concerns over the escalating India-Pakistan conflict and emphasized the need for both sides to maintain calm and seek dialogue [3][4] - The Chinese government supports Pakistan's anti-terrorism efforts and aims to facilitate peace talks between India and Pakistan [3][4] Group 2 - The National Bureau of Statistics of China reported that the Consumer Price Index (CPI) in April decreased by 0.1% year-on-year but increased by 0.1% month-on-month, while the Producer Price Index (PPI) fell by 2.7% year-on-year and 0.4% month-on-month [4] - The People's Bank of China highlighted the significant risk posed by the US's $24 trillion net foreign debt, attributing it to the misuse of the dollar's international currency status [5][6] Group 3 - Nvidia plans to launch a downgraded version of its H20 AI chip for the Chinese market in response to US export restrictions, indicating potential shifts in the global chip supply chain [10] - Apple is reportedly preparing to release its first foldable iPhone by the second half of 2026, with key components already sent for testing [11] - Several small and medium-sized banks in China have lowered their deposit interest rates, reflecting the current financial policy direction [12] Group 4 - Xiaomi's founder Lei Jun described the past month as one of the most challenging periods since the company's inception, indicating a need for strategic reflection [14] - Xiaomi is set to establish its largest flagship automotive center in Shanghai, which will enhance its brand presence and service capabilities in the region [15]

据中国证券报消息，苹果计划于2026年下半年推出首款折叠屏iPhone，供应链公司已开始送样关键部件 进行测试。该公司希望成为折叠屏iPhone的核心部件供应商，但仍需通过苹果的审厂流程。业内人士预 计市场对苹果折叠屏手机需求量大，但销量将依赖于定价策略。目前，三星、华为等已推出多款折叠屏 手机，市场期待苹果参与竞争。研究机构IDC指出，随着技术提升，折叠屏手机更受消费者欢迎，尤其 是大屏机型。 ...

Group 1 - Apple's first foldable iPhone is expected to launch in the fall of 2026 alongside the iPhone 18 Pro series and "Air" series models, while the standard iPhone 18 will be delayed to spring 2027 [1] - The introduction of foldable phones will require Apple to replan its product release schedule to ensure efficient management and marketing of its product line [1] - The integration of AI technology into foldable smartphones is anticipated to enhance user experience and improve work efficiency and quality of life for consumers [1] Group 2 - Lianyi Zhizao is a leading precision manufacturing company in China, with key clients including Apple, Huawei, and Samsung, playing a significant role in Apple's supply chain, especially in the foldable screen technology sector [2] - Changying Precision is a high-tech enterprise focused on precision manufacturing, becoming a core participant in Apple's foldable screen supply chain, benefiting from technological upgrades and market expansion brought by Apple's entry [2] - Both companies are expected to strengthen their competitive positions through advanced materials and technologies such as titanium alloys and UTG [2]