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]

Core Insights - Apple is preparing to launch two special edition iPhones to celebrate the 20th anniversary in 2027, including a long-awaited foldable iPhone and a glass-centric iPhone Pro version [1][2] - The foldable iPhone is expected to enter mass production in the second half of 2026, with a full-screen design featuring a 7.76-inch display and a resolution of 2713×1920 [2] - The new iPhones will not be produced in India due to their complexity and the need for new components and production technologies [2] Group 1 - Apple is developing two 20th anniversary iPhone models, a foldable version and a glass-centric Pro version, which are anticipated to drive growth for suppliers like Hon Hai, TSMC, and Largan [1] - The anniversary iPhones will feature a more elegant design that integrates glass elements, enhancing both aesthetics and technology [1] - The foldable iPhone will be exclusively assembled by Hon Hai, with OLED screens supplied by Samsung Display, and is currently in trial production [1] Group 2 - The second-generation foldable iPhone is set to be released in September 2027, incorporating user feedback from the first generation [2] - The foldable iPhone will utilize a new material to eliminate screen creases, distinguishing it from existing foldable phones [2] - Apple has not launched significant new design products outside of China, and the complexity of the anniversary models poses challenges for production outside of China [2]

Summary of Key Points from the Conference Call Company and Industry Overview - The conference call primarily discusses the impact of the recent U.S. tariff exemptions on the consumer electronics industry, particularly focusing on Lingyi Zhizao (领益智造) and its operations in various international markets [2][3][4]. Core Insights and Arguments - **U.S. Tariff Exemptions**: The U.S. Customs issued a new tariff exemption list affecting approximately 20 tariff codes, mainly in consumer electronics, which allows products from China to be exported to the U.S. with a 20% tariff, significantly benefiting Lingyi Zhizao's export business [2][3]. - **Global Supply Chain Restructuring**: Lingyi Zhizao is well-positioned due to its overseas production bases in Vietnam, India, Brazil, and Turkey, which help mitigate tariff risks and enhance international delivery capabilities [2][3]. - **Minimal Impact from Tariffs**: The company reported that only a small fraction of its materials (less than 0.1%) are sourced from the U.S., and alternative sources are available, resulting in negligible impact from U.S.-China tariffs [3][4]. - **India as a Key Market**: India is emerging as a crucial market for Lingyi Zhizao, with plans for significant production increases, particularly in collaboration with Foxconn, which aims to double its output in India [4][5]. - **Apple's Bond with Suppliers**: Apple’s use of bonded warehouse policies helps protect its supply chain from trade friction, enhancing the stability and continuity of Lingyi Zhizao's operations as a primary supplier [5][6]. - **Innovation in Product Development**: Lingyi Zhizao is actively involved in the development of key components for foldable screens, with a projected unit value of $90, significantly higher than the current average, which is expected to boost business [7][8]. - **Competitive Advantages**: The company maintains a competitive edge through its global supply chain, overseas production capacity (approximately 35%), and strong R&D capabilities in mainland China [8][9]. Additional Important Insights - **Future Projects**: Upcoming innovations include advancements in thermal management technology and the introduction of foldable screen components, which are anticipated to contribute significantly to revenue and profit in the coming years [9][10]. - **Market Share Dynamics**: Lingyi Zhizao holds a substantial market share in the supply of non-in-box versions of laptops, iPads, and smartphones, with expectations of becoming a sole supplier for certain products in the near future [13][14]. - **Challenges for Competitors**: Competitors lacking overseas production capabilities may face significant challenges due to tariff pressures, particularly in the context of the recent tariff exemptions [10][11]. This summary encapsulates the critical points discussed in the conference call, highlighting the strategic positioning of Lingyi Zhizao within the evolving landscape of the consumer electronics industry amidst changing tariff policies.

持续深入技术无人区，华为打造折叠屏赛道"新范 式" 折叠屏市场格局渐定，作为赛道开创者的华为持续领跑。 2025年3月20日，华为Pura先锋盛典及鸿蒙智行新品发布会在深圳举行，会上华为正式推出了首款阔折 叠HUAWEI Pura X，借此一举打破智能终端形态边界。 事实上，自2019年华为首创折叠屏品类以来，该赛道连续6年保持超100%的年增速，成为智能手机市场 少数逆势增长的核心增量极。在这一过程中，作为先行者的华为不断推陈出新，以强大的科研力为产品 赋能，回馈消费者的信任。 值得一提的是，在折叠屏市场上攻城拔寨之余，华为还不断强化各大产品板块。在这次发布会上，华为 还公布了鸿蒙操作系统5的全新升级计划，并宣布搭载鸿蒙操作系统的鸿蒙电脑将在2025年5月份亮相。 此外，华为FreeBuds 6、华为WATCH GT 5新色、华为手环10、华为智慧屏S6 Pro、华为鸿蒙智家、问 界M9 2025款、问界新M5 Ultra、问界M8、享界S9增程版等多款全场景智慧新品也在会上重磅亮相，并 官宣刘亦菲正式成为鸿蒙智行智界品牌大使。 折叠屏新标杆迎风起 《颠覆性创新》作者威廉·泰勒曾总结：决定品牌地位的，不只有 ...