点击蓝字，关注我们 今日上午港股 10 . 象兴国际(01732)再涨超22%，截至发稿，涨16.67% 。消息面上，象兴国际发布公告称，西井控股 (香港)有限公司拟以每股0.21港元的价格，部分要约收购公司3.712亿股，占公司已发行股本的比例为 29%，要约价较上一交易日收盘价0.228港元折让约7.89%。 昨日美股 1 . 德银天下(02418)大跌36.06% 。消息面上，香港证监会公布，最近曾就德银天下(02418.HK)股权分 布查询。结果显示该公司于11月18日，有十名股东合共持有5.46亿股，相当于该公司已发行H股股本 98.9%。因此，该公司只有605.45万股，占已发行H股股本之1.1%由其他投资者持有。 2. 资本界金控(00204)大跌56.15% 。消息面上，资本界金控上月底发布截至9月底的中期业绩，该集团 取得其他收入520.2万港元，同比减少31.81%；公司拥有人应占亏损5013.4万港元，同比增加373.1%； 每股亏损0.57港仙。公告称，亏损主要由于按公平值计入在损益处理的财务资产的已变现亏损净额。 3 . 中国铝业(02600)涨5.48% 。消息面上，中国铝业近日宣 ...

Core Viewpoint - The smartphone market is facing a decline, particularly in China, which has experienced two consecutive quarters of negative growth. However, the foldable smartphone segment is still growing, with both Huawei and Samsung leading the market. Samsung has recently launched its first tri-fold smartphone, the Galaxy Z TriFold, which is set to compete with Huawei's offerings [2][12][18]. Group 1: Product Launches and Features - Samsung's Galaxy Z TriFold features a unique G-shaped folding mechanism, allowing for an additional external display, but it is thicker and heavier compared to Huawei's Mate X [5][9]. - The Galaxy Z TriFold has a thickness of 3.9mm at its thinnest point and weighs 309g, while Huawei's Mate X has a thickness of 3.6-12.8mm and weighs 298g [5][12]. - The device is equipped with a Snapdragon processor from the previous year, not the latest version, which raises questions about its competitiveness [3][18]. Group 2: Market Dynamics and Competition - Samsung and Huawei together hold 58% of the global foldable smartphone market share, with Samsung at 34% and Huawei at 24% [12][17]. - The foldable smartphone market is still considered niche, accounting for only 2.5% of global smartphone shipments as of Q3 2025 [17]. - The introduction of the Galaxy Z TriFold is seen as a strategic move to counter Apple's anticipated entry into the foldable market next year [18][21]. Group 3: Challenges and Future Outlook - The tri-fold design presents technical challenges in terms of components like screens and hinges, which Samsung is addressing with its Armor FlexHinge technology [7][24]. - The foldable smartphone segment is expected to evolve, with a focus on software optimization to enhance user experience, particularly as Apple prepares to launch its own foldable device [22][24]. - The Chinese market is projected to maintain a significant share of the global foldable smartphone market, with expectations of 40% over the next five years [15][17].

时间来到 2025 年底，旗舰折叠屏手机是什么样的？华为 Mate X7给了我们答案。不但有从设计、性 能、可靠性，到AI等方面的升级，还有旗舰级别的影像配置，给折叠屏手机带来了无需妥协的全面体 验。 时间来到 2025 年底，旗舰折叠屏手机是什么样的？华为 Mate X7给了我们答案。不但有从设计、性能、可靠 性，到AI等方面的升级，还有旗舰级别的影像配置，给 折叠屏手机带来了无需妥协的全面体验。 ...

Core Viewpoint - Samsung Electronics has officially launched its first tri-fold smartphone, the Galaxy Z TriFold, which aims to showcase its leadership in foldable technology and set a new benchmark in the high-end market, ahead of Apple's upcoming foldable iPhone [1][2] Group 1: Samsung Galaxy Z TriFold - The Galaxy Z TriFold features an inward-folding design that protects the main display, offering a screen space equivalent to three 6.5-inch smartphones side by side, surpassing the previous Galaxy Z Fold 7 [2] - The device is extremely thin, measuring only 3.9 mm at its thinnest point when unfolded, and weighs 309 grams, comparable to the Galaxy Z Fold 7 [2] - It is powered by a custom Snapdragon 8 Elite for Galaxy chip, comes with 16GB of RAM, and offers storage options of 512GB and 1TB, along with a 5600mAh battery, the largest for Samsung's foldable phones, supporting 17 hours of continuous video playback [2] Group 2: Software and Features - The Galaxy Z TriFold includes Samsung's Galaxy AI feature suite, which offers generative editing, photo assistance, and writing assistance, along with a six-month trial of Google AI Pro subscription service [3] Group 3: Apple's Foldable iPhone Developments - Apple has made significant progress in developing its first foldable iPhone, the iPhone Fold, achieving a "no crease" design, which could make it the world's first truly crease-free foldable phone [4] - The expected price for the iPhone Fold is around $2399, with lifecycle sales projected to reach 15.4 million units, despite the overall smartphone market facing a decline [6][8] - The iPhone Fold's internal screen measures 7.74 inches, with an external screen of 5.49 inches, and a battery capacity between 5400-5800mAh, exceeding that of the iPhone 17 Pro Max [5] Group 4: Market Trends and Challenges - The global smartphone market is expected to continue shrinking, with a projected decline in shipments to 1.2 billion units in 2026, while Apple's foldable iPhone is anticipated to be a market highlight [6][8] - Challenges for foldable phones include high prices, durability concerns, and software compatibility issues, which may hinder widespread adoption [7] - Analysts remain optimistic about the future of foldable phones, citing ongoing improvements in durability, design, and user experience as key factors for attracting a broader consumer base [8]

Core Viewpoint - Samsung Electronics has launched its first tri-fold smartphone, the Galaxy Z TriFold, showcasing its engineering capabilities in the foldable device market, despite being over a year late compared to competitors like Huawei [1][3]. Product Launch and Market Position - The Galaxy Z TriFold will debut in South Korea on December 12, priced at 3.59 million KRW (approximately $2,450), and will later be available in markets including China, Singapore, UAE, and the USA [1]. - Samsung's launch precedes Apple's anticipated foldable iPhone, expected in fall next year, which will feature a book-style design similar to Samsung's Galaxy Z Fold 7 released earlier this year [3]. Design and Features - The TriFold utilizes a dual-hinge design, allowing it to unfold into a tablet-sized device, while Huawei's Mate XT features a Z-shaped structure when folded [4]. - In tablet mode, the device can run multiple applications simultaneously, akin to using three 6.5-inch smartphones side by side, enhancing multitasking capabilities [6]. - The device is equipped with a 5,600 mAh battery, the largest capacity for Samsung's foldable phones to date, supporting up to 17 hours of continuous video playback when fully unfolded [6]. User Experience and Software - The TriFold features intuitive operation, with alerts for incorrect folding methods, and includes a complete Galaxy AI software suite, offering various generative editing and assistant functionalities [8]. - Samsung has optimized the device's hinge, aluminum frame, and display technology for durability, and offers a 50% discount on screen repair costs if needed [6]. Sales Performance and Future Outlook - Initial sales of Samsung's new foldable phones have often surpassed previous models, but still lag behind more affordable models like the Galaxy S25 Ultra [8]. - Following its recent release pattern, Samsung is expected to launch the Galaxy S26 series early next year [8].

Group 1 - Lenovo ISG in Shanghai reportedly laid off hundreds of employees, including pregnant women, with a brief communication meeting lasting only 15 minutes [3] - Nestlé is considering selling Blue Bottle Coffee, with an expected valuation below $700 million, as part of a broader strategy to streamline its business [11] - Instagram will require U.S. employees to return to the office five days a week starting February 2, 2024, following a previous policy requiring at least three days [11] Group 2 - OpenAI CEO announced a "red alert" status to improve ChatGPT and plans to delay advertising business projects [6] - Michael Burry disclosed that he is shorting Tesla stock, citing its "absurd" valuation [11] - Runway launched its latest video generation model Gen 4.5, which outperformed Google and OpenAI in third-party evaluations [20] Group 3 - Samsung launched its first tri-fold smartphone, Galaxy Z TriFold, priced at 3.59 million KRW, set to release in South Korea on December 12 [16] - The Chinese heavy truck market saw a nearly 50% year-on-year increase in sales in November, with total sales expected to exceed 1.1 million units for the year [20] - Microsoft is increasing its AI investment in Europe, focusing on establishing local facilities rather than U.S.-based operations [13]

智通财经APP获悉，周二，苹果(AAPL.US)延续昨日涨势，一度触及286.45，刷新历史新高，截至发 稿， 该股涨超1%，报286.05美元。消息面上，据供应链消息透露，苹果首款折叠屏手机iPhone Fold的 研发已取得重要进展，目前正处于工程验证(EVT)与预量产阶段，仅需对部分细节设计进行微调，预计 最快将于明年年底前正式发布。这一消息标志着苹果在折叠屏手机领域的布局终于进入实质性落地阶 段。 ...

周二，苹果(AAPL.US)延续昨日涨势，一度触及286.45，刷新历史新高，截至发稿，该股涨超1%，报 286.05美元。消息面上，据供应链消息透露，苹果首款折叠屏手机iPhone Fold的研发已取得重要进展， 目前正处于工程验证(EVT)与预量产阶段，仅需对部分细节设计进行微调，预计最快将于明年年底前正 式发布。这一消息标志着苹果在折叠屏手机领域的布局终于进入实质性落地阶段。 ...

Group 1: Samsung's Launch of Galaxy Z TriFold - Samsung Electronics officially launched its first tri-fold smartphone, the Galaxy Z TriFold, on December 2, with a starting price of 3.5904 million KRW (approximately 17,302 CNY) [5] - The device features an inward folding design, providing a screen space equivalent to three 6.5-inch smartphones side by side, surpassing the previous Galaxy Z Fold 7 [5] - The Galaxy Z TriFold is equipped with a customized Snapdragon 8 Elite for Galaxy chip, 16GB of RAM, and offers storage options of 512GB and 1TB, along with a 5600mAh battery [6] Group 2: Apple's Advancements in Foldable Technology - Apple has made significant progress in developing its first foldable smartphone, the iPhone Fold, achieving a "no crease" design, which could make it the world's first truly crease-free foldable phone [7] - The expected price for the iPhone Fold is projected at $2399, with lifecycle sales estimated at 15.4 million units, despite the overall smartphone market facing a decline [8][9] - Apple has innovated in the integration of the screen and hinge system to eliminate permanent creases, collaborating with key suppliers to develop critical components [9] Group 3: Market Trends and Challenges - The global smartphone market is expected to continue shrinking, with a projected decline of 4% in 2026, while the Chinese market is anticipated to decrease by 3% [9][10] - Despite challenges such as high prices, durability issues, and software adaptation, analysts remain optimistic about the future of foldable smartphones, predicting that improvements in technology will attract a broader consumer base [10][11] - The ongoing optimization of fundamental features by various manufacturers is seen as essential for the future development of foldable smartphones [11]

目前三折叠手机市场相对小众，三星发布三折叠手机对全球及中国市场的折叠手机销售不会带来明显的销量贡献，但能提升折叠屏产品的"科技光环"。 12月2日，三星电子发布首款三折叠手机。这款三折叠手机展开两次时，会露出一个10英寸的显示屏。与此前华为三折叠手机采用Z字形折叠方案不同， 这次三星电子发布的三折叠手机采用双侧内折方案，内屏完全包裹。 "而华为三折叠手机Mate XTs采用Z字形折叠方案，折叠是直板，半展开使用2/3屏幕是大折叠，完全展开是平板形态，相对灵活，但缺点在于有一部分屏 幕长期暴露，刮花风险更大。"周华说。 周华认为，目前三折叠手机市场相对小众，三星发布三折叠手机对全球及中国市场的折叠手机销售不会带来明显的销量贡献，但是能提升折叠屏产品 的"科技光环"，吸引消费者的关注度。 据CINNO Research数据，2025年全球折叠屏手机出货量将同比微增2%，达1800万台左右，其中，中国折叠屏手机出货量可能将同比增长6%至1250万台。 2026年受益于华为和三星新品迭代、价格下探和苹果可能入局，全球折叠屏手机的出货量预计将同比增长38%-65%至 2500万-3000万台，其中，中国折叠 屏手机出货 ...