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 ...