Core Insights - The foldable screen market is experiencing a tug-of-war between excitement and stagnation, with new product launches from major players like Honor and Xiaomi indicating a competitive landscape, yet data shows a decline in growth rates and challenges in market penetration [1][2][4] Market Performance - In 2024, China's foldable screen shipments reached 9.17 million units, marking a 30.8% year-on-year increase, but the fourth quarter saw a decline of 9.6% compared to the previous year, ending a streak of nine consecutive quarters of growth [1] - The first quarter of 2025 saw shipments of 2.84 million units, a 53.1% year-on-year increase, but the second quarter dropped to 2.21 million units, reflecting a 14% year-on-year decline, indicating volatility in market performance [2] Industry Trends - The foldable screen segment is projected to account for 31% of the global market by 2025, becoming a significant growth driver in the high-end smartphone market [4] - Despite ongoing product and technological advancements, the market is facing challenges in expanding its user base and attracting new customers, as the novelty of foldable designs is wearing off [5][6] Consumer Sentiment - Many consumers perceive foldable screens as "good-looking but not practical," with high prices and usability issues hindering their transition from novelty items to essential devices [8] - The average price for foldable devices remains high, with some models priced over 5,000 yuan, leading consumers to question the value compared to traditional smartphones [8][9] Future Outlook - TrendForce predicts that foldable phone shipments will reach 19.8 million units in 2025, maintaining a penetration rate of approximately 1.6% [10] - The anticipated entry of Apple into the foldable market with the iPhone Fold in 2026 is expected to be a significant catalyst for industry growth, although its impact on overall market dynamics remains uncertain [11][12]

Financial Performance - Kosen Technology (603626.SH) reported a revenue of 1.582 billion yuan for the first half of 2025, a year-on-year decline of 9.13%, with a net loss of 105 million yuan [1][3] - The company has experienced continuous losses for eight consecutive quarters, with a net loss of 12 million yuan in the second quarter alone [1] - The net profit attributable to the parent company for the first quarter of 2023, 2024, and 2025 has been negative, with a projected net loss of 477 million yuan for the full year of 2024 despite a revenue increase of 30.26% [3] Long-term Trends - Kosen Technology's net profit attributable to the parent company has shown a declining trend from 369 million yuan in 2021 to a projected loss of 477 million yuan in 2024, indicating an accelerated loss [3] - The company attributed its ongoing losses to new products being in the ramp-up phase and higher-than-expected R&D expenses, which accounted for approximately 6.2% of revenue in the first half of 2025 [3] Market Activity - Despite the poor financial performance, Kosen Technology's stock price surged by 81.18% from August 15 to 26, 2023, closing at 15.6 yuan per share, creating a stark contrast with its financial results [1][4] - The stock has previously experienced a 10-day consecutive rise due to speculation around the "foldable screen" concept, with a peak increase of 185%, although the company clarified that its related business had not generated revenue [3][4] Investor Behavior - As of August 26, 2023, Kosen Technology's dynamic price-to-earnings ratio was negative, contrasting sharply with the average P/E ratio of 41.44% in the consumer electronics sector [4] - The trading volume on August 26 showed a turnover rate of 31.2%, with a net sell-off of 135 million yuan, indicating significant trading activity and interest from known speculative investors [4][5]

Core Viewpoint - The company, Lens Technology, has achieved steady growth in its performance in the first half of the year, driven by its multi-business layout and strategic focus on AI-driven hardware innovation [1] Financial Performance - The company reported a revenue of 32.96 billion yuan, representing a year-on-year increase of 14.18% - Net profit reached 1.194 billion yuan, up 35.53% year-on-year - Basic earnings per share were 0.23 yuan, reflecting a growth of 35.29% year-on-year - A cash dividend of 1 yuan per 10 shares is proposed, totaling approximately 526 million yuan [1] Business Segments Consumer Electronics - The consumer electronics segment, particularly smartphones and computers, generated revenue of 27.185 billion yuan, a year-on-year increase of 13.19% - The company has maintained its leading position in the market for glass, ceramics, sapphire, and metal components, successfully preparing for the production of several flagship smartphones [2] Automotive Business - The automotive segment achieved revenue of 3.165 billion yuan, growing by 16.45% year-on-year - Key products such as central control modules and smart charging piles have seen significant volume growth, with plans for capacity expansion based on customer demand [4] New Smart Devices - The company is actively expanding into new smart device sectors, including AR glasses and smartwatches, with revenue of 1.647 billion yuan, up 14.74% year-on-year - The company has made breakthroughs in core processes such as optical waveguide lens yield optimization and high-precision automated assembly [5][6] Emerging Intelligent Devices - Revenue from emerging intelligent devices reached 364 million yuan, a remarkable increase of 128.20% year-on-year - The company has made substantial progress in partnerships with leading companies in the field of embodied intelligence, focusing on high-end smart manufacturing solutions [7] Future Outlook - The company plans to deepen its vertical integration capabilities across materials, modules, and complete machines, aiming to capture opportunities in the AI-driven smart terminal industry upgrade [8]

Market Performance - The Hong Kong stock market indices closed lower, with the Hang Seng Index down 1.18% at 25,524.92 points, the Tech Index down 0.74% at 5,782.24 points, and the National Enterprises Index down 1.07% at 9,148.66 points [2] Consumer Electronics - Consumer electronics stocks surged, driven by expectations of new product launches from Apple, with notable increases in shares of companies like Highway Electronics (up 6.92%), Lens Technology (up 5.36%), and Sunny Optical Technology (up 1.85%) [3] - Apple plans to hold a product launch event in September 2025, expected to introduce the iPhone 17 series and significant software updates, which is seen as a key move to stimulate replacement demand [4] - Citic Securities highlights that leading companies in Apple's supply chain are currently valued at historical lows, suggesting potential for sentiment recovery and structural opportunities from Apple's hardware innovation cycle from 2025 to 2027 [4] Gold and Precious Metals - Gold stocks performed well, with China Gold International (up 10.56%), Lingbao Gold (up 9.29%), and Zhaojin Mining (up 5.35%) [5] - The market anticipates a shift in U.S. monetary policy following former President Trump's announcement to remove a Federal Reserve governor, which could lead to more dovish appointments and strengthen future rate cut expectations, benefiting gold prices [5] - The COMEX gold futures rose by 0.20% to $3,424.40 per ounce as the U.S. dollar weakened [5] Non-Ferrous Metals - Non-ferrous metal stocks also saw gains, with Jiangxi Copper (up 2.50%), Aluminum Corporation of China (up 2.41%), and China Hongqiao (up 1.55%) [7] Photovoltaic Industry - Several photovoltaic stocks rebounded, including Fuyao Glass (up 2.27%), Shunfeng International (up 2.19%), and GCL-Poly Energy (up 0.81%) [9] - The photovoltaic industry is showing signs of recovery, with leading companies reporting improved performance in the first half of the year, and a call for self-regulation to combat price competition [11] Pharmaceutical Sector - Pharmaceutical stocks generally declined, with Junshi Biosciences (down 6.43%), Tigermed (down 3.77%), and Zai Lab (down 2.44%) [12] - Trump's announcement regarding significant reductions in drug prices and potential tariffs on pharmaceuticals has created uncertainty in the sector [13] Brokerage Firms - Most brokerage stocks fell, with Xingsheng International (down 6.67%), Guolian Minsheng (down 4%), and China Galaxy (down 3.68%) [14] - Despite the downturn, Huatai Securities notes that the brokerage sector may enter a new phase of performance and valuation recovery as the equity market stabilizes [15] Individual Stock Movements - Angelalign Technology saw a significant increase of 10.28% after reporting a 33.1% rise in revenue to $161.4 million and a 362.65% increase in net profit attributable to shareholders [16] - Rongchang Biologics rose 3.55%, with a peak increase of over 8%, following a report of a 39.1% year-on-year sales growth and a substantial reduction in net losses [17]

8月26日的资金流向数据方面，主力资金净流入1.05亿元，占总成交额23.38%，游资资金净流出6438.05 万元，占总成交额14.35%，散户资金净流出4053.76万元，占总成交额9.04%。 近5日资金流向一览见下表： | | | | | 日期 收盘价 涨跌幅 主力净流入 主力净占比 游资净占比 散户净流入 散户净占比 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2025-08-26 | | 21.11 10.01% | 1.05亿 | 23.38% | -6438.05万 | -14.35% | -4053.76万 | -9.04% | | 2025-08-25 | 19.19 | -1.13% | -2077.78万 | -9.91% | 692.58万 | 3.30% | 1385.19万 | 6.61% | | 2025-08-22 | 19.41 | -0.15% | -1785.57万 | -10.80% | 888.96万 | 5.38% | 896.61万 | 5.42% | | 2025-08 ...

苹果概念股午后走高，截至发稿，高伟电子(01415)涨8.78%，报33.96港元；蓝思科技（300433） (06613)涨7.47%，报26.48港元；比亚迪（002594）电子(00285)涨3.68%，报40.62港元；舜宇光学 (02382)涨3.35%，报86.45港元；丘钛科技(01478)涨2.76%，报15.61港元。 消息面上，苹果即将在2025年9月举行的新品发布会上推出包括iPhone 17系列在内的多款新品以及全新 的软件更新。据报道，苹果公司正计划对其标志性产品iPhone进行一次史无前例的彻底革新。据知名科 技记者马克·古尔曼消息，苹果公司计划从今年9月发布的iPhone 17系列开始，开启一个为期三年的重大 外观革新周期，旨在强化其旗舰产品的吸引力。 中信证券表示，当前A/H股果链代表公司估值较低，看好果链阶段性利空落地带来的情绪修复；也看好 苹果2025—2027年的硬件创新周期。建议重点关注有苹果业务贡献基础业绩，同时卡位AI业务、折叠 屏、机器人等新领域的公司。国盛证券表示，Q3为消费电子的传统旺季，各大终端将密集发布AI手 机、AR眼镜等新品，板块进入量产高峰，产业链稼 ...

智通财经APP获悉，苹果概念股午后走高，截至发稿，高伟电子(01415)涨8.78%，报33.96港元；蓝思科 技(06613)涨7.47%，报26.48港元；比亚迪电子(00285)涨3.68%，报40.62港元；舜宇光学(02382)涨 3.35%，报86.45港元；丘钛科技(01478)涨2.76%，报15.61港元。 消息面上，苹果即将在2025年9月举行的新品发布会上推出包括iPhone 17系列在内的多款新品以及全新 的软件更新。据报道，苹果公司正计划对其标志性产品iPhone进行一次史无前例的彻底革新。据知名科 技记者马克·古尔曼消息，苹果公司计划从今年9月发布的iPhone 17系列开始，开启一个为期三年的重大 外观革新周期，旨在强化其旗舰产品的吸引力。 中信证券表示，当前A/H股果链代表公司估值较低，看好果链阶段性利空落地带来的情绪修复；也看好 苹果2025—2027年的硬件创新周期。建议重点关注有苹果业务贡献基础业绩，同时卡位AI业务、折叠 屏、机器人等新领域的公司。国盛证券表示，Q3为消费电子的传统旺季，各大终端将密集发布AI手 机、AR眼镜等新品，板块进入量产高峰，产业链稼动率将迅速提 ...

每日经济新闻 消费电子ETF（159732）跟踪国证消费电子指数，主要投资于业务涉及消费电子产业的50家A股上市公司，行业主要分布于电子制造、光 学光电子等市场关注度较高的主流板块。其场外联接基金为，A类：018300；C类：018301。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明示或 暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com 8月26日上午，A股三大指数走势分化，上证指数盘中下跌0.16%，综合、美容护理、传媒等板块涨幅靠前，房地产、钢铁跌幅居前。消费 电子个股分化，截至10点16，消费电子ETF（159732.SZ）下跌0.50%，其成分股领益智造上涨6.19%，德赛西威上涨4.07%，和而泰上涨 3.70%。然而，胜宏科技、汇顶科技等表现不佳，其涨跌幅分别是-3.68%、-3.40%。 消息方面，7月智能手机产量同比增幅收窄，三个月滚动同比增幅扩大。7 月智能手机产量 94.32百万台，同比增幅收窄6.40个百分点至 2.00%，智能手机产 ...

超薄机、折叠机、曲面屏 当地时间8月24日，据彭博社消息，苹果公司计划从今年9月发布的iPhone 17系列开始，开启一个为期 三年的重大外观革新周期，旨在强化其旗舰产品的吸引力。这一计划将以每年推出一款创新产品的节 奏，对iPhone进行连续的重大重新设计。 知名记者马克·古尔曼透露，在苹果的秋季新品中，最引人注目的将是全新的iPhone 17 Air。这款机型将 取代iPhone 16 Plus，采用类似2008年首发的MacBook Air的设计理念，强调轻薄便携，预计厚度约为5.5 毫米，差不多是3枚硬币叠加起来的高度。 每次新品发布都被吐槽"挤牙膏"的苹果，将迎来一连串重大更新。从超薄手机到折叠屏，再到全玻璃曲 面设计，苹果似乎正准备在未来三年重新定义iPhone。长期以来，iPhone一直是苹果营收的支柱。苹果 此番密集的设计和功能革新，不仅是为了刺激换机需求，也许更是在向市场传递一个明确信号：iPhone 仍有巨大的创新空间。 苹果此次长达三年的改造计划，其根本动因在于应对iPhone设计创新的"疲态"。近年来，iPhone的外观 设计更新相对缓慢，消费者对新机的外观期待值逐渐降低。苹果此次开启 ...

Company Overview - Anjie Technology Co., Ltd. is located in Suzhou, Jiangsu Province, and was established on December 16, 1999. The company went public on November 25, 2011. Its main business involves the research, development, production, and sales of precision functional components, precision structural parts, and module products for smart terminal devices [1][2] - The revenue composition of Anjie Technology includes 55.99% from smart terminal functional components and precision structural parts, 32.89% from new energy vehicle products, 9.51% from information storage products, and 1.61% from other sources [1] Stock Performance - On August 25, Anjie Technology's stock price increased by 2.11%, reaching 15.50 CNY per share, with a trading volume of 216 million CNY and a turnover rate of 3.60%. The total market capitalization is 10.225 billion CNY [1] - Year-to-date, the stock price has decreased by 1.40%, but it has seen a 9.31% increase over the last five trading days, a 12.48% increase over the last 20 days, and a 20.34% increase over the last 60 days [1] Financial Performance - For the first half of 2025, Anjie Technology reported a revenue of 2.189 billion CNY, a year-on-year decrease of 9.36%. The net profit attributable to shareholders was 61.8659 million CNY, down 64.61% year-on-year [2] Shareholder Information - As of July 18, the number of shareholders for Anjie Technology was 49,300, a decrease of 0.80% from the previous period. The average number of tradable shares per person increased by 0.81% to 8,019 shares [2] - The company has distributed a total of 1.281 billion CNY in dividends since its A-share listing, with 465 million CNY distributed in the last three years [3] Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 4.3568 million shares, a decrease of 3.5248 million shares from the previous period. Jin Ying Technology Innovation Stock A remains unchanged with 4.1701 million shares [3]