Investment Rating - The industry investment rating is "Positive" (maintained) [6] Core Insights - The recent US-China Geneva trade talks have led to a significant reduction in tariffs on Chinese goods, with the effective tariff rate dropping from 125% to 34%, alleviating negative pressures on the supply chain [2] - Apple's price reduction on the iPhone 16 models aims to boost sales volume in the second quarter, which is typically a season for inventory clearance, thus positively impacting the supply chain [3] - The introduction of AI smartphones and foldable screens is expected to drive a new replacement cycle for iPhones, enhancing the average selling price (ASP) of core components in the supply chain [3] - The market sentiment around emerging terminals like humanoid robots and AI glasses has led to a recovery in the valuation of core suppliers in the supply chain, with expectations for further valuation recovery due to the recent tariff negotiations [4] Summary by Sections Tariff Impact - The US has suspended 24% of tariffs on Chinese goods for the first 90 days, with only 10% remaining, indicating that the negative impact of the tariff war on the supply chain is largely mitigated [2] iPhone Pricing Strategy - Apple's recent price cuts on the iPhone 16 Pro Max and Pro models, with reductions of $160 and $176 respectively, are intended to stimulate sales and support supply chain growth [1][3] Future Innovations - The anticipated launch of AI smartphones and foldable iPhones is expected to create a new wave of demand, leading to an increase in both volume and price for core suppliers over the next two years [3] Valuation Recovery - Despite the initial negative impact of tariff policies, the market is gradually desensitizing to these changes, and core suppliers are expected to experience a clear valuation recovery due to Apple's unexpected global price cuts [4]

齐鲁晚报·齐鲁壹点 魏银科 2025年5月10日，苹果公司实施了一次极具话题性的商业决策——对 iPhone 16 全系列产品进行官方价格调整，最大降幅逼近1500元人民币。 IDC 中国季度手机市场报告进一步印证了苹果的市场困境。2025年第一季度，中国智能手机市场出货量同比增长3.3%，达7160万部。市场排名中，小米、 华为、OPPO 和 vivo 占据前四位，而苹果以980万台的出货量位列第五，同比下滑9%，成为头部品牌中唯一出现负增长的厂商。 | | | | 2025年第一季度中国前五大智能手机厂商-- 出货量、市场份额、同比增幅 | | | | --- | --- | --- | --- | --- | --- | | 厂商 | 2025年第一季度 用货量 (单位:百万台) | 2025年第一季度 市场份额 | 2024年第一季度 出货量 (单位:百万台) | 2024年第一季度 市场份额 | 同比增幅 | | 1. Xiaomi | 13.3 | 18.6% | 9.5 | 13.8% | 39.9% | | 2. Huawei | 12.9 | 18.0% | 11.7 | 17.0% | 1 ...

【环球网科技综合报道】5月11日消息，据媒体援引供应链公司人士消息透露，苹果公司已为其首款折叠屏iPhone设定了出货目标，预计该产品将于2026年 下半年正式亮相，且将是一款"大折叠屏iPhone"。 首先，该设备在展开时，折叠痕迹将"几乎不可见"。这意味着其传闻中的7.8英寸至8英寸内屏将拥有更加无缝的设计，为用户带来不间断的视觉体验。古尔 曼表示："苹果希望通过减少手机展开时的折痕，使其在竞争中占据优势。" 其次，折叠iPhone将配备"质量更高的铰链"。与部分其他折叠屏手机相比，这一部件将成为其重要优势。虽然古尔曼未详细说明铰链的具体材质，但苹果供 应链分析师郭明錤此前曾透露，该铰链将采用钛和不锈钢的混合材料制造，以确保其耐用性和稳定性。（纯钧） 作为苹果手机多个零部件的供应商，这家供应链公司表示，他们正积极寻求进入折叠屏iPhone关键部件供应商名单，并已将相关部件送样测试。不过，要获 得折叠屏iPhone关键部件的增量业务订单，还需通过苹果公司的严格审厂流程。 据产业链人士分析，苹果手机拥有庞大的客户基础，预计其折叠屏iPhone市场需求将十分旺盛。然而，最终销量将取决于苹果公司对该产品的定价策略 ...

智通财经5月10日电，记者日前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为2026年 下半年推出首款折叠屏手机，是一款"大折叠屏iPhone"。该供应链公司是苹果手机的多个零部件供应 商。该供应链公司表示，希望进入折叠屏iPhone的关键部件供应商名单，近期相关部件已送样测试；但 要拿到折叠屏iPhone关键部件的增量业务订单，还需经苹果审厂。预计苹果完成折叠屏iPhone供应商选 择后，将会进入NPI（新产品导入）流程。一位产业链人士分析，苹果手机客户基础量大，预计苹果折 叠屏iPhone市场需求大，但销量将取决于最终定价。 (中证金牛座) 供应链公司：苹果首款折叠屏iPhone关键部件已送样 ...

【IT之家】 5月8日，联想moto razr 60 / Pro / Ultra系列小折叠屏手机发布。 屏幕方面，新机主屏为6.96英寸LTPO AMOLED折叠屏，有1224×2992高分辨率及464ppi像素密 度，支持165Hz刷新率，副屏为4英寸OLED显示屏。 图片来源：moto摩托罗拉 TCL华星称，该系列产品均搭载由其供应的LTPO屏幕，其中联想moto razr 60 ultra内外屏皆由TCL 华星独供。 据悉，得益于TCL华星采用厚度50um的UTG超薄柔性玻璃，新机在保持高透光性同时增强了屏幕 的可靠性，优化折痕。 本次供屏所应用的TCL华星最新一代发光材料技术，功耗比上一代下降了13%。通过8T1C LTPO技 术与无偏光片技术的协同优化，不仅智能自适应最广刷新率达到1-165Hz，可精准识别使用场景， 且搭配分区刷新技术能确保画面流畅的同时，进一步优化能耗。 上下滑动查看 ▶ 关于集邦 在视效方面，本次供屏的全屏最高亮度达到2000 nits，峰值亮度可达4500 nits。色域也能达到 117% NTSC；87% BT2020。它还是业界首支屏单体支持IP68防水。 联想moto ...

Core Insights - Apple plans to adjust the iPhone release schedule to a staggered model in spring and autumn starting next year [1][8] - The upcoming ultra-thin iPhone, expected to be 5.5mm thick, is anticipated to boost consumer interest and upgrade frequency [3][4] - Apple is also set to launch its first foldable iPhone in autumn 2026, which may activate the foldable smartphone market [6][7] Group 1: Ultra-thin iPhone - The ultra-thin iPhone is expected to have a thickness of approximately 5.5mm, making it the thinnest iPhone ever [1][3] - The device will feature a simplified design with one speaker and one camera, leading to a compromise in performance [3][4] - Battery life is projected to be shorter, with only 60%-70% of users able to last a full day without charging, compared to 80%-90% for other models [3][4] Group 2: Production and Market Strategy - Apple is reserving only about 10% of production capacity for the ultra-thin iPhone due to uncertain market demand, with the majority allocated to iPhone 17 Pro Max and Pro [4] - The staggered release strategy allows Apple to optimize production resources and avoid simultaneous manufacturing demands [8] - The production of new iPhones typically begins in summer, with peak demand expected before the winter holiday shopping season [8] Group 3: Foldable iPhone - The foldable iPhone will feature a book-style design with a 5.7-inch screen when folded and nearly 8 inches when unfolded [6] - Apple has patented a new hinge design to enhance the flexibility and durability of foldable devices [6] - 35% of iPhone users have shown interest in foldable phones, but concerns about system compatibility remain [6][7] Group 4: Future iPhone Models - The iPhone 18 Pro and iPhone 18 Pro Max will be released alongside the foldable iPhone, featuring a new design with a hole-punch front camera [7] - The standard iPhone 18 will be delayed until spring 2027, aligning with the release of the iPhone 16E successor [1][7]

Core Viewpoint - Apple is set to launch its first foldable iPhone, addressing long-standing issues in the foldable smartphone market, particularly focusing on minimizing screen creases and enhancing hinge quality [3][5][27]. Group 1: Product Strategy - Apple plans to adjust its iPhone release strategy, alternating between low-end and high-end models, with the foldable iPhone expected to debut alongside the iPhone 18 Pro series in late 2026 [3][27]. - The foldable iPhone is positioned as a high-end device, aiming to differentiate itself from competitors by focusing on two main features: nearly invisible screen creases and superior hinge quality [5][6]. Group 2: Screen Technology - The foldable iPhone will utilize advanced technology to ensure that screen creases are nearly imperceptible when unfolded, enhancing both visual appeal and user experience [8][12]. - A proprietary polymer design is expected to fill gaps between the flexible screen and hinge, contributing to a smoother surface and increased durability [9][10]. - The device will feature Ultra-Thin Glass (UTG) supplied by Chinese manufacturer Lens Technology, which is recognized as the current best solution for foldable screens [11]. Group 3: Hinge Design - The hinge design of the foldable iPhone is expected to be more robust, utilizing a unique structure that enhances flexibility and durability [13][18]. - The hinge will be made from a combination of titanium alloy and stainless steel, balancing lightweight properties with strength and durability [15][18]. Group 4: Design and Specifications - The foldable iPhone will adopt a book-style folding design, featuring an external display size similar to standard smartphones and an internal display close to 7.8 inches [19][21]. - The device's thickness will range from 9mm to 9.5mm when folded, and 4.5mm when unfolded, potentially making it one of Apple's thinnest devices [22]. - It is rumored to include a Touch ID power button instead of Face ID due to space constraints, and will feature dual rear cameras and a front camera [24]. Group 5: Market Context - The foldable smartphone market has seen a significant slowdown, with growth rates dropping from over 40% annually since 2019 to just 5% in 2024, raising concerns about Apple's timing in entering this segment [29]. - Analysts predict the foldable iPhone will be priced between $2100 and $2300, positioning it against high-end models like the Pro Max, despite cheaper alternatives available in the market [30].

Core Insights - Apple is set to enter the foldable smartphone market with its first model, the iPhone Fold, expected to launch in the fall of 2026, marking a significant shift in the smartphone landscape after a decade of anticipation [1][4][12] Product Launch Strategy - The standard iPhone 18 will be delayed to spring 2027 to prioritize the launch of the iPhone Fold, making the 2026 fall event a dedicated showcase for foldable technology [2][5] - The iPhone Fold will be released alongside the iPhone 18 Pro series and Air series, creating a powerful product lineup [2][4] Technical Specifications - The iPhone Fold will feature a thickness of only 4.5mm when unfolded, which is 13% thinner than the iPad Pro, and will have an 8-inch display while folded [6] - The device will utilize a titanium alloy frame and liquid metal hinge, designed to withstand 200,000 folds, addressing durability concerns associated with foldable screens [6] - The internal display will be a 7.76-inch "true full-screen" with a resolution of 2713×1920, while the external display will be 5.49 inches with a hidden Face ID feature [8] Pricing and Market Positioning - The starting price for the iPhone Fold is projected to be between $2100 and $2300, targeting high-end business users rather than competing in the mass market [8] - Approximately 35% of current iPhone users are reportedly interested in foldable technology, indicating a strong potential market for the iPhone Fold [8] Supply Chain and Production - Apple has secured an exclusive supply agreement with Samsung Display for 200,000 foldable screens per month, ensuring a steady supply for the iPhone Fold [9] - The use of ultra-thin glass (30 microns thick) from Lens Technology is expected to enhance durability, as it can withstand a 2-meter drop test [9] Market Impact and Future Projections - Analysts predict that the iPhone Fold could achieve first-year sales of over 8 million units, capturing 30% of the high-end smartphone market [11] - A second-generation foldable device, featuring a glass Unibody design, is anticipated for release in 2027, potentially revolutionizing smartphone materials [11]

Group 1: Robotics - Recent introduction of smart climbing aids such as exoskeletons and smart knee braces in famous scenic spots like Huangshan and Taishan, enhancing the climbing experience for tourists [1] - The exoskeleton robot market is transitioning from medical applications to consumer markets, marking 2023 as a pivotal year for consumer-grade exoskeletons [1] - The rapid development in robotics has led to significant cost reductions and increased public interest, with applications expanding across various sectors including healthcare, industrial, and outdoor activities, suggesting a market potential exceeding hundreds of billions [1] Group 2: Automotive Parts - Confirmation from U.S. Customs that automotive parts manufactured in Canada and Mexico will be exempt from a 25% tariff under the USMCA agreement, effective May 3, 2025 [2] - Compensation for U.S. automotive manufacturers for tariffs on imported parts can reach up to 3.75% of retail prices, decreasing to 2.5% in the second year, potentially improving profit margins for related companies [2] - The revised policy may alleviate export costs for companies, but high tariffs could disrupt supply chains and lead to production halts in the automotive sector [2] Group 3: Digital Economy - The 8th Digital China Construction Summit held from April 29 to May 4, featuring over 40 forums and dialogues, and attracting more than 800 entrepreneurs and 100 experts [3] - The summit introduced a digital economy unicorn development report and signed 455 key projects with a total investment of 228 billion yuan, marking an 8% increase in projects and a 12% increase in investment compared to the previous summit [3] - The focus on digital infrastructure is seen as crucial for economic growth, industrial upgrading, and enhancing social governance capabilities [3] Group 4: Rare Earth Metals - Following China's announcement of export controls on seven types of medium and heavy rare earths, prices for rare earth metals have surged, with dysprosium prices doubling to $850/kg and terbium prices increasing over 210% to $3000/kg [5] - Rare earth metals are essential for various industries, including renewable energy and aerospace, and China's export restrictions are expected to lead to increased overseas demand and price hikes [5] - Domestic rare earth processing companies may benefit from expanded profit margins due to the exclusion of certain processed products from export controls [5] Group 5: Brain-Computer Interface - Neuralink's brain-computer interface device, Link, has received FDA breakthrough device designation to assist patients with severe speech impairments [6] - This development represents a significant step towards integrating human cognition with technology, particularly for patients with neurological conditions [6]

【导读】苹果据称考虑调整iPhone发布节奏，iPhone 18或延期发布，为苹果折叠手机让路 苹果首款折叠屏iPhone，或许明年就要亮相了！ 有消息称，苹果计划明年调整iPhone的发布时间表，以应对日益庞大的产品线，适应多种不同型号的发 布。 可折叠iPhone或将与iPhone 18 Pro系列一同在2026年推出。而iPhone 18或延期发布，为苹果折叠手机让 路。 目前，多方消息源透露苹果首款折叠屏iPhone将于2026年下半年发布，或与iPhone 18系列同步推出。 美东时间5月3日，据科技媒体The Information报道，苹果公司计划在明年对其 iPhone的发布节奏进行调 整，形成秋季和春季交替发布的模式。 报道称，苹果首款折叠屏iPhone预计将于2026年秋季与iPhone 18 Pro系列和"Air"系列机型一同发布。 与此同时，标准版的iPhone 18将为苹果折叠手机"让路"，推迟至2027年春季，与iPhone 16E的后续机型 一同发布。 苹果目前的产品线已经扩展到六款iPhone机型，随着折叠屏机型的加入，公司需要重新规划产品发布时 间表，以确保产品线的管理和市场 ...