Core Viewpoint - Huawei has launched the Mate XTs, the world's second commercial three-fold smartphone, at a price that is 2000 yuan cheaper than its predecessor, marking its first simultaneous sale through instant retail channels [1][7]. Group 1: Product Features - The Huawei Mate XTs is equipped with the Kirin 9020 chip, enhancing overall performance by 36% [2]. - The device features advanced camera technology, including an upgraded RYYB sensor and a 40% increase in light intake, with a new red maple color camera that improves color accuracy by 120% [3]. - The Mate XTs integrates PC-level applications, allowing for multi-document processing and a HarmonyOS 5.1 upgrade across over 50 devices [2][3]. Group 2: Market Position - Huawei leads the domestic smartphone market with a 75% share in the foldable phone segment, achieving a record high of 374,000 units shipped in the first half of 2025 [4]. - The foldable screen market is experiencing significant growth, with a 45% year-on-year increase in Q2 2025, and Huawei's market share rising from 32% to 45% [4]. - The global foldable smartphone market is projected to reach approximately 19.83 million units in 2025, with China maintaining over 40% of the market share [5]. Group 3: Competitive Landscape - Samsung is set to release its first three-fold smartphone, the Galaxy Z TriFold, later this month, with a significantly reduced initial production estimate of 50,000 units [5]. - The industry is moving towards a "software-defined hardware" phase, with more manufacturers expected to enter the three-fold and wide-fold segments [6].

Macro News - The State Council Office released opinions on unleashing the potential of sports consumption, aiming for the sports industry to exceed 7 trillion yuan by 2030 [1][3] - The Ministry of Commerce announced the first anti-circumvention investigation in China, targeting imports of specific optical fiber products from the U.S., with measures to be implemented by September 2025 [1] - To maintain ample liquidity in the banking system, the People's Bank of China will conduct a 10 trillion yuan reverse repurchase operation on September 5, 2025, with a term of 3 months [1] Industry News - The Ministry of Industry and Information Technology and the State Administration for Market Regulation issued a growth action plan for the electronic information manufacturing industry for 2025-2026, focusing on CPU and AI chip development [2] - Agricultural Bank's market capitalization reached 2.55 trillion yuan, surpassing Industrial and Commercial Bank's 2.49 trillion yuan, marking it as the "market cap champion" in A-shares [2] - Huawei launched its Mate XTs foldable smartphone featuring the Kirin 9020 chip, marking the first public display of Kirin chips in four years [2] - UBS highlighted two key trends in China's AI development: significant progress in AI monetization and accelerated localization of chip production [2] Global Market - U.S. stock markets rose, with the S&P 500 index up 0.83%, driven by weaker-than-expected labor market data that bolstered interest rate cut prospects [6] - International oil prices fell due to market concerns over potential supply increases from OPEC+ [7] Investment Opportunities - The tourism sector is experiencing a resurgence, with significant growth in travel data during the summer and expectations for continued momentum into the upcoming holidays [14] - Apple has raised its shipment expectations for foldable iPhones, indicating strong market potential for this product category [15]

Group 1: Computing Power Sector - The computing power sector experienced a downward trend today, with no significant negative news in the fundamentals, but rather positive developments such as Google's negotiations with computing power rental companies regarding TPU collaboration [3][5] - Google's Ironwood TPU (TPU v6) is set to begin mass production in the second half of 2025, with a peak FLOPS performance improvement of approximately 10 times compared to TPU v5p and a 5.6 times improvement in efficiency [6][7] - A recommendation is made to focus on the computing power sector through methods like dollar-cost averaging and diversified investments, particularly in communication ETFs (515880) and the ChiNext AI ETF (159388) [3][7] Group 2: Gold Market - The gold market is supported by a weakening dollar credit and a significant possibility of interest rate cuts by the Federal Reserve in September, with historical data showing gold prices rising in 7 out of 10 past rate cut cycles since 1980 [9][10] - The recent dismissal of Federal Reserve Governor Lisa Cook by President Trump has raised concerns about the independence of the Fed and potential impacts on monetary policy, which could lead to market volatility and inflation fears [9][10] - The recommendation is to continue monitoring gold ETFs (518800) and gold stock ETFs (517400) as the investment value of gold strengthens amid geopolitical uncertainties [9][10] Group 3: Consumer Electronics - The consumer electronics sector is entering a traditional peak season, with Huawei launching the MateXTs foldable phone priced from 17,999 yuan, featuring the Kirin 9020 processor [4][12] - Apple is expected to unveil the iPhone 17 series, including a new Air model, during a press conference, with significant design and hardware upgrades anticipated [12][13] - The foldable phone market is projected to see Huawei capturing a 75% market share by mid-2025, with other brands like Vivo, Xiaomi, Honor, and Samsung competing for the remaining share [12][14]

Core Insights - Huawei officially launched the new generation of its foldable flagship, HUAWEI Mate XTs, which integrates PC-level applications and interactions into a mobile device, powered by HarmonyOS 5.1 and the new HUAWEI M-Pen 3, enhancing productivity across various scenarios [1][3] Group 1: Product Features - The HUAWEI Mate XTs is the world's first commercial three-fold smartphone, featuring a unique hinge system and a large screen that redefines high-end foldable standards [1][5] - The device supports PC-level applications, allowing for multi-document editing with WPS, financial analysis with Wind terminal, and professional drawing tools [3] - It includes a 5600 mAh battery, 50W wireless fast charging, and an upgraded camera system with a ten-stop variable aperture [4] Group 2: Market Position and Strategy - Since the launch of the first Mate X in 2019, Huawei has led foldable screen innovation, with projections indicating that Huawei will capture 75% of the Chinese foldable screen market by mid-2025 [5][6] - The Mate XTs is set to be available for pre-sale on September 4, with a retail price starting at 17,999 yuan, and offers various customer service benefits [6]

9月4日14:30，华为举办"华为Mate XTs非凡大师及全场景新品发布会"。在发布会上，华为三折叠屏手 机Mate XTs非凡大师正式发布，售价为17999元至21999元，将于9月12日正式开售。 售价17999元起，搭载麒麟芯片 华为常务董事、终端BG董事长余承东宣布，华为三折叠屏手机Mate XTs非凡大师搭载麒麟9020芯片和 鸿蒙5.0系统。这是时隔4年之后，华为麒麟芯片首次公开展示。此外，余承东宣布鸿蒙5.0系统设备数突 破1400万。 在摄像头模组及光学元件方面，欧菲光、联创电子、晶方科技此前均为华为手机供应商。 从价格来看，Mate XTs非凡大师起售价为17999元（16GB+256GB），512GB版本售价为19999元，1TB 版本售价为21999元。该手机将于9月4日18点08分开启预售，在9月12日10点08分正式开售。 "三折叠能超越华为的只有华为。"余承东表示，Mate XTs屏幕采用最大10.2寸的华为临境显示3K大屏， 使用天工铰链系统，双轨联动，达到极致纤薄的效果，材质方面，采用了航天级的特种钢，超精密屏幕 加工；摄像头方面，搭载XMAGE红枫原色和潜望式长焦；传送速度 ...

Core Viewpoint - Huawei continues to strengthen its position in the foldable smartphone market, launching the new Mate XTs and achieving significant market share growth [1][3][10]. Group 1: Product Launch and Features - Huawei launched the Mate XTs, a new foldable smartphone, with a starting price of 17,999 yuan, available for pre-order from September 4 [1]. - The Mate XTs is powered by the Kirin 9020 chip, featuring a 36% overall performance improvement due to system-level optimizations [3]. - The device boasts a 10.2-inch display with a 3K high resolution and a thickness of only 3.6 mm, utilizing advanced hinge technology to reduce thickness [7]. Group 2: Market Position and Performance - Huawei achieved a remarkable 75% market share in the Chinese foldable smartphone market, with 3.74 million units shipped, marking a 12.6% year-on-year growth [3][10]. - Since the launch of its first foldable phone in 2019, Huawei has become the first Chinese brand to exceed 10 million cumulative shipments in this category [4]. Group 3: Industry Trends and Competition - The foldable smartphone market is becoming increasingly competitive, with major players entering the space, including Apple, which is expected to release its foldable device next year [10]. - The industry is shifting focus from hardware innovation to software ecosystems and cross-platform collaboration, emphasizing the importance of user experience [11]. Group 4: Future Outlook - The global foldable smartphone market is projected to reach approximately 19.83 million units by 2025, with Huawei expected to maintain its leading position [10]. - The Chinese market is anticipated to account for over 40% of the global foldable smartphone market in the next five years, driven by continuous innovation [10].

Core Viewpoint - Huawei has launched its new foldable smartphone Mate XTs Master Edition at a starting price of 17,999 yuan, which is a reduction of 2,000 yuan compared to the previous generation [2]. Group 1: Product Launch and Features - The Mate XTs is equipped with the Kirin 9020 chip, marking the first public display of Kirin chips in four years [2]. - The camera system has been upgraded with RYYB sensors, a 40-megapixel ultra-wide-angle lens, and a new red maple color camera [2]. - The new model emphasizes software ecosystem expansion, featuring applications like WPS Office and Wind Financial Terminal, and supports PC-level multi-window operations [2]. Group 2: Market Performance - According to IDC, China's foldable smartphone shipments are expected to reach 4.98 million units in the first half of 2025, with a year-on-year growth of 12.6% [3]. - Huawei leads the market with a shipment of 3.74 million units, capturing 75% of the market share [3]. - The previous generation Mate XT has nearly 500,000 units shipped as of mid-2023, making Huawei the first Chinese brand to exceed 10 million cumulative shipments since the launch of its first foldable phone in 2019 [4]. Group 3: Competitive Landscape - Apple is preparing to enter the foldable smartphone market, with plans to launch its first foldable iPhone in 2026 and a foldable iPad in 2028 [6]. - Analysts believe Apple's entry could accelerate the growth of the foldable smartphone market and drive innovation in the supply chain [6]. Group 4: Supply Chain Insights - Lens Technology is a key supplier of precision structural components for Huawei's foldable smartphones [7]. - Dongguan Huajing Powder Company has been a major supplier of MIM precision structural components for Huawei's flexible screen smartphones since 2018 [7]. - Dafu Technology's subsidiary is a primary supplier of core components for Huawei's foldable smartphone hinges [8]. - Huawei's screen suppliers include BOE and Visionox [9].

17999元起！ 每经编辑｜何小桃 9月4日，华为终端BG董事长余承东在发布会上公布了最新款三折叠手机Mate XTs非凡大师的价格，其中16GB+256GB版本售价17999元，16GB+512GB版 本售价19999元，16GB+1TB版本售价21999元。 9月4日18:08开启预售，9月12日10:08正式开售。 据华为商城显示，Mate XTs共有玄黑、槿紫、皓白和瑞红4种颜色，较Mate XT多了两款新配色。另外，价格方面也有所下降，去年华为发布的Mate XT非 凡大师开售价为19999元~23999元。 发布会现场，品牌大使刘德华也惊喜现身，和现场观众互动，网友表示：强强联合。 华为常务董事、终端BG董事长余承东表示："一年前，我们发布了全球首款三折叠屏手机，迄今为止仍然是折叠屏领域的唯一。三折叠，能超越华为的只 有华为！" 余承东还揭秘了三折叠屏手机为何全球只有华为能做到，背后是极高的技术门槛和量产难度。 同时，华为还发布了非凡大师品牌新的LOGO。 华为不藏了 时隔四年公开再提麒麟芯片 余承东在发布会介绍，Mate XTs采用HarmonyOS 5.1系统，搭载麒麟9020芯片，可以让操作 ...

Core Insights - Huawei launched the Mate XTs Extraordinary Master, its second foldable flagship phone, at a press conference in Shenzhen, with Andy Lau as the brand ambassador [1][3]. Product Features - The Mate XTs is powered by the Kirin 9020 chip, featuring a 36% overall performance improvement due to system-level optimizations and cloud collaboration [3]. - It is the first phone in the industry to connect to data from the China Earthquake Administration, enhancing earthquake warning capabilities by 2.5 times with real-time connections to 15,000 observation stations [5]. - The device includes PC versions of office and financial software, positioning it as a "stock trading artifact" for professional investment decisions [6]. Market Position - Huawei has established a comprehensive foldable screen matrix, including various types of foldable designs, and currently holds a 75% market share in the foldable phone sector, with over 10 million units shipped [10]. - The foldable phone market is entering a consolidation phase, where product strength and ecosystem experience are becoming key competitive factors, moving beyond initial novelty [10].

Core Viewpoint - Huawei has launched its new foldable phone Mate XTs, which is the first to come pre-installed with HarmonyOS 5.1, starting at a price of 17,999 yuan [1] Group 1: Market Performance - According to IDC, China's foldable phone shipments are expected to reach 4.98 million units in the first half of 2025, representing a year-on-year growth of 12.6% [3] - Huawei achieved a historical high with a shipment of 3.74 million units, capturing 75% of the market share, and becoming the first Chinese brand to exceed 10 million cumulative shipments since launching its first foldable phone in 2019 [3] Group 2: Product Features - The Mate XTs is equipped with the Kirin 9020 chip, showcasing a 36% performance improvement through system-level optimization and soft-hard cloud collaboration [4] - The device also features HarmonyOS 5.1, which has surpassed 14 million installed devices, enhancing the user experience with desktop-level capabilities on mobile [4] Group 3: Ecosystem Development - The launch of the new foldable phone signifies an upgrade in Huawei's high-end product line and reinforces the HarmonyOS ecosystem, demonstrating the synergy between the foldable design and HarmonyOS 5 in terms of "large-screen interaction, cross-device collaboration, and AI" [6] - Huawei's ecosystem has made significant progress, with major internet applications adapting to HarmonyOS and a wide range of SDKs available for developers, improving application development efficiency [6][7] - The HarmonyOS ecosystem is advancing towards being "user-friendly," although there are still gaps in certain functionalities, indicating ongoing development challenges [7] Group 4: Industry Trends - The past year has seen a diversification in foldable phone designs, with new forms like tri-fold and wide-fold models emerging, injecting vitality into the market [8] - The first tri-fold product has seen impressive performance, with shipments nearing 500,000 units in the first half of the year, setting a benchmark in the high-end foldable market [8]