据中国证券报消息，苹果计划于2026年下半年推出首款折叠屏iPhone，供应链公司已开始送样关键部件 进行测试。该公司希望成为折叠屏iPhone的核心部件供应商，但仍需通过苹果的审厂流程。业内人士预 计市场对苹果折叠屏手机需求量大，但销量将依赖于定价策略。目前，三星、华为等已推出多款折叠屏 手机，市场期待苹果参与竞争。研究机构IDC指出，随着技术提升，折叠屏手机更受消费者欢迎，尤其 是大屏机型。 ...

Group 1 - Apple's first foldable iPhone is expected to launch in the fall of 2026 alongside the iPhone 18 Pro series and "Air" series models, while the standard iPhone 18 will be delayed to spring 2027 [1] - The introduction of foldable phones will require Apple to replan its product release schedule to ensure efficient management and marketing of its product line [1] - The integration of AI technology into foldable smartphones is anticipated to enhance user experience and improve work efficiency and quality of life for consumers [1] Group 2 - Lianyi Zhizao is a leading precision manufacturing company in China, with key clients including Apple, Huawei, and Samsung, playing a significant role in Apple's supply chain, especially in the foldable screen technology sector [2] - Changying Precision is a high-tech enterprise focused on precision manufacturing, becoming a core participant in Apple's foldable screen supply chain, benefiting from technological upgrades and market expansion brought by Apple's entry [2] - Both companies are expected to strengthen their competitive positions through advanced materials and technologies such as titanium alloys and UTG [2]

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.

Core Insights - Huawei continues to lead the foldable smartphone market, having pioneered the category since 2019 and maintaining over 100% annual growth for six consecutive years [4][11] - The launch of the HUAWEI Pura X marks a significant innovation, breaking traditional smartphone boundaries and offering a unique user experience [6][10] Market Position - Huawei holds a 51.29% market share in the Chinese foldable smartphone market, leading for five consecutive years despite increasing competition from brands like Honor, Vivo, Samsung, and Xiaomi [11] - The foldable smartphone market in China is projected to reach approximately 9.17 million units in 2024, reflecting a year-on-year growth of 30.8% [11] Product Innovation - The HUAWEI Pura X features a 16:10 aspect ratio, enhancing reading and viewing experiences, and incorporates advanced technologies such as AI eye movement page turning [6][8] - The device is equipped with a 3.5-inch external display, a robust hinge made from aerospace-grade materials, and supports satellite communication [8][9] Technological Advancements - Huawei has made significant strides in overcoming key challenges in the foldable screen industry, including innovations in hinge design and screen materials [14] - The company has introduced various foldable models, each contributing to the evolution of the category, such as the lightweight HUAWEI Mate X3 and the world's first commercial triple-foldable device [10][14] Ecosystem Development - Huawei is actively promoting the ecosystem for foldable devices, collaborating with partners to establish standards and enhance user experience across applications [14] - The introduction of the HUAWEI Pura X is expected to broaden consumer perceptions and future development of foldable smartphones [15]