Group 1 - The central financial committee emphasizes the need to effectively manage financial risks in local small and medium financial institutions, real estate companies, and local government financing platforms, with a focus on controlling new risks and addressing existing ones [2] - The China Securities Regulatory Commission (CSRC) is set to introduce strict regulations on public fund sales, targeting long-standing issues in the industry such as prioritizing sales over service [2] - China's financial data for November shows a significant increase in RMB loans and social financing, with RMB loans increasing by 15.36 trillion yuan and social financing growing by 33.39 trillion yuan, surpassing last year's total [3] Group 2 - The People's Bank of China emphasizes maintaining stable financial markets and managing moral hazards, particularly in real estate finance [5] - The CSRC has issued a record fine to Yuce Investment for misappropriating fund assets and providing false information, highlighting the regulatory crackdown in the private equity sector [5] - The A-share market sees significant gains, particularly in nuclear power and commercial aerospace sectors, with the Shanghai Composite Index closing up 0.41% [5] Group 3 - The Hong Kong Hang Seng Index rises by 1.75%, driven by gains in technology and non-bank financial sectors, despite net selling by southbound funds [6] - The Shanghai Stock Exchange is monitoring stocks with significant volatility, indicating increased scrutiny on market activities [7] - Several companies are planning IPOs or stock issuances, including Galaxy General, which aims for a valuation of 3 to 4 billion USD [7] Group 4 - The Financial Regulatory Bureau has released a new management method for commercial bank custody businesses, emphasizing the need for banks to meet specific capabilities and prohibiting certain financial practices [9] - The market regulator is seeking opinions on compliance guidelines for the automotive industry, aiming to address pricing and promotional issues [9] - The State Administration for Market Regulation is pushing for improvements in online product sales, particularly in live commerce, to combat false advertising [9] Group 5 - The State Council has initiated measures to stabilize the real estate market, with Shandong province launching a housing "old-for-new" program to encourage home purchases [11] - The global gold ETF inflows reached 5.2 billion USD in November, marking a six-month streak of inflows and setting a record for total assets under management [20] - The domestic bond market shows signs of cooling, with yields on major bonds rising and the central bank conducting reverse repos to manage liquidity [19]

Core Viewpoint - The article emphasizes Huawei's pioneering role in the three-fold smartphone market, highlighting its transition from concept to commercial product and establishing a new standard in the mobile terminal experience [1][4][9]. Group 1: Market Dynamics - The three-fold smartphone market has recently gained attention, with Huawei being the first to successfully commercialize this technology, setting a benchmark for the industry [1][4]. - After a year, a second player has entered the three-fold market, validating Huawei's early strategic foresight [3]. - The Chinese foldable smartphone market is projected to see significant growth, with IDC reporting a 17.8% year-on-year increase in shipments by Q3 2025, reaching 2.63 million units [11]. Group 2: Technological Challenges and Innovations - The complexity of three-fold technology, including intricate hinge systems and the need for a mature supply chain, posed significant challenges that Huawei overcame to lead the market [4][5]. - Huawei's first commercial three-fold phone, the Mate XT, marked the beginning of a new era in the industry, demonstrating the company's ability to turn a high-concept idea into a viable product [9][19]. - The Mate XT features a 10.2-inch screen and is noted for being the lightest and thinnest foldable smartphone available, weighing only 298g and measuring 3.6mm at its thinnest point [19]. Group 3: Ecosystem and User Experience - Huawei's HarmonyOS, with its distributed architecture, enhances the user experience by enabling seamless task management and a high level of application compatibility, achieving over 95% adaptation for commonly used software [13]. - The integration of hardware and software allows for a unique user experience that redefines productivity and entertainment, making the three-fold device more than just a larger screen [13][15]. - Huawei's commitment to sharing technological advancements with the industry has helped push the foldable screen sector towards maturity, benefiting the entire supply chain [21]. Group 4: Strategic Vision and Future Outlook - Huawei's approach to the three-fold market reflects a broader vision of innovation, where the company not only leads in product development but also shapes industry standards [6][16]. - The article suggests that Huawei's pioneering efforts in the three-fold space could inspire other manufacturers to join the market, potentially leading to a new wave of technological advancements [21].

Core Viewpoint - Samsung has officially launched its tri-fold smartphone, the Galaxy Z TriFold, marking a significant entry into the tri-fold market previously dominated by Huawei's Mate XTs [5][6]. Group 1: Product Specifications - The Galaxy Z TriFold features a 10-inch inner display and a 6.5-inch outer display, with a weight of 309g and dimensions of 159.2 x 75.0 x 12.9mm when folded [7]. - The device is equipped with a 200MP main camera, a 12MP ultra-wide camera, and a 10MP telephoto camera, alongside a 5600mAh battery with 45W fast charging capabilities [7][20]. - It offers configurations of 16GB RAM with either 512GB or 1TB storage options, and is available in a single color, Crafted Black [7][22]. Group 2: Design and Build - The Galaxy Z TriFold utilizes a unique G-type hinge design, allowing the device to fold in a manner similar to stacking blankets, which differs from the Z Fold series [5][9]. - The device features an Armor FlexHinge with a dual-rail structure for smooth and stable opening and closing, accommodating the varying thickness of the device [13][14]. - The outer screen is protected by Corning Gorilla Glass Ceramic 2.0, enhancing durability against cracks, although it is prone to fingerprints due to its glossy finish [16]. Group 3: Software and Features - The Galaxy Z TriFold introduces a new DeX mode that allows users to activate a desktop-like experience on the inner screen without needing an external monitor, enhancing productivity [25][27]. - It supports virtual desktops, enabling users to switch between application groups seamlessly, leveraging its 16GB RAM [29]. - The device lacks support for a stylus, which may limit some functionalities compared to competitors like Huawei's Mate XTs [29][31]. Group 4: Market Position and Pricing - The Galaxy Z TriFold is set to be released on December 12, with pre-orders starting on December 9, and is expected to be priced around 2400 USD (approximately 17000 RMB) [33][35]. - The device will initially launch in South Korea, with plans to expand to markets like China, Singapore, and the UAE, while the US release is scheduled for Q1 2026 [34][35]. - As one of the two major players in the tri-fold smartphone market, Samsung's entry is anticipated to drive competition and innovation in this segment [6][35].

细节藏在 系统里 谁都没想到，传说了快两年的三星三折叠手机，就在 12 月一个憋闷的早晨默不作声的通过 Samsung Newsroom 发布了。 与早期的预测相同，三星为这款三折叠（tri-fold）产品起了一个波澜不惊的名字：Galaxy Z TriFold，没有跟随 Z Fold 系列的编号，相当于另起炉灶、重 另开新线了。 自此，华为 Mate XT 系列终于不再是三折叠市场的独苗，而对于消费者来说——有竞争的市场，才是有进步的市场。 | | 三星 Galaxy Z TriFold | | 华为 Mate XTs | | --- | --- | --- | --- | | 屏幕尺寸 | . 10 寸(展开) | . | 10.2 寸(展开) | | | . 6.5 寸 (折叠) | . | 7.9 寸 (双屏) | | | | . | 6.4 寸 (折叠) | | 尺寸重量 | . 309g | . | 306g | | | 159.2 x 75.0 x 12.9mm (折叠) . | . | 156.7 x 73.5 x 12.8mm (折叠) | | | . 159.2 x 214.1 x 3.9 ...

Galaxy Z TriFold在韩国制造，将于12月12日首先在韩国上市，售价大约359万韩元(约合1.7万元人民 币)。它还将于年内在中国大陆、新加坡以及阿联酋等其他市场上市，并在2026年第一季度登陆美国。 去年9月，华为率先发布了全球首个商用三折叠手机Mate XT。在展开状态下，Mate XT拥有10.2英寸的 超大屏幕，最薄处为3.6毫米，起售价19,999元。 凤凰网科技讯 12月2日，罗永浩转发三星三折叠手机相关话题并评论：不会吧，这是真的？这么折叠不 就相当于是四块手机屏吗？除了比华为那种方案更厚，意义在哪里呢？ 三星电子今日正式发布了全球首款内折三折叠手机Galaxy Z TriFold。这款手机采用了内折设计以保护 主显示屏，展开时屏幕尺寸为10英寸，闭合时外屏为6.5英寸。三星表示，"轻松开合"的折叠机制特别 设置了警报功能，当折叠方式不当时会提醒用户。 ...

Core Viewpoint - Huawei has launched the Mate XTs, the world's second mass-produced "triple-fold" smartphone, indicating the maturity and market viability of this new category, with a price reduction of 2000 yuan compared to its predecessor [2][3][15]. Group 1: Product Features and Specifications - The Mate XTs features the Kirin 9020 processor and introduces new color options, while maintaining a similar design to its predecessor [4][5]. - The camera system has been upgraded with a 40MP RYYB wide-angle sensor, while the main and telephoto cameras remain unchanged, enhancing light sensitivity [7]. - The device supports a range of productivity applications and features a new M-Pen 3 stylus, which allows for annotations, voice recognition, and multi-window functionality [9][10][11]. Group 2: Market Position and Strategy - The launch of Mate XTs signifies Huawei's commitment to iterating and mass-producing unconventional folding devices, moving beyond the "experimental" label [19][23]. - The price reduction to 17,999 yuan makes the device more accessible, potentially expanding its market reach [21][23]. - Huawei has captured 70% of the domestic market share for folding screens, establishing a competitive barrier [32]. Group 3: User Demographics and Applications - The Mate XTs is particularly appealing to business professionals who require a large screen for multitasking and productivity [26][29]. - The device's capabilities cater to a niche market that values both content consumption and professional use, enhancing the user's professional image [31]. Group 4: Future Outlook and Challenges - While the current offering is strong, there is a need for Huawei to continue developing unique features and optimizing user experience to meet the evolving demands of its user base [37][38]. - Competitors like Samsung are expected to introduce similar products, which may challenge Huawei's current market position [35].

Core Viewpoint - Huawei has launched its second foldable smartphone, the Mate XTs, which features significant performance improvements and advanced display technology, marking a notable advancement in the foldable phone market [2][3]. Summary by Sections Product Features - The Huawei Mate XTs is powered by the Kirin 9020 chip and runs on HarmonyOS 5, claiming a 36% overall performance enhancement [3]. - It features a 10.2-inch OLED foldable display with a resolution of 2232×3184, supporting various refresh rates and brightness adjustments, along with advanced power-saving technologies [3]. - The device is available in four color options and three storage configurations, with prices reduced by 2000 yuan compared to its predecessor [5]. Challenges in Foldable Technology - The transition from dual-foldable to tri-foldable smartphones presents significant technical challenges, particularly in hinge design, screen durability, and overall device weight [6][7]. - The complexity of the hinge mechanism increases with tri-foldable designs, requiring high precision and durability to ensure smooth operation [6]. - The need for larger flexible screens with enhanced durability poses additional challenges, particularly in managing increased thickness and weight when folded [7]. Market Trends and Alternatives - Despite the challenges, the tri-foldable design is seen as a clearer technological path compared to alternative display technologies like rollable screens, which have yet to achieve mass commercialization [9][10]. - Rollable screens face significant hurdles in terms of durability, mechanical complexity, and production costs, making tri-foldable phones a more viable option for manufacturers [12]. Design Variants - The current tri-foldable designs are primarily categorized into "Z-shape" and "G-shape" configurations, each with its own advantages and disadvantages regarding screen exposure and protection [13][19]. - The Z-shape design allows for an external display but risks damage to the exposed screen, while the G-shape design offers better protection at the cost of increased complexity and weight [16][19]. Supply Chain Developments - The rise of tri-foldable smartphones is supported by advancements in flexible OLED technology from panel manufacturers, with companies like BOE and TCL leading the way in developing new display solutions [20][21]. - Partnerships between manufacturers and panel suppliers are crucial for the successful production and commercialization of tri-foldable devices [20]. Conclusion - The introduction of tri-foldable smartphones is revitalizing the market, but challenges related to technology, cost, and user experience remain [24][25]. - The competition between Z-shape and G-shape designs will shape the future of the tri-foldable market, with ongoing developments in panel technology influencing overall feasibility and consumer adoption [25].

Group 1 - Huawei's Executive Director and Chairman of the Terminal BG, Yu Chengdong, announced a product launch event scheduled for September 4 at 14:30 [1] - The event will introduce the "new three-fold" flagship model, Huawei Mate XTs, along with the release of new all-scenario products [1]

Core Insights - Huawei and Samsung are both expected to launch their new tri-fold smartphones around September, with Samsung's mobile head announcing plans for a release by the end of the year [1] - The Huawei tri-fold phone will feature a Kirin processor, while Samsung's device will be equipped with a Snapdragon 8 Elite processor, indicating a direct competition in the high-end market [1] - Samsung has registered the trademark Galaxy Z Trifold, suggesting a branding strategy that aligns with its existing Galaxy Z series [1][2] Group 1 - Samsung's Galaxy Z Trifold is rumored to be an inward-folding phone with a separate screen cover, differing from Huawei's Mate XT which folds in a "Z" shape [2] - Huawei's new tri-fold phone, codenamed "Greenlan," will have similar aesthetics to its predecessor Mate XT, available in four colors, and is expected to have improved features [3] - The Mate XT has a retail price exceeding 22,000 yuan, with sales around 500,000 units, indicating strong market performance and potential for higher sales with the new model [3] Group 2 - A Samsung executive confirmed that the hardware for the tri-fold phone is ready for production, but the company is assessing market demand for the design [4] - Samsung plans to begin small-scale production of the tri-fold phone in September, primarily targeting the Korean and Chinese markets, with an estimated factory price of 4 million KRW (approximately 20,840 yuan) [4] - The first mass-produced tri-fold phone, Huawei's Mate XT Ultimate Design, has a starting price of 19,999 yuan, highlighting competitive pricing strategies in the market [4]