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 ...

8月25日，安洁科技盘中上涨2.11%，截至10:55，报15.50元/股，成交2.16亿元，换手率3.60%，总市值 102.25亿元。 资料显示，苏州安洁科技股份有限公司位于江苏省苏州市太湖国家旅游度假区孙武路2011号，成立日期 1999年12月16日，上市日期2011年11月25日，公司主营业务涉及研发、生产与销售精密功能性器件、精 密结构件和模组类等智能终端零组件产品,产品用于智能手机、笔记本电脑、平板电脑、一体机、可穿 戴设备、智能家居、新能源汽车、信息存储设备等智能终端。主营业务收入构成为：智能终端功能件和 精密结构件以及模组类产品55.99%，新能源汽车类产品32.89%，信息存储类产品9.51%，其他1.61%。 资金流向方面，主力资金净流入420.32万元，特大单买入603.51万元，占比2.79%，卖出113.01万元，占 比0.52%；大单买入3895.49万元，占比18.00%，卖出3965.68万元，占比18.32%。 安洁科技今年以来股价跌1.40%，近5个交易日涨9.31%，近20日涨12.48%，近60日涨20.34%。 分红方面，安洁科技A股上市后累计派现12.81亿元。近 ...

公司利润率相比友商已具备明显优势，为后续竞争掌握主动权 点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件: 公司发布1H25业绩，1)营收：1H25实现营收 13.60 亿美元，同比大幅增长 132%，主要受益于低基数下iPhone 后摄超广角&长焦量产+iPad后摄份额提升。2)毛利率：1H25毛利率11.4%，虽然为淡季但基本与2H24旺季的 11.5%毛利率水平持平，体现出价格压力环境有所改善。3)费用：1H25销售费用率同比-0.1pct，研发及管理费 用率同比-4.7pct，但研发及管理费用规模同比增长20.5%至0.7亿美元，主要为2026-2027新项目提前投入研发费 用。4)净利润：1H25实现归母净利润0.67亿美元，同比增长320%，对应净利率5.0 ...

Investment Rating - The report maintains an "Overweight" rating for the consumer electronics sector, indicating a positive outlook for the industry [5]. Core Insights - The consumer electronics sector is entering a peak season for new product launches, with expectations for valuation restructuring as major companies release AI smartphones and AR glasses [1]. - Apple's FY25Q3 revenue reached $94.04 billion, a 10% year-over-year increase, driven by strong performance across iPhone, Mac, and services, with significant investments in AI [2][9]. - The report highlights the anticipated innovation in Apple's upcoming products, including a potential entry into the foldable smartphone market [3][13]. - The consumer electronics sector's long-term growth logic remains solid, with AI innovations expected to accelerate the replacement cycle for devices and drive hardware upgrades [4]. Summary by Sections Apple Performance - Apple's FY25Q3 revenue was $94.04 billion, exceeding expectations and marking a 10% increase year-over-year, with net income of $23.43 billion [9][10]. - iPhone revenue reached $44.58 billion, a 13% increase, while Mac revenue was $8.05 billion, up 15% [11]. - The company plans to invest $600 billion in AI over the next four years, with significant acquisitions to enhance its product roadmap [2][12]. Foldable Smartphone Market - The global foldable smartphone market is projected to grow, with Apple expected to enter this segment, potentially revitalizing the market [13][20]. - In 2024, foldable smartphone shipments in China are expected to increase by 30.8%, indicating strong market potential [13]. AR and AI Glasses - The global smart glasses market saw a 110% year-over-year growth in the first half of 2025, driven by strong demand for AI glasses [21]. - Meta is set to release its first consumer AR glasses, which feature advanced display technology and are expected to enhance the AR ecosystem [29]. - The report notes that the AI glasses segment is experiencing rapid growth, with a year-over-year increase of over 250% [21][22].

一、市场热点 微泵液冷：华为 Mate 80 RS 或搭载独家微泵散热芯片 驱动：2025 年 8 月 19 日消息，华为即将发布的 Mate 80 RS 或搭载独家微泵散热芯片，性能 暴增不发烫，可能是目前智能手机行业中首次商用级别的技术集成。 ○微泵液冷系统：由液冷驱动芯片、压电微泵、高柔性液冷膜片组成，是利用微小型泵驱动 冷却液，在封闭循环系统中流经发热器件，通过液体的高比热容和强制对流高效带走热量的 散热技术，作为主动散热有望替代和融合传统 VC 热管散热成为手机等热管理的优势方案。 市场空间：据券商调研纪要，华为、小米、vivi 等头部厂商已在导入，MATE80 等机型已有 搭配液冷机壳，单机液冷模块价值量超 50 元，市场超百亿。 ○核心公司： 日丰股份：网传公司是华为"微泵液冷手机壳"的液冷板主力供应商；公司主营电线电缆， 产品涉及机器人动力及信号电缆、5G 基站用电源/通信电缆(合作华为)等，此外，在液冷领 域，公司自主研发了液冷充电枪(包含液冷装置系统——1000A/1500VDC)。 艾为电子：成功研发超低功耗高压 180Vpp 压电微泵液冷驱动产品，产品已在多家客户完成 验证测试，并计划 ...

Core Viewpoint - The consumer electronics sector in A-shares is experiencing a strong performance, driven by the upcoming peak season and Apple's advancements in foldable phone technology [1][2][3] Group 1: Market Performance - As of August 20, several companies in the consumer electronics sector, including Zhihui Power and Huizhou Technology, saw significant stock price increases, with some hitting the daily limit [1] - The Consumer Electronics ETF rose by 2.57%, indicating positive market sentiment [1] - Companies in Apple's supply chain, such as Luxshare Precision and Industrial Fulian, reported strong performance in the first half of the year, contributing to the overall positive trend in the sector [3] Group 2: Employment Trends - Foxconn is ramping up hiring in Zhengzhou, with high wages offered for various positions, reflecting the demand for labor as the peak season approaches [2] - The recruitment strategy includes competitive salaries and bonuses, with potential earnings for workers reaching up to 23,000 yuan over three months [2] Group 3: Apple’s Product Developments - Apple has officially entered mass production of the iPhone 17, signaling the start of the traditional peak season for consumer electronics [2] - The anticipated launch of Apple's foldable phone in the second half of 2026 is expected to significantly increase the penetration rate of foldable phones from 1.6% in 2025 to over 3% by 2027 [1][5] Group 4: Industry Innovations - The introduction of foldable phones is seen as a key innovation in the consumer electronics market, with Apple expected to lead this trend [5][7] - The development of new materials and technologies for foldable devices, such as liquid metal and titanium alloy 3D printing, is anticipated to enhance manufacturing efficiency and cost control [6][7] - Companies like Linyi Intelligent Manufacturing are already producing components that meet the requirements for foldable devices, indicating a shift towards advanced materials in the industry [6]

Market Overview - A-shares experienced a strong rally on August 20, with the Shanghai Composite Index rising over 1% to reach a 10-year high of 3766.21 points, while the ChiNext Index increased by 0.23% to 2607.65 points [1] - The total trading volume in the Shanghai and Shenzhen markets was 24.489 billion yuan, a decrease of over 1.9 billion yuan from the previous day [1] Sector Performance Alcohol Sector - The alcohol sector saw significant gains, with stocks like JiuGuiJiu and Kuaijishan hitting the daily limit, and SheDeJiuYe rising over 8% [4][6] - The sector is expected to enter a recovery phase due to improved supply-demand dynamics driven by government policies aimed at boosting domestic consumption [6] Semiconductor Sector - The semiconductor sector experienced a strong surge, with stocks like ShengKeTongXin and XinYuanGuoJi reaching their daily limit, and HanWuJi rising nearly 10% [8][10] - Analysts remain optimistic about the semiconductor industry's growth, driven by AI and domestic substitution trends [10] Consumer Electronics Sector - The consumer electronics sector was active, with stocks like ZhuoZhaoDianJiao rising nearly 20% and AiWeiDianZi increasing over 15% [12][14] - The smartphone market is expected to recover due to the return of Huawei and the maturation of new technologies like foldable and AI smartphones [14]

Group 1 - The core viewpoint of the report is that Jingyan Technology is well-positioned to benefit from the growth in the foldable screen and cooling business sectors, leading to a "buy" rating [1][6] - Jingyan Technology specializes in Metal Injection Molding (MIM) technology, with applications in consumer electronics, automotive, and smart home sectors, and has established a strong client base including major brands like Apple, Samsung, and Google [2][3] - The company has been recognized as a "National Manufacturing Single Champion Demonstration Enterprise" by the Ministry of Industry and Information Technology in 2021, highlighting its industry leadership in production capacity, revenue scale, product quality, and service [2] Group 2 - The foldable smartphone market is projected to reach 19.8 million units by 2025, with a market penetration rate of approximately 1.6%, indicating a stable growth outlook despite a slowdown in growth rates compared to previous years [3] - Jingyan Technology is involved in the foldable screen sector through its MIM components for foldable screen hinges and assembly services, positioning itself to capitalize on the anticipated market growth driven by Apple's entry into the foldable smartphone market [3] - The cooling market for data centers is expected to reach $16.87 billion by 2028, with a compound annual growth rate (CAGR) of 18.4%, driven by AI computing and high-density equipment demands [4] Group 3 - The company is actively developing new products and projects in the cooling sector, focusing on liquid cooling solutions which are expected to increase in market penetration from 17% in 2024 to 33% by 2028 [4] - Jingyan Technology is enhancing its product offerings by integrating advanced materials and 3D printing technology, which improves the performance of its cooling products [4] - Revenue forecasts for Jingyan Technology are projected to reach 2.616 billion yuan, 3.264 billion yuan, and 3.921 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 40.23, 24.66, and 19.93 [6]

2 / 3 证券代码：300433 证券简称：蓝思科技 | | 车载玻璃的减重续航和多功能方面具有显著优势，研发的汽车超 | | --- | --- | | | 薄夹胶玻璃具备轻量化、隔音、隔热、隔紫外线、防水、防污、 | | | HUD 投射以及变色遮光等功能，可广泛应用在汽车侧窗、前后挡风 | | | 及天幕玻璃。 | | | 目前公司超薄汽车夹胶玻璃已成功导入头部新能源汽车客户 | | | 的新车型，下半年将开启量产供货，与多家国内外头部汽车品牌 | | | 均在加快合作，将持续为公司汽车业务带来大增量。 | | | 问：近几年公司新品较多，预计资本开支是什么水平？ | | | 答：公司今年新机的相关资本开支已在去年完成投资，针对 | | | 明后年的市场需求，公司一方面通过对原有产线设备升级改造， | | | 加大自研设备比重进一步降本增效，另一方面充分利用好外部资 | | | 源如租赁厂房、合作开发等方式，降低前期资本支出，提升资产 | | | 使用效率，使资本开支长期保持在均衡水平。 | | | 公司现金流充裕，资产负债率达到历史新低，港股募资为新 | | | 项目的国际化布局提供强大支持，助力公 ...

Market Overview - The Hang Seng Index rose by 0.09% to 24,929.34 points, while the Hang Seng Tech Index fell by 0.39% to 5,438.57 points [1] - The year-to-date performance of the Hang Seng Index is up 24.27%, and the Hang Seng Tech Index is up 21.72% [2] Technology Sector - Major tech stocks showed mixed performance: Alibaba fell by 1.35%, Tencent by 0.27%, while JD.com rose by 0.16% and Xiaomi by 0.79% [2] - Apple-related stocks performed strongly, with Hon Teng Precision rising over 7% and BYD Electronics over 4% [3] Food and Beverage Sector - The food and beverage sector saw significant gains, with Modern Dairy up over 15%, China Shengmu up over 11%, and other companies like Mengniu Dairy and Nongfu Spring also rising [3][4] - A new subsidy policy for families with infants is expected to boost dairy consumption, particularly in low-tier cities, benefiting the infant formula market [4] Dairy Industry Insights - The dairy industry is transitioning from scale expansion to value enhancement, with solid dairy products like cheese and butter gaining traction [4] - The B-end dairy market is projected to exceed 40 billion by 2024, with a CAGR of 14.3% expected from 2025 to 2028 [4] Beer Industry Outlook - The beer industry is expected to maintain stable consumption, with a long-term trend towards premiumization [5] - The exploration of second growth curves is anticipated to open up long-term growth opportunities [5] Semiconductor Sector - The semiconductor sector saw gains, with Hua Hong Semiconductor rising over 3% [6] - Goldman Sachs forecasts a 10% to 13% quarter-on-quarter revenue growth for Hua Hong Semiconductor in Q3, with a gross margin expectation of 10% to 12% [6]