最后则是品牌影响力与市场号召力。业界人士指出，虽然苹果推出折叠机的时程比其他品牌晚，但也因 此能改进竞争对手曾犯过的错误，进而推出完成度更高的产品，降低消费者疑虑。 苹果首款折叠iPhone有望在明年问世，但已落后非苹阵营多年才进入折叠手机市场，未来该如何后发先 至，成为市场关注焦点。业界人士分析，解决关键技术痛点、生态系统完整，以及品牌影响力，将是苹 果未来竞逐折叠机市场的三大利器。 其次，苹果长年耕耘软硬件生态系统，拥有丰富的软体应用资源，甚至可对折叠机开合的屏幕进行软体 客制化应用，例如多工视窗、折叠与展开的状态切换，借此让用户能有更便捷的使用方式，进而刺激买 气提升。 业界人士表示，当前市场上的折叠机都有折痕问题，若苹果真的能开发出零折痕的产品，用户自然会掏 钱埋单。目前不少非苹折叠机都存在耐用度过低的问题，而苹果过往在直立式iPhone一向以高耐用度著 名，未来若折叠机也相当耐用且保值，消费者会有比较强的购机动力。 ...

公司管理层预期部分第三季订单将推迟至第四季，同时下半年新机型订单可能无法全部于第四季交付， 但对下半年关键折叠手机型号的UTG、PET、玻璃支撑板、铰链轴及盖板玻璃出货持正面看法。花旗维 持对蓝思的"买入"评级，目标价由31港元上调至32港元。 花旗发表研究报告指，蓝思科技第三季收入按年增长19%，按季增长30%；毛利率达18.6%，按季提升 3.6个百分点，按年比较则跌0.2个百分点，预料受到产品组合调整的影响。期内经营利润达22亿元，按 年及按季增长8%及211%，较花旗预期及市场预测分别高出4%及5%。 ...

Group 1 - Samsung's first tri-fold smartphone, Galaxy Z TriFold, is nearing completion and is expected to be unveiled by the end of October [2][7] - The design of the Galaxy Z TriFold features a "G" shaped fold, differing from Huawei's "Z" shaped fold in the Mate XT series [5] - The smartphone will have three independent batteries, with the largest battery located in the middle section of the device [4] Group 2 - The APEC summit, scheduled for October 31 to November 1, will showcase Samsung's tri-fold smartphone, with a formal launch anticipated in early November [7]

Core Viewpoint - Apple is negotiating with suppliers in Taiwan to establish a test production center for the rumored foldable iPhone, expected to launch in 2026, with plans to replicate this setup in India for mass production [2][4]. Group 1: Production Plans - Apple aims to set up a small pilot production line in Taiwan to validate device performance and manufacturing processes for the foldable iPhone [2]. - The company plans to produce approximately 95 million units of the next iPhone series in 2026, a 10% increase from the total shipments in 2025, driven by the introduction of the foldable model [4]. - The pilot production line in Taiwan is still in the planning stages, facing challenges such as the need for around 1,000 operators and limitations in land and labor resources [2]. Group 2: Market Expectations - TrendForce estimates that foldable phone shipments will reach 19.8 million units in 2025, maintaining a penetration rate of about 1.6% compared to 2024 [4]. - Despite advancements in technology and product variety, the growth of foldable phone sales remains moderate due to consumer concerns over visible creases, durability, and pricing [4]. - The foldable phone market is currently viewed as a "high-end experimental product," with most users preferring high-cost-performance traditional smartphones [4]. Group 3: Future Outlook - A potential turning point for the foldable phone market may occur in 2026, with Apple's entry likely to increase consumer interest and acceptance of foldable devices [5]. - Apple's foldable phone is expected to feature a 5.5-inch external display and a 7.8-inch internal display, continuing the company's focus on stability and ecosystem integration [5].

Core Insights - Apple is considering establishing a testing production line for a foldable iPhone in Taiwan, with plans for mass production in India by 2026, aiming to mitigate geopolitical risks [1] - The company targets a 10% growth in total iPhone shipments by 2026, believing that the introduction of the foldable model will help achieve this goal [1] - The strategy of testing in Taiwan and producing in India is expected to alleviate geopolitical risks and logistical challenges [1] Group 1 - Apple aims to utilize its suppliers' engineering resources in Taiwan to create a mini experimental production line for validating and fine-tuning the foldable iPhone manufacturing process [1] - Once the production process is confirmed, Apple plans to replicate it in India for mass production, which will shorten the learning curve for launching the foldable iPhone [1] - The company has communicated to several suppliers that the launch of the foldable iPhone is expected to drive overall iPhone demand, making its successful production increasingly important for achieving next year's targets [2] Group 2 - Apple suppliers have identified a piece of land in northern Taiwan for the testing line, although the plan is not yet finalized [1] - Challenges such as limited land and labor in Taiwan are noted, with approximately 1,000 operators needed even for the experimental line [1]

Core Viewpoint - The article discusses Apple's recent product launches, particularly the iPhone 17 series and the new iPhone Air, highlighting the company's shift towards self-developed components to reduce costs and increase profitability while facing challenges in the smartphone market [5][19]. Product Launches - The iPhone 17 series features significant upgrades, including a screen refresh rate increase from 60Hz to 120Hz and a camera configuration of "3x 48MP + 1x 24MP" [6]. - The iPhone Air, priced at 7999 yuan, fills a market gap for a lightweight model with a single camera and small battery, boasting the highest self-developed component ratio among Apple's devices [6][9]. Self-Developed Components - The iPhone 16e has a record 40% of its BOM cost attributed to self-developed parts, up from 29% in the iPhone 16, largely due to the introduction of Apple's first self-developed 5G baseband chip, C1 [9]. - The iPhone Air is expected to surpass the iPhone 16e in self-developed component ratio, featuring the successor to the C1 chip, C1X, and the self-developed Wi-Fi chip N1 [9][15]. Market Challenges - Apple's smartphone business is showing signs of fatigue, with a 0.9% decline in sales while the global smartphone market is expected to grow by 7% in 2024 [16]. - The company has missed opportunities in the foldable smartphone market, which saw a 25% increase in shipments in 2023, and has been criticized for insufficient investment in AI technologies [16][18]. Cost Reduction Strategy - The introduction of self-developed components is part of Apple's strategy to reduce costs and maintain profit margins, with the self-developed baseband chip C1 expected to save $10 per unit for the iPhone 16e [18]. - The iPhone Air is projected to offer even greater cost savings, potentially increasing profit margins significantly compared to the standard iPhone 17 [18]. Future Developments - If the iPhone Air gains market acceptance, Apple's self-developed baseband chip technology is likely to be integrated into other models, with plans for the successor to C1X to debut in the iPhone 18 series [19][20]. - Apple is also exploring self-development of other components, such as CMOS sensors and ISP, to further enhance its product offerings and reduce reliance on third-party suppliers [20].

Core Viewpoint - The global smartphone production is expected to reach 300 million units in Q2 2025, driven by seasonal demand and recovery in production from brands like Oppo and Transsion, despite ongoing economic challenges affecting consumer spending [2]. Group 1: Market Overview - The global smartphone production is projected to increase by approximately 4% quarter-over-quarter and 4.8% year-over-year in Q2 2025 [2]. - The Chinese market's subsidy policy has temporarily boosted sales of mid-range products, aiding inventory reduction, but its overall impact on 2025 sales is expected to be limited due to constraints on subsidy amounts and product coverage [2]. Group 2: Brand Performance - Samsung remains the largest producer with 58 million units, experiencing a 5% decrease quarter-over-quarter, holding a 19% market share [3][5]. - Apple produced 46 million units, down 9% from the previous quarter, but up 4% year-over-year, reflecting growth driven by the new iPhone 16e [5][6]. - Xiaomi's production totaled 42 million units, a 1% increase quarter-over-quarter, maintaining a 14% market share [3][6]. - Oppo's production surged by 35% to 37 million units as inventory adjustments concluded, securing a 12% market share [3][6]. - Transsion produced over 27 million units, a 33% increase quarter-over-quarter, with a year-over-year growth of 15.7%, capturing a 9% market share [3][6]. - Vivo's production rose by 8% to 26 million units, also benefiting from the Chinese subsidy policy, maintaining a 9% market share [3][6].

Group 1 - The stock of Lens Technology (300433) (06613) rose over 7% in early trading, currently up 4.49% at HKD 20.5, with a trading volume of HKD 175 million [1] - On August 3, Lens Technology announced that overall coordinators fully exercised a 15% over-allotment option, involving a total of 39.3384 million shares at a price of HKD 18.18 per share, resulting in a net additional income of approximately HKD 711 million [1] - The stabilization period for the global offering ended on the same day, and the Shenzhen Stock Exchange announced adjustments to the list of Hong Kong Stock Connect eligible securities, effective from August 4, including the addition of Lens Technology [1] Group 2 - According to Ping An International, Lens Technology has ample growth momentum in the short, medium, and long term, driven by the increasing value of glass per unit from ultra-thin and foldable smartphones over the next three years, which will enhance average unit price and gross margin [1] - Starting next year, the penetration of UTG glass in foldable smartphones is expected to sustain the momentum for mobile phone cover glass [1] - The automotive glass business is anticipated to enter a harvest period next year, providing medium-term growth momentum [1] - Lens Technology's diversified material layout, including metals like aluminum and titanium, continues to show an upward trend [1] - The company is also well-positioned in emerging industries such as humanoid robots and AI glasses, ensuring long-term growth potential and certainty [1]

Group 1 - The core point of the article is that Lens Technology (06613) experienced a significant stock price increase, with a rise of over 7% in early trading and a current price of 20.5 HKD, driven by positive market developments and growth prospects [1] - On August 3, Lens Technology announced that overall coordinators fully exercised a 15% over-allotment option, involving a total of 39.3384 million shares at a price of 18.18 HKD per share, resulting in a net additional income of approximately 711 million HKD [1] - The stabilization period for the global offering ended on the same day, and the Shenzhen Stock Exchange announced adjustments to the list of Hong Kong Stock Connect securities, effective from August 4, which included the addition of Lens Technology [1] Group 2 - According to浦银国际, Lens Technology has ample growth momentum in the short, medium, and long term, driven by the increasing value of single-unit glass due to the rise of ultra-thin and foldable smartphones over the next three years [1] - The average unit price and gross margin are expected to increase again, with the penetration of UTG glass in foldable phones starting next year, sustaining the momentum for mobile cover glass [1] - The automotive glass business is anticipated to enter a harvest period next year, providing medium-term growth momentum, while the company's diversified material layout, including metals like aluminum and titanium, continues to show an upward trend [1] - Lens Technology is also expanding into emerging industries such as humanoid robots and AI glasses, ensuring long-term growth potential and certainty [1]

Core Viewpoint - Transsion Holdings, known as the "King of Mobile Phones in Africa," is reportedly discussing a secondary listing in Hong Kong with a target fundraising of approximately $1 billion (about 71.85 billion RMB) [1] Financial Performance - In Q1 2025, the company reported total revenue of 13.004 billion RMB, a year-on-year decline of 25.45% [2][3] - The net profit attributable to shareholders was 490 million RMB, down 69.87% year-on-year [2][3] - The net profit after excluding non-recurring gains and losses was 343 million RMB, a decrease of 74.64% year-on-year [2][3] - The company's current ratio was 1.693, quick ratio was 1.312, and debt-to-asset ratio was 51.98% [2] Market Position and Competition - Transsion Holdings holds a 14.0% share of the global mobile phone market, ranking third among global manufacturers, with a 40% share in the African smartphone market [1] - The company's market share in Africa has declined to 47%, down 5 percentage points year-on-year [4] - Competitors such as Samsung, Xiaomi, OPPO, and Honor are increasing their presence in the African market, with market shares of 21%, 13%, 3%, and 3% respectively [4] Future Growth Drivers - The company identifies the ongoing transition from feature phones to smartphones in emerging markets as a key growth driver [4] - Transsion Holdings is focusing on enhancing its mid-to-high-end product offerings and increasing R&D investment, which accounted for 4.46% of revenue in Q1 2025 [9][10] New Business Initiatives - The company is diversifying its product range beyond mobile phones, including digital accessories, home appliances, and energy solutions to address power shortages in Africa [10][12] - Transsion Holdings has launched several new products, including the TECNO PHANTOM Ultimate G Fold, and is exploring opportunities in electric vehicles through its Revoo brand [9][12]