Investment Rating - The industry rating is "Outperform the Market" [7][14] Core Insights - Trump announced an additional 100% tariff on all goods imported from China, effective November 1, 2025, leading to a total tariff rate exceeding 130% [2] - The impact of tariffs on fruit chain equipment companies should not be overestimated, as domestic suppliers are irreplaceable for Apple, which may shift resources towards cost-reducing automation and new product lines [2] - Apple is prioritizing the development of AI glasses over the low-cost Vision Pro headset, with plans to preview the product in 2025 and release it in 2027 [3] - The smart glasses market is experiencing significant growth, with global sales of AI glasses expected to reach 14.5 million units by 2025, and a compound annual growth rate exceeding 50% from 2025 to 2029 [4] Summary by Sections Tariff Impact - Trump’s new tariffs will add to existing tariffs, creating a challenging environment for imports from China, but the effect on key suppliers may be mitigated due to their essential role in Apple's supply chain [2] Product Development - Apple is shifting focus to AI glasses, which may not include a display and will be designed to work with iPhones, indicating a strategic pivot in product development [3] Market Trends - The smart glasses market is heating up, with Meta's smart glasses selling out in retail stores and significant growth projected in the coming years [4] Investment Recommendations - Suggested companies to watch include those involved in foldable screen hinges, panel equipment, liquid cooling pumps, automation assembly, and 3D printing applications [5]

Investment Rating - The industry rating is "Outperform the Market" [6][13] Core Insights - Apple plans to invest an additional $100 billion in the U.S., accelerating its investment pace, with a total investment of $600 billion over the next four years. This includes a new "Made in America" initiative to bring more of its supply chain and advanced manufacturing to the U.S. [2][3] - Apple’s strict supplier requirements indicate that domestic equipment companies are irreplaceable, and the company may significantly purchase domestic equipment for its U.S. production capacity. This shift could lead to increased resources directed towards cost-effective flexible automation, 3D printing, and new product lines such as high-end models and foldable screens [3][4] Summary by Sections Investment Opportunities - The report suggests focusing on 3D printing applications (e.g., Huazhu High-Tech, Plittech), automated assembly equipment (e.g., Bozhong Precision, Saiteng Co., Quick Intelligent), automated testing equipment (e.g., Oatmeal Technology, Jepter, Qiangrui Technology, Tianzhun Technology, Kory Technology, Rongqi Technology), foldable screen hinges (e.g., Dongmu Co., Jingyan Technology, Tonglian Precision), and mid-frames and back covers (e.g., Yujing Co., Yuhuan CNC) [4]