Core Insights - White House trade advisor Peter Navarro criticized Apple CEO Tim Cook for not moving manufacturing out of China, labeling it as a "soap opera" that has been ongoing since the first Trump term [1][2] - Apple has historically relied on a supply chain in China but is taking steps to diversify amid trade tensions, with plans to ramp up production in India and Vietnam [3][4][8] - The company has committed to investing $500 billion in US projects over the next four years, although analysts suggest that manufacturing an iPhone in the US could lead to a price of $3,500, raising doubts about the feasibility of such a shift [4][9] Company Actions - Apple is increasing iPhone production in India, with expectations that most iPhones sold in the US will originate from India in the June quarter [4][8] - The company is also shifting production of iPads, Macs, Apple Watches, and AirPods to Vietnam for US sales [8] Trade and Tariff Context - The Trump administration has delayed tariffs, with new tariffs set to take effect on August 1, which could impact Apple's supply chain decisions [3] - Trump has threatened a 25% tariff on iPhones not made in the US, expressing concerns over Apple's investment in India rather than domestic manufacturing [9]

Core Viewpoint - The year 2025 will be significant for Apple Inc. due to the success of its film "F1," which has become the highest-grossing theatrical film for the company, yet this success has not significantly impacted Apple’s stock price [1][2][3]. Group 1: Film Performance - "F1" has grossed $109.5 million domestically and $293.6 million worldwide within 10 days of release, ranking second at the domestic box office during the Fourth of July weekend [1]. - The film has surpassed the previous record held by "Napoleon," which grossed $221 million, and is on track to exceed totals from other Apple films like "Killers of the Flower Moon" ($158 million) and "Argylle" ($96 million) [2]. - Despite its box office success, "F1" has a production budget of $250 million and a marketing budget of $100 million, indicating it is far from breaking even [4]. Group 2: Impact on Apple’s Business - The success of "F1" has not led to a significant increase in Apple’s stock price, which is down 0.5% to $212.47, and has decreased 12.8% year-to-date in 2025 [10]. - Apple’s entertainment division, including AppleTV+, is crucial for the company, and while films have not yet been profitable, they help offset production costs and can lead to award nominations [5]. - The film's potential award nominations could enhance Apple's reputation in the film industry, with a 22% chance for Best Picture and a 12% chance for Best Actor for Brad Pitt [6]. Group 3: Streaming Strategy - The addition of "F1" to Apple TV+ could boost the platform's visibility, especially if timed with the launch of a rumored ad-supported streaming plan [7][8]. - Apple currently has approximately 45 million paid streaming subscribers, generating around $450 million per month, but the streaming platform is estimated to lose $1 billion annually [9]. - The debut of "F1" on Apple TV+ may be pivotal in moving the platform closer to profitability [10].

Summary of Conference Call Records Industry Overview - The conference call primarily discusses the PCB (Printed Circuit Board) industry, focusing on AI server demand and related materials such as copper foil and electronic cloth [1][2]. Key Points and Arguments AI Server Demand - The GB200 server has entered mass production, with an expected shipment of 20,000 to 25,000 cabinets this year. In the first half of the year, 12,000 cabinets were shipped, with a forecast of 13,000 cabinets for the second half. The price fluctuates between 35,000 to 40,000 yuan per square meter [1][3]. - The GB300 solution is set to adopt HDR high-layer designs, with sample shipments already sent out. Production is expected to start gradually in August, with an estimated shipment of 10,000 to 15,000 cabinets this year [1][5]. Supplier Landscape - Major suppliers for SVD high-layer boards include Huadian (40%), TTM (20%), Shenghong (20%), and Youde Maike (10%). The GB200 is expected to reach 25,000 cabinets this year and over 15,000 cabinets next year [2][4]. Material Challenges - The LDK third-generation quartz cloth faces challenges in drilling processes due to its high hardness, which complicates laser drilling and can lead to larger hole diameters and resin tearing. Improvements are needed in fiber cloth hardness and light absorption rates [1][6][7]. - New material development faces technical hurdles, particularly with Q cloth, which poses ion migration risks in small hole spacing designs. Solutions include optimizing product designs and collaboration between material suppliers and PCB manufacturers [1][8]. Equipment and Capacity - Core equipment, such as laser processing machines, has long lead times (12-15 months) due to high market demand, which limits capacity expansion. However, existing factories still maintain testing capabilities [2][9]. Market Trends - The domestic market shows increasing demand for high-end materials, with companies like Huawei leading the way. However, the overall impact has yet to be fully realized. Shengyi has captured the largest share in the BT storage substrate market and is collaborating with Huawei on advanced technologies [2][18]. - The iPhone-related server shipments are projected to reach 10 million units in 2025, with AR-related products accounting for 25%-30% of that volume. This percentage is expected to increase by 15-20 percentage points annually [2][12]. Future Outlook - The AR supply chain demand has exceeded expectations in the first half of 2025, while the smartphone and consumer electronics market saw a 20% decline in sales in the second quarter of 2025, leading to a drop in related substrate orders [2][17]. - Shengyi has opportunities to capture market share in the NV sector, leveraging its experience in high-layer substrates and connections within the NV supply chain [2][19]. Additional Important Information - The glass substrate solution is not yet fully defined, facing processing difficulties and yield issues when combined with ABF. Traditional organic substrates will continue to dominate in the short term [2][13]. - Domestic companies like Shengyi and Nanya are expanding their production capabilities, with Shengyi aiming to increase its market share in high-end materials [2][14][18].

Performance Forecast - The company expects a net profit attributable to shareholders of between 43 million to 63 million RMB, a decrease of 65.35% to 76.35% compared to the same period last year, which was 181.82 million RMB [1] - The expected net profit after deducting non-recurring gains and losses is projected to be between 37 million to 55 million RMB, down 64.73% to 76.27% from 155.95 million RMB in the previous year [1] - The basic earnings per share are estimated to be between 0.0377 RMB to 0.0552 RMB, compared to 0.1593 RMB in the same period last year [1] Reasons for Performance Change - The primary reason for the decline in net profit for the first half of 2025 is attributed to a significant decrease in the sales price of smart terminal products due to market competition, leading to a drop in operating revenue and gross margin compared to the previous year [1]

【DT新材料】 获悉，近日 ， 荣耀 发布了新款折叠屏手机Magic V5，该手机搭载了青海湖刀片电池，容量6100mAh。 据悉，该电池最大特点是"薄"，单个电芯厚度0.18mm，且电池含硅量极高，达25%，能量密度为901Wh/L， 采用三大固态电 池技术：自修复材料、叠片电芯和固态电解质。 该电池最早亮相于2023年，当年3月随荣耀Magic 5出现，成为业界首个量产的硅碳负极电池技术的品牌，第二年2月同样搭载 于荣耀Magic 6相关机型，并拓展至Magic6至臻版、RSR保时捷设计版等机型。 第一代青海湖电池硅含量5%，到了第二代就上升至10%，第三代青海湖刀片电池直接将含量升至25%， 硅材料比传统的石墨 材料"更有劲儿"，储电能力是石墨的11倍以上。 硅基负极 虽然是前景远大的材料，但硅材料有一个极大的弱点，成为业界长时间的困扰，那就是膨胀问题，在充电时，硅颗 粒体积膨胀可达到三倍大，其体积变化与海绵无异，如此不稳定的物理形态让许多研发部门感到犯愁。 为此，荣耀研发部门寻找到了破解技术，那就是 在分子层面编织防护网，让纳米级的硅颗粒包裹于碳基骨架，形成弹性复合 结构 ，该结构的电能存储性也相当好 ...

6 July 2025 | 2:08PM HKT Desay SV (002920.SZ): Mgmt. visit: Smart driving continues to grow; full stack solutions to accelerate deployment We visited Desay SV in Huizhou recently. Management remains positive on the smart driving trend, domain controllers growth, full stack solutions, and ongoing costs control and operation efficiency. We are positive on Desay SV's product expansion from smart cockpit to smart driving and automotive software, supporting them to better ride on the growing smart driving trend ...

July 6, 2025 09:00 PM GMT Asia Sustainability | Asia Pacific Are Asset Owners Staying the Course? Amid uncertainty against the sustainability landscape, we believe asset owners - top of the investment value chain - are staying the course. We highlight 3 reasons why we are optimistic. M 1) Asian asset owners continue allocations on sustainability: Since 2024, several asset owners in the region have publicly announced the allocation of at least US $5.4bn in sustainability mandates to asset managers. Beyond sp ...

7 July 2025 | 7:34AM HKT Exhibit 1: Huaqin revenue by products 14% 24% 36% 41% 45% - 50,000 100,000 150,000 200,000 250,000 300,000 350,000 2022 2023 2024 2025E 2026E 2027E 2028E Smartphones PCs Smart wearables AI servers General servers Switch Others Blended revenues to grow at +29% CAGR in 2024-28E Rmb m Huaqin Technology (603296.SS): AI servers and Switch in expansion; Data center to up to 51% of revenues by 2028E; Buy (on CL) We initiated Huaqin at Buy in April (report link); the stock is on the APAC Co ...

7 July 2025 | 7:45AM HKT GC Tech: Longcheer (603341.SS): Mgmt positive on AI PC and AI/AR glasses growth opportunities; expanding overseas business/capacity We attended Longcheer's (603341.SS, Not Covered) investor day and visited factories in HuiZhou recently. Longcheer is one of the leading smartphone/PC ODMs, expanding into AI/ AR glasses, automotive and other business. Overall, management is positive on the rising AI PC penetration rate and targets to penetrate more global-tier brand clients. Mgmt. also ...

4 July 2025 | 3:42PM CST Greater China Technology BT substrate pricing hike in 3Q driven by raising material cost; raise TP for all substrate players Most BT substrate prices increased by 5%-20% in early 3Q, driven mainly by the tightness of the key raw material T-glass (leadtime now is 15-20 weeks+ from 3-6 weeks normally, and the price went up by 10-20% if not LTA pricing in 2Q25) and the hike in gold pricing (spot price from ~US$2,700 per ounce in early 2025 to US$3,300 per ounce now; Exhibit 2) while T- ...