Investment Rating - The report maintains a "Recommended" rating for the new materials industry [1]. Core Viewpoints - The new materials sector is a crucial direction for the chemical industry, currently experiencing rapid growth in downstream demand. With policy support and technological breakthroughs, domestic new materials are expected to accelerate their long-term growth. The new materials industry serves as a foundational industry, supporting other sectors such as electronic information, new energy, biotechnology, and environmental protection [4][16]. Summary by Sections 1. New Materials Industry Dynamics 1.1 Electronic Information Sector - On July 10, the State Administration for Market Regulation and the Ministry of Industry and Information Technology issued the "Action Plan for Measurement Support for New Quality Productivity Development (2025-2030)," focusing on integrated circuit measurement technology [23]. 1.2 Aerospace Sector - Key materials to focus on include PI films, precision ceramics, and carbon fibers [10]. 1.3 New Energy Sector - Focus areas include photovoltaic materials, lithium-ion batteries, proton exchange membranes, and hydrogen storage materials [12]. 1.4 Biotechnology Sector - Key focuses are on synthetic biology and scientific services [12]. 1.5 Energy Conservation and Environmental Protection Sector - Key materials include adsorbent resins, membrane materials, and biodegradable plastics [15]. 2. Key Companies and Earnings Forecast - The report highlights several key companies with their earnings forecasts, including: - Ruihua Tai (688323.SH): EPS forecast for 2025E is 0.06, with a PE of 51.28, rated "Buy" [17]. - Guangwei Composite (300699.SZ): EPS forecast for 2025E is 1.08, with a PE of 28.58, rated "Buy" [17]. - Zhongfu Shenying (688295.SH): EPS forecast for 2025E is 0.04, with a PE of 510.00, rated "Buy" [17]. - Wanrun Co., Ltd. (002643.SZ): EPS forecast for 2025E is 0.59, with a PE of 19.29, rated "Buy" [17]. - Juhua Co., Ltd. (600160.SH): EPS forecast for 2025E is 1.30, with a PE of 20.55, rated "Buy" [17]. 3. Industry Rating and Investment Strategy - The new materials sector is expected to gradually enter a prosperous cycle driven by downstream application sectors, maintaining a "Recommended" rating for the new materials industry [16].

Core Viewpoint - Apple has decided to pause the development of a foldable iPad, focusing instead on the development of a foldable iPhone due to manufacturing difficulties and low consumer demand for large foldable devices [1][4][5] Group 1: Development Status - Apple is currently in the P1 phase of prototype development for the foldable iPhone, which is expected to complete prototype testing by the end of 2025 and enter the engineering validation testing (EVT) phase thereafter [4][5] - The foldable iPhone is anticipated to be launched alongside the iPhone 18 Pro model next year [4] - The development of a foldable iPad or MacBook may be reconsidered in the future as display technology advances and production costs decrease [4] Group 2: Market Considerations - The decision to pause the foldable iPad development is attributed to high manufacturing difficulties, increased production costs related to flexible display technology, and a lack of strong consumer demand for large-screen foldable products [4][5] - Previous rumors indicated that Apple was working on a foldable device with a screen size between 18.8 to 20.2 inches, featuring OLED technology and a crease-free design, but its release is now expected to be delayed until 2026 to 2028 [4]

Group 1 - J.P. Morgan has lowered Apple's stock price target from $240 to $230, reflecting a cooling trend in revenue and profit expectations for the next 18 months [1] - The report indicates that early purchases to avoid U.S. tariff risks have weakened consumer upgrade desires, and the iPhone 17 series is expected to perform poorly due to limited hardware upgrades and insufficient innovation [1][3] - The forecast predicts that the production of the iPhone 17 series in 2025 will be approximately 9% lower than that of the iPhone 16 series in 2024, indicating a shift in sentiment regarding hardware growth expectations [3] Group 2 - The growth of Apple's services business is also anticipated to slow down, although further details were not provided [3] - Apple is taking a cautious approach to AI innovations, with a significant upgrade to Siri expected to launch in early 2026, marking a major shift in Apple's AI strategy [3] - Rumors suggest that a foldable iPhone may be introduced around the same timeframe, with production potentially starting in the second half of 2025 and a launch by the end of 2026, although some reports indicate a possible delay until 2027 [3]