1. 1月9日(周五)美股盘前，美国股指期货在12月非农就业数据公布后延续涨势。道琼斯指数期货涨 0.19%，标普500指数期货涨0.23%，纳斯达克100指数期货涨0.29%。 2. 截至发稿，欧洲股市主要指数齐 涨。欧洲斯托克50指数涨1.09%，英国富时100指数涨0.48%，法国CAC40指数涨0.83%，德国DAX30指 数涨0.42%。 3. 截至发稿，WTI原油涨0.87%，报58.26美元/桶。布伦特原油涨0.85%，报62.52美元/桶。 纽交所黄金涨0.44%，报4480.4美元/盎司。 ### 市场消息 1. 欧盟成员国投票通过欧盟-南方共同市场自 由贸易协定。 2. 美国银行将2026年钯金平均价格预测上调至1725美元/盎司。 3. 俄罗斯12月平均原油产 量为932.6万桶/日。 4. 美国商务部长称印度总理未与特朗普通电话导致印美贸易协议陷入停滞。 5. 特 朗普宣布取消对委内瑞拉第二波打击，石油巨头将对委投资至少1000亿美元。 ### 个股消息 1. Meta Platforms签署数千兆瓦级核能协议，为人工智能数据中心供电，将投资俄亥俄州与宾夕法尼亚州核电厂 支持AI发展。 ...

前不久，来自香港城市大学（东莞）的吴桢舵团队完成了一项用于折叠屏手机铰链的关键材料——先进 非晶合金的研究。该研究的顺利进行，得益于位于东莞的我国首台、全球第四台脉冲型散裂中子源。 "以前每年都要从香港飞去美国、日本做实验，把样品带到那边的实验室，去做现场的调试和前期的处 理。现在东莞有散裂中子源，实验室就在隔壁，马上可以改进样品，提高了实验的效率。"吴桢舵表 示。 在大湾区，这样的故事正成为科创实践的日常。"十五五"规划建议提出，推动科技创新和产业创新深度 融合。完善区域创新体系，布局建设区域科技创新中心和产业科技创新高地，强化国际科技创新中心策 源功能。而在聚集了众多科技创新资源的粤港澳，两家国家实验室、45家全国重点实验室及33家粤港澳 联合实验室，形成了一个多层次、高水平的科研平台体系。2025年9月，世界知识产权组织在香港发布 《2025年全球创新指数》百强创新集群，"深圳-香港-广州"创新集群首次排名全球第一。 大湾区创新要素加速融合 这是一片独特的区域——一个国家、两种制度、三个关税区、三种货币，在这样的条件下建设科创中 心，国际上没有先例。 这里也是我国开放程度最高、经济活力最强的区域之一。发 ...

随着消费电子进入创新深水区，折叠屏凭借形态突破成为高端市场增长引擎，带动产业链核心材料与零 部件需求持续扩容。宜安科技作为全球液态金属产业化领军企业，凭借独家技术壁垒与深度绑定头部终 端的供应链优势，成为折叠屏概念股中极具稀缺性的核心标的。 宜安科技的核心竞争力源于对液态金属（非晶合金）技术的长期深耕。作为全球少数实现锆基非晶合金 规模化量产的企业，其产品具备强度≥1200MPa、公差控制±0.02mm、超薄壁0.3mm压铸的极致性能， 可承受30万次以上折叠循环，完美匹配折叠屏铰链对高精度、高耐用性的严苛要求。公司构建了从材料 配方、母合金熔炼到精密成型的全制程能力，拥有200余项核心专利，主导行业标准制定，建成国内最 大规模非晶合金生产线，良率稳定在95%以上，形成难以复制的技术护城河。 在供应链布局上，宜安科技已实现全球高端折叠屏品牌的深度覆盖。公司通过子公司逸昊金属成为华为 三折叠屏手机铰链独家供应商，为Mate X5、OPPO Find N3等旗舰机型提供核心结构件，折痕深度控制 在10μm以内，满足IP68级防水要求，2024年液态金属铰链出货量超1000万个，占据全球高端市场60% 以上份额。 ...

Core Viewpoint - The company has developed a series of high-yield strength special powder materials for the application needs of foldable smartphone hinges, which have been successfully supplied in bulk for this sector [1] Group 1 - The research and development team of the company has focused on the specific requirements of foldable smartphone hinges [1] - The newly developed materials are characterized by high yield strength [1] - The metal injection molding feedstock high-strength steel products made from these materials are now in mass supply for the foldable smartphone hinge market [1]

Core Viewpoint - Kosen Technology (603626) has issued a stock trading risk warning due to its stock price hitting the daily limit for three consecutive trading days, indicating a significant recent price increase and potential short-term decline risk [1] Company Overview - Kosen Technology specializes in the production of structural components for consumer electronics [1] - The company has been mistakenly identified by media as a player in the AI glasses sector, but it does not manufacture AI glasses or their structural components [1] - Kosen Technology has also been associated with the foldable screen sector; however, it primarily relies on a single customer for its foldable screen hinge assembly business, which only contributed 2.10% to total revenue in the first half of 2025 [1]

Core Viewpoint - The stock of Kosen Technology (603626.SH) experienced a significant price fluctuation, with a cumulative increase of 20% over two consecutive trading days, which is classified as an abnormal trading situation according to Shanghai Stock Exchange regulations [1] Group 1: Company Operations - Kosen Technology's main business is the production of structural components for consumer electronics [1] - The company has been mistakenly identified by media as a player in the AI glasses sector; however, it does not manufacture AI glasses or their structural components [1] - Kosen Technology has also been associated with the foldable screen concept; yet, it only has a single customer for its foldable screen hinge assembly business, which relies on externally sourced components [1] Group 2: Financial Impact - The revenue generated from the foldable screen hinge assembly business accounted for only 2.10% of the total revenue in the first half of 2025, indicating that this segment does not significantly impact the company's overall performance [1]

Core Viewpoint - The stock of Kosen Technology (603626.SH) experienced a significant price fluctuation, with a cumulative increase of 20% over two consecutive trading days, which is classified as an abnormal trading situation according to the Shanghai Stock Exchange regulations [1] Group 1: Company Operations - Kosen Technology's main business is the production of structural components for consumer electronics [1] - The company has been mistakenly identified by media as a player in the AI glasses sector; however, it does not manufacture AI glasses or their structural components [1] - Kosen Technology has also been associated with the foldable screen concept; yet, upon self-examination, it confirmed that its foldable screen hinge assembly business relies on a single customer and uses externally sourced components, contributing only 2.10% to total revenue in the first half of 2025, thus having a negligible impact on overall performance [1]

Core Viewpoint - Kosen Technology (603626.SH) clarifies its business operations in response to media categorization as an AI glasses and foldable screen concept stock, stating it does not produce AI glasses or their components, and that its foldable screen hinge assembly business has minimal impact on overall revenue [1] Group 1: Business Operations - The main business of Kosen Technology is the production of structural components for consumer electronics [1] - The company does not manufacture AI glasses or components related to AI glasses [1] - Kosen Technology's foldable screen hinge assembly business relies on a single customer and uses externally sourced components, contributing only 2.10% to total revenue projected for the first half of 2025 [1]

Core Viewpoint - The company, Kosen Technology, clarifies that it does not produce AI glasses or their structural components, despite being listed as an AI glasses concept stock by the media [1]. Group 1: Business Operations - The main business of the company is the production of structural components for consumer electronics [1]. - The company has a single customer for its folding screen hinge assembly business, which relies on externally sourced structural components [1]. Group 2: Financial Impact - The revenue generated from the folding screen hinge assembly business is estimated to account for only 2.10% of total revenue in the first half of 2025, indicating minimal impact on the company's overall performance [1].

Investment Rating - The industry rating for the foldable screen mobile phone sector is positive, with expectations for accelerated growth driven by Apple's entry into the market [4]. Core Insights - The foldable screen mobile phone market is set to grow significantly, with global shipments projected to reach 17.8 million units in 2024 and potentially 70 million units by 2027, reflecting a CAGR of 57.8% from 2024 to 2027 [1][20]. - Apple's anticipated launch of a foldable iPhone in 2026 is expected to further stimulate market growth and increase shipments [20]. - The industry is transitioning from traditional smartphones to innovative foldable designs, which are becoming the new standard in mobile technology [15]. Summary by Sections 1. Foldable Screen Mobile Phones - The global smartphone market is rebounding, with a projected shipment of 1.238 billion units in 2024, a year-on-year increase of 6.4% [12]. - Foldable screen technology is recognized as a key innovation in the smartphone sector, addressing the need for larger screens while maintaining portability [15]. - The market is characterized by a shift towards lighter and more affordable foldable devices, with average prices decreasing significantly [31]. 2. Hinge Technology - Hinges are critical components in foldable phones, requiring high durability and precision, with designs evolving towards lighter and more robust solutions [38]. - The predominant hinge types are water-drop and U-shaped, with water-drop designs becoming the preferred choice due to their reduced screen wear and improved folding mechanics [40]. - The global market for foldable phone hinges is expected to grow from approximately $3.2 billion in 2024 to $15.4 billion by 2032, with a CAGR of 21.69% [47]. 3. Cover Glass Technology - Flexible cover glass is essential for foldable screens, with ultra-thin glass (UTG) increasingly replacing traditional materials due to its superior properties [3]. - The market share of UTG in domestic foldable smartphones has risen to 70% in 2023, indicating a strong trend towards this material [3]. - The production of UTG involves complex manufacturing processes, with a focus on improving yield and consistency [6]. 4. Investment Recommendations - The report highlights several key beneficiaries in the foldable screen supply chain, including: - UTG: Lens Technology - Hinges: Linyang Precision, Tonglian Precision, and Jingyan Technology - Liquid Metal: Yian Technology - 3D Printing: Huashu High-Tech and Plit [7].