该季度三星Galaxy Z系列展现巨大影响力。尤其是Z Fold7，凭借更纤薄的机身、更轻的自重、更耐用的铰链以及更隐蔽的折痕，大幅增强了其高端吸引 力，并带动了超预期增长。华为的Mate系列保持稳定的增长势头，荣耀和vivo则继续通过更新折叠屏产品线贡献增量。Motorola在全球表现突出，通过具 竞争力的定价、强大的渠道合作以及出色的产品易用性评价，有效扩大了其折叠屏用户的基础。 折叠屏市场预计将在2025年底以16%左右的同比增长收官，保持稳定的增长势头。这是因为高端用户正越来越倾向于选择更大屏幕以提升生产力，同时享 受更高的耐用性。2026年，市场将进入更显著的扩张阶段。其主要推动因素包括耐用性的提升、机身进一步变薄变轻、铰链和面板结构的优化，以及更丰 富的AI驱动软件体验。作为2026年下半年的重要新入局者，苹果(AAPL.US)预计将凭借庞大的iPhone用户基础，在核心市场推动新一轮高端产品的升级周 期。 随着竞争格局的重塑，技术创新领导力的重要性进一步凸显，促使现有厂商加速布局多形态产品，并为下一波折叠屏的普及提前准备。在苹果入局前，各 大智能手机品牌正更加积极地强化技术领先优势，并深化产品差 ...

Core Insights - The global foldable smartphone shipment volume reached a record high in Q3 2025, with a year-on-year growth of 14%, driven primarily by the strong performance of Samsung's Galaxy Z7 series [4][5]. Market Performance - In Q3 2025, foldable smartphones accounted for 2.5% of global smartphone shipments, indicating a growing acceptance in the high-end market [5]. - The book-style foldable models led market expansion, supported by the launch of Samsung's Galaxy Z Fold7 and Huawei's Mate series [5]. - The clamshell foldable models also performed well, benefiting from Samsung's refreshed product line and the strong showing of Motorola's Razr 60 series [5]. Future Projections - The foldable smartphone market is expected to close 2025 with a year-on-year growth of around 16%, maintaining a stable growth trajectory [8]. - By 2026, the market is anticipated to enter a significant expansion phase, driven by improvements in durability, thinner and lighter designs, and enhanced AI-driven software experiences [8]. - Apple is expected to enter the foldable market in the second half of 2026, potentially triggering a new upgrade cycle among high-end users [8][9]. Competitive Landscape - The competition in the foldable smartphone market is set to intensify with Apple's entry, prompting existing manufacturers to accelerate their technological advancements and product differentiation strategies [8][10]. - Samsung's recent launch of the Galaxy Z TriFold is a strategic pilot aimed at solidifying its technological leadership before broader commercialization [9][10].

Financial Insights - The bond market overview indicates a slight increase in yields, with the 1-year government bond yield rising by 0.35 basis points to 1.41% and the 10-year yield increasing by 0.77 basis points to 1.85% [15] - The People's Bank of China conducted a 7-day reverse repurchase operation amounting to 793 billion yuan, with a fixed interest rate of 1.40% [21] Industry Dynamics - In Q3 2025, the online sales revenue of headphones and earphones in China increased by 9.8% year-on-year, reaching 7.84 billion yuan, despite a 6.4% decline in sales volume [27] - From January to October 2025, China's exports of construction machinery and parts totaled 48.57 billion USD, marking a 12% year-on-year increase, with significant growth in excavator exports to Europe and North America [29] - Global shipments of foldable smartphones reached a record high in Q3 2025, growing by 14% year-on-year, driven by the popularity of high-end models [31] Company Updates - Baijun Medical's ePTFE pericardial membrane product has received regulatory approval, with plans for global market sales following FDA registration [33] - Renfu Pharmaceutical has withdrawn its registration application for a recombinant plasmid liver cell growth factor injection, which was intended for treating severe limb ischemia [35] - Hualing Steel has repurchased a total of 43.48 million shares, representing approximately 0.63% of its total share capital, as part of its share buyback program [37]

Core Insights - The global foldable smartphone shipments are expected to reach a record high in Q3 2025, with a year-on-year growth of 14% [1] - The total foldable smartphone shipments for the year 2025 are projected to grow by approximately 16% compared to the previous year [3] - Continuous hardware optimization and Apple's strengthening of high-end demand are anticipated to drive significant growth in the foldable market in 2026 [3]

Market Overview - The market experienced a downward trend with all three major indices closing lower, with the Shanghai Composite Index at 3878.00 points, down 0.51% [9] - The ChiNext Index fell by 1.12% to 3036.79 points, while the Shenzhen Component Index decreased by 0.78% to 12955.25 points [9] Sector Performance - The superhard materials sector showed strength, with Sifangda rising over 15% [9] - The coal sector was active, with companies like Dayou Energy, New Dazhou A, and Antai Group hitting the daily limit [12] - The anti-flu concept stocks were also active, with Jindike and Yue Wannianqing rising over 10% [9] - Conversely, the AI application sector weakened, with Fushi Holdings dropping over 10% [9] - The consumer electronics sector faced adjustments, led by Haosheng Electronics, while the gaming media sector saw significant declines, with Zhejiang Wenlian leading the drop [9] Key Sectors Wind Power Equipment - Major companies like Dajin Heavy Industry and Delijia reached the daily limit, while Zhonghuan Hailu rose over 10% [11] - Dajin Heavy Industry signed a supply contract worth 1.339 billion yuan with Skyborn Renewables for a German offshore wind project [11] Coal - The coal sector saw a rise, with significant gains from Dayou Energy, New Dazhou A, and Antai Group [12] - According to GF Securities, coal prices have risen more than expected since Q4, with October thermal power generation increasing by 7.3% year-on-year [12] Institutional Insights - CICC reported that the A-share market valuation is relatively reasonable amid a synchronized global liquidity easing cycle, with a focus on growth sectors [16] - Huajin Securities indicated that December may see a strong upward trend in A-shares, driven by positive policies and external events [16] - Recommendations include balanced allocations in sectors like electronics, communications, media, computing, and renewable energy [16]

Core Insights - The global foldable smartphone market is projected to see a 14% year-on-year increase in shipments by Q3 2025, reaching a historical quarterly high for this category [1] - Samsung leads the market with a 64% share in Q3, experiencing a 32% increase in shipments compared to the previous year [1][3] - Huawei holds the second position with a 15% market share, growing by 10% year-on-year, while Motorola ranks third with a 7% share and a 16% increase [1][3] Market Performance - The foldable smartphone segment now accounts for 2.5% of global smartphone shipments, driven by the popularity of book-style models and the launch of Samsung's Galaxy Z Fold7 and Huawei's Mate series [3] - The Galaxy Z Fold7's features, such as a thinner body and improved durability, have significantly enhanced its appeal in the high-end market, contributing to unexpected growth [3] - Motorola's competitive pricing and strong channel partnerships have effectively expanded its user base in the foldable segment [3] Future Projections - Counterpoint Research anticipates a 16% year-on-year growth for the foldable market by the end of 2025, with high-end users increasingly favoring larger screens for productivity [4] - The market is expected to enter a significant expansion phase in 2026, driven by improvements in durability, thinner designs, and enhanced AI-driven software experiences [4] - Apple is expected to enter the foldable market in the second half of 2026, leveraging its large iPhone user base to initiate a new high-end product upgrade cycle [4] Competitive Landscape - The importance of technological innovation is increasing as existing manufacturers accelerate the development of multi-form factor products in anticipation of Apple's entry [5] - Companies are focusing on enhancing their technological leadership and product differentiation strategies, with foldable designs evolving beyond traditional book-style formats [5] - Samsung's upcoming tri-fold device is positioned as a pilot product to validate durability and software optimization before larger-scale commercialization [5]

Core Insights - The global foldable smartphone market is projected to see a 14% year-on-year increase in shipments by Q3 2025, reaching a historical high for the category [1] - Samsung leads the market with a 64% share in Q3, showing a 32% increase compared to the same period last year [1] - Huawei holds the second position with a 15% market share, growing by 10% year-on-year [1] - Motorola ranks third with a 7% share, experiencing a 16% increase [1] - Vivo and Xiaomi follow in fourth and fifth places, with Vivo showing a significant growth of 67%, while Xiaomi's shipments declined by 54% year-on-year [1] Market Trends - Foldable smartphones now account for 2.5% of global smartphone shipments, driven by the popularity of book-style models and the launch of Samsung's Galaxy Z Fold7 and Huawei's Mate series [3] - The Galaxy Z series, particularly the Z Fold7, has enhanced its appeal in the high-end market due to its thinner design, lighter weight, and improved durability [3] - Motorola's competitive pricing and strong channel partnerships have effectively expanded its user base in the foldable segment [3] Future Projections - The foldable smartphone market is expected to close 2025 with a stable growth rate of around 16% year-on-year [4] - By 2026, the market is anticipated to enter a significant expansion phase, driven by improvements in durability, thinner designs, and enhanced AI-driven software experiences [4] - Apple is expected to enter the foldable market in the second half of 2026, potentially reshaping the competitive landscape [4][5] Technological Developments - Major smartphone brands are intensifying their focus on technological leadership and product differentiation, with foldable designs evolving beyond traditional book-style formats [5] - Samsung's new triple-foldable model is positioned as a pilot product to validate durability and software optimization before larger-scale commercialization [5] - The entry of Apple into the foldable market is anticipated to bring substantial changes to the competitive dynamics [5]

Group 1 - The core viewpoint of the articles highlights the growth and investment potential in the consumer electronics sector, particularly driven by advancements in AI technology and the increasing popularity of foldable smartphones [1][2]. Group 2 - As of December 3, 2025, the CSI Consumer Electronics Theme Index (931494) showed mixed performance among its constituent stocks, with BOE Technology Group (000725) leading with a 4.38% increase, while Transsion Holdings (688036) experienced the largest decline [1]. - The Consumer Electronics ETF (561600) has seen a continuous net inflow of funds over the past four days, with a peak single-day net inflow of 66.02 million yuan, totaling 113 million yuan, averaging 28.13 million yuan per day [1]. - According to Counterpoint Research, global shipments of foldable smartphones increased by 14% year-on-year in Q3 2025, reaching a historical quarterly high, with foldable devices now accounting for 2.5% of global smartphone shipments [1]. - The foldable smartphone market is expected to close 2025 with a stable growth rate of approximately 16% year-on-year, with significant expansion anticipated in 2026 due to improvements in durability, design, and AI-driven software experiences [1]. - Huatai Securities reports that 72% of consumers are willing to pay a premium of about 15% for products with AI capabilities, indicating a clear willingness to invest in AI-integrated consumer electronics [2]. - The CSI Consumer Electronics Theme Index comprises 50 listed companies involved in component production and brand design, with the top ten weighted stocks accounting for 56.39% of the index [2].

折叠屏市场预计将在2025年底以16%左右的同比增长收官，保持稳定的增长势头。这是因为高端用户正 越来越倾向于选择更大屏幕以提升生产力，同时享受更高的耐用性。2026年，市场将进入更显著的扩张 阶段。其主要推动因素包括耐用性的提升、机身进一步变薄变轻、铰链和面板结构的优化，以及更丰富 的AI驱动软件体验。 人民财讯12月3日电，根据Counterpoint Research最新发布的折叠屏智能手机市场追踪报告，2025年Q3全 球折叠屏智能手机出货量同比增长14%，创下该品类出货量的季度历史新高。随着折叠屏智能手机在高 端市场的进一步普及，其在全球智能手机出货量中的占比已达到2.5%。 ...

Core Insights - The folding smartphone market in Western Europe is shifting from a dual-brand dominance of Samsung and Honor to a more competitive landscape with the entry of Motorola and Google [4][5][7] - Motorola's Razr and Google's Pixel Fold have gained significant market share, indicating a diversification in the competitive dynamics of the folding smartphone segment [5][7][8] Market Dynamics - In the first half of 2025, Motorola's Razr 60 led the market with a 15% share, while combined with Razr 50, the total share reached approximately 27%, comparable to the previous year's leading models [7] - Google's Pixel 9 Pro Fold and Samsung's Galaxy Z Flip6 each maintained just over 10% market share, contributing to a more balanced competitive environment [7][8] - The overall folding smartphone market is experiencing steady growth, with a decrease in concentration and an increase in competition among brands [5][7] Future Outlook - Google’s Pixel 10 Pro Fold launched in early October 2025, supported by promotional activities, is expected to perform well in markets like the UK [8] - Motorola aims to surpass Honor and become the second-largest brand in the European folding smartphone market by expanding distribution and promotional efforts [8] - The market is anticipated to become more active during the holiday season, with brands that demonstrate confident product design and stable execution likely to capture growth [8][9] - Apple is expected to enter the folding smartphone market in the second half of 2026, which may reshape resource allocation and pricing strategies among operators [8]