Investment Rating - The report maintains a "Positive" investment rating for the liquid metal industry [12] Core Insights - Apple, as a leader in consumer electronics innovation, has over 1 billion high-end device users, and the anticipated launch of its foldable phone is expected to drive significant sales. The adoption of liquid metal hinges could set a strong precedent for Android brands, potentially leading to a new growth phase for the liquid metal industry [3][18] Summary by Sections What is Liquid Metal - Liquid metal, also known as amorphous alloy, differs from traditional metals in atomic arrangement, exhibiting a non-crystalline state with short-range order and long-range disorder, often referred to as "metal glass" [6][22] Applications of Liquid Metal - Liquid metal is categorized by application into aerospace and military, power electronics, consumer electronics, medical, and sports sectors. The industry is expected to expand as applications mature. It includes various types such as iron-based, iron-nickel-based, cobalt-based amorphous alloys, and more [7][33] Trends in Liquid Metal for Foldable Screens - Currently, liquid metal is primarily used in the hinges of foldable phones. The complexity of hinge structures has led to the use of liquid metal, MIM, and carbon fiber solutions. Notable examples include Huawei's Mate XT and MateBook Fold, which utilize liquid metal in their hinge designs [8][45] Perspectives on Different Manufacturing Processes for Foldable Phones - Hinge design and manufacturing involve high technical barriers, with various processes like MIM and CNC being utilized. Liquid metal's high strength and excellent forming capabilities meet the demands for hinge thickness, strength, and precision, making it suitable for foldable screens [9][50] Future Market Potential for Liquid Metal - Assuming a global annual shipment of 330 million high-end phones, with a 25% penetration rate for foldable screens and an average selling price of $10 for liquid metal hinges, the market size for liquid metal hinges could reach $620 million. The potential for expansion into foldable PCs and tablets is also significant [10][66]

Core Insights - The 2026 Asia International Artificial Intelligence Expo (AI Expo) will showcase the transformative advancements in AI technology, marking a pivotal moment for the industry as it transitions from concept to application [2][4][6][8] Group 1: AI-Driven Smart Revolution - The AI Expo will debut "unconscious intelligence," where AI anticipates user needs, featuring smart home ecosystems and AI virtual assistants that optimize energy consumption and health risk predictions [2] - AI-enabled devices such as AI PCs, smartphones, and smart glasses will demonstrate real-time translation and augmented reality navigation, enhancing human-technology interaction [2] Group 2: Low Altitude Economy - The low altitude economy is expected to take off in 2026, with the AI Expo presenting practical applications like drone logistics for remote areas and eVTOL flying cars for tourism and emergency services [4][5] - Infrastructure such as Alibaba's low-altitude computing platform and Meituan's aerial retail network will be showcased, establishing a comprehensive low altitude economic ecosystem [5] Group 3: Hardware Innovations - The AI Expo will highlight groundbreaking hardware developments, including over 100-inch Micro RGB displays and flexible transparent OLEDs, pushing the boundaries of traditional device forms [6] - Health technology will see innovations like smart mirrors for real-time health monitoring and smart mattresses that optimize sleep quality through data analysis [6] Group 4: Global Collaboration and Standards - The AI Expo aims to establish "Chinese standards" in the global AI landscape, featuring major companies like Huawei and China Electronics Corporation alongside international partners [8] - Participation from over 50 international procurement teams and 200 top investment institutions will facilitate global market connections for Chinese-led technologies [8]