【头条要闻】 发改委召开座谈会，听取"十五五"时期扩内需稳就业意见建议 8月25日，国家发展改革委主任郑栅洁主持召开企业座谈会，围绕科学编制"十五五"规划，听取关于扩 内需、稳就业等方面意见建议。座谈会上，企业负责人逐一介绍自身生产经营和所在行业发展情况，并 对"十五五"时期发展提出了具体政策建议；郑栅洁主任认真听取企业发言，与大家深入沟通交流。参会 企业谈到，面对近年来国际国内市场发展新机遇、新挑战，企业积极谋划转型发展，着力推动国内外市 场相互联通、相互促进，努力服务构建新发展格局。建议国家在编制"十五五"规划时，进一步完善扩大 国内需求、促进市场有序竞争、知识产权保护、绿色低碳发展、企业人才和用工保障等方面政策，助力 企业实现更好发展。同时，与会企业表示将加快创新发展，自觉抵制无序竞争，积极稳岗扩岗，为经济 持续向好发展作出更多努力。 多只大牛股披露半年报：中报最高增长超900% 8月25日晚间，长城军工、涛涛车业、天孚通信、大元泵业、舒泰神、华通线缆、拓维信息等多只大牛 股披露了中报业绩。此外，高德红外、阳光电源、立讯精密、安集科技、纳睿雷达、沃尔核材、新易 盛、凯莱英等多个行业的龙头公司，也纷纷披露 ...

目前，除苹果外的主流手机厂商，均已推出折叠屏手机产品，而苹果何时入局或推出首款折叠屏手机， 备受市场关注，如今这一时刻似乎渐行渐近。 当地时间8月24日，据知名科技记者马克·古尔曼消息，到2026年，苹果有望推出首款可折叠iPhone，其 形态接近三星的书本式折叠屏，展开后为小型平板，预计将配备四摄像头系统。这款折叠屏iPhone将回 归Touch ID指纹识别技术，搭载苹果第二代自研调制解调器芯片C2。供应链消息显示，苹果供应商已开 始为该机型备货，计划明年年初量产，以确保秋季如期发布。 记者注意到，近期，不少投资者开始关注上市公司在折叠屏手机业务方面的布局及进展，相关公司也已 进行回应。 精研科技表示，公司折叠屏业务围绕两个方面进行，一个是公司的动力板块（折叠屏手机用转轴），另 外一个是金属制造板块（转轴组件配套用MIM零件）。公司与海内外许多知名头部公司均有合作，公 司与客户的长期合作包括但不限于：提供技术咨询，参与客户的早期技术验证，新产品的前期开发，小 批量测试和大批量生产等等，处于上述任何一个阶段的合作都需严格保密。 "现在整个折叠市场还是以安卓系品类为主。目前市场对北美客户（业界普遍指苹果）推出 ...

完整早报音频，请点击标题下方小耳机收听 【 8.3 万人挤崩溃胖东来招聘系统，于东来最新回应：没投上的朋友想开点，胖东来为公平已尽最大 努力】 8 月 24 日，于东来在社交平台发文回应胖东来招聘火爆致系统崩溃。于东来称："关于招聘 没有投上的朋友，大家想开点，胖东来为了公平已经尽最大努力了，技术上肯定有不足，要相信胖东 来的真诚！想开点，开心最重要。" 8 月 23 日上午 10 点，新乡胖东来三胖店正式开启岗位招聘， 大量网友涌入投递简历网页，导致页面一度崩溃无法打开。 10 点 45 分，招聘页面显示，胖东来所 有岗位接收的有效简历数量均已达到岗位要求，投递通道现已关闭。（每日经济新闻） 【大连一高校被曝全员停发工资，被执行总金额超 35 亿元，校方最新回应】 近日，有网友发帖 称"大连科技学院全员停发工资，开学面临停摆"，引发关注。在帖文评论区，记者注意到有一封落款 为"大连科技学院工会委员会"的《致全体教职员工一封信》。信中提到，在未收到任何法律文书和通 知的情况下，学校各类相关账户被大连市中级人民法院冻结，致使 7 月工资未能如期发放。学校工会 将为全体教职员工发放临时困难补贴和慰问补贴。 8 月 ...

1 、 为保持银行体系流动性充裕， 8 月 25 日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展 6000 亿元中期借贷便 利 MLF 操作，期限为 1 年期。考虑到本月有 3000 亿元 MLF 到期，这意味着 8 月 MLF 净投放达到 3000 亿元，为连续第六个月加 量续作，符合市场预期。 2 、 个人消费贷款贴息政策将于 9 月 1 日正式开闸，这是中央财政首次在个人消费贷款领域实施贴息政策。 本次个人贷款贴息政策主 要是对消费贷款中真正"用于消费的部分"予以精准支持。消费金融行业人士预计，贴息政策对行业影响很大，会加速各机构向各类消费 场景拓展，通过与商户的直接合作，更好把控资金流向。 1 、据中国证券报， 近日召开的国务院常务会议和全国消费品以旧换新工作推进电视电话会议对下阶段消费品以旧换新作出部署，释放 出政策支持加力信号。 专家表示，从当前各地对以旧换新政策优化调整的路径看，后续以旧换新政策有可能在上调资金支持规模、扩大 品类范围等方面发力，同时将进一步强化政策协同与技术赋能，确保政策红利直达消费者，有效扩大内需、提振消费。 2 、 陕西省印发《进一步促进民营经济高质量发展"七 ...

蓝思科技（300433）(06613)盘中涨超5%，高见25港元再创上市以来新高。截至发稿，涨4.22%，报 24.72港元，成交额2.86亿港元。 消息面上，美银证券认为，公司在折叠屏iPhone、汽车、智能眼镜及机器人等新兴领域具有优势，预期 将受益于iPhone规格升级，而防反射镀膜、3D玻璃及超薄柔性玻璃(UTG)的应用也有望提升平均售价。 公司的结构件专业技术使其能深度参与客户新产品导入(NPI)流程，从而获取智能手机以外的组装项 目。 里昂近期指出，蓝思科技为苹果玻璃盖板及金属机壳的主要供应商，受惠于平均售价提升、市场份额扩 张、iPhone规格升级、折叠iPhone及3D玻璃趋势。同时，公司是Tesla智能座舱关键供应商，并拓展至小 米车用窗玻璃领域，另与行业龙头合作，布局人形机器人及AI增强现实(AR)眼镜等新兴业务。该行预 测蓝思科技2024至2027年收入年复合增长率达18%，驱动因素包括：智能手机与电脑市场份额提升、汽 车产品多元化及新兴领域扩张。 ...

Core Viewpoint - The consumer electronics sector in A-shares is experiencing a strong performance, driven by the upcoming peak season and Apple's advancements in foldable phone technology [1][2][3] Group 1: Market Performance - As of August 20, several companies in the consumer electronics sector, including Zhihui Power and Huizhou Technology, saw significant stock price increases, with some hitting the daily limit [1] - The Consumer Electronics ETF rose by 2.57%, indicating positive market sentiment [1] - Companies in Apple's supply chain, such as Luxshare Precision and Industrial Fulian, reported strong performance in the first half of the year, contributing to the overall positive trend in the sector [3] Group 2: Employment Trends - Foxconn is ramping up hiring in Zhengzhou, with high wages offered for various positions, reflecting the demand for labor as the peak season approaches [2] - The recruitment strategy includes competitive salaries and bonuses, with potential earnings for workers reaching up to 23,000 yuan over three months [2] Group 3: Apple’s Product Developments - Apple has officially entered mass production of the iPhone 17, signaling the start of the traditional peak season for consumer electronics [2] - The anticipated launch of Apple's foldable phone in the second half of 2026 is expected to significantly increase the penetration rate of foldable phones from 1.6% in 2025 to over 3% by 2027 [1][5] Group 4: Industry Innovations - The introduction of foldable phones is seen as a key innovation in the consumer electronics market, with Apple expected to lead this trend [5][7] - The development of new materials and technologies for foldable devices, such as liquid metal and titanium alloy 3D printing, is anticipated to enhance manufacturing efficiency and cost control [6][7] - Companies like Linyi Intelligent Manufacturing are already producing components that meet the requirements for foldable devices, indicating a shift towards advanced materials in the industry [6]

Investment Rating - The industry rating is "Outperform the Market" [7][13] Core Insights - Apple plans to enhance its competitiveness in the AI sector through a series of new devices, including a desktop robot expected to be released in 2027, which could transform personal interaction with AI and set new standards in the home robotics industry [3][4] - In Q2 2025, global smartphone shipments slightly declined to 288.9 million units due to moderate consumer demand, with Samsung maintaining the largest market share at 57.5 million units, a 7% year-on-year increase, while Apple's iPhone shipments fell by 2% to 44.8 million units [4] - Apple's first foldable iPhone is anticipated to launch in the fall of 2026, alongside the iPhone 18 Pro series, with the standard iPhone 18 release postponed to spring 2027 [5] - The global shipment of foldable smartphones in Q4 2024 is projected to be 3.8 million units, a decrease of 18% year-on-year, with Huawei holding a 31.2% market share [5] - The report suggests focusing on automation assembly equipment, automation testing equipment, foldable screen hinges, 3D printing applications, and midframe and back cover manufacturers for potential investment opportunities [5] Summary by Sections - **Smartphone Market Trends**: The smartphone market is experiencing a slight decline in shipments, with major players like Samsung and Huawei showing varying performance [4] - **Apple's Product Innovations**: Apple is set to introduce innovative products in the AI and foldable smartphone segments, which may significantly impact market dynamics [3][5] - **Investment Recommendations**: The report highlights specific companies in automation and 3D printing sectors as potential investment opportunities [5]

Investment Rating - The industry rating is "Outperform the Market" [6][13] Core Insights - Apple plans to invest an additional $100 billion in the U.S., accelerating its investment pace, with a total investment of $600 billion over the next four years. This includes a new "Made in America" initiative to bring more of its supply chain and advanced manufacturing to the U.S. [2][3] - Apple’s strict supplier requirements indicate that domestic equipment companies are irreplaceable, and the company may significantly purchase domestic equipment for its U.S. production capacity. This shift could lead to increased resources directed towards cost-effective flexible automation, 3D printing, and new product lines such as high-end models and foldable screens [3][4] Summary by Sections Investment Opportunities - The report suggests focusing on 3D printing applications (e.g., Huazhu High-Tech, Plittech), automated assembly equipment (e.g., Bozhong Precision, Saiteng Co., Quick Intelligent), automated testing equipment (e.g., Oatmeal Technology, Jepter, Qiangrui Technology, Tianzhun Technology, Kory Technology, Rongqi Technology), foldable screen hinges (e.g., Dongmu Co., Jingyan Technology, Tonglian Precision), and mid-frames and back covers (e.g., Yujing Co., Yuhuan CNC) [4]

Core Viewpoint - Apple reported its strongest quarterly revenue growth since December 2021, with total revenue reaching $94.04 billion, a 10% year-over-year increase, significantly surpassing market expectations of $89.53 billion [1] Group 1: Financial Performance - Apple's total revenue for Q3 of fiscal year 2025 was $94.04 billion, marking a 10% increase year-over-year [1] - Despite strong revenue growth, Apple's stock price has declined approximately 17% this year, making it one of the worst performers among major tech companies [1] - Analysts still maintain a "moderate buy" rating for Apple stock, which is trading at about 28 times expected earnings, higher than peers like Alphabet and Meta Platforms Inc. [1] Group 2: AI Concerns - Market concerns regarding Apple's position in AI have intensified, especially with key AI talent leaving for competitors like Meta Platforms Inc. [2] - Meta is investing significantly in AI infrastructure, with plans for multiple large-scale data centers, indicating a strong commitment to AI development [2] - Microsoft has also announced a clear AI strategy, planning to invest $80 billion by 2025 in AI computing centers, showcasing its robust growth in AI and cloud computing [2] Group 3: Competitive Landscape - Apple faces increasing competition in the AI smartphone sector from companies like Samsung and various Chinese manufacturers, which are rapidly advancing their AI capabilities [3] - Samsung's Galaxy AI has been launched with features such as real-time AI video calls and translation, posing a direct challenge to Apple's offerings [3] - The perception is that Apple has been slow in AI advancements compared to its competitors, leading to concerns about its innovation capabilities [3][4] Group 4: Strategic Challenges - Apple's closed system development model limits its AI capabilities compared to competitors that leverage cloud-based systems with significantly larger data parameters [4] - The company has not articulated a clear AI strategy or made substantial announcements in the AI space this year, unlike its competitors [4] - Short-term risks include potential impacts from U.S. tariffs and declining profit margins, although the upcoming launch of a foldable iPhone could help mitigate revenue challenges [5][6] Group 5: Future Outlook - Apple is expected to launch its first foldable iPhone as part of the iPhone 18 series in September 2026, which could generate up to $65 billion in sales [6] - The foldable phone market is currently dominated by competitors like Samsung, which has seen significant sales growth in its foldable devices [6] - Despite current challenges, Apple maintains a strong cash position of $133 billion, allowing for potential increased investment in AI and other strategic areas [7]

Group 1: Macro Events and Market Impact - The Chinese Ministry of Commerce confirmed that both sides will continue to promote the extension of the 24% reciprocal tariffs and China's countermeasures, which is beneficial for export-dependent Chinese companies such as Haier and Midea, potentially boosting their valuations [2] - The IMF raised China's GDP growth forecast for 2025 from 4% to 4.8%, primarily due to better-than-expected exports and lower-than-expected actual tariffs, which may attract foreign investment into Chinese assets, particularly in sectors like renewable energy and infrastructure [3] - The conflict at the Thailand-Cambodia border has escalated, impacting the Southeast Asian supply chain and benefiting defense and safe-haven assets while negatively affecting manufacturing sectors like electronics and rubber [4] Group 2: Key Industries and Stock Opportunities - Apple's AI team is experiencing turmoil with the departure of key members, which may hinder its self-developed AI progress and increase reliance on third-party models, benefiting partners like Microsoft and Google [5] - The approval of the "Blue Sky" plan by the U.S. Department of Transportation for JetBlue and United Airlines enhances customer loyalty and may catalyze global airline alliance integration, with a focus on Chinese airlines' international cooperation [7] - Novo Nordisk's stock plummeted by 22% due to weak growth of its weight-loss drug Wegovy, leading to a downward revision of its 2025 sales and profit guidance, which negatively impacts global weight-loss drug stocks while benefiting competitors in the GLP-1 space [8] Group 3: Commodities and Monetary Policy - WTI crude oil prices surged nearly 4% to $69.21 per barrel, driven by easing trade tensions and U.S. pressure on Russian energy exports, benefiting oil service and exploration companies [9] - The Chilean central bank cut its benchmark interest rate by 25 basis points to 4.75%, signaling a potential easing of monetary policy in Latin America, which is favorable for copper mining companies [10] Group 4: Investment Strategy Recommendations - The current investment strategy suggests increasing allocations in resource stocks (oil/copper) and AI technology beneficiaries while being cautious of geopolitical conflicts and potential valuation corrections in the pharmaceutical sector [11]