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].

Market Overview - The A-share market shows a mixed performance with the Shanghai Composite Index closing at 3461.15, up by 0.18%, while the Shenzhen Component Index increased by 1.17% to 10534.58 [2][3] - The total market capitalization of the Shanghai Composite Index is 6718.87 billion, with a price-to-earnings (PE) ratio of 12.38 and a price-to-book (PB) ratio of 1.28 [3] Economic Indicators - The June China Warehousing Index stands at 51%, indicating continued expansion in the warehousing sector, with key sub-indices showing improvement [15][16] - The People's Bank of China conducted a 572 billion yuan reverse repurchase operation, with a rate of 1.40%, resulting in a net withdrawal of 4521 billion yuan on that day [17][18] - The Caixin China Services PMI for June recorded at 50.6, reflecting a slight decline from May, indicating a slowdown in the services sector [19] Industry Dynamics - In June 2025, 147 domestic game licenses were issued, marking a 17-game increase from May and a 43-game increase year-on-year, indicating a rise in approval efficiency [28][29] - The CMI index for June 2025 is reported at 105.15, showing a year-on-year increase of 5.09% but a month-on-month decrease of 11.99%, suggesting short-term pressure in the domestic engineering machinery market [30][31] - Wind and solar power generation utilization rates fell below 95% in May, with wind utilization at 93.2% and solar at 94.2%, indicating potential challenges in renewable energy consumption [32][34] Company Updates - DiZhe Pharmaceutical (688192.SH) received FDA approval for its drug Shuwotai, marking it as the first globally approved innovative drug for a specific type of lung cancer [35][36] - Warner Pharmaceutical (688799.SH) announced that its subsidiary received approval for the listing of a raw material drug, enhancing its product line and competitive edge [37][38]

Core Insights - Apple is accelerating the development of its first foldable iPhone, entering the prototype phase after six years of commercialized foldable phones by Android manufacturers [1][2] - The foldable iPhone is expected to complete its main prototype testing by the end of 2025, with a potential release in the second half of 2026 [2][3][9] Development Timeline - Apple initiated the first prototype phase (P1) in June 2023, which will last approximately two months before moving to subsequent phases (P2 and P3) [2][8] - The timeline from P1 to mass production typically spans about a year, indicating a possible market entry in late 2026 if all goes smoothly [9] Technical Challenges - Apple has faced significant challenges in the foldable screen product line, including the shelving of a planned foldable iPad due to manufacturing difficulties and increased production costs [10] - The company must address various technical and product definition challenges before the launch, ensuring that the foldable iPhone offers sufficient innovation to justify its late entry into the market [12] Competitive Landscape - By 2026, Apple will enter a mature foldable smartphone market dominated by competitors like Samsung, Huawei, Xiaomi, OPPO, and vivo, who have refined their foldable technologies over the years [10] - Samsung has been in the foldable market for six years, and the competition has already produced thinner devices compared to flagship iPhones [10] Strategic Approach - Apple's strategy has historically been to wait for technology to mature before launching products, aiming to create benchmark products that define categories rather than being the first to market [12]

Group 1 - The central bank has announced a new regulation requiring cash transactions over 100,000 RMB for gold and jewelry purchases to be reported starting August 1, 2025 [3] - The 3C certification process has become stricter, now requiring at least 2 to 3 months and costs between 20,000 to 30,000 RMB [4] - A company involved in the sale of mouse heads and duck necks is set to dissolve after being fined 100,000 RMB for violations [6] Group 2 - Many merchants in Huaqiangbei are actively clearing inventory due to the ban on selling non-3C certified charging treasures [6] - Cat's Eye apologized for mistakenly releasing tickets for Jay Chou's concert and is compensating affected users with a 200 RMB voucher [5]