Core Viewpoint - Titanium alloys are expected to continue penetrating various applications, driven by advancements in powder metallurgy and 3D printing technologies, which will further expand their usage [1][2][3]. Group 1: Titanium Alloy Applications - The first foldable screen product from Apple is anticipated to be released in 2026, which is expected to significantly increase the demand for titanium alloys due to their high strength, corrosion resistance, and favorable surface texture [3]. - Key applications of titanium alloys in foldable screens include: 1. Middle frame: Titanium alloy frames exhibit superior bending resistance compared to aluminum alloys while achieving lightweight, thus better protecting the screen and internal components [3]. 2. Screen backing: It supports the screen to ensure display quality and touch experience, guiding the screen to bend at specific angles during folding and unfolding, reducing creases. Using pure titanium backing can significantly lower the device's weight, balancing weight, performance, and processing costs [3]. 3. Other applications: Due to better toughness and corrosion resistance, titanium alloys are expected to be used in components like foldable screen axis covers [3]. - The development of 3D printed titanium alloys offers high design freedom, enabling the production of complex hollow or integrated structures that CNC cannot achieve, with gradual applications in aerospace, medical fields, and high-end consumer electronics [3]. Group 2: Domestic Enterprises and Market Demand - Domestic companies are deeply engaged in titanium alloy production and are expected to benefit from a surge in downstream demand [4]. - Powder metallurgy can also be utilized to prepare advanced fusion materials, with domestic enterprises actively overcoming critical bottlenecks. As global demand for sustainable energy grows, the commercialization of nuclear fusion continues to advance [4]. - The materials used in nuclear fusion reactors must withstand extreme conditions, including high-energy neutron irradiation, high temperatures, high heat flux, and strong magnetic fields, necessitating high-performance materials [4]. - Companies like Tiangong International are making significant progress in developing fusion materials through powder metallurgy, including advanced reduced activation ferritic-martensitic (RAFM) steel and high-boron steel for nuclear power, with core applications in shielding layers and vacuum chamber interlayers, which are expected to benefit from the upcoming demand for nuclear fusion [4].

Core Viewpoint - Samsung plans to launch a new foldable smartphone with a unique "wide fold" design in 2025, aiming to compete directly with Apple's upcoming foldable device [1][4]. Group 1: Product Specifications - The new Samsung device will feature a 7.6-inch foldable OLED inner screen and a 5.4-inch OLED outer screen, both adopting a 4:3 aspect ratio [1][4]. - The main display size of Samsung's device is slightly larger than Apple's, which is 7.58 inches [1][4]. - The 4:3 aspect ratio is favored for its advantages in vertical content display, making it easier for users to hold and browse like flipping through a book [3][4]. Group 2: Market Strategy - The decision to align closely with Apple's design is believed to enhance user experience and stability [3][4]. - Samsung plans to officially release the "wide fold" phone in the fall of next year, as part of the Galaxy Z series, alongside a vertical foldable small-screen model and two horizontal foldable large-screen devices [5]. - Both Samsung and Apple are expected to unveil their foldable products around the same time, indicating a direct competition in the high-end mobile market [5]. Group 3: Charging Technology - The new Samsung device will support 25W wireless charging technology, making it one of the fastest wireless charging models in the brand's lineup, in line with the Galaxy S26 Ultra [6].

Core Viewpoint - Apple's first foldable screen product is expected to be released in 2026, showcasing extreme industrial design aesthetics with features such as no creases, ultra-thinness, and high durability, leading to a rapid increase in annual shipments [1][2] Group 1: Product Features and Material Usage - The use of titanium and titanium alloys is anticipated to significantly increase in foldable screens due to their high strength, corrosion resistance, and good surface texture [2] - The frame of the foldable phone must provide sufficient structural support while minimizing weight, making titanium alloy frames superior to aluminum in terms of bending resistance and lightweight properties [2] - The screen backing, which supports the flexible OLED screen, is likely to use pure titanium to balance weight, performance, and processing costs [2] Group 2: Industry Trends and Technological Advancements - The maturity of 3D printing and other forming processes is expected to enhance the penetration of titanium alloys in consumer electronics and aerospace sectors, with applications in products requiring extreme lightweight and structural strength [3] - As 3D printing technology matures, titanium alloys are projected to rapidly penetrate high-end consumer electronics such as foldable devices, AR/VR headsets, and drones [3] Group 3: Company Positioning and Market Opportunities - Domestic companies are actively positioning themselves in the titanium and titanium alloy industry chain, with Tian Gong International (subsidiary Tian Gong Co.) focusing on high-end titanium alloy wire and supplying several leading international consumer electronics companies [4] - The company is expected to benefit from the increased production of foldable devices by major clients [4] Group 4: Investment Recommendations - The demand for titanium alloys in high-end consumer electronics, represented by Apple's foldable device, is expected to continue rising, alongside the growth of 3D printing applications [5] - Relevant investment targets include Tian Gong International (00826), Industrial Fulian (601138.SH), BYD Electronics (00285), and Jie Bang Technology (301326.SZ) [5]