Investment Rating - The report maintains a "Recommended" rating for key companies in the "fruit chain" sector, indicating a positive outlook for their stock performance in the coming year [4][5]. Core Insights - The recent reduction in tariffs from 120% to 54% for small packages valued under $800 is expected to create a recovery window for "fruit chain" companies, which have been undervalued due to high tariffs and macroeconomic uncertainties [1]. - The anticipated product innovations from Apple, including foldable screens and AI glasses, are projected to drive growth and valuation recovery in the supply chain, particularly between 2026 and 2027 [2][3]. Summary by Sections Tariff Changes and Market Impact - The U.S. government has lowered tariffs on small packages, which is expected to alleviate pressure on "fruit chain" companies and enhance market sentiment [1]. - The combination of tariff relief and low valuations is likely to lead to a valuation uplift for these companies, especially with the upcoming price increases for new products in the fall of 2025 [1]. Product Innovations - Apple is set to launch its first foldable smartphone in the second half of 2026, featuring a 7.8-inch inner screen and a 5.5-inch outer screen, which is expected to reshape the foldable screen ecosystem [2]. - The introduction of Apple Glass, anticipated by late 2026 or early 2027, will further drive innovation in the sector, with custom chips being developed to meet performance needs [2]. Investment Recommendations - The report suggests focusing on companies involved in the foldable screen and AI glasses segments, including 宜安科技 (Yian Technology), 蓝思科技 (Lens Technology), and 立讯精密 (Luxshare Precision) [3]. - Other core companies in the "fruit chain" sector recommended for investment include 舜宇光学 (Sunny Optical), 瑞声科技 (AAC Technologies), and 长电科技 (Changdian Technology) [3].