Core Insights - Apple is projected to capture 46% of the North American foldable smartphone market by 2026, prompting competitors to adopt defensive strategies [1] - The competition for foldable smartphones is already underway, with OEMs focusing on larger, productivity-oriented devices [2] Market Dynamics - OEMs are enhancing their foldable offerings, with Samsung, Motorola, and Google refining their products to align with Apple's anticipated launch [2] - The foldable smartphone market is expected to grow by 20% year-over-year by 2026, with Apple's entry likely to influence market dynamics significantly [5] Competitive Advantage - Apple has a unique advantage due to its experience with large-screen software, which may transition foldables from experimental devices to productivity-centric products [3] - Early demand for foldables is expected to come from existing iPhone users, potentially affecting Android users' purchasing decisions [4] Regional Impact - North America is critical for Apple's success, where its market dominance poses the greatest risk to competitors [6] - The introduction of Apple's foldable devices could set a new competitive standard, influencing other regions as well [6]

Core Viewpoint - Samsung Electronics is gradually halting sales of its first tri-fold smartphone, the Galaxy Z TriFold, which has been on the market for only about three months, starting with the domestic market in South Korea and then moving to the U.S. market after clearing remaining inventory [2][8]. Group 1: Product Overview - The Galaxy Z TriFold was officially launched in December 2025, featuring a 6.5-inch screen when folded and approximately a 10-inch screen when unfolded [4]. - Since its launch, the Galaxy Z TriFold has frequently sold out and has even been resold at a premium on second-hand trading platforms [6]. - The product is positioned as a flagship to showcase Samsung's folding screen technology rather than targeting the mass market, with limited releases in select markets [7]. Group 2: Market Performance and Sales - In the Chinese market, the Galaxy Z TriFold has been quickly sold out during daily flash sales on platforms like Tmall and JD [7]. - As of March 17, 2023, the phone was priced starting at 19,999 yuan, with some listings on Pinduoduo exceeding 20,000 yuan [2]. Group 3: Industry Analysis - Analysts suggest that the discontinuation of the Galaxy Z TriFold may be due to high production costs, exacerbated by rising prices of core components like DRAM, NAND flash memory, and application processors [8]. - Citibank's recent report predicts that global shipments of foldable smartphones will reach 20.3 million units in 2025, with Huawei surpassing Samsung to become the market leader, primarily driven by growth in the Chinese market [8][10]. - IDC forecasts a 10% year-on-year growth in global foldable smartphone shipments in 2025, with the Chinese market expected to grow by 9.2%, reaching approximately 10.01 million units [10].

Core Insights - Samsung Electronics is evaluating the future of its ultra-thin smartphone line, particularly after the Galaxy S25 Edge's sales were described as "relatively low" compared to other models [1][2] - The company has not committed to releasing the next generation of its TriFold foldable phone, which is priced at nearly $3,000 and features two hinges [1][3] - Samsung is focusing on developing a wider version of the standard Galaxy Z Fold to compete with Apple's upcoming foldable phone [1][3] Ultra-Thin Smartphone Line - The Galaxy S25 Edge, launched last year with a thickness of only 5.8 mm, has not performed well in terms of battery life compared to Samsung's high-end models, leading to a reassessment of the product line's future [2] - The company has not yet decided when to launch the next generation of ultra-thin smartphones, indicating ongoing consideration of consumer preferences and needs [2] Foldable Phone Development - Samsung remains committed to the foldable phone category, having launched the TriFold in the U.S. earlier this year, which quickly sold out [3] - The TriFold's high price limits its market appeal to a niche luxury consumer group, and its future remains uncertain due to its weight and thickness in the folded state [3] - A new Galaxy Fold model is set to be released this summer, with potential plans for a wider book-style foldable device to offer a more affordable alternative [3] Privacy Display Feature - The Galaxy S26 Ultra will feature a new Privacy Display that makes it harder for others to view the screen from the side, a feature that was delayed by a year due to technical challenges [4] - The idea for the Privacy Display originated from a Samsung engineer about three to four years ago, and the project was officially synchronized with Samsung Display Co. three years ago [4] - Currently, this feature is limited to flagship models, but there are indications that it may be extended to more devices in the future [4] S-Pen Development - The S-Pen, a signature feature of the Galaxy Note series and later Ultra models, is undergoing development for a next-generation version, although it has not been a focal point in the S26 series [6] - The company is working on advanced technology for the S-Pen to create a new display structure that reduces the costs associated with supporting the S-Pen [6]

Core Insights - Apple is reportedly preparing to launch its first foldable iPhone, the iPhone Fold, in the second half of 2026, followed by the iPhone Flip in 2027, as part of a broader "foldable matrix" strategy that will encompass its entire product line, including iPads and MacBooks [3][4][5][9]. Group 1: Product Launch Timeline - The first phase involves the iPhone Fold, a book-style device with an internal screen size of approximately 7.9 to 8 inches, aimed at blurring the lines between iPhone and iPad [6][8]. - The second phase will introduce the iPhone Flip in 2027, targeting fashion and portability, aligning with Apple's existing product segmentation [9][11]. Group 2: Technological Innovations - Apple is developing advanced flexible screen technologies, including a self-healing screen that can repair minor scratches and dents through a unique polymer material [15][16][17]. - Another innovation includes a flexible display with integrated heating elements to prevent screen brittleness in cold temperatures, ensuring durability in extreme conditions [21][25]. Group 3: Market Strategy - Apple's foldable strategy is designed to stimulate demand in a market where traditional smartphones are experiencing diminishing returns, particularly among users reluctant to upgrade from older models [37][38]. - The company aims to leverage its control over iOS, iPadOS, and macOS to ensure a seamless software ecosystem that adapts to the new foldable devices, enhancing user experience [38][39]. Group 4: Future Product Integration - The foldable MacBook, expected to be a 20.3-inch device, will merge the functionalities of iPads and MacBooks, potentially transforming the user interaction paradigm [13][30][34]. - This integration reflects Apple's strategy to create a cohesive ecosystem where devices share the same chip architecture and cloud data, ultimately enhancing user engagement within the Apple ecosystem [40][41].

Core Viewpoint - Apple is considering the release of a thinner iPhone Air in 2027, coinciding with the 20th anniversary of the iPhone series, and is exploring the use of Color Filter Encapsulation (CoE) technology to achieve ultra-thin panels [1][2]. Group 1: CoE Technology - CoE technology replaces the polarizer used in current OLEDs with color filters, improving light transmittance, reducing power consumption, and decreasing thickness [2]. - Apple plans to first implement CoE technology in its first foldable product, expected to launch in the second half of 2026, before potentially using it in the iPhone Air [2]. Group 2: Industry Response - Samsung Display is preparing for the market demand for CoE technology by discussing supplementary investments in its 6th generation OLED production line [3]. - LG Display has announced a significant investment of 1.26 trillion KRW before 2027, with 700 billion KRW allocated for CoE equipment at its Paju plant [3]. Group 3: Market Uncertainty - There is uncertainty in the market regarding the launch of the iPhone Air with CoE technology, as delays could lead to blind investments by Korean panel manufacturers [5]. - The sales performance of the recently launched iPhone 17 Air was below expectations, prompting Apple to cancel the Air model in the upcoming iPhone 18 series [5].

Core Viewpoint - The era of small-screen laptops is officially over with Apple's discontinuation of the 11-inch MacBook Air, marking a shift towards more efficient devices like tablets and foldable screens [1][16]. Group 1: Discontinuation of Small-Screen Laptops - Apple has officially classified the 11-inch MacBook Air (early 2015) as obsolete, ceasing technical support and after-sales service [1]. - The decline of small-screen laptops began with the introduction of the new iPad Pro in 2018, which effectively ended the small-screen laptop era [1]. Group 2: Historical Context of Small-Screen Laptops - The market for laptops with screens smaller than 13 inches was once vibrant, with brands like VAIO leading the charge with ultra-portable models [2]. - Other manufacturers, including ASUS and Acer, also contributed to the popularity of small laptops, which became ubiquitous in various public spaces [4]. Group 3: Limitations of Small-Screen Laptops - Small-screen laptops face inherent design limitations that hinder performance and thermal management, leading to reduced CPU and GPU capabilities [5]. - The compact design compromises user experience, particularly in keyboard usability and touchpad functionality, making long typing sessions uncomfortable [7]. - Battery life remains a significant drawback, with small-screen laptops unable to match the all-day battery performance of tablets [7]. Group 4: Rise of Tablets as Competitors - The introduction of the iPad in 2010 marked a turning point, as it effectively replaced many use cases for small-screen laptops by offering better portability, battery life, and user experience [8][10]. - The app ecosystem for tablets has outperformed traditional PC applications, further driving users away from small-screen laptops [10]. Group 5: Evolution of Consumer Preferences - The trend towards smaller, more portable devices reflects a long-standing consumer desire for convenience and efficiency in personal computing [13]. - The emergence of foldable screens represents the next step in this evolution, continuing the pursuit of compact devices that retain core functionalities [15]. Group 6: Conclusion on Market Trends - The discontinuation of the 11-inch MacBook Air signifies a recognition that small-screen laptops were never the future but rather a transitional phase [16]. - The market's focus is shifting towards devices that offer better usability in smaller formats, such as tablets and foldable phones, rather than merely smaller laptops [16][17].

Investment Rating - The industry rating is "Outperform the Market" [7][13] Core Insights - Huawei has launched its second-generation foldable smartphone, the Mate XTs, featuring the Kirin 9020 processor and enhanced durability with a 30% increase in impact resistance due to the use of non-Newtonian fluid materials and UTG glass [3][5] - The global foldable smartphone market is expected to see stable growth, with an estimated shipment of approximately 19.83 million units in 2025, reflecting a year-on-year growth of 6.0%. By 2029, shipments are projected to approach 27.29 million units, with a five-year compound annual growth rate (CAGR) of 7.8% [5] - In the first half of 2025, China's foldable smartphone market reached a shipment of 4.98 million units, marking a year-on-year increase of 12.6%, with Huawei capturing a 75% market share by shipping 3.74 million units [5] Summary by Sections Market Developments - Huawei's Mate XTs is the first foldable smartphone with PC capabilities, showcasing advancements in hinge technology and screen durability [3] - Apple is expected to release its first foldable iPhone in the fall of 2026, which will adopt a book-style fold similar to Samsung's Galaxy Z Fold [4] Investment Opportunities - The report suggests focusing on companies involved in foldable screen hinges (e.g., Jingyan Technology, Dongmu Co., Tonglian Precision, Yian Technology, Lingyi Zhi Zao, Kosen Technology) [5] - Other areas of interest include panel equipment, flexible cover lamination equipment, liquid cooling micro pumps, automated assembly equipment, and 3D printing applications [5]

Market Trends & Dynamics - Foldable smartphones are gaining traction, with Samsung's Galaxy Z Fold and Flip series breaking preorder records, indicating growing consumer interest in the foldable form factor [2] - The foldable phone market, while still niche, is evolving, with more brands entering the space, including Google, Motorola, Huawei, and Xiaomi, and Apple reportedly planning to join in 2026 [3][4][5] - Foldable smartphones currently account for less than 2% of global smartphone shipments in 2024, highlighting their limited market share compared to traditional smartphones [12] Technological Advancements & Challenges - Early foldable phones faced durability issues, particularly with screen creases and hinge design, but recent models have made significant improvements in these areas [9][10][11] - Samsung's latest foldable phones have reduced thickness and improved battery life, addressing previous concerns and bringing them closer to flagship phone standards [11][12] - Apple's potential entry into the foldable market is contingent on solving durability and usability challenges, aiming for a user experience-focused approach [15][16] Pricing & Accessibility - The high price of foldable phones, ranging from $1500 to $2000, remains a barrier to mass adoption, positioning them as a niche product in the premium smartphone market [12][13] - Samsung is starting to lower prices, with models like the Flip seven launching under $1000, suggesting a trend towards more accessible pricing as the technology matures [24][25] - Industry anticipates that for foldable phones to become mainstream, the price premium needs to be in the 10-20% range relative to a normal phone [23] AI & User Experience - Samsung and Google are positioning foldables as AI-first devices, leveraging the larger screen for enhanced multitasking, immersive tools, and content creation [19][20] - The larger screen of foldable phones facilitates AI-driven use cases, enhancing productivity and creativity by reducing friction in phone usage [20][21]

Core Viewpoint - Apple plans to launch its first foldable iPhone in 2026 and a foldable iPad in 2028, utilizing ultra-thin glass cover solutions supplied exclusively by Corning [2][3] Group 1: Product Details - The foldable iPhone is expected to have a book-style fold similar to Samsung's Galaxy Z Fold, with a thickness of 9 to 9.5 mm when folded and approximately 4.5 to 4.8 mm when opened [4] - The device will feature a 5.5-inch external display and a 7.8-inch internal display, with a key selling point being "almost no crease" on the inner screen [4] - The foldable iPhone will include four cameras, with dual rear cameras and front cameras usable in both folded and unfolded states, and will replace Face ID with a side-mounted Touch ID button [4] Group 2: Market Predictions - Analyst Ming-Chi Kuo predicts that the foldable iPhone's shipment will reach 8 to 10 million units in 2026, increasing to 25 million units in 2027 [2] - IDC forecasts that global shipments of foldable smartphones will reach approximately 19.83 million units by 2025, with a year-on-year growth of about 6.0% [2] Group 3: Pricing and Release - The foldable iPhone is expected to be the most expensive iPhone ever, with UBS analysts estimating a price range of $1,800 to $2,000, while other reports suggest prices could be between $2,000 and $2,500 in the U.S. [5] - The device is anticipated to enter mass production by late September or early October, with a launch expected at the fall event next year [5]

Group 1: Product Launch and Specifications - Apple plans to launch its first foldable iPhone in 2026 and a foldable iPad in 2028, both utilizing ultra-thin glass cover solutions supplied exclusively by Corning [1] - The foldable iPhone is expected to have a thickness of 9 to 9.5 mm when folded and 4.5 to 4.8 mm when opened, featuring a 5.5-inch external display and a 7.8-inch internal display [2] - The foldable iPad will offer an 18 to 20-inch display area when opened, making it the largest mobile device screen Apple has ever produced [1] Group 2: Market Predictions and Sales Forecast - The foldable iPhone's shipment volume is projected to reach 8 to 10 million units in 2026, increasing to 25 million units in 2027 [1] - IDC forecasts that global shipments of foldable smartphones will reach approximately 19.83 million units by 2025, with a year-on-year growth of about 6.0% [1] - If Apple enters the foldable smartphone market in 2026, it is expected to significantly increase consumer interest and acceptance of foldable products [1] Group 3: Competitive Landscape and Pricing - Apple is considered a latecomer in the foldable device market compared to competitors like Samsung and Huawei, but its strong supply chain control and brand influence may redefine product standards [1] - The foldable iPhone is anticipated to be the most expensive iPhone ever, with price estimates ranging from $1,800 to $2,500 [3]