智能手机群雄逐鹿，赢下AI"局"得市场。在移动AI的餐桌上，三星是第一个吃到螃蟹的人。通过持续升级 的Galaxy AI技术，三星已完成了从"人无我有"到"人有我强"的进化，最新推出的Galaxy Z Fold7|Z Flip7便 将此演绎的淋漓尽致。8月7日，在三星Galaxy Z系列AI体验官活动北京站现场，三星Galaxy Z Fold7|Z Flip7 展示了前沿Galaxy AI为折叠屏形态构建的创新AI交互体验。 自三星发布"AI for All"战略愿景以来，Galaxy AI历经多次创新升级，现已成为用户连接智能生活的桥梁， 同时也体现出了Galaxy AI更加稳固的用户粘性。据三星联合 Symmetry Research 展开的最新调研显示， 47%的受访者表示每天都高度依赖AI功能。在三星Galaxy S25系列的用户群体中，超过70%的用户会频繁 使用Galaxy AI。其中，50%的用户将AI当作生产力工具，40%的用户会将AI当作创意工具。而即圈即搜功 能在Galaxy S25系列用户中的普及度达到55%，更有超过30%的用户使用即时简报功能。 Samsung One UI 8：激发 ...

Core Viewpoint - The article highlights Samsung's focus on integrating advanced AI technology into its new Galaxy Z Fold7 and Galaxy Z Flip7 devices, aiming to enhance user experience and redefine smart interactions in the mobile sector [1][3]. Group 1: AI Integration and User Experience - Samsung's "AI for All" vision aims to embed AI experiences into daily life, with 47% of surveyed users relying heavily on AI services [3]. - Over 70% of Galaxy S25 series users frequently utilize Galaxy AI, with 50% using it as a productivity tool and 40% for creative purposes [3]. - The new Samsung One UI 8 system enhances Galaxy AI functionality, targeting over 400 million devices by 2025 [3]. Group 2: Device Features and Enhancements - Samsung One UI 8 offers tailored optimizations for the Galaxy Z Fold7 and Z Flip7, enhancing multitasking and user personalization [4][5]. - The upgraded smart drag-and-drop feature allows users to share content across applications and organize favorites efficiently [7]. - Instant briefing and real-time window features provide users with relevant information without needing to open applications, improving information retrieval efficiency [8]. Group 3: AI Capabilities and Tools - Galaxy AI serves as a versatile assistant, capable of processing multiple file formats and providing summaries, translations, and creative suggestions [9][12]. - The "Circle and Search" feature has been upgraded to include AI problem-solving for K12 subjects and continuous translation capabilities [11]. - Content creation tools have been enhanced, allowing users to edit photos, generate AI avatars, and clean audio tracks effectively [12]. Group 4: Wearable Technology - The Galaxy Watch8 series introduces advanced sensor technology for health monitoring and a new teleprompter feature for presentations [13][14]. - The devices are designed for comfort and precision, offering real-time health insights and encouraging healthier habits [16]. Group 5: Sales Promotions and Consumer Engagement - Samsung is currently offering promotional deals for the Galaxy Z Fold7 and Z Flip7, including storage upgrades and interest-free financing options [17].

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]

Investment Rating - The report suggests a positive outlook for the AI-PCB industry, indicating a strong demand driven by AI server and hardware needs, with expectations for significant growth in the second half of the year [1][4]. Core Insights - Doosan's copper-clad laminate (CCL) business exceeded expectations in Q2 2025, with revenues of 476.2 billion KRW (approximately 2.46 billion RMB), marking an 18.2% quarter-on-quarter increase and a 102.4% year-on-year increase, driven by strong demand for AI servers and 800G switches [1]. - The report anticipates that major CCL manufacturers like Taiko Electronics will also report better-than-expected results, with AI demand expected to double by 2026 compared to 2024 [1]. - The AI-PCB industry is experiencing a strong demand surge, with companies like NVIDIA and various ASIC chip manufacturers ramping up production, leading to a robust order book for PCB manufacturers [1][4]. - The report highlights the ongoing transition from M8 to M9 materials in AI servers and switches, which is expected to enhance the value of PCBs significantly [1]. Summary by Sections 1.1 Consumer Electronics - Samsung launched the Galaxy Z Fold7, which features AI capabilities and is lighter than previous models, indicating a focus on innovation in the consumer electronics sector [5]. - The report suggests that the current tariff situation may benefit Apple's supply chain, allowing for better pricing strategies [5][6]. 1.2 PCB - The PCB industry is experiencing a significant upturn, with high demand from automotive and industrial control sectors, alongside AI growth [7]. - The report maintains a high outlook for PCB industry growth, supported by strong performance metrics from Taiwanese manufacturers [7]. 1.3 Components - The report notes a continued upward trend in component demand, particularly in AI applications, with increased usage of MLCCs and inductors in mobile devices [19]. - The LCD panel prices are declining, indicating a potential weakness in that segment, while OLED production is ramping up due to domestic capacity expansion [20]. 1.4 IC Design - The storage segment is expected to see price increases of 10% to 15% in Q3 2025 due to supply constraints and rising demand from cloud computing [21]. - The report emphasizes the importance of domestic manufacturers in the storage market, particularly in light of geopolitical tensions [21]. 1.5 Semiconductor Equipment and Materials - The semiconductor industry is facing a trend of de-globalization, with increased focus on domestic production capabilities due to export controls [24]. - The report highlights the strong demand for advanced packaging and semiconductor equipment, suggesting a favorable outlook for companies in this space [24]. Key Companies - The report identifies several companies as key beneficiaries of the AI-PCB demand surge, including Shengyi Technology, Dongshan Precision, and others, emphasizing their strong order books and production capabilities [33]. - Companies like Northern Huachuang and Jiangfeng Electronics are highlighted for their roles in the domestic semiconductor equipment market, benefiting from the push for localization [36][38].

Core Viewpoint - Samsung's Galaxy Z Fold7 has successfully passed a durability test of 500,000 folds, significantly improving upon previous models which were tested for 200,000 folds [1][2]. Durability Testing - The durability test was independently verified by Bureau Veritas, confirming that the OLED panel remains fully functional after 500,000 folds [2]. - With an average user folding the device 100 times a day, the Galaxy Z Fold7 is expected to last for 10 years; even heavy users folding it 200 times daily can expect over 6 years of normal use [3]. Design Improvements - Key improvements in the Galaxy Z Fold7's folding durability are attributed to a design that mimics the principles of bulletproof glass, enhancing the panel's structure [4]. - The outer layer of ultra-thin glass (UTG) has been thickened by 50%, and a new high-elasticity adhesive has been introduced between the panel layers [4]. - The new adhesive has over four times the recovery performance of previous materials, allowing the panel to absorb external shocks significantly better [5].

Core Viewpoint - The foldable smartphone market is expected to see a shipment of 19.8 million units in 2025, maintaining a penetration rate of approximately 1.6% compared to 2024, indicating a slowdown in growth despite technological advancements and price reductions [1]. Group 1: Market Dynamics - Samsung is currently leading the foldable smartphone market but is projected to face challenges, with its global market share expected to decline from 45.2% in 2024 to 35.4% in 2025 [3][4]. - Huawei is anticipated to maintain strong performance in the Chinese market, securing the second position globally with a market share of 34.3% in 2025 [4]. - Brands like Honor and Lenovo (Motorola) are showing significant growth, with their market shares expected to rise from 6.0% and 5.5% in 2024 to 9.1% and 7.6% in 2025, respectively [4]. - Xiaomi is also making strides in the lightweight foldable market, with its market share projected to increase from 3.0% in 2024 to 5.1% in 2025 [4]. - Other brands, including OPPO and vivo, are expected to collectively account for 8.5% of the market, indicating a diversification in the foldable smartphone ecosystem [4]. Group 2: Consumer Sentiment and Future Outlook - Despite advancements in technology and product variety, global sales growth of foldable smartphones remains moderate due to consumer hesitance regarding visible creases, durability, and pricing, particularly among non-brand loyal users [4]. - The market positioning of foldable smartphones is still perceived as "high-end experimental products," with most users preferring high-cost performance and established flagship models [4]. - A potential turning point may occur in 2026, as Apple is expected to launch its first foldable smartphone, which could significantly increase consumer interest and acceptance of foldable products [5][6]. - Apple's entry into the market is anticipated to bring a new wave of innovation and mainstream adoption, enhancing user experience through deep integration of iOS and proprietary applications [5][6].

Core Insights - The article discusses the projected growth and market dynamics of foldable smartphones, highlighting a forecasted shipment of 19.8 million units by 2025, maintaining a penetration rate of approximately 1.6% compared to 2024 [1] - Despite a slowdown in growth compared to previous years, advancements in technology and price reductions are making foldable phones a focal point in the mid-to-high-end market, with manufacturers preparing for a potential market explosion in 2026 [1][6] Group 1: Market Leaders and Competitors - Samsung remains the leader in the foldable smartphone market, recently launching the Galaxy Z Fold7 with significant improvements in hinge structure, crease control, and weight [4] - Huawei is expected to maintain strong performance in the Chinese market, with a global market share of 34.3% in 2025, while brands like Honor and Lenovo are projected to increase their market shares significantly [5] - Xiaomi is also making strides in the lightweight foldable market, with an expected market share growth from 3.0% in 2024 to 5.1% in 2025 [5] Group 2: Consumer Sentiment and Market Challenges - Despite improvements in technology and product variety, global sales growth of foldable phones remains moderate due to consumer hesitance regarding crease visibility, durability, and pricing, particularly among non-brand loyal users [5] - The current market positioning of foldable phones is seen as "high-end experimental products," as most users prefer high-cost-performance traditional flagship models [5] Group 3: Future Outlook - A potential turning point for the foldable smartphone market may occur in 2026 with Apple's anticipated launch of its first foldable phone, which could significantly increase consumer interest and acceptance [6] - Apple's strategy is expected to focus on stability and ecosystem integration, enhancing user experience through optimized iOS applications and hardware [6] - Overall, foldable smartphones are evolving from mere brand innovation showcases to becoming a core product line, with comprehensive planning across entry-level to flagship models [6]

Investment Rating - The report suggests a focus on companies with strong performance growth, particularly in AI-PCB and core computing hardware, as well as sectors benefiting from AI-driven demand [4][33]. Core Insights - TSMC raised its revenue growth forecast for 2025 to around 30%, driven by strong demand for HPC AI and advanced process technologies [1]. - The AI-related demand is expected to continue to grow, with significant orders for H20 chips from NVIDIA and investments in AI infrastructure by Oracle in Europe [1]. - The report highlights a robust demand for AI-PCB and core computing hardware, with many companies in the AI-PCB sector experiencing strong orders and production expansion [4][33]. Summary by Sections 1. Industry Overview - TSMC's Q2 2025 revenue reached $30.07 billion, a 44.4% year-on-year increase, with a gross margin of 58.6% [1]. - The demand for AI-related chips is expected to rise significantly, with companies like Google, Amazon, and Meta rapidly developing ASIC chips [1]. 2. Segment Analysis 2.1 Consumer Electronics - Samsung launched the Galaxy Z Fold7, which features AI capabilities, and the report recommends focusing on the Apple supply chain due to favorable tariff conditions [5][6]. 2.2 PCB - The PCB industry is experiencing a recovery, with high demand driven by automotive and industrial control sectors, alongside AI growth [7]. 2.3 Components - The report notes a continued upward trend in component demand, particularly for MLCCs and inductors, driven by AI applications [19]. 2.4 IC Design - The storage segment is expected to see price increases of 10% to 15% in Q3 2025 due to supply constraints and rising demand from cloud computing [21]. 2.5 Semiconductor Manufacturing - The semiconductor industry is facing a trend of de-globalization, with increased focus on domestic production capabilities in response to export controls [24]. 3. Key Companies - Companies such as North Huachuang, Hengxuan Technology, and Jiangfeng Electronics are highlighted for their strong growth potential in AI and semiconductor sectors [36][37][38].

Group 1 - UBS's latest research indicates that Apple's first foldable iPhone, the iPhone Fold, is expected to launch in the second half of 2026 [1] - The anticipated price range for the iPhone Fold is between $2000 and $2400, but UBS suggests that if Apple can control the bill of materials (BOM) costs, the average selling price could drop to around $2000, directly competing with Samsung's Galaxy Z Fold7 [1] - A survey conducted by UBS in Q2 2025 revealed that while 18% of iPhone users are willing to pay over $2000 for a foldable model, 60% believe the average price needs to be reduced to the $1500 to $1700 range to stimulate demand [1] Group 2 - Apple's long-established supply chain management system is expected to play a crucial role in its success with the iPhone Fold [2] - As foldable technology matures and the average price of flip models naturally declines, Apple is likely to leverage economies of scale to further reduce costs, creating room for future product iterations [2] - UBS has identified key supply chain partners that may benefit from the mass production of the iPhone Fold, including Lens Technology, Samsung Electronics, LG Display, and Hon Hai Precision, highlighting their technological barriers and capacity alignment as essential for Apple's cost control objectives [2]

Core Viewpoint - Samsung's latest Unpacked event strategically addressed major obstacles facing the proliferation of foldable smartphones, such as device thickness, high prices, and growing privacy concerns in the AI era [1][2] Group 1: Market Dynamics - Global foldable smartphone shipments are expected to grow by 12% year-on-year in 2024, reaching 17.2 million units, but Samsung's market share has declined from 54% to 45% [1] - The overall foldable smartphone market is projected to stagnate in growth by 2025, indicating a need for Samsung to stimulate new market demand and transition foldable devices from niche to mainstream [1] Group 2: Product Innovations - Samsung introduced the Galaxy Z Fold7 and Flip7, the lightest and thinnest foldable smartphones to date, with the Fold7 measuring only 8.9mm thick and weighing 216 grams, aiming to address user complaints about the bulkiness of foldable devices [3] - The Galaxy Flip7 FE, priced at $899, is a new addition aimed at making foldable technology more accessible while maintaining some design elements and features from the Flip6 [5] Group 3: Consumer Behavior Insights - The lightweight design of foldable devices enhances portability and comfort, but its impact on consumer purchasing behavior remains uncertain, as lighter devices may be perceived as fragile or limited in functionality [4] - Samsung's extensive offline retail presence is crucial for allowing consumers to experience the products firsthand, potentially converting interest into purchases [4] Group 4: Privacy and Security Features - Samsung launched the KEEP system, part of the Knox platform, focusing on local privacy protection in the AI era by enabling application-level encrypted storage of sensitive user data [8] - The introduction of KEEP enhances user control over data and security, addressing privacy challenges posed by increasingly personalized AI solutions [9] Group 5: Competitive Positioning - Samsung's strategy with the Flip7 FE aims to capture the mid-range foldable market while preserving the premium positioning of its flagship series, targeting users interested in foldable technology without the high price tag [7] - The foldable smartphone market is viewed as a high-end segment, and Samsung, like its competitors, is cautious to avoid early commoditization of its products [7]