Core Insights - The global foldable smartphone market is experiencing continuous growth, particularly in China, driven by technological advancements and an improved supply chain, leading to product diversification [1] - China has emerged as the main growth engine for the global foldable smartphone market, with Huawei maintaining a significant market share [1][18] - User willingness to purchase foldable smartphones is increasing, with higher expectations for product functionality and experience [1] - The transition from niche to mainstream market for foldable smartphones is anticipated, with sustained demand growth and a focus on hardware optimization and software ecosystem development [1] Market Overview - The global smartphone market has entered a phase of stock competition since 2017, with annual shipment volumes declining by approximately 2.52%, projected to reach 1.22 billion units by 2024 [2] - The flat smartphone market has become saturated, prompting manufacturers to innovate product forms to explore the high-end market [5] Competitive Landscape - The foldable smartphone industry chain includes upstream raw material supply, midstream design and manufacturing, and downstream sales [7] - Chinese foldable smartphone manufacturers, such as Huawei and Samsung, are leading the industry chain with strong technological capabilities [7][8] User Behavior and Preferences - The majority of foldable smartphone users are male and female, with a higher preference among first-tier and new first-tier city users [20] - Users with higher education levels, particularly those with a bachelor's degree or above, show a greater preference for foldable smartphones [20] - The price range for most users of foldable smartphones is between 5,000 to 9,000 yuan, with Huawei being the most used brand [22] Purchase Motivations - The key reason for purchasing foldable smartphones is the stronger sense of technology and futurism, accounting for 44.7% of responses [24] - Users have a substantial budget for purchasing foldable smartphones, with 28.4% willing to spend between 8,000 to 10,000 yuan [24] Brand Recognition and Image - Huawei leads in brand recognition across various dimensions, including high-end perception, business style, and innovation [26][28] - User satisfaction is highest for Huawei, followed by Xiaomi and Samsung, indicating strong user approval [30] Future Trends - Over 90% of consumers are considering purchasing a foldable smartphone for their next device, focusing on reliability, battery life, and hardware specifications [41] - The foldable smartphone market is transitioning from a niche to a mainstream product, with 95.5% of consumers willing to switch to a foldable device in the future [47]

随着消费电子进入创新深水区，折叠屏凭借形态突破成为高端市场增长引擎，带动产业链核心材料与零 部件需求持续扩容。宜安科技作为全球液态金属产业化领军企业，凭借独家技术壁垒与深度绑定头部终 端的供应链优势，成为折叠屏概念股中极具稀缺性的核心标的。 宜安科技的核心竞争力源于对液态金属（非晶合金）技术的长期深耕。作为全球少数实现锆基非晶合金 规模化量产的企业，其产品具备强度≥1200MPa、公差控制±0.02mm、超薄壁0.3mm压铸的极致性能， 可承受30万次以上折叠循环，完美匹配折叠屏铰链对高精度、高耐用性的严苛要求。公司构建了从材料 配方、母合金熔炼到精密成型的全制程能力，拥有200余项核心专利，主导行业标准制定，建成国内最 大规模非晶合金生产线，良率稳定在95%以上，形成难以复制的技术护城河。 在供应链布局上，宜安科技已实现全球高端折叠屏品牌的深度覆盖。公司通过子公司逸昊金属成为华为 三折叠屏手机铰链独家供应商，为Mate X5、OPPO Find N3等旗舰机型提供核心结构件，折痕深度控制 在10μm以内，满足IP68级防水要求，2024年液态金属铰链出货量超1000万个，占据全球高端市场60% 以上份额。 ...

Group 1 - The core viewpoint of the report highlights the continuous growth of the global foldable smartphone market, particularly in China, driven by technological advancements and an improved supply chain, leading to product diversification [1][4][5] - The report indicates that the foldable smartphone market is transitioning from a niche to a mainstream market, with increasing consumer acceptance and willingness to purchase [1][43][47] - Huawei is identified as a leading player in the foldable smartphone market, significantly increasing its market share from 35.0% in Q1 2023 to 75.0% in Q1 2025, showcasing its dominant position [18] Group 2 - The global smartphone market has entered a phase of stock competition since 2017, with annual shipment volumes declining by approximately 2.52%, projected to reach 1.22 billion units by 2024 [2] - The foldable smartphone segment is seen as a strategic direction to break through the stagnation in market growth, with expected high shipment growth from 2022 to 2024 [5][15] - The foldable smartphone industry chain includes upstream raw material supply, midstream design and manufacturing, and downstream sales, with major players like Huawei and Samsung leading the charge [7] Group 3 - The Chinese foldable smartphone industry has matured, achieving international advanced standards in technology, and creating a virtuous cycle of technology, cost, and market [8][9] - The report outlines the diverse product forms in the foldable smartphone market, with Huawei leading in innovative designs such as tri-fold and wide-fold models [11] - The user demographics indicate a strong preference for foldable smartphones among high-education users, with over 75% of users holding a bachelor's degree or higher [20] Group 4 - The primary reasons for purchasing foldable smartphones include a stronger sense of technology and future, with 44.7% of users citing this as a key factor [24] - Users show a willingness to spend, with 28.4% budgeting between 8,000 to 10,000 yuan for their next foldable smartphone [24] - Huawei leads in brand recognition and user satisfaction, with a significant market share and positive user feedback on its products [26][30] Group 5 - The report notes that foldable smartphones are perceived as carriers of innovation and multifunctional devices, with varying perceptions between male and female consumers [34] - Social interaction and entertainment are the primary use cases for foldable smartphones, indicating a need for further exploration of productivity applications [36] - Users express concerns regarding hardware durability and software experience, highlighting areas for improvement in future models [39] Group 6 - Over 90% of consumers are considering purchasing a foldable smartphone for their next device, focusing on reliability, battery life, and hardware specifications [41] - The transition from "niche novelty" to "mainstream utility" is emphasized, driven by advancements in hardware technology and software ecosystems [43][45] - The report concludes that foldable smartphones are moving towards becoming reliable, everyday devices, with a significant percentage of users willing to switch to foldable models in the future [47]

Core Insights - The iPhone 17 series has been officially launched and is experiencing high demand, particularly the standard version, which has seen a significant increase in pre-orders compared to the previous year's model [1][3][5] - The iPhone 17's pricing strategy, maintaining the same starting price as the iPhone 16 while doubling storage capacity, is seen as a strategic response to competitive pressures from domestic brands [9][10][12] - Apple's market share in China has declined, with the company now ranking third behind competitors like Vivo and Huawei, indicating increased pressure in its traditionally strong market [16][18][44] Product Performance - The iPhone 17 standard version has received over 2 million pre-orders on a single e-commerce platform, a tenfold increase compared to the iPhone 16 [1][3] - The iPhone 17 Pro features enhancements such as VC cooling, larger battery, and new design elements, contributing to its strong market presence [3][31] - The introduction of high refresh rate screens and dual-frequency GPS in the standard version marks a significant shift in Apple's product strategy, previously reserved for Pro models [9][12][42] Competitive Landscape - Domestic brands have intensified competition, leading to a decline in Apple's market share in China, where it now holds 17.4%, down from 20% year-over-year [16][18] - The aggressive pricing and feature enhancements from domestic competitors have forced Apple to adapt its strategy, including potential price reductions for the iPhone 17 [10][11][27] - The competitive landscape is expected to remain dynamic, with upcoming releases from Xiaomi, OPPO, and Vivo further challenging Apple's position [44] Market Dynamics - Apple's global smartphone shipments remain strong, with IDC data indicating it retains the top position despite a slight year-over-year decline [13][14] - The shift in consumer preferences towards more feature-rich and competitively priced domestic alternatives has prompted Apple to rethink its product offerings and pricing strategies [30][44] - The ongoing competition has led to a scenario where both Apple and domestic brands are forced to innovate and enhance their offerings, ultimately benefiting consumers [44]

Core Insights - The iPhone 17 series has been officially released and is experiencing high demand, particularly the standard version, which has surpassed previous years' sales figures significantly [2][4][7] - The iPhone 17's pricing strategy remains competitive, with the starting price unchanged from the iPhone 16 at 5999 yuan, but with additional subsidies making it even more attractive [13][16][19] - Apple's market share in China has been declining, facing increasing pressure from domestic brands like Vivo, Huawei, and Xiaomi, which have improved their offerings and pricing strategies [9][27][29][66] Group 1: Sales Performance - The iPhone 17 standard version has received over 2 million pre-orders on a single e-commerce platform, a tenfold increase compared to the iPhone 16's pre-orders [2][4] - The iPhone 17 series is expected to revive iPhone sales, which had been struggling in the previous year [7][31] - The iPhone 17 Pro has also gained attention due to its enhanced features, including better cooling and battery performance [5][57] Group 2: Competitive Landscape - Domestic brands have been aggressively competing with Apple, leading to a significant drop in Apple's market share in China, where it fell to third place [9][27][29] - The introduction of high-refresh-rate screens and dual-frequency GPS in the standard version of the iPhone 17 marks a shift in Apple's strategy to counteract competition [14][22] - The competitive pressure has forced Apple to adopt a more aggressive pricing and feature strategy, which was previously not characteristic of the brand [10][46][66] Group 3: Market Dynamics - IDC data indicates that while Apple remains a global leader in smartphone shipments, its performance in the Chinese market is declining, with a year-over-year drop in market share [25][28] - The iPhone 17 series is seen as a response to the increasing capabilities of domestic brands, which have been able to offer similar features at lower prices [19][34][68] - The ongoing competition is expected to benefit consumers, as brands continue to enhance their offerings in response to each other [68][70]

Core Viewpoint - The article emphasizes the importance of accelerating the high-quality development of the technology service industry in China, driven by innovation and market orientation, to support the integration of technological and industrial innovation [1][4][5]. Macro News - In April, China's national economy showed resilience against external shocks and internal challenges, with stable production demand and overall employment [3]. - The housing market in 70 major cities showed mixed results, with Shanghai and Dalian leading in price increases, while other major cities experienced slight declines [3]. - Tax incentives for technology innovation and manufacturing reached 424.1 billion yuan in the first quarter of 2025 [3]. Industry Developments - The Ministry of Industry and Information Technology and other departments issued an implementation opinion to promote comprehensive development in technology services, focusing on R&D, technology transfer, and other key areas [4][5]. - The railway sector reported a 3.6% year-on-year increase in cargo shipments, supporting domestic and international economic stability [5]. Market Highlights - H&H International Investment's total holdings decreased to approximately 12 billion USD by the end of Q1 2025 [7]. - Shanghai Rural Commercial Bank appointed a new deputy party secretary, indicating leadership changes within the banking sector [7]. - The market regulatory authority announced the first batch of institutions qualified for testing excessive packaging, highlighting a focus on sustainable practices [8]. Company News - The first personal computer using the Harmony operating system was launched, marking a significant breakthrough for domestic operating systems [12]. - Xiaomi announced a strategic product launch event, introducing new devices including a flagship smartphone and an SUV [12]. - CATL's stock saw a significant increase in the Hong Kong market ahead of its listing [8]. - ByteDance's AI earphone product received an upgrade, enhancing its functionality for English language learning [17][18].