2025.08.27 微信编辑| 小羊 27日早间，"苹果或将停售7款产品"引发热议。 据中新经纬，近几年苹果发布新品手机时，上一代的Pro系列通常会在官网下架。比如2024年16系列新 品发布会结束后，15 Pro系列就在官网下架了，但15系列基础款还在售。 27日，苹果官方客服表示，往年确实有上述情况，但目前还没有收到任何有关"新品发布后旧型号产品 下架"的通知。客服表示，用户可以等9月10日凌晨1点的直播活动，等活动结束，旧型号是否下架以官 网信息为准。此外，客服表示，如果16 Pro系列真的下架了，用户可以在第三方渠道购买，以及线下的 第三方授权店等。至于发布会后iPhone 17全系的价格以及开售时间，上述客服称目前还没有确切消 息。 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。专 用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） ...

2025.08. 27 推荐阅读 多地遴选小学教师转岗初中 27日，苹果官方客服表示，往年确实有上述情况，但目前还没有收到任何有关"新品发布后旧型号产 品下架"的通知。客服表示，用户可以等9月10日凌晨1点的直播活动，等活动结束，旧型号是否下 架以官网信息为准。此外，客服表示，如果16 Pro系列真的下架了，用户可以在第三方渠道购买， 以及线下的第三方授权店等。至于发布会后iPhone 17全系的价格以及开售时间，上述客服称目前还 没有确切消息。 微信编辑 | 小羊 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 27日早间，"苹果或将停售7款产品"引发热议。 据中新经纬，近几年苹果发布新品手机时，上一代的Pro系列通常会在官网下架。比如2024年16系 列新品发布会结束后，15 Pro系列就在官网下架了，但15系列基础款还在售。 ...

Summary of the Conference Call on the Heat Dissipation Industry Industry Overview - The heat dissipation industry is experiencing significant growth driven by the surge in AI mobile demand, leading to an increase in the application of vapor chamber (VC) heat spreaders, with larger areas being adopted to enhance heat dissipation efficiency [1][20] - Key players in the VC heat spreader market include Samsung and Xiaomi, who have implemented larger VC heat spreaders in their devices [1][8] Core Insights and Arguments - The demand for heat dissipation materials is rising due to increased power consumption from AI applications in smartphones, PCs, glasses, servers, and automobiles [2][20] - The transition from traditional thermal interface materials (TIM) to more advanced solutions like graphite films and VC heat spreaders is evident, with high-end smartphones utilizing a combination of these materials [2][4] - The market for graphite materials is benefiting from the increase in domestic production rates and cost reductions, with companies like Siquan and Zhongshi seeing positive impacts [1][10] - The overall heat dissipation industry is gaining attention, with expectations for new devices from North American clients to feature VC heat spreaders in the latter half of the year [2][20] Company-Specific Developments - **Suzhou Tianmai**: - Core business focuses on VC wafers, accounting for over 60% of revenue, with high gross and net profit margins [1][12] - The company employs a small-batch, multi-batch production model to cater to diverse design needs [1][13] - **Lingyi Zhizao**: - Successfully bound to major North American clients, expanding into humanoid robots, foldable screens, and AI glasses [1][11] - Anticipates continued growth in high-end smartphone VC product shipments [1][11] - **Feirongda**: - Specializes in electromagnetic shielding and thermal materials, with a growing contribution from data center and base station products [1][14] - Experienced a recovery in profitability since 2023, maintaining good relationships with domestic and international clients [1][14] - **Zhongshi Technology**: - Entered the North American supply chain, with significant growth expected in 2024, primarily from graphite materials and die-cutting processes [1][15] - Progressing well in optical modules and servers, with deep ties to overseas clients [1][15] - **Siyuan New Materials**: - Achieved significant revenue growth in 2024 after successfully breaking into the North American market [1][16] - **Jieban Technology**: - Focuses on providing structural and functional components for North American clients, with a successful acquisition enhancing its capabilities [1][19] Emerging Trends and Innovations - The evolution of heat dissipation technology is marked by a shift from traditional solutions to ultra-thin VC heat spreaders to meet the demands for lightweight and high-performance designs [2][7] - The automotive sector is seeing increased demand for new heat dissipation materials due to enhanced computing power in smart driving systems [2][6] - The industry is expected to see a rise in the use of multi-layer or thicker graphite structures to meet higher heat dissipation needs [1][10] Conclusion - The heat dissipation industry is poised for growth, driven by AI advancements and increasing performance requirements across various sectors, including smartphones, PCs, and automotive applications [2][20] - Companies within the industry are actively adapting to these changes, positioning themselves for future opportunities as demand for innovative heat management solutions continues to rise [2][21]

Group 1: National Development and Reform Commission - The National Development and Reform Commission (NDRC) is conducting cost investigations in industries with significant "involution" competition to address issues of low-price disorder [1] - The NDRC aims to revise pricing laws and enhance policy communication to encourage companies to self-regulate their pricing behaviors [1] Group 2: Real Estate Market - Li Ka-shing's CK Asset Holdings is selling 400 properties in the Greater Bay Area starting from a total price of 400,000 HKD, attracting interest from Hong Kong buyers [2][4] - The price of the Huizhou Longpo Garden has dropped over 30% compared to the average price in 2020, making it a focal point for buyers [2] Group 3: Automotive Industry - Changan Automobile Group was established in just 56 days, aiming to become a top ten global automotive manufacturer by 2030, with a target of producing 5 million vehicles, including over 60% in new energy vehicles [5] Group 4: Technology Sector - Nvidia was summoned by the National Cyberspace Administration of China regarding security risks associated with its H20 chip, highlighting concerns over network and data security for Chinese users [4] Group 5: Consumer Electronics - Apple reported a record revenue of 94.04 billion USD for Q3 of fiscal year 2025, with a 10% year-on-year increase, driven by a 4% growth in revenue from the Greater China region [6] - The increase in sales is attributed to the implementation of national subsidies and significant price reductions on the iPhone 16 Pro series [6] Group 6: Duty-Free Retail - China Duty Free Group reported a 9.96% decline in revenue to 28.151 billion CNY and a 20.81% drop in net profit for the first half of 2025, despite an increase in market share in the Hainan duty-free market [7] - The upcoming full closure of Hainan Free Trade Port in December 2025 is expected to provide policy benefits and opportunities for the company [7] Group 7: Corporate Financing - Shenzhen Metro Group has provided Vanke with over 8.69 billion CNY in loans this year, bringing the total loans to over 22.6 billion CNY [8] Group 8: Competitive Landscape in Imaging Technology - DJI launched its first panoramic camera, the Osmo 360 8K, indicating a strategic move into the panoramic imaging market, which is currently dominated by Insta360 [8] - Insta360 is also entering the market with plans to release the world's first panoramic drone, intensifying competition between the two companies [8]

Core Insights - Apple achieved a 25.9% market share in China's smartphone market during the 21st week of 2025, marking a significant increase from 21.5% in the previous week, and setting a new three-year high for weekly market share [1] - The iPhone 16 Pro series saw activation numbers exceed 800,000 units, a 150% increase compared to pre-price reduction levels, with the 128GB version priced at 5,499 yuan after subsidies, making it the cheapest Pro model in Apple's history [1][2] - Apple's strategy of participating in the government-led "smart terminal subsidy plan" has been a key driver behind this sales surge [1] Market Competition - OPPO ranked second with a 14.9% market share, followed closely by Huawei at 14.8%, while Xiaomi and vivo held 14.6% and 14% respectively [1] - The price reduction strategy for the iPhone 16 Pro series has altered the competitive landscape, allowing Apple to match or undercut the prices of domestic flagship models [3] - Sales of the iPhone 16 Pro series surged by 150% in the two weeks following the subsidy announcement, with some colors experiencing stock shortages [3] Strategic Adjustments - Apple's approach signifies a new phase of "high-end price wars" in the Chinese smartphone market, combining inventory clearance and market share preservation strategies [4] - The anticipated early release of the iPhone 17 series in August aims to maintain market momentum [4] - Domestic brands must balance technological innovation and price competition to remain competitive, with Huawei, Xiaomi, vivo, and Honor all needing to demonstrate significant breakthroughs in the next 6-12 months [4][9] Supply Chain Dynamics - Apple announced a shift of iPhone production capacity to India, with plans to produce 30 million units annually by 2025, although China will still handle the initial launch production [5][6] - The long-term implications of this shift may alter the global supply chain landscape [6] Policy Considerations - The sustainability of the government subsidy policy remains a variable, with the "smart terminal subsidy plan" set to expire at the end of 2025 [7][8] - If the subsidy policy weakens, Apple will need to seek new growth points through product strength [8] - The push for "domestic substitution" by the Chinese government may pose challenges for Apple, particularly regarding its reliance on imported chips [8]

Core Viewpoint - The recent volatility in Apple's supply chain stocks is driven by a combination of easing US-China tariff policies and Apple's aggressive pricing strategies, alongside mixed market sentiment regarding future performance [1][3][9]. Market Performance - On May 12, the Apple concept index (BK0666) closed at 2985.77 points, with a single-day increase of 2.91%. Notable stocks like LeChuang Technology surged by 22%, while several others exceeded 10% gains [2]. - However, by May 15, the index fell to 2911 points, indicating a decline from the previous highs, with many stocks in the Hong Kong market also experiencing significant drops [2]. Factors Influencing Volatility - The fluctuations in stock prices are attributed to two main factors: the recent US-China tariff adjustments and Apple's price reductions on its products. The US has announced a temporary suspension of certain tariffs, which is seen as a positive development for the supply chain [3][4]. - Apple's recent price cuts, particularly on the iPhone 16 Pro series, have seen reductions of up to 2500 yuan, with discounts exceeding 30% in some cases [4]. Financial Performance of Key Suppliers - Apple's financial results for Q2 of the 2024-2025 fiscal year showed revenues of $95.4 billion, a 5% year-over-year increase, and a net profit of $24.78 billion, up 4.84% [6]. - Key suppliers such as GoerTek, Lens Technology, and Luxshare Precision reported mixed results for Q1 2025, with revenues of 16.30 billion yuan, 17.06 billion yuan, and 61.79 billion yuan respectively, showing year-over-year growth rates of -15.57%, 10.10%, and 17.90% [7][8]. Future Outlook - Analysts suggest that the Apple supply chain may have room for recovery, driven by easing tariffs and low valuations, alongside anticipated product innovations from Apple in the coming years [9]. - Expectations are set for a new wave of product launches, including foldable screens and AI glasses, which could invigorate the supply chain and lead to an upward trend in related companies [9].

Core Viewpoint - Apple has announced price reductions for its iPhone 16 Pro series ahead of the upcoming "618" shopping festival in China, marking a strategic shift in its pricing approach to boost sales during major promotional events [1][3][4]. Pricing Strategy - Apple has issued a price adjustment notice to its channel partners, with significant reductions for the iPhone 16 Pro series, including a $160 decrease for the iPhone 16 Pro Max and a $176 decrease for the 128GB version of the iPhone 16 Pro [1] - The price cuts coincide with the "618" promotional activities on major e-commerce platforms, indicating Apple's intent to enhance competitiveness during this sales period [1][3]. Sales Performance - Apple's revenue from the Greater China region has been declining for seven consecutive quarters, with a reported income of $16 billion in the latest quarter, down 2% year-over-year [4] - In the most recent fiscal quarter, Apple reported total revenue of $95.4 billion, with iPhone sales contributing $46.84 billion, representing a 2% year-over-year increase [4]. Market Position - In the first quarter of 2025, Apple shipped 9.2 million units in China, an 8% decline year-over-year, resulting in a fifth-place ranking in the Chinese smartphone market with a 15% market share [4]. Future Outlook - Apple remains optimistic about the Chinese market, with positive performance noted in other product lines such as Mac, iPad, and Apple Watch [5] - The introduction of AI features in iOS 18.6, supported by Alibaba and Baidu, is expected to stimulate a replacement cycle for iPhones in the domestic market [5].