另一方面，美联储转"鸽"，降息预期下金价上涨逻辑更为清晰，黄金股带领有色金属股集体走强；苹果概念股、汽车股、新消费概念股多数上涨。此外，双 登股份上市首日大涨超31%。 8月26日，港股三大指数午后跳水。 恒生指数跌1.18%，国企指数跌1.07%，恒生科技指数跌0.74%盘中曾冲高刷新阶段新高。 市场未能延续昨日强势行情，连创阶段新高后市场情绪趋于谨慎。 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 恒生指数 | | 25524.92 | -304.99 | -1.18% | | 800000 | | | | | | 国企指数 | warra | 9148.66 | -99.34 | -1.07% | | 800100 | | | | | | 恒生科技指数 | Carrely | 5782.24 | -42.85 | -0.74% | | PLANDARDS | | | | | 盘面上，作为市场风向标的大型科技股全线走低，内房股午后跌幅加大，中资券商股、内银股等大金融午后普遍走低拖累大市下行，半导体芯片股、军工 股、煤炭股、教育股、 ...

Investment Rating - The industry rating is "Outperform the Market" [6][13] Core Insights - Apple plans to invest an additional $100 billion in the U.S., accelerating its investment pace, with a total investment of $600 billion over the next four years. This includes a new "Made in America" initiative to bring more of its supply chain and advanced manufacturing to the U.S. [2][3] - Apple’s strict supplier requirements indicate that domestic equipment companies are irreplaceable, and the company may significantly purchase domestic equipment for its U.S. production capacity. This shift could lead to increased resources directed towards cost-effective flexible automation, 3D printing, and new product lines such as high-end models and foldable screens [3][4] Summary by Sections Investment Opportunities - The report suggests focusing on 3D printing applications (e.g., Huazhu High-Tech, Plittech), automated assembly equipment (e.g., Bozhong Precision, Saiteng Co., Quick Intelligent), automated testing equipment (e.g., Oatmeal Technology, Jepter, Qiangrui Technology, Tianzhun Technology, Kory Technology, Rongqi Technology), foldable screen hinges (e.g., Dongmu Co., Jingyan Technology, Tonglian Precision), and mid-frames and back covers (e.g., Yujing Co., Yuhuan CNC) [4]

Group 1 - Apple has officially decided to abandon its self-developed folding screen technology and will adopt Samsung Display's "no crease" display solution, with plans to mass-produce its first folding iPhone in the second half of 2026 [1] - The core goal of this technology shift is to address the long-standing "crease" issue associated with folding screens. Samsung's solution includes a metal support plate hinge designed by Fine M-Tec, which utilizes laser drilling technology to achieve micron-level structural design, controlling the crease width to within 0.01 millimeters [1] - Fine M-Tec is expected to start mass production of the hinge in the first quarter of 2026, with an estimated annual shipment volume of 13 to 15 million units. The actual demand for this component will be significantly higher than the terminal sales of the folding iPhone due to assembly yield and after-sales service needs [1] Group 2 - The first folding iPhone is reported to feature a horizontal "book-style" design, with an 8-inch display that boasts a 4K resolution, comparable to the display quality of the iPad mini [2] - The device will be equipped with the same TSMC 2nm A20 chip as the iPhone 18 Pro, a 5000mAh battery, and will integrate a Touch ID sensor into the power button to save internal space [2] - The starting price of the folding iPhone is predicted to exceed 15,000 RMB, making it the most expensive smartphone in Apple's history [2]

Core Viewpoint - Apple has decided to pause the development of a foldable iPad, focusing instead on the development of a foldable iPhone due to manufacturing difficulties and low consumer demand for large foldable devices [1][4][5] Group 1: Development Status - Apple is currently in the P1 phase of prototype development for the foldable iPhone, which is expected to complete prototype testing by the end of 2025 and enter the engineering validation testing (EVT) phase thereafter [4][5] - The foldable iPhone is anticipated to be launched alongside the iPhone 18 Pro model next year [4] - The development of a foldable iPad or MacBook may be reconsidered in the future as display technology advances and production costs decrease [4] Group 2: Market Considerations - The decision to pause the foldable iPad development is attributed to high manufacturing difficulties, increased production costs related to flexible display technology, and a lack of strong consumer demand for large-screen foldable products [4][5] - Previous rumors indicated that Apple was working on a foldable device with a screen size between 18.8 to 20.2 inches, featuring OLED technology and a crease-free design, but its release is now expected to be delayed until 2026 to 2028 [4]

Group 1 - The new iPhone models expected to launch in 2026 will feature under-display Face ID technology, primarily in the iPhone 18 Pro and iPhone 18 Pro Max [1] - Despite the introduction of under-display Face ID, some visible elements of Face ID will remain, indicating that the Dynamic Island will not be completely eliminated but will be reduced in size compared to previous models [4] - Multiple sources, including Bloomberg's Mark Gurman, suggest that the iPhone 18 series will have a smaller version of the Dynamic Island rather than just a front camera hole [4] Group 2 - The complete transition of all Face ID components to under the display is projected to be achieved by 2028 [4]

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [12]. Core Insights - Leading companies in the industry are actively investing in foldable screen products, with Apple's first foldable iPhone expected to launch in the fall of 2026 alongside the iPhone 18 Pro series [2]. - The smart glasses market is experiencing explosive growth, with transaction volume increasing over 8 times year-on-year, and a projected compound annual growth rate (CAGR) of over 60% from 2025 to 2029 [3]. - Major players like Meta and Apple are also entering the smart glasses market, with Meta's new headset expected to be priced above $300 and Apple's AI glasses anticipated to launch by the end of 2026 [3]. Summary by Sections Foldable Screen Products - Industry leaders are focusing on foldable screen technology, with significant product launches planned by major companies such as Apple, Honor, and Samsung [2]. Smart Glasses Market - The smart glasses market is projected to see a shipment volume of 12.8 million units globally by 2025, with a year-on-year growth of 26%, and the Chinese market expected to exceed 2.75 million units with a staggering growth of 107% [3]. Investment Opportunities - Suggested areas for investment include 3D printing applications, automation assembly equipment, automation testing equipment, Android-based 3C devices, foldable screen hinges, and components like middle frames and back covers [4].

Group 1 - Apple is expected to hold two iPhone launch events annually starting in 2026, breaking the tradition of one event per year since the iPhone's inception in 2007 [1][2] - The strategy aims to address the declining market share, particularly in China, where Apple's market share fell to 13.7% in Q1 2025, marking seven consecutive quarters of decline [2] - The introduction of the iPhone 16e in February 2025 contributed to Apple's market leadership, achieving a 19% market share in the global smartphone market for Q1 2025 [3] Group 2 - The new launch schedule includes the release of multiple models, such as iPhone 17 and iPhone 18 series, along with Apple's first foldable iPhone, indicating a robust product pipeline [2] - The growth in sales is attributed to the success of the iPhone 16e and strong performance in emerging markets like India and the Middle East, despite stagnant sales in major markets like the US and Europe [3] - Analysts caution that potential trade barriers and economic uncertainties could lead to a slight decline in Apple's overall shipment volume for the year [3]

Core Insights - The report indicates a neutral market sentiment with a score of 48, suggesting moderate market fluctuations and stable investor emotions [2][9][21] - Key themes identified include solid-state batteries, big data, and the Apple supply chain, with specific events and regulatory developments influencing these sectors [7][8] Market Sentiment - The market sentiment temperature indicator shows a score of 48, categorized as neutral, with historical trends indicating that scores below 30 provide market support, while scores above 90 may present resistance [9][21] - Recent improvements in market sentiment and supportive policies are leading to a gradual upward trend in the market [9] Hot Topics Tracking - **Solid-State Batteries**: The 17th Shenzhen International Battery Technology Exchange and Exhibition (CIBF2025) is taking place from May 15 to 17, focusing on advanced lithium-ion battery technologies and solid-state batteries [7] - **Big Data**: The State Council has approved a draft regulation on government data sharing, aiming to break down data barriers and enhance public services [7] - **Apple Supply Chain**: Reports suggest that Apple's first foldable iPhone is expected to launch in the fall of 2026 alongside the iPhone 18 Pro series [7][8] Key Stocks and Industries - Related stocks for solid-state batteries include Haishun New Materials (300501) and Guoxuan High-Tech (002074) [7] - For big data, relevant stocks are Aofei Data (300738) and Inspur Information (000977) [7] - In the Apple supply chain, companies like Lingyi Technology (002600) and Changying Precision (300115) are highlighted [5][7]

Investment Rating - The industry rating is "Outperform the Market" [13] Core Insights - Apple is actively expanding into 3D printing, having posted job openings for a Rapid Prototyping Manager and a Design Engineer in Additive Manufacturing, indicating a strategic focus on enhancing manufacturing capabilities [3][4] - The first foldable iPhone from Apple is expected to launch in the fall of 2026, which could significantly impact the foldable smartphone market, currently dominated by Huawei and Samsung [4] - The Chinese smartphone market saw a 5% year-on-year increase in shipments in Q1 2025, with Xiaomi leading the market [4] Summary by Sections 3D Printing - Apple is hiring for positions related to 3D printing, emphasizing the importance of rapid prototyping and manufacturing solutions [3] - Companies to watch in the 3D printing application space include Huazhu Gaoke and Bolite [5] Foldable Smartphones - Apple's entry into the foldable smartphone market is anticipated to revitalize the segment, which saw a decline in shipments in Q4 2024 [4] - The foldable smartphone market is currently led by Huawei with a 31.2% market share [4] Smartphone Market - The Chinese smartphone market is experiencing growth, with significant contributions from brands like Xiaomi and Huawei [4] - The report suggests monitoring companies involved in automation assembly and testing equipment, as well as those producing components for Android devices and foldable smartphones [5]

美国企业更是全球化产业链的顶级食利者。以iPhone 18 Pro为例，其终端售价中越南组装厂仅分得2.8%的制造利润，而美国掌控的芯片设计、专利授权等 环节攫取71%利润。更荒诞的是，当印度电子厂为生产iPad支付每台1.2美元加工费时，英伟达仅凭一颗AI芯片便从每台设备抽走27美元。这种"微笑曲 线"的极致扭曲，使美国制造业就业人口占比从1980年的19%暴跌至2025年的6.8%，却维持着全球生物医药产业92%的专利控制权。当越南工人昼夜加班 组装设备时，美国硅谷工程师正用算法专利收割全球科技红利。 美国对等关税政策实为霸权衰落前的最后挣扎。其2025年推出的"供应链安全关税"看似针对特定国家，实则对全球产业链实施无差别绞杀——当韩国半导 体因关税导致成本激增53%，三星被迫将北美工厂迁往马来西亚；当欧盟钢铁业因税率突破280%失去美国市场，土耳其却通过区域全面经济伙伴关系协 定扩大对日出口。这种"以邻为壑"的策略，正加速全球产业链"去美元化"进程，世界贸易组织数据显示，2025年全球贸易结算中美元使用率已从2016年的 62%降至47%，创历史新低。新兴经济体的反制联盟已织就经济"铁幕"。东盟十国推行 ...