本文来自微信公众号：爱范儿 （ID：ifanr），作者：马扶摇，原文标题：《苹果怎么造"无折痕"iPhone？》，题图来自：AI生成 这个九月可谓热闹非凡。 就在过去不到72小时里，苹果和华为相继公布了2025年秋季的发布会时间表。与前两个月的预期不同，这一回可不仅仅是iPhone 17 Air一枝独秀，而是三 折叠大战超轻薄了。 不过对于苹果来说，今年的iPhone 17全系列可能都只是过渡——全eSIM超薄机身、新的抗反射屏幕，以及新的镜头模组，都不过是技术试探罢了。 或许是有史以来第一次，我们可以很清晰地看到苹果接下来三年，对于iPhone这款"最重要的产品"的相对清晰的路线图：超轻薄、大折叠，再到乔布斯梦 想中的那块"魔法玻璃"。 十九岁的iPhone终于学会变形 从苹果的路线图看，超轻薄的iPhone 17 Air已有先例，纯玻璃的iPhone 20又过于虚无缥缈。作为一个练习时长两年半的折叠屏用户，毫无疑问还是明年的 折叠屏iPhone更吸引我一些。 结合目前已有的各种爆料信息来看，iPhone Fold（暂定这个名字）毫无疑问将会是一款大折叠（book-style folable）机型，而非传闻 ...

对三星使用钞能力 十九岁的 iPhone 终于学会变形 不过对于苹果来说，今年的 iPhone 17 全系列可能都只是过渡——全 eSIM 超薄机身、新的抗反射屏幕，以及新的镜头模组，都不过是技术试探罢了。 或许是有史以来第一次，我们可以很清晰地看到苹果接下来三年，对于 iPhone 这款「最重要的产品」的相对清晰的路线图：超轻薄、大折叠，再到乔布 斯梦想中的那块「魔法玻璃」。 这个九月可谓热闹非凡。 就在过去不到 72 小时里，苹果和华为相继公布了 2025 年秋季的发布会时间表。与前两个月的预期不同，这一回可不仅仅是 iPhone 17 Air 一枝独秀，而 是三折叠大战超轻薄了。 图｜微博 @余承东 图｜X @theapplehub 从苹果的路线图看，超轻薄的 iPhone 17 Air 已有先例，纯玻璃的 iPhone 20 又过于虚无缥缈。作为一个练习时长两年半的折叠屏用户，毫无疑问还是明年 的折叠屏 iPhone 更吸引我一些—— 根据最近一个月出现的新传闻来看，iPhone Fold 的外屏和内屏有可能落在 5.5 寸和 7.8 寸附近——并且内屏不是常见的正方形，而是一块长宽比约为 1.4 比 ...

折叠屏市场又陷入了热闹与停滞的拉扯。8月21日晚7点，荣耀Magic V Flip2系列率先登场；仅隔不到20 小时，小米七夕款MIX Flip 2钻石限定版于8月22日10点正式开售。再算上此前赛道第一名华为发布的 三折叠、阔折叠等形态，厂商们在折叠屏细分市场攻势之密集可见一斑。 然而，尽管折叠屏在轻薄、续航、影像、折痕等方面持续进步，但价格高企、质量参差和内部空间限制 等先天问题，已让其在场景拓展和人群渗透上难有突破，IDC分析预判2025年将进入"小年"，厂商策略 普遍转向保守。明面是产品与技术层面持续突破，暗面却撞上市场增速的忽高忽低，折叠屏爆发的确定 性拐点，好像始终未有一个定时。 瓶颈出现了 从核心数据与行业判断来看，折叠屏增长的底色依然清晰。 金元证券折叠屏相关研报预测，2025年全球折叠屏手机出货量整体提升的同时，中国市场占比将跃升至 31%，成为智能手机市场的"第二增长曲线"；资深产业经济观察家梁振鹏也向北京商报记者指出，折叠 屏作为新兴品类仍有增长潜力，只是需通过技术迭代逐步解决现有问题。 市场整体的增长态势并未因增速波动而中断，仍是智能手机领域的重要增长极，但曾经靠形态创新就能 快速拉动 ...

折叠屏市场又陷入了热闹与停滞的拉扯。 它看起来足够热——8月21日晚7点，荣耀Magic V Flip2系列率先登场；仅隔不到16小时，8月22日早9点，小米集团总裁卢伟冰便紧接着官宣小米七夕款MIX Flip 2钻石限定版，将于当天10点正式开售。 两款定位相近、主打七夕消费场景的小折叠新机针尖对麦芒，挤在这短短不过半日的窗口期内先后亮相，显然互为直接竞品。再算上此前赛道第一名华为发 布的三折叠、阔折叠等形态，厂商们在折叠屏细分市场攻势之密集可见一斑。 可数据表明它又有些冷——IDC数据显示，2024年中国折叠屏出货量虽以917万台、同比增长30.8%的数据收官，但四季度250万台出货量却同比下跌9.6%， 结束了此前连续9个季度的高增态势；IDC分析指出，尽管折叠屏在轻薄、续航、影像、折痕等方面持续进步，但价格高企、质量参差和内部空间限制等先 天问题，已让其在场景拓展和人群渗透上难有突破，因此预判2025年将进入"小年"，厂商策略普遍转向保守。 2025年进程过半，折叠屏市场波动仍在：一季度出货284万台，同比增长53.1%，止住了上季度的下滑颓势；但好景不长，二季度出货量回落至221万台，同 比降幅扩大 ...

一、iPhone 17 Air：iPhone家族的试验田 第一个大年，就在今年，准确来说是下个月：5.5毫米的机身厚度，iPhone 17 Air将成为史上最薄的iPhone，手感会明显有别于以往。 本文来自微信公众号：爱范儿 （ID：ifanr），作者：苏伟鸿，题图来自：AI生成 变化最多的iPhone，我想大家都会公认是这几代：iPhone 4、iPhone 6、iPhone X，以及卖得很好的iPhone 12 Pro。 你会发现iPhone更新有一个很固定的周期：基本两到三年就会有一次大变革。这就是iPhone所谓的"大小年"一说。 不过，自从iPhone 12 Pro发布后，这个周期律就失效了，我们已经连续迎来了四个"小年"：拿出iPhone 16 Pro和iPhone 12 Pro对比，除了挖孔从"刘海"升级为 灵动岛，以及越来越大的影像模组，iPhone整体几乎没有外观工业设计上的明显变化。 不过，这样温吞的现状将在下个月终结。苹果为iPhone准备了一个"三年计划"：2025到2027，年年是大年——从下个月发布即将发布的iPhone 17系列当中的 全新轻薄线产品17 Air开始。 iPho ...

Core Viewpoint - Apple is preparing to launch its foldable iPhone, expected to be one of the most ambitious iPhones in its history, featuring a redesigned biometric system and innovative camera configurations [2][3]. Group 1: Design and Features - The foldable iPhone will adopt a book-style fold, with an internal display size of approximately 8 inches, aligning with industry standards [3]. - It is expected to feature a four-camera setup: one front camera, two rear cameras, and one internal camera, consistent with the upcoming iPhone 17 Pro series [3]. - The device will maintain full functionality in a closed state, equipped with a 5-6 inch external display for convenience [5]. Group 2: Biometric and Connectivity Innovations - The foldable iPhone is likely to reintroduce Touch ID instead of Face ID, which may be more suitable for the device's form factor [4]. - Apple plans to replace Qualcomm's modem with its custom C2 series chip, enhancing connectivity performance and energy efficiency [4][6]. Group 3: Pricing and Market Expectations - The anticipated price for the foldable iPhone could reach up to $1,800, available in black and white color options [6]. - The focus will be on whether the foldable iPhone can attract users and disrupt the market, especially as the iPhone 17 series is expected to have minimal design changes [6].

Investment Rating - The industry rating is "Outperform the Market" [12] Core Insights - Apple's first foldable phone, iPhone Fold, is expected to launch in the second half of 2026 with a starting price of no less than $2000 [3] - The first mass-produced SiC waveguide XR glasses, Wigain Omnision, will be available by July 2025, featuring AI capabilities [4] - Tesla's Model Y L is set to be released in the fall of this year, with an estimated price of around 400,000 RMB [4] Summary by Sections Industry Dynamics - The iPhone Fold is anticipated to have a 7.8-inch inner screen and a 5.5-inch outer screen, with a thickness of 9mm to 9.5mm when folded and 4.5mm to 4.8mm when unfolded [3] - The new AR glasses from various manufacturers are expected to increase in the consumer market, leveraging SiC waveguide technology [4] Investment Recommendations - Suggested stocks to focus on in the consumer electronics sector include: Dalian Technology, OFILM, Sitaiwei, Guanghong Technology, Crystal Optoelectronics, Dongshan Precision, Pengding Holdings, Luxshare Precision, GoerTek, Changying Precision, Lingyi Technology, Lens Technology, Guoguang Electric, Kosen Technology, and Transsion Holdings [5]

Group 1 - Yushu Technology has initiated its IPO counseling with CITIC Securities as the advisory firm, aiming to submit its IPO application by October 2023 [2] - The capital competition in the embodied intelligence sector is intensifying, with multiple companies like Zhiyuan Robotics and others disclosing financing progress in July [2] - Goer Microelectronics has re-submitted its listing application to the Hong Kong Stock Exchange, with several financial institutions acting as joint sponsors [2] Group 2 - The first national standard for campus meal services will be implemented on December 1, 2023, aimed at enhancing food safety in schools [5] - Good Products has been involved in a share transfer dispute amounting to 996 million yuan, with the case currently accepted by the Guangzhou Intermediate People's Court [5] - JD.com has made significant investments in three robotics companies, indicating a focus on technological innovation in supply chain scenarios [6] Group 3 - The Chinese third-generation autonomous superconducting quantum computer "Benyuan Wukong" has been deployed in multiple locations, supporting major national research projects [6] - Xiaomi SU7 has achieved the highest one-year resale value among electric vehicles at 88.91%, indicating strong market performance [8] - The overseas market for online literature is projected to exceed 5 billion yuan in 2024, with a significant increase in overseas user numbers [9] Group 4 - Ant Group's AI health application AQ has launched on iOS and quickly topped the Apple App Store's medical category, indicating strong market interest [16] - Alibaba's Tongyi Qianwen has updated its flagship Qwen3 model, enhancing its capabilities for long text processing [17] - The number of generative AI services registered in China has reached 346, reflecting the rapid growth of AI applications [18] Group 5 - "Box Box Sharing" has completed over 100 million yuan in Series F financing, aimed at enhancing its industry capabilities [19] - "Jiliu Technology" has secured nearly 100 million yuan in A+ round financing, focusing on core technology development [20] - "Tongxin Medical" has completed over 100 million USD in strategic financing to accelerate its international expansion [21]

Core Viewpoint - Apple is currently facing a significant growth challenge, with a lack of compelling reasons for consumers to upgrade their iPhones, leading to a 17% decline in stock value this year [1][10]. Group 1: Sales Performance - Over the past six months, Apple's net sales reached $219.7 billion, reflecting only a 4% increase year-over-year, with product-related revenue at $166.7 billion growing by just 2% [7]. - The company's growth rate has shown some improvement recently, but it underscores the ongoing struggle to achieve consistent top-line growth [8]. Group 2: Future Prospects - There is potential for growth as Apple is reportedly developing a foldable iPhone, which could be launched as early as next year, possibly revitalizing sales [4]. - If Apple can address common issues with foldable phones, such as the crease in the middle, and introduce new AI capabilities, it may attract more consumers and investors [5][6]. Group 3: Investment Considerations - Apple's stock trades at approximately 33 times its trailing earnings, making it less attractive compared to the average S&P 500 stock, which trades at under 25 times [10]. - Given the current challenges and high valuation, it is suggested to adopt a wait-and-see approach before considering investment in Apple stock [11][13].

Group 1: Google Investment - Google announced an investment of $25 billion in the U.S. over the next two years for data centers and AI infrastructure [1] - An additional $3 billion will be spent on modernizing two hydroelectric plants in Pennsylvania to meet the growing power demands of data centers and AI [1] - This move strengthens Google's AI strategic layout and may enhance investor confidence in its long-term technological advantages [1] Group 2: Anthropic AI Services - Anthropic launched a financial AI analysis solution called Claude, aimed at helping financial professionals with compliance, auditing, financial modeling, and investment monitoring [2] - The company has established real-time data supply agreements with multiple data providers to offer diversified services to banks, insurance, asset management, and fintech firms [2] - This initiative may raise market expectations for AI's role in enhancing enterprise efficiency and attract investors in the tech-finance crossover sector [2] Group 3: Apple and MP Materials - Apple announced a $500 million investment in MP Materials, the only fully integrated rare earth mining company operating in the U.S. [3] - The investment includes purchasing U.S.-made rare earth magnets developed by MP Materials and collaborating on a rare earth recycling production line in California [3] - This partnership may boost investor confidence in the supply chain, with short-term focus on the scarcity of rare earth resources [3] Group 4: Mistral AI Model - Mistral launched its first enterprise audio model series called Voxtral, capable of transcribing up to 30 minutes of audio and understanding up to 40 minutes [4] - Voxtral allows users to ask questions about audio content, generate summaries, and convert voice commands into real-time actions [4] - The model supports multiple languages, enhancing expectations for AI applications in the tech sector [4] Group 5: Apple Foldable iPhone - Reports indicate that Apple is nearing the launch of its first foldable iPhone, expected to be released in the second half of 2026 [5] - The iPhone Fold is anticipated to be priced between $1,800 and $2,000, with initial production estimates of 10 to 15 million units [5] - This development may heighten expectations for high-end innovative products in the tech sector and increase attention on Apple's supply chain [5]