Core Insights - The report highlights a significant decline in industrial production and service sector performance, with October's industrial value added growing by 4.9% year-on-year, down 1.6 percentage points from the previous value, and service sector production growth at 4.6%, down 1.0 percentage points [5][23][25] - The consumer sector shows a widening gap between retail sales and service consumption, with retail sales growth at 2.9%, reflecting a decrease in contributions from various categories, particularly in automotive and home appliances [6][12] - Investment in infrastructure and real estate continues to decline, with real estate development investment down 14.7% year-on-year, indicating a challenging market environment [8][26] Industry Analysis - The semiconductor and AI sectors are experiencing increased capital expenditure, with major companies like Meta and Microsoft significantly boosting their investments in AI infrastructure, which is expected to benefit domestic suppliers of ceramic substrates [41][42] - The gaming industry is seeing strong performance in overseas markets, with notable titles achieving high revenue, and the introduction of favorable policies for mini-program games is expected to enhance profitability [45][46] - The insurance sector is actively increasing equity allocations in preparation for the upcoming year, with a positive outlook on new policies and value rates, indicating a robust market environment for insurance companies [49]

Group 1: Nuclear Fusion - The CRAFT facility achieved significant progress with the successful testing and acceptance of the prototype component for the divertor, which has a steady-state thermal load capacity of 20 MW/m² and a plasma-facing surface alignment error of less than 1 mm, marking a successful development of the largest and highest thermal load divertor prototype designed in China [1] - Guojin Securities believes that controllable nuclear fusion has become a key focus in the energy strategies of major global economies, with China accelerating relevant policies to lead the development of the controllable nuclear fusion industry [1] Group 2: Storage Chips - Major manufacturers have decided to halt DDR4 production, leading to an ongoing supply shortage and significant price increases, with contract prices expected to rise by 20%-30% [1] - The demand for NAND flash memory is driven by cloud service providers, and shortages are expected to continue into the first half of next year [2] Group 3: eSIM Technology - China Unicom launched a nationwide reservation channel for eSIM services, with over 60,000 reservations already made, indicating preparation for the upcoming iPhone Air [3] - eSIM technology is expected to drive the transition to a "cardless era" in mobile devices, with GSMA Intelligence predicting that global eSIM smartphone connections will reach 1 billion by the end of 2025 and 6.9 billion by 2030 [3] Group 4: Solid-State Batteries - A breakthrough in solid-state lithium batteries was achieved by introducing iodine ions into sulfide electrolytes, significantly improving the interface contact and achieving a capacity retention rate of 90.7% after 2400 cycles at a current density of 1.25 mA/cm² [4] - The global market for solid-state batteries is projected to reach 614.1 GWh by 2030, with a market size exceeding 250 billion yuan, and China is expected to capture 40% of the global market share [5] Group 5: Charging Infrastructure - China has built the largest charging facility network in the world, with 17.348 million charging facilities by the end of August 2025, equating to two charging stations for every five vehicles [5]

Core Viewpoint - Apple is shifting its strategy by integrating AI deeply into its operating system with iOS 26, while also introducing new hardware features in its upcoming iPhone 17 series, including a focus on health monitoring in wearable products [1][2][3][4]. Group 1: AI Strategy - Apple has integrated AI into system-level applications in iOS 26, enhancing features like Visual Intelligence, real-time translation, and intelligent navigation [2]. - Siri is expected to undergo a dual-track upgrade strategy, potentially incorporating third-party models while also increasing investment in in-house large language models (LLMs) [2]. Group 2: Mobile Devices - The new iPhone 17 series will replace the less popular Plus series with the iPhone 17 Air, featuring a lightweight design and self-developed baseband and Wi-Fi chips [3]. - The iPhone 17 series will standardize 120Hz refresh rates across all models, with significant camera upgrades and enhanced memory [3]. Group 3: Wearable Products - Apple is anticipated to launch new Apple Watch models and AirPods Pro 3, focusing on health monitoring features such as blood pressure and blood sugar trend monitoring [4]. - The new Apple Watch may include satellite communication and 5G capabilities, enhancing communication without a phone [4]. Group 4: Application Collaboration - Apple aims to expand the use cases of its products by enabling real-time translation through application collaboration, further enhancing the ecosystem [5]. - The introduction of health monitoring features in wearables is expected to strengthen Apple's competitive edge in the health tech sector [5]. Group 5: Investment Recommendations - Investment opportunities are identified in various sectors, including assembly, optics, panels, storage, batteries, thermal management, SIP packaging, and structural components [6].

Group 1 - The core point of the news is that investors inquired about the collaboration between the company and major smartphone manufacturers regarding eSIM technology in new devices [2] - The company, Thinker Technology (300608.SZ), responded that it has not established direct cooperation with Huawei or Apple for their upcoming eSIM-enabled smartphones [2] - The company encourages investors to stay updated through its official website and announcements for the latest information [2]

Investment Rating - Industry investment rating: Overweight [1] Core Viewpoints - The report emphasizes the importance of artificial intelligence (AI) in reshaping various industries, highlighting that AI applications require terminal devices with AI edge computing capabilities. The focus is on AI applications and AI terminals, with a call for self-reliance and strength in AI development [4][5][21][22]. Market Performance Review - During the week from April 28 to April 30, 2025, the Shanghai Composite Index decreased by 0.49%, while the Shenzhen Component Index fell by 0.17%. The ChiNext Index saw a slight increase of 0.04%, and the STAR 50 Index rose by 0.78%. The Shenwan Electronics Index increased by 1.34%, with the best-performing sector being digital chip design, which rose by 4.33%, while passive components saw a decline of 1.31% [4][31]. AI Infrastructure and Companies - AI infrastructure construction is crucial for supporting AI hardware, with relevant companies including Shengyi Technology, Shenghong Technology, and Industrial Fulian. Companies involved in AI terminal chips include Hengxuan Technology and Tai Lingwei, while AI mobile phones and headphones are associated with companies like Lixun Precision and GoerTek [5][21]. Key Industry News - Apple plans to launch its first foldable iPhone in the fall of 2026, alongside the iPhone 18 Pro series, while the standard version of the iPhone 18 is delayed until spring 2027. This adjustment is in response to the expanding product line [12][13]. - CounterPoint Research reported a 7% year-on-year decline in smartphone shipments in India for Q1 2025, primarily due to high inventory levels and a 26% drop in new product launches. However, demand for ultra-high-end products remains strong, with a 15% increase in market share for products priced above 45,000 INR [14][19]. Future Trends - Omdia predicts that Tandem OLED technology will reshape the tablet and laptop display market, with its penetration rate expected to rise to 36% by 2026, driven by Apple's new OLED products [24][25][28].