Smart watches will take over from TWS and become the next hot-selling product. How should the semiconductor supply chain exert its strength?

Latest update time：2019-11-18

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</p> <p> <br/> </p> <div class="_135editor" data-id="94817" data-tools="135编辑器"> <div data-width="100%" style="width: 100%;"> <div style="border-left: 6px solid rgb(79, 129, 189);padding-left: 6px;box-sizing: border-box;text-align: justify;"> <div class="135brush" data-brushtype="text" style="background: rgb(255, 232, 223);display: inline-block;padding: 2px 12px;letter-spacing: 1.5px;box-sizing: border-box;"> <span class="" style="font-family: arial, helvetica, sans-serif;color:#000;"> <strong> Report highlights </strong> </span> </div> </div> <div style="padding-left: 5px;box-sizing: border-box;"> <div class="" style="border-bottom: 1px solid rgb(208, 208, 208);border-left: 1px solid rgb(208, 208, 208);border-top: none;border-right: none;box-sizing: border-box;"> <div class="135brush" data-autoskip="1" style="padding: 1em;font-size: 14px;letter-spacing: 1.5px;line-height: 1.75em;box-sizing: border-box;"> <p style="line-height: 1.75em;text-align: justify;"> <strong> <span class="" style="font-size: 15px;font-family: arial, helvetica, sans-serif;color: rgb(0, 82, 255);"> Smartwatch industry grows rapidly, Apple Watch leads the market, supply chain takes the lead </span> </strong> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;color:#000;"> After 2012, smart watches have experienced rapid growth, with major manufacturers launching their own watch brands, including <span style="caret-color: red;"> Sony smart watch, Apple Watch, Samsung Galaxy Gear, Motorola Moto 360, LGG Watch, etc. Major mainstream brands have gradually gained momentum, forming a pattern of one super and many strong brands. </span> </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;color:#000;"> From the perspective of all categories around the world, in 2017-2018, the global smartwatch shipments, Apple Watch continues to dominate the <span style="caret-color: red;"> list , with a market share of 43% and 37% in 2017-2018, followed by BBK's Little Genius, with a market share of 10% and 10% respectively, followed by Samsung watches.</span> </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="caret-color: red;font-size: 15px;font-family: arial, helvetica, sans-serif;color:#000;"> From the perspective of brand manufacturers and supply chains, we have observed that next year will enter a phase of intensive shipments. Brand manufacturers will launch smart watches with eSim in batches, the number of supply chain manufacturers for mainstream manufacturers will increase, and RF transmission chip companies will increase their product layout next year. </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="color: rgb(0, 82, 255);"> <strong> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> The value reaches 1/3 of mobile phones and is expected to become a standard product of TWS </span> </strong> </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;color:#000;"> Smart watches have a large single-machine value and are expected to become an important product to drive the growth of the industry. This year's TWS </span> <span style="font-size: 15px;caret-color: red;font-family: arial, helvetica, sans-serif;color:#000;"> market tells us that accessories with a unit price of nearly 2,000 have already had a strong consumer motivation, not to mention host-type products that can run alone. Judging from the use of Apple Watch with eSim and Airpods, it is expected to create a new era of consumer usage habits. </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;caret-color: red;font-family: arial, helvetica, sans-serif;color:#000;"> In terms of value, compared with Apple Watch S5 and iPhone 11 pro Max, the BOM costs are US$145.45 and US$490.5 respectively, and the value of the watch is 1/3 of that of the mobile phone. </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;caret-color: red;font-family: arial, helvetica, sans-serif;color:#000;"> In terms of the speed of value increase, the value of the Apple Watch launched in 2015 was $83.70, and the value of the Apple Watch S5 increased by 73.78%; during the same period, the value of the iPhone 6s Plus and iPhone 11 pro Max increased from $236 to $490.5, an increase of 107.84%. It is expected that with the adoption of new sensors, the value of a single device and the ability to accumulate data will continue to increase in the future. </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <strong> <span style="color: rgb(0, 82, 255);font-size: 15px;font-family: arial, helvetica, sans-serif;"> Analysis of chip industry potential </span> </strong> <strong><span style="font-size: 15px;font-family: arial, helvetica, sans-serif;color:#000;"> : </span></strong><span style="font-size: 15px;font-family: arial, helvetica, sans-serif;color:#000;"> We expect the smartwatch market next year to replicate this year's TWS and fully enhance </span><span style="font-size: 15px;caret-color: red;font-family: arial, helvetica, sans-serif;color:#000;"> the profit level of supply chain companies, especially the finished product link with the largest output value increase, such as Wingtech Technology, Goertek, Luxshare Precision, and Foxconn Industrial Internet. Supply chain companies will make great achievements in the field of smartphone chips. </span><strong> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;color:#000;"></span> </strong> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;color:#000;"></span> <span style="font-size: 15px;caret-color: red;font-family: arial, helvetica, sans-serif;color:#000;"></span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="color: rgb(0, 82, 255);"> <strong> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> Risk warning </span> </strong> </span> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;color:#000;"> : The popularity of smart watches is lower than expected, the brand promotion is lower than expected, the application of smart watches is lower </span> <span style="font-size: 15px;caret-color: red;font-family: arial, helvetica, sans-serif;color:#000;"> than </span> </p> </div> </div> <div style="width: 1.2em;background: #4f81bd;height:6px;float: right;"> </div> <div style="clear: both;"> </div> </div> </div> </div> <div class="_135editor" data-role="paragraph"> <p> <br/> </p> <p> <br/> </p> <div class="_135editor" data-id="93802" data-tools="135编辑器"> <div style="text-align: center;color:#4f81bd;"> <div style="display: inline-block;"> <div style="text-align: right;margin-bottom: -14px;margin-right:1.6em;"> <div class="assistant" style="display: inline-block;background: rgb(255, 255, 255);padding-right: 2px;padding-left: 2px;box-sizing: border-box;"> // </div> </div> <div style="border-width: 1px;border-style: solid;border-color: rgb(79, 129, 189);box-sizing: border-box;"> <div class="135brush" data-brushtype="text" style="padding: 10px 1.5em;letter-spacing: 1.5px;box-sizing: border-box;"> <strong> In the field of smart watches, what are the strengths of semiconductors? </strong> </div> </div> <div style="text-align: left;margin-top: -14px;margin-left:1.6em;"> <div class="assistant" style="display: inline-block;background: rgb(255, 255, 255);padding-right: 2px;padding-left: 2px;box-sizing: border-box;"> // </div> </div> </div> </div> </div> <p> <br/> </p> <div class="_135editor" data-id="92984" data-tools="135编辑器" style="text-align: justify;"> <div style="display:inline-block;"> <div style="border-width: 0px;border-style: none;border-color: initial;display: flex;justify-content: flex-start;align-items: flex-end;box-sizing: border-box;text-align: justify;"> <div style="width: 1.8em;text-align: center;height: 1.8em;line-height: 1.8em;font-size: 18px;background-color: rgb(128, 177, 53);color: rgb(255, 255, 255);border-radius: 100%;box-sizing: border-box;"> 01 </div> <div style="margin-bottom: 0.25em;padding-right: 5px;padding-left: 5px;max-width: 100%;display: inline-block;vertical-align: bottom;border-bottom: 1px dashed rgb(175, 175, 175);border-top-color: rgb(128, 177, 53);border-left-color: rgb(128, 177, 53);border-right-color: rgb(128, 177, 53);box-sizing: border-box;"> <div class="135brush" data-brushtype="text" style="max-width: 100%;min-height: 1em;color:#000;"> Smart watches are rich in functions and integrate a large number of components </div> </div> <div style="max-width: 100%;display: inline-block;vertical-align: bottom;width: 0.5em;height: 0.5em;border-radius: 50%;background-color: rgb(128, 177, 53);color: rgb(255, 255, 255);box-sizing: border-box;"> </div> </div> </div> </div> <p style="text-align: justify;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;"> <span style="font-family: arial, helvetica, sans-serif;"> Different from traditional electronic watches, smart watches have various electronic components integrated inside to bring them rich functions. Smart </span> <span style="caret-color: red;font-family: arial, helvetica, sans-serif;"> watches can be divided into watch body and watch strap; in detail, the watch can be divided into sensors, chips, batteries, touch screens, displays, watch body and watch strap. </span> </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="caret-color: red;font-size: 15px;font-family: arial, helvetica, sans-serif;"> Let’s take Apple Watch series 5 and BBK’s Little Genius Z5 as examples: </span> </p> <p> <br/> </p> <div class="_135editor" data-id="93765" data-tools="135编辑器"> <div data-width="100%" style="width: 100%;text-align: center;"> <div class="assistant" style="font-size: 18px;display: inline-block;padding-right: 10px;letter-spacing: -2px;box-sizing: border-box;"> ◆◆ </div> <div style="display: inline-block;"> <div class="135brush" data-brushtype="text" style="padding-right: 0.8em;padding-left: 0.8em;font-size: 18px;letter-spacing: 2px;font-weight: bold;box-sizing: border-box;"> <span style="font-size: 16px;font-family: arial, helvetica, sans-serif;"> Xiaotiancai Z5 Disassembly </span> </div> <div data-width="100%" style="width: 100%;height: 10px;background: rgb(62, 235, 255);border-radius: 20px;margin-top: -10px;box-sizing: border-box;"> </div> </div> <div class="assistant" style="font-size: 18px;display: inline-block;padding-left: 10px;letter-spacing: -2px;box-sizing: border-box;"> ◆◆ </div> </div> </div> <p> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <strong> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> Xiaotiancai Z5 watch: </span> </strong> <span style="font-size: 15px;"> It has a 5-megapixel wide-angle camera, supports high-definition video calls and voice photography, swimming-grade <span style="caret-color: red;"> waterproof, 4G full network access, overseas call positioning, nine-layer AI positioning, ultra-large ultra-clear AMOLED screen and other industry-leading or unique features, some of which are even several steps ahead, such as swimming-grade waterproof technology. </span> </span> </p> <p> <br/> </p> <p style="text-align: center;"> </p> <p style="text-align: center;"> <span style="font-size: 13px;color: rgb(137, 135, 145);"> Image source: New Technology Explosion, Tianfeng Securities Research Institute </span> </p> <p> <br/> </p> <p style="text-align: justify;"> <strong> <span style="font-family: arial, helvetica, sans-serif;"> Swimming-level waterproof principle: </span> </strong> </p> <p style="text-align: justify;"> (1) Highly waterproof speakers; (2) Waterproof sound-transmitting membrane, air pressure equalizing membrane, and reinforcement sheet (to withstand high water pressure); (3) <span style="caret-color: red;"> Double-layer waterproof soft glue for SIM card; (4) Adhesive that can withstand high water pressure is used between structural parts; (5) The camera and the outer shell must be able to withstand high water pressure + waterproof. </span> </p> <p> <br/> </p> <p style="text-align: justify;"> In summary, the Xiaotiancai Watch Z5 is waterproof in its selection of components and materials, and also takes into account the high <span style="caret-color: red;"> water pressure caused by swimming, using adhesives and fixings to prevent the penetration of high water pressure. </span> </p> <p> <br/> </p> <p style="text-align:center;"> <strong> <span style="caret-color: red;font-family: arial, helvetica, sans-serif;"> The principle of swimming-grade waterproofness of Xiaotiancai watch </span> </strong> </p> <p> <br/> </p> <p style="text-align: center;"> <span style="text-align: center;font-size: 13px;color: rgb(137, 135, 145);"> Image source: New Technology Explosion, Tianfeng Securities Research Institute </span> </p> <p style="text-align: center;"> <br/> </p> <p style="text-align: justify;"> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;text-align: justify;"> The Xiaotiancai Z5 watch </span> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;text-align: justify;color: rgb(0, 82, 255);"><strong> has a complete range of chips and is more integrated </strong></span><span style="font-family: arial, helvetica, sans-serif;font-size: 15px;text-align: justify;"> , such as a Bluetooth + WiFi two-in-one </span><span style="font-family: arial, helvetica, sans-serif;font-size: 15px;text-align: justify;caret-color: red;"> chip , a 2g RF chip + a multi-way switch chip, and a large module integrating RF transceiver + GPS. The two largest chips, the CPU + flash chip of Qualcomm Snapdragon Wear 2100, use the POP stacked packaging used by existing international flagship mobile phones.</span><span style="font-family: arial, helvetica, sans-serif;font-size: 15px;text-align: justify;color: rgb(0, 82, 255);"> <strong></strong> </span> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;text-align: justify;"></span> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;text-align: justify;caret-color: red;"></span> <br/> </p> <p style="text-align: justify;"> <br/> </p> <p style="text-align: center;"> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="text-align: center;"> <span style="text-align: center;font-size: 13px;color: rgb(137, 135, 145);"> Image source: New Technology Explosion, Tianfeng Securities Research Institute </span> </p> <p> <br/> </p> <div class="_135editor" data-id="93765" data-tools="135编辑器"> <div data-width="100%" style="width: 100%;text-align: center;"> <div class="assistant" style="font-size: 18px;display: inline-block;padding-right: 10px;letter-spacing: -2px;box-sizing: border-box;"> ◆◆ </div> <div style="display: inline-block;"> <div class="135brush" data-brushtype="text" style="padding-right: 0.8em;padding-left: 0.8em;font-size: 18px;letter-spacing: 2px;font-weight: bold;box-sizing: border-box;"> <span style="font-size: 16px;font-family: arial, helvetica, sans-serif;"> Apple Watch Series 5 teardown </span> </div> <div data-width="100%" style="width: 100%;height: 10px;background: #3eebff;border-radius: 20px;margin-top: -10px;box-sizing: border-box;"> </div> </div> <div class="assistant" style="font-size: 18px;display: inline-block;padding-left: 10px;letter-spacing: -2px;box-sizing: border-box;"> ◆◆ </div> </div> </div> <p> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> Apple Watch Series 5 can be generally divided into screen, strap, chip, battery, sensor, etc. According to </span> <span style="font-size: 15px;caret-color: red;font-family: arial, helvetica, sans-serif;"> the BOM table of Apple Watch Series 5, the estimated price of the whole machine is $145.45, and </span> <strong><span style="font-size: 15px;caret-color: red;font-family: arial, helvetica, sans-serif;color: rgb(0, 82, 255);"> the main control chip accounts for about 46% of the price of the whole machine </span></strong><span style="font-size: 15px;caret-color: red;font-family: arial, helvetica, sans-serif;"> . The main chips used are Apple's self-developed chips. Compared with the previous generation, the main upgrade is the screen, which uses a 1.57-inch LTPO OLED Retina display. </span><strong> <span style="font-size: 15px;caret-color: red;font-family: arial, helvetica, sans-serif;color: rgb(0, 82, 255);"></span> </strong> <span style="font-size: 15px;caret-color: red;font-family: arial, helvetica, sans-serif;"></span> </p> <p style="text-align:center;line-height: 1.75em;"> <br/> </p> <p style="text-align:center;line-height: 1.75em;"> <strong> <span style="font-size: 15px;caret-color: red;font-family: arial, helvetica, sans-serif;"> Apple Watch Series 5 BOM </span> </strong> </p> <p> <br/> </p> <p style="text-align: center;"> </p> <p> <span style="text-align: center;font-size: 13px;color: rgb(137, 135, 145);"> Source: Jiwei.com, Tianfeng Securities Research Institute </span> <br/> </p> <p> <br/> </p> <p style="text-align: justify;"> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;"> In terms of battery, the fifth generation Apple Watch has a 10% improvement over the Series 4 with a relatively small change in volume, </span> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;caret-color: red;"> extending battery life to the maximum extent without sacrificing space. This is mainly due to the "Efficient Battery Pouch" patent Apple applied for in 2015. The patent uses a new type of metal and packaging method to seal the battery instead of the traditional aluminum foil bag, making the battery more sealed and fully utilizing the internal space of the device. At the same time, the metal shell makes the battery physically stronger and has a lower safety risk during maintenance. </span> <br/> </p> </div> <p style="line-height: 1.75em;"> <br/> </p> <p style="text-align: center;"> <br/> </p> <p style="text-align: center;"> </p> <p style="text-align: center;"> <span style="font-size: 13px;color: rgb(137, 135, 145);"> Image source: </span> <span style="font-size: 13px;color: rgb(137, 135, 145);"> IFIXIT, Tianfeng Securities Research Institute </span> <br/> </p> <p> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> Taptic-Engine is the name of a new vibration module launched by Apple products. Its working principle is that a linear motor drives the vibration <span style="caret-color: red;"> block to make a straight line reciprocating motion. This module first appeared in the first Apple Watch and was later used in the iPhone series of products. </span> </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="caret-color: red;font-size: 15px;font-family: arial, helvetica, sans-serif;"> The Taptic Engine vibration module provides Force Touch and 3DTouch. Different screen operations can produce different vibration tactile effects. </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> In Apple Watch, Taptic Engine is the relay of the device notification system, strengthening the sound reminder and bringing users <span style="caret-color: red;"> a rich sensory experience. At the same time, by providing situational vibration feedback, Apple Watch can replicate clicks or heartbeats, and the effect will be enhanced when combined with the digital crown.</span> </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="text-align: center;"> </p> <span style="font-size: 13px;color: rgb(137, 135, 145);"> Source: </span> <span style="font-size: 13px;color: rgb(137, 135, 145);"> IFIXIT, Tianfeng Securities Research Institute </span> <p style="line-height: 1.75em;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> <br/> </span> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> From the outside, the fifth-generation Apple Watch LTPO display is similar to the fourth-generation, but in the S5, at least <span style="caret-color: red;"> a new display driver and power management IC are added to support the all-weather display function, which keeps the display always on by using energy more efficiently. </span> </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="text-align: center;"> </p> <p style="line-height: 1.75em;text-align: center;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> <span style="text-align: center;font-size: 13px;color: rgb(137, 135, 145);"> Source: </span> <span style="text-align: center;font-size: 13px;color: rgb(137, 135, 145);"> IFIXIT, Tianfeng Securities Research Institute </span> <br/> </span> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> <br/> </span> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> The displays of Apple Watch S4 and S5 both have LTPO technology. LTPO, which stands for Low Temperature Polycrystalline Oxide in Chinese, consists <span style="caret-color: red;"> of low temperature polycrystalline silicon (LTPS) thin film transistors (TFT) and oxide TFT, the latter of which includes IGZO (Indium Gallium Zinc Oxide) TFT. </span> </span> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;caret-color: red;"> <br/> </span> </p> <p style="text-align: center;"> </p> <p style="line-height: 1.75em;text-align: center;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;caret-color: red;"> </span> <span style="text-align: center;font-size: 13px;color: rgb(137, 135, 145);"> Source: </span> <span style="text-align: center;font-size: 13px;color: rgb(137, 135, 145);"> IFIXIT, Tianfeng Securities Research Institute </span> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> The LTPO solution has a faster response speed and lower power consumption, which is manifested in higher charge mobility, faster pixel response, <span style="caret-color: red;"> and fewer assembly steps and power consumption than the former. </span> </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="text-align: justify;"> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;"> The S5 has an always-on screen feature. The battery life of the S5 is the same as that of the S4. </span> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;caret-color: red;"> The refresh rate of the watch when it is not active is adjusted through the power management IC and display driver, which becomes the key to energy saving. When the watch is inactive, the Apple Watch reduces the refresh rate from 60Hz to 1Hz. The new low-power driver, ultra-efficient power management and new ambient light sensor allow the watch to have 18 hours of power from morning to night while the display remains on. </span> </p> <p style="line-height: 1.75em;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;caret-color: red;"> </span> </p> <p> <br/> </p> <p style="text-align: center;"> </p> <p style="line-height: 1.75em;text-align: center;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> <span style="text-align: center;font-size: 13px;color: rgb(137, 135, 145);"> Source: </span> <span style="text-align: center;font-size: 13px;color: rgb(137, 135, 145);"> IFIXIT, Tianfeng Securities Research Institute </span> </span> </p> <p style="line-height: 1.75em;text-align: justify;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> In general, through the splitting of Xiaotiancai Z5 and Apple Watch Series 5, we can see that the small <span style="caret-color: red;"> size integrates a large number of ICs, such as RF, Bluetooth, WiFi, power management chips, etc., as well as sensors, accelerometers and other components, and the manufacturers of the components are from well-known manufacturers; as the integration of smart watches becomes higher and higher, the functions are gradually being improved, and the demand for the supply chain is gradually expanding, and a complete industrial chain and value chain will be formed in the future.</span> </span> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> <span style="caret-color: red;"> <br/> </span> </span> </p> <p style="line-height: 1.75em;text-align: center;"> <span style="font-size: 16px;"> <strong> <span style="font-family: arial, helvetica, sans-serif;caret-color: red;"> Apple Watch S5 mainboard front IC </span> </strong> </span> <strong> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;caret-color: red;"> </span> </strong> </p> <p style="text-align: center;"> </p> <p style="line-height: 1.75em;text-align: center;"> <span style="font-size: 13px;color: rgb(137, 135, 145);"> Source: </span> <span style="font-size: 13px;color: rgb(137, 135, 145);"> eWiseTech, Tianfeng Securities Research Institute </span> </p> <p style="line-height: 1.75em;text-align: center;"> <br/> </p> <p style="line-height: 1.75em;text-align: center;"> <strong> Apple Watch S5 motherboard back IC </strong> </p> <p style="text-align: center;"> </p> <p style="line-height: 1.75em;text-align: center;"> <span style="text-align: center;font-size: 13px;color: rgb(137, 135, 145);"> Source: </span> <span style="text-align: center;font-size: 13px;color: rgb(137, 135, 145);"> eWiseTech, Tianfeng Securities Research Institute </span> </p> <p style="line-height: 1.75em;text-align: justify;"> <br/> </p> <p> <br/> </p> <div class="_135editor" data-id="92984" data-tools="135编辑器" style="text-align: justify;"> <div style="display:inline-block;"> <div style="border-width: 0px;border-style: none;border-color: initial;display: flex;justify-content: flex-start;align-items: flex-end;box-sizing: border-box;"> <div style="width: 1.8em;text-align: center;height: 1.8em;line-height: 1.8em;font-size: 18px;background-color: rgb(128, 177, 53);color: rgb(255, 255, 255);border-radius: 100%;box-sizing: border-box;"> 02 </div> <div style="margin-bottom: 0.25em;padding-right: 5px;padding-left: 5px;max-width: 100%;display: inline-block;vertical-align: bottom;border-bottom: 1px dashed #afafaf;border-top-color: #80b135;border-left-color: #80b135;border-right-color: #80b135;box-sizing: border-box;"> <div class="135brush" data-brushtype="text" style="max-width: 100%;min-height: 1em;color:#000;"> Smartwatch landscape: Apple leads the market, multiple brands compete </div> </div> <div style="max-width: 100%;display: inline-block;vertical-align: bottom;width: 0.5em;height: 0.5em;border-radius: 50%;background-color: #80b135;color: #ffffff;box-sizing: border-box;"> </div> </div> </div> </div> <p> <br/> </p> <div class="_135editor" data-role="paragraph"> <p> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> The main competitors of smart watches can be divided into mobile phone brand manufacturers, traditional outdoor sports equipment manufacturers and wearable <span style="caret-color: red;"> equipment manufacturers. Among them, mobile phone brands are mainly Apple, Samsung and Huawei; outdoor sports equipment manufacturers are represented by Suunto and Garmin, and wearable equipment manufacturers are represented by Huami and Fitbit.</span> </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="text-align: center;"> </p> <p style="line-height: 1.75em;text-align: center;"> <span style="font-family: arial, helvetica, sans-serif;font-size: 13px;color: rgb(137, 135, 145);"> Source: Strategy Analytics, Tianfeng Securities Research Institute </span> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> <br/> </span> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> In terms of sales, Apple has become the leader in the smartwatch market. According to a report released by Strategy Analytics, <span style="caret-color: red;"> global smartwatch shipments reached 14.2 million units in the third quarter of 2019, a year-on-year increase of 42%. Among them, Apple Watch maintained the first place with a market share of 47.9%, Samsung ranked second, and Fitbit remained in third place. Overall, global smartwatch sales maintained rapid growth, up 42% year-on-year. </span> </span> </p> <p> <br/> </p> <div class="_135editor" data-id="93802" data-tools="135编辑器"> <div style="text-align: center;color:#4f81bd;"> <div style="display: inline-block;"> <div style="text-align: right;margin-bottom: -14px;margin-right:1.6em;"> <div class="assistant" style="display: inline-block;background: rgb(255, 255, 255);padding-right: 2px;padding-left: 2px;box-sizing: border-box;"> // </div> </div> <div style="border-width: 1px;border-style: solid;border-color: rgb(79, 129, 189);box-sizing: border-box;"> <div class="135brush" data-brushtype="text" style="padding: 10px 1.5em;letter-spacing: 1.5px;box-sizing: border-box;"> Why are we optimistic about the deep development of semiconductors in smart watches? </div> </div> <div style="text-align: left;margin-top: -14px;margin-left:1.6em;"> <div class="assistant" style="display: inline-block;background: rgb(255, 255, 255);padding-right: 2px;padding-left: 2px;box-sizing: border-box;"> // </div> </div> </div> </div> </div> <p> <br/> </p> </div> <div class="_135editor" data-id="92984" data-tools="135编辑器" style="text-align: justify;"> <div style="display:inline-block;"> <div style="border-width: 0px;border-style: none;border-color: initial;display: flex;justify-content: flex-start;align-items: flex-end;box-sizing: border-box;"> <div style="width: 1.8em;text-align: center;height: 1.8em;line-height: 1.8em;font-size: 18px;background-color: rgb(128, 177, 53);color: rgb(255, 255, 255);border-radius: 100%;box-sizing: border-box;"> 01 </div> <div style="margin-bottom: 0.25em;padding-right: 5px;padding-left: 5px;max-width: 100%;display: inline-block;vertical-align: bottom;border-bottom: 1px dashed #afafaf;border-top-color: #80b135;border-left-color: #80b135;border-right-color: #80b135;box-sizing: border-box;"> <div class="135brush" data-brushtype="text" style="max-width: 100%;min-height: 1em;color:#000;"> TWS earphones + smartwatch, free your hands </div> </div> <div style="max-width: 100%;display: inline-block;vertical-align: bottom;width: 0.5em;height: 0.5em;border-radius: 50%;background-color: #80b135;color: #ffffff;box-sizing: border-box;"> </div> </div> </div> </div> <div class="_135editor" data-role="paragraph"> <p> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> Smart watches equipped with independent 4G will gradually develop as operators advance their eSim business. 4G not only supplements the call scenarios of smart <span style="caret-color: red;"> watches , but also provides convenience for instant data transmission for ecological services based on multiple scenarios such as sports, health, and life. Smart watches equipped with voice assistants will become a new terminal device combination in the scenario of "needing to free your hands" with the cooperation of smart wireless headset products.</span> </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> The TWS market size is growing rapidly. Before the release of Apple's AirPods in 2017, TWS headphones <span style="caret-color: red;"> had a very small market share. According to GFK data, the shipment volume of wireless headphones in 2016 was only 9.18 million units, and the market size was less than US$30 million. In 2018, the market size exceeded US$5 billion. It is estimated that by 2020, the market size of wireless headphones will reach US$11 billion, and the market size of the entire smart headphone market will exceed US$19.5 billion. </span> </span> </p> <p> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> The combination of watch + earphones can bring users quick operation and portable experience, especially in scenes where it is inconvenient to <span style="caret-color: red;"> use . In addition, the linkage between watch and earphones, diversified and fragmented networking methods, breaks the monopoly of mobile phones on all networking time, and can alleviate the digital anxiety caused by mobile phones to a certain extent.</span> </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="caret-color: red;font-size: 15px;font-family: arial, helvetica, sans-serif;"> With the popularization of new mobile communication technologies such as eSIM one number for multiple terminals and future 5G commercial use, the cost of independent communication for users on AI wearables has been significantly reduced. AI wearables, especially the "wrist + ear" combination of smart watches and smart headphones, will truly replace smartphones and become one of the most important Internet terminals in people's lives. </span> </p> <p> <br/> </p> <p> <br/> </p> <div class="_135editor" data-id="92984" data-tools="135编辑器" style="text-align: justify;"> <div style="display:inline-block;"> <div style="border-width: 0px;border-style: none;border-color: initial;display: flex;justify-content: flex-start;align-items: flex-end;box-sizing: border-box;"> <div style="width: 1.8em;text-align: center;height: 1.8em;line-height: 1.8em;font-size: 18px;background-color: rgb(128, 177, 53);color: rgb(255, 255, 255);border-radius: 100%;box-sizing: border-box;"> <p style="line-height: 1.75em;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> 02 </span> </p> </div> <div style="margin-bottom: 0.25em;padding-right: 5px;padding-left: 5px;max-width: 100%;display: inline-block;vertical-align: bottom;border-bottom: 1px dashed #afafaf;border-top-color: #80b135;border-left-color: #80b135;border-right-color: #80b135;box-sizing: border-box;"> <div class="135brush" data-brushtype="text" style="max-width: 100%;min-height: 1em;"> <p style="line-height: 1.75em;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> High prosperity leads to tight production capacity, and new suppliers are added to expand production </span> </p> </div> </div> <div style="max-width: 100%;display: inline-block;vertical-align: bottom;width: 0.5em;height: 0.5em;border-radius: 50%;background-color: #80b135;color: #ffffff;box-sizing: border-box;"> </div> </div> </div> </div> <p> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> As the leader of smart watches, Apple has a market share of nearly 50%. <span style="caret-color: red;"> Since the release of the original model in 2015, Quanta has been the main manufacturer of Apple Watch. In the second half of 2018, Quanta has been producing the new generation of smart watches, Apple Watch 4, at full capacity, but it is still in short supply. For this reason, Compal was later added as its new supplier; Apple Watch supplier Compal expanded its factory in Chongqing, China in June last year and is expected to start production in the second half of this year to fully sprint for wearable device orders. </span> </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="caret-color: red;font-size: 15px;font-family: arial, helvetica, sans-serif;"> Compal's non-PC shipments grew strongly last year, with one of the main driving forces being Apple Watch orders from Apple, but production capacity is still insufficient. Due to the rapid growth of Apple Watch, Luxshare and Foxconn will be added this year. Smartwatch sales have achieved rapid growth, with the market size increasing from 1 billion yuan in 2014 to 18.3 billion yuan, with a compound annual growth rate of </span> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;"> 106.83%. In 2019Q1-Q3, the year-on-year growth rates of smartwatch sales were 48%, 44% and 42% respectively, maintaining a high </span> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;caret-color: red;"> growth .</span> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> <span style="caret-color: red;"> </span> </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="text-align: center;"> </p> <p style="line-height: 1.75em;text-align: left;"> <span style="font-family: arial, helvetica, sans-serif;font-size: 13px;color: rgb(137, 135, 145);"> Source: China Industry Information Network, TrendForce, Tianfeng Securities Research Institute </span> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> <br/> </span> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> In the past, Apple Watch shipments were small, so maintaining one or two foundries was a reasonable strategy. In Q2 2019, Apple Watch’s <span style="caret-color: red;"> second-quarter revenue set a historical record, with more than 75% of Apple Watch buyers in that quarter making their first purchase. </span> </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> (1) As Apple Watch shipments continue to grow rapidly, it is necessary to introduce new foundries to increase production capacity, so <span style="caret-color: red;"> it intends to introduce Luxshare and Foxconn as the third and fourth generation foundries. </span> </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> (2) In terms of display screens, Apple Watch displays have been mainly supplied by LG in the past. This year, JDI will be added as a second supplier, <span style="caret-color: red;"> and Changxin Technology will be the exclusive supplier of OLED screens to start shipments. </span> </span> </p> <p> <br/> </p> <div class="_135editor" data-id="92984" data-tools="135编辑器" style="text-align: justify;"> <div style="display:inline-block;"> <div style="border-width: 0px;border-style: none;border-color: initial;display: flex;justify-content: flex-start;align-items: flex-end;box-sizing: border-box;"> <div style="width: 1.8em;text-align: center;height: 1.8em;line-height: 1.8em;font-size: 18px;background-color: rgb(128, 177, 53);color: rgb(255, 255, 255);border-radius: 100%;box-sizing: border-box;"> 03 </div> <div style="margin-bottom: 0.25em;padding-right: 5px;padding-left: 5px;max-width: 100%;display: inline-block;vertical-align: bottom;border-bottom: 1px dashed #afafaf;border-top-color: #80b135;border-left-color: #80b135;border-right-color: #80b135;box-sizing: border-box;"> <div class="135brush" data-brushtype="text" style="max-width: 100%;min-height: 1em;"> Smartwatch market grows rapidly, Apple Watch supply chain generates benefits </div> </div> <div style="max-width: 100%;display: inline-block;vertical-align: bottom;width: 0.5em;height: 0.5em;border-radius: 50%;background-color: #80b135;color: #ffffff;box-sizing: border-box;"> </div> </div> </div> </div> <p> <br/> </p> <p style="text-align: justify;"> <span style="font-size: 15px;caret-color: red;font-family: arial, helvetica, sans-serif;"> Apple's wearable device OEM factories are currently mainly Taiwanese factories. Apple Watch is mainly produced by Quanta Computer, and the second supplier is Compal. This year, Luxshare and Foxconn were added to prepare production capacity for the subsequent rapid growth of the smart watch market. </span> <br/> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="caret-color: red;font-size: 15px;font-family: arial, helvetica, sans-serif;"> In addition to Apple's orders, Quanta Computer has also won a number of smart watch orders from the Android camp. Quanta Computer is also the leading smart watch OEM in the Android camp. As for Inventec, it is the main OEM factory for Fitbit. </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> As for component manufacturers, AUO and Innolux focus on flexible AMOLED screens used in smart watches, while RiTong and Wisechip <span style="caret-color: red;"> ship PMOLED screens for use in smart watches or other wearable devices. </span> </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="text-align: center;"> </p> <p style="text-align: center;"> <span style="caret-color: red;font-family: arial, helvetica, sans-serif;font-size: 13px;color: rgb(137, 135, 145);"> Source: International Electronic Business Information, Tianfeng Securities Research Institute </span> </p> <p style="text-align: justify;"> <span style="font-size: 15px;caret-color: red;font-family: arial, helvetica, sans-serif;"> <br/> </span> </p> <p style="text-align: center;"> <span style="font-size: 15px;caret-color: red;font-family: arial, helvetica, sans-serif;"> </span> <strong> <span style="caret-color: red;font-family: arial, helvetica, sans-serif;font-size: 16px;"> Smartwatch supply chain components and suppliers </span> <span style="caret-color: red;font-family: arial, helvetica, sans-serif;font-size: 16px;"> </span> </strong> </p> <p style="text-align: center;"> <span style="color: rgb(137, 135, 145);font-family: arial, helvetica, sans-serif;font-size: 13px;text-align: center;caret-color: rgb(255, 0, 0);"> Source: </span> <span style="color: rgb(137, 135, 145);font-family: arial, helvetica, sans-serif;font-size: 13px;text-align: center;caret-color: rgb(255, 0, 0);"> International Electronic Business Information, Tianfeng Securities Research Institute </span> </p> <p style="text-align: center;"> <strong> <span style="caret-color: red;font-family: arial, helvetica, sans-serif;font-size: 16px;"> </span> </strong> <br/> </p> <p style="text-align: justify;"> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;caret-color: red;"> The smartwatch market is growing rapidly, with its value reaching 1/3 of that of mobile phones. </span> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;caret-color: red;"> In terms of value, the supply chain involves a large number of chips, including Bluetooth, WiFi, RF chips, power management chips, etc. In addition, it also includes components such as sensors, screens, and touch screens. </span> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;caret-color: red;"> Smartwatches have been shipped in large quantities. </span> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;caret-color: red;"> Compared with Apple Watch S5 and iPhone 11 pro Max, the BOM costs are $145.45 and $490.5 respectively </span> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;caret-color: red;"> , and the value of watches reaches 1/3 of that of mobile phones. </span> <br/> </p> <p> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> In terms of the speed of value increase, the value of Apple Watch launched in 2015 was US$83.70, and <span style="caret-color: red;"> the value of Apple Watch S5 increased by 73.78%; during the same period, the value of iPhone 6s Plus and iPhone 11 pro Max increased from US$236 to </span> </span> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;"> US$490.5, an increase of 107.84%. </span> </p> <p> <br/> </p> </div> <div class="_135editor" data-role="paragraph"> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> Overall, the value of smart watches and smart phones is increasing rapidly. Due to the small size of watches, <span style="caret-color: red;"> the demand for high-value screens (US$66.5) and cameras (US$73.5) is relatively small, so the value growth rate is relatively slow. Overall, we believe that the value of smart watches is showing a rapid growth trend, the value of the supply chain is increasing rapidly, and the supply chain has benefited significantly; </span> </span> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;"> taking USI as an example, the rapid growth in sales of Apple watches is the </span> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;caret-color: red;"> main .</span> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> <span style="caret-color: red;"> </span> </span> </p> <p> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="caret-color: red;font-size: 15px;font-family: arial, helvetica, sans-serif;"> SiP packaging has been used in Apple Watch before. In addition to watches, the number of SiP in smartphones is also increasing. Smartphones are becoming thinner and lighter, 5G, and wearable products such as Apple Watch all require electronic products to be lighter and lighter, and SiP packaging is an important technology to achieve this trend. SiP technology has a high process barrier. </span> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> As the exclusive supplier of Apple Watch, USI Electronics is a technological leader in this field. </span> </p> <p> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;text-align: justify;"> <br/> </span> </p> <p style="text-align: center;"> </p> <p style="text-align: center;"> <span style="font-size: 13px;color: rgb(137, 135, 145);"> Source: </span> <span style="font-size: 13px;color: rgb(137, 135, 145);"> Yifei.com, Tianfeng Securities Research Institute </span> </p> <p> <br/> </p> <p style="text-align: justify;"> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;text-align: justify;"> In 2018, the growth of USI was mainly </span> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;text-align: justify;"> related to Apple Watch. </span> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;text-align: justify;"> For USI, its consumer electronics </span> <span style="font-family: arial, helvetica, sans-serif;font-size: 15px;text-align: justify;caret-color: red;"> revenue reached 40% of the total revenue, accounting for a large proportion and one of the main driving forces for the company's development. The company's substantial increase in consumer electronics revenue in the third quarter of 2018 was related to the substantial increase in shipments of the new Apple Watch S4, and the SiP packaging and module assembly foundry business of Apple Watch is exclusively owned by USI.</span> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="font-size: 15px;font-family: arial, helvetica, sans-serif;"> <span style="caret-color: red;"> </span> </span> </p> <p style="line-height: 1.75em;"> <br/> </p> <p style="line-height: 1.75em;text-align: justify;"> <span style="caret-color: red;font-size: 15px;font-family: arial, helvetica, sans-serif;"> At the end of the second quarter of 2014, Apple Watch's SiP substrate shipments were 2.5-3 million units, and in the third quarter it expanded to 14-15 million units. Shipments have grown dramatically in recent years. In the first quarter of 2019, USI's revenue increased by 23.27%, mainly benefiting from the rapid growth in Apple Watch sales. </span> </p> <p style="line-height: 1.75em;text-align: justify;"> <br/> </p> <p> <br/> </p> <div data-role="outer" label="Powered by 135editor.com" style="max-width: 100%;font-size: 16px;box-sizing: border-box ;overflow-wrap: break-word ;"> <div data-role="paragraph" style="max-width: 100%;box-sizing: border-box ;overflow-wrap: break-word ;"> <div data-role="outer" label="Powered by 135editor.com" style="max-width: 100%;box-sizing: border-box ;overflow-wrap: break-word ;"> <div data-role="outer" label="Powered by 135editor.com" style="max-width: 100%;box-sizing: border-box ;overflow-wrap: break-word ;"> <div data-role="paragraph" style="max-width: 100%;box-sizing: border-box ;overflow-wrap: break-word ;"> <p style="max-width: 100%;min-height: 1em;letter-spacing: 0.544px;text-align: center;box-sizing: border-box ;overflow-wrap: break-word ;"> <em style="max-width: 100%;box-sizing: border-box;caret-color: rgb(255, 0, 0);text-indent: 32px;letter-spacing: 1.5px;widows: 1;color: rgb(63, 63, 63);font-size: 12px;overflow-wrap: break-word ;"> <em style="max-width: 100%;box-sizing: border-box;overflow-wrap: break-word ;"> <span class="" data-index="2574" data-raw-text="—" data-textnode-index="47" style="max-width: 100%;box-sizing: border-box ;overflow-wrap: break-word ;"> — </span> </em> <em style="max-width: 100%;box-sizing: border-box;overflow-wrap: break-word ;"><span class="" data-index="2575" data-raw-text="—" data-textnode-index="48" style="max-width: 100%;box-sizing: border-box ;overflow-wrap: break-word ;"> — </span></em><span class="" data-index="2576" data-raw-text=" " data-textnode-index="49" style="max-width: 100%;box-sizing: border-box ;overflow-wrap: break-word ;"> End —— </span><em style="max-width: 100%;box-sizing: border-box;overflow-wrap: break-word ;"> <span class="" data-index="2575" data-raw-text="—" data-textnode-index="48" style="max-width: 100%;box-sizing: border-box ;overflow-wrap: break-word ;"></span> </em> <span class="" data-index="2576" data-raw-text=" " data-textnode-index="49" style="max-width: 100%;box-sizing: border-box ;overflow-wrap: break-word ;"></span> </em> <span style="max-width: 100%;letter-spacing: 0.544px;caret-color: rgb(255, 0, 0);text-indent: 32px;widows: 1;color: rgb(63, 63, 63);box-sizing: border-box ;overflow-wrap: break-word ;"> </span> </p> <p style="max-width: 100%;min-height: 1em;letter-spacing: 0.544px;text-align: center;box-sizing: border-box ;overflow-wrap: break-word ;"> <br style="max-width: 100%;box-sizing: border-box ;overflow-wrap: break-word ;"/> </p> <div style="max-width: 100%;letter-spacing: 0.544px;text-indent: 0em;box-sizing: border-box ;overflow-wrap: break-word ;text-align: justify;"> <span style="max-width: 100%;letter-spacing: 0.544px;text-align: center;caret-color: rgb(255, 0, 0);text-indent: 32px;widows: 1;color: rgb(63, 63, 63);box-sizing: border-box ;overflow-wrap: break-word ;"> <span style="max-width: 100%;color: rgb(136, 136, 136);font-size: 13px;letter-spacing: 0.544px;box-sizing: border-box ;overflow-wrap: break-word ;"> This article is reprinted from Tianfeng Securities, written by analysts Pan Liang and Xu Junfeng, and edited by Xinshiye. It is </span> </span> <span style="max-width: 100%;letter-spacing: 0.544px;text-align: center;caret-color: rgb(255, 0, 0);text-indent: 32px;widows: 1;color: rgb(63, 63, 63);box-sizing: border-box ;overflow-wrap: break-word ;"><span style="max-width: 100%;color: rgb(136, 136, 136);font-size: 13px;letter-spacing: 0.544px;box-sizing: border-box ;overflow-wrap: break-word ;"> for communication and learning purposes </span></span><span style="max-width: 100%;text-align: center;caret-color: rgb(255, 0, 0);text-indent: 32px;widows: 1;box-sizing: border-box ;overflow-wrap: break-word ;"><span style="max-width: 100%;color: rgb(136, 136, 136);box-sizing: border-box ;overflow-wrap: break-word ;"><span style="max-width: 100%;font-size: 13px;letter-spacing: 0.544px;box-sizing: border-box ;overflow-wrap: break-word ;"> only . If you have any questions, please contact us at info@gsi24.com.</span></span></span><span style="max-width: 100%;text-align: center;caret-color: rgb(255, 0, 0);text-indent: 32px;widows: 1;box-sizing: border-box ;overflow-wrap: break-word ;"> <span style="max-width: 100%;color: rgb(136, 136, 136);box-sizing: border-box ;overflow-wrap: break-word ;"> <span style="max-width: 100%;font-size: 13px;letter-spacing: 0.544px;box-sizing: border-box ;overflow-wrap: break-word ;"></span> </span> </span> <span style="max-width: 100%;letter-spacing: 0.544px;text-align: center;caret-color: rgb(255, 0, 0);text-indent: 32px;widows: 1;color: rgb(63, 63, 63);box-sizing: border-box ;overflow-wrap: break-word ;"> <span style="max-width: 100%;color: rgb(136, 136, 136);font-size: 13px;letter-spacing: 0.544px;box-sizing: border-box ;overflow-wrap: break-word ;"></span> </span> </div> </div> </div> </div> <p style="max-width: 100%;min-height: 1em;letter-spacing: 0.544px;text-align: center;box-sizing: border-box ;overflow-wrap: break-word ;"> <br style="max-width: 100%;box-sizing: border-box ;overflow-wrap: break-word ;"/> </p> <p style="max-width: 100%;min-height: 1em;box-sizing: border-box ;overflow-wrap: break-word ;"> <br style="max-width: 100%;box-sizing: border-box ;overflow-wrap: break-word ;"/> </p> <div style="max-width: 100%;box-sizing: border-box;letter-spacing: 0.544px;overflow-wrap: break-word ;"> <div class="" powered-by="xiumi.us" style="max-width: 100%;box-sizing: border-box;overflow-wrap: break-word ;"> <div style="max-width: 100%;box-sizing: border-box;color: rgb(98, 98, 98);font-size: 15px;letter-spacing: 0.5px;line-height: 1.75em;text-align: center;overflow-wrap: break-word ;"> <span style="max-width: 100%;color: rgb(63, 63, 63);box-sizing: border-box ;overflow-wrap: break-word ;"> <span style="max-width: 100%;color: rgb(65, 122, 191);font-family: Arial, Helvetica, sans-serif;font-size: 12px;letter-spacing: 0.544px;box-sizing: border-box ;overflow-wrap: break-word ;"> ▼ </span> <span style="max-width: 100%;color: rgb(65, 122, 191);font-family: Arial, Helvetica, sans-serif;font-size: 16px;letter-spacing: 1px;box-sizing: border-box ;overflow-wrap: break-word ;"> Highlights from previous issues </span> <span style="max-width: 100%;color: rgb(65, 122, 191);font-family: Arial, Helvetica, sans-serif;font-size: 12px;letter-spacing: 0.544px;box-sizing: border-box ;overflow-wrap: break-word ;"> ▼ </span> </span> </div> <div data-role="paragraph" style="max-width: 100%;letter-spacing: 0.544px;color: rgb(255, 255, 255);font-size: 14px;text-align: center;box-sizing: border-box ;overflow-wrap: break-word ;"> <div style="margin-top: 1em;max-width: 100%;letter-spacing: 1px;line-height: 1.75em;color: rgb(63, 62, 63);box-sizing: border-box ;overflow-wrap: break-word ;"> <div style="max-width: 100%;box-sizing: border-box;border-bottom: 1px solid rgb(210, 210, 210);font-family: Arial, Helvetica, sans-serif;line-height: 1.75em;overflow-wrap: break-word ;"> <a data-itemshowtype="0" data-linktype="2" hasload="1" href="http://mp.weixin.qq.com/s?__biz=MzIwMzgzNTQ1Nw==&mid=2247500340&idx=1&sn=73dfc0401f5308e8b12f3e8688996734&chksm=96cbd31aa1bc5a0c340cd1781d414ef7a00dde51fc9caf80a3f3d5d3fa362fc0e713b3ed5e96&scene=21#wechat_redirect" style="-webkit-tap-highlight-color: rgba(0, 0, 0, 0);cursor: pointer;max-width: 100%;box-sizing: border-box ;overflow-wrap: break-word ;" target="_blank"> Domestic IC Huashan Sword Contest! 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