Dongguan Securities research reports indicate that AI phones and foldable phones are expected to drive a replacement wave. After the support of edge-side large model SoC and the release of edge-side large model, many terminal manufacturers have released AI phones. Embedded AI big model provides personalized agents for users, which is expected to enhance productivity and creativity, thereby driving user replacement demand. With the improvement of user experience of foldable phones and the continuous decline of terminal prices, coupled with the new products such as future three-fold screen phones, Apple foldable phones, etc., the shipment volume of foldable phones is expected to maintain a rapid growth trend. Under the replacement wave, the mobile phone industry chain is expected to benefit comprehensively, especially in the upgrading of component specifications.