智通财经获悉，根据Counterpoint Research的数据，苹果(AAPL.US)的iPhone是1月份唯一在中国市场实现销量增长的智能手机产品线。该机构称， 其他手机厂商的销量在整体下滑23%的市场环境中都出现大幅下降，主要是补贴减少以及农历新年时间变化所致。然而，iPhone 17系列帮助苹果实 现了8%的增长，使其市场份额提升至约五分之一，与华为并列领先。 大中华区成为本次财报的最大亮点，该区域营收达255亿美元，同比增长38%，大幅超出市场218亿美元的预期。苹果首席执行官库克指出，iPhone在 该地区创下了销售纪录，并且推动安卓用户向苹果生态的转换数实现两位数增长。 财经频道更多独家策划、专家专栏，免费查阅>> 该机构补充称，目前iPhone 17系列几乎没有折扣或降价，这为未来进一步调整价格或优化利润率留出了空间。不过，其他手机品牌尚未进入最密集 的促销阶段，本月的农历新年节日将成为季节性消费的核心。 自去年9月推出新款机型以来，苹果的旗舰产品实现了重大复苏。在全球最大智能手机市场，其假期期间出货量激增，帮助其实现了有史以来最佳的 iPhone季度业绩。苹果在上月底公布的财报显示，在截至 ...

这位对冲基金投资经理指出，来自特朗普政府的政治层面的压力以及即将到来的美联储领导层更迭，是 推动美联储激进降息周期的关键催化剂。 艾因霍恩提到，特朗普"相信美国应该拥有全球最低的利率"，并已选择了一位与这一激进降息愿景一致 的新任美联储主席。他强调相信特朗普提名的下任美联储主席凯文.沃什(Kevin Warsh)"将会提出一些具 有说服力的论据，能够说服FOMC美联储货币政策委员会里的成员们"支持更低利率。 艾因霍恩强力驳斥了"强劲经济将会阻止降息进程"的担忧情绪，他认为在新上台的经济与财政领导层之 下，传统约束可能不再适用。 尽管1月份美国非农就业数据比市场预期强劲得多，导致金融市场对于美联储2026年降息预期从3次降至 2次降息，但是华尔街对冲基金投资巨鳄、绿光资本创始人大卫.艾因霍恩(David Einhorn)预测，美联储 今年将把基准利率下调"远远多于两次"，并称市场正在严重低估未来货币政策宽松步伐。 这位华尔街最顶级对冲基金经理认为，押注降息次数将超过当前市场预期，是"眼下最好的交易逻辑之 一"。在接受媒体采访时，艾因霍恩表示，美联储"必然将会降息，并且比市场定价的次数要多得多"。 当被追问他预计 ...

消息面上，泰格医药近日公告，此预计2025年实现营业收入66.6亿-76.8亿元，同比增长1%至16%；归属 于上市公司股东的净利润为8.3亿-12.3亿元，同比增长105%至204%；归属于上市公司股东的扣除非经常 性损益后的净利润约3.3亿-4.9亿元，同比下降61%至43%。当期业绩增长主要由金融资产的投资收益和 公允价值变动贡献，而非临床CRO核心业务驱动。 里昂发布研报称，泰格医药的订单情况有所改善，但市场更关注公司的订单转化收入效率及投资变现能 力。由于短期利好因素已反映在股价，相信其风险与回报已趋于平衡。该行下调泰格医药2027财年盈测 7%，以反映长期投资收益的不确定因素增加。 泰格医药（300347）(03347)尾盘跌超5%，截至发稿，跌4.85%，报51港元，成交额1.3亿港元。 ...

Core Viewpoint - The solar industry may have reached its peak, contrary to some analysts' beliefs, as the International Energy Agency (IEA) predicts a significant decline in global photovoltaic (PV) installations by 2026, despite exceeding the 630 GW annual target in 2022 with 654 GW of new capacity [1][2]. Group 1: Solar Industry Performance - The solar industry is expected to face a downturn in new installations, with analysts suggesting that future growth may not surpass the levels seen in 2025 [1]. - The IEA's estimates indicate that achieving net-zero emissions will require substantial annual PV installations from 2030 to 2050, yet the current trajectory suggests a decline [1]. Group 2: Silver Market Dynamics - Silver prices have surged by 154% over the past year, driven by both fundamental factors and speculative behavior, with 60% of silver consumption coming from industrial users, particularly the solar sector [3][6]. - Solar manufacturers consumed approximately 196 million ounces of silver last year, accounting for 17% of global silver consumption, which is equivalent to the total usage in the jewelry industry [3][6]. Group 3: Silver Consumption Trends - The transition to TOPCon technology in solar panels requires more silver, but manufacturers are increasingly reducing silver usage, achieving an annual reduction rate of about 15% [3][4]. - If the solar industry maintains this historical rate of silver savings, the demand for silver could drastically decline, potentially dropping to a quarter of last year's levels by 2035, even with a projected increase in installation volumes [5]. Group 4: Future Outlook and Opportunities - The potential oversupply of silver due to declining demand from the solar industry raises questions about the sustainability of current silver prices, especially as 80% of mined silver comes from profitable operations below $30 per ounce [5]. - Despite the broad applications of silver, other sectors like electric vehicles and artificial intelligence are unlikely to compensate for the loss of demand from the solar industry, which could lead to a significant supply surplus [5][6]. - There is skepticism regarding the predictions of the solar industry's peak, as historical trends suggest that the IEA has often underestimated the sector's potential for growth and innovation [7].

Core Viewpoint - The report from Everbright Securities predicts that Xidi Intelligent Driving (03881) will reduce its Non-IFRS net loss to 76 million yuan in 2025, a year-on-year decrease of 39.8%, with expected Non-IFRS net profits of 75 million yuan and 357 million yuan in 2026 and 2027 respectively, highlighting the company's strong position in the autonomous mining truck sector and its technological advantages [1] Group 1: Company Overview - Xidi Intelligent Driving, established in 2017, focuses on providing autonomous driving technology and solutions for commercial vehicles, particularly in mining trucks and logistics vehicles, and is one of the first companies in China to achieve "no safety driver normal operation" for autonomous commercial vehicles [1] - The company is expected to see revenue and profit growth as the commercialization of autonomous mining trucks expands, with additional revenue potential from V2X and intelligent perception businesses as market demand increases [2] Group 2: Market Potential - According to Xidi Intelligent Driving's prospectus, the market size for autonomous mining truck solutions in China is projected to reach 1.9 billion yuan in 2024, with a total potential market size of 550 billion yuan, and is expected to grow to 39.6 billion yuan by 2030, representing a CAGR of 65.3% from 2024 to 2030 [2] - The penetration rate of autonomous mining trucks in mining transportation is expected to increase as the demand for intelligent mining solutions grows and technology matures, leading to an upgrade in market size and commercialization levels [2] Group 3: Competitive Advantages - Xidi Intelligent Driving possesses core advantages in technology, scene adaptation, and commercialization: 1. Technological differentiation with superior obstacle perception and positioning accuracy compared to competitors [3] 2. Strong scene integration capabilities with six core functions covering the entire process [3] 3. Rapid commercialization through a pure product sales model, allowing for quick conversion of technology into commercial success, which is expected to further solidify the company's competitive edge [3]

爱建证券发布研报称，数据中心已成为电力设备行业核心增量应用场景，其发展趋势直接驱动电力设备 需求增长与技术迭代。从行业数据看，2024 年全球数据中心新增装机量已达 14GW，且单机柜功率密 度大幅提升，这一变化使得数据中心对电力供给的稳定性、能效性提出更高要求，进而推动电力设备在 该场景的应用规模扩张与技术迭代加速。 博耳电力中期报告显示，公司作为国内领先的一站式高端综合配电系统及方案供应商，在智能配电领域 已构建深厚技术壁垒。基于自主研发的"慧云"大数据平台，公司为客户提供独创的IEM一站式解决方案 服务，能确保数据中心用电安全性及稳定性，并通过智能化配用电解决方案降低能源消耗，帮助客户实 现数据中心产业可持续发展。 博耳电力(01685)午后涨超130%，截至发稿，涨119.05%，报0.69港元，成交额2118.77万港元。 ...

华兴证券发布研报称，汽车智能化带动智能座舱和智能驾驶相关的电子零部件需求快速增长。根据公司 招股说明书披露，未来5年汽车电子行业规模在全球和中国的复合增年长率分别为5.8%/9.4%，2029年将 分别达到3.2万亿元/1.7万亿元，其中智驾解决方案将是增长最快的细分板块。预计均胜电子有望凭借其 参与开发的CCU产品在舱驾一体的趋势中取得竞争优势。 均胜电子（600699）(00699)逆市涨超4%，截至发稿，涨3.94%，报17.42港元，成交额3475.27万港元。 消息面上，近日，德国大众汽车集团全球总部技术交流展在沃尔夫斯堡举办。均胜电子旗下均联智行携 全系汽车智能化解决方案重磅亮相，并首次展示联合中际旭创（300308）打造的车载光通信解决方案。 该方案已具备量产上车能力，成为全场展会的重要看点之一。 ...

消息面上，极智嘉近日发布全球首款面向仓储场景的通用机器人Gino1。据悉，Gino1不仅在可靠性和效 率表现上能满足客户要求，更具备卓越的成本效益，让客户更愿意进行商业化部署，从而加速产品实现 真正的商业化应用。目前，该产品现已具备成熟的量产能力，可快速投入规模化部署，为全流程无人仓 的广泛落地奠定了基础。 信达国际认为，考虑到集团在仓储履约行业已累积丰富的经验及客户关系，Gino1有望在短期内投入应 用。该行表示，集团是具有清晰应用场景及丰富客户资源的具身智能企业，现价相当于7.4倍的2026年 市销率(P/S)，倘Gino1获客户认可，加上盈利能力逐步改善，估值有望获向上重估。 极智嘉-W(02590)涨超4%，截至发稿，涨4.53%，报27.7港元，成交额8886.2万港元。 ...

Group 1 - The core viewpoint is that China's recent expansion of visa-free entry policies for 48 countries and optimization of transit visa policies will significantly boost inbound tourism and related consumption [1][2] - Since the second half of 2023, China has implemented a unilateral visa-free entry policy for 48 countries, allowing stays of up to 30 days, and has established visa exemptions with 28 countries, enhancing the convenience of entry for tourists and business travelers [1][2] - The report indicates that there is over 30% growth potential for inbound tourist flows in China, as the country has historically played a role as a source rather than a destination for tourists [2] Group 2 - Domestic airlines are expected to see a significant increase in international flight capacity, with monthly turnover growth exceeding 20% compared to 2019, driven by the ongoing effects of the visa-free policies [2][3] - The report forecasts that the compound annual growth rate (CAGR) for international passenger flow for Chinese airlines could reach up to 15% over the next three years, as foreign airlines struggle to restore capacity [2] - Major Chinese airlines, including China Eastern Airlines, China Southern Airlines, and Air China, are recommended for investment due to their significant international route capacity and expected benefits from the growing inbound tourism market [3]

美国东部时间2026年2月11日，全美最大的独立燃油批发分销商之一ARKO Petroleum(APC.US)正式宣布 完成其首次公开募股。公司此次以每股18.00美元的价格发行了约1111万股普通股，最终募集资金总额 达到2亿美元。按照发行价计算，该公司的初始市场价值约为8.3亿美元。该公司预计于2月12日在纳斯 达克股票市场挂牌交易。 据此前向美国证券交易委员会(SEC)提交的文件显示，Arko Petroleum此前曾推介1050万股，定价区间为 每股18至20美元。该公司通过扩大发行规模的首次公开募股(IPO)筹集了2亿美元，发行价定于推介区间 的下限。 作为财富500强企业、便利店巨头ARKO Corp.(ARKO.US)旗下的核心资产，ARKO Petroleum在北美燃 油供应链中占据举足轻重的地位。其业务足迹遍布美国30多个州及哥伦比亚特区，在2025年前三季度， 公司的燃料交付总量已突破15亿加仑。除了为母公司旗下的1100多家零售便利店提供稳定的油源保障 外，其服务网络还覆盖了超过2000个第三方独立加油站和次级分销商，并向服务于商用车队的无人值守 加油站点批发燃料。 在资本结构和财务规划 ...