苹果们这下傻眼了：当初为了避税跑路去印度，结果现在川普对印度加征的关税，居然比中国还高。 这可能是全球化进程中最具讽刺意味的一幕。 想当初，以苹果为首的一批美国企业，为了躲避川普政府对华加征的高额关税，不惜耗费巨资，将生产线从中国迁往印度之后。 结果，当时间来到2025年10月末，随着中美达成临时贸易休战，美国对华关税不升反降，反而是印度等国的关税，却在持续攀升。 这种戏剧性的税率倒挂，让许多美国企业陷入前所未有的困境。 他们原本是为规避风险而迁出的中国，结果现在反而要被迫承担更高昂的成本。 "我们就像一群关税难民，从一个司法管辖区流浪到另一个，但无论怎么选，结果似乎都是错的。" 沃尔登伯格（Rick Woldenberg）是一位美国益智玩具商，在芝加哥经营着两家益智玩具公司。 今年4月，在中美关税战开打之后，沃尔登伯格不得已紧急刚将他的毛绒玩具生产线从中国迁往印度，以应对川普宣布的"三位数对华关税"。 然而，时隔仅半年不到，形势就逆转了。 美国对华关税被下调，反倒是印度被加征了50%关税。 更讽刺的是，沃尔登伯格从印度发往美国的货物，因为延误了6小时清关，所以最后还被迫多支付了5万美元关税。 沃尔登伯格不是 ...

Core Viewpoint - Apple and Netflix are two prominent stocks in the market, with Apple having a market cap of approximately $4 trillion and Netflix around $471 billion, highlighting their size difference and market presence [2][5]. Company Analysis: Apple - Apple is recognized for its innovative consumer technology products, particularly the iPhone, but has not yet established a strong AI strategy compared to other tech giants [2]. - Despite not heavily investing in AI, Apple has avoided some recent downturns in the AI sector and has seen strong sales for its iPhone 17 in China [3]. - The company maintains a gross margin of 46.91% and does not offer a dividend yield [5]. Company Analysis: Netflix - Netflix has surpassed 300 million global subscribers and is increasing prices on its monthly memberships, indicating strong financial performance [6]. - The company is actively leveraging generative AI to enhance user experience and assist content creators, positioning itself well in the streaming market [5][6]. - Netflix's gross margin stands at 48.02%, and it does not provide a dividend yield [8]. Investment Recommendation - The recommendation is to buy Netflix over Apple due to its clearer growth path and leadership in content, despite Netflix trading at a higher forward earnings multiple of over 43 [8][9]. - While Apple is not considered a poor investment, the growth opportunities for Netflix appear more significant at this time [9].

Core Insights - The article highlights the investment philosophy and business strategies of Duan Yongping, a prominent figure in both the manufacturing and investment sectors, often referred to as "China's Warren Buffett" [3][19]. Group 1: Investment Philosophy - Duan emphasizes that investing is fundamentally about understanding the company rather than merely speculating on stock prices, stating "buying stocks is buying companies" [17]. - His successful investment in NetEase, where he bought shares at a time when the stock was undervalued, exemplifies his approach of understanding the business model and market potential [18]. - Duan has only truly understood a few companies over the years, including Apple and Moutai, indicating a selective and informed investment strategy [18]. Group 2: Business Principles - Duan advocates for a principle-based approach to business, focusing on doing the right things and maintaining a calm mindset, which he refers to as "本分 + 平常心" (being principled and having a calm heart) [13]. - He established a "not-to-do list" for his company, which includes avoiding OEM production and not engaging in dishonest practices, thereby streamlining operations and reducing errors [14][15]. - His experience with the company Step by Step (步步高) illustrates the importance of brand building over competing in low-margin OEM markets [14]. Group 3: Personal Background and Career - Duan Yongping's journey began in Jiangxi, China, and he faced various challenges in his early life, which shaped his decision-making and independence [9]. - After a successful career in manufacturing, he retired early to focus on family and investment, believing that financial freedom comes from doing what one loves without being driven solely by money [10][11]. - His transition from CEO to investor reflects a strategic shift towards leveraging his expertise in understanding business dynamics rather than managing day-to-day operations [10][11].

每经AI快讯，11月20日，大型科技公司美股盘前集体上扬。谷歌涨1.8%，亚马逊涨1.7%，微软涨 1.1%，Meta涨1.5%，苹果涨0.4%。 ...

Core Insights - Berkshire Hathaway added only one new stock to its portfolio in Q3, which is a major tech company [1] - Warren Buffett will step down as CEO at the end of the year, but will remain as chairman, ensuring continuity in investment strategy [2] - Buffett's investment strategy focuses on companies with steady growth and reliable profits, typically avoiding technology firms [3] Berkshire Hathaway's Portfolio - The "Magnificent Seven" includes major tech companies like Apple, Amazon, Alphabet, Nvidia, Microsoft, Meta Platforms, and Tesla [4] - Berkshire has invested in three of the Magnificent Seven stocks since 2016, which now represent 23.4% of its $309 billion equity portfolio [5] Amazon - Amazon constitutes 0.8% of Berkshire's portfolio and is involved in e-commerce, cloud computing, streaming, and digital advertising [6] - AWS generated $33 billion in revenue in Q3, a 20% year-over-year increase, marking its fastest growth since Q4 2022 [8] - Berkshire first invested in Amazon in 2019 and is expected to benefit from Amazon's growth driven by AI [9] Alphabet - Alphabet makes up 1.6% of Berkshire's portfolio, with a nearly $5 billion stake acquired in Q3 [11] - The company has integrated AI into its search engine, which has led to a 34% revenue growth for Google Cloud in Q3 [14] - Alphabet's P/E ratio is 27.2, making it the second-cheapest stock in the Magnificent Seven, aligning with Buffett's value investing approach [14] Apple - Apple is the largest holding in Berkshire's portfolio, accounting for 21% [15] - Berkshire invested approximately $38 billion in Apple from 2016 to 2023, with the value of its stake peaking at over $170 billion [15] - Apple's devices are designed for the AI era, and the company has 2.35 billion active devices globally, positioning it as a potential leader in AI software distribution [16][18]

来源：新浪证券-红岸工作室 11月20日，捷邦科技跌0.52%，成交额7862.59万元，换手率2.73%，总市值76.80亿元。 异动分析 液冷服务器+富士康概念+苹果概念+锂电池概念+人民币贬值受益 1、根据2025年7月17日互动易：目前公司服务器液冷散热业务按计划正常推进中。但由于公司与客户签 署了保密协议，目前暂时无法提供具体的项目细节。 5、根据2024年年报，公司海外营收占比为67.79%，受益于人民币贬值。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 今日主力净流入157.52万，占比0.02%，行业排名22/98，该股当前无连续增减仓现象，主力趋势不明 显；所属行业主力净流入-6.23亿，连续3日被主力资金减仓。 区间今日近3日近5日近10日近20日主力净流入157.52万366.14万420.67万-4602.07万-1.03亿 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额2842.57万，占总成交额的4.44%。 技术面：筹码平均交易成本为122.28元 2、公司直接客户主要为富士康、广达集团、仁宝电脑、可成科技、比亚迪等苹果组件生 ...

Core Insights - Apple has initiated a recruitment process for DRAM packaging engineers, marking a significant shift in its approach to AI and data center technology [1][4] - The role will focus on developing next-generation storage packaging for Apple's future products and managing collaborations with semiconductor suppliers [1][4] - This recruitment is seen as a strategic move to reduce reliance on Google for AI training and to enhance Apple's capabilities in AI server technology [4] Group 1: Recruitment Details - The position requires candidates with a master's or doctoral degree and over 10 years of industry experience, particularly in HBM and high-performance storage [1] - Candidates should possess deep expertise in HBM architecture, including TSV design, die stacking, storage configuration, virtual channels, and thermal management [1] - Strong communication skills are essential for collaboration with internal teams and managing external suppliers [1] Group 2: Strategic Implications - This is the first time Apple has specifically recruited for DRAM packaging engineers, indicating a focus on AI servers and data centers [4] - Apple aims to invest heavily in AI infrastructure, moving away from reliance on Google Cloud TPU for AI training [4] - The company has begun producing advanced servers in the U.S. to support its private cloud computing and Apple Intelligence projects [4] Group 3: Technology and Partnerships - The job description highlights the need to address integration issues in advanced packaging technologies such as CoWoS, EMIB, SoIC, and PoP [5] - Due to tight capacity for TSMC's CoWoS technology, Apple may consider outsourcing some high-end AI chip packaging orders to Intel to avoid capacity bottlenecks [5] - The expectation is that Apple may develop high-performance AI chips specifically for data centers, potentially incorporating HBM technology [4]

Group 1 - Elon Musk expressed willingness to collaborate with Apple to enhance Siri by integrating Grok AI developed by xAI, responding to user criticism of Siri's outdated performance [2] - Samsung plans to increase its monthly production capacity of 10nm sixth-generation DRAM to 200,000 wafers by the end of 2026 to regain market leadership in DRAM [3] - The price for a luxury suite on the Antarctic cruise taken by New Oriental founder Yu Minhong is approximately 1.48 million yuan, with a waiting period of two years for a trip [4] Group 2 - Drewry's Asia Container Freight Index (IACI) rose by 24% in the first half of November, reaching $630 per FEU, influenced by seasonal demand and shipping companies' measures to boost rates [5] - The ticket refund rate for the anime film "Demon Slayer: Infinity Castle Chapter 1" increased from 3.2% to 7.6% between November 18 and 21, indicating a significant drop in audience attendance [7] - The launch of the Lantu Taishan, the first domestic SUV equipped with a three-chamber air suspension, is priced between 379,900 yuan and 509,900 yuan, featuring advanced driving modes and Huawei's latest driving assistance technology [8] Group 3 - Foshan introduced 12 new policies to promote a stable and healthy real estate market, allowing employees to convert commercial loans to public housing fund loans for second homes [9] - Intel CEO Pat Gelsinger highlighted the 40th anniversary of Intel's entry into the Chinese market, emphasizing collaboration in AI and innovation for the next 40 years [10] - AliExpress Brazil set a record for single-day sales on November 11, achieving the highest sales since its launch in 2013 [11] Group 4 - As of October 2023, China's electric vehicle charging infrastructure reached 18.645 million units, a year-on-year increase of 54%, with public charging facilities accounting for 4.533 million units [12] - The Ministry of Finance announced the early allocation of part of the 2026 budget for central financial support for urban housing security projects [13] - A UN report indicated that nearly half of the global population now resides in urban areas, with the number of megacities quadrupling since 1950 [14]

Federated Learning Overview - Federated learning addresses the challenge of training ML models on private data residing on user devices [3] - It dispatches a model to end devices for training on private data and aggregates the trained models on a central server [4] - This approach reduces computation requirements on the server side by distributing most computation to user devices [3] Challenges in Federated Learning - Client devices have limited RAM and battery power, requiring efficient training methods [3] - Aggregating different models received from client devices to create a central model poses a challenge [3] - Privacy-sensitive datasets are often biased with personal likings and beliefs, leading to skewness in client data distribution [5] Data Privacy and Bias - Data on modern devices, such as images, messages, and voice notes, is mostly private [2][4] - The skewness in client data distribution, such as an overrepresentation of pet, car, or travel images, needs to be addressed [5] Application in Speech Recognition - Siri processes 25 billion (25B) requests per month, representing a large dataset for improving speech recognition [1] - The data on user devices can be leveraged to improve ML models [1]

智通财经APP获悉，根据 Counterpoint Research 的中国 Market Pulse 智能手机月度销售追踪报告的初步数据显示，10 月份智能手机销量在苹果 (AAPL.US)37% 的同比增长的推动下增长了 8%。"iPhone 17 系列继续为苹果带来佳绩，其中基础款和 Pro 机型的增长最快，"高级分析师 Ivan Lam 表示，"新款 iPhone 的销量占比极高，超过 80%，因此随着平均售价的上涨，我们预计整体销量将进一步提升。" 数据来源：Counterpoint Research Market Pulse 智能手机月度销售追踪报告 数据来源：Counterpoint Research Market Pulse 智能手机月度销售追踪报告 这是苹果有史以来在 Q4 的最佳开局表现，其总销量已经远远超过了 2021 年 10 月创下的历史纪录。该月，中国市场中每售出四部智能手机就有一 部是 iPhone ——这一标志性的成绩此前仅在 2022 年出现过一次，当时苹果在高端市场的竞争对手相对较少。 2025-2026 年全球 eSIM 市场出货量份额 OPPO 凭借其拥有出色的摄像头和 ...