花旗发表研报指，苹果上季销售额1438亿美元(按年增长16%，高于指引的10%至12%)，对比市场预期 为1384亿美元；每股收益为2.84美元，高于市场预期的2.67美元；毛利率为48.2%，市场预期为47.4%， 反映服务业务毛利率为76.5%，产品毛利率为40.7%。 该行予苹果"买入"评级，目标价为315美元。 财报电话会议的重点将包括，Apple应对更高元件成本的方式及其对毛利率的潜在影响；全球及特别是 中国的iPhone需求前景，以及产品更新周期的看法；服务业务的动能及增长驱动因素；Apple在人工智 能方面的发展，包括即将推出的Siri重大改版、与Gemini的合作以及领导层变动；关于关税情况的最新 资讯及其影响；2026年新产品的推出计划；首席执行官继任计划。 ...

Core Insights - Apple reported record financial metrics for Q1 FY2026, with total revenue of $143.76 billion, a 16% year-over-year increase, net income of $42.10 billion, a 15.9% increase, and diluted earnings per share of $2.84, an 18.3% rise, all exceeding market expectations [1] Financial Performance - Total revenue reached $143.76 billion, up 16% year-over-year [1] - Net income was $42.10 billion, reflecting a 15.9% increase [1] - Diluted earnings per share stood at $2.84, an 18.3% increase [1] Supply Chain and Product Demand - Apple faced supply constraints, particularly in memory supply, impacting the ability to meet strong demand for the latest iPhone series, which saw a 23% growth [2][3] - The company is working to increase supply to meet high user demand, with channel inventory at low levels [2] Market Performance in China - Revenue in Greater China grew by 38%, driven primarily by iPhone sales, achieving record income levels for the region [3][4] - Strong consumer response to the iPhone 17 series contributed to increased foot traffic in stores [3][4] User Base and Product Adoption - The installed user base in Greater China reached historical highs, with significant upgrades from existing users and strong growth in users switching from other brands [4] - First-time buyers accounted for a majority of purchases for Mac, iPad, and Apple Watch, indicating positive market reception [5] AI Strategy and Future Opportunities - Apple is integrating AI features into user experiences, aiming to create significant user value and open new opportunities for products and services [6][10] - The collaboration with Google is expected to enhance Apple's AI capabilities, although specific details on revenue sharing remain undisclosed [10] Gross Margin Insights - The gross margin for Q1 was 48.2%, slightly above previous guidance, attributed to a favorable product mix and strong iPhone sales [11] - The service business also contributed to gross margin growth, maintaining double-digit growth [11]

1月29日，苹果公司(AAPL.US)发布2026财年第一财季(截至2025年12月27日)业绩报告显示，总营收、 iPhone收入、服务收入等多项指标创下历史新高。在全球科技股押注"AI+硬件换机"的背景下，市场对 苹果这份假日季财报的关注点集中在三件事：iPhone 17的换机强度能否延续、中国需求是否真正回 暖、以及在内存涨价与先进制程产能紧张的情况下，苹果能否守住利润率与供给节奏。 更引人瞩目的是，CEO库克在财报电话会上宣布，苹果正与谷歌合作开发下一代Apple基础模型，这将 为今年推出的更个性化Siri提供动力。这一合作标志着苹果在AI战略上的重大转向，库克表示： "我们认为谷歌的AI技术将为Apple基础模型提供最强大的基础，我们相信通过这一合作能够解锁大量 体验并以关键方式进行创新。" iPhone引爆超级周期，所有地区创历史新高 本季度最大的惊喜来自iPhone。该产品线收入达到853亿美元，同比激增23%，创下历史新高。库克在 电话会上用"令人咋舌(staggering)"和"非凡(extraordinary)"来形容用户对iPhone 17系列的热情。尤其是 主打超薄设计的iPhone ...

Market Performance - The Shanghai Composite Index rose by 0.16% to 4157.98 points, while the Shenzhen Component fell by 0.3% and the ChiNext Index dropped by 0.57%[1] - The Hong Kong Hang Seng Index increased by 0.51% to 27968.09 points, with the Hang Seng Technology Index declining by 1% and the Hang Seng China Enterprises Index rising by 0.42%[1] - The total market turnover in Hong Kong was 3319.942 million HKD[1] Currency and Economic Relations - The U.S. Treasury Department labeled the Chinese yuan as "severely undervalued" and urged China to allow timely appreciation of its currency[12] - A survey by Goldman Sachs indicated that the majority of investors expect the yuan to appreciate against the U.S. dollar this year[8] Corporate Earnings - Apple reported a record quarterly revenue of 143.8 billion USD, exceeding Wall Street expectations, with a 38% increase in revenue from China[12] - The anticipated net profit for Sunny Optical Technology is expected to increase by 70% to 75%, reaching approximately 4.589 to 4.724 billion RMB[14] Bilateral Agreements - China and the UK reached 11 positive outcomes during Prime Minister Keir Starmer's visit, including the establishment of a yuan clearing bank in the UK and a reduction in whisky import tariffs from 10% to 5%[12]

Core Insights - Apple reported a record-breaking quarter, with significant growth in revenue and earnings, highlighting the importance of Apple Intelligence as a business lever and its partnership with Google for AI development [1][7] Group 1: Financial Performance - Apple achieved quarterly revenue of $143.8 billion, representing a 16% year-over-year increase, with diluted EPS of $2.84 [7] - iPhone revenue reached $85.3 billion, up 23% year-over-year, while Services revenue hit an all-time high of approximately $30 billion, increasing by 14% [7] - Sales in greater China surged to $25.5 billion, marking a 38% year-over-year growth, primarily driven by iPhone sales [7] Group 2: Apple Intelligence and AI Strategy - Apple Intelligence is framed as an operating-system-level capability rather than a standalone product, aimed at enhancing the overall ecosystem and monetization opportunities across hardware and services [3][4] - CEO Tim Cook emphasized that the integration of AI features is designed to be personal and private, enhancing user experience without necessarily being tied to a direct revenue model [4] - The potential for revenue growth from AI is linked to improvements in discovery, shopping, customer service, and in-app conversions, which could lead to increased device upgrades and service engagement [4] Group 3: Partnership with Google - Apple announced a partnership with Google, selecting it for its AI technology capabilities while ensuring privacy standards are maintained [5] - Cook stated that Google's AI technology provides a strong foundation for Apple's future developments, although specific deal terms were not disclosed [5] Group 4: Payment Security - Apple Pay reportedly eliminated over $1 billion in fraud for partners in the previous year, with plans to expand the service into more markets [6] - The company is focusing on device-centric security and network tokenization to reduce fraud, indicating ongoing investment in payment security measures [6]

Market Performance - The Shanghai Composite Index rose by 0.16% to 4157.98 points, while the Shenzhen Component fell by 0.3% and the ChiNext Index dropped by 0.57%[1] - The Hong Kong Hang Seng Index increased by 0.51% to 27968.09 points, with the Hang Seng Tech Index declining by 1% and the Hang Seng China Enterprises Index rising by 0.42%[1] - The total market turnover in Hong Kong was 3319.942 million HKD[1] Currency and Economic Relations - The U.S. Treasury Department labeled the Chinese yuan as "severely undervalued" and urged China to allow timely appreciation of its currency[12] - China and the UK reached several positive outcomes during Prime Minister Keir Starmer's visit, including the establishment of a yuan clearing bank in the UK[12] Corporate Earnings - Apple reported a record quarterly revenue of 143.8 billion USD, exceeding Wall Street expectations, with a 38% increase in revenue from China[12] - The anticipated net profit for Sunny Optical Technology is expected to increase by 70% to 75%, reaching approximately 4.589 to 4.724 billion RMB[14] - Baidu's expected net profit for the year is projected to increase by 384% to 443%[14] Commodity Market Trends - Gold prices fell from above 5500 USD per ounce, experiencing a significant drop of 5.7% in a single day due to profit-taking and a stronger dollar[12] - Copper prices surged by 10.1%, reaching a historic high of over 14,400 USD per ton, driven by speculative trading in China[12]

苹果交出史上最佳季度答卷：营收1438亿美元、iPhone收入853亿美元双双创新高，大中华区增长38%。公司预计下季营收仍将两位数增长，但提示 3nm等先进节点产能约束、内存涨价或压制供给与毛利。AI方面，苹果宣布与谷歌合作开发下一代基础模型，个性化Siri"今年上线"。 1月29日，苹果公司发布 2026财年第一财季（截至2025年12月27日）业绩报告 显示，总营收、iPhone收入、服务收入等多项指标创下历史新高。在全 球科技股押注"AI+硬件换机"的背景下，市场对苹果这份假日季财报的关注点集中在三件事： iPhone 17的换机强度能否延续 、 中国需求是否真正回暖 、以及在 内存涨价与先进制程产能紧张 的情况下，苹果能否守住利润率与供给节奏。 更引人瞩目的是，CEO库克在财报电话会上宣布，苹果正与谷歌合作开发下一代Apple基础模型，这将为今年推出的更个性化Siri提供动力。这一合作 标志着苹果在AI战略上的重大转向，库克表示： "我们认为谷歌的AI技术将为Apple基础模型提供最强大的基础，我们相信通过这一合作能够解锁大量体验并以关键方式进行创新。" iPhone引爆超级周期，所有地区创历史新高 ...

Core Insights - Global smartphone shipments reached 1.26 billion units in 2025, representing a year-over-year growth of 2.6% [1] - Apple emerged as the largest smartphone vendor by shipment volume in 2025, with 242.8 million units shipped, marking a 9.9% increase year over year [1] - Apple's global market share increased to 19.3% in 2025, up from 18.1% in 2024 [1]

2026.01. 30 本文字数：1868，阅读时长大约3分钟 作者 | 第一财经 郑栩彤 当地时间1月29日，苹果发布了截至2025年12月27日的2026财年第一季度财报。该季度苹果营收 1437.6亿美元，同比增长16%，净利润421亿美元，同比增长16%。 分产品看，第一季度苹果iPhone收入852.7亿美元，同比增长23.3%；Mac收入83.9亿美元，同比减少 6.7%；iPad收入86亿美元，同比增长6.3%；可穿戴设备、家居与配件收入114.9亿美元，同比减少 2.2%；服务业务收入300.1亿美元，同比增长14%。 分区域看，该季度苹果来自美洲、欧洲、大中华区、日本、其余亚太地区的收入分别为585.29亿美 元、381.46亿美元、255.26亿美元、94.13亿美元、121.42亿美元，分别同比增长11.2%、12.7%、 37.9%、4.7%、18%。 "这是iPhone有史以来表现最佳的季度，服务业务的收入也创历史纪录。"苹果CEO蒂姆·库克（Tim Cook）表示。他表示，苹果的活跃设备安装量已超过25亿台。 就大中华区的业务表现，库克表示，大中华区的收入增长是由iPhone17驱 ...

Core Insights - Apple reported record-breaking financial performance for Q1 FY2026, with revenue reaching $143.8 billion, a 16% year-over-year increase, significantly exceeding expectations [1][3] - The iPhone business achieved its best quarterly performance ever, driven by unprecedented market demand, with revenue of $85.3 billion, a substantial 23% increase [7] - CEO Tim Cook indicated that rising memory prices are expected to impact profit margins in Q2 [1][10] Financial Performance - Total revenue for the quarter was $143.8 billion, up 16% from $124.3 billion in the same quarter last year [3][6] - Net profit reached $42.1 billion, a 15.9% increase year-over-year, with diluted earnings per share at $2.84, up 18.3% [3][6] - Gross margin for the quarter was $69.2 billion, reflecting strong sales performance [6] Business Segment Analysis - iPhone revenue accounted for $85.3 billion, representing 59.3% of total revenue, with a year-over-year growth of 23% [7] - iPad revenue was $8.6 billion, a 6.3% increase, while Mac revenue declined by 6.7% to $8.39 billion [7] - Wearables, home, and accessories revenue was $11.49 billion, down 2.2% [7] Regional Performance - Greater China saw a remarkable 38% revenue growth, reaching $25.53 billion, driven by strong sales of the iPhone 17 series [8] - The Americas, Europe, and Japan experienced revenue growth of 11%, 13%, and 5%, respectively, indicating a significant disparity compared to Greater China [9] Supply Chain and Cost Management - Tim Cook noted that the company is facing tight inventory levels due to high demand for the latest iPhone series [10] - Rising prices of memory chips and storage chips are anticipated to have a more significant impact on gross margins in the current quarter [11] - The company is considering various options to mitigate cost pressures, including supply chain optimization and product pricing strategy adjustments [12]