Core Viewpoint - Apple's first foldable smartphone, iPhone Fold, is confirmed to launch in the fall of 2026 and is currently in the preparation stage for mass production [1] Group 1: Product Specifications - iPhone Fold will feature a book-style foldable design similar to Samsung's Galaxy Z Fold, with a thickness of 9-9.5mm when folded and approximately 4.5-4.8mm when opened [1] - The device will have a titanium alloy frame to prevent bending, and the hinge will be made of a combination of titanium alloy and stainless steel, ensuring durability and smooth folding [1] Group 2: Pricing Information - Due to increased costs associated with the hinge, body, and screen, iPhone Fold is expected to be Apple's first iPhone priced over $2000, with estimates for the US version ranging between $2000 and $2500, equivalent to approximately 13816-17270 yuan [1]

Core Viewpoint - Apple's first foldable smartphone, iPhone Fold, is set to launch in the fall of 2026 and is currently in the preparation stage for mass production [1] Group 1: Product Specifications - iPhone Fold features a book-style foldable design similar to Samsung's Galaxy Z Fold [1] - The thickness of the device is approximately 9-9.5mm when folded and about 4.5-4.8mm when unfolded [1] - The frame of the device is made from titanium alloy, which effectively prevents bending [1] - The hinge is constructed from a combination of titanium alloy and stainless steel, ensuring durability and smooth folding [1]

Nothing says “Friday afternoon in Washington” quite like a constitutional crisis followed by a spontaneous tax on every single thing you own. On February 20, 2026, the U.S. Supreme Court decided to remind the executive branch that the International Emergency Economic Powers Act (IEEPA) isn’t actually a “do whatever you want” card. In a 6-3 ruling that left the White House fuming and trade lawyers salivating, the Court struck down President Donald Trump’s sweeping reciprocal tariffs as unlawful. Naturally, t ...

Core Viewpoint - The Supreme Court ruled that President Trump exceeded his authority by imposing global tariffs under the International Emergency Economic Powers Act (IEEPA), which could lead to lower input costs for U.S. companies and reduced trade uncertainty over time [1]. Group 1: Positive Beneficiaries - Apple (AAPL) and Amazon (AMZN) are expected to benefit from the ruling, as Apple has incurred approximately $3 billion in tariffs and has shifted production to reduce exposure to higher tariffs [4]. - The reinstatement of the "de minimis exemption," allowing duty-free imports under $800, will directly benefit Amazon's e-commerce operations [5]. - Apparel retailers like Nike (NKE) and Lululemon (LULU) may also benefit, as they have faced significant supply-chain disruptions due to tariffs and the exemption could help alleviate some of these pressures [7]. - Homebuilders such as Toll Brothers (TOL) and Lennar Corporation (LEN) could see advantages from lower import costs on essential construction materials, which have been a burden due to high material costs [8]. Group 2: Sector-Specific Impacts - General Motors (GM) has faced a substantial tariff burden estimated between $6.1 billion and $7.1 billion annually, while Ford (F) has benefited from foreign tariffs on medium- and heavy-duty trucks [6]. - The Producer Price Index (PPI) for construction has reached an all-time high, indicating increased costs for domestic producers, which could be alleviated by lower import costs [9]. Group 3: Market Reactions - The ruling may lead to short-term stock market volatility, particularly affecting sectors that benefited from tariff protections, such as domestic steel and aluminum producers [2][10]. - Investors are likely to monitor the potential impacts of tariff relief on the global economy and the stock market, with certain stocks poised to benefit from these changes [10].

来源：中国基金报 万亿外资巨头又调仓了！ 根据美国证券交易委员会（SEC）披露，近日资管巨头贝莱德递交了截至2025年12月31日的第四季度持 仓报告（13F）。 根据13F，贝莱德第四季度持仓总市值为5.92万亿美元，环比增长3.67%。去年第四季度，贝莱德投资组 合中新增了247只个股，清仓165只个股。其中，前十大重仓股占总市值30.41%。 具体来看，前五大买入标的为谷歌-A、谷歌-C、礼来、美光（MU.US）、苹果。前五大卖出标的为标 普500ETF-SPDR CALL（SPY.US.CALL）、ServiceNow（NOW.US）、Strategy（MSTR.US）、AT&T （T.US）、Kellanova （K，现已退市）。 "前十大"科技含量较高 增持英伟达、苹果、微软等 根据13F，贝莱德持有的前十大重仓股科技含量较高，具体包括：英伟达（NVDA.US）、苹果 （AAPL.US）、微软（MSFT.US）、亚马逊（AMZN.US）、谷歌-A（GOOGL.US）、博通 （AVGO.US）、谷歌-C（GOOG.US）、META（META.US）、特斯拉（TSLA.US）、礼来 （LLY.US）等 ...

Core Insights - OpenAI is developing a smart speaker equipped with a camera and facial recognition capabilities similar to Apple's Face ID, aiming to enhance user interaction and shopping experiences through visual recognition [1][2][4] Product Overview - The smart speaker is expected to be priced between $200 and $300 (approximately 1450-2200 RMB) and is projected to be released as early as February 2027 [3][22] - Key features include environmental perception through the camera, Face ID-level facial recognition, and voice shopping capabilities [3][4] - The product is part of a broader hardware strategy that includes future developments in smart glasses and smart lamps [3][16] Market Implications - The introduction of this smart speaker could disrupt existing e-commerce and advertising models by inserting a new decision-making layer between consumers and traditional platforms like Google and e-commerce sites [4][25] - OpenAI's hardware ambitions are supported by a team of 200 people, including notable figures from Apple, indicating a strong design and engineering foundation [7][12][26] Competitive Landscape - OpenAI's strategy appears to be a response to the competitive pressures from major tech companies like Apple and Meta, which are also investing in AI-integrated wearable devices [16][25] - The company is facing challenges in proving that AI hardware can deliver a qualitatively different user experience compared to existing devices [26][25] Development Challenges - OpenAI's hardware team operates separately from the main company, indicating a focused approach to hardware development [12] - The company has adjusted its product strategy due to supply chain issues, opting for a simplified version of its AI headphones before launching more advanced models [19][21]

Core Insights - The iPhone 17 Pro has been experiencing strong sales since its launch, attributed to its new design, cosmic orange color, and exceptional battery life, with CEO Tim Cook noting "astonishing" consumer demand [1] - Rumors about the upcoming iPhone 18 Pro suggest significant improvements in battery life due to three key upgrades [2] Group 1: iPhone 17 Pro Performance - The iPhone 17 Pro has been a best-seller, with its market performance validated by the latest quarterly results [1] - Tim Cook highlighted the remarkable consumer demand for the iPhone 17 Pro [1] Group 2: iPhone 18 Pro Rumors - The iPhone 18 Pro is expected to feature a larger capacity battery, potentially increasing the thickness of the Pro models [2] - It may include Apple's self-developed second-generation 5G modem, C2, which aims to further optimize power consumption and extend battery life [2] - The new A20 Pro chip will utilize TSMC's 2nm process technology, enhancing performance and energy efficiency, contributing to improved battery life [2] - The combination of increased battery capacity, optimized modem efficiency, and advanced chip technology is projected to elevate the iPhone 18 Pro's battery performance to new heights [2]

来源：环球网 更值得关注的是，iPhone 18 Pro Max将搭载基于台积电2纳米制程工艺打造的A20 Pro芯片。相较于前 代，2纳米工艺有望带来显著的能效优化。电池容量的小幅增长与芯片功耗的进一步降低相结合，或将 使该机型在日常使用中实现1.5至2天的续航时间。 不过，iPhone 18 Pro Max未必是苹果产品线中电池容量最大的机型。据传，计划于明年秋季同步亮相的 折叠屏iPhone Fold，可能配备高达5500mAh的电池。但考虑到其展开后屏幕尺寸达7.8英寸，实际功耗 仍存在变数，最终续航表现有待实测验证。 分析认为，对于愿意为高端机型支付溢价的用户而言，续航问题或不再成为使用痛点。据悉，折叠屏 iPhone Fold的起售价可能超过2000美元。 ...

来源：环球网 【环球网科技综合报道】2月21日消息，据海外科技媒体AndroidHeadlines最新消息，苹果公司正在研发 一款配备相控阵天线的可拆卸智能保护壳，旨在提升iPhone的卫星通信能力。该技术有望增强信号强度 和数据传输速度，但用户可能需要单独购置这款专用配件，才能体验增强版卫星功能。 自2022年在iPhone 14系列中首次推出"卫星紧急求救"功能以来，苹果持续对卫星通信技术进行迭代升 级。最新曝光的一项专利显示，该公司正在探索一种外置天线方案，以突破现有内置天线在功率和尺寸 上的限制。 当前，iPhone内置的卫星天线由于体积有限，数据传输速率较低，且易受建筑物、树木和地形等物理障 碍干扰。为解决这一问题，苹果设计的智能保护壳采用相控阵天线技术，通过多个发射器和接收器实现 电子化波束形成与控制。与仅锁定单颗卫星不同，该保护壳可与卫星星座保持动态连接，在卫星过境时 无缝切换，从而大幅提升连接稳定性与数据传输能力。 专利插图显示，该保护壳配有一个可折叠的盖子，使用时指向天空，并通过专用射频链路或近场通信 （NFC）与iPhone实现数据同步。 分析认为，更大尺寸的外置天线不仅能减少用户手部对信 ...

Core Viewpoint - The market is experiencing a rotation where value stocks, cyclicals, and international markets are gaining traction while mega-cap technology stocks have pulled back, a common occurrence during bull markets [1][12]. Group 1: Market Dynamics - The Magnificent 7 stocks have traded sideways to modestly lower since last November due to concerns over AI overinvestment and valuation multiples, yet their fundamental positioning remains strong [2][12]. - AI is not the sole growth driver for these companies; they are also central to long-term trends in cloud computing, digital advertising, e-commerce, and more, with AI acting as an accelerator rather than a primary driver [3][12]. Group 2: Cloud Computing Strength - Companies like Amazon, Alphabet, and Microsoft are seeing a re-acceleration in cloud computing growth, driven by strong demand for AI-related compute capacity, with hyperscalers reporting sold-out capacity [5][6]. - Valuations for these companies have become more reasonable following recent market consolidation, making them attractive for investors seeking exposure to AI infrastructure [7][12]. Group 3: Individual Company Insights - Meta Platforms is highlighted for its compelling valuation, trading at less than 22x earnings with projected long-term earnings growth of around 20%, while also benefiting from AI-driven improvements [9]. - Nvidia remains a key player in the AI infrastructure space, trading at mid-20s on forward earnings with a PEG ratio near 0.5, indicating strong growth relative to valuation [10]. - Apple has maintained a stable position without aggressive AI infrastructure spending, showing renewed strength in iPhone demand and a rapidly expanding services segment, indicating resilience in its ecosystem [11]. Group 4: Future Outlook - The recent trading pattern of the Magnificent 7 suggests a healthy consolidation rather than a breakdown, with expectations that mega-cap technology may reassert leadership as cloud demand and AI adoption continue to grow [12][13]. - The long-term competitive positioning of these dominant companies remains intact, suggesting they are well-positioned to lead future market advances if the broader bull market persists [14].