Apple’s new Liquid Glass interface isn’t going anywhere anytime soon, @MarkGurman explains in this week’s Power On https://t.co/p5mQJjiAnt ...

——北交所策略专题报告 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 苹果高端旗舰手机重新启用钛金属，消费电子用钛材需求持续提升 根据海外媒体和相关人士透露，苹果公司将于 2026 年底发布首款折叠屏手机 iPhone 18 Fold，新手机将会使用钛和铝的混合金属框架；这也意味着苹果将钛 金属重新应用中其高端产品中。钛合金的材料特性完美匹配折叠屏需求：其强度 几乎是铝合金的两倍，却比不锈钢轻 40%，恰恰符合折叠屏铰链处材料需求。材 料的优化有望使 iPhone 18 Fold 整机重量控制在 250 克以内，接近直板旗舰机型 的握持体验，彻底解决了传统折叠屏"压手"的痛点。对于以"革命性体验"为 卖点的苹果折叠屏而言，钛合金成为无法替代的核心材料支撑。在智能手机同质 化日益严重的市场环境中，材料创新成为品牌构建差异化优势的关键抓手。苹果 新旗舰手机通过钛合金材质实现的多重体验升级，正构建起难以复制的竞争壁 垒。北交所钛合金产业链相关公司有天工股份、金钛股份（已过会）；天工股份 是我国消费电子钛材核心供应商，也是是国际消费电子大厂 A 公司、S 公司供应 链 ...

Tim Cook’s Crucial Question Before Joining Apple: ‘I Was Warned…’Read the full article here.Apple’s Early Formula 1 Ratings Win: Are F1 Rights Being Underestimated By Investors?Apple has seen a surge in U.S. viewership for the 2026 Formula 1 season. This rise could be attributed to the introduction of the new American team, Cadillac F1, and the success of “F1: The Movie” in 2025, starring Brad Pitt. Read the full article here.Apple Cuts App Store Fees In China To Avoid Antitrust ProbeAmid mounting regulator ...

Munger convinced him to pay $25 million for See's Candies, a beloved California chocolate company. By the valuation methods Buffett had learned from Benjamin Graham, this was overpaying — See's wasn't cheap relative to book value. Buffett nearly killed the deal over the last $25,000. Munger told him he was "slipping back into the stone age" (6).Charlie Munger thought this was insane. Or at least severely limiting.Before See's, Buffett was a bargain hunter in the purest sense — what he called "cigar butt" in ...

Core Insights - The report maintains a "Buy" rating for the internet media sector, highlighting strong growth potential in various sub-sectors such as e-commerce, social entertainment media, internet healthcare, short videos, and IP-driven markets [4][3] - The report emphasizes the positive impact of Apple's commission rate reduction on gaming companies, which is expected to enhance industry profitability [14][15] - The AI sector is anticipated to experience significant growth, with a focus on self-developed models and vertical integration in cloud and ecosystem services [22][4] E-commerce - The report notes that Alibaba's cloud services are expected to boost token usage and MaaS revenue due to the launch of lightweight cloud servers [4][17] - Meituan's management emphasizes a focus on core local business and AI as a major variable for future growth, while maintaining a significant market share in instant retail [14][15] Social Entertainment Media - Tencent's WeChat is projected to continue its strong monetization potential, while Bilibili's advertising growth is expected to lead the internet advertising market [4][18] - Bilibili's advertising revenue is forecasted to accelerate to a 27% growth rate in Q4 2025, benefiting from e-commerce and AI applications [18][4] Internet Healthcare - JD Health and Alibaba Health are leveraging their platform advantages to deepen collaborations with upstream pharmaceutical manufacturers, resulting in strong revenue and profit growth [4][18] Short Videos - Kuaishou is expected to benefit from technological advancements, with continued capital investment anticipated in 2026 [4][19] IP and Trendy Toys - Pop Mart is actively releasing and promoting new IPs, with plans to enhance collaboration with overseas designers to penetrate international markets [4][19] Long Videos - The report indicates that membership and advertising revenues in the long video sector are stabilizing, with companies exploring new business opportunities [4][19] Music Streaming - The music streaming sector is experiencing healthy membership growth, with strategies in place to optimize ARPU [4][19] Gaming - The report remains optimistic about the gaming sector's performance, with recommendations for companies like Century Huatong and Giant Network, which have strong product pipelines and sustainable growth [20][4] - The gaming industry is expected to maintain its favorable outlook into 2026, driven by fundamental performance [20][4] Advertising - The report highlights significant increases in internet advertising investments, particularly for companies like Focus Media, which is expected to benefit from upcoming major events [20][4] AI - The report anticipates a new wave of value reassessment in AI, with a focus on high customer unit prices and increased penetration rates [22][4]

行业观点 3D 打印减碳提效契合行业 ESG 诉求，精简工序支撑消费电子高端化升级。 在全球 ESG 监管趋严与双碳目标的双重驱动下，消费电子行业正面临减碳压力与资源效率提升的双重挑战，3D 打印技术凭借材料高利用率、再生资源适配性及工序精简的核心优势，成为行业践行绿色发展、推动高端化升级 的关键解决方案。传统 CNC 减材工艺在钛合金等高端材料加工中不仅材料利用率偏低，还需经过电镀、化学抛 光等多道污染性表面处理工序，易产生含重金属的废水废气。而 3D 打印大幅提升了原材料利用率，还可直接利 用再生钛粉实现资源循环利用，同时省去了传统电镀等污染工序，从源头降低了环境负荷。苹果与 OPPO 的实 践已印证这一技术的价值：苹果通过 3D 打印再生钛金属部件，在保障产品性能与美学的同时，有效缩减了环境 足迹；OPPO 则借助 3D 打印钛合金铰链，实现了折叠屏机型的轻薄化升级与结构可靠性提升。据芯语，iPhone 18 系列物料端正在测试屏下 3D 人脸解锁，同时还在测试微透玻璃，有望推动一波供应链加速。 打磨抛光是 3D 打印核心后处理环节，工艺适配决定产品品质与技术量产落地。 3D 打印完成零部件成型后，打磨 ...

Energy Sector - The Middle East conflict has led to significant volatility in the energy market, with Brent crude oil prices fluctuating between $90 and $120 per barrel due to geopolitical tensions and missile strikes [2][3] - Analysts warn that disruptions in the Strait of Hormuz, which accounts for 20% of global oil supply, could lead to sustained triple-digit oil prices [3] Inflation and Economic Impact - In Australia, the national inflation rate is projected to exceed 4.5%, primarily driven by rising oil prices, prompting warnings of increased cost-of-living pressures and potential interest rate hikes from the Reserve Bank of Australia [4] - In the UK, consumer sentiment is increasingly polarized along political lines, complicating the government's efforts to stimulate domestic spending despite broader economic recovery [5] Technology Sector - Apple has launched the MacBook Neo, priced at $600, which has been described as the company's most disruptive product in over a decade, targeting the education and senior markets [6][7] - Analysts estimate that the Neo could contribute an additional $2 billion in annual revenue to Apple's Mac segment, despite lacking the high-end processing power of the MacBook Pro [7] Infrastructure Investment - China's State Grid Corporation has reported a significant increase in investment as part of a 4 trillion yuan ($574 billion) initiative to modernize the national power grid and integrate renewable energy [8][9]

Core Insights - Apple Inc. is recognized as one of the 13 unrivaled stocks for the next decade, although its artificial intelligence initiatives are still developing [1] Product Development - Apple has delayed the release of its smart home display, code-named J490, to focus on enhancing its Siri digital assistant, pushing the expected launch to later in 2026 from an earlier anticipated date [2] - The initial release date was set for spring 2025, indicating a significant shift in the company's product timeline due to AI development [2] Analyst Sentiment - Analysts maintain a positive outlook on Apple, with Citigroup's Atif Malik adjusting projections for the second half of 2026 due to rising memory costs, while keeping a price target of $315 and a "Buy" rating [3] Company Overview - Apple Inc. is a global leader in technology, known for its products such as the iPhone, Mac, iPad, and Apple Watch, and operates across various regions including the Americas, Europe, Greater China, Japan, and the Asia Pacific [4]

There are currently 11 companies worth $1 trillion or more (as I write this), but only four are members of the vaunted $3 trillion club: Nvidia at $4.4 trillion, Apple at $3.7 trillion, Alphabet at $3.6 trillion, and Microsoft at $3 trillion.Mounting evidence suggests that Broadcom (AVGO 4.11%) will join these tech titans in the years to come. The company's products play a crucial role in data centers -- where most artificial intelligence (AI) processing occurs -- and unprecedented demand is fueling robust ...

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting potential growth opportunities driven by AI advancements and market adjustments [10]. Core Insights - The media industry is experiencing a transformative phase with the rise of AI-driven applications, particularly in digital marketing and content creation. The adjustment of commission rates by major platforms like Apple is expected to enhance the survival environment for innovative companies [4][16]. - The report emphasizes the importance of AI in reshaping content production, media forms, and interaction modes, indicating a shift from generative AI to agentic AI, which is expected to create significant economic value [17][18]. Industry Overview - The media sector has shown varied performance, with the Shanghai Composite Index and Shenzhen Component Index experiencing slight fluctuations. The media sub-sectors have seen significant movements, with notable gains in companies like Zhongnan Culture and China Science Publishing [15]. - The report discusses the impact of geopolitical pressures on market sentiment, suggesting that despite challenges, the upward trend in AI-driven application scenarios remains intact [4]. Key Recommendations - Specific stocks recommended for investment include: - Shunwang Technology (300113) for its positioning in consumer-grade graphics cards [5] - Yaoji Technology (002605) for its transition from traditional card games to digital marketing [5] - Perfect World (002624) for its upcoming game releases [5] - Wanda Film (002739) for its ongoing film projects and AI-enabled content development [5] - Mango Super Media (300413) for its innovative content strategies [5]. Market Dynamics - The report notes that the adjustment of commission rates by Apple, effective March 15, 2026, will lower the standard commission from 30% to 25%, benefiting smaller developers and enhancing competition in the market [16]. - The gaming sector is highlighted for its dual approach in overseas markets, with both casual and mid-core games showing strong revenue growth through strategic content updates and seasonal events [24]. Company Performance and Forecasts - The report provides detailed earnings forecasts for various companies, indicating a positive outlook for many within the media sector, with expected EPS growth across several firms [10]. - Companies like Bilibili (9626.HK) and Tencent (0700.HK) are noted for their strong content IP and community engagement, positioning them well for continued growth in the AI era [8].