天风国际证券分析师郭明錤表示，苹果在2026年第二季度将面临与第一季度相似幅度的内存价格上涨， 而苹果的应对策略十分明确：利用市场混乱确保芯片供应、承担成本压力并抢占市场份额，随后通过服 务业务弥补损失。 这一判断基于三星电子和SK海力士近期成功将供应给苹果的低功耗DRAM价格较上季度提高近一倍的 事实。据华尔街见闻此前文章提及，1月27日，韩国媒体zdnet报道，三星电子一季度LPDDR芯片价格上 涨超过80%，SK海力士涨幅约为100%，苹果作为年出货量约2.5亿部iPhone的关键客户不得不接受这一 涨幅。 1月28日，"最懂苹果的分析师"郭明錤在社交平台X上发帖称，苹果能够在供应紧张环境下锁定内存供 应协议，充分展现其强大的议价能力。 他指出："对于大多数非人工智能品牌而言，即便你愿意支付高价，也无法保证一定能获得货源。苹果 能够达成这样的交易，足以证明他们拥有多么强大的议价能力。" 据华尔街见闻文章，市场数据显示，LPDDR5价格已在去年四季度上涨约40%。TrendForce预测，一季 度通用型DRAM价格将环比上涨55-60%。一位业内人士表示，一季度的涨幅更大，整体涨幅至少达到 60%。 如果 ...

Group 1 - The global chip industry is experiencing a new wave of price increases, with Samsung and SK Hynix significantly raising the prices of LPDDR memory used in iPhones, with Samsung's price increase exceeding 80% and SK Hynix approaching 100% [1][4] - Domestic companies such as Zhongwei Semiconductor and Guokewai have also announced price adjustments for their products, with increases ranging from 15% to 50% for MCU and Norflash products, and 40% to 80% for KGD products [1][4] - Analysts predict that memory chip prices will continue to rise, with Counterpoint forecasting an additional increase of 40% to 50% in the first quarter of this year, following a 50% increase last year [1][4] Group 2 - The significant rise in memory chip prices is putting pressure on the global consumer electronics industry, potentially leading to decreased demand for smartphones, personal computers, and gaming consoles [4][7] - IDC and Counterpoint predict a 2% decline in smartphone sales this year, marking the first annual decrease since 2023, along with a 4.9% contraction in the PC market and a 4.4% drop in gaming console sales [4][7] - Manufacturers like Apple and Dell are facing rising costs and must decide whether to pass these costs onto consumers, which may have a greater impact on low-end and mid-range device manufacturers [4][7]

【提醒：日内请重点关注（以下均为北京时间）】① 时间待定 芬兰总理奥尔波将访华（1月25-28 日）； ② 欧股盘前 阿斯麦控股发布业绩报告； ⑦ 23:30 美国能源信息署（EIA）发布政府版原油库存周报； ③ 18:00 欧洲央行执委Elderson在关于任命的听证会发表开场白演讲，欧洲央行12月中旬提名其继续担 任监管委员会副主席； ⑧ 次日02:00 欧洲央行执行理事会成员Isabel Schnabel讲话； ④ 美股盘前 苹果供应商康宁公司（GLW）、星巴克发布业绩报告； ⑤ 21:30 美国12月商品贸易帐； ⑥ 22:45 加拿大央行公布利率决议； ⑨ 次日03:00 美联储发布FOMC利率决议声明（没有"季度性"经济预期概要/SEP）； ⑩ 次日03:30 美联储主席鲍威尔举行例行新闻发布会； ⑪ 美股盘后 微软、Meta、特斯拉发布业绩报告，拉姆研究、IBM、ServiceNOW也将发布业绩报告； ⑫ 次日05:30 巴西央行公布利率决议； ⑬ 次日05:45 新西兰12月进出口与贸易帐； ...

图片来 他还表示，内存报价上涨导致成本上升的议题，将是投资人与分析师对本周苹果电话会的关注重点之 一。苹果对这件事的说法，可能对相关产业股价造成的波动，远高于对苹果自身与其供应链股价的影 响。 苹果将于1月29日美股盘后公布2026财年第一季度业绩。苹果预计将实现稳健的营收、净利润和每股收 益增长。市场目前预计，苹果该季营收将同比增长11.3%至1384.2亿美元，净利润将同比增长8.4%至 393.8亿美元，每股收益将同比增长11.2%至2.67美元。 他还透露，iPhone的内存报价现在是按季谈，而非半年，所以iPhone的内存报价在2026年第二季度还会 再涨一次。目前看二季度的环比涨价幅度约和一季度接近。 在郭明錤看来，绝大部分非AI产业的品牌客户，即使愿意付钱也未必能得到内存供应保证，所以苹果 能谈成上述结果"已经算很强了"。 此前有消息称，三星电子和SK海力士已决定通过与苹果公司的谈判，大幅提高iPhone所用LPDDR的价 格。前者要求季度涨幅超80%，后者更是提出近乎翻倍的涨价诉求。LPDDR指的是低功耗DDR内存， 主要用于手机、平板等移动端产品。 郭明錤提及，内存报价上涨会影响iPhone ...

Core Viewpoint - Apple CEO Tim Cook expressed his heartbreak over the recent events in Minneapolis and communicated his concerns regarding the situation to President Donald Trump [1] Group 1 - Tim Cook's emotional response highlights the company's stance on social issues [1]

南方财经 21世纪经济报道记者吴斌 上海报道 在科技股和芯片股的提振下，标普500指数创下历史新高。 美国东部时间1月27日，标普500指数收涨0.41%，报6978.60点，时隔半个月再创历史新高；纳斯达克综 合指数涨0.91%，报23817.10点；道琼斯指数跌0.83%，报49003.41点。 财报方面，约五分之一的标普500成分股本周公布季度业绩，"七巨头"中有苹果、微软、Meta和特斯 拉。 本轮财报季的一个关键主题在于：企业是否开始真正从AI相关投资中获益？在2025年末，市场一度担 心大规模投向数据中心及其他基础设施的资本支出能否带来回报，这种疑虑一度打压科技股及其他AI 概念股，本周市场将对此高度关注。 科技巨头能否继续走高？ 1月27日，"七巨头"中六家上涨，英伟达、苹果涨逾1%，微软、亚马逊涨逾2%，仅特斯拉一家下跌。 Globalt Investments高级投资组合经理Thomas Martin分析称，大家都在关注任何能让外界深入了解人工 智能技术发展趋势的信息，投资者将重点关注各公司的资本支出水平以及与AI商业化相关的信息，除 了资本支出和运营支出总额之外，相关评论也将是关注的焦点。 ...

由于全球超大规模AI数据中心近乎狂热AI算力需求引发的存储芯片急剧供给短缺席卷至全球各个角 落，这股存储芯片价格狂飙势头也在不断推动消费电子类产品的DRAM内存硬件端成本飙升，这很可能 会在短期内影响全球消费电子产品领军者苹果公司(AAPL.US)的旗舰iPhone系列产品的毛利率。不过， 一位广受投资者关注的苹果产业链分析师认为，苹果管理层计划避免对其即将推出的iPhone 18系列产 品提价。 这份分析师表示，这源于苹果在供应链中的强大议价能力，以及其保障产品供给的强大能力。郭明錤专 注于"果链"以及消费电子行业研究，多次精准预判苹果的新一代iPhone、iPad等消费电子产品线更新动 向以及"果链"(苹果供应链)未来技术格局。 "由于存储芯片因需求太过强劲而价格持续疯涨，iPhone 存储芯片/存储器组件定价现在改为按季度谈 判，而不是每半年一次，因此预计在 2026财年第二季度可能会再涨价一轮，"郭明錤表示。"目前来 看，苹果DRAM内存芯片在2026财年第二季度的环比(QoQ)涨幅将与2026财年第一季度相近。" 郭明錤补充表示，截至目前，苹果计划在今年秋季发布iPhone 18系列消费电子产品时尽 ...

Core Viewpoint - The rising storage prices are becoming an unavoidable challenge for the consumer electronics industry, affecting even major players like Apple, which is facing significant cost increases [1]. Group 1: Memory Price Increases - According to TrendForce's latest report, Samsung plans to raise the price of LPDDR memory used in iPhones by over 80% quarter-on-quarter, while SK Hynix's increase is close to 100%. This price adjustment primarily targets the supply for the first quarter of 2026 [3]. - Industry insiders reveal that Apple, which typically signs long-term supply agreements, has only finalized prices for the first half of this year due to the current tight supply and demand for memory. Prices may rise further with the release of new models in the second half of the year [3]. Group 2: Apple's Procurement Strategy - Despite the price increases, Apple's strong purchasing power keeps its actual procurement prices for LPDDR relatively low. This price adjustment is seen as a significant step in alleviating long-standing pricing conflicts between Apple and memory suppliers [5]. - Analyst Ming-Chi Kuo notes that the increase in memory and flash storage costs directly pressures iPhone profit margins, but Apple has chosen to absorb this cost increase for now, planning to offset hardware profit losses through its services business [7]. Group 3: Pricing Strategy for iPhone 18 Series - Apple aims to maintain the starting price of the iPhone 18 series without increasing it, despite rising costs. The pricing strategy is to keep the entry-level price unchanged while potentially increasing storage options without raising prices [7][10]. - The price gap between high storage and entry-level storage in iPhones has historically been much larger than that of other smartphone manufacturers, allowing Apple to manage pricing effectively [8]. Group 4: Upcoming Product Releases - The release schedule for the iPhone product line is set for significant adjustments, with the iPhone 17e expected in the first half of 2026, followed by the iPhone 18 series and the first foldable iPhone later in the year [12]. - The iPhone 18 Pro series is anticipated to feature significant upgrades, including a variable aperture and enhanced imaging capabilities, with expected prices for the iPhone 18 Pro starting at 8,999 yuan for 256GB [14]. Group 5: Market Impact - The iPhone 18 series is likely to see strong sales due to the strategy of not raising prices despite increased storage costs, which positions Apple favorably in the market [16].

Group 1 - Anta Sports plans to acquire 29.06% stake in PUMA SE for €1.5055 billion (approximately ¥12.278 billion) to enhance its global market position and brand influence [2] - Shandong Agricultural University Fertilizer Technology Co., Ltd. is set to be listed on the Beijing Stock Exchange on January 28, 2026, with an initial public offering of 16 million shares priced at ¥25.00 per share, raising a total of ¥400 million [2] Group 2 - DeepWay has completed a Pre-IPO financing round of ¥1.177 billion, marking the largest single financing in the autonomous driving new energy heavy truck sector [3] - Turing Quantum has secured several hundred million in Series B financing, continuing its trend of raising significant capital within six months [4] - AI medical innovation company Xu Zhi Shi has completed an A+ round of financing exceeding ¥50 million, with plans for a B round to be initiated after the Spring Festival [5] Group 3 - Elon Musk announced that SpaceX's Starship V3 will undergo its first flight test in six weeks, aiming to launch the next generation of Starlink V3 satellites [6] - Ying Shi Innovation is set to launch a dual-camera handheld gimbal camera, with product details leaked prior to the official announcement [7] - Apple has released a new version of AirTag, featuring a wider tracking range and louder speaker, priced at $29 for a single unit and $99 for a four-pack [10]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The United States is on the verge of a new industrial revolution driven by AI and advanced manufacturing, which necessitates secure, reliable, and affordable energy [8] - Duke Energy plans to invest $200 billion in new grid and generation investments over the next decade, aiming to provide value for customers and advance economic development [8] Summary by Relevant Sections - **Energy Industry Transformation**: The energy sector is undergoing significant changes, with a focus on capital investment to meet the demands of a new industrial era [8] - **Duke Energy's Capital Plan**: Duke Energy's investment strategy is highlighted as the largest in the industry, emphasizing the need for modernization and infrastructure development [8] - **Market Opportunities**: The current environment presents substantial opportunities for energy companies, although it also poses challenges related to capital investment and customer affordability [8]