Apple is about to kick off a three-year plan to overhaul the iPhone, signaling that it still sees the device as central to its future, @markgurman writes in this week’s Power On https://t.co/egg7s9IO3j ...

Core Insights - Apple has achieved remarkable success through continuous innovation and a strong product lineup, including the iPhone, MacBook, AirPods, and Watch, alongside popular services like Music, Pay, and TV+ [1] - The company's long-term share-price gains have been complemented by regular dividend payments to investors, with a current quarterly dividend of $0.26 per share [2][4] - Apple has a history of increasing dividends, having doubled its quarterly per-share payout over the past decade, and is expected to continue this trend [5] Financial Performance - In Q3 2025, Apple reported a net profit margin of 24.9%, showcasing its strong earnings power [6] - The company generated significant free cash flow, amounting to tens of billions of dollars each quarter, allowing for substantial capital returns to investors [6] - Apple spent $3.9 billion on dividends and $21 billion on share repurchases in the latest fiscal quarter, indicating a strong commitment to returning capital to shareholders [5] Investment Considerations - To achieve $10,000 in annual passive income from dividends, an investor would need approximately 9,615 shares, equating to nearly $2.2 million based on a stock price of $226.01 [4] - The stock's dividend yield stands at 0.46%, which may not be particularly attractive, but there is minimal risk of discontinuation of the dividend payout [7]

Core Insights - Berkshire Hathaway has significantly reduced its holdings in Apple, selling 20 million shares in Q2 2023, which reflects a broader divestment trend beyond just stock performance [1][2][5]. Group 1: Berkshire Hathaway's Actions - Berkshire Hathaway's Apple stock holdings have decreased from over 900 million shares to 280 million shares, indicating a dramatic reduction in its investment [4]. - Apple remains the largest public stock holding for Berkshire, accounting for approximately 21.4% of its stock portfolio [5]. Group 2: Apple's Performance - Apple stock has underperformed in 2023, down about 10%, while the S&P 500 and Nasdaq Composite have gained 8.4% and 9.4%, respectively [2]. - Despite a strong Q3 performance with a 10% increase in total sales and a 13% rise in iPhone revenue year-over-year, Apple's trailing-12-month revenue has only grown by 4% over the last three years [6][9]. Group 3: Market Dynamics - Apple's sales growth has been sluggish in recent years, and while the recent quarterly results exceeded expectations, there are concerns about the sustainability of this growth [8]. - Weak performance in China, driven by government subsidies and a shift in consumer preference towards domestic brands, has contributed to Apple's stock struggles [12]. - Geopolitical tensions and new import taxes pose additional challenges for Apple, particularly as it relies heavily on Chinese manufacturing [13]. Group 4: Competitive Landscape - Apple appears to be lagging in the artificial intelligence sector, with internal development issues and delayed product launches, which may be influencing Berkshire's decision to divest [10][11].

01 国常会：听取实施大规模设备更新和消费品以旧换新政策情况汇报 国务院总理李强8月22日主持召开国务院常务会议，听取实施大规模设备更新和消费品以旧换新政策情况汇报，研究释放体育消费潜力进一步推进体 育产业高质量发展的意见，审议通过《"三北"工程总体规划》，部署开展海洋渔船安全生产专项整治工作。 其中会议指出，大规模设备更新和消费品以旧换新政策，在稳投资、扩消费、促转型、惠民生等方面取得明显成效。要在对政策实施情况进行认真总 结评估的基础上，加强统筹协调，完善实施机制，更好发挥对扩大内需的推动作用。要严厉打击骗补套补行为，确保补贴资金用到实处、见到实效。 要进一步强化财税金融等政策支持，创新消费投资场景，优化消费投资环境，综合施策释放内需潜力。 会议指出，发展体育产业和体育消费是落实扩大内需战略的重要内容。要增加体育产品供给，丰富体育赛事活动，推动体育用品升级，强化产业要素 支撑，提升服务保障水平，培育体育产业增长点，加快构建现代体育产业体系。要激发体育消费需求，拓展体育消费场景，鼓励各地举办体育消费活 动，实施消费惠民举措，更好满足群众消费升级需求。要更加注重调动市场力量推动体育产业发展和消费规模扩大，提高 ...

Group 1: Company Overview - Apple and Microsoft, founded in 1976 and 1975 respectively, have remained relevant and profitable in a competitive environment, with share price appreciation of 688.4% and 992.5% over the last 10 years through August 15, compared to the S&P 500's 206.5% [1] - Apple's iPhone generated $44.6 billion in sales during the fiscal third quarter, accounting for over 47% of the company's total revenue, with a year-over-year increase of 13.5% [4] - Microsoft's fiscal fourth-quarter revenue grew 17% year-over-year, with adjusted operating income increasing by 22%, indicating strong performance across all business segments [10] Group 2: Product Performance - Apple's services business, which includes advertising, product support, the App Store, and payment services, generated $27.4 billion in sales, up 13% year-over-year, with a gross margin of 75.6% [6] - Microsoft’s Azure cloud services saw a 39% increase in sales during the fourth quarter, contributing to over $75 billion in annual revenue, with a market share of 20% [12] Group 3: Market Position and Valuation - Apple's iPhone global market share was 19% in the first calendar quarter, slightly behind Samsung's 20%, indicating competitive pressure [5] - Microsoft's stock gained 19.7% year-to-date through August 20, while Apple's shares declined by 10.3%, with Microsoft's P/E ratio at 37 and Apple's at 34, both higher than the S&P 500's P/E ratio of 30 [13]

2025年08月24日 证券研究报告 | 美股市场速览 回调后再度发动，中小盘明显占优 行业研究·海外市场专题 美股 弱于大市·维持 证券分析师：王学恒 证券分析师：张熙，CFA 010-88005382 0755-81982090 wangxueh@guosen.com.cn zhangxi4@guosen.com.cn S0980514030002 S0980522040001 请务必阅读正文之后的免责声明及其项下所有内容 数据速览 价格走势：回调后再度发动，中小盘明显占优 资金流向：整体流入接近停滞，行业间分化较大 本周，标普500成分股估算资金流（涨跌额 x 成交量）为+1.7（亿美元，下同），上周为+75.8，近4周为-75.0，近13周为+209.2。 18个行业资金流入，6个行业资金流出。资金流入的行业有：汽车与汽车零部件（+11.0）、综合金融（+4.6）、银行（+3.8）、资本品（+3.3）、医疗保健设备 与服务（+3.3）；资金流出的行业主要有：软件与服务（-29.9）、半导体产品与设备（-7.7）、食品与主要用品零售（-4.7）、技术硬件与设备（-2.3）、媒 体与娱乐（-1.1）。 盈 ...

这是又一起苹果技术机密 被窃取的事件。 文 ｜ 兴华 来源｜ 深蓝财经（ID：shenlancaijing） 封面来源 ｜ Pixabay 本周四，苹果 向加州北区联邦法院提起诉讼，指控前Apple Watch传感器系统华裔架构师Chen Shi在离职前系统性窃取一系列核心商业机密，并跳槽到中国 智能手机制造商OPPO，将这些信息提供给OPPO 开发可穿戴设备。 这是又一起苹果技术机密被窃取的事件。 63份机密文件被拷进U盘带走 苹果提交的长达30页诉讼文件 显示，Chen Shi从2020年1月到2025年6月担任Apple Watch团队传感器系统架构师， 月薪高达2.8万美元，深度参与心率监测 PPG、心电图ECG及体温传感等高度机密内容的研发。 苹果称，Chen Shi谎称要回中国照顾年迈的父母，并且不打算找新工作，隐瞒了他已接受OPPO的职位。 苹果指控 Chen Shi违反了保密和知识产权协议。 法庭证据显示，在2025年6月离职倒计时阶段， Chen Shi 秘密向同事套取实时研发动态。 "Chen Shi博士安排并参加了与Apple Watch技术团队成员的数十场一对一会议，以了解他们正在进行 ...

Core Insights - Warren Buffett and Berkshire Hathaway are making significant stock moves that may interest AI investors, particularly with a leadership transition approaching as Buffett steps down as CEO [2][3] - Berkshire Hathaway's stock portfolio includes substantial positions in AI companies, notably Apple and Amazon, which together account for over 22% of its $294 billion stock portfolio [3] Group 1: Berkshire Hathaway's Leadership Transition - Buffett will transfer the CEO role to Greg Abel at the end of this year, marking a major leadership change for the investment giant [2] - The transition adds significance to Berkshire's portfolio and stock trading moves as it prepares for a new leadership direction [2] Group 2: Apple Inc. - Apple represents 21.5% of Berkshire's public stock portfolio and has been a long-term holding for the company [5][6] - Despite Buffett's admiration for Apple and its management, Berkshire has been reducing its position in Apple, selling 20 million shares in the second quarter [6] - Apple is perceived to be lagging in the AI space compared to competitors like Amazon and Meta, although it is increasing capital expenditure spending, indicating potential future developments in AI [8][9] Group 3: Amazon.com Inc. - Amazon constitutes 0.8% of Berkshire's stock portfolio and is the 23rd-largest holding [10] - Berkshire has taken a cautious approach to increasing its stake in Amazon since initiating a position in 2019, reflecting a broader cautious stance towards AI stocks [10][11] - Amazon's leadership in cloud infrastructure through AWS positions it well for long-term success in the AI space, with potential profitability improvements in its e-commerce business driven by advances in AI and robotics [12][13]

Investment Rating - The report maintains an "Overweight" rating for the consumer electronics sector, indicating a positive outlook for the industry [5]. Core Insights - The consumer electronics sector is entering a peak season for new product launches, with expectations for valuation restructuring as major companies release AI smartphones and AR glasses [1]. - Apple's FY25Q3 revenue reached $94.04 billion, a 10% year-over-year increase, driven by strong performance across iPhone, Mac, and services, with significant investments in AI [2][9]. - The report highlights the anticipated innovation in Apple's upcoming products, including a potential entry into the foldable smartphone market [3][13]. - The consumer electronics sector's long-term growth logic remains solid, with AI innovations expected to accelerate the replacement cycle for devices and drive hardware upgrades [4]. Summary by Sections Apple Performance - Apple's FY25Q3 revenue was $94.04 billion, exceeding expectations and marking a 10% increase year-over-year, with net income of $23.43 billion [9][10]. - iPhone revenue reached $44.58 billion, a 13% increase, while Mac revenue was $8.05 billion, up 15% [11]. - The company plans to invest $600 billion in AI over the next four years, with significant acquisitions to enhance its product roadmap [2][12]. Foldable Smartphone Market - The global foldable smartphone market is projected to grow, with Apple expected to enter this segment, potentially revitalizing the market [13][20]. - In 2024, foldable smartphone shipments in China are expected to increase by 30.8%, indicating strong market potential [13]. AR and AI Glasses - The global smart glasses market saw a 110% year-over-year growth in the first half of 2025, driven by strong demand for AI glasses [21]. - Meta is set to release its first consumer AR glasses, which feature advanced display technology and are expected to enhance the AR ecosystem [29]. - The report notes that the AI glasses segment is experiencing rapid growth, with a year-over-year increase of over 250% [21][22].

来源：环球网 【环球网科技综合报道】8月24日消息，据外媒MacRumors报道，苹果即将发布的 iOS 26 更新将为除 iPhone 16e 外的所有 iPhone 16 机型添加对Qi 2.2的支持。 Qi 2.2 支持已在最近的 iOS 26 测试版中添加到 iPhone 16 机型中，因此用户现在就可以进行测试。据 悉，iOS 26 预计将于 9 月发布。（思瀚） 外媒称，运行iOS 26 的 iPhone 16、iPhone 16 Plus、iPhone 16 Pro 和 iPhone 16 Pro Max 机型可使用任何 Qi 2.2 充电器进行无线充电，充电功率最高可达 25W。此前，这些设备只能使用最新版 MagSafe 充电 器实现 25W 无线充电，而第三方 Qi 充电器的充电功率最高也只有 15W。 据外媒介绍，贝尔金本周发布了三款全新的 Qi2 25W 充电支架，这三款新充电器均可在约 30 分钟内为 运行 iOS 26 系统的 iPhone 16 机型将电量从 0% 充至 50%，这与苹果宣传的其 25W MagSafe 充电器用 于 iPhone 16 机型时的充电时间相同。因此 ...