Core Viewpoint - Apple experienced a significant decline in its stock price, marking its worst day in approximately 10 months, primarily due to delays in its AI developments and regulatory scrutiny from the FTC [1][9]. Group 1: Stock Performance - On February 12, Apple shares initially showed strong performance, being the only smartphone maker to grow in China in January [1]. - However, the stock plummeted 5% from $275.50 to $261.73, closing at $261.73, and continued to decline by 0.53% in after-hours trading, reaching $260.35 [2][1]. Group 2: AI Development Delays - Apple is postponing its anticipated AI update for the Siri personal assistant, which is seen as detrimental given the company's late entry into the AI market [5]. - The delay is particularly concerning as AI is a critical component in many bullish forecasts for 2026 [6]. Group 3: Regulatory Scrutiny - The stock's decline was exacerbated by news of regulatory scrutiny from the Federal Trade Commission (FTC), which is investigating Apple's terms of service and allegations of censoring conservative voices on Apple News [9]. - This scrutiny comes amid a broader trend of litigation against media firms by the Trump administration [10].

苹果成为唯一实现增长的头部品牌，销量同比增长 8%，市场份额升至近五年 1 月最高水平。这一成绩得益于 iPhone 17 系列的持续热度（标准版符合政府 补贴条件，性价比凸显，销量环比增 9%），且该系列降价幅度较小，为后续利润优化或价格调整预留空间，支撑长期销量韧性。 其他国产头部品牌均遭遇两位数下滑。小米（含 Redmi）下滑 36%、vivo（含 iQOO）下滑 29%、OPPO（含一加、realme）下滑 19%、荣耀下滑 26%，"Others" 品牌下滑 24%。Counterpoint 分析指出，核心症结在于 2025 年初补贴政策的 "透支效应"—— 去年 1 月补贴恰逢春节促销前置了需求，而 2026 年补贴力度减弱、消费需求疲软，对销量刺激有限。 2 月 12 日，Counterpoint Research发布最新数据，2026 年 1 月中国智能手机市场整体销量同比下滑 23%。核心原因包括 2025 年初补贴政策形成的高基数效 应、2026 年补贴力度减弱，以及农历新年时间错峰对消费节奏的影响。 从厂商来看，华为以 19% 的市场份额位列第一，但受去年补贴刺激的高基数、Nova 系列 ...

Core Viewpoint - The Federal Trade Commission (FTC) Chairman Andrew Ferguson has expressed concerns regarding alleged political bias in Apple News, suggesting that it may be promoting left-leaning content while suppressing conservative viewpoints [2][4]. Group 1: Allegations of Bias - Ferguson's letter to Apple CEO Tim Cook highlights allegations that Apple News has systematically favored news articles from left-wing outlets and suppressed content from conservative publications [2][4]. - Multiple studies have indicated that Apple News has not featured any articles from American conservative-leaning news sources in recent months, while promoting hundreds of articles from liberal publications [4]. Group 2: Regulatory Context - The FTC has previously sought public comment to investigate whether major tech companies, including Apple, are limiting consumer access to information based on political affiliations, which could violate the FTC Act [3]. - Ferguson clarified that the FTC's role is not to police speech but to protect consumers from material misrepresentations and omissions, including those related to speech [4]. Group 3: Company Performance - The concerns from the FTC arise as Apple celebrates its 50th anniversary and reports record-breaking financial results, with anticipation for new smartphone releases in 2026 [5]. - Apple currently has a market capitalization of $4.05 trillion, with a 52-week high of $288.61 and a low of $169.21, closing at $261.73, down 5% [6].

监管层面的压力同时袭来，周三FTC主席安德鲁·弗格森致信苹果CEO蒂姆·库克，要求其审查苹果新闻 应用的服务条款及内容筛选政策。 此外，行业大环境也加剧了苹果股价的波动。尽管苹果上月公布的一季度财报超出华尔街预期，但近期 华尔街普遍担忧大型科技公司在AI领域投入过高，叠加软件行业不确定性加剧，投资者态度趋于谨 慎。本周二，瑞银集团以"软件行业不确定性"和"高额资本支出"为由，将美国科技板块评级下调至中 性，此前一周软件股已出现抛售潮，进一步拖累了苹果股价。（旺旺） 图为外媒报道截图 彭博社报道称，苹果备受期待的Siri人工智能升级已在内部推迟至今年5月甚至更晚，该更新原本预计几 周内推出，如今可能需要数月时间分阶段落地。对此，苹果向CNBC证实，新版Siri仍计划在2026年推 出，并未偏离既定时间表，其最初计划2025年春季推出，后曾因功能未就绪延期，此次内部推迟暂不构 成公开层面的延迟。 来源：环球网 【环球网科技综合报道】2月13日，据外媒CNBC报道，苹果公司股价当地时间周四遭遇重创，单日下 跌5%，收盘价跌至261.73美元，创下自去年4月以来的最差单日表现，不仅抹去了全年所有涨幅，还使 得其202 ...

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [4][7]. Core Insights - In January 2026, the communication industry index increased by 5.47%, outperforming the Shanghai Composite Index (+3.76%), CSI 300 Index (+1.65%), Shenzhen Component Index (+5.03%), and ChiNext Index (+4.47%) [3][13]. - The capital expenditure of the four major North American cloud providers is expected to grow significantly, with a projected increase of over 60% in 2026 [6][24]. - The procurement results for special optical cables by China Mobile indicate that eight manufacturers, including Tongding Interconnection and Yangtze Optical Fibre and Cable, have been selected, highlighting the focus on key sectors such as industrial manufacturing and digital government [6][7]. Summary by Sections Industry Performance - The communication industry index showed a strong performance in January 2026, with a 5.47% increase, outperforming major indices [3][13]. - Sub-sectors within the communication industry saw varied performance, with cable, other communication equipment, and system equipment rising by 19.70%, 10.72%, and 7.85% respectively [16]. Telecommunications Sector - In 2025, the telecommunications business revenue reached CNY 1.75 trillion, a year-on-year increase of 0.7% [6][45]. - By December 2025, 5G mobile phone users accounted for 65.9% of total mobile phone users, with a monthly data usage (DOU) of 23.04GB per user, reflecting a 17.0% year-on-year increase [6][45]. Cloud Infrastructure Investment - The combined capital expenditure of the four major North American cloud providers in Q4 2025 was USD 126 billion, marking a 62.0% year-on-year increase [24][25]. - For 2026, the total capital expenditure guidance for these providers exceeds USD 660 billion, with an expected growth of 61.0% [24][25]. AI and Smartphone Market - The retail sales of communication equipment in China increased by 20.9% year-on-year in December 2025, driven by the demand for smartphones [44]. - The global smartphone shipment is projected to grow by 2% in 2025, reaching 1.25 billion units, with AI smartphones expected to penetrate 34% of the market by 2025 [6][44]. Investment Recommendations - The report suggests focusing on companies involved in optical devices, optical chips, optical modules, and AI smartphones, including Tianfu Communication, ZTE, and China Mobile [7][6].

Core Insights - The Chinese tablet market is projected to reach a shipment volume of 33.76 million units in Q4 2025, reflecting a year-on-year growth of 13.1%, with a 7.2% increase in Q4 alone [1] - The "National Subsidy" policy has positively influenced consumer confidence and purchasing decisions, leading to an improved willingness to upgrade devices [1] - Market growth is transitioning from being policy-driven to being driven by product features and consumer demand as the "National Subsidy" policy begins to tighten in some regions [1] Market Performance - In Q4 2025, the Chinese tablet market experienced a year-on-year shipment growth of 7.2%, supported by an ongoing device upgrade cycle and continuous product feature enhancements by manufacturers [1] - Huawei maintained its leading position with a market share of 29.2%, despite a decline of 3.1% from the previous year [2] - Apple ranked second with a market share of 24.5%, showing a year-on-year increase in shipment volume [3] Manufacturer Analysis - Xiaomi held the third position with a market share of 13.1%, achieving double-digit growth in annual shipments [3] - Lenovo and Honor ranked fourth and fifth, with market shares of 9.7% and 8.6% respectively, with Lenovo experiencing a notable increase of 3.0% year-on-year [2] - Huawei's new product, the MatePad Edge, integrates PC-level systems and enhances the tablet's positioning for office and multi-scenario use, maintaining high market attention [2] Future Outlook - The expansion of the user base provides a solid foundation for device upgrades, although rising costs are increasing market uncertainties [3] - There is an urgent need for deeper exploration of AI and scenario-based upgrade paths in the industry [3]

Core Insights - Apple's long-awaited new version of the Siri voice assistant has encountered multiple technical issues during internal testing, leading to potential delays in the rollout of several AI features originally scheduled for the March iOS 26.4 update [2] - This marks the second significant delay for the upgraded Siri since its announcement in 2024, with initial plans for a major AI upgrade using the Apple Foundation Models platform [2] - The core issues reported by testers include response stability and accuracy, with problems such as incorrect handling of user queries and excessive response times [2] Feature Delays - The two core features most likely to be delayed are the expansion of Siri's access to personal data and the advanced voice application control system, both of which currently lack the stability required for launch [3] - These features were initially expected to debut in early 2025 but have faced postponements due to the underperformance of the in-house AI model [2][3]

Core Insights - The Chinese tablet market is projected to reach a shipment volume of 33.76 million units in Q4 2025, reflecting a year-on-year growth of 13.1% driven by the "national subsidy" policy and an increased willingness among users to upgrade their devices [1] - In Q4 2025, the market experienced a year-on-year growth of 7.2%, although the growth rate slowed compared to the first three quarters due to the gradual tightening of the "national subsidy" policy [1] Market Share Analysis - In Q4 2025, the top five tablet manufacturers in China and their market shares are as follows: - Apple: 26.7%, down 0.8% from Q4 2024 - Huawei: 24.9%, down 2.9% from Q4 2024 - Lenovo: 13.1%, up 4.9% from Q4 2024 - Xiaomi: 11.0%, down 2.8% from Q4 2024 - Honor: 7.7%, down 0.6% from Q4 2024 - Others: 16.6%, up 2.2% from Q4 2024 [1][2] Annual Market Share Overview - For the entire year of 2025, the market shares of the top five manufacturers are: - Huawei: 29.2%, down 3.1% from 2024 - Apple: 24.5%, down 2.0% from 2024 - Xiaomi: 13.1%, up 0.4% from 2024 - Lenovo: 9.7%, up 3.0% from 2024 - Honor: 8.6%, up 0.3% from 2024 - Others: 14.9%, up 1.4% from 2024 [3][4]

Core Viewpoint - Alphabet Inc.'s YouTube has launched a dedicated app for Apple Inc.'s Vision Pro, addressing a significant gap in the headset's entertainment offerings two years post-launch [1][2] Group 1: YouTube App Launch - The new YouTube app for Vision Pro closely resembles the version available on Samsung's Galaxy XR, providing full access to billions of videos and supporting 3D, 180-degree, and 360-degree content [1] - Prior to this launch, YouTube was only accessible through the Safari web browser on the Vision Pro, limiting user capabilities such as offline video downloads [2] Group 2: Market Context - The delayed release of the YouTube app highlights the niche status of Apple's Vision Pro, which, despite its technical capabilities, lacks a robust app ecosystem compared to other Apple devices [3] - Netflix Inc. has not yet released a dedicated app for the Vision Pro, indicating ongoing challenges in attracting major content providers to the platform [3] Group 3: Third-Party Developments - Some third-party developers attempted to create unofficial YouTube players for the Vision Pro's operating system, but many were removed from the App Store for violating terms of service [4] - The official YouTube app is now available as a free download [4]

Group 1 - Gold and silver prices experienced significant declines, with spot gold dropping over 3% and spot silver's intraday decline reaching 11% [1][3] - Major U.S. tech stocks saw widespread declines, with Apple down 5%, Broadcom down over 3%, and Amazon, Meta, and Tesla down over 2%. Nvidia fell over 1%, while Google's A shares saw a slight decrease [3] - Concerns have arisen among investors regarding the impact of newly launched AI tools on various sectors, including software companies, publishers, and financial services, as these tools may replicate business models or erode profit margins [3] Group 2 - As of the latest update, gold prices rebounded, with spot gold reported at $4,979.69 per ounce and spot silver at $76.65 per ounce [4] - The London gold price showed fluctuations, with a recent buy price of $4,912.80 and a sell price of $4,980.36, indicating a 1.25% change [5]