2月6日消息，据科技媒体Cult of Mac报道，苹果公司本周召开全员会议，首席执行官蒂姆·库克首次公开表态，确认公司正全力推进一系列AI驱动的全新产 品，正式宣告进军AI硬件领域，引发业界广泛关注。 库克在会议中并未展示任何产品原型机，但着重向员工强调了人工智能技术为苹果带来的历史性机遇。这一表态也印证了业界长期以来的猜测，即苹果正试 图借助AI技术，重构用户与智能设备的交互模式，逐步摆脱对传统触摸屏的依赖，打造全新产品生态。 结合目前曝光的相关信息，苹果现阶段推进的AI硬件产品至少包含AI眼镜和AI胸针两款。其中，AI智能眼镜被视作苹果布局未来、有望接替iPhone的核心设 备之一，内部研发正加速推进。据悉，该产品首代版本预计不配备显示屏，将通过集成摄像头、麦克风和扬声器，实现电话接听、音乐播放、实时翻译及逐 向导航等实用功能。 图片来源@9to5Mac 图片来源@Cult of Mac 编辑点评：库克官宣进军AI硬件，标志着苹果正式发力AI终端赛道。首款无屏AI眼镜务实落地，避开过度激进的技术堆砌，既贴合当下用户需求，也彰显 了苹果的战略审慎，有望重塑可穿戴AI设备市场格局。 消息显示，苹果计划在20 ...

Group 1 - The core message of the article highlights Apple's CEO Tim Cook's comprehensive response regarding the company's AI strategy and executive succession plan during an all-hands meeting on February 5, 2023, and the anticipation of significant celebrations for Apple's 50th anniversary in April [1][3] - Cook emphasized that artificial intelligence represents "one of the most profound opportunities of human life," and stated that Apple aims to create more practical AI experiences for users, with plans to integrate AI technology into new devices and launch AI-driven products and services [1] - The company is positioning itself to seize market opportunities through a combination of hardware and software innovations in the AI sector [1] Group 2 - In response to recent retirements of key executives, Cook described these changes as a "carefully planned" natural succession rather than unexpected events, indicating a focus on the leadership structure for the next 5 to 15 years [3] - Cook acknowledged the industry-wide challenge of "storage chip shortages" and mentioned that the COO is leading efforts to find solutions [5] - Apple's Q1 fiscal year 2026 report showed strong performance, with record revenue and iPhone sales, laying a solid foundation for the upcoming 50th-anniversary celebrations [5]

【环球网报道 记者 张江平】据美国彭博社报道，苹果公司首席执行官库克5日表示，他对美国当前移民 政策"深感不安"，将继续就这一问题游说立法者。 1月7日，美国移民与海关执法局执法人员在明尼阿波利斯市抓捕非法移民时，开枪打死美国公民古德。 同月24日，明尼阿波利斯市再次发生移民执法人员枪击致死事件，造成37岁美国公民普雷蒂死亡。这些 事件在美国国内引发不满，美国前总统拜登、克林顿与奥巴马予以谴责。此外，综合美国哥伦比亚广播 公司等媒体1月28日报道，库克也在一份经证实的内部备忘录中表示，"对明尼阿波利斯市发生的事件感 到心碎"。"现在应该缓和局势。"库克当时说，"无论对方是谁、来自哪里，都应给予他们尊严和尊 重。" "我们之所以能成为一家更明智、更有智慧、更具创新力的公司，是因为我们吸引了来自世界各地最优 秀、最杰出的人才。"库克说，"我将继续就该问题游说立法者。" 库克补充说，无论来自哪里，每个人都应该受到尊重。 彭博社称，库克当天在与苹果公司员工的会议上说，移民问题对苹果公司来说很重要，该公司"在美国 各地都有持相应签证的团队成员"。 ...

Core Viewpoint - The mid-range smartphone market is facing significant challenges due to rising memory prices, leading to increased prices or reduced specifications across brands, which undermines the value proposition of mid-range devices [1][11][12]. Group 1: Market Dynamics - The mid-range smartphone segment has seen its market share decline from 35% in 2021 to an expected 23% by 2027, while the entry-level market remains stable at 41%-45% [8]. - In January 2026 alone, Android manufacturers launched five mid-range models, indicating a crowded market despite declining demand [1][8]. - The mid-range segment, which once accounted for over half of the smartphone market, now serves around 500 million users in China, with a significant portion of sales concentrated in the 2000-4000 yuan price range [2][8]. Group 2: Product Features and Consumer Preferences - Recent mid-range models emphasize battery life, with all nine newly released models featuring batteries over 6000mAh, catering to the increasing reliance on smartphones [2][3]. - The focus has shifted from parameter competition to user experience, with brands prioritizing features like battery life and specific use-case enhancements [6][7]. - Notable models include the Honor Power 2 with a 10000mAh battery and the OnePlus Turbo 6 with a 9000mAh battery, highlighting the trend towards high-capacity batteries [4][5]. Group 3: Pricing Strategies and Profit Margins - Rising memory chip prices have led to increased costs for mid-range devices, with LPDDR4X prices rising nearly 80% and LPDDR5X prices more than doubling [11][12]. - Many manufacturers have opted to raise prices by 200-600 yuan for new models to maintain profit margins, with some models seeing price increases despite unchanged specifications [13][15]. - The profit margins for mid-range devices have significantly decreased, with some retailers reporting profits as low as 30 yuan for devices priced around 3000 yuan [10]. Group 4: Future Outlook - The smartphone market is expected to shift from growth to decline, with overall shipments projected to decrease by 3%-4% in 2026 [15]. - Companies are adjusting their strategies by reducing production orders and focusing on fewer, more standardized models to maintain competitiveness [15][16]. - The mid-range smartphone market is at a critical juncture, facing pressures from both rising component costs and changing consumer preferences [16].

Core Insights - The rapid advancement of artificial intelligence (AI) has significantly impacted various industries, particularly through the introduction of products like DALL-E2 and ChatGPT by OpenAI, which have gained public attention since late 2022 and early 2023 [1] - The latest earnings season for the US stock market highlights the commentary from technology companies regarding AI's influence on their industries and business operations [2] Alphabet (Google) - The Gemini app has reached 750 million monthly active users, up from 650 million in Q3 2025, with increased user engagement following the launch of Gemini 3 in December 2025 [3][4] - Alphabet leads in AI model portfolios across text, vision, and image-to-video, with Gemini 3 Pro achieving the fastest adoption rate in the company's history, processing three times the daily tokens compared to its predecessor [3][6] - Google Cloud's backlog grew by 55% sequentially to $240 billion in Q4 2025, driven by strong demand for AI products, with revenue from AI solutions built by partners increasing nearly 300% year-over-year [7][10] - Google Cloud's revenue grew 48% year-over-year in Q4 2025, with operating margin increasing to 30.1% from 23.7% in Q3 2025 [23][24] - Alphabet's management anticipates significant capital expenditures of $175 billion to $185 billion in 2026 to enhance AI compute capacity and meet customer demands [25][26] AI and Advertising - Gemini is enhancing advertising quality and tools, allowing for better query understanding and ad relevance, with advertisers creating 70 million creative assets in Q4 2025 [19][20] - The introduction of Direct Offers in AI Mode aims to provide exclusive offers to users ready to purchase, indicating a shift towards monetizing AI-driven user experiences [22] Waymo - Waymo raised its largest investment round to date, surpassing 20 million fully autonomous trips and expanding its service to new markets, including Miami and plans for the UK and Japan [17] Amazon - AWS experienced a 24% year-over-year growth in Q4 2025, with a backlog of $244 billion, up 40% year-over-year, driven by increased demand for AI workloads [34] - Amazon's Bedrock service, which facilitates the use of multiple AI models, has reached a multi-billion dollar annualized revenue run rate, with customer spending increasing by 60% sequentially [35] - The launch of NovaForge allows enterprises to integrate their proprietary data into the pre-training phase of AI models, enhancing customization [38] AI Agents and Commerce - Amazon's AI shopping assistant, Rufus, has expanded its capabilities, enabling it to research products and make purchases, with 300 million customers using it in 2025 [44] - The management believes that agentic commerce will enhance consumer experiences, with customers using Rufus being 60% more likely to complete a purchase [44] Industry Trends - Companies are increasingly adopting AI to improve operational efficiency and customer engagement, with successful SaaS companies deeply integrating AI into their workflows [30][31] - The demand for AI compute capacity remains a significant concern for companies, with management focusing on addressing supply chain constraints and optimizing investments [32]

经济观察网 2月6日，据智通财经，知情人士透露，苹果公司正在缩减一项提供虚拟健康教练服务的计 划，这是该公司重新评估其如何切入蓬勃发展的健康服务市场策略的一部分。代号Mulberry的这项计划 已于最近几周逐步收缩。苹果目前计划将一些原规划用于这项人工智能(AI)驱动型服务的功能，整合到 其现有的"健康"应用中并逐一推出。苹果公司发言人未予置评。苹果公司在健康追踪市场正面临更激烈 的竞争，三星电子以及健身平台Strava等日益受到青睐。OpenAI也已进军该领域，近期推出了ChatGPT Health来分析医疗检测结果、准备就诊事宜，并获取饮食及锻炼计划指导。 ...

根据报道，会议上库克并没有展示具体的原型机，但强调了AI能够为苹果带来全新的机遇。同时，据相关 报道透露，苹果目前至少准备了两款产品，包括AI眼镜和AI胸针。 苹果AI眼镜假想图 2月6日，关于苹果AI眼镜，外界一直有不少的传言，现在可以确认，真的要来了。据外媒报道，在本周举 行的苹果全员会议上，苹果CEO库克首次确认，苹果正在筹备一系列AI产品，其中就包括了AI眼镜。 过去一年，生成式AI在手机、PC之外迅速向可穿戴设备渗透，AI眼镜被普遍视为下一代个人计算入口。在 这一趋势下，苹果的态度尤为关键。库克的最新表态，等于首次从官方层面承认，苹果不再只把AI作为系 统或应用层能力，而是要通过全新的硬件形态，将AI变成用户随身可用的基础设施。 据悉，目前苹果正在加紧对AI眼镜的开发，这款产品也被视为接替iPhone的关键设备。目前最终的产品形 态还不得而知，尽管有媒体透露，首代产品可能会不配备显示功能，但结合目前行业的发展势头来说，也 许苹果会同步推出带显示和不带显示两种形态，值得进一步关注。 同时消息称，苹果预计会在2026年底前展示这款眼镜的初版概念，最终发售时间预计会是在2027年。 从苹果一贯的产品策略来 ...

Group 1 - The core viewpoint of the article highlights that major US tech companies plan to invest a record $660 billion in AI infrastructure by 2026, which exceeds Israel's GDP and represents a 60% increase from $410 billion in 2025 and 165% from $245 billion in 2024 [2][3][6] - The massive capital expenditure plans have led to a significant market reaction, with Amazon, Google, and Microsoft collectively losing $900 billion in market value following their quarterly earnings reports [3][4][6] - Apple's strategy of minimal capital expenditure has allowed it to avoid the sell-off, reporting record revenue of $144 billion, while its capital spending decreased by 17% to $2.4 billion in the last quarter [10][11] Group 2 - Investors are increasingly anxious about the long-term return on investment from AI, as rising capital expenditures suggest that achieving AI's full potential may require more time and resources [8][9] - The market sentiment has shifted, with the Nasdaq index dropping 4% over five days, reflecting concerns about the sustainability of tech stocks amid rising capital expenditures [9][13] - Despite strong revenue growth, companies like Microsoft and Amazon face pressure to demonstrate that their significant spending will yield attractive returns, as investor patience wanes [9][10] Group 3 - Nvidia, as the highest-valued public company, is expected to face a turbulent market when it releases its earnings report, with investors looking for signs that the escalating capital expenditures will translate into revenue growth [13][14] - Meta has also announced plans to double its capital expenditures to $135 billion, but its stock gains were short-lived amid broader market sell-offs [13][14] - Overall, the combined annual revenue growth of the four companies reached 14% to $1.6 trillion, which is insufficient to alleviate the prevailing market pessimism [13]

2026 年 2 月 6 日 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 罗炜斌 S0340521020001 电话：0769-22110619 邮箱： luoweibin@dgzq.com.cn 资料来源：iFind，东莞证券研究所 超配（维持） 电子行业双周报（2026/01/23-2026/02/05） 行 业 谷歌业绩超预期，上游多个材料调涨 投资要点： 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 电子行业 SAC 执业证书编号： 行情回顾及估值：申万电子板块近2周（01/23-02/05）累计下跌6.81%， 跑输沪深300指数5.68个百分点，在申万行业中排名第31名；板块2月累 计下跌4.70%，跑输沪深300指数3.94个百分点，在申万行业中排名第29 名；板块今年累计上涨5.31%，跑赢沪深300指数4.44个百分点，在申万 行业中排名第18名。估值方面，截至2月5日，SW电子板块PE TTM（剔除 负 ...

Core Viewpoint - The record AI investment plans by major US tech companies are reigniting market fears of a bubble, leading to significant stock sell-offs despite strong earnings reports from most companies [1] Group 1: Investment Plans and Market Reactions - Amazon, Google, and Microsoft collectively lost $900 billion in market value after announcing plans to invest $660 billion in data centers and specialized chips by 2026, a 60% increase from $410 billion in 2025 and 165% from $245 billion in 2024 [1][2] - Amazon's capital expenditure for this year is projected to reach $200 billion, exceeding expectations by $50 billion, which contributed to an 11% drop in its stock price [2] - Microsoft experienced the most significant decline, with an 18% drop in stock price following its earnings report, despite a 26% increase in cloud revenue to $51.5 billion [2][3] Group 2: Investor Sentiment and Concerns - Rising capital expenditures signal that the realization of AI commitments may require more time and funding, testing investor confidence in long-term returns [3] - Analysts express concerns that Microsoft and Amazon must prove that their increased spending will yield attractive returns, as fears of an AI bubble resurface [3] - The Nasdaq index, heavily weighted with tech stocks, fell 4% over the past five days, reflecting a shift in market sentiment [3] Group 3: Company-Specific Developments - Apple's strategy of minimal capital investment has positioned it as a clear winner, reporting record quarterly revenue of $144 billion, while its capital expenditure decreased by 17% to $2.4 billion [5] - Apple's collaboration with Google to enhance its AI capabilities through a pay-as-you-go model has allowed it to benefit from AI advancements without significant capital outlay [5] - Nvidia, as the highest-valued public company, is expected to face a turbulent market when it releases its earnings report, as investors seek signs of a shift in spending related to AI [6]