Core Insights - Apple (AAPL) exceeded expectations for its first fiscal quarter, achieving strong performance in both revenue and profit due to robust iPhone sales [1] Financial Performance - The company reported significant growth in its services segment, contributing positively to overall financial results [1]

Group 1: Apple iPhone Sales and Supply Constraints - iPhone sales revenue increased by 23% year over year in Q1 of fiscal 2026, achieving the best performance for Apple's flagship product [1] - Apple is currently facing supply constraints due to insufficient availability of custom iPhone chips from TSMC, exacerbated by the AI boom and demand for AI accelerators [1][2] - CEO Tim Cook indicated that it is challenging to predict when supply and demand will balance, highlighting the impact of advanced node availability on system-on-chip (SoC) production [2][3] Group 2: Intel's Potential Role - There are rumors of a potential deal for Apple to utilize Intel Foundry for some manufacturing needs, particularly considering Intel's 18A process for lower-end M-series chips [4] - Analysts have suggested that Apple's manufacturing constraints lend credibility to these rumors, as Apple is reportedly no longer TSMC's largest customer and may be losing its preferential treatment [5][6] - Intel is actively seeking external customers for its foundry business, with a critical year ahead to secure commitments for its 18A and 14A processes [7][8]

Market Overview - The major indices showed mixed performance with the ChiNext Index up by 1.27%, the STAR Market 50 Index up by 0.12%, while the North Exchange 50 Index down by 0.29%, the Shenzhen Component Index down by 0.66%, and the Shanghai Composite Index down by 0.96% [1] - The TMT sector led the gains with SW Communication Cables and Accessories up by 6.11%, SW Communication Network Equipment and Devices up by 4.91%, and SW Film and Animation Production up by 2.16% [1] - Conversely, the TMT sector also saw declines with SW Horizontal General Software down by 2.68%, SW Vertical Application Software down by 2.37%, and SW Brand Consumer Electronics down by 2.15% [1] Domestic News - In the semiconductor materials and processes sector, Powerchip Semiconductor Manufacturing Corporation (PSMC) announced it will stop accepting orders by Q2 2026, focusing on core technologies like memory and power management [2] - Tianjin New Unisplendour's new computing architecture project has begun chip production, with expected annual shipments reaching thousands of chips and a projected sales scale of 500 million to 1 billion yuan by 2027 [2] - Yintai Technology plans to acquire 100% of Guanglong Integrated and Aojian Microelectronics to enhance its semiconductor industry chain and accelerate its IDM transformation [2] - Meixin Sheng's acquisition of Xinyan Microelectronics aims to enter the magnetic sensor field, enhancing its technology system for environmental perception and multi-modal sensing [2] Overseas News - STMicroelectronics reported a sales increase in Q4 due to rising demand for chips in personal electronics, communication devices, and industrial machinery, although automotive sector performance was below expectations [3] - Counterpoint Research forecasts Apple's Q4 2025 revenue to grow by 16% to $144 billion, driven by a strong iPhone upgrade cycle, with iPhone revenue up by 23% [3] - Texas Instruments expects significant growth in the data center market, with annual revenue projected at $1.5 billion, a 64% year-on-year increase, driven by cloud computing and AI server demand [3] - Kioxia and SanDisk extended their joint venture agreement for the Yokkaichi plant for five more years, committing to the development of 3D flash memory technology [3] AI Insights - Kunlun Wanwei launched the open-source SkyReels-V3, achieving advanced visual quality and instruction adherence in a unified multi-modal context learning framework [4] - Apple completed the acquisition of Israeli AI audio startup Q.ai, which specializes in detecting facial micro-movements for emotion and health monitoring [4] - Samsung confirmed the launch of next-generation AR glasses in 2026, integrating multi-dimensional interaction methods [4] - MiniMax released the Music2.5 music generation model, supporting various music styles and providing AI-assisted tools for music creation [4] Industry Tracking - The China Aerospace Science and Technology Corporation successfully tested a 240-ton reusable rocket engine, achieving international leading performance [5] - Yushut Technology released the open-source UnifoLM-VLA-0 model aimed at humanoid robot operations, enhancing physical interaction capabilities [5] - Gestalt Technology signed a strategic cooperation agreement with Fourier to advance brain-computer interface technologies [5] - Beidi New Materials' polymer film manufacturing project has achieved mass production, aligning with national new materials strategy [5] Earnings Forecast - Zhongke Feimeasure expects 2025 revenue between 1.95 billion to 2.15 billion yuan, a year-on-year growth of 41.27% to 55.75% [6] - Obi Optical anticipates 2025 revenue of 940 million yuan, a 66.53% increase, with a net profit of 123 million yuan [7] - Jiangfeng Electronics forecasts a net profit of 431 million to 511 million yuan for 2025, a year-on-year increase of 7.5% to 27.5% [7] - Xinyi Sheng expects a net profit between 9.4 billion to 9.9 billion yuan for 2025, a significant increase of 231.24% to 248.86% [7]

行 业 报 告 行业点评 iPhone营收同比增长，大中华区表现靓丽 强于大市( 维持) 证券分析师 事项： 苹果公司发布了2026财年第一季度财务业绩。 平安观点： 电子 研 究 报 告 2026年02月01日 行 杨钟 投资咨询资格编号 S1060525080001 yangzhong035@pingan.com.cn 徐勇 投资咨询资格编号 S1060519090004 XUYONG318@pingan.com.cn 郭冠君 投资咨询资格编号 S1060524050003 GUOGUANJUN625@pingan.com.cn iPhone营收同比增长，大中华区表现靓丽：苹果公司发布了截至2025年 12月27日的2026财年第一季度财务业绩，2026年第一季度苹果营收达 1437.56亿美元，同比增长16%；净利润420.97亿美元，同比增长16%； 每股收益2.84美元，同比增长19%。分产品看，iPhone作为核心增长引 擎，表现亮眼，营收达852.69亿美元，同比增长23%，占总营收比重为 59.3%；服务业务收入达300.13亿美元，同比增长14%；iPad业务收入 85.95亿美元，同比增长 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4]. Core Insights - The company reported a revenue of $143.76 billion for FY26Q1, reflecting a year-on-year growth of 15.6%, with a gross margin of 48.1% and a net profit of $42.10 billion, also up by 15.9% year-on-year [2]. - For FY26Q2, the company anticipates revenue growth of 13% to 16% year-on-year, with gross margins expected to be between 48% and 49% [2]. - The strong demand for the iPhone 17 series has driven a record revenue of $85.3 billion from iPhone sales in FY26Q1, marking a 23% increase year-on-year [3]. - The Greater China region saw a remarkable revenue growth of 38%, primarily due to a surge in iPhone upgrade users [3]. - The company's service business generated $30 billion in revenue for FY26Q1, a 14% increase year-on-year, contributing to its robust profitability [3]. - The collaboration with Google on AI technology is expected to enhance the company's foundational models, particularly for personalized Siri [3]. Financial Projections - The company is projected to achieve net profits of $118.8 billion, $127.1 billion, and $135.8 billion for FY26, FY27, and FY28 respectively [4]. - Revenue forecasts for FY26, FY27, and FY28 are $454.85 billion, $487.42 billion, and $521.54 billion, with growth rates of 9.3%, 7.2%, and 7.0% respectively [9]. - The EBITDA for FY26 is estimated at $151.81 billion, with a gradual increase in subsequent years [9]. - The diluted earnings per share for FY26 is projected to be $8.21, increasing to $9.77 by FY28 [9].

Core Insights - The Vanguard Information Technology ETF (VGT) has shown significant growth, up 120% over the past three years, outperforming the S&P 500, which has risen approximately 73% during the same period [2][3]. Performance Overview - The S&P 500 index has experienced an average annual growth rate of about 20% over the last three years, significantly exceeding its long-term average of 10% [2]. - The Vanguard Information Technology ETF is currently priced at $747.92, with a daily change of -1.69% [6]. Valuation Concerns - Valuations for tech stocks are considered high, with major holdings in the ETF, such as Nvidia, Apple, and Microsoft, each accounting for over 12% of the fund, collectively making up around 45% of the entire portfolio [4][5]. - The market caps of these tech giants exceed $3 trillion, and their price-to-earnings multiples are over 30, indicating they are not cheap investments [5]. Investment Strategy - The performance of the Vanguard Information Technology ETF is heavily influenced by its largest holdings, suggesting that the overall success of the fund is tied to the performance of these leading tech companies [5]. - Companies are expected to continue investing heavily in AI, which could drive stock prices higher in the near future, despite the current high valuations [7]. Risk Assessment - The ETF's concentration in a few large tech stocks raises concerns for risk-averse investors, as a market correction could significantly impact the fund's performance [4][5]. - Individual risk tolerance is crucial in determining whether the ETF is a suitable investment, with long-term investors potentially finding it a good fit, while retirees may consider less volatile options [8][9].

Core Viewpoint - The Indian government has granted Apple a significant advantage by allowing foreign companies to supply machinery to their contract manufacturers in designated areas for five years without restrictions [1] Group 1: Government Policy Impact - The new policy enables foreign companies to provide equipment to contract manufacturers, which is expected to enhance Apple's manufacturing capabilities in India [1] - This move is part of India's broader strategy to attract foreign investment and boost local manufacturing [1] Group 2: Implications for Apple - The policy is likely to strengthen Apple's supply chain in India, potentially leading to increased production and sales in the region [1] - By facilitating easier access to machinery, Apple may be able to scale its operations more efficiently in the Indian market [1]

需求恢复不及预期的风险；AIGC 进展不及预期的风险；外部制裁进一步升级的风险。 敬请参阅最后一页特别声明 1 继续看好 AI-PCB 及核心算力硬件、苹果产业链及自主可控受益产业链。Meta 2026 年全年资本开支指引超预 期，闪迪 2026 第三财季业绩指引超预期。我们继续看好覆铜板及存储芯片涨价趋势，具有较强的持续性，从产 业链公司陆续公布的营收及利润来看，业绩在持续兑现，继续看好核心受益公司。继续看好 AI-PCB 及核心算力 硬件、苹果产业链及自主可控受益产业链。 细分行业景气指标：消费电子（稳健向上）、PCB（加速向上）、半导体芯片（稳健向上）、半导体代工/设备/材料 /零部件（稳健向上）、显示（底部企稳）、被动元件（稳健向上）、封测（稳健向上）。 北美大厂 AI 开支超预期，存储业绩持续爆发。Meta 预计 2026 年全年资本支出在 1150 亿至 1350 亿美元之间， 主要用于数据中心、服务器和网络基础设施，较 25 年的约 700 亿美元 CAPEX 实现显著增长。我们看到 AI 对 meta 自身业务实现了积极帮助，AI 改进了推荐算法，直接导致用户在平台上的停留时间增加，新的序列学 ...

Market Performance - S&P 500 increased by 0.3% while Nasdaq decreased by 0.2% this week[1] - Small-cap stocks led the decline with Russell 2000 value down by 1.0% and Russell 2000 growth down by 3.1%[1] - Key sectors showing gains include telecommunications (+9.0%) and technology hardware (+4.6%) while software and services fell by 6.9%[1] Fund Flows - Estimated fund flow for S&P 500 components was -$84.1 million this week, a significant drop from +$5.6 million last week[2] - Major inflows were seen in technology hardware (+$40.3 million) and media and entertainment (+$39.5 million) while software and services experienced outflows of -$106.0 million[2] Earnings Forecast - S&P 500's forward 12-month EPS expectation increased by 0.8% this week, up from 0.2% last week[3] - Notable upward revisions were in technology hardware (+5.6%) and automotive (+3.2%) sectors, while energy saw a downward revision of -2.7%[3] Risk Factors - Economic fundamentals, international political uncertainties, U.S. fiscal policy, and Federal Reserve monetary policy present significant risks[3]

Market Performance - S&P 500 increased by 0.3% while Nasdaq decreased by 0.2% this week[1] - Small-cap stocks led the decline with Russell 2000 value down by 1.0% and Russell 2000 growth down by 3.1%[1] - 13 sectors saw gains, while 10 sectors experienced losses, with telecommunications leading at +9.0%[1] Fund Flows - Estimated fund flow for S&P 500 components was -$84.1 million this week, down from +$5.6 million last week[2] - Major inflows were seen in technology hardware (+$40.3 million) and media & entertainment (+$39.5 million)[2] - Significant outflows occurred in software & services (-$106.0 million) and healthcare equipment & services (-$57.7 million)[2] Earnings Forecast - S&P 500's forward 12-month EPS expectation increased by 0.8% this week, up from 0.2% last week[3] - 21 sectors had upward revisions, with technology hardware & equipment seeing the largest increase at +5.6%[3] - Energy sector saw a downward revision of -2.7%[3] Risks - Economic fundamentals, international political situations, U.S. fiscal policies, and Federal Reserve monetary policies present uncertainties[3]