记者丨 彭新 编辑丨包芳鸣 当地时间1月29日美股盘后，苹果发布2026财年第一季度（截至2025年12月27日）业绩报告。财报显示，苹果该季度实现总营收1437.56亿美 元，较上年同期的1243亿美元增长16%，净利润达420.97亿美元，同比增长15.9%。摊薄后每股收益为2.84美元，同比增长18.3%。 核心财务 指标不仅全面超越华尔街预期，更一举创下公司成立以来的单季历史新高。 在iPhone 17系列强劲需求的推动下，苹果手机业务营收达到852.69亿美元，同比大幅增长23%，营收占比回升至近六成。苹果CEO蒂姆·库克 在财报电话会上称，公司创下历史最佳季度业绩。他强调，受前所未有的市场需求推动，iPhone在全球主要市场均刷新了营收纪录，公司目前 的活跃设备安装基数已突破25亿台。 然而，随着iPhone销量超预期爆发，先进制程芯片的产能瓶颈显现，叠加存储芯片价格持续上涨，市场担心苹果在即将到来的第二财季面临供 应限制和成本上升双重考验。 库克坦言，由于需求远超内部预期，导致渠道库存处于极低水平，公司目前正处于追加供货的状态。 与此同时，苹果在人工智能（AI）领域的战略路径也逐渐清晰，与谷歌G ...

Core Insights - Peter Thiel's recent investment moves indicate a strategic shift in his approach to artificial intelligence (AI) investments, particularly moving away from Nvidia and into Microsoft and Apple [3][8]. Company Analysis - Nvidia has been a leader in the AI revolution, primarily through its graphics processing units (GPUs), which are essential for AI development. The company reported a record revenue of over $130 billion in the last fiscal year, with stock performance increasing significantly over five years [4][10]. - Thiel sold all 537,742 shares of Nvidia, which constituted 40% of his portfolio, indicating a significant shift in his investment strategy [7]. - In contrast, Thiel has increased his positions in Microsoft and Apple, purchasing 49,000 shares of Microsoft and 79,181 shares of Apple, which now make up 34% and 27% of his portfolio, respectively [8]. Industry Context - The AI market is projected to exceed $2 trillion by the start of the next decade, suggesting continued growth opportunities for companies involved in AI, including Nvidia, Microsoft, and Apple [6]. - Nvidia's heavy reliance on AI for growth may present higher risks compared to Microsoft and Apple, which have diversified revenue streams beyond AI. Microsoft has established revenue from software and cloud computing, while Apple has only recently begun integrating AI features [11][12].

Core Viewpoint - Apple exceeded Wall Street estimates with its fiscal 2026 first-quarter results, yet its shares dipped slightly in early trading, indicating a potential market oversight regarding the company's growth prospects [1][2]. Group 1: Performance in Key Markets - Greater China accounted for approximately 18% of Apple's total revenue, with sales in the region increasing by 38% year over year in Q1 [3][4]. - Apple achieved an all-time record for iPhone upgrades in Greater China, with a notable increase in customers switching from other brands to iPhones, which is expected to enhance services revenue growth [4]. - iPhones ranked among the top three smartphones in urban China, while the iPad and MacBook Air also led their respective categories in sales [5]. Group 2: Growth in India - Apple experienced strong double-digit revenue growth in India, setting a December record for iPhone sales and achieving an all-time high for iPhone upgrades in Q1 [6][7]. - Despite solid growth, Apple's market share in India remains modest, presenting significant opportunities for expansion, including the opening of new retail stores [7]. Group 3: Advancements in Technology - Apple has been perceived as lagging in generative AI, but plans to upgrade Siri using Google's Gemini large language model, which could enhance user experience and drive iPhone sales [8][9]. Group 4: Supply Chain Challenges - Apple faces supply constraints related to 3-nanometer systems-on-a-chip, leading to less flexibility in the supply chain and uncertainty in balancing supply and demand [10][11]. - Memory supply constraints are anticipated to impact gross margins in Q2, with potential increases in memory pricing after Q2 [11][12].

证券研究报告 苹果(Apple) (AAPL US) iPhone17 供不应求，关注存储涨价及 与 Google AI 合作进展 | 华泰研究 | | | 季报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 1 月 | 30 日│美国 | 消费电子 | 目标价(美元): | 288.00 | 苹果发布 1QFY26 业绩：收入 1,438 亿美元，同比+15.7%，超彭博一致预 期 4%，主要受益于 iPhone17 系列的强劲销售（收入同比+23%，超彭博一 致预期 9%）；并且服务收入同比+14%亦创新高。本季度公司整体毛利率 48.2%，并指引下季度毛利率维持 48%-49%的较高水平，在存储涨价背景 下均好于市场预期。我们认为，苹果作为全球消费电子行业的领导者，拥有 全球较为高端的用户，在存储涨价的大背景下受到的影响有望好于安卓同 业，并且公司已经同 Google 达成大模型上的合作，有望在 AI 时代通过多 元化的服务持续变现获得可持续的高毛利收入。我们维持目标价 288 美元， 对应 34.8x FY2 ...

美方在公共卫生领域的攻势同样遭遇挫败。1月22日美国正式退出世卫组织当天，中国宣布向该机构追加5000万美元抗疫专项基金。这个数字恰好是美国拖 欠会费的19%，日内瓦外交人士称之为"精准的文明量度"。耐人寻味的是，包括强生、辉瑞在内的7家美国药企次日便向FDA提交了与中国合作的疫苗审批 申请。 地缘政治的博弈更显荒诞。美国"中国特设委"在中美洲警告"警惕中国债务陷阱"的同时，中国承建的巴拿马科隆港扩建工程正为当地创造1.2万个就业岗位。 巴拿马总统府流出的会议纪要显示，美方代表甚至无法说清中企投资的具体项目名称，只会重复"安全威胁"的套话。 这场24小时快棋博弈揭示了新常态：当中国用系统性方案应对美国单点打击时，传统遏华手段正在失效。英国《经济学人》算过一笔账：美企为绕过关税多 付的运费，足够买下3个特斯拉超级工厂。或许正如新加坡学者马凯硕所言："21世纪的对抗，本质是看谁先成为自己规则的囚徒。"此刻上海洋山港的集装 箱仍在按秒吞吐，而华盛顿的关税听证会上，苹果公司代表正用数据证明：中国工厂的产能，决定着iPhone16能否准时上市。 凌晨三点的外贸老板们突然集体失眠——美国海关系统更新了针对中国商品的第17 ...

Core Insights - Apple's AI division is experiencing significant turbulence, with a notable exodus of talent, particularly from its AI ranks, as the company struggles to keep pace with competitors in the artificial intelligence sector [2][12] - The decision to outsource some technology to Google has caused dissatisfaction among staff, contributing to the ongoing talent drain [2][9] Departures and Talent Loss - Recent exits from Apple include Yinfei Yang, Haoxuan You, Bailin Wang, and Zirui Wang, with Yang starting a new company and You and Wang joining Meta [1][12] - Zirui Wang and Apple executive Stuart Bowers have joined Google DeepMind, which is assisting Apple in developing core AI models for new features, including an upgraded Siri [3][12] Organizational Changes - Apple's AI efforts underwent a major reorganization last year, with CEO Tim Cook relieving AI chief John Giannandrea and assigning responsibilities to software head Craig Federighi [6][12] - The Foundation Models (AFM) team, responsible for the underlying technology of Apple's AI platform, has faced scrutiny due to delays in new Siri features and a lackluster reception of current AI offerings [7][12] Product Development - Apple is preparing two new versions of Siri: a near-term update utilizing personal data for queries and a more ambitious chatbot-style overhaul set for later this year, both powered by models developed by Google's team [9][12] - The company continues to rely on its own models for on-device Apple Intelligence features, although it is unlikely to depend on external partners indefinitely due to competitive pressures in the AI landscape [11][12] Financial Performance - Despite reporting over $85 billion in iPhone sales, Apple's AI challenges have contributed to a stock slump this year, complicating efforts for a turnaround [5][12]

转自：新华财经 摩根大通投资管理部门投资组合经理普里亚•米斯拉（Priya Misra）说，市场对金融条件收紧和国债收 益率曲线变陡的反应聚焦于沃什对大额资产负债表的批评。不过，关于资产负债表的决定也依赖于储备 的均衡水平，其他美联储官员不会支持缩小资产负债表。 美国经纪商TJM机构服务公司利率策略师大卫·罗宾（David Robin）认为，沃什依赖于数据，这一提名 有利于美联储的公信力，美联储观察人士可以稍微感到安心。他还表示，难以想象特朗普会提名任何不 致力于从6月份开始降低利率的人出任美联储主席。 尽管美国参议院民主、共和两党议员已就政府拨款法案达成协议，但由于众议院下周才能复会，美国联 邦政府预计仍会从31日开始陷入部分"停摆"。 当日，黄金和白银期货价格暴跌，显著打压市场人气。 新华财经纽约1月30日电（记者刘亚南）由于市场认为美联储下一任主席提名人选的货币政策立场相 对"鹰派"，贵金属价格暴跌和美国政府预计再次"停摆"打压市场人气，纽约股市三大股指30日低开，盘 中震荡走低，午后跌幅收窄，收盘时纽约股市三大股指均下跌。 截至当天收盘，道琼斯工业平均指数比前一交易日下跌179.09点，收于48892 ...

Group 1 - China Merchants Commercial REIT completed the acquisition of a hotel on Kossuth Road in Hong Kong for a total price of HKD 205 million, with a discount of approximately 3.3% compared to the appraised value [2] - Haohan Deep announced a cash acquisition of 34% equity in Yunbian Cloud Technology for CNY 85.75 million, aiming to enhance its AI strategy by integrating cloud and edge computing [3] - Ying Tang Intelligent Control plans to issue shares and pay cash to acquire 100% equity of Guilin Guanglong Integration Technology and Shanghai Aojian Microelectronics for a total of CNY 808 million [4][6] Group 2 - ST Xifa intends to acquire 50% equity of Lhasa Beer for CNY 292 million, aiming for full ownership to enhance asset integrity and management control [4][5] - China Aluminum, in partnership with Rio Tinto, is set to acquire approximately 68.6% of Brazil's aluminum company for a base transaction price of BRL 46.89 billion, equivalent to approximately CNY 62.86 billion [7] - China Foreign Trade's subsidiary plans to establish a joint venture with Nanshan Hungary to acquire a warehouse in Hungary, with a total investment commitment of approximately EUR 49.83 million [8] Group 3 - Apple has acquired Israeli AI startup Q.ai for nearly USD 2 billion, marking one of its largest acquisitions to date, with a focus on innovative imaging and machine learning applications [9]

此次披露的离职人员名单中有四名AI领域研究员，分别是Yinfei Yang、Haoxuan You、Bailin Wang以及 Zirui Wang，他们此前均在苹果内部从事AI相关技术研发工作。他们的相继离开，不仅带走了宝贵的技 术经验，更引发外界对苹果AI研发团队稳定性的担忧。其中，Yinfei Yang计划离开苹果创办一家新的初 创公司；Haoxuan You和Bailin Wang则选择加入社交媒体巨头Meta Platforms Inc.，Haoxuan You已加入 Meta的超级智能研究部门，致力于前沿AI模型探索，Bailin Wang则专注于Meta的推荐系统相关工作。 此外，彭博社还指出，苹果Siri高级主管图尔特·鲍尔斯（Stuart Bowers）也已从苹果离职，转投谷歌 DeepMind。 来源：环球网 【环球网科技综合报道】1月31日消息，据彭博社报道，在科技巨头激烈争夺人工智能（AI）人才的当 下，苹果公司正面临严峻的留人挑战，其AI研发团队遭遇新一轮人才流失，核心技术力量不断流向竞 争对手。 据《金融时报》消息透露，自今年 1 月起，Meta 至少从苹果挖走了十几位人工智能研究 ...

当春节的热闹逐渐被标准化的祝福与喧嚣包裹时，苹果的新春影片总能以独特的人文视角撕开一道口 子，2026年这部由白雪执导、iPhone 17 Pro全程拍摄的《碰见你》，也延续了这一传统，它没有刻意渲 染回家，而是用一只迷路小狗与女主角的相伴旅程，把年味从团圆的话题，拓展成了"有人愿意陪你走 一段"的故事。 作为苹果首次尝试的混合媒介新春影片，《碰见你》最亮眼的突破，是将定格动画与iPhone 17 Pro的影 像能力深度融合。影片依托机型全新升级的三颗4800万像素融合式摄像头，用等效200mm的8倍光学品 质变焦捕捉小狗"小白"的微表情，以4倍光学长焦定格街头巷尾的新春细节，甚至通过手机轻巧的机身 实现了动物视角拍摄，让技术不再是冰冷的参数，而是成为传递情感的的工具。 摄影师高伟喆所说："8倍光学品质变焦能聚焦角色，同时捕捉广阔环境"，这种小而精的影像表达，恰 好契合了影片"细腻不煽情"的基调。 从2018年陈可辛《三分钟》用iPhone X记录春运母子情，到2024年马克·韦布《小蒜头》以奇幻故事探 讨"做回自己"，苹果新春影片系列始终在"技术展示"与"人文叙事"间寻找平衡。而相较于《小蒜头》因 文化细节 ...