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 ...

据悉，这张支票的历史可追溯至苹果公司成立之初的1976年。彼时，史蒂夫·乔布斯和史蒂夫·沃兹尼亚 克还在乔布斯父母的车库里艰苦创业。1976年3月16日，二人共同签署开具了这张面额为500美元的支 票，支付对象是霍华德·坎廷。当时，坎廷承担着将沃兹尼亚克精心绘制的Apple - 1示意图转化为可制 造的印刷电路板（PCB）设计这一重要任务。 外媒认为，这张支票远非普通的支付凭证，它见证了苹果公司从概念构思迈向实体产品的关键一步，承 载着苹果早期发展的珍贵记忆。（青山） 来源：环球网 【环球网科技综合报道】1月31日消息，据科技媒体Cult of Mac报道，在1月29日举办的RR Auction拍卖 会上，一张具有非凡历史意义的"苹果1号支票"以2409886美元的高价成交，一举创下公开拍卖支票的最 高纪录。 ...

Core Insights - Apple's revenue growth is accelerating, while Meta's outlook is strong but impacted by rising costs [1][2] Group 1: Apple - Apple reported a 16% revenue growth in its fiscal first quarter, a significant increase from 8% in the previous quarter [7] - The growth was driven by the successful iPhone 17 family, which contributed to a 23% year-over-year growth in the iPhone segment [7] - In Greater China, Apple's revenue rose 38% year over year, indicating strong demand in this key market [8] - For fiscal Q2, Apple expects revenue growth of 13% to 16% year over year, despite anticipated supply constraints for iPhones [9] - The services segment grew by 14% in fiscal Q1, with a gross profit margin significantly higher than that of the products segment, suggesting a potential shift in revenue reliance [10] Group 2: Meta - Meta reported fourth-quarter revenue of $59.9 billion, a 24% increase year over year, although this was a deceleration from 26% growth in Q3 [4] - The company's earnings per share of $8.88 exceeded analysts' expectations but only reflected an 11% year-over-year increase, while costs surged by 40% [6] - Meta's first-quarter revenue guidance suggests a midpoint of $55 billion, indicating a 30% year-over-year growth, but this includes a 4% foreign exchange tailwind [5] - Management anticipates that the full-year fiscal 2026 revenue growth rate will be below Q1 levels, indicating potential challenges ahead [5] Group 3: Investment Comparison - At current valuations, Apple is considered a better investment due to faster earnings per share growth and a more durable business model [11] - Apple's price-to-earnings ratio is 33, slightly higher than Meta's 30, but the valuation gap is justified by Apple's stronger business fundamentals [12] - While Meta is viewed as an attractive stock, Apple is deemed the superior buy at this time [13]