1月25日，苹果无预警官宣iPhone Air参与「年货狂欢节」，原价7999元的256GB版本立减2000元，叠加优惠券到手5499元。官降后的iPhone Air迅速卖爆， 多个平台显示发货日期延后，付款后15天内发货。 iPhone Air之所以发售三个月就迎来官降，主要还是销量不及预期。数据显示，iPhone Air激活量仅20万左右，远不及iPhone 17系列其他三款机型。对于多数 普通消费者而言，选购这款机型最大的阻碍就是eSIM。 （图源：中国联通） 就在苹果宣布官降的同时，中国联通发布了2026年eSIM的相关计划，预计接下来的一年时间里，每个月至少有一款支持eSIM的新机上线。一边是降价后卖 爆的iPhone Air，一边是中国联通大力推进eSIM新机上市，不难看出，2026年将会是eSIM用户数量暴增的一年。 （图源：荣耀） 那么为何手机厂商选择在2026年集体拥抱eSIM呢？其实这波"新机集体开始支持 eSIM"的根本原因，是这条产业链的三个关键产业终于在同一个时间节点， 找到了新的方向。 这其中最重要的自然是运营商。比如在中国联通公开的计划里，不管是鸿蒙eSIM、安卓eSIM还是苹果 ...

凤凰网科技讯 1月30日，根据市场研究机构Omdia最新报告，2025年全球智能手机出货量同比增长2%，达到12.5亿部，为2021年以来的最高水平。除大中华 区外，其他地区出货量均实现同比增长，中国大陆市场因补贴政策效应不及预期而略有下滑。 苹果在2025年创下年度出货量新高，iPhone出货量达2.406亿部，同比增长7%，连续第三年位居全球第一。其第四季度出货量创单季历史纪录，中国大陆市 场同比增长26%，主要受iPhone 17系列需求推动。 小米全年出货1.654亿部，保持全球第三，但第四季度出货量同比下降2%。vivo首次跻身全球第四，出货1.053亿部，同比增长4%。OPPO出货1.007亿部，同 比下降3%，其第四季度在新机推动下重回增长。 报告同时指出，年末关键组件及存储器成本上涨已开始抑制2026年的出货预期。 2025年全球智能手机前十大厂商市场份额：苹果19%、三星19%、小米13%、vivo 8%、OPPO 8%、传音8%、荣耀6%、联想5%、华为4%、realme 3%。 ...

Summary of Apple Inc. (AAPL) Conference Call Company Overview - **Company**: Apple Inc. (AAPL) - **Market Cap**: $3.8 trillion - **Current Price**: $258.28 - **Target Price**: $330.00 - **Upside Potential**: 27.8% [1][24] Key Financial Highlights - **F1Q26 EPS**: $2.84, beating GS/consensus estimates of $2.66/$2.67 [1][17] - **Total Revenue**: $143.8 billion, exceeding GS/consensus of $137.4 billion/$138.4 billion [1][22] - **iPhone Revenue**: $85.3 billion, a 23% year-over-year increase, surpassing GS/consensus of $78.0 billion/$78.2 billion [1][22] - **Services Revenue**: $30.0 billion, a 14% year-over-year growth, in line with expectations [1][22] - **Gross Margin**: Achieved record gross margins of 48.2%, above consensus of 47.4% [1][18] - **Operating Expenses (opex)**: Expected to be $18.4-$18.7 billion, marking the first quarter-over-quarter increase in opex [1][19] Growth and Demand Insights - **iPhone Demand**: Strong global demand, particularly in China with a 38% year-over-year revenue increase [1][16] - **Product Mix**: Favorable revenue mix with higher contributions from Services and iPhone [1][18] - **Supply Constraints**: Advanced 3nm SOC constraints may delay the launch of iPhone 18 and iPhone Air 2 to Spring 2027 [1][16] Future Guidance - **F2Q26 Revenue Growth**: Expected between 13-16% year-over-year, beating consensus of 10% [1][19] - **Gross Margin Outlook**: Anticipated to be between 48-49%, reflecting the impact of rising memory costs [1][19] - **Services Growth**: Expected to maintain a growth rate similar to F1Q26 at 14% year-over-year [1][19] Risks and Challenges - **Consumer Demand**: Potential weakening due to macroeconomic conditions, impacting iPhone upgrade cycles [1][25] - **Supply Chain Disruption**: Risks associated with geopolitical tensions affecting global trade [1][26] - **Intensifying Competition**: Competing in various sectors with significant investment from rivals [1][27] - **Regulatory Risks**: Increased scrutiny in major markets could impact competitive advantages [1][28] Investment Thesis - **Buy Rating**: AAPL is rated as a Buy, with a focus on the strength of the Apple ecosystem and revenue visibility [1][32] - **Services Growth**: Expected to drive gross profit growth over the next five years, supporting a premium valuation [1][32] - **Recurring Revenue Opportunity**: The durability of Apple's installed base is expected to enhance revenue growth through increased service and product attachments [1][32] Conclusion Apple Inc. continues to demonstrate strong financial performance with robust iPhone demand and record gross margins. The company is well-positioned for future growth, although it faces risks related to consumer demand and supply chain challenges. The investment thesis remains positive, emphasizing the strength of the Apple ecosystem and the potential for service-driven revenue growth.

Group 1 - The core viewpoint of the article is that Apple Inc. is expecting a revenue growth rate of up to 16% for the quarter ending in March, surpassing market expectations due to strong iPhone demand, a significant recovery in the Chinese market, and accelerated growth in the Indian market [1] Group 2 - Apple's performance during the holiday season exceeded expectations, with CEO Tim Cook stating that the demand for the latest iPhone models was "incredible," leading to record quarterly performance [2] - For the fiscal quarter ending December 27, 2025, Apple reported a 16% year-over-year revenue growth, with iPhone sales revenue increasing by 23%, both exceeding analyst expectations by nearly 4% and 9% respectively, and surpassing the company's guidance of 10%-12% [2] - Earnings per share (EPS) also reached a record high, exceeding analyst expectations by over 6%, while service business revenue achieved a new quarterly high for the first time in three years [2] - The iPhone 17 series contributed to sales growth in key markets, alleviating investor concerns about stagnation in hardware sales, despite previous setbacks and competition leading to talent loss [2] - CFO Luca Maestri noted that a surge in Chinese consumers purchasing the iPhone 17 has driven a trend of upgrading Apple products or switching from competitors, marking a recovery in the Chinese market after two years of fluctuating sales due to intense competition from local brands like Huawei [2] Group 3 - Following the earnings announcement, Apple's stock price initially rose by 3.5% in after-hours trading but later narrowed the gains, ultimately closing up by 0.8% [3]

苹果公司在假日季度的营收大幅超出华尔街预期，主要受新款iPhone 17的强劲需求、服务业务增长以 及中国市场回暖推动。 苹果在1月29日发布的声明中表示，截至12月27日的季度，公司营收增长16%至1438亿美元，再创新 高。彭博汇编的数据显示，分析师此前平均预期为1384亿美元。苹果自身的预期为增长10%至12%。 苹果首席执行官蒂姆·库克在声明中表示："空前的需求推动iPhone创下史上最佳季度表现，所有地区市 场都创下历史新高。" 在中国，苹果报告营收255亿美元，同比大增38%，远超华尔街平均预期的218亿美元，也远远超过了整 体销售额的增速。 苹果公司假日季在中国市场强劲反弹，得益于新机型iPhone 17的畅销。这是该公司自2021年底以来首 次在该地区实现了250亿美元级的季度销售额。 这些数字呈现出苹果公司的意外复苏景象。此前，该公司一直难以重振中国业务这个旧日的强劲引擎。 苹果当季实现了大中华区史上第二高营收，接近四年前创下的假日季纪录258亿美元。 首席执行官蒂姆·库克将这一表现归功于智能手机升级换代用户激增。他还表示，从其他平台转到苹果 手机的用户数量也实现了两位数百分比的增长。这使得 ...

花旗发表研报指，苹果上季销售额1438亿美元(按年增长16%，高于指引的10%至12%)，对比市场预期 为1384亿美元；每股收益为2.84美元，高于市场预期的2.67美元；毛利率为48.2%，市场预期为47.4%， 反映服务业务毛利率为76.5%，产品毛利率为40.7%。 该行予苹果"买入"评级，目标价为315美元。 财报电话会议的重点将包括，Apple应对更高元件成本的方式及其对毛利率的潜在影响；全球及特别是 中国的iPhone需求前景，以及产品更新周期的看法；服务业务的动能及增长驱动因素；Apple在人工智 能方面的发展，包括即将推出的Siri重大改版、与Gemini的合作以及领导层变动；关于关税情况的最新 资讯及其影响；2026年新产品的推出计划；首席执行官继任计划。 ...

Core Insights - Apple reported record financial metrics for Q1 FY2026, with total revenue of $143.76 billion, a 16% year-over-year increase, net income of $42.10 billion, a 15.9% increase, and diluted earnings per share of $2.84, an 18.3% rise, all exceeding market expectations [1] Financial Performance - Total revenue reached $143.76 billion, up 16% year-over-year [1] - Net income was $42.10 billion, reflecting a 15.9% increase [1] - Diluted earnings per share stood at $2.84, an 18.3% increase [1] Supply Chain and Product Demand - Apple faced supply constraints, particularly in memory supply, impacting the ability to meet strong demand for the latest iPhone series, which saw a 23% growth [2][3] - The company is working to increase supply to meet high user demand, with channel inventory at low levels [2] Market Performance in China - Revenue in Greater China grew by 38%, driven primarily by iPhone sales, achieving record income levels for the region [3][4] - Strong consumer response to the iPhone 17 series contributed to increased foot traffic in stores [3][4] User Base and Product Adoption - The installed user base in Greater China reached historical highs, with significant upgrades from existing users and strong growth in users switching from other brands [4] - First-time buyers accounted for a majority of purchases for Mac, iPad, and Apple Watch, indicating positive market reception [5] AI Strategy and Future Opportunities - Apple is integrating AI features into user experiences, aiming to create significant user value and open new opportunities for products and services [6][10] - The collaboration with Google is expected to enhance Apple's AI capabilities, although specific details on revenue sharing remain undisclosed [10] Gross Margin Insights - The gross margin for Q1 was 48.2%, slightly above previous guidance, attributed to a favorable product mix and strong iPhone sales [11] - The service business also contributed to gross margin growth, maintaining double-digit growth [11]

1月29日，苹果公司(AAPL.US)发布2026财年第一财季(截至2025年12月27日)业绩报告显示，总营收、 iPhone收入、服务收入等多项指标创下历史新高。在全球科技股押注"AI+硬件换机"的背景下，市场对 苹果这份假日季财报的关注点集中在三件事：iPhone 17的换机强度能否延续、中国需求是否真正回 暖、以及在内存涨价与先进制程产能紧张的情况下，苹果能否守住利润率与供给节奏。 更引人瞩目的是，CEO库克在财报电话会上宣布，苹果正与谷歌合作开发下一代Apple基础模型，这将 为今年推出的更个性化Siri提供动力。这一合作标志着苹果在AI战略上的重大转向，库克表示： "我们认为谷歌的AI技术将为Apple基础模型提供最强大的基础，我们相信通过这一合作能够解锁大量 体验并以关键方式进行创新。" iPhone引爆超级周期，所有地区创历史新高 本季度最大的惊喜来自iPhone。该产品线收入达到853亿美元，同比激增23%，创下历史新高。库克在 电话会上用"令人咋舌(staggering)"和"非凡(extraordinary)"来形容用户对iPhone 17系列的热情。尤其是 主打超薄设计的iPhone ...

Market Performance - The Shanghai Composite Index rose by 0.16% to 4157.98 points, while the Shenzhen Component fell by 0.3% and the ChiNext Index dropped by 0.57%[1] - The Hong Kong Hang Seng Index increased by 0.51% to 27968.09 points, with the Hang Seng Technology Index declining by 1% and the Hang Seng China Enterprises Index rising by 0.42%[1] - The total market turnover in Hong Kong was 3319.942 million HKD[1] Currency and Economic Relations - The U.S. Treasury Department labeled the Chinese yuan as "severely undervalued" and urged China to allow timely appreciation of its currency[12] - A survey by Goldman Sachs indicated that the majority of investors expect the yuan to appreciate against the U.S. dollar this year[8] Corporate Earnings - Apple reported a record quarterly revenue of 143.8 billion USD, exceeding Wall Street expectations, with a 38% increase in revenue from China[12] - The anticipated net profit for Sunny Optical Technology is expected to increase by 70% to 75%, reaching approximately 4.589 to 4.724 billion RMB[14] Bilateral Agreements - China and the UK reached 11 positive outcomes during Prime Minister Keir Starmer's visit, including the establishment of a yuan clearing bank in the UK and a reduction in whisky import tariffs from 10% to 5%[12]

Core Insights - Apple reported a record-breaking quarter, with significant growth in revenue and earnings, highlighting the importance of Apple Intelligence as a business lever and its partnership with Google for AI development [1][7] Group 1: Financial Performance - Apple achieved quarterly revenue of $143.8 billion, representing a 16% year-over-year increase, with diluted EPS of $2.84 [7] - iPhone revenue reached $85.3 billion, up 23% year-over-year, while Services revenue hit an all-time high of approximately $30 billion, increasing by 14% [7] - Sales in greater China surged to $25.5 billion, marking a 38% year-over-year growth, primarily driven by iPhone sales [7] Group 2: Apple Intelligence and AI Strategy - Apple Intelligence is framed as an operating-system-level capability rather than a standalone product, aimed at enhancing the overall ecosystem and monetization opportunities across hardware and services [3][4] - CEO Tim Cook emphasized that the integration of AI features is designed to be personal and private, enhancing user experience without necessarily being tied to a direct revenue model [4] - The potential for revenue growth from AI is linked to improvements in discovery, shopping, customer service, and in-app conversions, which could lead to increased device upgrades and service engagement [4] Group 3: Partnership with Google - Apple announced a partnership with Google, selecting it for its AI technology capabilities while ensuring privacy standards are maintained [5] - Cook stated that Google's AI technology provides a strong foundation for Apple's future developments, although specific deal terms were not disclosed [5] Group 4: Payment Security - Apple Pay reportedly eliminated over $1 billion in fraud for partners in the previous year, with plans to expand the service into more markets [6] - The company is focusing on device-centric security and network tokenization to reduce fraud, indicating ongoing investment in payment security measures [6]