Apple(US:AAPL) Di Yi Cai Jing·2025-12-26 08:24Core Viewpoint - Apple's iPhone 17 series has significantly boosted sales in China, leading to a remarkable year-on-year growth of 128.4% for foreign smartphone brands in November, while the overall smartphone shipment in China grew by less than 2% [1][3]. Group 1: Sales Performance - In November, the total smartphone shipment in China reached 30.161 million units, with domestic brands accounting for 23.228 million units, a year-on-year decline of 12.6% [3]. - Foreign brands, including Apple, shipped 6.933 million units in November, recovering from a 47.4% decline in the same month last year [3][4]. - Apple's market share in China rose to 25% in October, the highest in three years, with the iPhone 17 series contributing over 80% to Apple's total sales that month [3][4]. Group 2: Future Outlook - Apple is expected to see a 10% revenue growth during the holiday season, and it is projected to maintain its position as the leading global smartphone vendor by 2026 [4]. - Despite the success of the iPhone 17 series, Apple's stock performance has been lackluster, with a year-to-date increase of less than 10%, trailing behind other tech giants like Google, which saw a 66% rise [5]. - The company faces challenges in AI advancements, with significant delays in the rollout of its AI features and lower capital expenditure compared to competitors [5][6]. Group 3: Cost Challenges - Apple is experiencing rising costs for storage chips, which have been increasing for six months and are expected to continue this trend into the next year [6]. - The increase in production costs may lead to speculation about whether Apple will pass these costs onto consumers through higher prices for iPhones and other products [6].