抗住芯片涨价压力，苹果 iPhone Q4出货大增28%，重夺中国手机市场榜首

Core Viewpoint - Apple has regained the top position in the Chinese smartphone market during the holiday season, driven by strong demand for the iPhone 17 series, despite facing a significant shortage of storage chips [1][3]. Group 1: Market Performance - Apple's smartphone shipments in China surged by 28% year-on-year in the fourth quarter, capturing one-fifth of the total market share [1]. - For the full year of 2025, Apple's shipments in China increased by 7.5%, holding approximately 17% market share, closely following the leading local competitor [1][4]. - The high-end smartphone segment has shown resilience against the ongoing storage chip crisis, with minimal impact reported on premium devices [2]. Group 2: Supply Chain Challenges - The semiconductor supply shortage, particularly for storage chips, is intensifying, primarily due to manufacturers reallocating capacity to produce high-end AI storage chips for Nvidia [1]. - Analysts predict that storage prices will continue to rise, with an expected increase of 40% to 50% in the first quarter of 2026, followed by an additional 20% in the second quarter [1][4]. - This price pressure is likely to force smartphone manufacturers to optimize their product lines, particularly by reducing low-end models to maintain profit margins [4]. Group 3: Product Strategy - Despite Apple's strong overall performance, the iPhone Air model has underperformed due to its later launch in China compared to other regions and a compromise between weight and functionality [4]. - The new consumer subsidy policies in China have somewhat alleviated cost pressures for manufacturers [4]. - The trend indicates that brands with high pricing power will have a competitive advantage over those relying on low-margin volume sales in a high-cost chip environment [5].