摩根士丹利：大中华区科技硬件月度数据手册：2025 年第二季度在关税不确定性下，iPhone 和 iPad 产量增加

Monthly Databook: Higher 2Q25 iPhone/iPad Builds amid Tariff Uncertainties Key Takeaways We raise our 2Q25 iPhone build estimates by 4mn units to 45mn units (-10% QoQ, +15% YoY) vs. historically 15-25% QoQ decline in 2Q. This is again to keep legacy model stocking amid tariff uncertainties, even off a relatively high base in 1Q. This is not a reflection of demand strength. Regardless of tariff results, our latest supply chain checks suggest the assembly partners will accelerate production diversification, i ...