Apple(US:AAPL) 国泰海通证券研究·2025-11-28 08:56Core Insights - Apple is accelerating its AI capabilities, which are expected to exceed expectations and drive smartphone upgrades and AR glasses penetration [1][2][3] - Doubao is exploring the integration of AI large models into smartphones, aiming to form an Agent-like functionality [2][3] Group 1: AI Integration and Product Development - Apple's Siri is set to evolve towards an AI Agent form, enhancing smartphone upgrades and AR glasses penetration [3] - Apple plans to launch the AI search tool "World Knowledge Answers" in Spring 2026, integrating it deeply with Siri to capture the generative AI market [3] - The upcoming iOS 26.4 is expected to significantly update Siri, improving its understanding of user context and integrating various media types for a better user experience [3] Group 2: Market Impact and Sales Projections - It is anticipated that at least two-thirds of iOS users will need to upgrade to the iPhone 15 Pro or higher by 2026 to optimize system experience, potentially leading to record smartphone sales [3] - The introduction of second-generation MR and AR glasses is expected to create a comprehensive AI hardware ecosystem, with projected sales reaching tens of millions [3] Group 3: Catalysts for Growth - The new iOS system experience is expected to surpass user expectations, acting as a catalyst for growth in the smartphone and AR markets [4]