证券研究报告 | 行业简评报告 2026 年 02 月 01 日 25Q4 业绩及展望超预期，把握苹果 AI 创新下优质供应链 苹果季报及产业链跟踪 TMT 及中小盘/电子 事件： 苹果（AAPL.O）于北京时间 1 月 30 日发布 26FQ1（25CQ4，12 月季）财报。 综合财报及电话会议信息，我们评论如下： 评论： 1、25Q4：业绩超预期，iPhone 需求强劲、中国市场表现亮眼。 苹果 12 月季营收 1437.6 亿美元，创历史新高，高于市场预期（1385.2 亿美元）， 同比+15.7%环比+40.3%，主要系 iPhone 需求强劲；净利润 421.0 亿美元，同 比+15.9%环比+53.3%；摊销 EPS 2.84 美元，创历史新高，高于市场预期（2.67 美元）。①分业务：1）iPhone：营收 852.7 亿美元，同比+23.3%，高于市场 预期（783.1 亿美元），主要系 iPhone 17 系列驱动增长，12 月季实现了份额 增长。2）Mac/iPad：Mac 营收 83.9 亿美元，同比-6.7%，低于市场预期（91.3 亿美元），主要系去年同期高基数；iPad 营收 86 ...

Core Viewpoint - The article highlights the investment strategy of Hu Zhongyuan, focusing on AI applications and robotics, while maintaining a cautious approach with a reduced equity position in his funds [1][4]. Fund Performance - Hu Zhongyuan manages a total of 33.2 billion yuan across five funds, achieving an annualized return of 26% over 6.8 years [6]. - The flagship fund, Huashang Runfeng Flexible Allocation Mixed A, has shown a remarkable return of 85.02% in 2025, significantly outperforming its benchmark and the CSI 300 index [11][12]. - The fund's net value has consistently increased, with a 4.28% growth in the current year [11]. Investment Strategy - The fund maintained an equity position below 45% during market downturns in 2022 and 2023, effectively controlling drawdowns [13]. - Starting in Q1 2024, Hu Zhongyuan increased the equity position to over 90%, but has since reduced it to around 50% in Q3 2025, indicating a strategic shift in response to market conditions [15]. - The top ten holdings have become more diversified, with the concentration of the top ten stocks decreasing from 45% to 23% [15]. Sector Focus - The fund is now focusing on AI application hardware and robotics, with investments spread across sectors such as electronics, communications, media, machinery, home appliances, automotive, electric power equipment, and medical devices [17]. - Recent adjustments include new positions in key consumer electronics companies, indicating a shift from upstream technology to downstream applications [17]. Key Holdings - The top ten holdings in Q4 2025 include new entries like Crystal Optoelectronics, GoerTek, and Luxshare Precision, reflecting a strategic pivot towards consumer electronics [17][19]. - The fund has also increased its stakes in companies involved in the robotics sector, such as Sanhua Intelligent Control and Top Group, while introducing new positions in Jiangsu Leili [19].

Group 1 - The company held its first extraordinary general meeting of shareholders on January 23, 2026, with a total of 1,314 shareholders present, representing 30.20% of the voting shares [2][3] - The meeting adopted several resolutions, including the approval of the ninth employee stock ownership plan and its management measures, with significant support from shareholders [5][7][9] - The legal opinions provided by the law firm confirmed that the meeting's procedures and resolutions complied with relevant laws and regulations [11] Group 2 - The company announced the completion of the first batch of stock sales under the eighth employee stock ownership plan, with 750,000 shares sold at a price of 8.95 yuan per share, representing 0.05% of the total share capital [22][23] - The company also reported the completion of the second batch of stock sales under the sixth employee stock ownership plan, with 2,294,500 shares sold, accounting for 0.17% of the total share capital [30][41] - The company disclosed that the second batch of stock sales under the seventh employee stock ownership plan was completed, with 691,500 shares sold, representing 0.50% of the total share capital [37][41] Group 3 - The company’s subsidiary, Zhejiang Jingchi Optoelectronics Technology Co., Ltd., plans to purchase coating equipment from its associated company, OPTORUN Co., Ltd., for a total amount of 302,500,000 yen (approximately 13,313,030 yuan), which is 1.47% of the company's audited net assets for 2024 [49][58] - The transaction was approved by the company's board of directors, with the related party abstaining from voting, ensuring compliance with regulations [49][60] - The purchase is expected to enhance the subsidiary's competitive edge and positively impact the company's consolidated financial performance [58][59]

Group 1 - The core point of the article is that Crystal Optoelectronics (002273.SZ) announced its subsidiary, Zhejiang Jingchi Optoelectronics Technology Co., Ltd., plans to purchase coating equipment from its associate company, Optlan Co., Ltd. (Japan), for a total amount of 302,500,000 Japanese yen, which is approximately 133.13 million RMB based on the exchange rate as of January 23, 2026 [1] - The transaction amount represents 1.47% of the company's audited net assets for 2024 [1]

Product Launch Highlights - The iPhone 17 series includes four models: iPhone 17, iPhone 17 Air, iPhone 17 Pro, and iPhone 17 Pro Max, covering a price range from 6000 to over 10,000 yuan[2] - iPhone 17 targets the mass market with a focus on cost-effectiveness, while iPhone 17 Air emphasizes its ultra-thin design at 5.6mm[2] - The Pro models focus on imaging and computational power upgrades, catering to professional creators and high-end consumers[2] Apple Watch Series Update - Apple launched three new models: Apple Watch SE3, Series 11, and Ultra 3, enhancing health management and fitness tracking capabilities[4] - SE3 is positioned as an entry-level model, Series 11 targets mainstream health management, and Ultra 3 is aimed at high-end outdoor and extreme sports users[4] AirPods Pro 3 Enhancements - The new AirPods Pro 3 features a 67% improvement in noise cancellation and adds heart rate monitoring and hearing detection capabilities[6] Supply Chain Diversification - Apple is shifting towards a global distributed manufacturing model, with the iPhone 17 series being produced in India for the first time, marking a significant change in its supply chain strategy[9] - In Q2 2025, 44% of smartphones assembled in India were for the U.S. market, up from 13% year-on-year, with nearly 80% of U.S. iPhones produced in India[11] Manufacturing Cost and Infrastructure - Manufacturing costs in India are 5%-10% higher than in China, and challenges remain in infrastructure and supply chain stability[11] - China is transitioning to a high-value manufacturing hub, focusing on core components while India handles mid-range assembly[14] AI Functionality and Competitive Landscape - Apple introduced the Apple Intelligence system, integrating AI features across multiple devices, but the rollout is cautious and limited to specific models and regions[20] - Compared to competitors like Samsung and Huawei, Apple lags in the breadth of AI applications and ecosystem integration, which may impact user engagement[26] Supply Chain Impact from AI - The push for AI functionality necessitates upgrades in chip performance, storage, and sensor quality, creating new opportunities for suppliers[28] - Suppliers must meet higher technical standards to secure contracts, emphasizing the importance of privacy and data security in component design[28]

证券代码：002273 股票简称：水晶光电 公告编号：（2026）007 号 浙江水晶光电科技股份有限公司 关于原持股 5%以上股东股份减持计划实施完成的公告 公司股东杭州深改哲新企业管理合伙企业（有限合伙）保证向本公司提供的信息内容真 实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 浙江水晶光电科技股份有限公司（以下简称"公司"或"本公司"）于 2025 年 9 月 23 日披露 了《关于控股股东之原一致行动人暨持股 5%以上股东减持股份的预披露公告》（公告编号：2025 （066）号），持有本公司股份 73,404,741 股（占公司总股本比例为 5.28%、占公司剔除回购专用 账户中股份数量后的总股本比例为 5.34%）的公司控股股东星星集团有限公司（以下简称"星星集 团"）之原一致行动人暨持股 5%以上股东杭州深改哲新企业管理合伙企业（有限合伙）（以下简称 "深改哲新"）计划自减持预披露公告披露之日起 15 个交易日后的 3 个月内（即 2025 年 10 月 23 日至 2026 年 1 月 22 日），以集中竞价或大宗交易方 ...

证券代码：002273 股票简称：水晶光电 公告编号：（2026）005 号 公告》（公告编号:（2024）074 号）。 2、公司于 2024 年 10 月 25 日实施了 2024 年半年度权益分派方案，向全体股东每 10 股派 1.00 元人民币现金（含税），不送红股，不以资本公积金转增股本。公司本员工持股 计划因此获得现金红利 7.50 万元人民币（含税）。 3、公司于 2025 年 5 月 20 日实施了 2024 年度权益分派方案，向全体股东每 10 股派 2.00 元人民币现金（含税），不送红股，不以资本公积金转增股本。公司本员工持股计划因此获 得现金红利 15.00 万元人民币（含税）。 4、公司于 2025 年 9 月 10 日实施了 2025 年半年度权益分派方案，向全体股东每 10 股 派 1.00 元人民币现金（含税），不送红股，不以资本公积金转增股本。公司本员工持股计 划因此获得现金红利 7.50 万元人民币（含税）。 浙江水晶光电科技股份有限公司 关于第八期员工持股计划第一批股票出售完毕的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或者 ...

证券代码：002273 股票简称：水晶光电 公告编号：（2026）002 号 浙江水晶光电科技股份有限公司 关于子公司购买设备资产暨关联交易的公告 二、关联方基本情况 1、关联人介绍 公司名称：株式会社オプトラン 英文名称：OPTORUN CO., LTD 股票简称：オプトラン 股票代码：6235 成立时间：1999 年 8 月 25 日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、关联交易概述 1、浙江水晶光电科技股份有限公司（以下简称"公司"）之控股子公司浙江晶驰光电 科技有限公司（以下简称"晶驰光电"）因业务发展需要，拟向公司之参股公司株式会社オ プトラン（以下简称"日本光驰"）购买镀膜设备，交易总金额为 302,500.00 万日元（按 2026 年 1 月 23 日汇率约合人民币 13,313.03 万元），占公司 2024 年经审计净资产的 1.47%。 2、根据《深圳证券交易所股票上市规则（2025 年修订）》相关规定，公司持有日本光 驰 16.33%的股权，为第一大股东，且公司董事林敏先生担任日本光驰董事，上述交易构成 关联交易。 3、 ...

证券简称：水晶光电 证券代码：002273 浙江水晶光电科技股份有限公司 第九期员工持股计划 二〇二六年一月 浙江水晶光电科技股份有限公司第九期员工持股计划 声明 本公司及公司全体董事保证本持股计划内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 本方案主要条款与公司 2025 年 12 月 30 日公告的第九期员工持股计划（草 案）及其摘要的内容一致。 1 浙江水晶光电科技股份有限公司第九期员工持股计划 风险提示 一、浙江水晶光电科技股份有限公司（以下简称"水晶光电"、"公司"或 "本公司"）第九期员工持股计划（以下简称"员工持股计划"、"本持股计划" 或"持股计划"）设立后将由公司自行管理，但能否达到计划规模、目标存在不 确定性。 二、有关本持股计划的资金来源、出资金额、预计规模和具体实施方案等属 初步结果，能否完成实施，存在不确定性。若员工认购资金较低时，本持股计划 存在不能成立的风险；若员工认购份额不足，本持股计划存在低于预计规模的风 险。 三、股票价格受公司经营业绩、宏观经济周期、国内外政治经济形势及投资 者心理等多种复杂因素影响。因此，股票交易是有一定风险的投资活动，投资者 对此应有 ...

公司本员工持股计划第二批股票已于近日全部出售完毕，根据中国证监会《关于上市公 司实施员工持股计划试点的指导意见》、《深圳证券交易所上市公司自律监管指引第 1 号— —主板上市公司规范运作》及公司《第六期员工持股计划（草案）》等相关规定，现将相关 情况公告如下： 一、本员工持股计划的基本情况 证券代码：002273 股票简称：水晶光电 公告编号：（2026）003 号 浙江水晶光电科技股份有限公司 关于第六期员工持股计划第二批股票出售完毕的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或者重大遗漏。 浙江水晶光电科技股份有限公司（以下简称"公司"）于 2022 年 12 月 12 日召开的第 六届董事会第十次会议及 2022 年 12 月 28 日召开的 2022 年第四次临时股东大会审议通过了 《关于<浙江水晶光电科技股份有限公司第六期员工持股计划（草案）>及其摘要的议案》（以 下简称"《第六期员工持股计划（草案）》"）、《关于提请股东大会授权董事会办理公司 第六期员工持股计划有关事项的议案》，同意公司实施第六期员工持股计划（以下简称"本 员工持股计划"或"本持股计 ...