本月初，美国加州北区法院就Epic Games与苹果公司围绕"苹果税"的法律纠纷作出裁定，认定苹果违反了2021年禁止该公司实施反竞争定价的法令，要求 它必须立即停止对开发者与用户沟通的限制，同时不得对应用外消费征收佣金。 判决下达后，美国App Store正式开放了第三方支付。更新后的《App Store审核指南》明确宣称：在美国App Store应用中，开发者可以自由添加按钮、外 部链接或其他引导方式，直接指向第三方支付渠道，无需额外授权。此外，苹果公司还取消了此前"禁止应用鼓励用户使用非App Store支付"的规定。 最新更新的《App Store审核指南》 截至目前，苹果公司暂时遵从了新禁令，但仍在继续提起上诉。这项裁决不仅有利于Epic Games，对很多厂商和开发者来说也无疑是一个利好消息——在 2025年5月，这场横跨5年的法律拉锯进入了新的阶段，一个更开放的App Store时代似乎正要到来。 历时5年的纠纷 2020年8月13日，苹果公司突然从App Store下架了风靡全球的游戏《堡垒之夜》（Fortnite）。起因是其开发商Epic Games在游戏中加入了绕过苹果支付系 统的直购选项 ...

Core Viewpoint - The "Apple concept" sector, particularly Chaoyang Technology, has experienced significant volatility due to changes in US-China tariff policies and promotional pricing strategies ahead of the "618" shopping festival, leading to increased investor scrutiny [1][6]. Company Summary - Chaoyang Technology reported a total revenue of 1.734 billion yuan in 2024, a year-on-year increase of 21.24%, while net profit decreased by 3.31% to 113 million yuan [2]. - The company's revenue breakdown shows that earphone products generated 1.22 billion yuan (70.36% of main business revenue), sound products contributed 236 million yuan (13.62%), and precision components accounted for 265 million yuan (15.27%) [2]. - Major clients include well-known brands such as A client, Samsung, and Xiaomi, with sales to the largest customer reaching 703 million yuan, representing 40.53% of total sales [2]. Institutional Investor Changes - There was a notable reduction in institutional investor holdings in Chaoyang Technology from the end of 2024 to the first quarter of 2025, with only four institutions remaining compared to thirteen previously [4][5]. - The largest institutional shareholder, Morgan Stanley, reduced its holdings from 357,200 shares to 225,200 shares, while other funds also decreased their stakes significantly [5]. Sector Performance - The "Apple concept" sector saw a rise prior to the recent downturn, influenced by tariff changes and promotional activities in the consumer market [6]. - Companies like Dongni Electronics and Yanmian Technology also faced challenges, with Dongni Electronics reporting a revenue of 1.981 billion yuan in 2024, a 7.86% increase, but a net profit of only 11.52 million yuan [8]. - Yanmian Technology's revenue heavily relies on the Apple supply chain, with 44.19% of its sales coming from its largest customer [9]. R&D and Future Outlook - Si Lin Jie, another player in the sector, achieved a revenue of 184.51 million yuan in 2024, a 10.09% increase, with a net profit growth of 69.99% [10]. - Despite the growth, Si Lin Jie reported a decrease in R&D investment from 52.08 million yuan to 49.24 million yuan, indicating potential concerns about future innovation capabilities [11].

研究员：刘倩楠 期货从业证号： 大宗商品研究所 农产品研发报告 农产品日报 2024 年 05 月 15 日 F3013727 投资咨询证号： Z0014425 联系方式： :liuqiannan_qh@chinas tock.com.cn 苹果日报 第一部分 市场信息 | 现货价格 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 上一工作日价 指标 | 今日价格 | | 涨跌 | 指标 | 今日价格 | 上一工作日份 | 涨跌 | | 格 | | | | | | 格 | | | 宮千卒業が掲指数 | 108.14 | 107.62 | 0.52 | 洛川半商品纸袋70 | 4.80 | 4.75 | 0.05 | | 栖霞 一、二级纸袋 80 | 4.10 | 4.10 | 0.00 | 沂源纸袋70 | 2.40 | 2.40 | 0.00 | | 蓬莱一、二级纸袋 80 | 4.20 | 4.20 | 0.00 | 6种水果平均批发价 | 7.84 | 7.95 | -0.11 | | 期货价格 | | | | | ...

Core Viewpoint - The recent volatility in Apple's supply chain stocks is driven by a combination of easing US-China tariff policies and Apple's aggressive pricing strategies, alongside mixed market sentiment regarding future performance [1][3][9]. Market Performance - On May 12, the Apple concept index (BK0666) closed at 2985.77 points, with a single-day increase of 2.91%. Notable stocks like LeChuang Technology surged by 22%, while several others exceeded 10% gains [2]. - However, by May 15, the index fell to 2911 points, indicating a decline from the previous highs, with many stocks in the Hong Kong market also experiencing significant drops [2]. Factors Influencing Volatility - The fluctuations in stock prices are attributed to two main factors: the recent US-China tariff adjustments and Apple's price reductions on its products. The US has announced a temporary suspension of certain tariffs, which is seen as a positive development for the supply chain [3][4]. - Apple's recent price cuts, particularly on the iPhone 16 Pro series, have seen reductions of up to 2500 yuan, with discounts exceeding 30% in some cases [4]. Financial Performance of Key Suppliers - Apple's financial results for Q2 of the 2024-2025 fiscal year showed revenues of $95.4 billion, a 5% year-over-year increase, and a net profit of $24.78 billion, up 4.84% [6]. - Key suppliers such as GoerTek, Lens Technology, and Luxshare Precision reported mixed results for Q1 2025, with revenues of 16.30 billion yuan, 17.06 billion yuan, and 61.79 billion yuan respectively, showing year-over-year growth rates of -15.57%, 10.10%, and 17.90% [7][8]. Future Outlook - Analysts suggest that the Apple supply chain may have room for recovery, driven by easing tariffs and low valuations, alongside anticipated product innovations from Apple in the coming years [9]. - Expectations are set for a new wave of product launches, including foldable screens and AI glasses, which could invigorate the supply chain and lead to an upward trend in related companies [9].

来源：中国科学报 苹果不仅口感大众化，而且营养颇为丰富，是全世界最受欢迎的水果之一。 在苹果集约化生产上，抗逆和矮化密植是两个最重要且很难耦合的产业难题。"只有当抗寒、耐旱、耐 盐碱等条件得到满足，我们才能在此基础上开展省时、省力的规模化矮化密植。"论文第一作者、中国 农业大学教授李威说。 但是，抗逆的基因资源从哪儿找？ 栽培苹果虽有数千个品种，但从基因源上都属于一个苹果种（Malus domestica）。简单来说，虽然消费 者感觉市场上的苹果品种很多，但它们在遗传层面其实都是"亲兄弟"。这些"亲兄弟"之间的遗传差异非 常有限，很难在其中找到新的抗逆基因。 然而，中国工程院院士、中国农业科学院作物科学研究所研究员刘旭指出，当前我国苹果种业面临优异 种质资源匮乏、核心性状改良周期长、现代分子技术应用不足等瓶颈问题，严重制约了苹果新品种的选 育及产业的持续提质增效。 刘旭强调，在全球气候变化与重大病虫害日益加剧的背景下，亟须明晰苹果的遗传基础、厘清苹果属多 样性背景，为构建自主可控的核心种质资源体系和支撑品种创新提供可持续研究与发展的"跳板"。 近日，中国农业大学园艺学院教授韩振海团队联合国内外科学家成功揭示了 ...

Core Viewpoint - Apple has lost a significant legal battle against Epic Games, with a U.S. court ruling that Apple violated a previous order by not allowing external payment options in the App Store [1][5]. Group 1: Legal Outcomes - The court has mandated that Apple must not restrict developers from directing users to external purchases and cannot charge commissions on these transactions [1][3]. - Apple has faced multiple legal defeats in the past, leading to some adjustments in its commission structure, such as reducing the standard commission from 30% to 27% in the U.S. [5][8]. Group 2: Market Implications - With the ruling, it is expected that developers will increasingly utilize third-party payment options to avoid Apple's commission, which could significantly impact Apple's revenue from the App Store [3][5]. - Apple has now lost legal battles in two of its largest markets, the U.S. and Europe, while still maintaining its 30% commission policy in China [7][9]. Group 3: Regional Commission Structures - In Europe, Apple has reduced its commission rate from 30% to 17% and allowed third-party payments and sideloading of apps [8][9]. - The commission rates for different regions are as follows: - China: 30% for standard enterprises - U.S.: 27% for standard enterprises using third-party payment channels - Europe: 17% for standard enterprises [9].

Core Insights - The report indicates a "relatively hot" market sentiment with a composite score of 64, suggesting a positive outlook for market performance [6][10]. - Recent trends show that when the sentiment score is below or near 30, the market tends to find support, while scores above 90 may indicate resistance [10]. Industry and Company Highlights - **Robotics Theme**: The use of exoskeleton robots for hiking has gained popularity, reducing physical exertion by 20%-40%. Related companies include Weisi Medical (688580) and Jinggong Technology (002006) [7]. - **Big Data Theme**: The State Council has approved a draft for a data-sharing regulation aimed at breaking down data barriers and enhancing public services. Companies involved include Aofei Data (300738) and Inspur Information (000977) [7]. - **Apple Supply Chain Theme**: Apple is expected to launch its first foldable iPhone in Fall 2026, impacting the product release schedule of other models. Related companies are Lingyi Technology (002600) and Changying Precision (300115) [7]. Market Activity - The report lists the top ten stocks with significant net inflows, including Qingdao Kingking (44,781.89 million) and Tongwei Co. (34,070.72 million), indicating strong investor interest [11]. - The report also highlights the top ten stocks with net outflows, such as Zhonghang Chengfei (188,507.92 million) and Luxshare Precision (89,100.55 million), reflecting investor caution in certain sectors [13][23]. Financing and Margin Trading - The report details the top ten stocks with net buying in financing, led by Xinyi Technology (29,979.81 million) and Zhongji Xuchuang (24,836.71 million), suggesting bullish sentiment among investors [13]. - Conversely, the top ten stocks with net selling in margin trading include Luxshare Precision (869.33 million) and CATL (807.16 million), indicating bearish sentiment [14]. Industry Trends - The report identifies the electronics sector as a leading area for net buying in financing, with a total of 118,857 million, while the automotive sector shows significant net outflows of -342,284 million, indicating a shift in investor focus [20][23].

原标题：破解软化机制 打赢苹果"硬仗" 胡大刚团队的这一研究首次发现了非共生血红蛋白MdHb1催化原果胶向可溶性果胶转化，从而揭 开果实软化的关键机制。同时，团队首次鉴定了D-GlcA和D-GalUA为苹果软化的标志代谢物。此外， 团队还首次揭示了D-GlcA和D-GalUA介导的转录因子MdMYB2/MdNAC14/MdNTL9-MdHb1模块在果实 软化中的负反馈调控作用。 胡大刚表示，上述研究成果能为精准调控果实品质、延长水果保鲜期提供全新靶点。 《自然·植物》评审专家认为，研究通过多层次创新，突破了果实软化机制的固有认知，实现了从 关键基因、代谢标志物到调控网络的全链条解析，兼具科学价值与应用潜力。这一成果不仅为苹果采后 保鲜技术研发提供了理论依据，也为其他园艺作物的品质改良研究开辟了新思路。 10余年来，胡大刚团队初步解析了葡萄糖信号调控苹果色泽的分子机制，构建了山梨醇、硝酸盐和 乙烯调控苹果果实酸度的调控网络，挖掘了调控苹果果实硬度的新的靶基因和关键代谢物。基于这些苹 果果实品质理论研究成果，胡大刚团队已经初步构建了苹果果实品质调控的遗传密码图，为苹果产业的 可持续发展贡献了力量。（记者 王延斌） ...

农产品日报 2024 年 05 月 13 日 研究员：刘倩楠 期货从业证号： 大宗商品研究所 农产品研发报告 F3013727 投资咨询证号： Z0014425 联系方式： :liuqiannan_qh@chinas tock.com.cn 苹果日报 第一部分 市场信息 | 现货价格 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | 今日价格 | 下一工作日份 | 涨跌 | 指标 | 今日价格 | 上一工作日份 | 涨跌 | | 格 | | | | | | 格 | | | 宙士苹果价格指数 | 107.62 | 107.64 | -0.02 | 洛川半商品纸袋70 | 4.75 | 4.30 | 0.45 | | 栖霞 一、二级纸袋 80 | 4.10 | 4.10 | 0.00 | 沂源纸袋70 | 2.40 | 2.40 | 0.00 | | 蓬莱一、二级纸袋 80 | 4.20 | 4.20 | 0.00 | 6种水果平均批发价 | 7.95 | 7.92 | 0.03 | | 期货价格 | | | | | ...

5月13日，港股三大指数集体回调。截至收盘，恒生指数跌1.87%，国企指数跌2.02%，恒生科技指数跌 3.26%。 烟草概念、奢侈品股、香港零售股等消费股均有所上涨。其中，思摩尔国际（06969.HK）涨10.39%， 周大福（01929.HK）涨1.76%。 黄金板块午后走高。其中，潼关黄金（00340.HK）涨15.79%，赤峰黄金（06693.HK）涨5.19%，灵宝 黄金（03330.HK）涨5.37%，山东黄金(01787.HK)涨4.75%，中国黄金国际（02099.HK）涨4.26%，招金 矿业（01818.HK）涨3.45%。 消息面，5月13日，国际金价止跌反弹。中金公司指出，美国宏观经济政策不确定性为经济增长带来的 不利影响可能仍待显现，叠加关税加码或推升通胀担忧、限制美联储的降息决策，美国经济放缓压力和 通胀中枢可能高于此前预期。展望年内，美国经济放缓压力和实物黄金配置诉求或支撑金价中枢。 短视频概念、云办公、云计算、明星科网股等科技相关概念股多数走弱。其中，微盟集团 （02013.HK）跌5.52%，快手-W（01024.HK）跌4.62%，哔哩哔哩-W（09626.HK）跌3.14 ...