夜幕降临，一架隐形战机通过红外热像仪悄无声息地锁定了目标。然而，正是那些几十公里外的清晰地 形图和敌机的飞行轨迹，真正发挥了飞行员夜战利器的强大效能。支撑这一切的核心，正是那种看似不 起眼的稀有金属——锗。作为一种银灰色的脆性物质，锗如今正逐渐成为大国军工博弈的焦点。最新的 科研成果表明，锗的潜力远超夜视仪的应用。通过对镓原子分子束外延技术的突破，锗首次与镓原子结 合，并巧妙地将其植入了低至零下270摄氏度的极低温环境中。这一技术让锗的超导特性得以初步揭 示，电流流过时几乎没有任何损耗。这一突破为下一代量子计算机、高灵敏度雷达以及低功耗通信设备 的研发，开辟了崭新的方向。 中国目前掌握了锗资源的隐形王牌。全球锗资源极为集中，中国以41%的储量和72%的产量，成为全球 最大的锗资源供应国。更为重要的是，从锗矿石的提炼到高纯锗单晶的生产，中国已经建立了完整的产 业链闭环。美国国防部的报告指出，海军阿利·伯克级驱逐舰和F-35战斗机的红外导引头与雷达系统， 依赖于中国提供的锗材料和零部件，数量超过了万件。锗在现代战场上的军事应用无处不在：坦克和装 甲车的红外夜视系统需要锗透镜来捕捉热辐射，导弹的红外导引头则依赖锗窗 ...

Core Viewpoint - Apple is set to hold its annual fall event on September 9, focusing on the launch of the iPhone 17 and Apple Watch, with significant implications for supply chain dynamics and investment opportunities [1][3]. Group 1: iPhone Developments - The iPhone 17 is expected to be notably thinner, with the introduction of the iPhone 17 Air, which may measure only 5.5-6.25 mm, making it the thinnest iPhone to date [3][6]. - Achieving this thinness involves advancements in materials science, structural stacking, and cooling solutions, indicating a potential shift in the supply chain landscape [5][6]. - The Pro series is anticipated to feature a long-focus lens upgraded to 48 million pixels, introducing new structural demands on components like lenses and sensors, which could lead to significant market revaluations [9][12]. Group 2: Wearable Technology Innovations - The Apple Watch Ultra 3 is expected to introduce a satellite SOS feature, targeting the outdoor sports market and potentially reshaping valuations in this vertical [15][18]. - AirPods Pro 3 may include an in-ear heart rate tracking function, transforming them from consumer electronics into health monitoring devices, which could lay the groundwork for a subscription-based health service model [19][21]. Group 3: Investment Implications - The developments in iPhone materials and manufacturing, camera upgrades, and wearable technology innovations present several potential investment directions [22]. - Key questions remain regarding the underlying motivations for Apple's technology choices, the yield and cost curves of new technologies, and their impact on profit margins, which are crucial for building a high-confidence investment model [22].