Group 1: Core Insights - Apple has committed to an additional $100 billion investment in U.S. manufacturing, which is seen as a strategy to mitigate potential punitive tariffs on hardware products [1] - The valuation of Apple’s supply chain companies is currently low, and there is optimism for a recovery in sentiment as negative factors dissipate [1] - The expected hardware innovation cycle from 2025 to 2027 is anticipated to drive growth, particularly for companies with strong Apple business contributions and those positioned in AI, foldable screens, and robotics [1] Group 2: Valuation Recovery of Supply Chain - Since April 2025, the stock prices of Apple’s supply chain companies have recovered to pre-tariff levels, but overall gains in Q2 lagged behind, indicating that valuations remain attractive [2] - The average valuation for these companies corresponds to approximately 18 times PE for 2026, with most companies valued below 20 times PE [2] - Potential catalysts for valuation recovery include the conclusion of the 232 tariff investigation, stronger-than-expected demand for the iPhone 17, advancements in Apple Intelligence, and changes in the iPhone NPI models in 2026 [2] Group 3: Capacity Transfer - Apple has committed a total of $600 billion to U.S. manufacturing, with a focus on highly automated chips and components, as well as potential AI server production domestically [3] - Currently, about 80% of iPhone production is in mainland China, with 20% in India, while other products like AirPods and iPads have a domestic production ratio of 40-60% [3] - The strategy of diversifying production locations to mitigate tariff risks is expected to continue, with a positive outlook for core supply chain companies expanding overseas [3] Group 4: Outlook on New Products - In 2025, Apple is expected to continue hardware upgrades to support AI functionalities, including the introduction of the iPhone 17 Air and new design features in the Pro series [4] - For 2026, key hardware innovations include the first foldable iPhone, new AirPods with optical features, and advancements in the Apple Vision Pro product line [4] - By 2027, significant upgrades are anticipated for Apple's 20th anniversary products, including advancements in glasses, foldable screens, and notable enhancements in the iPhone lineup [4]

但当我想使用圈点即搜、AI识物等多模态功能时，我却有点困惑了，这些功能都藏在哪？ 有必要给手机增加一颗专门的"AI"按钮吗？ 前段时间上手了全新的三星Galaxy S25，主编们让我着重体验一下这台手机著名的AI功能，于是我把它当作主力机来使用，换掉了手上这台和AI 毫无关系的iPhone 15。 先不谈Galaxy AI好用与否，在体验的过程中，另一个想法也渐渐在我内心成型：目前用户和手机的交互，似乎还没有一个能很好容纳AI的范式。 这也衍生出了一个疑问：有必要为AI，增加一颗专门的按钮吗？ 我想要一颗AI按钮 这样的想法，源于我刚刚拿到三星Galaxy S25时的体验。 既然要体验"AI"，那AI在哪呢？第一反应肯定是直接长按那个曾经被称为"电源键"的长条按钮，果不其然，呼出了三星的AI语音助手Bixby。内置 了大模型的Bixby体验和大部分国产手机类似，能说会道，还能一句话帮忙发朋友圈。 没有教程，没有引导，也就是说，如果是不太了解手机AI的小白用户，他们很可能完全不知道自己花大几千买的新手机，还包含了这些发布会上 大谈特谈的新功能。 这个现象不只是三星一家，同样非常重视手机AI的国产厂商，AI的正确 ...