| Metric | 2002-2020 (avg %) | 2021-2024 (avg %) | A recent-vs-legacy | | --- | --- | --- | --- | | 4-week move | +2.3 % | -0.6 % | -2.9 % | | 12-week move | +17.0 % | +8.4 % | -8.6 % | 2002-2020年期间，WWDC后4周中位数表现呈现温和但正向的增长;而2021年以来，这一均值已转为微 负，表明交易员开始在短期内看淡该事件对股价的影响。2025年WWDC后，苹果股价目前下跌约 2.5%。 从12周周期看，早期WWDC常推动股价录得15%至近30%的涨幅，而近年同类事件仅能带来4%-7%的微 弱增长。 智通财经APP获悉，全球科技巨头苹果(AAPL.US)于近期举办了苹果全球开发者大会(WWDC)，这个传 统上标志着苹果公司看涨里程碑的盛会，此时却呈现出颓势。市场分析者BullBear Trading撰文称，此次 大会已成为其一连串失败中的"史诗级溃败"，该科技巨头在人工智能领域彻底落后于行业趋势，且未能 通过实质性创新推 ...

Core Viewpoint - Apple is currently experiencing a significant sell-off, with its stock down nearly 22% year-to-date, but there are reasons to believe that this decline has reached a point where it presents a buying opportunity for the second half of 2025 [1] Group 1: Product and Service Announcements - Apple has introduced new tools and design upgrades at its Worldwide Developers Conference (WWDC), including features that enhance user interaction with its products and services [3][4] - The company announced a software interface update called Liquid Glass and a new operating system, iOS 26, which will impact content across all Apple apps and devices [5] - Following these announcements, Apple's stock price saw a slight decline, possibly due to underwhelming expectations compared to competitors [6] Group 2: AI Positioning - Despite criticism regarding its AI capabilities, Apple is strategically focused on consumer-facing products and services, aiming to avoid overwhelming users with complex updates [8][9] - The company is gradually releasing AI features that enhance user engagement, which could justify price increases if well-received [10][11] - Apple's approach to AI is to blend it with design and user engagement rather than solely focusing on technological advancement [12] Group 3: Earnings Growth Potential - Long-term earnings growth is crucial for stock price appreciation, and while Apple's recent earnings growth has been lackluster, there are optimistic indicators for future growth [13][14] - An upcoming upgrade cycle is expected as many users who purchased devices during the pandemic will need replacements, potentially driving demand [15] - Apple's capital return program, including a $100 billion stock buyback and consistent dividend increases, supports earnings growth and enhances shareholder value [16][17] Group 4: Investment Outlook - Although Apple's price-to-earnings (P/E) ratio of 30.7 may not seem attractive, the potential for earnings expansion due to design improvements and AI features could make it a worthwhile investment [18][19] - The company is expected to outperform the S&P 500 in the latter half of 2025, with a focus on long-term investment rather than short-term gains [19][20]

Core Viewpoint - Apple celebrated its app developers during the WWDC 2025 keynote but failed to address the challenges faced by the developer community in recent years, raising questions about trust and support from the company [4][5][26]. Developer Relations - Apple has faced significant scrutiny and legal challenges regarding its App Store practices, which have strained relationships with developers [5][15]. - The company has not effectively communicated improvements or support for developers, missing an opportunity to acknowledge the difficulties they have encountered [19][26]. AI Integration and Features - Apple has delayed the launch of its AI-powered Siri, which was initially showcased at the previous WWDC, indicating ongoing challenges in delivering promised technology advancements [6]. - The company introduced some AI features, such as integrating OpenAI technology into its apps, but did not announce partnerships with other AI providers, despite speculation [12][14]. App Store Commissions and Policies - Apple recently lost a legal battle that requires it to allow developers to use alternative payment methods, which could impact its revenue model [15]. - The keynote did not address the controversial App Store commissions or any potential reductions, leaving developers uncertain about the future of in-app payment systems [18][20]. Developer Experience and Tools - Apple launched a standalone Games app but focused on consumer benefits rather than how it could support mobile developers [16]. - The company made some improvements to its developer tools, but these were perceived as temporary solutions rather than substantial support for developers [14][19]. Market Dynamics and Future Outlook - Apple subtly updated its App Review Guidelines, indicating a preference for maintaining its App Store as the primary marketplace, which may limit developers' options [20]. - The initial developer beta of iOS 26 suggests that Apple is prioritizing its own revenue generation through increased advertising opportunities for developers [21][23].

《科创板日报》10日讯，知名分析师郭明錤发文称，对投资人来说，WWDC 2025最重要的是的AI，其 他的更新如界面设计都是次要。虽然AI竞争像一场马拉松，而非单一事件决定输赢，但WWDC 2025应 该让大部分的投资人期待落空。鉴于人工智能行业发展速度的加快，如果苹果不大幅增加投资，就有可 能进一步落后于竞争对手。短期内对苹果硬件业务的影响可能有限，但对苹果的下一代消费电子产品 （例如AR眼镜）构成了严峻挑战。 郭明錤：苹果AI表现或令投资人失望 恐影响AR眼镜 ...

WWDC 2025 Key Takeaways - Apple's WWDC 2025 was primarily a refinement event, focusing on improving existing products rather than introducing groundbreaking reinventions [1] - The event showcased enhancements to the operating system, including a liquid glass design motif with translucent and 3D elements [1] - Apple refined existing features like phone calls with "hold assist" and text messages with spam filtering and live translations [1] AI and Future Strategy - Apple's vision of a contextually aware AI assistant, previewed last year, was notably absent, highlighting a potential gap between Apple and other AI leaders [1][2] - The company's current valuation is around $3 trillion, having lost its lead to Nvidia and Microsoft, which are each about $500 billion more valuable [2] - The industry is shifting towards AI-driven experiences, and Apple needs to reinvent itself to avoid being left behind [4] Device and Screen Primacy - Apple believes in the continued importance of screens, focusing on refining the operating system for devices with screens [2][3] - Despite discussions about the potential fading of screens, Apple's updates suggest a focus on screen-based interactions for work, photos, videos, and FaceTime calls [2]

郭明錤：WWDC 2025让大部分投资人期待落空 最重要的是AI 金十数据6月10日讯，知名苹果分析师郭明錤表示，对投资人来说，WWDC 2025最重要的是苹果的 AI，其他的更新如介面设计都是次要。虽然AI竞争像一场马拉松，而非单一事件决定输赢，但WWDC 2025应该让大部分的投资人期待落空 (特别是跟Google I/O比较下)。不过，WWDC后苹果股价波动不 大，原因就如我分析，市场对苹果的AI预期很低，另外也是有部分投资人始终相信"Apple终究会在AI领 域占有一席之地"。AI产业进展正加速中，意味着苹果如果不加大投资，跟竞争对手的差距可能会扩 大。这或许对Apple的硬体在短期内影响有限，但这是苹果在次世代消费电子产品 (如AR眼镜) 的挑战。 ...

For investors, the most important part of WWDC 2025 is Apple's AI—other updates, such as UI design, are secondary. While AI competition is more of a marathon than a sprint, WWDC 2025 is likely to disappoint most investors' expectations (particularly when compared with Google I/O). That said, Apple's stock didn't move much following the event, consistent with my analysis that market expectations for Apple’s AI are already quite low. Additionally, some investors still cling to the belief that Apple "will fina ...

對投資人來說，WWDC 2025最重要的是Apple的AI，其他的更新如介面設計都是次要。雖然AI競爭像一場馬拉松，而非單一事件決定輸贏，但WWDC 2025應該讓大部分的投資人期待落空 (特別是跟Google I/O比較下)。不過，WWDC後Apple股價波動不大，原因就如我分析，市場對Apple的AI預期很低，另外也是有部分投資人始終相信「Apple終究會在AI領域佔有一席之地」。AI產業進展正加速中，意味著Apple如果不加大投資，跟競爭對手的差距可能會擴大。這或許對Apple的硬體在短期內影響有限，但這是Apple在次世代消費電子產品 (如AR眼鏡) 的挑戰。郭明錤 (Ming-Chi Kuo) (@mingchikuo):Apple WWDC 2025的3個觀察重點：1. Apple的AI策略是焦點，其他如介面設計改變、作業系統功能改善等都是次要。2. 不預期Apple在AI技術上有重大突破。不過，市場對Apple的AI預期不高，只要Apple能清楚說明AI如何在終端裝置上實現與開發時程，應該就算及格。3. ...

Welcome to Apple Park and welcome to WWDC. Liquid Glass with the optical qualities of glass and a fluidity that only Apple can achieve. It transforms depending on your content or even your context and brings more clarity to navigation and controls.It beautifully refracts light and dynamically reacts to your movement with specular highlights. This material brings a new level of vitality to every aspect of your experience. From the smallest elements you interact with to larger ones, it responds in real time t ...

Core Insights - Apple is facing significant challenges as it prepares for WWDC 2025, including tariffs on imports from China, lagging AI technology, and skepticism regarding its long-term hardware strategy [2][3][4] Group 1: WWDC 2025 Overview - WWDC 2025 is set to commence on June 9, 2025, with Apple CEO Tim Cook and other executives expected to deliver keynote speeches [1] - The event is crucial for Apple as it typically showcases exciting new products and software updates, such as the Apple Vision Pro headset and the latest iOS preview [1] Group 2: Challenges Facing Apple - Apple is currently embroiled in legal disputes related to its App Store, which, combined with new tariffs, has caused supply chain disruptions [2] - The company anticipates incurring $900 million in tariff costs for the quarter ending in June 2025, with potential tariffs on iPhones produced outside the U.S. reaching at least 25% [2] - Analysts have indicated that relocating iPhone production back to the U.S. could take up to 10 years and significantly increase iPhone prices [2] Group 3: AI Development Issues - Apple launched Apple Intelligence in 2024, but it has not met analysts' expectations for driving iPhone upgrades [3] - The rollout of a more personalized Siri has been delayed, with Apple acknowledging that the preparation time is longer than anticipated [3] - OpenAI's collaboration with former Apple designer Jonathan Ive to develop wearable AI hardware raises concerns about Apple's innovation leadership [3] Group 4: Opportunities for Apple - Analysts view WWDC as a critical opportunity for Apple to clarify its AI strategy and address key questions regarding the future of Apple Intelligence [4] - The event may also serve as a chance for Apple to mend its relationship with developers, especially following a recent legal defeat regarding App Store fees [4][5] - Despite concerns, Apple retains a significant advantage with its extensive global software distribution network, as the iPhone remains the most popular smartphone worldwide [5]