Core Viewpoint - Anker Innovations (300866) is accelerating its global strategy upgrade in response to tariff policy fluctuations, which are a common challenge faced by the industry [1] Group 1: Company Strategy - The company is continuously advancing its global flexible supply chain layout to mitigate the impact of tariff policy changes [1] - As of September 2025, approximately two-thirds of the company's products exported to the U.S. will be produced overseas [1] - The company aims to balance cost and risk resilience through diversified layout [1] Group 2: Industry Challenges - Tariff policy fluctuations are identified as a significant challenge for the industry as a whole [1]

京东 12.12 可领 200-20 元平台券，领券后可膨胀出 30～60 元超级补贴券：点此领券 家电数码好价 小米・米家全效空气净化器 Ultra 增强版发布于 2024 年 7 月 19 日，官方定价 5799 元。 今日 20:00 京东限量秒杀 3036 元，叠加上方 20 元平台券，仅需 3016 元即可入手。 福建等支持政府补贴 15%，实付低至 2563 元闭眼囤好价，每人限购 1 件： 华为 Mate 70 Air 手机上市价 4199 元，今日部分地区支持 8.5 折国补实付 3699 元。 淘宝年终好价节 / 京东 12.12 现已正式开启，全场年内好价。 淘宝无门槛红包每天抽一次，面额至高 8888 元，下单直接当钱花：点此抽红包。 大部分地区支持 9 折国补实付 3779 元也是好价： （更新 ing……） 网盘会员 百度网盘 SVIP 年卡官方定价 360 元，今日 12.12 大促价 188 元，低至 15.68 元 / 月： 夸克 SVIP 年卡官方定价 300 元，今日 11.11 双年卡 + 月卡仅需 230 元，低至 9.2 元 / 月、110 元 / 年，需到付款页 面 ...

Core Viewpoint - Apple plans to update multiple iPad models in 2026, with the new iPad Air expected to launch between March and April 2026, maintaining its current design and LED technology instead of OLED [1][3]. Product Updates - The new iPad Air will continue to feature a USB-C port, a top Touch ID button, and the same front and rear camera configurations. While there may be new color options, the updates are expected to be minor, and compatibility with Magic Keyboard and Apple Pencil Pro will remain [3][4]. - The core hardware of the 2026 iPad Air is likely to be upgraded to the new M4 chip, which is based on an improved 3nm process. The CPU may have up to 10 cores, with performance improvements of approximately 30% for CPU and 21% for GPU compared to the current M3 chip, enhancing efficiency and memory bandwidth [3][5]. Connectivity Enhancements - The 2026 iPad Air is expected to adopt the N1 WiFi-7 and Bluetooth 6 chip introduced in the iPhone 17 series, which will improve connection speed and efficiency. The cellular version may utilize the C1X modem, supporting sub-6GHz 5G with lower power consumption and higher integration [4][5]. Market Impact - The launch of the iPhone 17 has led to a significant price drop for the iPhone 16, which recently sold for only 239 yuan, marking a new low since its release [1][4].

今年早些时候，苹果(AAPL.US)的股票曾遭受重创，原因是这家 iPhone 制造商因缺乏人工智能战略而 面临反复的批评。但随着 AI 交易面临越来越多的审视，这种犹豫已从一个弱点转变为一个优势——这 正体现在股市上。 在2025年上半年，苹果是"美股七巨头"中表现第二差的股票，截至6月底其股价暴跌了18%。但自那以 后，情况发生了逆转，苹果股价飙升了35%，而Meta平台和微软等人工智能宠儿的股价已陷入下跌，甚 至连英伟达的表现也相形见绌。同期，标普500指数上涨了10%，科技股权重较高的纳斯达克100指数上 涨了13%。 持有苹果股票的Needham Aggressive Growth Fund的基金经理约翰·巴尔表示："当所有同行都朝着相反的 方向发展时，他们能保持头脑清醒并控制支出，这非常了不起。" 自6月底以来，苹果公司的表现优于标普500指数和英伟达 结果是，苹果目前的市值已达到 4.1 万亿美元，在标普 500 指数中的权重位居第二，超越了微软，并正 逼近英伟达。这一转变反映了市场对大型科技公司投入数千亿美元进行 AI 研发的质疑，以及苹果在技 术成熟后用于大规模使用时最终将受益的定位。 Gl ...

Core Viewpoint - Apple has completed its product updates for the year with the launch of the M5 chip-equipped iPad Pro, VisionPro, and 14-inch MacBook Pro, shifting focus to anticipated releases in 2024, including the iPhone 17e, MacBook Pro, and iPad models [1][4]. Product Updates - The iPhone 16 has seen a significant price drop, with a recent transaction price of only 239 yuan, marking a new low since its launch [1][4]. - The upcoming 12th generation iPad is expected to be released in March or April 2024, following the 11th generation's launch on March 4, 2023 [1][4][6]. Specifications and Features - The 12th generation iPad is anticipated to maintain an 11-inch screen and a thickness of 7mm, with no significant design changes from its predecessor [3][5]. - The primary upgrade for the 12th generation iPad will be the A18 chip, which is expected to enhance performance compared to the A16 chip currently in use [6]. This upgrade will also enable support for Apple's personal intelligent system [6].

Core Viewpoint - As the year comes to a close, Apple has completed its product updates for 2023, and attention is shifting to anticipated releases for 2024, including the iPhone 17e and MacBook Pro models [1][4]. Product Updates - The launch of the iPhone 17 has led to a significant price drop for the iPhone 16, which recently sold for only 239 yuan, marking a new low since its release [3][4]. - Apple is expected to conduct a comprehensive update of its Mac product line in 2024, with new models set to be released, including previously unannounced products [3][5]. - The first product expected in the Mac lineup is the MacBook Air, which will feature the M5 chip and is anticipated to launch in early 2024 [5]. - Additionally, the MacBook Pro models equipped with M5 Pro and M5 Max chips are also expected to debut in early 2024 [5]. - A new, lower-priced MacBook is planned, featuring the A18 Pro chip and a screen size of approximately 13 inches, also expected to launch in early 2024 [4][5].

智通财经APP注意到，今年早些时候，苹果(AAPL.US)的股票曾遭受重创，原因是这家iPhone制造商因 缺乏人工智能战略而面临反复的批评。但随着AI交易面临越来越多的审视，这种犹豫已从一个弱点转 变为一个优势——这正体现在股市上。 在2025年上半年，苹果是"美股七巨头"中表现第二差的股票，截至6月底其股价暴跌了18%。但自那以 后，情况发生了逆转，苹果股价飙升了35%，而Meta平台和微软等人工智能宠儿的股价已陷入下跌，甚 至连英伟达的表现也相形见绌。同期，标普500指数上涨了10%，科技股权重较高的纳斯达克100指数上 涨了13%。 持有苹果股票的Needham Aggressive Growth Fund的基金经理约翰.巴尔表示："当所有同行都朝着相反的 方向发展时，他们能保持头脑清醒并控制支出，这非常了不起。" 随着对AI的质疑声越来越大，投资者对苹果的热情背后的逻辑很容易理解。随着这项技术进入主流并 变得有利可图，数百万用户可能会通过苹果产品访问它，从而推动对其设备的需求并加速其高利润的服 务业务发展。 自6月底以来，苹果公司的表现优于标普500指数和英伟达 结果是，苹果目前的市值已达到4.1万 ...

12月8日，从多家电商平台了解到，苹果iPhone 17 Pro/Pro Max手机现已在Apple Store官方旗舰店渠道破发，两款机型均限时直降300元，其中原价8999元 起的iPhone 17 Pro现到手价8699元起，而原价9999元起的iPhone 17 Pro Max也有相同优惠，到手价9699元起。 icloud 精选 商品 ○○ 新品 价格 = 仅看有货 80 推荐 销量 Apple/苹果 iPhone 17 512GB 薰衣 12.12 Apple 全线产品 年末换新正当时 指定 iPhone 17 Pro 系列领 300 元惊喜券, 以旧换新补贴 700元起,再享 12 期免息。 立即查看 影像方面，iPhone 17 Pro/Pro Max系列的前置摄像头依旧采用1800万像素Center Stage，而后置摄像头首次配备了三颗4800万像素的镜头。这三颗镜头也都 采用了Fusion技术；支持8倍光学变焦，以及最高40倍数码变焦。 据了解，iPhone 17 Pro/Pro Max均搭载A19 Pro芯片，采用6核CPU+6核GPU设计，持续性能相比iPhone 16 Pro宣称提 ...

Core Viewpoint - The launch of the "影翎A1" drone by影石创新 has faced significant criticism regarding its sales performance, with rumors suggesting poor sales figures and rapid resale on second-hand platforms. However, the company's founder, Liu Jingkang, has countered these claims, asserting strong initial sales and positioning the product as a new growth avenue for the company [1][3]. Group 1: Product Launch and Market Response - The影翎A1, marketed as the world's first 8K panoramic drone, was launched with a price of 6,799 yuan after subsidies, and it weighs 249 grams, allowing for simplified flight regulations in many regions [3][4]. - Initial sales figures reported by Liu indicate that the影翎A1 generated over 30 million yuan in sales within 48 hours in China, with additional markets undergoing certification [1][3]. - Despite the positive sales figures, the product faced immediate resale on second-hand platforms at discounts ranging from 400 to 1,000 yuan, leading to a 6.01% drop in影石's stock price on the day following the launch [3][4]. Group 2: Competitive Landscape -影石 and DJI are engaged in fierce competition, with影石 having dominated the global consumer panoramic camera market for six consecutive years, while DJI holds over 70% of the global consumer drone market [2][6]. - Both companies have begun to encroach on each other's core markets, with DJI launching new products targeting影石's successful lines, while影石 introduced the影翎A1 to compete in the drone sector [7]. Group 3: Financial Performance and Investment -影石 reported a revenue of 6.611 billion yuan for the first three quarters of the year, a year-on-year increase of 67.18%, but the net profit attributable to shareholders decreased by 5.95% to 792 million yuan [8]. - The company has significantly increased its investment in research and development, with R&D expenditures reaching 1.085 billion yuan in the first three quarters, a 127.02% increase year-on-year [8]. - Despite the pressure from competition and the need for substantial investment,影石's stock has seen a remarkable increase of over 440% since its IPO, although it has dropped more than 30% from its peak in September [8].

丨证券研究报告丨 [Table_scodeMsg1] 联合研究丨港股公司点评丨小米集团-W（01810.HK） [Table_Title] 汽车业务实现扭亏，Q3 业绩再创新高 报告要点 [Table_Summary] 2025 年前三季度，小米集团实现营收 3403.70 亿元，同比增长 32.5%；经调整净利润 328.17 亿元，同比增长 73.5%。毛利率 22.75%，同比提升 1.69pct；净利率 9.64%，同比提升 2.28pct。 2025Q3 单季度实现营收 1131.21 亿元，同比增长 22.28%；经调整净利润再创新高，达到 113.11 亿元，同比增长 80.92%。毛利率 22.75%，同比提升 1.69pct；净利率 9.64%，同比提升 2.28pct。 分析师及联系人 [Table_Author] 杨洋 高伊楠 陈亮 张永乾 SAC：S0490517070012 SAC：S0490517060001 SAC：S0490517070017 SAC：S0490524030002 SFC：BUW100 SFC：BUW101 SFC：BUW408 请阅读最后评级说明和重要声明 % ...