每经AI快讯，11月17日，苹果公司股价下跌1.2%。 ...

北京商报讯（记者 陶凤 王天逸）11月17日，OPPO 正式发布全新一代Reno15系列手机，新机11月21日 开售，起售价2999元。 ...

Core Viewpoint - The consensus among major securities firms is that the A-share market is expected to enter a "slow bull market" in 2026, with a shift in investment opportunities from technology dominance in 2025 to multiple main lines in 2026 [1][3]. Group 1: Market Outlook - The A-share market has entered a new bull market since the policy measures introduced on September 24, 2024, with the Shanghai Composite Index reaching a ten-year high in 2025 [2]. - Major securities firms predict that the market will continue to evolve within a slow bull framework, with a key characteristic being the shift in driving forces [3][4]. - CITIC Securities emphasizes that A-shares should be viewed from a global demand perspective, as Chinese companies' advantages in the global value chain are transforming into pricing power, forming the basis for a low-volatility slow bull market [3]. Group 2: Driving Forces - There is a general expectation among securities firms that the driving force for the market will shift from "valuation recovery" to "profit-driven" or "fundamental verification" in 2026 [4]. - CICC estimates that the overall profit growth for A-shares in 2026 could be around 4.7%, with many industries nearing performance improvement [4]. - Dongwu Securities notes that the overall revenue and profit growth for A-shares has ended a four-year downward cycle and is beginning to rebound, supported by economic reforms and improved supply-demand dynamics [4]. Group 3: Investment Styles - The debate among securities firms centers on whether the market style will shift from "growth" to "value" in 2026, with Dongwu Securities identifying June 2026 as a potential key time for this transition [6][7]. - CICC suggests that the market style may become more balanced, as many cyclical industries approach supply-demand equilibrium [8]. - Guotai Junan recommends maintaining a focus on technology while also considering previously underperforming sectors such as real estate and consumer goods during the bull market [8]. Group 4: Investment Themes - Securities firms highlight three main investment themes: technology growth, Chinese companies going global, and cyclical resource products [9][10]. - The technology growth sector remains a favored direction, with a shift in focus from concepts to performance, particularly in application breakthroughs [9]. - The trend of Chinese companies expanding internationally is seen as a significant opportunity, with recommendations to focus on sectors like home appliances, engineering machinery, and global pricing resources [10][11].

2025 年，是荣耀独立运营的第五年，亦是中国"十四五"规划的收官之年。两个关键时间节点的重叠，并非偶然的时间巧合，而是产业周期与企业战 略的深度共振——当 AI 技术从实验室的概念探索，正式迈入产业融合的"深水区"，全球科技巨头纷纷角逐 AI 与硬件的结合边界，一场围绕"下一代 AI 终端"的形态革命与场景争夺战，已在行业深处悄然启幕。 而荣耀的第五年，恰好成为观察中国科技品牌如何在这场变革中抢占先机、定义未来的最佳窗口。五年前，荣耀在大众认知中尚是定位中低端的互 联网品牌；历经五年深耕，如今的荣耀已完成品牌形象的根本性跃迁——今年3月，荣耀CEO李健在世界移动通信大会上正式发布"阿尔法战略",宣布 从智能手机制造商向全球领先的AI终端生态公司转型,并承诺五年投入超100亿美元用于生态建设。通过这一前瞻性的战略布局，表明了荣耀的野心不 止于打造一部更聪明的手机，更是要以技术为锚点，引领整个AI终端产业的进化方向。 01 从AI Phone到Robot Phone：成为端侧AI技术落地消费级市场的先行者 荣耀的产品逻辑早已跳出传统消费电子的"参数竞赛"，转而以"探索 AI 终端新物种"为核心，重新定义人机交互 ...

自上次对苹果公司展开分析以来，其已上涨近 20%。 本次分析结合当前超大规模科技企业的 行业格局对苹果进行全面评估，并指出在极端情况下，若出现短期周期性市场崩盘，苹果有望 成为美国科技七巨头中抗风险能力更强、更受青睐的公司。 英伟达、超威半导体、美超微、酷睿维、戴尔等企业在不同程度上均具有强周期性特征，因为 它们的业务都与超大规模科技企业的采购周期紧密挂钩。而微软、谷歌、Meta同样背负着巨 额的人工智能资本支出压力，其数据中心的扩张受到现实条件的制约，其中受影响最为显著的 是美国能源采购问题 —— 电网建设进程滞后于云服务需求的增长，这进一步限制了这些企业 的发展。 苹果则属于第三类企业，它以生态系统盈利为核心，同时保留人工智能业务的拓展选择权，在 行业中显得尤为特别。 苹果既能从人工智能发展中间接获益，又无需承担数据中心开发商所需 的高额资本投入。由此来看，在这个长期整体呈强劲上涨趋势、但期间极易出现大幅波动的时 代，苹果股票堪称优质的超额收益对冲资产。 此前，分析师因担忧苹果创新停滞而对其股票持谨慎态度，但如今其独特的运营模式能有效规 避人工智能行业的周期性风险，这让分析师对其的看多立场愈发坚定。不过， ...

11月17日，TrendForce集邦咨询最新调查显示，2026年全球市场仍面临不确定性，特别是存储器步入强 劲上行周期，导致整机成本上扬，并将迫使终端定价上调，进而冲击消费市场。 基于此，集邦咨询下修2026年全球智能手机及笔电的生产出货预测，从原先的年增0.1%及1.7%，分别 调降至年减2%及2.4%。若存储器供需失衡加剧，或终端售价上调幅度超出预期，生产出货预测仍有进 一步下修风险。 该机构表示，2025年智能手机存储器价格上扬主要由DRAM（动态随机存取存储器）带动。2025年第四 季DRAM合约价格对比去年同期上扬逾75%，以存储器占整机BOM cost（硬件物料成本）约10%-15%估 算，2025年该成本已被垫高8%-10%。 随着DRAM及NAND Flash（闪存芯片）合约价格仍持续攀升，预估明年整机BOM cost将在今年的基础 上再提升约5%-7%，甚至可能更高。对于原本就利润偏薄的低端机种而言，品牌端势必调降该产品占 比，同时针对全系列产品分层上调终端售价以维系正常营运。 由于存储器供应紧张状况延续，集邦咨询认为规模较小的智能手机品牌资源取得难度加大，不排除该市 场将进入新一轮洗牌， ...

2023 年，该委员会在发现麦斯莫医疗的专利被侵犯后，禁止了苹果公司 Series 9 和 Ultra 2 智能手表的 进口。苹果随后从其手表中移除了血氧检测技术，以避免被禁令的影响。 8 月，苹果公司通过 iPhone 和 Apple Watch 软件更新为部分 Apple Watch Series 9、Series 10 和 Apple Watch Ultra 2 用户推出了重新设计的"血氧"功能。此次更新是在获得美国海关与边境保护局批准后启用 的。然而，麦斯莫医疗因该公司与美国海关与边境保护局之间的专利纠纷而对后者允许苹果公司进口带 有血氧功能技术的 Apple Watch 的决定提起了诉讼。 智通财经APP获悉，据报道，美国国际贸易委员会决定启动一项新的程序，以确定苹果(AAPL.US)最新 款苹果手表的进口是否应因与麦斯莫医疗(MASI.US)的专利纠纷而被禁止。美国国际贸易委员会表示， 将对苹果手表展开调查，以确定其是否仍侵犯了麦斯莫医疗有关血氧测量技术的专利。报道还称，这些 苹果手表经过重新设计规避了该委员会此前发布的进口禁令。监管机构预计将在六个月内完成调查。 报道称，苹果表示，该诉讼毫无根据 ...

综合多方观点来看，业内普遍认为，A股慢牛格局未发生改变。 本月以来，沪指围绕4000点关口反复震荡，当前，这种市场调整仍在持续。 周一（11月17日），三大指数集体低开，沪指当日报收3972.03点，跌0.46%，深成指和创业板指分别收 跌0.11%和0.2%。两市全天成交额1.91万亿元，较上一个交易日缩量473亿元。 伴随市场陷入调整，多空动能同步回落，两融余额跌破2.5万亿元高位。数据显示，11月14日，融资融 券余额合计2.49万亿元，较前一交易日减少超百亿元，其中，融资余额、融券余额双双下滑。 对于当前行情，市场有多重关切：4000点能否失而复得，区间震荡将持续多久，科技股后续会不会短 暂"休息"？ "当前市场的核心问题在于主线缺位。"华鑫证券首席策略分析师严凯文告诉第一财经，这种缺位体现 在：科技板块长期逻辑坚实但短期性价比不足，顺周期板块受制于中期逻辑的不确定性，以及经济复苏 斜率偏缓等。受此影响，市场整体进入高位震荡阶段。 不过，综合多方观点来看，业内普遍认为，A股慢牛格局未发生改变。有机构表示，尚未看到牛市顶部 信号。 多空动能同步回落 上周（11月10日至14日），沪指继续围绕4000点这 ...

Core Viewpoint - Goldman Sachs raised the 12-month target price for AAC Technologies (02018) from HKD 63.6 to HKD 68.6 based on a 25.6x expected P/E ratio for 2026, maintaining a "Buy" rating, anticipating profit margin improvements from 2025 to 2027 due to favorable product structure and enhanced production efficiency [1] Group 1: VC Products - AAC Technologies' VC products are benefiting from increasing penetration across various smartphone models, value enhancement from material upgrades, and expanded VC area in foldable smartphones [2] - The company is developing new products for high-end smartphones, including large aluminum liquid cooling VC plates, with expectations of VC contribution rising from 1% in 2024 to 5%/10% in 2025/26 [2] Group 2: Acoustic/Tactile Solutions for AI Devices - The rise of generative AI is expected to drive growth in edge AI devices, which may be upgrades of existing devices or entirely new products designed for user interaction with AI agents [3] - In the AI/AR glasses segment, specifications are improving, providing users with enhanced performance, AI functionalities, and a more comfortable experience, which will help penetrate more consumers and extend usage time [3] - As a leading supplier of acoustic and tactile solutions, AAC Technologies is positioned to benefit from the trend of edge AI devices and expand its market exposure [3] Group 3: Changes in Smartphone Design - The company is optimistic about the Apple supply chain, as changes in smartphone design (such as thinner and foldable screens) will drive market demand and value enhancement, helping technology leaders regain order shares [4] - Changes in design are leading to increased component value for AAC Technologies, including ultra-thin tactile motors and larger heat dissipation plates [4]

Investment Rating - The industry investment rating is "Outperform the Market" [5][42]. Core Insights - The SW Electronics industry saw a record high in fund heavy positions in Q3 2025, with a fund heavy ratio of 22.14%, up 4.91% quarter-on-quarter and 8.15% year-on-year [1][12]. - The focus of institutional investors is on AI computing power, semiconductor self-sufficiency, and an increased interest in the storage sector [2][22]. - The semiconductor sector remains the only sub-sector with an overweight position, while the concentration of the top five heavy positions has decreased, indicating a trend towards diversification in fund allocations [3][35]. Summary by Sections Fund Heavy Positions and Overweight Ratios - The SW Electronics industry had a matching ratio of 12.42% in Q3 2025, with a slight decrease of 0.14 percentage points quarter-on-quarter but an increase of 3.47 percentage points year-on-year [1][12]. - The overweight ratio for the SW Electronics industry in Q3 2025 was 9.71%, reflecting a quarter-on-quarter increase of 1.44 percentage points and a year-on-year increase of 3.65 percentage points [1][12]. Top Heavy Positions - The top ten heavy positions in the SW Electronics industry for Q3 2025 included companies like Cambricon, SMIC, and Industrial Fulian, with a significant focus on semiconductor and AI computing power stocks [2][17]. - All top ten heavy positions experienced price increases in Q3, with Industrial Fulian, Cambricon, and Shenghong Technology showing the highest gains [2][17]. Investment Focus Areas - Institutional investors are particularly focused on AI computing power, with key players in the AI server manufacturing and domestic AI chip sectors benefiting from accelerated industry development [2][22]. - The semiconductor sector is emphasized for its self-sufficiency, with companies like SMIC and Zhongwei benefiting from domestic supply chain improvements [2][22]. - The storage sector is gaining attention, with leading storage chip manufacturer Zhaoyi Innovation seeing continuous institutional accumulation due to favorable supply-demand dynamics [2][22]. Sub-sector Allocation - Only the semiconductor sector maintains an overweight position at 6.26%, despite a decrease of 1.60 percentage points [3][31]. - The optical and optoelectronic sector has seen a slight narrowing of its underweight ratio, indicating a potential shift in investor interest [3][31]. Diversification Trends - The concentration of the top five heavy positions in the SW Electronics industry has been declining since Q1 2025, suggesting a diversification trend in fund allocations [3][35]. - The market share of the top five, ten, and twenty heavy positions in the overall fund heavy market value is 36.36%, 58.02%, and 74.73%, respectively [3][35]. Investment Recommendations - The report suggests focusing on companies within the AI computing power and semiconductor self-sufficiency sectors, as well as the storage sector, which is expected to benefit from ongoing demand and price increases [2][40][37].