当地时间1月29日，苹果公司发布2026财年第一季度（截至2025年12月27日）财报，其多项核心财务指标创下历史新高。 财报显示，该季度苹果总营收达1437.56亿美元，较上年同期的1243亿美元同比增长16%，远超市场预期的1384亿美元；净利润为 420.97亿美元，较上年同期的363.30亿美元同比增长15.9%；摊薄后每股收益2.84美元，同比增长18.3%，同样高于市场预估的2.68美 元。 从业务板块来看，iPhone作为核心增长引擎，表现尤为亮眼，营收达852.69亿美元，同比大幅增长23%，占总营收比重高达59.3%。 苹果CEO库克表示，"受前所未有的市场需求推动，iPhone迎来史上最佳季度表现，各地区营收均刷新历史纪录；服务业务营收同样创下历 史新高，同比增长14%。公司目前的活跃设备安装基数已突破25亿台。" | | | | Three Months Ended | | | --- | --- | --- | --- | --- | | | | December 27, | | December 28, | | | | 2025 | | 2024 | | Net sales: | | ...

Core Viewpoint - Hongfuhuan experienced a decline of 5.43% on January 29, with a trading volume of 434 million yuan, indicating a significant market reaction to its financial performance and trading activities [1]. Group 1: Financial Performance - For the period from January to September 2025, Hongfuhuan achieved a revenue of 650 million yuan, representing a year-on-year growth of 7.87% [2]. - The net profit attributable to shareholders for the same period was 81.66 million yuan, which reflects a decrease of 25.79% compared to the previous year [2]. - Cumulative cash dividends since the A-share listing amount to 291 million yuan, with 231 million yuan distributed over the last three years [2]. Group 2: Trading Activity - On January 29, Hongfuhuan had a financing buy-in amount of 52.85 million yuan and a financing repayment of 100 million yuan, resulting in a net financing outflow of 47.17 million yuan [1]. - The total balance of margin trading for Hongfuhuan as of January 29 was 520 million yuan, which constitutes 4.35% of its circulating market value and is above the 90th percentile of the past year [1]. - In terms of securities lending, there were no shares sold or repaid on January 29, indicating a lack of short-selling activity [1]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Hongfuhuan was 11,700, which is a decrease of 6.02% from the previous period [2]. - The average number of circulating shares per shareholder increased by 6.40% to 4,062 shares [2]. - Notably, Dazheng Zhongzheng 360 Internet + Index A has exited the list of the top ten circulating shareholders [2].

Core Viewpoint - Apple's Q1 financial performance exceeded expectations, with a year-over-year revenue growth of 16%, reaching a record high, which positively impacted its stock price in after-hours trading [3][4]. Financial Performance - Earnings per share were reported at $2.84, surpassing the expected $2.67, while total revenue reached $143.76 billion, exceeding the forecast of $138.48 billion [4]. - The net profit for the quarter was $42.1 billion, compared to $36.33 billion in the same period last year [4]. Product Line Performance - iPhone revenue was $85.27 billion, exceeding the expected $78.65 billion, while Mac revenue was $8.39 billion, below the forecast of $8.95 billion [7]. - iPad revenue grew by 6% to $8.6 billion, surpassing expectations, while wearables, home, and accessories revenue fell short at $11.49 billion [14][7]. - Service revenue reached $30.01 billion, slightly below the expected $30.07 billion, with a gross margin of 48.2%, exceeding the anticipated 47.5% [7]. Market Insights - iPhone sales globally increased by 23%, attributed to strong sales of the iPhone 17 series launched in September [9]. - In China, revenue grew by 38% year-over-year to $25.53 billion, driven by iPhone sales, with a record number of users upgrading their devices [10][11]. Future Outlook - The company anticipates Q2 revenue growth of 13% to 16% year-over-year, estimating between $107.8 billion and $110.66 billion, compared to analyst expectations of $104.84 billion [7]. - iPhone supply is expected to be constrained in the upcoming quarter, while service revenue growth is projected to be similar to Q1's 14% [8]. Investment and R&D - Capital expenditures for the quarter were $2.37 billion, down from $2.94 billion a year ago, while R&D expenses increased from $8.27 billion to $10.89 billion [18]. - The company is investing in AI but at a lower level compared to competitors like Meta and Microsoft, which are committing substantial resources to AI infrastructure [19]. Supply Chain Challenges - Rising memory prices are expected to impact the company's cost structure, with the CEO indicating that the effects will be more pronounced in Q2 [20][21]. - The company is currently managing supply chain constraints to meet high customer demand, but predicting when supply and demand will balance remains challenging [20].

1月29日国际金、银价格冲高后急跌；瑞士百达资管：黄金将持续受益于"货币贬值担忧"；苹果2026财 年第一财季营收创历史新高；闪迪2026财年第二财季营收增长61%；美联储新主席人选即将宣布；特朗 普称计划同伊朗对话。 【市场回顾】 北京时间1月30日，日韩股市主要股指走势分化。北京时间8时07分，韩国综合指数在开盘小幅走低后转 涨，涨幅为0.5%，日经225指数在高开后转跌，下跌0.17%。 当地时间1月29日，国际金、银价格冲高后急跌。现货黄金一度触及5598.75美元/盎司，随后跳水，日 内跌幅一度超5%；现货白银价格日内跌幅一度超8%。截至收盘，贵金属价格跌幅收窄，现货黄金跌 0.68%，现货白银跌0.63%。 当地时间1月29日，美股三大股指收盘涨跌不一。截至收盘，道琼斯工业指数涨0.11%报49071.56点，标 普500指数跌0.13%报6969.01点，纳斯达克指数跌0.72%报23685.12点。 当地时间1月29日，欧洲主要股指收盘涨跌不一。德国DAX指数跌1.92%报24347.16点；法国CAC40指 数涨0.06%报8071.36点；英国富时100指数涨0.17%报10171.76点 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2026 年 01 月 30 日 星期五 [Table_Summary] 概览 核心观点 【市场回顾】 周四 A 股三大指数涨跌不一，截止收盘，沪指收涨 0.16%，深成指收 跌 0.3%，创业板指收跌 0.57%。沪深两市成交额 32297.14 亿元。申 万行业方面，食品饮料、传媒、房地产领涨，电子、国防军工、电力 设备领跌；概念板块方面，白酒、小红书、赛马概念涨幅居前，光刻 机、国家大基金持股、中芯国际概念跌幅居前。港股方面，恒生指数 收涨 0.51%，恒生科技指数收跌 1%；海外方面，美国三大指数涨跌不 一，道指收涨 0.11%，标普 500 收跌 0.13%，纳指收跌 0.72%。 【重要新闻】 【贵金属市场再度上演"过山车"行情】1 月 29 日，黄金、白银在亚 市、欧市交易时段强势走高，现货黄金一度逼近 5600 美元/盎司关 口，现货白银则连续突破 117、118、119、120 和 121 美元/盎司五道 关口。纽约市场交易时段金银价格急转直下，现货黄金直线跳水跌近 6%失守 5100 美元/ ...

当地时间1月29日，苹果公司发布2026财年第一季度（截至2025年12月27日）财报，其多项核心财务指 标创下历史新高。 财报显示，该季度苹果总营收达1437.56亿美元，较上年同期的1243亿美元同比增长16%，远超市场预 期的1384亿美元；净利润为420.97亿美元，较上年同期的363.30亿美元同比增长15.9%。 iPhone业务表现尤为亮眼，营收达852.69亿美元，同比大幅增长23%，占总营收比重高达59.3%。 苹果CEO库克表示，"受前所未有的市场需求推动，iPhone迎来史上最佳季度表现，各地区营收均刷新 历史纪录；服务业务营收同样创下历史新高，同比增长14%。公司目前的活跃设备安装基数已突破25亿 台。" "我们在中国大陆市场实现了有史以来最高的升级用户数量记录，同时从其他平台转投过来的用户也出 现了两位数增长。"库克在财报电话会上表示。 对于内存芯片涨价，库克称，这对第一财季毛利率的影响"微乎其微"，但他预计在本季度会对公司毛利 率产生"稍微大一些的影响"。库克强调，苹果已注意到芯片价格上涨，必要时将"评估一系列长期应对 方案"。 受财报影响，截至发稿，苹果盘后股价上涨至260.10 ...

Core Insights - Apple reported a 16% year-over-year revenue growth for Q1 of fiscal year 2026, reaching $143.76 billion, with iPhone revenue at $85.27 billion, marking a historic high for both metrics [1][3] - Revenue from Greater China was $25.53 billion, exceeding market expectations, while revenue from the U.S. was $58.53 billion, slightly below market expectations [1] - Despite not meeting its 2024 commitment to enhance Siri's capabilities through AI, loyal customers continued to purchase the latest iPhone 17 series [1] Financial Performance - iPhone sales reached $85.3 billion, a 23% increase year-over-year, achieving the highest quarterly iPhone sales since its launch in 2007 [3] - The diluted earnings per share were $2.84, also a record high [1] Market Position - Apple maintained a nearly 20% market share at the end of last year, leading global sales ahead of Samsung [3] - The company is leveraging Google's latest AI model, Gemini 3, to address its shortcomings in artificial intelligence, which is seen as a significant breakthrough since the iPhone's launch [3] Stock Performance - Following the earnings report, Apple's stock rose over 1% in after-hours trading, although it has seen a slight decline year-to-date compared to the end of 2024 [3]

Core Insights - Apple's Q1 FY2026 revenue reached $143.76 billion, a 16% year-over-year increase, with net profit at $42.1 billion, also up 16% [1] - iPhone revenue was $85.27 billion, marking a 23.3% increase, while Mac revenue decreased by 6.7% to $8.39 billion [1] - The services segment generated $30.01 billion, reflecting a 14% growth [1] Product Performance - iPhone revenue growth was driven by the iPhone 17, achieving the best performance in the Greater China region [3] - Mac revenue saw a decline, while iPad revenue increased by 6.3% to $8.6 billion [1] - Wearables, home, and accessories revenue decreased by 2.2% to $11.49 billion [1] Regional Performance - Revenue from the Americas was $58.53 billion, up 11.2%, while Europe generated $38.15 billion, a 12.7% increase [1] - Greater China revenue surged by 37.9% to $25.53 billion, marking a record quarter for iPhone sales in the region [1][3] - Japan and the rest of Asia-Pacific regions saw revenue growth of 4.7% and 18%, respectively [1] Supply Chain and Cost Challenges - CEO Tim Cook noted supply constraints due to higher-than-expected iPhone demand, impacting inventory levels [4] - The rising cost of storage is expected to affect gross margins in Q2, although the impact in Q1 was minimal [5] - Apple plans to navigate the storage price increases by ensuring chip supply and leveraging its service business [5] Future Outlook - Apple anticipates Q2 revenue growth of 13% to 16%, despite supply limitations on iPhones [5] - Gross margin is expected to remain between 48% and 49% [5] - The company is experiencing a strong iPhone cycle, with service revenue contributing positively [5] AI Collaboration - Apple announced a strategic partnership with Google to utilize Google's AI technology for its next-generation models, including Siri [6] - This collaboration indicates a shift in Apple's approach to AI, integrating external technology while maintaining its independent development [6] Chip Development - Apple's self-developed chips are seen as a game changer, providing competitive advantages and cost-saving opportunities [7] Stock Performance - On January 29, Apple's stock rose by 0.72%, with a market capitalization of $3.8 trillion [8]

Core Insights - Apple reported strong financial results for Q1 FY2026, with revenue and profit significantly exceeding market expectations, driven by robust iPhone demand and a rebound in Greater China sales [1][2]. Financial Performance - Apple achieved revenue of $143.76 billion, a year-over-year increase of 16%, and a net profit of $42.10 billion, up 15.9% [2]. - Diluted earnings per share reached $2.84, reflecting an 18.3% increase compared to the previous year [2]. - The company’s overall gross margin improved to 48.2%, up 1.3 percentage points from the previous year [4]. iPhone and Market Performance - iPhone revenue surged to $85.27 billion, a 23% year-over-year increase, accounting for 59.3% of total revenue [3]. - The Greater China region showed remarkable growth, with revenue increasing by 38% to $25.53 billion, significantly surpassing market expectations [3]. - The iPhone 17 series upgrades in camera functionality and performance contributed to a record number of upgrades from older models [3]. Services and Cash Flow - The services segment generated revenue of $30.01 billion, with a gross margin of 76.5%, significantly higher than the hardware segment's 39.4% [3]. - Operating cash flow for the quarter reached $53.93 billion, a nearly 80% year-over-year increase [4]. - Apple returned nearly $32 billion to shareholders through stock buybacks and dividends [4]. Hardware Business Challenges - Despite strong overall performance, there are concerns regarding potential pressure on hardware profit margins due to inflation and ongoing memory chip shortages [5]. - Mac revenue was $8.39 billion, slightly below expectations, while iPad sales reached $8.6 billion, exceeding market forecasts [5]. - Wearables, home, and accessories revenue fell short of expectations, impacted by supply constraints on AirPods Pro 3 [5]. Strategic Developments - Apple confirmed the completion of its acquisition of Israeli AI startup Q.ai, although the transaction amount was not disclosed [6]. - Q.ai focuses on audio-related technology and was founded by Aviad Maizels, who previously sold another company to Apple [7].

Core Insights - Apple has successfully acquired Israeli AI startup Q.ai, which specializes in facial motion recognition technology and silent communication analysis, for a reported price of up to $2 billion, marking one of Apple's significant acquisitions in recent years [1] - Q.ai's technology can enhance audio products and AI functionalities like Siri, potentially improving devices such as AirPods, FaceTime, and smart glasses [2][3] - This acquisition reflects Apple's strategy to deepen the integration of AI technology into its hardware, particularly for next-generation computing platforms like Apple Vision Pro and rumored lightweight AR glasses [2] Group 1 - The acquisition of Q.ai signifies Apple's shift from a focus on "identity verification" to a deeper "intention perception" phase, which is expected to enhance hardware premium capabilities in the post-iPhone era [3] - Q.ai's technology utilizes facial muscle movement analysis to understand silent communication, which could lead to innovative applications in Apple's product ecosystem [1][2] - The acquisition underscores the importance of the Israeli tech ecosystem in Apple's hardware evolution, having previously acquired companies that laid the groundwork for technologies like Face ID [2] Group 2 - Q.ai's technology is anticipated to be integrated into Apple's M series or A series chips, which could provide a competitive edge over rivals by leveraging edge computing capabilities for real-time facial posture recognition [2][3] - The acquisition aligns with Apple's broader strategy to enhance user interaction barriers in its products, contrasting with competitors like Meta and Google that focus on generative AI models [2]