Group 1 - SGA's U.S. Large Cap Growth Strategy reported a portfolio return of -1.3% (Gross) and -1.4% (Net) in Q3, underperforming the Russell 1000 Growth Index which returned 10.5% and the S&P 500 Index which returned 8.1% [1] - The investment objective of SGA is to focus on high-quality growth businesses expected to achieve consistent mid-teens earnings growth, along with stable revenue and cash flow [1] - In Q3, lower-quality stocks and cyclical industries outperformed, negatively impacting SGA's investment style [1] Group 2 - Apple Inc. (NASDAQ:AAPL) was highlighted as a key stock in SGA's third-quarter investor letter, with a one-month return of -3.15% and a 52-week gain of 11.49% [2] - As of December 31, 2025, Apple Inc. closed at $271.86 per share, with a market capitalization of $4.035 trillion [2] - Apple contributed positively to portfolio returns in Q3, benefiting from strong performance across all geographies, including a rebound in China [3] Group 3 - Apple managed to navigate tariff impacts effectively, with continued demand for its products supported by subsidies in China [3] - Despite challenges in talent acquisition and AI development, Apple's results remained robust, with management guiding for mid to high single-digit top-line growth in the upcoming quarter [3] - Strong buyback activity and stable valuation further supported Apple's stock performance, even as investor attention shifted towards AI [3]

投行Raymond James恢复覆盖苹果，并予"与大盘同步"的评级。该行认为，苹果目前的估值已充分反映 其基本面，因此短期内股价缺乏大幅跑赢大盘的空间。该行指出，iPhone 17 的换机周期是近期股价表 现的关键驱动力。受惠于装置上的生成式AI (GenAI)功能、更高的储存配置，以及全系列配备 ProMotion技术，预计2025年日历年iPhone营收约为2170亿美元，略高于市场共识的 2140 亿美元；预计 2025年 iPhone出货量将年增约4%，达到约2.38亿支。在财务预测方面，Raymond James预计2026财年营 收约为4508亿美元，GAAP每股收益为8.19美元；2027财年营收约为4804亿美元。 ...

Company Updates - Apple Inc. has reduced production and marketing efforts for its Vision Pro headset due to disappointing sales, leading to a 0.5% decline in shares, closing at $271.86 [1] - Taiwan Semiconductor Manufacturing Co. has obtained a one-year U.S. export license to import chipmaking equipment into its China operations, resulting in a 2.3% increase in shares, closing at $1,585.00 [1] - VS Media Holdings Ltd. announced a 1-for-20 share combination, causing shares to surge by 17%, closing at $0.10 [1] - Outlook Therapeutics Inc. received a complete response letter from the FDA regarding its ONS-5010/LYTENAVA application, leading to a significant 63.3% drop in shares to $0.58 in after-hours trading [1] - Rubico Inc. has entered into a purchase agreement for acquiring a vessel-owning company linked to a shipbuilding contract for a mega yacht, resulting in a 40.2% increase in shares to $1.50 in after-hours trading [1]

OpenAI is reportedly shifting its first AI hardware project to Foxconn Technology Group, also known as Hon Hai Precision Industry Co., Ltd (OTC:HNHAF) , as it accelerates plans to launch a Jony Ive–designed consumer device.OpenAI Shifts Manufacturing Away From ChinaOpenAI has moved production of its first AI-powered consumer device from Luxshare to Foxconn, largely due to concerns about manufacturing in mainland China, reported Taiwan-based outlet UDN, citing supply-chain sources. The device is now expected ...

Core Viewpoint - Apple Inc. has reduced production and marketing efforts for its Vision Pro headset due to disappointing sales, indicating challenges in achieving mass-market success for the device [1][2]. Group 1: Production and Sales Data - Apple's manufacturing partner, Luxshare, ceased production of the Vision Pro after shipping approximately 390,000 units during its 2024 launch period [2]. - IDC estimates that Apple will ship only 45,000 units of the Vision Pro in Q4 2025, a stark contrast to the millions of iPhones, iPads, and MacBooks sold each quarter [3]. Group 2: Marketing and Advertising - Apple has cut its digital advertising spending for the Vision Pro by over 95% year-to-date in key markets such as the U.S. and the U.K. [2]. Group 3: Adoption Challenges - Analysts attribute the limited adoption of the Vision Pro to its high price of $3,499, bulky design, and a lack of native VisionOS applications, with only about 3,000 apps developed specifically for the headset [5][6]. - The global virtual reality headset market has declined by 14% year-over-year, with Meta's Quest devices holding approximately 80% market share despite facing similar demand issues [8]. Group 4: Product Updates and Future Plans - In October, Apple launched an upgraded Vision Pro featuring the M5 chip, improved performance, longer battery life, and a redesigned headband for better comfort [7]. - The company is expected to introduce a lower-priced version of the headset later this year [7].

来源：环球网 外媒称，这项功能很可能需要新一代OLED面板才能支持。三星早在2024年初的世界移动通信大会 （MWC）上就展示了一款搭载Flex Magic Pixel技术的OLED面板。 外媒还表示，目前尚不清楚这项功能是否会在所有三款 Galaxy S26 系列手机上提供，还是仅限 Galaxy S26 Ultra。（思瀚） 外媒称，当用户在他人周围使用手机并开启"隐私显示"功能时，旁边的人将无法看到用户手机屏幕上的 内容。 【环球网科技综合报道】1月2日消息，据Sammobile报道，三星 Galaxy S26 系列手机有望搭载全新"隐 私显示"功能，可以降低从侧面观看屏幕时的可视度。 用户可以通过手机的"设置"应用或快捷面板中的"隐私显示"快捷设置开关来开启此功能。用户甚至可以 通过编辑"开启条件"部分来设置自动开启此功能的条件。 ...

跨年流量池卷成修罗场，没想到最后赢麻的，是两位靠"道歉"上热搜的互联网老炮儿。 一边是迟到翻车秒变退票捐款封神，一边是直播延期反倒拉满期待，两场道歉大戏反转来得猝不及防， 全网观众直接看傻。 大佬玩流量，果然是降维打击。 编辑 迟到40分钟 靠退款捐款"封神" 谁料原定晚7点开场，竟让近5000观众干等40分钟。 台下有人喊"退票"，线上直播间涌进200多万人吐槽，"老罗重新定义晚7点"迅速刷屏。 眼看翻车在即，罗永浩上台先鞠躬道歉，紧接着两招稳住全场： 第一，坦诚自己患ADHD多年，近期药量已到极限仍体力不支，解释迟到与小失误； 谁能想到，罗永浩时隔七年回归的"科技春晚"，开局先演了出"迟到惊魂记"。 这场主打"让好产品赢" 的科技创新分享大会，从官宣起就拉满情怀滤镜。 图源：@罗永浩的十字路口 毕竟是老罗2018 年锤子手机失利后，首次重返科技发布会核心舞台，一句"七年了，我还在" 直接勾起无数老粉回忆杀。 门票开售当天，300到1000元六档价位明明白白标注"不可退"，结果低价票几秒抢空，全档位 两小时售罄，妥妥的情怀杀胜利。 编辑 编辑 图源：罗永浩微博解释迟到原因 第一，当场宣布所有门票全额退款，1 ...

Core Viewpoint - The article suggests that despite skepticism surrounding AI investments, Apple remains a strong stock option due to its business model and performance, which are less dependent on AI compared to other tech companies [1][5]. Group 1: AI Market Context - The AI boom has significantly influenced stock market gains, with AI-related stocks contributing to 75% of S&P 500 returns since the launch of ChatGPT in November 2022 [2]. - Major tech companies are investing heavily in AI infrastructure, with hundreds of billions of dollars allocated to high-powered chips and data centers [2]. - Recent skepticism has emerged regarding the profitability of AI investments, highlighted by an MIT study indicating that 95% of generative AI projects failed to deliver measurable ROI [3][4]. Group 2: Apple's Position - Apple is not categorized as an "AI company" like Oracle or Nvidia, as it spends less on AI and does not rely on AI's future potential for its business model [6][7]. - The company has avoided the costly AI arms race, focusing instead on its core business of selling devices [8]. - Apple's stock has increased by approximately 33% over the past six months, outperforming the S&P 500 and major AI stocks [9]. Group 3: Financial Performance - In fiscal year 2025, Apple achieved record revenue of $416 billion, with a fourth-quarter revenue of $102.5 billion, marking an 8% year-over-year increase [11]. - iPhone revenue rose by 6% year-over-year, setting a new record for the September-ended quarter [11]. - Services revenue grew by 15% year-over-year, with a gross margin of about 75%, indicating a shift towards higher-margin digital services [12][13]. Group 4: Future Outlook - Apple anticipates 10%-12% revenue growth in Q1 2026, driven by double-digit growth in iPhone sales during the holiday season [14]. - Analysts have raised EPS estimates for Apple to $2.67 for the current quarter, reflecting positive investor sentiment [14]. - Despite a price-to-earnings ratio of 34, Apple may appear more attractive compared to high-priced AI stocks if AI investments do not yield quick returns [15]. - Apple is well-positioned for sustained profitability, regardless of the potential AI bubble [16].

Core Viewpoint - xTool Innovate Limited is set to go public on the Hong Kong Stock Exchange, aiming to leverage its strong market position in the high-end consumer technology sector, particularly in laser engraving and cutting tools, to attract investment and expand its global footprint [2][3]. Company Overview - Founded in 2013, xTool focuses on providing intelligent laser tools and material printers for individual consumers, small business owners, and retail stores, enabling creative production from digital to physical [3]. - As of September 30, 2025, xTool has sold over 405,000 connected devices globally, with a significant market presence in the laser product segment [3]. Market Position - xTool holds the largest market share in the global laser personal creative tools sector, with a 37% share based on GMV for the first three quarters of 2025, and dominates the laser engraving and cutting machine market with a 47% share, significantly outpacing its competitors [4]. - The company has achieved a high level of brand recognition, with 97% of its revenue coming from overseas markets, primarily in developed regions [4]. Product and Technology - xTool's products are priced 10%-30% higher than the industry average due to their advanced technology and precise product definitions, allowing the brand to maintain high sales volumes and premium pricing [4]. - The company integrates advanced optical technology, intelligent CNC control, and AI algorithms to enhance product innovation and user experience, with a focus on continuous improvement through its AI-driven platform, AIMake [6]. Financial Performance - xTool's revenue for 2023 and 2024 was 1.457 billion yuan and 2.475 billion yuan, respectively, reflecting a year-on-year growth of 70%. For the first three quarters of 2025, revenue grew by 18.6% to 1.777 billion yuan [7]. - The company has demonstrated strong gross margins of 59.2%, 54.4%, and 56.0% for 2023, 2024, and the first three quarters of 2025, respectively, with a notable seasonal revenue pattern peaking in the fourth quarter [7]. Community Engagement - xTool emphasizes community engagement, with 80% of users utilizing their devices at least once a month and 40% daily. The company has established a vibrant online community with over 212,000 active users [5]. - The brand has also created 470 offline communities across 32 countries, enhancing customer interaction and product experience [5]. Investment and Future Growth - xTool has attracted significant investment from notable firms, completing a $200 million Series D funding round in the second half of 2025, led by Tencent [8]. - The company plans to use IPO proceeds to enhance R&D, expand its user community, improve manufacturing capabilities, and strengthen its supply chain resilience [8]. - The global market for technology-enabled personal creative tools is projected to grow at a compound annual growth rate of 33.8% from 2024 to 2030, reaching $39.1 billion by 2030 [8].

（来源：新华日报） □ 本报记者 王梦然 "新年第一天就享受到国补，原价1999元的空调减完只要1699元，太划算了！"1月1日早上8点，兴化市 民朱先生在京东电器城市旗舰店顺利下单，成为江苏享受2026年消费品以旧换新国补的首批消费者之 一。当日，国家2026年大规模设备更新和消费品以旧换新政策落地江苏，南京、常州、泰州、连云港等 多地同步出台实施细则，家电、汽车、数码智能产品销售迎来"开门红"，政策红利精准转化为消费热 情，点燃新年消费第一把火。 此次2026年国补政策在延续往年支持力度的基础上，实现三大优化升级，精准贴合民生需求与消费升级 趋势—— 支持范围"扩围提质"。设备更新新增老旧小区加装电梯、养老机构设备、消防救援设施及商业消费设 施；消费品以旧换新在延续汽车、6类家电补贴基础上，将数码产品拓展为"数码和智能产品"，智能手 表、智能眼镜、适老化家居等首次纳入补贴。 线上订单同样飞速流转。清晨时分，宿迁市民丁女士就收到了京东配送的荣耀Magic 8手机，成为江苏 国补网购第一批收件人。"关注这款手机很久了，元旦国补能省500元，下单后不到半天就送达。"丁女 士为政策落地效率赞叹。据了解，京东已投入 ...