Core Insights - Apple is expected to report third-quarter fiscal 2025 results on July 31, with projected revenue growth in the low to mid-single digits year-over-year [1] - The Zacks Consensus Estimate for fiscal third-quarter revenues is $88.92 billion, indicating a 3.67% year-over-year growth [1] - Earnings consensus is set at $1.42 per share, reflecting a 1.43% increase from the previous year [2] Revenue Breakdown - iPhone sales are projected to reach $40.61 billion in the third quarter, suggesting a 3.3% year-over-year growth [4] - Services revenue is expected to grow to $26.96 billion, indicating an 11.3% year-over-year increase [8] - Mac revenues are estimated at $7.16 billion, reflecting a 2.2% year-over-year growth [12] Market Performance - Apple's iPhone accounted for 49.1% of net sales in the second quarter, with sales increasing 1.9% year-over-year to $46.84 billion [4] - Greater China sales are estimated at $15.27 billion for the third quarter, suggesting a 3.7% growth year-over-year [6] - Apple has gained market share in the PC market, with a 9.1% share according to IDC, up 110 basis points year-over-year [10] Competitive Landscape - iPhone sales have faced competition from Chinese vendors like Huawei and Xiaomi, but Apple has seen over 8% year-over-year growth in China recently [5] - Apple's Mac shipment growth rate is the largest among competitors, with a 21.4% year-over-year increase [11] Stock Performance - Apple shares have risen 14.5% year-to-date, underperforming the Zacks Computer & Technology sector's return of 11% [13] - The forward 12-month Price/Earnings ratio for Apple is 28.23X, higher than the sector average of 27.86X, indicating a stretched valuation [16] Future Prospects - Apple's focus on AI is expected to enhance iPhone sales and Mac shipments, with expanded availability of Apple Intelligence in multiple languages [19][20]

基础化工行业专题报告 "反内卷"趋势下，化工多个子行业有望盈利修复 2025 年 07 月 28 日 ➢ 化学原料及制品以及多个化工相关行业的 PPI 同比降幅较大，"反内卷"势 在必行。6 月 PPI 环比-0.4%，同比-3.6%，同比降幅也创下了 2023 年 8 月以来 的新低；分行业看，化学原料及制品、化纤制造、油气开采、油煤加工等化工相 关的行业同比下降幅度均较高，叠加化工行业近年高速的在建工程增速，化工行 业"反内卷"势在必行。这几年化工行业的研发费用率仍在提升，2024 年化工板 块的研发费用率处于 4%的高位，在"反内卷"政策引导以及高质量发展的趋势 下，化工行业有望迸发新的活力。 ➢ 化工多个子行业供给端增速调整，产业结构逐步优化。涤纶长丝行业供给端 增速有望随着"反内卷"政策深入而放缓；PC 行业的国内进口替代趋势逐渐加 强，2025 年产能新增预期有限；MDI 供应格局集中，"反内卷"政策下价格景气 有望保持；伴随瓶级 PET 行业减停产陆续落地，行业加工费区间迎来较大提升； 有机硅行业密集投产期已过，2025 年新增产能以及产能利用率明显下降；由于 政策导向以及行业利润承压，钛白粉行 ...

Group 1 - Global PC shipments are expected to grow by 8.4% year-on-year in Q2 2025, marking the largest increase since the peak demand during the pandemic in 2022 [1] - The growth is driven by the countdown to the end of Windows 10 support, the rise of AI PCs, and early inventory stocking in anticipation of back-to-school demand amid tariff policy uncertainties [1][4] - Business demand is a significant contributor to this quarter's growth, as large enterprises and public institutions accelerate device upgrades before the Windows 10 support deadline at the end of 2025 [1][4] Group 2 - Lenovo leads the global PC market with a 25% shipment share, benefiting from pre-tariff inventory adjustments and the replacement cycle of Windows 10 [4] - HP and Dell follow in second and third place, maintaining stable enterprise demand but facing price competition from smaller OEMs [4] - Apple’s MacBook sales remain steady, supported by the M4 series, although growth rates have slowed compared to previous quarters [4] Group 3 - Future PC shipment growth may slow in the second half of 2025 due to uncertainties surrounding U.S. tariff policies, but demand for AI PCs is expected to become a significant growth driver by 2026 [4][5] - Counterpoint predicts that over half of the laptops shipped after 2026 will be AI laptops [4][6] - Manufacturers are prioritizing the establishment of reliable and cost-effective supply chains for products aimed at the U.S. market to mitigate tariff impacts and reduce reliance on single-country manufacturing [5] Group 4 - The global PC industry is actively pursuing a diversification strategy in production layout to ensure stability and adaptability in the face of ongoing tariffs and trade uncertainties [5] - This strategic shift requires significant investment in factory infrastructure, employee training, and logistics, highlighting a major transformation in the global PC manufacturing landscape [5] - Companies that prepare in terms of price competitiveness and ecosystem readiness are expected to gain an advantage in the next wave of PC upgrades [6]

Core Insights - The global PC market experienced a 6.5% year-over-year increase in shipments, totaling 68.4 million units in Q2 2025, marking the seventh consecutive quarter of growth [1][2][9] - The growth was primarily driven by the replacement of older PCs and the transition to Windows 11 as Windows 10 approaches its end of support in October 2025 [3][8] Shipment Dynamics - While U.S. PC shipments were muted due to impending import tariffs, global demand remained strong, particularly for PCs with on-device AI capabilities [4][7] - Commercial upgrades and the phase-out of Windows 10 were significant factors contributing to the rise in shipments [9] Vendor Performance - Lenovo maintained its market leadership with 17 million shipments and a 24.8% market share, an increase from 23% year-over-year [5] - HP Inc. followed with 14.1 million shipments (up 2.9% year-over-year) and a 20.7% market share, while Dell Technologies saw a decline in shipments to 9.8 million units [5] - Apple achieved the highest growth among top vendors, with shipments rising 21.6% to 6.2 million units, resulting in a 9.1% market share [6] Market Outlook - The introduction of new tariffs by the U.S. government has created uncertainty in the PC market, with expectations of rising prices, although some companies may offer discounts to clear inventory [7][8] - The AI PC market presents a potential growth opportunity that could positively impact overall PC shipments [7][9]

IDC全球移动设备追踪部门研究副总裁让·菲利普·布沙尔表示，尽管美国市场因关税政策面临需求放缓 压力，但全球其他地区需求依然旺盛，旧设备更新换代与Windows 11系统升级潮共同推动了市场增 长。 联想在全球供应链管理方面的优势日益凸显。在权威机构Gartner发布的Top 25全球供应链排名中，联想 位居第八，较去年提升2位，超越沃尔玛、宝马等跨国企业，成为唯一入榜的亚太高科技制造企业。 凤凰网科技讯 7月10日，IDC最新发布的《全球季度个人计算设备追踪报告》显示，2025年第二季度全 球PC出货量达6840万台，同比增长6.5%，延续了市场回暖趋势。联想以1697万台的出货量和24.8%的市 场份额位居全球首位，同比增长15.2%，增速显著超越行业平均水平。 数据显示，联想的市场份额较去年同期提升近2个百分点，创下历史新高。相比之下，排名第二的惠普 出货量为1410万台，同比仅增长3.2%，市场份额为20.7%，较去年同期下降0.7个百分点。戴尔位列第 三，出货量980万台，同比下降3.0%，市场份额为14.3%，同比下滑1.4个百分点。 分析认为，联想的强劲表现得益于其"中国+N"的全球化制造布局和 ...

Core Insights - The global PC market is experiencing a 7.4% year-on-year growth in Q2 2025, with total shipments reaching 67.6 million units, driven primarily by commercial PC deployments ahead of the Windows 10 service termination [1][4] - Consumer demand remains weak due to macroeconomic uncertainties, influenced by the evolving tariff policies of the Trump administration, which have created significant uncertainty in the market [1][2] Market Performance - In Q2 2025, notebook shipments (including mobile workstations) reached 53.9 million units, growing by 7%, while desktop shipments increased by 9% to 13.7 million units [1] - Lenovo maintained its leadership in the global PC market with shipments of 17 million units, a year-on-year increase of 15.2% [4][5] - HP followed with 14.1 million units shipped, reflecting a growth rate of 3.2%, while Dell's shipments decreased by 3% to 9.8 million units [4][5] - Apple saw a significant growth of 21.3%, with shipments reaching 6.4 million units, capturing a market share of 9.4% [4][5] - ASUS ranked fifth with shipments of 5 million units, marking an 18.4% increase [4][5] Supply Chain Dynamics - The evolving tariff policies are reshaping the global PC supply chain, with a notable shift in US PC imports from China to Vietnam to avoid potential tariffs [2] - Recent trade agreements between the US and Vietnam impose a 20% tariff on Vietnamese goods and up to 40% on "transshipped" products, complicating the supply chain further [2] - The ambiguity surrounding the enforcement standards raises concerns about cost stability for market participants, as products made in Vietnam using Chinese components may be subject to higher tariffs [2] Consumer Behavior - The impending termination of Windows 10 services is expected to stabilize the market, particularly benefiting commercial device upgrades, while consumer purchasing decisions are likely to be delayed due to economic uncertainties [4] - A survey indicated that over half of channel partners expect their PC business to grow year-on-year in the second half of 2025, with 29% anticipating growth exceeding 10% [4]

Investment Rating - The report maintains a "Buy" rating for key companies in the chemical industry, specifically recommending Shengquan Group, Hailide, and Zhuoyue New Energy [4]. Core Insights - The report emphasizes the importance of identifying companies with strong performance in the first half of the year, particularly those expected to exceed earnings forecasts in Q2 2025. It highlights Shengquan Group's role as a major domestic supplier of electronic resins for AI servers, benefiting from increasing server shipments. Hailide is noted for its leadership in the polyester industrial yarn sector, which is expected to benefit from U.S. tariff conflicts. Zhuoyue New Energy is recognized for its capacity growth and new product launches, which are anticipated to elevate its performance [1][2][3]. Summary by Sections Chemical Industry Overview - The chemical sector index closed at 3518.55 points, up 0.80% from the previous week, underperforming the CSI 300 index by 0.74% [10]. - Among 462 stocks in the chemical sector, 53% saw weekly gains, while 45% experienced declines [17]. Key Chemical Products - Liquid chlorine, butanone, TDI, and epoxy chloropropane saw significant price increases, with liquid chlorine rising by 21% [20][21]. - Conversely, methanol and pure MDI prices fell by 11% and 9%, respectively [22]. Fertilizer Sector - The report indicates a favorable export window for phosphate fertilizers, with exports expected to peak between May and September 2025, potentially alleviating domestic overcapacity issues [2]. Safety and Regulatory Environment - Increased scrutiny on chemical safety following recent accidents is expected to elevate the overall demand for pesticides, as non-compliant production capacities may be phased out [3]. Company Performance Forecasts - Shengquan Group's EPS is projected to rise from 1.03 CNY in 2024 to 2.13 CNY in 2026, with a PE ratio decreasing from 28 to 13 [4]. - Hailide's EPS is expected to increase from 0.35 CNY in 2024 to 0.41 CNY in 2026, with a PE ratio of 15 [4]. - Zhuoyue New Energy's EPS is forecasted to grow from 1.24 CNY in 2024 to 4.80 CNY in 2026, with a PE ratio dropping from 38 to 10 [4].

Core Viewpoint - Huawei has launched its first foldable screen HarmonyOS laptop, the HUAWEI MateBook Fold, during the product launch event on May 19, showcasing its ambition to provide an alternative in the PC operating system market dominated by Windows and macOS [3][21]. Product Features - The MateBook Fold features an 18-inch foldable OLED display and is priced at 23,999 yuan for the 32GB+1TB model and 26,999 yuan for the 32GB+2TB model, entering the ultra-high-end market segment [2][5]. - The laptop does not come with a physical keyboard, relying instead on a virtual keyboard or an external magnetic keyboard, allowing users to switch content between screens and adjust the screen angle [11][12]. - It is equipped with HarmonyOS 5, which integrates features like AI smart assistant, cross-device collaboration, and privacy protection [13][18]. Market Reception - Pre-sale data indicates strong interest, with nearly 70,000 reservations for both models by May 20, suggesting a positive market response [5][6]. - The pricing strategy has sparked discussions on social media, with mixed opinions on affordability and potential risks associated with the foldable screen [8][9]. Competitive Landscape - The MateBook Fold's pricing positions it above many high-performance laptops, including some of Apple's M-series models, indicating a strategic move into the premium segment [7][21]. - The foldable laptop market is not entirely new, as Lenovo previously launched a similar product, the ThinkPad X1 Fold, which faced challenges in market acceptance due to high pricing and ecosystem compatibility issues [16][22]. Industry Trends - The launch reflects a broader trend in the PC industry, where companies like Microsoft and Lenovo are also integrating AI capabilities into their products, indicating a shift towards smarter, more interconnected devices [19][20].

以下文章来源于芯智讯 ，作者芯智讯浪客剑 芯智讯 . "芯智讯"——有料的科技新媒体！专注于半导体产业链、智能手机产业链、人工智能、AR/VR、智能硬件及汽车电子等相关领域。 作者 | 芯智迅浪客剑 来源 | 芯智迅 导语：高通宣布进军数据中心市场，并回应小米自研芯片。 5月19日，高通公司CEO Cristiano Amon在台北电脑展（Computex 2025）开幕主题演讲当中正式宣布，高通将进军数据中心市场。同时， Amon还 介绍了高通在PC市场的进展，与中国台湾产业链的合作，并回应了小米自研芯片对高通的影响。 进军数据中心 5月13日，高通公司宣布与沙特阿拉伯AI公司 Humain签署了一份谅解备忘录 （MOU），旨在达成战略合作，开发下一代人工智能数据中心、基础 设施和云到边缘服务，以满足包括沙特在内的全球市场对人工智能快速增长的需求。 2023年， 高通就推出了基于其收购的 Nuvia公司自研Oryon CPU内核的第一代AI PC芯片骁龙X系列，并希望在未来五年内拿下全球30%至50%的非 X86 Windows PC市场。但是随后，骁龙X系列的市场表现并不尽如人意。 根据该MOU，高通将需 ...

Group 1 - The COMPUTEX 2025 exhibition will take place next week in Taipei, Taiwan, with a strong focus on "AI" as a key theme for the PC industry [1] - Qualcomm is leading the charge in the PC sector by enabling scalable AI expansion on the device side, aiming to democratize AI access for users [5] - Qualcomm's President and CEO, Cristiano Amon, will deliver a keynote speech at COMPUTEX 2025, discussing the company's latest advancements in the PC industry and the ongoing evolution in the AI era [5] Group 2 - The Snapdragon X series, launched by Qualcomm a year ago, is a groundbreaking platform for device-side and hybrid AI, enhancing productivity and creativity through advanced AI models [5][7] - Consumers can expect exceptional performance and battery life with Snapdragon X, which redefines the PC industry landscape and marks a significant turning point for the Windows PC ecosystem [7] - COMPUTEX 2025 will serve as another highlight for Qualcomm in the PC field, showcasing the exciting experiences brought by continuous innovation in AI PCs [8]