机器人领域远远落后特斯拉的苹果，到底有没有后来居上的可能？ 在这一点上，大摩是看好苹果的。 11月6日，大摩发布深度研究报告，聚焦苹果机器人业务。 大摩认为，随着人工智能与机器人技术重塑物理世界，苹果有望凭借垂直整合生态、23亿+设备安装基数，及被低估的 机器人技术积累，成为实体AI领域的领军者。 该业务作为全新增长机遇，可能贡献苹果当前股价的10%-25%，保守预估2040年，苹果机器人业务营收可达1330亿美元 （约占当前营收的32%），最高潜力达2930亿美元。 报告给予苹果"增持"评级，目标价305美元，核心看好其在人形机器人、家用机器人等领域的长期布局。 01 重新定义机器人的 身份标签 1. 具身智能：下一个平台革命 更具想象力的是，报告预测这一市场2050年规模可达5万亿美元，最终甚至可能超越30万亿美元的全球劳动力市场，将 机器人赛道与"重构生产力"深度绑定。 2. 苹果的新角色：人形机器人集成商 不同于特斯拉聚焦人形机器人硬件本身，报告赋予苹果"集成商"的独特定位：依托23亿+设备生态、硬件-软件-服务垂 直整合能力，将现有技术积淀转化为机器人的核心竞争力。 这种定位打破了"机器人企业必须从 ...

Market Overview - The US dollar index showed no clear trend this week, dropping below 98 due to moderate inflation data, but rebounding after higher-than-expected PPI data suggested future inflation may rise [1] - Spot gold prices fell significantly, influenced by Trump's announcement regarding tariffs on gold bars, but found some support from a weak dollar and geopolitical uncertainties [1] - Non-US currencies like the euro and pound rose against the dollar for the second consecutive week, while the dollar-yen pair saw slight declines amid expectations of potential interest rate hikes from the Bank of Japan [1] - International oil prices hit a two-month low due to pessimistic supply forecasts from IEA, but rebounded later in the week [1] Investment Bank Insights - Goldman Sachs predicts the Federal Reserve will cut rates three times this year, each by 25 basis points, with a terminal rate between 3% and 3.25% [5] - Nomura Securities anticipates three consecutive rate cuts by March next year, while Bank of America suggests dissenting opinions may arise during the September meeting [5] - Deutsche Bank warns that Trump's attacks on US institutions pose a threat to the dollar, while Dutch analysts believe the dollar cannot sustain gains even with rising inflation [5] Major Events - The upcoming summit between Trump and Putin is expected to address the potential for a peace agreement regarding the Russia-Ukraine conflict, with discussions on territorial exchanges likely [6][7] - The US inflation data released this week has significantly increased expectations for a rate cut in September, with the probability reaching as high as 95% [10] - Trump's nomination of E.J. Antony, a critic of the Bureau of Labor Statistics, to lead the agency may influence future employment data reporting [11][12] Economic Policies - A new personal consumption loan subsidy policy will be implemented from September 2025, providing a 1% annual subsidy for eligible loans, with a maximum subsidy cap of 3,000 yuan [17] - Goldman Sachs maintains its prediction that tariff costs will eventually be passed on to consumers, estimating that two-thirds of the total cost will be borne by them [18][19] Corporate Developments - The US government is negotiating to acquire a stake in Intel to support its chip manufacturing center in Ohio, which has seen multiple delays [20][21] - Berkshire Hathaway sold 20 million shares of Apple in Q2 2024, reducing its stake to 280 million shares, while also investing in other companies like Chevron and Domino's Pizza [26]