Core Viewpoint - The acquisition plan by GoerTek, a major player in the Chinese acoustic industry, has been terminated after nearly three months of planning, with the company unable to reach an agreement on key terms with the seller [1][2]. Acquisition Details - GoerTek announced the termination of its plan to acquire 100% equity of Mega Precision Technology Limited and Channel Well Industrial Limited, both wholly-owned subsidiaries of Luen Fung Commercial Holdings Limited, for approximately HKD 10.4 billion (around RMB 9.5 billion) [2]. - The acquisition was initially disclosed on July 22, 2025, with the aim of enhancing GoerTek's competitiveness in the precision structural components sector and deepening vertical integration capabilities [2][3]. Market Context - The failed acquisition is viewed as a common industry consolidation driven by the "Apple supply chain" logic, where Apple encourages core suppliers to make strategic acquisitions to streamline supply chains and reduce costs [4]. - Mega Precision and Channel Well were key suppliers for Apple's mobile structure components and later became essential for Apple's watch metal frames [4]. Industry Trends - The trend towards lightweight wearable devices is increasing the demand for durable metal precision components, which enhances their value in Apple's product ecosystem [4]. - GoerTek has established a first-mover advantage in integrating components for wearable devices, supplying major companies like Huawei, Samsung, Xiaomi, Meta, and Amazon [4]. Future Strategy - Despite the termination of the acquisition, GoerTek remains committed to its long-term strategic goals, planning to pursue internal growth and diversified investment opportunities to enhance company value and shareholder returns [7]. - The company aims to transition from being a single component supplier to a subsystem integrator, similar to Luxshare Precision, thereby solidifying its position as a core supplier for Apple [6]. Financial Performance - In the first half of 2025, GoerTek reported revenues of RMB 37.549 billion and a net profit attributable to shareholders of RMB 1.417 billion [8]. - Following the announcement of the acquisition plan, GoerTek's stock price rose significantly, reaching a market capitalization of approximately RMB 109.2 billion, with a stock price increase of over 35% [8].

Core Viewpoint - The acquisition plan by GoerTek, a major player in the Chinese acoustic industry, has been terminated after nearly three months of planning, primarily due to the inability to reach consensus on key terms with the transaction counterpart [1][2]. Group 1: Acquisition Details - GoerTek announced the termination of its plan to acquire 100% equity of Mega Precision Technology Limited and Channel Well Industrial Limited from Luen Fung Commercial Holdings Limited for approximately HKD 10.4 billion (around RMB 9.5 billion) [1]. - The acquisition was initially disclosed on July 22, 2025, with the aim of enhancing GoerTek's competitiveness in the precision components sector and deepening vertical integration capabilities [2][6]. Group 2: Strategic Implications - The acquisition was seen as a move driven by the "Apple supply chain" logic, aiming to strengthen GoerTek's position as a core supplier to major clients like Apple [2][4]. - If the acquisition had proceeded, GoerTek would have transitioned from being a single component supplier to a subsystem integration supplier, similar to Luxshare Precision, thereby solidifying its status as a key supplier for Apple [6]. Group 3: Market Performance - Following the announcement of the acquisition plan, GoerTek's stock price rose significantly, with a market capitalization increase of approximately RMB 26.1 billion, reaching a peak market value of over RMB 100 billion [7]. - As of October 17, the stock price was reported at RMB 31.2 per share, reflecting a cumulative increase of over 35% since the acquisition announcement [7]. Group 4: Future Outlook - Despite the termination of the acquisition, GoerTek remains committed to its long-term strategic goals, planning to continue its development through internal growth and diversified investment opportunities [6].

记者丨 赵云帆 歌尔股份这场"告吹"的近百亿收购，也被市场认为又是一次常见的由"果链"逻辑主导的产业链并购。 天风国际知名苹果产业链分析师郭明錤曾指出，苹果通常会授意核心供应 商进行战略性收购，以模块化整合的方式，简化供应链结 构，并降低供应风险，同时降 低整个产业链成本，增加终端利润。 编辑丨黄剑 筹划近三个月，中国电声行业巨头歌尔股份的百亿并购，宣布终止！ 10月17日晚间，歌尔股份（002241.SZ）发布《关于终止筹划股权收购事项的提示性公告》，宣布终止筹划收购联丰商业集团有限 公司（Luen Fung Commercial Holdings Limited）旗下两家全资子公司——米亚精密科技有限公司（Mega Precision Technology Limited）及昌宏实业有限公司（Channel Well Industrial Limited）的100%股权。 对于收购案的中止，歌尔股份在公告中解释称，在积极推进尽职调查、审计、评估等工作，并与交易对方进行多轮沟通协商后，最 终" 交易双方未能就交易相关的关键条款达成一致意见 "。 该收购案于2025年7月22日晚首次披露， 歌尔股份发布公告称 ...

10月18日，在全球财富管理论坛上，苹果CEO库克就AI发展问题与全球财富管理论坛执委会主席、清 华大学经管学院院长白重恩展开对话。库克表示，当前中国在AI领域展现的活力与发展态势令人欣 喜，同时他也坚信未来AI应用将越来越深地与社会生活绑定。 责任编辑：刘光博 库克认为，如今AI早已深度融入社会日常生活的每个角落："我们现在有很多AI的应用，在公司中很常 见，很多人不觉得它是AI，只把它当成日常工作的一部分，可以说AI的应用非常普遍。" "比如我们的智能手表，在遇到紧急情况时，AI可以帮助拨打紧急电话。我们看到它的应用是多方面 的，而非单一的。"库克以苹果手表举例，"周一，我拜访了一位中国客户，当时他得了肺炎却不自知， 是智能手表监测了心律和呼吸节律，并向用户发出警示，才让他发觉异常。" 此外，AI也正在为传统教育带来新的变化。"教育在某种意义上是给学生出题，让他们先提出问题，再 解决问题。AI所扮演的角色可以辅助给出相关解决方案。"库克认为，在AI的辅助下，教育者可以帮助 学生提出更好、更具建设性的问题。 不过库克也表示，在此背景下，用户隐私与数据安全在当下面临新的挑战。 作者：罗茂林 谈及中国AI发展情 ...

Core Insights - Meta aims to reclaim the "sense of presence" lost with smartphones through its new smart glasses, Meta Ray-Ban Display, positioning them as a potential replacement for smartphones [2][9] - The Reality Labs division has incurred significant losses, totaling $70 billion since 2020, raising investor concerns about the sustainability of its hardware investments [2][8] - The Meta Ray-Ban Display features innovative technology, including a "Meta Neural Band" wristband that uses surface electromyography (sEMG) to capture signals for gesture-based control, allowing for silent operation [4][5] Product Features - The new smart glasses are equipped with a camera, speakers, microphone, and built-in AI assistant, supporting applications like Instagram, WhatsApp, and Facebook, as well as navigation and real-time translation [3] - The wristband allows users to input text by mimicking a writing gesture, achieving an input speed of approximately 30 words per minute, comparable to traditional smartphones [4][5] - Unlike previous models, the new product enables users to operate the glasses without vocal commands, enhancing usability in public settings [5] Market Positioning - Meta is strategically positioning the Ray-Ban Display as a product with greater social value than smartphones, addressing growing user dissatisfaction with screen time [9] - The company is betting on a future where smart glasses could replace smartphones, similar to the strategies of competitors like Apple and Google [8][9] - The success of this transition depends on whether the narrative of enhancing presence through smart glasses resonates with consumers [9]

Core Viewpoint - After the launch of the iPhone 17 series, Apple's stock price fell by 4.7% over two days, resulting in a market value loss of approximately $164.58 billion, indicating investor skepticism towards the new product despite strong pre-order interest [1][2]. Product Launch and Market Response - The iPhone 17 series was launched on September 9, with the standard model priced at $799, featuring significant upgrades in performance, efficiency, and storage, including an 8-hour increase in battery life [1]. - In China, the iPhone 17 series starts at RMB 5,999, with the iPhone 17 Pro Max priced at RMB 17,999. Pre-orders exceeded 3 million before the official launch, indicating strong consumer interest [1]. Market Performance and Competition - Apple's global smartphone market share remains strong at 18%, but its sales in China are declining, with a projected 17% drop in units sold to 42.9 million in 2024, leading to a 3 percentage point decrease in market share to 15% [3][5]. - Competitors like Huawei, Xiaomi, OPPO, and VIVO are gaining ground, impacting Apple's performance in both smartphones and wearable devices [3][5]. Supply Chain and AI Influence - Apple's supply chain is heavily reliant on East Asian suppliers, with over 50% of its components sourced from China. The company plans to produce approximately 100 million units of the iPhone 17 series by 2025, up from 90 million for the iPhone 16 [5][10]. - Companies within Apple's supply chain are diversifying their business models, focusing on AI and other growth areas to reduce dependency on Apple. For instance, Industrial Fulian has significantly increased its AI-related business, leading to a substantial rise in its market value [6][7]. Investment Sentiment and Future Outlook - The investment logic for companies in the Apple supply chain has shifted from being driven by Apple's performance to being influenced by AI developments and new growth opportunities, with some stocks experiencing significant valuation increases [9]. - Despite the challenges in the Chinese market, there is optimism regarding the iPhone 17 series, with analysts predicting a potential 5%-7% revenue growth for Apple's iPhone business in the 2025 and 2026 fiscal years [10].

Group 1 - The core viewpoint of the article highlights significant advancements in technology and product offerings within the smart device and manufacturing sectors, showcasing innovations and market predictions [2][3][4]. Group 2 - Lingxin Qiaoshou has successfully reduced the price of its dexterous hand technology to below 50,000 yuan, a significant drop from the previous international price range of 1.1 million to 1.6 million yuan, and has completed a multi-hundred million yuan angel round financing [2]. - Honor has officially announced its new trademark "Night God," which focuses on imaging and night photography, with its first product featuring a two hundred million long-focus night shooting capability, set to launch alongside the Honor Magic 8 [2]. - Canalys predicts that the shipment volume of foldable smartphones will see a year-on-year increase of 51% by 2026, although it will remain a niche market, accounting for a low single-digit percentage of the overall smartphone market [2]. - Apple's smartwatch has received FDA approval for its hypertension detection feature, which will be launched in 150 countries and regions, utilizing optical heart rate sensor data to analyze users' vascular responses over a 30-day period, compatible with multiple Apple Watch models [2].

1. 9月12日(周五)美股盘前，美股三大股指期货涨跌不一。截至发稿，道指期货跌0.15%，标普500指数期货跌0.08%，纳指期货涨0.04%。 市场消息 失业数据取代通胀成焦点!美联储降息预期巩固，市场押注年内或降息三次。美国国债有望延续涨势实现连续第四周上涨。周四公布的失 业救济数据巩固了市场对美联储将在下周降息的预期。10年期美债收益率微升2个基点至4.04%，但仍有望连续第四周下跌，创下自2月以 来最长连跌周期。对利率更敏感的2年期收益率微升至3.55%。由于市场已完全消化下周25个基点的降息预期，焦点现在转向年内剩余时 间的宽松步伐。美国总统特朗普多次公开表示希望大幅降息，但直到昨日交易员仍持更谨慎态度。目前货币市场定价显示，到年底前再 降息两次的概率为80%。摩根士丹利预计美联储将在今年剩下的三次会议上各降息25个基点。 近10%涨幅只是开胃菜?华尔街看好小盘股还能再涨20%!罗素2000指数(汇聚了市场中部分风险最高的股票)近期涨势迅猛，多位华尔街策 略师认为，这轮上涨行情才刚刚拉开序幕。作为衡量小盘股表现的核心指标，罗素2000指数自7月底以来已累计上涨近10%，涨幅是标普 500指数的两倍 ...

此次更新发布之际，苹果公司正继续拓展其健康产品线，与此同时，它面临着来自其他科技公司日益激 烈的竞争。近年来，消费类硬件制造商在他们的健身手环和智能手表中不断增加更先进的健康追踪功 能，这常常使得这些可穿戴设备与医疗设备的界限变得模糊不清。 无屏幕智能手环制造商Whoop正积极抵制FDA提出的禁用其自身血压监测功能的要求。FDA 表示，新 款Whoop MG手环("MG"是"医疗级"的缩写)虽被认定为医疗设备，但并未获得血压监测的相关认证。 苹果公司表示，这项新的高血压检测功能是通过先进的机器学习技术以及从几项涉及超过 10 万名参与 者的研究中收集的数据开发而成的。 全球约有 13 亿成年人患有高血压，这是导致中风、心脏病发作和肾病的主要风险因素，而通过改变生 活方式和接受医疗干预通常可以控制这种病症。 智通财经APP获悉，苹果(AAPL.US)表示，其智能手表的高血压检测系统将于下周上市，该系统已于周 四获得美国食品药品监督管理局(FDA)的批准。这一功能是在苹果公司 9 月初举行的最新产品发布会上 宣布的，它将在 150 个国家和地区推出，包括美国、中国香港和欧盟。该公司此前曾表示，正在等待 FDA及其 ...

Group 1 - Oracle's strong performance has ignited global AI enthusiasm, leading to significant gains in the A-share Apple supply chain, with the electronic ETF (515260) surging by 6.87% and a trading volume exceeding 330 million yuan [1] - The A-share Apple supply chain stocks have shown remarkable performance, with nine stocks hitting the daily limit up, including Haiguang Information and Shengyi Technology [1] - The electronic ETF has a 42.78% weight in Apple supply chain stocks, indicating a strong correlation with Apple's product launches [3] Group 2 - Dongwu Securities believes that the recent surge in the "domestic computing power" market is not over, and the current market adjustment is preparing for a healthier next round of growth [3] - The report highlights three main logical points for the anticipated large-scale market: alignment with AI trends, a strong shift towards AI chip perspectives, and the positive correlation between domestic and overseas markets [3] - The upcoming Apple product launch is expected to create investment opportunities for the supply chain, with potential increases in orders and performance for related companies [3][4] Group 3 - The ETF managers expect that the Apple launch will meet expectations without price increases, focusing on new ultra-thin phones and significant product updates [4] - The electronic ETF covers semiconductor and Apple supply chains, tracking the electronic 50 index, and includes key players in AI chips, automotive electronics, and 5G [5]