Core Viewpoint - Warren Buffett is reducing his investment in Apple, which has been Berkshire Hathaway's largest holding for a decade, due to concerns over Apple's valuation and slower revenue growth compared to competitors [1][2]. Financial Performance - Apple's revenue grew just under 7% year-over-year to $416 billion, with iPhone revenue at $210 billion and software services revenue at $109 billion [4]. - Over the last three years, Apple's revenue growth was only 7.4%, significantly lagging behind Alphabet's 37% and Microsoft's 44% growth [5]. Product Innovation - Despite some successful products like the Apple Watch and AirPods, these segments contributed only $37 billion to Apple's overall revenue, under 10% [6]. - Apple has not introduced new hardware to the mass market and has failed to invest in AI, which could jeopardize its iPhone and software services revenue streams [7][8]. Competitive Landscape - Start-ups like OpenAI are developing AI-native hardware, while competitors like Alphabet are integrating advanced AI into their products, posing a risk to Apple's market position [8]. - Apple is reportedly paying Alphabet $1 billion annually for AI services, raising concerns about the lack of innovation in its software offerings [9]. Valuation Concerns - Apple's current price-to-earnings (P/E) ratio is 37, higher than Alphabet's 27, despite Alphabet and Microsoft showing faster earnings growth [11]. - Berkshire Hathaway's decision to sell Apple shares while purchasing Alphabet indicates a shift towards companies with better growth prospects and lower valuations [12].

苹果公司在库克掌舵的时代里，最大的人事变动发生了。 彭博社报道，苹果公司首席运营官Jeff Williams于2025年正式退休，结束其在苹果的27年职业生涯。据了解，Jeff Williams曾推动iPod、iPhone、Apple Watch 等多款产品上市，也曾被媒体称为"Tim Cook的最佳接班人"。 （图源：Apple） 事实上，这并非苹果公司近年来首次发生如此大的"人事地震"，Dan Riccio在2024年宣布退休，他曾主导iPad、大屏iPhone、AirPods以及后来的Vision Pro项 目；Jony Ive离职之后接任工业设计负责人的Evans Hankey也在2022年选择离职。 这些"灵魂人物"的离职，多多少少给他们各自负责的产品线带来了影响。例如，Ive离开之后，苹果在工业设计上的争议明显增多，刘海屏、灵动岛，Vision Pro的造型与佩戴舒适度，都引发过大量讨论；Riccio逐渐淡出硬件一线后，Vision Pro虽然成功落地，却在价格、应用生态和市场反馈上显得不够惊艳。 而现在，Jeff Williams的退休，Apple Watch又该何去何从？苹果能否守住智能穿戴产 ...

证券研究报告 科技 越南有望成为东南亚下一个半导体中 心—SEMIEXPO Vietnam 2025 洞察 华泰研究 2025 年 11 月 18 日│中国内地 动态点评 科技 增持 (维持) | 黄乐平，PhD | 研究员 | | --- | --- | | SAC No. S0570521050001 | leping.huang@htsc.com | | SFC No. AUZ066 | +(852) 3658 6000 | | 陈旭东 | 研究员 | SAC No. S0570521070004 SFC No. BPH392 chenxudong@htsc.com +(86) 21 2897 2228 于可熠 研究员 SAC No. S0570525030001 yukeyi@htsc.com +(86) 21 2897 2228 行业走势图 (10) 6 22 38 54 Nov-24 Mar-25 Jul-25 Nov-25 (%) 科技 沪深300 资料来源：Wind，华泰研究 11/7-11/8，我们参加了 SEMI 在越南河内举办的 SEMIEXPO Vietnam 论坛。 越南政府总理范明 ...

《金融时报》近日报道称，现年65岁的库克可能会在明年1月苹果发布新一季财报后离任，苹果也已加 紧进行接班规划。彭博社此前称，特努斯是"最有可能的接班人"。库克此前曾表示，他心目中理想的 CEO人选应来自苹果内部，他正在培养"几位"可能接替他的员工。 随着特努斯在iPhone和其他产品发布会上的公开亮相，苹果粉丝和华尔街对他已更为熟悉。以下是《商 业内幕》对特努斯的信息汇总： 库克要交棒给特努斯？ 凤凰网科技讯 北京时间11月18日，据《商业内幕》报道，蒂姆·库克(Tim Cook)已经执掌苹果公司超过 14年时间，但他不可能永远担任CEO。随着苹果今年的领导层变动，包括长期二号人物杰夫·威廉姆斯 (Jeff Williams)宣布将在2026年前退休，过去一年半的多个报道显示，硬件业务高管约翰·特努斯(John Ternus)正成为这一最高职位的有力竞争者。 在苹果2024年5月举办的"放飞吧"特别活动中，正是他揭开了全新轻薄iPad Pro与iPad Air系列的面纱。 进入2025年，特努斯更是频繁现身媒体场合，通过系列访谈持续阐释苹果在Apple Intelligence与创新硬 件领域的战略布局。 在 ...

Market Overview - The stock market is experiencing significant selling pressure, with the Dow down nearly 700 points, approximately 1.5% [2][3] - The NASDAQ composite is down less than the Dow, while the S&P 500 is down about 1.3% [3] - Small-cap stocks are particularly affected, with the Russell 2000 down 1.85% and the S&P 600 down 2.3% [3] Volatility and Bond Market - The VIX index has been increasing, indicating rising volatility, with intraday highs surpassing 22 [4] - Bond yields are slightly down, with the 10-year Treasury yield at 4.13% and the 30-year at 4.73% [5] Sector Performance - Only the utilities sector is showing positive performance, up 0.5%, while technology stocks are the biggest losers, down 2.25% [6][7] - Notable losses in the semiconductor and software sectors, with companies like Oracle and Salesforce down 3% [7] Bitcoin and Crypto Market - Bitcoin has dropped to approximately $91,500, down over 25% from its record high of over $126,000 [29][30] - The recent weakness in Bitcoin is viewed as a potential warning sign for equities, with liquidity concerns impacting demand [11][12] Apple Inc. Developments - Apple shares are lower following Berkshire Hathaway's disclosure of selling $10.6 billion worth of Apple stock in Q3 [53] - The company faces pressure regarding its slower move into artificial intelligence and the search for new product innovations [57][58] Quantum Computing Company Performance - Quantum Computing reported a significant improvement in revenue, with a net income of $2.4 million compared to a loss of $5.7 million a year ago [56] Palantir Technologies Insights - Palantir shares have declined around 12% in the last week due to concerns over high valuations in the AI sector [75] - CEO Alex Karp expressed confidence in the company's value proposition and its appeal to average investors [76][78] SoFi Financial Performance - SoFi has seen a year-to-date increase of over 70%, attributed to its diversified business model and benefits from a lower interest rate environment [97][99] - The company is expected to maintain strong revenue growth, with a 25% EBITDA margin [102] Fiserv Challenges - Fiserv's stock has dropped approximately 70% this year, with a significant earnings miss and lowered guidance impacting investor confidence [105][107] - The company faces competition from newer fintech solutions, leading to potential loss of client interest [110]

Core Insights - Apple is intensifying its CEO succession planning as Tim Cook, who recently turned 65, may exit as early as next year [1][5][15] - John Ternus, the head of hardware engineering, is emerging as the leading candidate to succeed Cook [2][11][6] Company Performance - Under Cook's leadership, Apple's market capitalization increased tenfold from approximately $350 billion in 2011 to $4 trillion today [9][14] - The company became the first publicly traded U.S. firm to reach a $1 trillion valuation in 2018 and crossed the $2 trillion mark in 2020 [9] Leadership Transition - Ternus has been with Apple since 2001, rising through the ranks to become a vice president and eventually joining the executive team [3][6] - Cook has emphasized the importance of internal succession, expressing a preference for a successor from within the company [15] Product and Service Growth - Cook has been credited with the successful launch of products like the Apple Watch and AirPods, as well as a significant pivot to services, which grew from under $3 billion in fiscal 2011 to over $96 billion in 2024 [12][17] - The services division provides a steady revenue stream to offset slowing iPhone growth [12] Future Outlook - Despite the intensified succession planning, Cook has indicated he is not in a hurry to leave, expressing his enjoyment of his role at Apple [15][16]

Core Insights - Tim Cook, the current CEO of Apple, has turned 65 in November 2023, leading to speculation about his potential retirement next year, with John Ternus being the most likely successor [2] - Under Cook's leadership for over 14 years, Apple's market capitalization has reached $4 trillion, marking significant growth [2] - Ternus, aged 50, has been with Apple for approximately 24 years and is recognized for his engineering focus, contrasting with Cook's operational approach [3] Leadership Transition - The potential candidates for CEO succession include Craig Federighi, Greg Joswiak, and John Ternus, with Ternus being the frontrunner [2] - Ternus is known for his calm demeanor and cautious decision-making, earning him positive evaluations within the executive team [2][3] - Cook has previously expressed confidence in Ternus's ability to deliver effective presentations, indicating a favorable view of his leadership potential [2] Product Development and Innovation - Ternus has played a crucial role in major product launches, including the M1 chip and the anticipated iPhone Air, highlighting his engineering expertise [3] - There is a perception among some Apple fans that Ternus's leadership could revitalize innovation at Apple, which has been criticized for a perceived slowdown in groundbreaking advancements under Cook [3] - Recent criticisms of Apple include the failure of the Apple Vision Pro and delays in AI developments, suggesting a need for a leader with a strong engineering background to address these challenges [3]

近日，《金融时报》报道称，苹果公司董事会和高管"近期加紧了蒂姆·库克交接工作的准备工作"，蒂姆·库克最早将于明年卸任苹果CEO一职。 t pe 120 PV r 400 te 《金融时报》指出，苹果大概率不会在2026年1月底发布下一份财报前确定新首席执行官人选，不过年初完成任命有助于苹果后续活动衔接，可以为6月份的 WWDC和9月份的iPhone发布会做好准备。据悉，苹果硬件工程高级副总裁约翰·特纳斯或将接任苹果CEO。 righ o 据了解，蒂姆·库克于2011年接任苹果CEO，至今执掌14年，近期传最早2026年卸任。任职前，他已在苹果担任COO，深耕供应链管理多年。 接任后，库克 推动苹果实现跨越式发展。公司市值从3470亿美元飙升至3.77万亿美元，稳居全球第一。他强化供应链效率，布局多元生产基地，同时推动业务从硬件向生 态转型，服务业务营收增长近10倍。产品层面，库克主导iPhone迭代升级，推出Apple Watch、AirPods等爆款可穿戴设备，推动Mac转向自研M系列芯片，更 发布Vision Pro开拓空间计算赛道，完成苹果从创新先锋到商业巨擘的蜕变。 ...

Core Insights - The upcoming year 2026 may signify both an end of an era and the beginning of an uncertain new chapter for Apple, as the board is quietly planning for Tim Cook's succession, with hardware engineering head John Ternus as the leading candidate [1][13] - This leadership transition reflects Apple's deep reflection on its core competencies and strategic direction in the face of the AI wave sweeping the globe [1][6] Group 1: Tim Cook's Legacy - Under Tim Cook's leadership, Apple's market value surged from approximately $350 billion to around $3 trillion, peaking at $4 trillion, making it the first publicly traded company to reach such heights [3] - Cook successfully expanded Apple's ecosystem by maximizing the potential of the iPhone and significantly growing the services business, which now approaches $100 billion in annual revenue, contributing nearly a quarter of total revenue [4] - Cook transformed Apple from a charisma-driven startup into a mature enterprise reliant on systems and processes, showcasing that operational excellence is a form of innovation [5] Group 2: Challenges Ahead - Despite Cook's achievements, Apple has not introduced a product that redefines the industry since the iPhone, with the Apple Watch and AirPods being successful but not groundbreaking [8] - The emergence of generative AI has shifted the competitive landscape, with companies like Microsoft and Google gaining significant valuation premiums for their clear leadership in AI [6][7] - Apple's stock performance has lagged behind competitors, highlighting the challenge of not having a new defining product in the AI era [7][10] Group 3: John Ternus's Significance - The choice of John Ternus as a potential successor symbolizes Apple's strategy to leverage its strengths in hardware design and custom silicon performance in the AI competition [13][15] - Ternus's background as a hardware expert positions him to focus on device-level AI, contrasting with competitors who emphasize cloud-based solutions [16] - The board's decision indicates a belief in the continued relevance of Apple's integrated hardware-software model in the AI era, with expectations for Ternus to achieve breakthroughs in device-level AI [25][26] Group 4: Future Challenges for Ternus - Ternus faces the challenge of sustaining growth in a saturated smartphone market, where reliance on the iPhone's growth is nearing its limits [18] - The need to innovate beyond the iPhone and create a new product category is critical for breaking the growth ceiling established during Cook's tenure [19] - Ternus must navigate the evolving regulatory landscape and geopolitical challenges while maintaining Apple's competitive edge [20][21] Group 5: The AI Era and Strategic Direction - The battle for influence in the AI era will be a defining challenge for Ternus, as Apple's focus on device-level AI must compete with the rapid advancements in cloud-based AI capabilities from Microsoft and Google [22][24] - Ternus's success will depend on his ability to create compelling user experiences that leverage local AI capabilities while managing the constraints of hardware limitations [22][23] - The transition from Cook's leadership to Ternus's vision represents a critical test for Apple's ability to adapt and thrive in a rapidly changing technological landscape [27]

Group 1: Apple iPhone Release Cycle Changes - Apple is set to change its iPhone release cycle, potentially launching 5-6 new models each year starting in 2026 [5][6] - The new cycle includes the release of iPhone 18 Pro/Pro Max and a new foldable product in 2026, followed by iPhone 18/18e and a special edition in 2027 [5][6] - The decision aims to alleviate pressure on marketing and engineering teams and improve revenue distribution throughout the year [6] Group 2: Apple CEO Succession Plan - Apple is accelerating its CEO succession plan, with Tim Cook expected to step down in early 2026 [9][10] - The board is discussing a smooth transition without affecting product release schedules, with John Ternus seen as a potential successor [10] - The succession plan is based on long-term strategy rather than current performance, with changes expected to be announced after the January 2026 earnings report [10] Group 3: Huawei AI Breakthrough - Huawei plans to unveil a breakthrough technology in AI on November 21, aimed at improving the efficiency of computing resource utilization from an industry average of 30-40% to 70% [8] Group 4: Xiaomi's Automotive Safety Focus - Xiaomi's CEO Lei Jun emphasized the importance of safety in the design of the new SU7 vehicle, stating that safety is a fundamental principle [17][18] - The SU7 features a steel-aluminum hybrid body with over 90% high-strength steel and aluminum, and advanced battery safety measures [18] Group 5: Zero Run Automotive Sales Achievement - Zero Run has achieved its sales target for 2025, reaching 500,000 vehicles 45 days ahead of schedule [21][23] - The company aims to double its sales target to 1 million vehicles in the following year [23] Group 6: WeChat Update for Android - WeChat has updated its chat backup feature, allowing users to save data directly to external storage devices like USB drives [29][30] - The update supports manual backup path selection and automatic backups every 24 hours [31] Group 7: Meta's AI Performance Evaluation - Meta will introduce "AI-driven impact" as a core metric in employee performance evaluations starting in 2026 [33][34] - This shift aims to foster an "AI-native culture" within the company, rewarding significant AI contributions [34] Group 8: 6G Development in Beijing - Beijing has announced significant advancements in 6G technology, including prototypes and systems aimed at enhancing communication capabilities [12][13] - The developments include a 256TR U6G base station prototype achieving a peak user downlink of 20Gbps [12]