Group 1 - The U.S. Supreme Court has overturned a core tariff policy from the Trump administration, with the President indicating plans to adopt an alternative tariff strategy [2] - Trade experts suggest that the average applicable tariff rate in the U.S. is unlikely to increase further, indicating a potential peak in tariffs [5] Group 2 - India aims to position itself as a key player in the artificial intelligence (AI) sector, seeking to provide an alternative to reliance on a few companies from the U.S. and China [3] - The country has a large pool of engineering talent and a thriving startup ecosystem, ranking third globally, which it hopes to leverage to enhance its credibility in AI [3] - India is focusing on developing AI models that can be used in 22 official languages, aiming to benefit over a billion citizens and establish moral authority in the fragmented AI landscape [4] - Indian startups are promoting low-cost AI and small open-source models, differentiating their approach by emphasizing inclusivity and affordability rather than competing directly with Silicon Valley or Beijing [4] - Despite challenges in computing power, semiconductor manufacturing, and cloud infrastructure, India is looking to form alliances with countries in Africa, Southeast Asia, Latin America, and Europe to shape standards and deployment norms in AI [4]

Investment Rating - The report suggests a positive outlook for the consumer electronics industry, particularly in AI hardware, indicating potential investment opportunities in this sector [4][13]. Core Insights - The consumer electronics industry is experiencing rapid growth in new product categories, especially AI-related devices, driven by strong sales during the Chinese New Year [6][10]. - Major companies are accelerating their investments in AI hardware, with significant developments from firms like OpenAI and Apple, which are expanding their product lines to include AI wearables and smart devices [9][10][11]. - The report highlights a notable decline in smartphone sales in China, with a 23% year-on-year drop in January 2026, although Apple remains a standout performer with positive growth [12]. Summary by Sections Industry Events Overview - During the Chinese New Year, sales of smart wearable devices increased by 130%, and health monitoring devices saw over 60% growth [6]. - AI glasses sales surged by 70-80%, while drones and robots experienced a 30-50% increase in sales [6]. - AI toy sales skyrocketed by 500 times during the holiday season, with six products exceeding one million units sold [6][7]. - The UTree humanoid robot showcased advanced performance during the Spring Festival Gala, achieving a maximum running speed of 4 m/s [7]. - OpenAI is developing a smart speaker with facial recognition capabilities, expected to launch in 2027 [9]. - Apple is advancing three new AI wearable devices, including high-end smart glasses and AI AirPods, aimed at enhancing the iPhone experience [10]. - Tesla's Cybercab, a fully autonomous electric vehicle, was officially launched [11]. - Smartphone sales in China saw a significant decline, with Apple being the only major brand to report growth [12]. Latest Industry Perspectives - The evolution of large model capabilities is pushing the industry towards the "Agentic AI" phase, with hardware being the most reliable beneficiary of AI applications, presenting new growth opportunities for consumer electronics companies [13]. - Recommended companies for investment include Crystal Optoelectronics, Jiebang Technology, and Tianyue Advanced, with a focus on AI glasses, AI toys, humanoid robots, and smart driving technologies [13].

读完文章 简单来说，视觉智能就是让 AI 「看懂」世界，并能根据这些信息行动的技术。 领取 APPSO 2026 年马年春节 限定红包 封面 苹果新一代重磅产品，可能已经被库克剧透了。 他开始疯狂暗示苹果新的产品类别： AI 可穿戴设备。其中的关键，就是 视觉智能（ Visual Intelligence）。 APPSO 假想图. 最近在多个财报会议和多个公开场合，库克都特别点名了「视觉智能」，结合苹果最近关于苹果 AI 硬件的爆料，以及库克过去的发言风格，这并不是偶 然。 彭博社 Mark Guman 报道称， 苹果已经将视觉智能（Visual Intelligence）定位为其下一波可穿戴设备的核心。 也就是说，「视觉智能」可能是苹果下一个十年重要的产品思路，它不是某个产品，但会逐渐成为所有苹果可穿戴产品的灵魂。 让苹果设备「长眼」的视觉智能，有什么用 迄今为止，苹果在视觉 AI 领域并没太多亮眼成绩，大多只是为 OpenAI 和 Google 的技术套上了一层外壳。 比如在iPhone 16 Pro 上首发的视觉智能（ Visual Intelligence）就比较初级——拍张照，问 ChatGPT 这 ...

Core Insights - Apple has established itself as a dominant player in the smartphone market, capturing 46% of global smartphone revenue in 2024 while accounting for only 28% of unit sales, with the highest average selling price (ASP) at $903 [1] - In 2025, Apple became the top-selling smartphone brand with a 20% market share, driven by the iPhone 17 and expansion into emerging markets [2] - Apple leads the true wireless stereo (TWS) market with AirPods, holding an estimated 21% market share in 2025 [3] - The latest AirPods Pro 3, released in September, features enhanced noise cancellation and sound quality, expected to further increase market share [4] - The Apple Watch has maintained its dominance since its launch in 2015, controlling approximately 23% of the smartwatch market last year [5] - The iPad, launched in 2010, has remained the leading tablet, holding 45% of the market by the end of 2025 [7]

2026 年 02 月 21 日 公司研究●证券研究报告 海菲曼（920183.BJ） 新股覆盖研究 投资要点 | 交易数据 | | | --- | --- | | 总市值（百万元） | | | 流通市值（百万元） | | | 总股本（百万股） | 38.42 | | 流通股本（百万股） | | | 12 个月价格区间 | / | | 分析师 | 李蕙 | | SAC | 执业证书编号：S0910519100001 | | | lihui1@huajinsc.cn | | 报告联系人 | 戴筝筝 | | | daizhengzheng@huajinsc.cn | 相关报告 华金证券-新股-新股专题覆盖报告（通领科 技）-2025 年 17 期-总第 654 期 2026.2.12 华金证券-新股-新股专题覆盖报告（固德电 材）-2026 年 15 期-总第 652 期 2026.2.8 华金证券-新股-新股专题覆盖报告（通宝光 电）-2025 年 16 期-总第 653 期 2026.2.8 华金证券-新股-新股专题覆盖报告（海圣医 疗）-2025 年 14 期-总第 651 期 2026.2.4 华金证券- ...

鸿海期待与HCL在印度携手设立专业封测代工厂，透过这项投资建立在地半导体生态系统并增强印度国 内产业链韧性。鸿海将持续运用其BOL（建设营运在地化）营运模式支持当地社区。 这座工厂是印度政府"印度半导体计划"（India Semiconductor Mission）批准的第六座工厂。莫迪为了强 化国家在全球电子制造业扮演的角色，将晶片制造列为印度经济策略最优先事项。 鸿海集团目前在印度泰米尔纳德邦、卡纳塔克邦，以及泰伦迦纳邦等多个地方设厂，以强化其印度制造 与供应链弹性。 其中，卡纳塔克邦的班加罗尔主要生产iPhone，是鸿海在印度最知名生产重镇，至于苹果其他产品，知 情人士透露，鸿海印度子公司去年在泰伦伽纳邦的海得拉巴新厂开始组装AirPods，初期将以出口为 主，预期投产后，将迅速扩大生产规模，这是鸿海在印度为苹果组装的第二项产品。 印度总理莫迪昨（21）日透过视讯会议在北方邦亚穆纳高速公路工业发展局（YEIDA）参加鸿海 （2317）与HCL合资公司-印度晶片私人有限公司奠基仪式。鸿海集团在印度市场布局再下一城，也开 启鸿海在印度半导体市场布局首部曲。 印度总理办公室发文指出，鸿海HCL半导体工厂的建立 ...

APPSO 先给你快速梳理下 OpenAI 智能音箱的核心信息 「长眼」的智能音箱，你敢用吗 在苹果、Meta 都在把 AI 塞进眼镜、手表、吊坠等可穿戴设备时，OpenAI 尝试把摄像头塞进音箱，能「看见」你和周遭的环境，让 AI 对你的理解也将从 语言延伸到行为，你的作息、习惯、情绪状态，都将让 AI 读懂和拼凑出一个真实的你。 智能音箱这个品类，从 Amazon Echo 到 Apple HomePod，已经卷了快十年。但这些设备的「智能」，往往停留在「能听懂关键词」的层面，离真正的 「理解」差着十万八千里。 OpenAI 的解法简单粗暴：给它装上眼睛。 据 The Information 爆料，OpenAI 正在开发一款智能音箱，它将配备摄像头，支持类似苹果 Face ID 的人脸识别。你未来可能「看一眼」就能完成购物 支付，类似功能目前在小米、Rokid 等智能眼镜已经实现。 智能音箱内置摄像头，能识别你周边环境，比如桌上摆了什么、旁边在聊什么。还支持类似 Face ID 的面部识别，可以直接刷脸完成购买。这种「所见即 所得」的购物体验，目前市面上的智能音箱还做不到。 产品假想图，图片由 Nano ...

周五苹果股价上涨约1%。 这一裁决意味着，苹果可能开始降低生产成本，并保留更多利润空间。 苹果拒绝对此置评。 苹果公司因关税每季度支出约10亿美元，但随着最高法院就关税作出裁决，这一数字可能开始下降。 美国最高法院周五推翻了总统唐纳德·特朗普大规模关税政策中的重要部分，对其核心经济政策构成重 大打击。 自特朗普去年启动相关关税措施以来，苹果已累计支付约33亿美元关税。 苹果公司因关税每季度支出约10亿美元，但随着最高法院就关税作出裁决，这一数字可能开始下降。 高额关税成本主要源于美国对海外生产的产品及零部件征收的进口关税——尤其是来自越南、印度等亚 洲合作伙伴的产品。 今年5月在阐述应对关税的方案时，首席执行官蒂姆·库克表示，苹果面向美国市场的一半iPhone产自印 度，而大多数销往美国的Mac、AirPods和Apple Watch则来自越南。 在财报电话会议上，库克曾强调，苹果在很大程度上自行吸收关税成本，以避免产品价格突然上涨。 最高法院以6比3的裁决认定特朗普单方面实施的关税违法。这意味着，美国政府可能需要向进口商退还 超过1750亿美元的关税款。 一个重大问题是，苹果是否会积极寻求追回已缴纳的关税， ...

Tim Cook, chief executive officer of Apple Inc., during the 60th presidential inauguration in the rotunda of the US Capitol in Washington, DC, US, on Monday, Jan. 20, 2025.Apple's tariff bill has racked up about $1 billion per quarter, but that number should start shrinking following the Supreme Court decision on tariffs.The Supreme Court on Friday struck down a large chunk of President Donald Trump's far-reaching tariff agenda, delivering a major rebuke of the president's key economic policy. Apple has pai ...

After facing headwinds in early 2025, from U.S. tariff uncertainty and intensifying competition from Chinese smartphone makers to slower AI traction relative to its Big Tech peers, Apple’s stock staged a powerful rebound. Last October, it crossed the $4 trillion market capitalization mark for the very first time, fueled by reports that the iPhone 17 lineup, launched in September, was selling better than its predecessors.The company operates across several areas of the tech landscape, including smartphones, ...