苹果交出史上最佳季度答卷：营收1438亿美元、iPhone收入853亿美元双双创新高，大中华区增长38%。公司预计下季营收仍将两位数增长，但提示 3nm等先进节点产能约束、内存涨价或压制供给与毛利。AI方面，苹果宣布与谷歌合作开发下一代基础模型，个性化Siri"今年上线"。 1月29日，苹果公司发布 2026财年第一财季（截至2025年12月27日）业绩报告 显示，总营收、iPhone收入、服务收入等多项指标创下历史新高。在全 球科技股押注"AI+硬件换机"的背景下，市场对苹果这份假日季财报的关注点集中在三件事： iPhone 17的换机强度能否延续 、 中国需求是否真正回暖 、以及在 内存涨价与先进制程产能紧张 的情况下，苹果能否守住利润率与供给节奏。 更引人瞩目的是，CEO库克在财报电话会上宣布，苹果正与谷歌合作开发下一代Apple基础模型，这将为今年推出的更个性化Siri提供动力。这一合作 标志着苹果在AI战略上的重大转向，库克表示： "我们认为谷歌的AI技术将为Apple基础模型提供最强大的基础，我们相信通过这一合作能够解锁大量体验并以关键方式进行创新。" iPhone引爆超级周期，所有地区创历史新高 ...

Core Viewpoint - Apple reported record quarterly revenue but issued a warning about rising component costs impacting profit margins [1] Group 1: Financial Performance - For the second quarter of fiscal year 2026, Apple expects revenue growth of 13% to 16% year-over-year, exceeding Wall Street's previous forecast of 10% [1] - In the first fiscal quarter, Apple's gross margin reached 48.2%, surpassing both the company's guidance and analysts' expectations of 47.45% [1] - Apple's quarterly sales surged 16% to $143.8 billion, exceeding analysts' average forecast of $138.4 billion and the company's own growth target of 10% to 12% [2] Group 2: Market Challenges - Rising prices of storage chips are expected to exert pressure on hardware gross margins in the coming quarters, making the growth of high-margin service business increasingly critical [2] - Apple faces supply chain issues with the 3nm processors for iPhones and the third-generation AirPods Pro, which are independent of each other [1] - The company experienced a $1.4 billion negative impact on performance due to tariff issues during the holiday season [3] Group 3: Competitive Position - Apple has regained its position as the world's largest smartphone seller, surpassing Samsung Electronics [3] - Concerns remain about maintaining this market dominance, particularly regarding pricing strategies and the development of next-generation devices, including wearables and the anticipated foldable iPhone [3]

智通财经APP获悉，尽管苹果(AAPL.US)公布最新季度营收创下历史新高，且对当前季度业绩展望超出 市场预期，但公司同时发出预警，称零部件成本上涨正对利润率形成挤压风险。 在周四召开的分析师电话会议上，苹果表示，截至3月的2026财年第二季度营收预计同比增长13%至 16%，这一增幅超过华尔街此前10%的预测值，彰显出在第一财季依托iPhone实现营收暴涨后，苹果仍 能保持增长势头。 不过，存储芯片价格持续上涨的阴影为这份亮眼业绩蒙上一层阴霾。苹果首席执行官库克称，上一季度 存储芯片成本的影响微乎其微，但当前季度其对毛利率的拖累效应将进一步显现。数据显示，苹果第一 财季毛利率达48.2%，不仅高于公司自身此前给出的指引，也超过分析师预期的47.45%。 这些担忧给苹果股价带来压力。业绩公布后，苹果股价在盘后交易中波动，该股一度上涨近3.5%，但 截至发稿，涨幅已不足1%。今年以来，苹果股价已累计下跌5%，而同期标普500指数上涨了1.8%。 在节日购物季期间，得益于iPhone 17的强劲需求、服务业务的增长以及中国市场的复苏，苹果营收远 超华尔街预期。截至12月27日，季度销售额跃升16%至1438亿美元 ...

责任编辑：江钰涵 2026年开年之际，全国消费市场迎来强劲"开门红"。随着《2026消费提振专项行动》落实实施，释放出 巨大内需潜力。分期乐商城作为年轻消费主阵地之一，双旦期间交出亮眼成绩单：新年有关"红色"关键 词搜索人数环比暴涨，保暖服装、取暖器交易量增加十多倍，美妆护肤订单数翻倍增长，勾勒出年初消 费复苏的新图景。 红色深植于中国人的审美基因，始终承载着浓厚的节日意蕴。岁末年初之际，上红妆、着红衣、置红品 成为不少人的生活仪式，为日子增添喜庆氛围。分期乐商城数据印证了这一消费趋势："红色内 衣"、"红色套装"、"本命年红色"等关键词搜索量环比增长超460%。平台红色商品销量全线飘红：红色 衣裤等带动保暖服装交易金额同比增长406.36%；珠宝区红绳手链、生肖吊坠、美妆区正红色口红、限 定礼盒持续热销。与此同时，全国多地南方湿冷与北方冰雪催生保暖刚性消费需求。分期乐商城取暖器 交易金额同比激增1495.23%，订单量增长480.41%，空调品类交易额环比提升28.12%。 | 大肆献礼 限时低价 | | | | --- | --- | --- | | 双日送礼暨线 | | | | 至高立减十元 | | | ...

Core Viewpoint - The consumer electronics sector has experienced a 47.5% increase year-to-date, slightly underperforming the electronic index by 0.6 percentage points, while outperforming the CSI 300 index by 29.1 percentage points. Despite concerns over rising storage prices affecting terminal demand, the sector's fundamentals are expected to remain low, with a clear trend of accelerated AI innovation in 2026-2027 driven by major companies like Apple, Google, and OpenAI [1][2][18]. Group 1: 2025 Market Review - The consumer electronics SW industry index increased by 47.5% year-to-date, underperforming the electronic SW industry index by 0.6 percentage points and outperforming the CSI 300 index by 29.1 percentage points [2][28]. - The market saw steady growth due to the launch of the DS-R1 open-source model and expectations of accelerated AI deployment, but concerns over storage price increases began to affect demand towards the end of Q3 [2][28]. - In terms of sub-sectors, PCB and consumer electronic components outperformed the electronic industry index, driven by AI computing demand, while optical components and brand consumer electronics lagged behind [2][30]. Group 2: Terminal Demand and Innovation Tracking - In the smartphone sector, 2026 will see significant AIOS innovations, with storage price increases potentially impacting overall sales, particularly for mid-range Android devices, while iPhone demand remains manageable [3][19]. - The PC and tablet market is expected to benefit from Windows 11 upgrade cycles, with a focus on AI PCs and the impact of storage price increases on demand in 2026 [4][19]. - The wearables and IoT sectors will see innovations in AI headphones, glasses, and home robots, with significant attention on Apple's AI camera headphones and the anticipated releases from major players like Meta and Google [4][20]. Group 3: Industry Chain Tracking - Major brands like Apple, Google, and OpenAI are expected to lead AI innovation in 2026, while Android brands face challenges from rising storage prices [8][9]. - The assembly sector is positioned to benefit from the long-term AI cloud-side innovation cycle, with companies like Luxshare Precision and BYD Electronics expected to gain from AI product launches [9][10]. - The storage chip sector is experiencing upward cycles, with domestic companies projected to see continued performance improvements due to favorable supply-demand dynamics [10][11]. Group 4: Investment Strategy for 2026 - Despite the headwinds from rising storage prices, the AI terminal market is expected to accelerate innovation, with major companies focusing on AI hardware and software integration [18][19]. - Key areas of investment include AI PCs, wearables, smart home devices, robotics, and smart vehicles, with a particular emphasis on the supply chain for high-quality components [18][21].

Promotion Overview - LBank is hosting a Christmas Lucky Draw with a 100% win rate [1] - The promotion aims to attract both new users and active traders [1] Prizes and Rewards - Physical prizes include Apple iPhone 17 Pro, Apple iPad Air (M2), Apple Watch Series 10, AirPods Pro, and Nintendo Switch OLED [1] - Token rewards include BTC, ETH, SOL, SHIB, DOGE, XRP, ADA, SUI, TON, and LINK [1] - Futures bonuses are also part of the guaranteed rewards [1]

Core Viewpoint - Apple (AAPL) stock has rebounded significantly, with a 37.9% increase over the past six months, reaching a record high of $288.62, outperforming the S&P 500 Index and major tech companies like Meta, Amazon, and Nvidia [1][2] Group 1: Stock Performance - Apple shares surged 37.9% over the last six months, outperforming the S&P 500 Index's 14% gain [1] - The stock reached a record high of $288.62 on December 3 [1] Group 2: Factors Driving Growth - The upward trend began in late summer, driven by favorable developments, including temporary tariff relief on iPhones manufactured outside the U.S., which helped maintain demand during a crucial upgrade cycle [2] - Enthusiasm for the iPhone 17 lineup has significantly contributed to the rebound, with strong consumer demand expected to bolster the holiday quarter [3] Group 3: Financial Performance - Apple reported record results for the September quarter, with sales rising 8% to $102.5 billion, and projects year-over-year revenue growth of 10% to 12% for the December quarter [4] - iPhone sales reached a record $49 billion in the September quarter, up 6% year-over-year, with management targeting double-digit growth during the holiday season [6] Group 4: Future Outlook - The growth momentum is expected to continue into 2026, supported by a refreshed product lineup and strong demand for core products [5] - The iPhone 17 lineup and new products like the next-generation AirPods Pro and expanded Apple Watch lineup are anticipated to drive significant device upgrades [5]

Investment Rating - The report does not explicitly state an investment rating for the headphone industry Core Insights - The global headphone market is projected to grow significantly, reaching 800 million units by 2030, with a compound annual growth rate (CAGR) of 8.3% from 2020 to 2030 [7][11] - The market is shifting from developed regions to emerging economies, particularly India, which is expected to become a key growth market by 2030 [6][12] Market Distribution - The global headphone market is experiencing a transition from developed markets to emerging economies, with China reaching a mature stage and the US and Western Europe showing slow growth [12][16] - The market share of China is expected to decline from 17.5% in 2024 to 15.1% by 2030, while India's market share is projected to rise from 11.1% in 2024 to 13.9% by 2030 [6][16] Competitive Landscape - Apple continues to lead the market, increasing its share from 12.2% in 2018 to 17.7% in 2024, driven by the success of the AirPods series [5][19] - In the mid-to-high-end market, brands like Sony, Bose, and JBL maintain stable market shares due to their superior sound quality and noise-cancellation technology [19] - Emerging brands such as boAt are gaining traction in the Indian market, with their share rising from virtually zero in 2018 to nearly 4% in 2024 [19] Growth Drivers - The rise of open-ear headphones is expected to expand their market share, projected to reach 65.7 million units by 2030, with a CAGR of 11.3% [32][34] - The AI headphone market is anticipated to grow rapidly, reaching a market size of 18.48 billion yuan by 2030, with a CAGR of 32.9% from 2025 to 2030 [36][37]

iPhone Strategy - The company is largely viewed as an iPhone company, with other products often purchased to complement the iPhone ecosystem [1] Wearables, Home and Accessories Business - A significant portion of this unit's sales comes from AirPods, boosted by the release of new AirPods Pro [2] - New Apple Watches, especially the baseline model priced around a couple hundred dollars, are considered excellent, particularly for new users [3] - The Apple Watch Series 11 is not a significant upgrade for Series 10 owners, but the wearables segment, including Homepods, is expected to gain momentum [4] - The company anticipates a turnaround in the Wearables, Home and Accessories category [4] - The company's smart home devices are not expected to contribute significantly to revenue, with Amazon and Google dominating that market [5][6] - The smart home devices are needed to maintain the ecosystem and prevent users from switching to competing devices [7] Future Product Pipeline - A foldable iPhone is anticipated by the end of next year [8] - New products with in-house chips are expected in March, including a new M5 MacBook Air, a new M4 iPad Air, and an entry-level iPad [8][9] - Smart home devices are expected in the March-April timeframe [9] - An updated AI strategy is expected in June [9] - Integration into services products is expected in September next year [9] - A more significant update to the mid-tier Apple Watch is expected at the end of next year [9] - Smartglasses and a tabletop robot are expected to roll out in 2027 [10] - A higher-end Vision Pro device is expected [10] - A foldable iPad with a gigantic screen is expected towards the end of the decade (2028-2029) [10]

Product Launch & Features - The iPhone 17 family represents a significant leap forward, with each year bringing advancements [10] - The Pro model boasts a totally new design, incredible performance, and next-level camera capabilities [2] - The Air model is thin, light, and offers pro performance in a slim package [3] - New features include improved selfie capabilities with center stage, allowing more people to be included and automatically adjusting for landscape mode [8] - The phone can take selfies in landscape mode even when held in portrait mode [9] - Picture-in-picture functionality allows users to share their excitement during FaceTime calls, such as at a concert [9] Sales & Supply - Trade-in programs are favorable, and there are no price increases due to tariffs [4] - Phones can be obtained for free with a plan from carriers [5] - Apple maintains in-store supply for walk-in customers and to fulfill pre-orders [5] - Early sales data shows strong performance in China and Dubai, with Dubai having the longest lines [5][6] Technology & Innovation - AI is integrated throughout the phone and AirPods, including live translation [7] - AirPods Pro feature live translation and a four-times improvement in A&C compared to the original model [6] - The Apple Watch has hypertension notification capabilities, potentially notifying 1 million people this year alone, addressing a global issue affecting over 1 billion people [7] Manufacturing & Competition - Apple welcomes competition in the foundry business and would like to see Intel's resurgence [11] - Apple is investing in education and training programs in the US, such as the manufacturing academy in Detroit [12]