（原标题：SITA：航空客运量创新高 技术赋能行李错运率降至最低） 为了满足旅客需求，66%的航空公司目前已提供自动行李托运服务，另有16%计划在2027年前上线。机 场方面，65%也将在同一时间推出生物识别自助行李托运服务。 一个突出创新是苹果的"Share Item Location"功能与SITA WorldTracer®的整合。旅客可与航空公司共享 其苹果AirTag的位置，加快行李找回的速度。英国航空、汉莎航空、澳洲航空、国泰航空和维珍大西洋 航空等航空公司都部署了上述功能。这一整合还赋能了WorldTracer® Auto Reflight 自动重新托运功能， 可在无需人工干预的情况下，根据原始行李标签重新安排托运，并识别错运原因，自动启动处理流程。 2024年全球航空旅客人数攀升至53亿人次，创下新高。随着旅客数量的飙升，行李处理量也随之增加。 最新发布的《SITA 2025年行李IT洞察》显示，行李错运率持续下降。数据表明行业正在取得进步，但 挑战犹存。 2024年，每千名旅客的行李错运率从上一年的6.9件降至6.3件，较2007年大幅下降67%。考虑到全球客 运量激增（2024年就增长了8. ...

Core Insights - Apple plans to launch the second-generation AirTag tracker in the fall, likely in September alongside the iPhone 17 series, marking the first major update since the initial release in 2021 [1][3] - The second-generation AirTag will feature enhancements such as improved ultra-wideband (UWB) technology, extended battery life, design tweaks, and upgraded privacy and security measures [3][4] Group 1: Product Launch and Timing - The second-generation AirTag is expected to be unveiled at the fall product launch event, aligning with the release of the iPhone 17 series [1] - The launch was initially planned for May or June 2025 but was postponed due to technical adjustments and supply chain issues [3] Group 2: Technical Enhancements - The new AirTag is anticipated to incorporate the second-generation U1 chip, enhancing indoor location accuracy to centimeter-level and supporting longer-range "Precision Finding" capabilities [3] - Battery life is projected to double from one year to two years, with improved signal transmission efficiency in low-power mode [3] Group 3: Design and Compatibility - The design is expected to maintain the original round shape but may include a more durable lanyard hole and additional third-party accessory options [3][4] - Compatibility with existing Apple devices is confirmed, as the second-generation AirTag will work with iOS 18.6 without requiring an iOS 26 update [1] Group 4: Market Position and Competition - Since its launch, AirTag has dominated the high-end tracker market but faces competition from products like Samsung's Galaxy SmartTag 2 and Tile's Pro series [4] - The initial production run for the second-generation AirTag is estimated at 20 million units, with pricing likely to remain similar to the first generation [4]

Group 1: Credit Market Insights - In May, the credit market showed strong performance with credit spreads narrowing significantly, particularly in city investment bonds and long-duration products, which saw yields decline by over 10 basis points [1][23] - Public funds were the main buyers in the secondary market, especially in the first two weeks of May, indicating a high buying intensity for long-duration credit [1][23] - The outlook for credit remains cautious, with limited room for further compression in spreads, but opportunities still exist in medium to long-duration products [1][23] Group 2: Robovan and Autonomous Logistics - Robovan, an autonomous logistics vehicle supporting L4 level automation, addresses key logistics pain points such as unmanned transportation and unloading [3][30] - Companies using Robovan have reported significant cost reductions, with one company achieving a 30% decrease in per-package costs and another transporting 1,200 packages daily [3][30] - Major manufacturers of Robovan include New Stone Technology, which has developed modular designs for various applications, and White Rhino, which collaborates with major logistics firms [3][31] Group 3: Breakthrough Therapy in Pharmaceuticals - As of June 4, 2025, 126 domestic innovative drugs have been approved as breakthrough therapies, expanding from traditional targets to new ones [4][6] - Companies like Kolun Biotechnology and Legend Biotech have made significant strides in international markets, indicating a growing global competitiveness of domestic molecules [4][6] - The potential for breakthrough therapies to enter overseas markets is increasing, with several products already recognized as having breakthrough potential [4][6] Group 4: Apple WWDC 2025 Expectations - The upcoming WWDC 2025 is expected to showcase significant upgrades in AI and software, with a focus on new operating system designs and enhanced developer support [8][33] - Anticipated hardware releases include the new MacPro with M4Ultra chip and upgraded accessories, indicating a strong push towards AI integration in consumer products [8][33] - The event is seen as a catalyst for innovation in the tech sector, particularly in AI applications and consumer electronics [8][33] Group 5: Industry Performance Metrics - Various industries are experiencing different trends, with sectors like oil and petrochemicals, machinery, and electronics showing upward momentum, while pharmaceuticals and real estate are on a downward trend [7][20] - Specific metrics include a 6.67% increase in liquid oxygen prices and a 26.44% rise in agricultural machinery engine sales, indicating sector-specific growth [7][20] - The automotive sector is witnessing a significant increase in sales for certain brands, with NIO's sales growing by 82.28% [7][20]

Group 1 - The core focus of the Apple Worldwide Developers Conference (WWDC) 2025 is the unification of naming conventions across all operating systems, transitioning from traditional version numbers to a year-based naming system, such as "iOS 26" and "macOS 26 Tahoe" [1] - A new design language inspired by visionOS is expected, featuring a "frosted glass" effect with rounded buttons and elements, as indicated by various media reports [3] - iPadOS is anticipated to receive significant updates, including enhanced multitasking capabilities and the potential introduction of a "desktop mode" similar to macOS, blurring the lines between tablets and computers [5] Group 2 - There is speculation about the potential release of hardware at WWDC, including a screen-equipped HomePod, which is seen as a highly anticipated smart home device [8] - A new version of the Apple Pencil is predicted to feature a "digital reed calligraphy pen" function, enhancing its utility for creative tasks [10] - Updates to the Mac Pro are also speculated, despite a recent update in October, with expectations of a possible reveal during the conference [12] - The long-awaited AirTag 2 is mentioned, with hopes for a mid-2025 launch, although the exact timing remains uncertain [14]

行业报告 | 行业研究周报 2025 年 06 月 09 日 | 投资评级 | | | --- | --- | | 行业评级 | 强于大市(维持评级) | | 上次评级 | 强于大市 | 作者 潘暕 分析师 SAC 执业证书编号：S1110517070005 panjian@tfzq.com 许俊峰 分析师 SAC 执业证书编号：S1110520110003 xujunfeng@tfzq.com 包恒星 分析师 SAC 执业证书编号：S1110524100001 baohengxing@tfzq.com 行业走势图 -11% -3% 5% 13% 21% 29% 37% 45% 2024-06 2024-10 2025-02 消费电子 沪深300 资料来源：聚源数据 相关报告 1 《消费电子-行业研究周报:AI 眼镜密 集发布，看好软硬件方案成熟带动渗透 率提升》 2025-06-02 2 《消费电子-行业研究周报:小米玄戒 O1 发布，赋能"人车家"AI 生态进阶》 2025-05-25 3 《消费电子-行业研究周报:关税协议 阶段性落地，看好消费电子板块修复机 会》 2025-05-22 消费电子 证券研 ...

Core Viewpoint - Apple is preparing for WWDC25, focusing on significant updates in UI design and system naming conventions, which are expected to enhance user experience and market confidence amid challenges with Apple Intelligence [1][3][49]. Group 1: UI Design Updates - The upcoming WWDC25 will introduce a new UI design called Solarium, which aims to align iOS, iPadOS, and macOS with the design principles of Vision Pro [5][9]. - The new design will utilize frosted glass materials and layered lighting to create a more immersive user interface, enhancing the interaction experience across devices [7][9]. - This update marks a significant shift from the flat design established since iOS 7 in 2013, with the new UI expected to be revealed at WWDC25 and officially launched in the fall [13][49]. Group 2: System Naming Changes - Apple plans to change its version naming system from generational to year-based, with the next iOS version likely to be named iOS 26 instead of iOS 19, aligning all operating systems under a unified versioning scheme [14][18]. - This change aims to simplify the naming process and address inconsistencies across different devices, enhancing brand coherence [16][19]. Group 3: Gaming Applications - Apple is set to launch a standalone gaming application derived from the long-standing Game Center, which will integrate games from the App Store and Apple Arcade, functioning similarly to a mobile version of Steam [22][24]. - The new Game Center will also have a Mac version, allowing users to manage games from various platforms, reflecting Apple's growing focus on the gaming market [26][28]. Group 4: Hardware Updates - Potential hardware announcements at WWDC25 may include an updated AirTag with enhanced tracking capabilities and a new Mac Pro that could skip the M3 series and upgrade directly to M4 Ultra [31][33][36]. - There are also rumors of a new HomePad device that combines smart home control with entertainment features, although its release may be delayed until 2026 [41][44]. Group 5: Market Implications - The anticipated changes in UI design and system naming are seen as crucial for restoring consumer confidence and market performance, especially after a lackluster response to Apple Intelligence [3][49]. - If successful, these updates could provide a much-needed boost to Apple's market perception, moving away from abstract concepts towards tangible improvements in user experience [49][51].

在苹果于2019年发布了集成U1的iPhone 11之后，面世已经数十年的UWB（Ultra-wideband） 芯片一夜爆红。 翻看其发展历史，UWB技术最早可以追溯到1887年。当时，Heinrich Hertz通过制造火花并通过 宽带加载偶极子（loaded dipoles）发射出第一个UWB信号。随后的几十年里，UWB发展几经浮 沉。直到1989年，美国国防部创造了"超宽带"（Ultra-Wideband：UWB）一词，UWB进入了发 展新阶段，但其应用场景，依然离消费者很远。 作为一种基于IEEE 802.15.4a和802.15.4z标准的无线电技术，UWB可以更精确地测量无线电信号 的飞行时间，从而实现厘米级精度的距离/位置测量。作为引起新一轮热潮的应用，智能手机和类 似AirTags之类的产品无疑是UWB首先发力的市场。与此同时，开发者还在迅速崛起的智能车市场 和工业、医疗市场中为UWB寻找一席之地。 诚然，UWB有不少先天优势。 以UWB另一个主要应用方向——汽车准入方案应用为例，作为进入汽车的重要入口，历经多年发 展的汽车行业大多采用了BLE和NFC作为汽车准入的无线方案，但因其天生特性， ...

特朗普威胁对iPhone征收25%的进口关税，摩根士丹利认为，"吃下关税"也比"美国制造"强，并给库克"支招"如何哄好特朗普。 5月28日，据追风交易台消息，摩根士丹利最新研报显示，即使面临25%的进口关税，苹果仍然不太可能将iPhone生产迁回美国。 相比之下，如果苹果面临25%的iPhone进口关税，只需将全球iPhone价格提高4-6%，因为美国以外的更高利润率可以帮助抵消在美国销售 iPhone的较低利润率。 摩根士丹利还在报告中特别提到了苹果将工厂迁回美国的时间成本问题。 报告称，根据与苹果的合同制造商沟通，装配工厂从建设到生产至少需要2年以上时间。考虑到苹果在美国销售超过6500万部iPhone，需要不止一个工 厂，且在生产高峰期的时候需要超过10万名熟练工人。 以台积电为例，其2020年宣布亚利桑那州晶圆厂投资，直到2024年底才开始大规模生产。摩根士丹利称，如果苹果遵循同样时间表，首批美国制造的 iPhone可能要在特朗普离任后才能到达消费者手中。 关税对苹果的财务影响 报告称，数据显示，美国生产iPhone的成本将比中印制造高出35%，远超通过涨价4-6%来抵消25%关税的成本。 摩根士丹利 ...

根据华尔街分析师预测，如果特朗普政府坚持将iPhone生产线迁回美国， "美国制造"的iPhone价格将飙升至少25%，甚至可能高达3500美元——比当前价格 高出190%。 这将直接冲击苹果产品需求和美国消费者钱包，同时加剧通胀压力，对投资者和科技股估值产生深远影响。 开个脑洞，如果iPhone真的由美国制造，价格可能高得离谱。 周五，特朗普再度喊话苹果"迁回美国"，引发市场轩然大波。他在Truth Social上发帖称，他早就告诉苹果CEO蒂姆·库克希望他在"美国销售的iPhone将在美国 制造和生产"，否则，"苹果必须向美国支付至少25%的关税。" 美国制造iPhone的代价：价格翻倍、竞争力崩塌 据CNBC报道，美国银行分析师Wamsi Mohan周四在一份报告中指出，目前售价1199美元的iPhone 16 Pro， 仅考虑劳动力成本这一项，若在美国生产就将增 加25%，使其售价飙升至约1500美元。 而Wedbush分析师Dan Ives的估计更为悲观，他认为美国制造的iPhone价格将高达3500美元，且 苹果需要在三年内投入300亿美元才能将仅10%的供应链转 移到美国。 当年奥巴马总统曾向已 ...

开个脑洞，如果iPhone真的由美国制造，价格可能高得离谱。 周五，特朗普再度喊话苹果"迁回美国"，引发市场轩然大波。他在Truth Social上发帖称，他早就告诉苹 果CEO蒂姆·库克希望他在"美国销售的iPhone将在美国制造和生产"，否则，"苹果必须向美国支付至少 25%的关税。" 根据华尔街分析师预测，如果特朗普政府坚持将iPhone生产线迁回美国，"美国制造"的iPhone价格将飙 升至少25%，甚至可能高达3500美元——比当前价格高出190%。 这将直接冲击苹果产品需求和美国消费者钱包，同时加剧通胀压力，对投资者和科技股估值产生深远影 响。 美国制造iPhone的代价：价格翻倍、竞争力崩塌 据CNBC报道，美国银行分析师Wamsi Mohan周四在一份报告中指出，目前售价1199美元的iPhone 16 Pro，仅考虑劳动力成本这一项，若在美国生产就将增加25%，使其售价飙升至约1500美元。 而Wedbush分析师Dan Ives的估计更为悲观，他认为美国制造的iPhone价格将高达3500美元，且苹果需 要在三年内投入300亿美元才能将仅10%的供应链转移到美国。 当年奥巴马总统曾向已故苹 ...