（原标题：重磅发布会定档！龙头"20cm"涨停，这些概念股业绩暴涨） 5只概念股上半年净利润增幅超100%。 8月27日早盘，市场主要股指震荡上涨。板块上来看，芯片相关概念走强，光芯片、MCU芯片、汽车芯片概念涨幅居前；还有稀土、数字经济、 物联网等概念涨幅也居前。传统板块回撤，白酒、煤炭开采、银行、保险等概念下跌。 苹果秋季产品发布会定档 另外，此前彭博社科技记者马克·古尔曼透露，苹果即将启动重塑 iPhone的三年计划，包括连续推出三款主要新机型：iPhone Air、首款可折叠 iPhone和20周年纪念版iPhone。可折叠iPhone将于2026年推出，一方面会明显减少屏幕折痕，另一方面将搭载其自研的C2基带芯片，并采用无SIM 卡设计、TouchID解锁，测试机有黑、白两色。 中信建投研报指出，业内普遍认为，苹果若推出自家折叠手机，将极大改变行业格局。苹果一贯重视产品成熟度，目前据传正在攻克屏幕折痕、 铰链耐用性和电池续航等技术难题。Omdia专家表示，苹果的入场将"为折叠屏品类正名"，并激发超越安卓阵营的新一轮需求爆发。 这些概念股业绩暴涨 据证券时报·数据宝统计，A股中属于苹果产业链相关概念股 ...

Core Viewpoint - The AI sector is experiencing significant growth, with hardware components such as server power supplies, optical modules, and liquid-cooled servers leading the market surge, as evidenced by the historical highs reached by several stocks [1][4]. AI Sector Performance - AI leader stock, Cambricon, saw a 6.01% increase, reaching a peak price of 1438 yuan, with a midday closing price of 1408.9 yuan and a trading volume of 149.98 billion yuan, making it the top performer in the A-share market [1][3]. - Other AI-related stocks, including NewEase and Zhongji Xuchuang, also experienced significant price increases, indicating a robust market sentiment towards AI investments [6][7]. Catalysts for Growth - Recent government policies, particularly the State Council's issuance of the "Artificial Intelligence + Action Plan," aim for deep integration of AI across six key sectors by 2027, with a target of over 70% application penetration of new intelligent terminals and agents [6]. - Goldman Sachs has raised target prices for leading stocks in the AI sector, including Cambricon and NewEase, which has sparked market interest [7]. - Major AI companies are actively innovating, with Google launching its Tensor G5 chip and Meta restructuring its AI team, indicating a competitive landscape that could drive further growth in the sector [7]. Consumer Electronics Sector - The consumer electronics sector is also witnessing a rise, with stocks like Longyang Electronics and Anli Shares hitting their limits, reflecting a positive market trend [9][12]. - The upcoming product launches from major companies like Apple and Huawei are expected to boost the consumer electronics market, particularly in AI-enabled devices, as the third quarter is traditionally a peak season for new releases [12].

公开消息显示，当地时间8月26日，苹果公司公布媒体邀请函，显示将从太平洋时间9月9日上午10点、 即美东时间9月9日下午1点开始，在加州库比蒂诺的苹果园区举行发布会，主题为：Awe dropping，中 文主题为：前方超燃。 根据此前爆料，本次发布会上苹果将推出iPhone 17系列，iPhone 17系列在外观上的一个明显变化是， 新机型可能会在背部加入类似谷歌Pixel手机的横条形摄像头模组。今年iPhone 17系列预计将包括标准 版iPhone 17、iPhone 17 Pro、iPhone 17 Pro Max，以及iPhone 17 Air共四款机型。 8月27日早盘，市场主要股指震荡上涨。板块上来看，芯片相关概念走强，光芯片、MCU芯片、汽车芯 片概念涨幅居前；还有稀土、数字经济、物联网等概念涨幅也居前。传统板块回撤，白酒、煤炭开采、 银行、保险等概念下跌。 iPhone 17 Air为iPhone标准版的全新轻薄版本，这款机型将取代iPhone 16 Plus，采用类似2008年首发的 MacBook Air的设计理念，强调轻薄便携，预计厚度约为5.5毫米，差不多是3枚硬币叠加起来的高度。 另 ...

今天上午，AI是绝对主角。 硬件行情走势最强，服务器电源、光模块、液冷服务器等板块涨幅居前。上午盘中，新易盛、中际旭 创、寒武纪、麦格米特、英维克、天孚通信、生益电子、仕佳光子等股价均创历史新高。 数据显示，截至午间收盘，AI龙头股寒武纪上涨6.01%，盘中股价最高涨至1438元，午间收盘价为 1408.9元，成交额为149.98亿元，居A股第一。 有机构表示，寒武纪类似"互联网+"行情时的东方财富。东方财富成为2013—2015年互联网金融浪潮下 的"主角"。看好寒武纪成为本轮AI浪潮"主角"。 其次，近期高盛接连上调寒武纪、新易盛、中际旭创等龙头股目标价，引发市场热议。 最后在AI端侧方面，多家AI行业巨头动作频频。据天风证券研报，谷歌发布自研Tensor G5芯片， Gemini模型体验全面升级；Meta重组AI团队、暂停招聘，并推出多款AI硬件及开放Horizon OS系统；苹 果即将启动三年计划，正积极与谷歌商议引入Gemini AI助力Siri，其正研发机械臂、家用安防摄像头、 具对话能力的Siri和"虚拟伴侣"桌面机器人，筹划回归人工智能领域。 平安证券表示，以DeepSeek-V3.1等为代表 ...

今天上午，AI是绝对主角。 同花顺数据显示，截至午间收盘，AI龙头股寒武纪上涨6.01%，盘中股价最高涨至1438元，午间收盘价为1408.9元，成交额为149.98亿元，居A股第一。 AI全面走强 硬件行情走势最强，服务器电源、光模块、液冷服务器等板块涨幅居前。上午盘中，新易盛、中际旭创、寒武纪、麦格米特、英维克、天孚通信、生益电 子、仕佳光子等股价均创历史新高。 今天上午，AI主线全面走强，综合市场各方观点，主要有以下几方面催化因素： 首先是政策利好。国务院日前印发《关于深入实施"人工智能+"行动的意见》。《意见》提出，到2027年，率先实现人工智能与六大重点领域广泛深度融 合，新一代智能终端、智能体等应用普及率超70%，智能经济核心产业规模快速增长，人工智能在公共治理中的作用明显增强，人工智能开放合作体系不 断完善。到2030年，我国人工智能全面赋能高质量发展，新一代智能终端、智能体等应用普及率超90%，智能经济成为我国经济发展的重要增长极，推动 技术普惠和成果共享。到2035年，我国全面步入智能经济和智能社会发展新阶段，为基本实现社会主义现代化提供有力支撑。 其次，近期高盛接连上调寒武纪、新易盛、中际 ...

Investment Rating - The investment rating for the industry is "Outperform" [1] Core Insights - Apple has a strong product definition capability across various consumer electronics, including smartphones, tablets, and wearables, leading the global market [2][3] - The company's service segment is growing rapidly, with revenue expected to reach 25% of total income by 2024, highlighting a shift towards higher-margin services [2][9] - Apple's supply chain is highly integrated and globalized, involving over 200 core suppliers and 800 factories across 27 countries, significantly impacting the global electronics supply chain [2][60] Summary by Sections Company Overview - Apple, founded in 1976, transformed from a personal computer manufacturer to a leader in mobile devices with the launch of the iPhone in 2007, which redefined the smartphone market [7][9] - The company has maintained a strong market position, with iPhone sales projected to account for 18% of global smartphone sales from 2022 to 2024 [29] Supply Chain Structure - Apple's supply chain consists of multiple tiers, with core suppliers including Foxconn and TSMC, and a significant portion of production occurring in China [60][62] - The company has adopted a "China +1" strategy to mitigate risks associated with supply chain concentration, expanding production to countries like India and Vietnam [72] New Technology Developments - Apple is expected to launch its first foldable smartphone in 2026, which could drive growth in the foldable device market [3] - The company is also focusing on AI integration in its products, with the Apple Intelligence strategy aiming to enhance user experience through seamless interaction [2][3] Market Position and Financial Performance - Apple's service revenue has been growing, with a projected 2024 revenue of $96.17 billion, representing a 12.87% year-over-year increase [54] - The company's hardware gross margin is 28.04%, significantly higher than competitors, reflecting its premium market positioning [41] Product Sales and Market Share - Apple maintains a dominant position in the TWS (True Wireless Stereo) earphone market, with a 23% market share in 2024, despite a slight decline in sales [42][46] - The iPhone continues to lead the high-end smartphone market, with a significant share of sales in the $800+ price segment [41][35]

Core Viewpoint - Apple is positioned as a leading technology company with a strong market presence, particularly in the smartphone sector, and is diversifying its business into various services and AI technologies [1][3][4]. Group 1: Company Overview - Apple, co-founded by Steve Jobs, is a major player in the tech industry, particularly known for its iPhone, which holds over 50% market share in the US smartphone market [1]. - The company also excels in hardware products like Macbook Pro, Macbook Air, and Airpods, while expanding into services such as Apple Music, iCloud, and Apple Pay [1]. Group 2: Financial and Strategic Developments - Apple secured a tariff exemption by committing $600 billion to domestic manufacturing investments, which helped mitigate the impact of tariffs imposed by the US government [2]. - The Services segment has seen over 400% growth in the past decade and continues to grow at a double-digit rate, with Apple Pay being a significant contributor to future growth [3]. Group 3: AI and Technological Advancements - Despite a mixed reputation for its Siri assistant, Apple is actively acquiring AI startups and has partnered with OpenAI to integrate ChatGPT into its ecosystem, indicating a strong commitment to AI development [4]. Group 4: Financial Health - Apple boasts a robust balance sheet with over $50 billion in cash, enabling share buybacks and strategic investments in AI [6]. Group 5: Market Sentiment and Technical Analysis - Recent trading activity shows significant buying of out-of-the-money AAPL calls, reflecting high confidence among investors regarding future stock price increases [9]. - Technical analysis indicates a potential long-term price reversal pattern, suggesting that AAPL shares may reach new all-time highs by early 2026 [7]. Group 6: Overall Market Position - The combination of tariff exemptions, the upcoming new iPhone, and a rapidly growing services business positions Apple favorably for bullish market sentiment [12].

丨证券研究报告丨 行业研究丨点评报告丨电子元件 [Table_Title] 苹果 FY25Q3 财报超预期，果链有望迎来反弹 行情 报告要点 [Table_Summary] 北京时间 8 月 1 日 4 点，苹果发布 2025 财年第三季度报告，报告期内苹果公司实现营业收入 940.4 亿美元，同比增长 10%，实现净利润 234.3 亿美元，同比增长 9%，单三季度毛利率为 46.5%，同比下降 0.6 个百分点，主要受关税相关成本增加影响。公司在业绩说明会给出 FY2025Q4 季度指引：收入预计实现中高个位数增长，毛利率为 46%-47%，包括因关税相关 成本的 11 亿美元影响，运营支出预计为 156-158 亿美元。 分析师及联系人 [Table_Author] 杨洋 蔡少东 SAC：S0490517070012 SAC：S0490522090001 SFC：BUW100 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 电子元件 cjzqdt11111 [Table_Title 苹果 FY25Q32] 财报超预期，果链有望迎来反弹 行情 [Table_ ...

Core Viewpoint - Tim Cook is considered a better CEO for Apple compared to Steve Jobs by shareholders and the board due to his exceptional ability to generate revenue and profits [1][3]. Financial Performance - Under Cook's leadership for over a decade, Apple's revenue and market capitalization have increased tenfold, resulting in significant profits for shareholders [3]. - The company has achieved record profit margins and gross margins, showcasing its financial success [3]. Innovation and Product Development - While Cook has successfully launched new products like AirPods and Apple Watch, the overall innovation under his leadership has been perceived as lacking compared to the transformative innovations of the past [5][3]. - The arrival of AI presents a challenge for Cook, as it requires a fundamental rethinking of Apple's products and services rather than incremental improvements [8]. AI Integration Challenges - Apple has attempted to enter the AI space with initiatives like "Apple Intelligence," but progress has been slow and unsatisfactory, with little to show after a year [10]. - The company's AI assistant, Siri, has not evolved significantly and has faced internal development issues, leading to the departure of key talent in the AI field [10][12]. Leadership Suitability - Cook's strengths lie in financial management, but his limitations in technological innovation raise questions about his suitability as CEO in the AI era [12].

Investment Rating - The investment rating for the Greater China Technology Hardware industry is "In-Line" [2]. Core Insights - The technology hardware sector has outperformed major market indexes year-to-date (YTD), with smartphone-related stocks showing significant gains [5][6]. - YTD share price performance for tech hardware stocks indicates an increase of 66% for top performers and a decrease of 38% for bottom performers, compared to HSI's increase of 19% [9]. - Demand forecasts suggest limited shipment volume growth across various segments, including servers, PCs, and smartphones, with specific projections for 2025 indicating a slight increase in server shipments to 14.5 million units [11]. Summary by Sections Performance Overview - Greater China tech hardware stocks have outperformed major market indexes YTD, except for the Hang Seng Index (HSI) [5][6]. - The share price performance of tech hardware stocks shows a range of increases from 66% for top performers to declines of 38% for the bottom performers [9]. Demand Forecasts - Limited shipment volume growth is expected across various categories, including servers, PCs, and smartphones, with specific figures indicating a forecast of 14.5 million server units for 2025 [11]. - Smartphone shipments are projected to show a cyclical recovery starting in 2024, with significant growth anticipated in 5G smartphone sales [28]. Valuation Insights - The report highlights a justified valuation premium for companies involved in the AI hardware supply chain, with specific companies showing significant AI revenue contributions [12]. - The analysis includes a detailed breakdown of AI revenue and profit mixes for various companies, indicating a strong focus on AI-related hardware [12]. Production and Cost Analysis - The report discusses the cost implications of producing Apple products in different regions, noting that iPhones produced in the US have a 75% higher FOB price compared to those made in China [15]. - A detailed cost analysis shows that the bill of materials (BoM) for iPhones varies significantly by production location, impacting overall pricing strategies [15]. Market Trends - The report identifies Xiaomi as a key player with a rich product portfolio and rapid growth in electric vehicle (EV) deliveries, indicating a diversification strategy beyond traditional tech hardware [34][36]. - The smartphone market is experiencing a cyclical recovery, with expectations for increased shipments and demand in the coming years [28].