Core Viewpoint - Investment banks Goldman Sachs and Bernstein have both issued positive ratings and price targets for Apple Inc., highlighting its strong performance and growth potential in the App Store and iPhone revenue. Group 1: Goldman Sachs Analysis - Goldman Sachs reiterated a Buy rating for Apple Inc. with a price target of $330 [1] - The bank noted that App Store spending trends improved, with spending growing by 7% in January, an acceleration from December's 6% growth [1] - Goldman Sachs emphasized that the growth in the App Store should significantly contribute to Apple Inc.'s Services business [1] Group 2: Bernstein Analysis - Bernstein maintained an Outperform rating for Apple Inc. with a price target of $325 [2] - The firm highlighted Apple Inc.'s record iPhone revenue as a key factor in its positive outlook [2] - Bernstein pointed out that Apple Inc. is effectively navigating challenges in the memory industry, indicating strong management and strategic positioning [2]

"你打算什么时候退休" 2月初的一场苹果内部员工会议上，蒂姆·库克又一次被卷入那个让他纠缠了很多年的问题。 根据现场流出的信息，65岁的库克给出了一个比以往稍微具体一点的信号。他说自己每天都在强迫性地 思考谁会坐在那个办公室里，不仅在看未来五年，甚至在考虑未来十年、十五年谁会坐在这个房间里。 这番言论一出，科技圈瞬间轰动了起来，甚至连《金融时报》和《纽约时报》都开始讨论苹果的后库克 时代。 关于库克退休的话题，在过去几年里发生过无数次。每当库克表现出一点点对继任计划的重视，或者是 苹果的高管层出现哪怕一次细微的人事变动，全世界都会整齐划一地开始替苹果操心。 这种集体的敏感和兴奋，背后藏着的是不同群体的利益诉求和心理期待，也延伸出一个很有意思的话 题：到底谁想让库克退休？ 1、那些活在"乔布斯梦"里的果粉 如果我们把时间拨回到2011年8月24日，也就是蒂姆·库克接替史蒂夫·乔布斯的那一天，你会发现当时的 舆论场几乎是一片喧嚣。消息一出，苹果股价当天下跌5%，外界对库克的能力充满忧虑。 当时外界并不觉得库克是在接班，而是乔布斯不得已的选择。资本市场和媒体清一色都用了一些很刻薄 的词。有人说库克是一个表格驱动的机 ...

We recently published 12 Stocks on Jim Cramer’s Radar.  Apple Inc. (NASDAQ:AAPL) is one of the stocks on Jim Cramer's radar. Consumer electronics giant Apple Inc. (NASDAQ:AAPL)  is one of Jim Cramer’s favorite stocks. The CNBC TV host continues to hold the opinion that viewers and listeners should own the shares and not trade them. Investment bank Goldman Sachs discussed Apple Inc. (NASDAQ:AAPL) in January. It reiterated a Buy rating and a $330 share price target on the firm. The bank discussed the firm’s ...

Core Insights - Recent earnings reports from major technology companies have raised investor concerns regarding returns on increased artificial intelligence (AI) spending, with mixed results across different firms [1] - Some companies have successfully leveraged growth opportunities from the ongoing AI boom, while others have not impressed investors [1] Company Summaries Apple (AAPL) - Evercore analyst Amit Daryanani maintains a buy rating on Apple with a price target of $330, while TipRanks' AI Analyst has an "outperform" rating with a target of $289 [3] - January App Store revenue increased by 7% year-over-year, but Gaming revenues fell by 3% for the third consecutive month due to tougher comparisons [4] - Other App Store categories saw double-digit growth, with Music up 21%, Other up 21%, Photo and Video up 18%, Social Networking up 11%, and Entertainment up 10% [5] - Services revenue grew by 14% in the December quarter, surpassing App Store growth of 6.5%, with better-than-expected revenue and EPS reported [6] - Daryanani expects continued benefits from faster-growing areas like Apple Pay and iCloud, despite less than 10% growth in App Store revenues [7] MongoDB (MDB) - Bank of America analyst Koji Ikeda reaffirms a buy rating on MongoDB with a price target raised to $500 from $480, while TipRanks' AI Analyst has an "outperform" rating with a target of $380 [8] - Ikeda expresses optimism about MongoDB's Atlas revenue growth, supported by a successful enterprise and product-led growth strategy, as well as an expanding AI product lineup [9] - MongoDB's database is noted for its speed, scalability, and document-based structure, differentiating it from traditional relational databases [10] - Despite a higher valuation compared to peers, Ikeda believes the premium is justified due to MongoDB's 30% Atlas growth versus 11% for competitors [11] Western Digital (WDC) - Western Digital reported better-than-expected fiscal second-quarter results, driven by strong demand for hard drives and flash storage amid the AI wave [13] - Bank of America analyst Wamsi Mohan maintains a buy rating with a price target of $345, while TipRanks' AI Analyst has an "outperform" rating with a target of $285 [13] - The company anticipates the AI and cloud storage market to grow at a CAGR of over 25% through 2030, with HDDs expected to gain market share [14] - Mohan highlights long-term growth targets, aiming for mid-20% CAGR in nearline exabytes and overall revenue growth above 20% CAGR [15] - Western Digital plans capital spending at 4% to 6% of annual revenue and aims for a free cash flow margin exceeding 30% [16]

Core Viewpoint - Apple's Q1 FY2026 earnings report shows strong performance with total revenue of $143.76 billion, a 16% increase year-over-year, and net profit of $42.10 billion, up 15.9% [1][11] Financial Performance - Total revenue reached $143.76 billion, surpassing Wall Street expectations and setting a record for the highest quarterly revenue in the company's history [1] - Net profit was $42.10 billion, with diluted earnings per share at $2.84, reflecting an 18.3% year-over-year increase [1] - Gross margin for the quarter was 48.2%, at the upper end of guidance, with product hardware gross margin increasing to 40.7% [9] iPhone and Hardware Sales - iPhone revenue was $85.27 billion, a significant 23% year-over-year increase, contributing nearly 60% to total revenue [1] - The strong demand for the iPhone 17 series has led to record revenue in major global markets, with active devices surpassing 2.5 billion [1][2] - Other hardware products, including iPad and Mac, also performed well in China, with iPad being the top-selling tablet and MacBook Air leading in its category [8] Regional Performance - Revenue from Greater China reached $25.53 billion, a 38% increase year-over-year, leading growth among major markets [7] - The Indian market also showed double-digit revenue growth, indicating strong potential for future expansion [8] Supply Chain and Cost Concerns - Apple faces supply constraints due to high demand for the iPhone and production bottlenecks in advanced process chips, particularly those from TSMC [11] - Rising prices for storage chips (DRAM and NAND Flash) are expected to impact profit margins in the upcoming quarter [11][12] Strategic Initiatives - Apple is exploring long-term strategies to manage cost pressures, including leveraging its supply chain bargaining power and potentially adjusting pricing strategies [12] - A strategic partnership with Google aims to enhance AI capabilities, balancing closed ecosystem development with open collaboration [2][13] Future Outlook - For Q2 FY2026, Apple projects revenue growth of 13% to 16%, with gross margins expected to remain between 48% and 49% [13] - Despite strong performance, investor concerns about rising costs have led to a cautious market reaction, with stock prices showing slight declines [13]

App Store 沉寂多年的曲线上，突然出现了一个垂直上升的惊人拐点。 2024年下半年开始，iOS应用商店的新应用提交量直接从长期持平的约5万个，疯涨至7.8万个，涨幅高达60%。 苹果审核团队面临的是一场前所未有的DDoS级人力攻防战。但这波激增背后的主角，绝非熬夜秃头的传统程序员。 特斯拉前AI主管Andre Karpathy为这种邪门的操作取了个极具赛博感的名字：Vibe Coding。 iPhone问世18年后，App Store迎来了一场诡异的「逆生长」。新应用提交量突然暴增60%，这并非因为程序员效率翻倍，而是「编程」这一动作正在被 AI彻底消解。当氛围感取代了逻辑，一场属于外行人的暴力美学革命正式收割战场。 而在Vibe Coding模式下，借助Cursor+Claude 3.5 Sonnet的组合，这个周期被压缩到了24小时。 根据Sensor Tower的监测，2025年移动市场非游戏应用收入首次超越游戏应用，达到856亿美元。 这背后是无数个「一人公司」的崛起。他们利用AI快速催生出大量极简工具、AI助手和垂类生活应用。 无需理解多线程或Swift语法，只需像个甲方对着Cursor指令 ...

Core Insights - Apple has historically been a hardware-focused company, distinguishing itself from software-centric peers like Microsoft [1] - The company is expected to leverage its resources and brand strength to outperform AI startups in the near future [2] Financial Performance - Since its IPO in 1980, Apple has consistently been a top-performing stock, returning 102% over the past five years compared to the S&P 500's 87% [3] - For fiscal 2025, Apple reported revenue of $416 billion, a year-over-year growth of 6.4%, with net income increasing by 19.4% to $112 billion and diluted EPS rising by 22.6% [4] - In Q1 of fiscal 2026, revenue reached $143.8 billion, up 16% year-over-year, with EPS increasing by 19%. iPhone sales surged by 23.3%, making up nearly 60% of total sales [5] AI Development - Despite lagging in AI development, Apple is well-positioned to enhance its AI capabilities through resource acquisition and talent recruitment [6] - The company has made strategic changes in its AI leadership, appointing Amar Subramanya as the new vice president for AI [8]

几十年来，企业战略分析主要基于几个基本原则：控制差异化资源的能力、对竞争环境的预判以及中期预测。无论是价值链理论还是资源基础 观，这些传统框架都建立在这样一种前提之上：企业与外部环境的边界相对稳定，行业演进具有一定可预测性。 这些指标不仅反映了欧洲游戏产业竞争力的下降，更为我们描绘了一种新型体系：企业的发展轨迹依赖于其无法控制的诸多技术要素。一个欧洲 工作室通常需要四到五年的时间来开发一款游戏。在这个周期内，软件引擎以每三到六个月的更新速度调整关键组件，移动平台每年完成两到三 次的商业条款修订，PC平台的推荐算法甚至每天都在变化。基础设施与组织之间这种节奏差异，造成了结构性脱节。传统战略分析工具大多会默 认决策时间框架内的外部环境相对稳定。然而，现实却是App Store的准入条件会变，Unreal Engine的架构也会更新，这些变动都可能会在数周内 影响一个欧洲项目的经济可行性。 与此同时，全球竞争更是加剧了这种趋势。平台不再扮演中立的辅助角色，它们决定着抽成比例、曝光机制、技术格式、数据收集方式和变现模 式，这些都对游戏行业的日常运营产生巨大的影响。在此背景下，传统评估标准的局限性更为明显。虽然项目本身 ...

Summary of Apple Inc. (AAPL) January 2026 App Store Spending Conference Call Company Overview - **Company**: Apple Inc. (AAPL) - **Date**: January 2026 Key Industry Insights - **App Store Spending Growth**: - January 2026 App Store spending grew approximately **7% year-over-year (yoy)**, an acceleration from **6% yoy** in December 2025 [1][3] - This growth is below the average January growth rate of **8% yoy** from 2022 to 2025 and below Apple's guidance for **14% yoy** growth in the Services segment for F2Q26 [3][2] Core Financial Metrics - **Net Revenue**: - Apple App Store's global net revenue reached **$7.08 billion**, reflecting a **6.9% yoy** increase, surpassing the **5.7% yoy** growth in December 2025 [2][9] Category Performance - **Revenue by Category**: - **Games**: Comprising **45%** of total revenue, improved to **-3% yoy** from **-4% yoy** in December 2025 [4] - **Entertainment**: Contributed **14%** of total revenue, accelerating to **+10% yoy** from **+3% yoy** in December 2025 [4] - **Photo & Video**: Accounted for **8%** of total revenue, stable at **+18% yoy** [4] Geographic Performance - **Spending Trends by Geography**: - **United States**: Stable growth at **+3% yoy**, representing **36%** of total spending [7] - **China**: Improved to **-1% yoy** from **-5% yoy** in December 2025, accounting for **19%** of total spending [7] - **Japan**: Improved to **-1% yoy** from **-3% yoy** [7] - **United Kingdom**: Growth accelerated to **+24% yoy** from **+19% yoy** [7] Competitive Landscape - **Top Downloaded Apps**: - Three of the top ten downloaded gaming apps on the US App Store (Roblox, Discord, Fortnite) feature off-app payment options, with Roblox and Fortnite offering discounts and rebates to incentivize users [8] Future Outlook - **Services Growth**: - Despite near-term risks related to off-app payment adoption, the expectation remains that App Store spending will continue to be a significant growth driver for Apple Services revenue [1][31] Investment Recommendation - **Rating**: - The recommendation for Apple Inc. is a **Buy** with a 12-month target price of **$330**, reflecting a **34X** multiple on next twelve months plus one year earnings per share (EPS) [25] Key Risks - **Consumer Demand**: Potential weakening in consumer demand for products and services, particularly iPhones, which generated approximately **50%** of revenue in F2025 [26] - **Supply Chain Disruption**: Risks associated with geopolitical tensions affecting global trade and reliance on key suppliers [27] - **Intensifying Competition**: Competition across various product lines and services, particularly in video streaming [28] - **Regulatory Risks**: Increased scrutiny that could impact competitive advantages [29] Conclusion - The overall sentiment remains positive for Apple Inc. with expectations of continued growth in services, despite facing challenges in product demand and regulatory scrutiny. The App Store is anticipated to play a crucial role in sustaining revenue growth moving forward.

行业研究 TMT 之媒体行业 媒体行业 2025 年回顾与 2026 年展望：媒体行业整体平 稳运行，将步入数字化转型的关键阶段 文/刘博雅 摘要 2025 年，传统媒体中图书零售整体呈现负增长，内容电商超越平台电商成为第一大细分 零售渠道，近年来新媒体用户规模持续扩大，微短剧数量与质量双升，游戏行业市场规模保持 增长态势，2025 年全年收入规模和用户规模均创历史新高。随着数字化技术的普及和用户习 惯的改变，媒体行业的需求结构正经历重塑，市场格局呈现"流量向巨头集中、传统媒体转型 求生"的竞争态势。信用评级方面，媒体行业发债主体集中在传统媒体细分行业，级别以 AAA 为主，2025 年 AA+级别主体发行规模同比大幅增长，2025 年二季度以来无担保债券发行信用 利差（平均数）相对稳定。回顾 2025 年全年，媒体行业整体平稳运行，展望 2026 年，行业将 步入数字化转型的关键阶段，行业内企业将持续分化，依赖高杠杆或商业模式滞后的公司，可 能继续面临市场出清的压力。 一、 行业供给能力分析 1.1 行业规模分析 传统媒体方面，2025 年全年图书零售整体呈现负增长。根据北京开卷信息技术有限公司 （以下简称 ...