特努斯现年50岁，是苹果公司高管中较年轻的一位，他2001年加入公司产品设计团队，2013年开始担任 硬件工程副总裁，任职期间负责多项具有开创性产品的硬件工程研发工作，也是苹果Mac电脑从使用英 特尔芯片向使用自研芯片转型的关键推动者之一，他还参与了苹果可折叠手机的研发工作。多位苹果内 部人士透露，特努斯性格温和沉稳，是一位很好的合作者，因此得到了公司内部许多高管和员工的广泛 认可。除了特努斯，有媒体称库克也在同步物色其他候选人，目前苹果公司尚未公布库克的具体继任者 人选及继任时间。有媒体报道称，现年65岁的库克此前曾向公司管理层透露，自己感到疲惫，希望减轻 工作负担，预计最早将于今年卸任CEO一职，未来可能出任苹果公司董事会主席。 （央视财经《天下财经》）美国苹果公司CEO库克即将卸任，谁能成为继任者近期引发关注，在众多候 选人中，苹果向自研芯片转型的关键领导者、公司硬件工程高级副总裁约翰·特努斯跃升为头号热门人 选。 据知情人士透露，苹果公司内部眼下正在加快CEO库克继任者的遴选工作。在众多候选人中，现任公司 硬件工程高级副总裁的约翰·特努斯已跃升为头号热门人选。 转载请注明央视财经 编辑：令文芳 ...

Core Viewpoint - The current overseas computing power valuation is reasonable with potential for upward revision, while domestic computing power has significant long-term growth potential and performance expectations are being met [1] Historical Analysis of Technology Bull Markets - The article reviews past technology bull markets (2009-2010 consumer electronics, 2013-2015 gaming, and 2019-2021 lithium battery) to analyze the price performance characteristics during valuation expansion and profit-driven phases, providing a historical reference for the current AI industry chain [2][8] Valuation Expansion Phase Characteristics - During this phase, new technologies emerge without profit support, and industry and policy catalysts create imagination space, driving up valuations. Historical data shows that: - High levels of industry crowding are common, but short-term trading crowding does not affect the overall trend [3][15] - Risk premium effectively measures valuation boundaries, with significant reactions to positive news diminishing when the risk premium falls below a certain threshold [18] - High valuation ranges are sensitive to liquidity changes, with tightening liquidity potentially triggering adjustments [3][18] Profit-Driven Phase Characteristics - In this phase, exceeding profit expectations drives market performance, with historical examples showing: - The need to be cautious of competitive pressures and valuation constraints under endgame thinking [4][21] - Overcapitalization during profit upturns can lead to increased competition and excess capacity, negatively impacting profitability [22][25] Investment Recommendations - Overseas Computing Power: Currently in the profit-driven phase, with ROIC expected to continue rising until Q3 2025, and leading companies' valuations (PE-FY3) are reasonable at 20-30 times, indicating no bubble [5][26] - Domestic Computing Power: Significant long-term growth potential exists, with performance expectations being met and a systemic decline in risk-free rates acting as a catalyst for the next market phase [5][28] - AI Applications: Valuation is attractive, particularly in the internet and media sectors, although the timing and areas for breakout applications are uncertain [5][29]

苹果芯片负责人约翰尼·斯鲁吉（ Johny Srouji ）周一在一份致员工的备忘录中回应了有关他即将离 职的传闻，称他近期没有离开公司的计划。 公众号记得加星标⭐️，第一时间看推送不会错过。 "我热爱我的团队，热爱我在苹果公司的工作，我近期没有离开的打算，"他写道。 彭博社周六报道称，据知情人士透露，斯鲁吉已告诉首席执行官蒂姆·库克，他正在考虑离职。 斯鲁吉被视为公司最重要的管理人员之一，他一直负责公司硬件技术团队，包括芯片开发。自2008年 加入苹果公司以来，他领导的团队开发了Mac电脑使用的M系列芯片和iPhone核心的A系列芯片。 这份确认他计划留在苹果公司的备忘录发布之际，正值该公司在过去几周内有多位高管离职，引发了 人们对苹果高层领导稳定性的质疑。 除了开发出使苹果公司能够在其笔记本电脑和台式机中放弃英特尔芯片的芯片外，近年来，Srouji 的 团队还开发了一种蜂窝调制解调器，该调制解调器将取代大多数 iPhone 中的高通调制解调器。 Srouji经常在苹果产品发布会上发表演讲。 "我知道你们一直在关注关于我在苹果公司未来的各种传闻和猜测，我觉得你们需要直接听到我的说 法，"斯鲁吉在备忘录中写道 ...

特别是他在M芯片上的工作，挽救了后X86时代的苹果电脑颓势。Mac电脑成功转向自研芯片后，苹果 在PC行业的市场份额大幅增长。 据彭博社报道，库克以及整个苹果高管层都在疯狂挽留Srouji，包括提供更加丰厚的薪酬待遇，以及许 诺在未来给他更多职权。 过去一周，苹果接连失去了人工智能主管John Giannandrea（退休）、设计负责人Alan Dye（跳槽 Meta）、法务负责人Katherine Adams（退休）和政府事务主管Lisa Jackson（退休）。 此前，这四位高管全都直接向CEO蒂姆·库克汇报——这种级别的人事震荡在苹果历史上极为罕见。然 而，苹果的人事变动或仍在持续。 据彭博社援引知情人士透露：负责硬件技术的高级副总裁Johny Srouji最近告诉库克，他正在认真考虑 在不久的将来离职。 Srouji是苹果最受尊敬的高管之一，也是苹果自研芯片战略的操盘手。他已经向同事透露，如果最终离 开，绝对不会是退休，而是打算加入另一家公司。 作为苹果自研芯片战略的核心人物，Srouji是M系列和A系列芯片的最大功臣之一，让苹果在性能和能 效方面获得了对竞争对手的巨大优势。 苹果内部一些高管提出的方 ...

Core Viewpoint - ARM's dominant position in the smartphone processor market poses both a significant asset and a challenge for its upcoming IPO, which aims for a valuation of $60 billion [1] Group 1: Market Position and Challenges - ARM holds a near-monopoly in the mobile and consumer electronics markets, but this dominance may limit future growth opportunities [1] - The company has not penetrated the hottest segment of the chip market for AI models, where NVIDIA is the leader [1] - ARM's relationship with Apple has become complex, with Apple being a major customer but not prominently featured in ARM's IPO documents [2] Group 2: Revenue and Business Model - ARM's revenue model relies heavily on licensing fees, with a 2.7% royalty rate translating to $0.11 per chip sold, leading to limited pricing power [3] - Despite a stable revenue stream from older products, ARM's overall revenue declined by 1% to $2.7 billion last year [3] Group 3: Future Growth Areas - ARM is exploring new markets such as automotive and cloud computing, where it currently holds 41% of the automotive market and 10% of the $18 billion cloud processor market [5][6] - The automotive sector has seen a 36% increase in licensing revenue, indicating potential for growth [6] - ARM's technology plays a supportive role in AI, with partnerships in the autonomous vehicle sector and collaborations with cloud giants [5][6]

Core Viewpoint - The U.S. stock market showed mixed performance with major indices fluctuating, while the ADP employment report indicated a significant rebound in job growth for October, suggesting a positive economic outlook. Group 1: Employment Data - In October, the ADP employment numbers increased by 42,000, marking the largest gain since July 2025, surpassing the expected increase of 30,000 and recovering from a previous decline of 32,000 [3]. Group 2: Technology Sector Performance - Major tech companies experienced varied stock movements; Google and Meta rose over 1%, while Nvidia initially dropped over 1% before recovering to a 1% gain. Notably, Michael Burry has bet over $1 billion against Nvidia and Palantir by purchasing put options [3]. - Apple plans to enter the budget laptop market with a new Mac priced below $1,000, reflecting a strategic shift to attract cost-conscious consumers [3]. - AMD's third-quarter revenue and profit exceeded expectations, but the guidance for the fourth quarter appears weak, leading to initial declines of over 2% before a recovery [3]. Group 3: Chinese Stocks - The Nasdaq Golden Dragon China Index opened slightly down but later rose by 0.25%. Notable gainers included Su Xuan Tang Pharmaceutical, which surged over 20%, and other companies like Canadian Solar and New Oxygen, which rose over 10% [4][5]. - The Chinese tech leaders' index showed strong performance, with companies like Meituan, Xiaomi, Pinduoduo, NetEase, and Alibaba all experiencing gains [6][7]. Group 4: Market Indicators - Spot gold prices showed slight fluctuations around the $3,970 mark, while the U.S. dollar index increased by 0.07% [9].

Market Overview - The U.S. stock market opened mixed on November 5, with all three major indices turning positive by around 11 PM Beijing time [1] - The Nasdaq Golden Dragon Index for Chinese stocks opened slightly lower but later rose by 0.25% [4] Employment Data - In October, the U.S. ADP employment numbers increased by 42,000, marking the largest increase since July 2025, surpassing the expected increase of 30,000 and recovering from a previous decline of 32,000 [3] Technology Sector Performance - Major tech companies showed mixed results, with Google and Meta rising over 1%, while Nvidia initially dropped over 1% before recovering to a 1% gain [3] - Apple shares fell by 0.21% as the company plans to enter the low-cost laptop market with a Mac priced under $1,000 [3] - AMD's third-quarter revenue and profit exceeded expectations, but the fourth-quarter guidance was weak, leading to an initial drop of over 2% before a recovery [3] - Super Micro Computer saw a nearly 7% drop as its first-quarter revenue and profit missed expectations [3] Chinese Stocks Performance - Chinese pharmaceutical company Su Xuan Tang surged over 20%, while Canadian Solar and New Oxygen rose over 10% [4] - The technology sector among Chinese stocks showed strong performance, with Meituan, Xiaomi, Pinduoduo, NetEase, and Alibaba all experiencing gains [5][6] Gold and Currency Market - Spot gold experienced slight fluctuations, hovering around $3,970 [6] - The U.S. dollar index saw a minor increase of 0.07% [7]

Core Viewpoint - Apple plans to enter the budget laptop market by developing an affordable Mac computer priced below $1,000 [2] Group 1 - The new Mac computer will target price-sensitive consumers, expanding Apple's market reach [2] - This move indicates Apple's strategy to diversify its product offerings and compete with lower-priced alternatives [2] - The anticipated price point is expected to attract a broader customer base, potentially increasing sales volume [2]

Group 1: Government Shutdown - The U.S. government shutdown has reached its 35th day, tying the record set during Trump's first term, with ongoing blame between Republicans and Democrats for the deadlock [4][5] - The Senate has repeatedly voted against the House's temporary funding bill, with no change in positions from any member [4] Group 2: IBM - IBM plans to lay off thousands of employees this quarter while focusing on high-growth software and services [7] - The company aims to benefit from increased cloud service spending through its Red Hat division as it integrates AI technology [7] Group 3: Bitcoin - Bitcoin's price fell below $100,000 for the first time since late June, dropping 6% to $100,870, with a low of $99,966 during the day [10] - Ethereum also saw a decline of nearly 10%, closing at $3,296 [10] Group 4: Apple - Apple is preparing to enter the low-cost laptop market with a new budget Mac aimed at students and users of entry-level Windows laptops and Chromebooks [12][13] - The device, currently in active testing and early production stages, is expected to launch in the first half of next year [13] Group 5: Perplexity AI and Amazon - Perplexity AI has accused Amazon of legal bullying regarding its Comet browser, claiming that Amazon threatened to stop users from using the browser for shopping [15] - Perplexity stated that users enjoy the experience of using the Comet assistant to find and purchase products on Amazon [15]

Core Insights - Apple's Q4 FY2025 revenue reached $102.466 billion, a record for the period, up 8% from $94.930 billion year-over-year [1] - Net profit surged 86% to $27.466 billion, with diluted earnings per share increasing 91% to $1.85 [1] - Following the earnings report, Apple's stock rose 2.35%, adding over $90 billion to its market capitalization [1] Revenue Breakdown - iPhone revenue grew 6.1% year-over-year to $49 billion, contributing nearly half of total revenue, although it fell short of analyst expectations of $50.1 billion [1][2] - Services revenue, including iCloud and Apple Music, increased 15% to $28 billion, exceeding analyst expectations of $28.2 billion [4] - Mac revenue rose 13% to $8.73 billion, surpassing the average analyst forecast of $8.6 billion [5] - iPad revenue remained stable at $6.95 billion, showing no significant change from the previous year [5] - Wearables, home, and accessories revenue slightly declined by less than 1% to $9.01 billion [6] Regional Performance - Revenue from Greater China fell 3.6% to $14.493 billion, marking the only regional decline, while other regions saw growth [6] - CEO Tim Cook attributed the decline in China to supply chain constraints and expressed optimism about the upcoming sales of the iPhone 17 series [6] - Recent data indicated that Apple's smartphone shipments in China ranked third, with 10.1 million units sold, reflecting a 2-position improvement year-over-year [7]