每日港股評析 港股早晨快訊 2026 年 2 月 25 日星期三 2012-01- 17 市場回顧 中港股市短期展望 恒指料守 26,000 點：美國總統特朗普去年對多國徵收緊急關稅，遭到最 高法院推翻，但相信特朗普很大機會透過其他途徑再對外加徵關稅，以維 持原先強硬貿易政策立場，並在 3 月訪華前爭取談判籌碼。3 月企業陸續 公布業績，需留意商品價格上漲，或為企業盈利帶來壓力。AI 高速發展顛 覆企業營運模式，科網股股價走勢兩極化，重磅平台龍頭動力不足，拖累 科指續尋底，亦牽制大市上升空間。AI 行情變化如新品發布、技術升級， 以及平台龍頭在業績期對資本開支、競爭格局的表態，料為短期市場焦點。 全國兩會將於 3 月 4、5 日舉行，有關經濟增長目標、赤字率等細節公布， 以及會前政策預期升溫，有望為港股提供支持，恒指料守 26,000 點。 短期看好板塊 AI 股：AI 大模型密集升級，半導體行業高速增長 智能眼鏡：OpenAI 據報擬推 AI 智能硬件包括智能眼鏡 今日市場焦點 香港第四季GDP、財政預算案； 匯豐控股(0005)及攜程集團(9961)業績； 宏觀焦點 外圍市況展望 美聯儲1月維持利率不變， ...

咱们这刚过完年，那大洋彼岸的库克老厨子可没放假。 屏幕前的 iPhone 17 Pro Max 用户有福了，外媒最新消息爆料了全新 iPhone 18 系列！（不保真，仅供参考） 据外媒爆料，2026 年库克除了带来" iPhone 18 两件套"，还会有首款 iPhone 18 折叠版！ 有资深果粉应该发现了，今年常规的 iPhone 18 只有两款，那就是 iPhone 18 Pro / Pro Max。 其实这事早在 9 个月前就爆料过了，今年 iPhone 18 只首发 Pro 系列； 而 iPhone18 / 18e 两款定位入门级的型号将推迟到 2027 年的春季发布会（ 3 月份左右） 。 至于为什么要这样安排？果子这里说两句不太成熟的观点； 个人认为从 iPhone 17 开始，标准版已经出现抢占 Pro 版销量的趋势。 24 年双十一销量中，16 标准版卖得没国产多，但是 25 年 17 标准版却直接冲到前三。 当然这些都是果子主观臆断，大家看看乐子就好。 额...又扯远了，我们先来看 iPhone 18 Pro 系列的消息吧。 外观方面，iPhone 18 Pro 系列毋庸置疑是延续现款的 ...

Summary of Dongshan Precision's Conference Call Company Overview - **Company**: Dongshan Precision - **Industry**: PCB (Printed Circuit Board) and Optical Module Manufacturing Key Points Industry and Market Trends - Dongshan Precision is closely tied to major North American consumer electronics clients, benefiting from the innovation cycle expected between 2026 and 2028, including the iPhone 18 series and foldable models, which will significantly boost shipment volumes and performance [2][6] - Emerging technologies such as AI smartphones and AR glasses are anticipated to increase the demand for flexible printed circuits (FPC) [2][7] - The global optical chip shortage positions Dongshan Precision favorably after acquiring Sols, allowing it to operate in both optical module and optical chip sectors, potentially expanding market share and enhancing competitiveness [2][8] Financial Performance - Revenue has shown stable growth, increasing from 28 billion RMB in 2020 to 36.7 billion RMB in 2024, with a compound annual growth rate (CAGR) of approximately 7% [5] - For the first three quarters of 2025, revenue reached 27 billion RMB, reflecting a year-on-year growth of 2.3% despite overall weak consumer electronics demand [5] - Profitability has fluctuated, with a gross margin of 13.8% and a net margin of 4.5% in the first three quarters of 2025, but improvements are expected as loss-making assets are reduced [5][18] PCB Market Dynamics - The PCB market is projected to grow significantly, with the soft board market expected to rise from 12.8 billion USD in 2024 to 15.5 billion USD in 2029, a CAGR of about 4% [6] - High-end PCB demand is driven by AI applications and cloud infrastructure spending, which is expected to reach 271.5 billion USD by 2025, growing over 30% year-on-year [7][10] - The transition from 400G to 1.6T in switch technology is expected to multiply the value of PCBs used, with layer counts increasing from 24 to over 38 [11][10] Optical Module Market - The optical module market is forecasted to grow from 16.3 billion USD in 2024 to 39 billion USD by 2029, with a CAGR exceeding 20% [14] - High-speed optical modules, such as 800G, are expected to see significant growth, with a projected increase from 0.5 million USD in 2019 to 4.5 billion USD by 2024, a CAGR of 150% [14] - Dongshan Precision's vertical integration in the optical module business allows it to produce a range of products from 10G to 1.6T, with ongoing development of next-generation 3.2T products [17] Strategic Advantages - Dongshan Precision is the second-largest soft board manufacturer globally, with capabilities to produce boards as thin as 0.05 mm, widely used in AI smartphones and devices [15] - The company plans to invest up to 1 billion USD to expand high-end PCB production capacity to meet emerging market demands [15][16] - New technologies such as COP, intermediate backplane, and embedded technology are expected to enhance production efficiency and market space for PCBs [12][13] Future Outlook and Risks - Revenue projections for Dongshan Precision are 41.8 billion RMB in 2025, 46.7 billion RMB in 2026, and 80 billion RMB in 2027, with corresponding profits of 1.5 billion, 7.1 billion, and 9.95 billion RMB [18] - Despite a valuation below industry averages, risks include lower-than-expected downstream demand, insufficient new production capacity, and intensified industry competition [18] - Overall, the company is positioned as a strong player in the AI sector, making it a recommended investment opportunity [18]

Group 1 - JPMorgan has raised Apple's target stock price from $315 to $325 within a week, reflecting strong past performance and optimistic guidance for the next two quarters [1] - The report highlights that the success of the iPhone 17 series is not solely dependent on subsidy policies in China, but shows strong global growth [1] - Apple's services business has demonstrated significant momentum, with the App Store and various subscription services achieving record revenue in the December quarter [1] Group 2 - Looking ahead to 2026, JPMorgan predicts sustained high demand for the iPhone 18 series, particularly if Apple introduces a rumored foldable iPhone (iPhone Fold), which could further stimulate upgrade cycles [4]

Core Viewpoint - Bank of America indicates that the inventory of the iPhone 17 series in the second half of 2025 will slightly exceed 90 million units, remaining stable compared to the previous year's 90-95 million units, alleviating earlier market concerns of a 5%-10% year-over-year decline due to easing tariff pressures on Apple products [1] Group 1: New Model Inventory - The inventory for the iPhone 17 series in 2H25 is projected to be slightly over 90 million units, consistent with last year's figures [1] - Market concerns regarding a year-over-year decline of 5%-10% in inventory have diminished due to the easing of tariff pressures [1] - Key suppliers such as Largan and Zhen Ding reported stable sales in July, supporting the trend of steady inventory [1] Group 2: Specifications Upgrade for 2025-2026 - The iPhone 17 series will introduce a "Slim" version, replacing the Plus model, featuring a titanium shell and a single rear camera, with increased use of flexible printed circuit boards (FPC) [7] - The Pro series will see upgrades including a periscope lens and front camera enhancements to 48 million and 24 million pixels, respectively, along with a 50%+ increase in cover glass prices [7] - Benefiting suppliers include Cowell (camera modules), Lens Tech (cover glass), and Zhen Ding (PCB/FPC) [7] - The iPhone 18 series in 2026 is expected to introduce foldable models, significantly increasing the value for mechanical and PCB suppliers [7] Group 3: Stock Performance - Historical trends show that supply chain stock prices typically rise before new product launches and may retreat post-launch due to profit-taking; however, during upgrade cycles, stock prices tend to recover more quickly [11] - Since May, key suppliers' stock prices have averaged a 13% increase [11] - Future stock performance will depend on Apple's pricing strategy and consumer feedback, which will influence demand in Q4 [11]

Core Viewpoint - Bank of America indicates that Apple's supply chain is entering a significant upgrade cycle in 2025-2026, with attention on new model inventory, specification upgrades, and stock performance [1] Group 1: New Model Inventory - The inventory for the iPhone 17 series in the second half of 2025 is slightly above 90 million units, remaining stable compared to last year's 90-95 million units [2] - Market concerns about a year-on-year decline in inventory of 5%-10% have eased due to reduced tariff pressures on Apple products [2] - Key suppliers like Largan and Zhen Ding reported flat sales in July, supporting the trend of stable inventory [2] Group 2: Specification Upgrades - The iPhone 17 series will introduce a "slim" version, replacing the Plus model, featuring a titanium shell and a single rear camera, with increased use of flexible printed circuit boards (FPC) [10] - The Pro series will see upgrades including a periscope lens and front camera enhancements to 48 million and 24 million pixels, respectively, along with a 50%+ increase in cover glass average selling price [10] - Benefiting suppliers include Cowell (camera modules), Lens Tech (cover glass), Zhen Ding (PCB/FPC), Largan (lenses), and AAC (acoustics/thermal) [10][14] Group 3: Stock Performance - Historically, supply chain stock prices tend to rise before new product launches and may pull back post-launch due to profit-taking; however, during upgrade cycles, stock prices recover more quickly [15] - Since May, key suppliers' stock prices have averaged a 13% increase [15] - Future stock performance will depend on Apple's pricing strategy and consumer feedback, which will influence fourth-quarter demand [15] Group 4: Stock Recommendations - Lens Technology - H: Initiated coverage with a "Buy" rating and a target price of 26 HKD [17] - Lens Technology - A: Initiated coverage with a "Buy" rating and a target price of 29 CNY [17] - AAC Technologies: Upgraded to "Buy" with a target price of 57 HKD [17] - BYD Electronics: Downgraded to "Neutral" with a target price of 42 HKD [17] - Cowell: "Buy" rating with a target price of 35 HKD [17] - Zhen Ding: "Buy" rating with a target price of 185 TWD [17]