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 ...

Core Insights - Apple's market capitalization has surpassed $4 trillion, making it one of only three companies to achieve this milestone, driven by optimism around its AI strategy and the technological evolution of its core product, the iPhone [1] - The upcoming iPhone 18 Fold is expected to utilize a titanium-aluminum hybrid frame, indicating a significant shift in material usage that could reshape the industry [1][2] Group 1: Material Innovation and Product Development - Apple's renewed focus on titanium alloys is a strategic response to material technology advancements, product experience upgrades, and competitive market strategies [1] - The iPhone 18 Fold's design addresses the challenges of foldable screens by using titanium in high-stress areas and aluminum in non-core parts, balancing strength and weight [2] - Titanium's properties, being nearly twice as strong as aluminum and 40% lighter than stainless steel, make it an ideal choice for the iPhone 18 Fold, potentially keeping the device's weight under 250 grams [2][3] Group 2: Market Dynamics and Competitive Advantage - The widespread adoption of titanium alloys in Apple's products is expected to create a significant ripple effect across the consumer electronics industry, prompting other manufacturers to follow suit [4] - Tian Gong International, a key supplier of titanium alloys to Apple, is well-positioned to benefit from this trend due to its established technological barriers and customer relationships [4][5] - The global market for titanium alloy frames in smartphones is projected to reach 43.2 billion yuan by 2027, with the foldable smartphone hinge market expected to reach 33.3 billion yuan [4] Group 3: Company Performance and Future Outlook - Tian Gong International has demonstrated strong financial performance, with a net profit of 204 million yuan in the first half of 2025, reflecting a 10.4% year-on-year growth [7] - The company is expanding its production capacity to meet the anticipated demand for titanium alloys, with plans to increase its annual output to over 10,000 tons [6] - The successful delivery of titanium alloy wire for aerospace applications indicates broader market acceptance and potential for long-term growth [7]

Core Viewpoint - Apple's market capitalization has surpassed $4 trillion, driven by optimism around its AI strategy and the technological evolution of its core product, the iPhone [2] Group 1: Apple's Innovation and Material Strategy - Apple is developing its first foldable phone, the iPhone 18 Fold, expected to be released by the end of 2026, utilizing a titanium-aluminum hybrid frame [2][4] - The use of titanium alloy in the iPhone 18 series is aimed at enhancing user experience and addressing the challenges of foldable screen technology, such as weight and durability [4][5] - Titanium's properties, being nearly twice as strong as aluminum and 40% lighter than stainless steel, make it an ideal material for the iPhone 18 Fold, potentially keeping the device's weight under 250 grams [4][5] Group 2: Market Impact and Industry Trends - Apple's comprehensive application of titanium alloy is expected to create a significant demonstration effect, leading to a "titanium upgrade cycle" in the consumer electronics industry [7] - The global market for titanium alloy frames in smartphones is projected to reach 43.2 billion yuan by 2027, with the foldable phone hinge market expected to reach 33.3 billion yuan [7] - The demand for titanium in the smartphone industry is anticipated to exceed 7,000 tons annually by 2026, driven by the increasing use of titanium alloys in various models [5][7] Group 3: Company Positioning and Competitive Advantage - Tiangong International, a key supplier of titanium alloys to Apple, is well-positioned to benefit from the material revolution due to its technological barriers, customer loyalty, and production capacity [8] - The company has achieved international leading levels in titanium alloy product performance, with significant advancements in tensile strength and fatigue resistance [8][9] - Tiangong International has strategically increased its production capacity to over 10,000 tons annually, ensuring it can meet the growing market demand [9][10] Group 4: Financial Performance and Growth Prospects - Tiangong International reported a net profit of 204 million yuan in the first half of 2025, reflecting a year-on-year growth of 10.4%, indicating resilience amid industry fluctuations [10] - The anticipated release of titanium alloy orders for the iPhone 18 series is expected to accelerate revenue growth in the consumer electronics titanium material business [10][11] - The ongoing material revolution led by Apple is set to redefine standards in consumer electronics, presenting new market opportunities for Tiangong International [11]

Group 1 - Zong Fuli has resigned as the chairman and general manager of Wahaha Group due to non-compliance with trademark usage, and she plans to operate her own brand "Wah Xiaozong" [2][3] - Wahaha confirmed that Zong Fuli's resignation was processed through the shareholders' meeting and board of directors [3] - A source indicated that Zong Fuli's decision was influenced by issues related to trademark compliance [3] Group 2 - Qualcomm is under investigation by the State Administration for Market Regulation for allegedly violating antitrust laws related to its acquisition of Autotalks [5] - The Hong Kong government has launched initiatives to assist mainland enterprises in expanding overseas, including tax incentives and support for establishing regional headquarters [5] - The recent fire incident involving the Avita 06 has been investigated, confirming that the fire did not originate from the battery or core control systems [6][8] Group 3 - ByteDance announced a new employee support policy for those laid off due to organizational adjustments, offering up to 72,000 yuan in transitional subsidies [11] - Netflix is expanding its gaming business by introducing video games to television screens, allowing subscribers to use their phones as controllers [9] - CATL's intelligent chassis technology company has completed its first round of financing, achieving a valuation exceeding 10 billion yuan [18]

Group 1 - Zong Fuli resigned as the chairman and general manager of Wahaha Group due to trademark usage issues, planning to focus on her own brand "Wawa Xiaozong" [1] - Xibei has changed its restaurant logo in a small-scale trial, with no plans for nationwide implementation [1] - Qualcomm is under investigation by the State Administration for Market Regulation for failing to legally declare its acquisition of Autotalks, potentially violating antitrust laws [2] Group 2 - The Hong Kong government has launched a "Mainland Enterprises Going Global Task Force" to assist mainland companies in expanding overseas, including tax incentives and support for establishing regional headquarters [2] - The Avita 06 fire incident has been investigated, confirming that the fire was not related to the battery or core control systems [3] - Apple has restructured its organization, integrating its health and fitness business into the services department ahead of the launch of a new subscription service [5][6] Group 3 - Netflix is expanding its gaming business by introducing video games to television screens, allowing subscribers to use their phones as controllers [7] - ByteDance announced a new employee support policy for those laid off due to organizational adjustments, offering up to 72,000 yuan in transitional subsidies [8] - A California food company recalled approximately 111 tons of pasta contaminated with Listeria, affecting multiple products sold in supermarkets [9] Group 4 - Chang'an Automobile has completed the payment for a 10% stake in Huawei's Yiwang, totaling 11.5 billion yuan [6] - Nvidia's stock rose 2.1% after receiving U.S. approval to export AI chips to the UAE, marking a significant advancement in bilateral AI agreements [12][13] - CATL's intelligent chassis subsidiary has completed its first round of financing, achieving a valuation exceeding 10 billion yuan [16]

Group 1 - The core point of the article is that Apple is developing its first foldable smartphone, the iPhone 18 Fold, expected to be released by the end of 2026 [1] - Analyst Jeff Pu indicates that the iPhone 18 Fold will feature a mixed metal frame, utilizing titanium for structural strength and aluminum for weight reduction [1] - The device is expected to have a 7.8-inch inner display and a 5.5-inch outer display, resembling two ultra-thin iPhone Airs stacked side by side [5] Group 2 - The hinge, a critical component of foldable devices, will be made of titanium and stainless steel to ensure stability and alignment during repeated openings and closings [3] - The iPhone 18 Fold is currently in the New Product Introduction (NPI) phase at Foxconn, with mass production anticipated to begin in the second half of 2026 [6] - The timeline aligns with previous rumors about the launch of Apple's first foldable device, likely after the September release of the iPhone 18 series in 2026 [6]

Core Viewpoint - Apple Inc. is facing a downgrade from Jefferies due to overly optimistic expectations regarding the upcoming foldable iPhone 18, with a revised price target of $205.16 from $205.82 [1] Group 1: Stock Valuation and Analyst Insights - Jefferies downgraded Apple to "Underperform" from Hold, indicating that the current stock valuation reflects an overly bullish outlook on the iPhone [1] - Analyst Edison Lee expressed concerns that the anticipated demand for the iPhone 17, driven by a price cut on the base model, has already been factored into the stock price, leading to inflated expectations for the iPhone 18 Fold and the replacement cycle [1] - Lee questioned the market potential for a phone priced around $2,000, suggesting that a price-driven replacement cycle may not be sustainable without new features, which could exert margin pressure [1] Group 2: Product Reception and Market Sentiment - The new iPhone Air, noted as the thinnest iPhone yet, is reportedly not resonating well with customers, making any bullish outlook on foldable models risky [2] - Apple is recognized as a technology company specializing in consumer electronics, software, and services [2]

Upgrades - Rothschild & Co Redburn upgraded Coinbase (COIN) to Buy from Neutral with a price target of $417, increased from $325, expecting retail volume growth to mitigate take rate compression [2] - Wells Fargo upgraded Johnson & Johnson (JNJ) to Overweight from Equal Weight with a price target of $212, up from $170, indicating that concerns around pharmaceutical tariffs and pricing risks are largely resolved [3] - Gordon Haskett upgraded Zillow (Z) to Buy from Hold with a price target of $90, citing favorable risk/reward due to negative sentiment affecting shares [3] - Fox Advisors upgraded Instacart (CART) to Outperform from Equal-Weight, believing the 24% decline in stock price since August 11 is "oversold" due to overblown competitive concerns [3] - Erste Group upgraded Alibaba (BABA) to Buy from Hold, noting the company's strong development in artificial intelligence applications [4] Downgrades - Jefferies downgraded Apple (AAPL) to Underperform from Hold with a price target of $205.16, down from $205.82, citing excessive expectations on the replacement cycle and prospects of the iPhone 18 Fold [5] - Piper Sandler downgraded Instacart (CART) to Neutral from Overweight with a price target of $41, down from $62, due to rising competitive pressures from major players like Amazon and Walmart [5] - Wolfe Research downgraded PayPal (PYPL) to Peer Perform from Outperform, with a fair value range of $70-$80, indicating shares may be range-bound until further proof of execution is shown [5] - KeyBanc downgraded Corteva (CTVA) to Sector Weight from Overweight without a price target, following the company's announcement to separate into two public companies [5] - Goldman Sachs downgraded Bumble (BMBL) to Neutral from Buy with a price target of $7, down from $8, stating that the stock's risk/reward is more balanced at current levels [5]

Core Viewpoint - Apple Inc. has received a bearish rating from Jefferies, indicating that market expectations for iPhone upgrades may be overly optimistic [1][2]. Group 1: Analyst Ratings - Analyst Edison Lee downgraded Apple’s stock rating to underperform from hold, citing an overly bullish outlook on iPhone sales [2]. - The consensus recommendation for Apple’s stock is 3.93 out of 5, making it the least favored among the "Magnificent Seven" tech stocks, except for Tesla [3]. - Less than 7% of analysts have a sell-equivalent rating on Apple, while approximately 57% recommend buying [3]. Group 2: Stock Performance - Apple’s stock has increased over 20% since early August, approaching record levels, but remains barely positive for the year compared to a 15% rise in the Nasdaq 100 Index [4]. - The recent stock strength is attributed to stronger-than-expected demand for the iPhone and optimism regarding a forthcoming foldable model [4]. Group 3: Price Target and Market Concerns - Lee noted that the current demand for the iPhone 17, partly due to a price cut, is already reflected in the stock price, leading to excessive expectations for the iPhone 18 Fold and its replacement cycle [5]. - The analyst expressed uncertainty about the market for a phone priced around $2,000 and reduced the price target from $205.82 to $205.16, indicating a potential downside of over 20% from the last closing price of $257.13 [5].

Group 1 - Apple plans to adjust its iPhone product line by not releasing the base model "iPhone 18" next year to accommodate the expansion of its product lineup, particularly in anticipation of the upcoming foldable iPhone [1] - The company intends to launch four high-end flagship models in the second half of 2026, including iPhone 18 Air, iPhone 18 Pro, iPhone 18 Pro Max, and the first foldable iPhone 18 Fold [2] - The release of the base model iPhone 18 and iPhone 18e has been postponed to the first half of 2027 [2]