在2026年2月24日召开的苹果年度股东大会上，两项看似常规的议程投票，却共同将市场的目光引向了 一个更深远的问题：苹果的"后库克时代"将何时以及如何开启？ 首先，股东们批准了公司高管薪酬方案，其中CEO蒂姆·库克2025财年高达7430万美元（约合人民币5.1 亿）的实际总薪酬得以确认。 这份薪酬包的绝大部分由与业绩紧密挂钩的浮动激励构成，其顺利通过，既是对库克领导下公司2025年 创纪录业绩的认可，也凸显了这位"供应链大师"的巨大价值。 其次，董事会所有成员均获连任，包括两位已超过75岁传统退休年龄的核心成员75岁的主席阿特·莱文 森与77岁的审计主席罗恩·舒格。 这一"超龄护航"的安排获得股东支持，被外界解读为在公司面临关键转型期时，对现有领导层稳定性的 高度倚重。 正是这两项决议共同强化了外界对于苹果权力交接的关注。在多位资深高管近年相继退休的背景下，这 场股东会仿佛拉开了苹果未来十年领导层布局的序幕，外界对库克交接班时间表的讨论再度引发关注。 图：股东会上公布的库克2025年确认年薪和上一年几乎持平 继任者头号种子选手：从"炸机王"到最年轻核心高管 苹果官方并未公布任何继任时间表或人选计划，但外界对 ...

最近一段时间，有个词突然走红甚至冲上热搜，这就是手搓经济，在这个早已经现代工业化的时代，手 搓经济是怎么突然走红的？这其中的逻辑根源又在什么地方？ 一、手搓经济突然走红 据21世纪经济报道，源自游戏圈的"手搓"一词，在网络平台迅速走红。与AI趋势相结合，"一人公 司""超级个体"与"手搓经济"等个体创意崛起。 近日，21世纪经济报道记者实地走访发现，深圳作为智能硬件创业之都，深厚的"手搓"技术底蕴早已被 国内外创客圈长期关注，各类依托"手搓"模式的创新实践在此持续涌现，成为"手搓经济"的核心聚集地 与标杆样本。 走进"中国电子第一街"美誉的华强北，"手搓"并非简单的手工操作，而是一套基于经验判断和快速实践 的工程方法。 一个方案能否落地、是否具备量产可能、成本是否可控，均可在反复拆解调试中迅速验证。从为iPhone Air加装实体SIM卡槽的硬核改造，到各类电子产品的主板级维修与功能重构，再到AI眼镜、AI玩具 等"AI+硬件"前沿产品的率先落地，这些不断刷新外界认知的工程实践，均源自华强北扎实的"手搓经 济"根基。 "手搓党"也并非新近涌现的群体，而是长期活跃在产业一线的核心力量。自20世纪80年代以来，深 ...

《北美前哨》作者 康路 发自纽约 在2026年2月24日召开的苹果年度股东大会上，两项看似常规的议程投票，却共同将市场的目光引向了 一个更深远的问题：苹果的"后库克时代"将何时以及如何开启？ 首先，股东们批准了公司高管薪酬方案，其中CEO蒂姆·库克2025财年高达7430万美元（约合人民币5.1 亿）的实际总薪酬得以确认。这份薪酬包的绝大部分由与业绩紧密挂钩的浮动激励构成，其顺利通过， 既是对库克领导下公司2025年创纪录业绩的认可，也凸显了这位"供应链大师"的巨大价值。其次，董事 会所有成员均获连任，包括两位已超过75岁传统退休年龄的核心成员75岁的主席阿特·莱文森与77岁的 审计主席罗恩·舒格。这一"超龄护航"的安排获得股东支持，被外界解读为在公司面临关键转型期时， 对现有领导层稳定性的高度倚重。 正是这两项决议共同强化了外界对于苹果权力交接的关注。在多位资深高管近年相继退休的背景下，这 场股东会仿佛拉开了苹果未来十年领导层布局的序幕，外界对库克交接班时间表的讨论再度引发关注。 苹果官方并未公布任何继任时间表或人选计划，但外界对交接节奏的关注已显著提高。其中，库克可能 在交接CEO后留任董事长，以给继任者 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ （来源：智通财经） 2025年的智能手机大战中，Air是一个关键的变量。 2025年10月发布的iPhone Air，是去年关注度最高的苹果新品之一。它的亮点在于极致轻薄，机身厚度 仅5.6mm。但也由于追求轻薄，iPhone Air牺牲了续航（电池容量仅为3149mAh）与部分影像功能，这 也间接影响了它的销量。 据《The Information》报道，苹果重要供应商富士康已拆除了大多数iPhone Air生产线，"仅留下了一条 半的生产线"。而在今年1月，苹果官方旗舰店宣布iPhone Air全系产品直降2000元，从7999降至5999 元，这也是苹果进入中国市场以来速度最快、力度最大的一次调价。 iPhone Air的市场冷遇，在一定程度上影响了国内手机厂商的规划。智通财经曾在去年11月报道，小 米、OPPO、vivo等手机厂商都取消了各自的Air机型项目，并将原本搭载在Air机型上的eSIM方案放到 常规机型中。 多家头部厂商相继砍掉Air项目，荣耀却成为少数仍在推进的厂商之一。1月19日，荣耀Magic8 Pro Air ...

本文源自：金融界AI电报 1. 2月20日(周五)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.16%，标普期货跌 0.19%，纳指期货跌0.23%。 2. 截至发稿，欧洲股市主要指数齐涨。欧洲斯托克50指数涨0.41%，英国富 时100指数涨0.5%，法国CAC40指数涨0.83%，德国DAX30指数涨0.27%。 3. 截至发稿，WTI原油跌 0.39%，报66.14美元/桶。布伦特原油跌0.32%，报71.04美元/桶。纽交所黄金涨0.8%，报5037.4美元/盎 司。 市场消息 1、美特使证实正就对印销售委内瑞拉原油积极谈判，委内瑞拉石油将重返印度，特朗普 政府通过石油换关税策略切断俄罗斯资金链并将委石油作为替代品 2、美国股票基金在截至2月18日的 一周内录得五周来最大单周资金流入，投资者净买入117.7亿美元美国股票基金，价值型基金连续第二 周受青睐，成长型基金净流出22.8亿美元 3、标普500期货指数转跌，触及盘中低点 4、WTI原油日内走 低1.00%，现报66.07美元/桶 5、欧元区2月综合PMI初值51.9创3个月新高，制造业PMI初值50.8重回扩张 区间，服务业PMI初值 ...

1. 2月20日(周五)美股盘前，美股三大股指 期货齐跌。截至发稿，道指期货跌0.16%，标普期货跌 0.19%，纳指期货跌0.23%。 2. 截至发稿，欧洲股市主要指数齐涨。欧洲斯托克50指数涨0.41%，英国富 时100指数涨0.5%，法国CAC40指数涨0.83%，德国DAX30指数涨0.27%。 3. 截至发稿，WTI原油跌 0.39%，报66.14美元/桶。布伦特原油跌0.32%，报71.04美元/桶。纽交所 黄金涨0.8%，报5037.4美元/盎 司。 市场消息 1、美特使证实正就对印销售委内瑞拉原油积极谈判，委内瑞拉 石油将重返印度，特朗 普政府通过石油换关税策略切断俄罗斯资金链并将委石油作为替代品 2、美国股票基金在截至2月18日 的一周内录得五周来最大单周资金流入，投资者净买入117.7亿美元美国股票基金，价值型基金连续第 二周受青睐，成长型基金净流出22.8亿美元 3、标普500期货指数转跌，触及盘中低点 4、WTI原油日内 走低1.00%，现报66.07美元/桶 5、欧元区2月综合PMI初值51.9创3个月新高，制造业PMI初值50.8重回扩 张区间，服务业PMI初值51.8 个股消息 ...

Core Insights - The core viewpoint of the article is that the expansion of AI capabilities is significantly constrained by TSMC's conservative capacity expansion strategy, which may lead to a major chip shortage by 2029 if not addressed [2][4]. Group 1: TSMC's Capacity and AI Expansion - TSMC, as a monopolistic player, is cautious in expanding its production capacity due to the high risks associated with wafer fabrication, preferring to avoid the potential for overcapacity and its associated depreciation costs [2][3]. - This conservative approach results in a misalignment of risks, transferring the burden of insufficient capacity to major tech companies like NVIDIA and Apple, which face the risk of losing future revenues due to inadequate computing power [3]. Group 2: Future Predictions - A significant prediction made is that a large-scale chip shortage is expected around 2029, as current capital expenditure growth (e.g., TSMC's increase from $40 billion to $60 billion) is insufficient to meet the exponential demand for computing power driven by AI advancements [4]. Group 3: Recommendations for Tech Giants - Tech giants are urged to support companies like Intel or Samsung, or to take on factory construction risks through prepayments, driven by economic motives rather than geopolitical considerations, to avoid being trapped in a capacity bottleneck [5]. Group 4: Monetization of AI Applications - The article emphasizes that advertising is the most effective monetization method for AI applications, particularly for companies like OpenAI that have significant traffic but lack a solid business model [6]. - Thompson counters the argument that advertising negatively impacts AI answer quality, asserting that a comprehensive understanding of users is essential for effective advertising [10]. Group 5: Analysis of Major Tech Companies - Meta is highlighted as having the strongest execution capabilities, with its advertising model being undervalued despite concerns over capital expenditures [12]. - Google is described as chaotic yet resilient, likened to a slime mold that, while appearing disorganized, possesses great adaptability [13]. - Amazon's strategy in the AI era raises concerns, as its focus on low-cost alternatives may hinder competitiveness in a rapidly evolving market [14]. - Apple is criticized for being a poor platform manager despite its hardware strengths, indicating a need for improvement in software and service platforms [16]. Group 6: Future of SaaS and Value of "Live" Experiences - The article suggests that if AI leads to a reduction in workforce numbers, the SaaS business model based on "per seat" pricing will face growth limitations [18]. - In a world flooded with AI-generated content, the value of "live" experiences, such as shared events and face-to-face interactions, will become increasingly significant [19].

Group 1 - The core concern raised by Ben Thompson is the conservative capacity expansion of TSMC, which he believes is a limiting factor for global AI expansion [2][3] - Thompson predicts a significant chip shortage around 2029 due to insufficient capital expenditure growth to meet the exponential demand for computing power driven by AI [2][3] - He emphasizes that TSMC's cautious approach to capacity expansion is rational, as they prefer to avoid the risks associated with overcapacity and its impact on profit margins [2][3] Group 2 - Thompson advocates for tech giants to support companies like Intel or Samsung through prepayments or other means to mitigate future capacity bottlenecks [3] - He argues that the advertising model is the most effective monetization strategy for AI applications, countering the prevalent skepticism in Silicon Valley regarding advertising [4][5] - Thompson cites Facebook's advertising system as a successful automated agent, highlighting its effectiveness in delivering results for businesses [4][5] Group 3 - Thompson provides insights on the performance of major tech companies, labeling Meta as the strongest in execution despite concerns over its capital expenditures [5] - He describes Google as chaotic yet resilient, comparing it to a slime mold that adapts effectively despite its apparent disorder [5] - Concerns are raised about Amazon's chip strategy in the AI era, suggesting that its low-cost approach may not be sustainable in a rapidly evolving market [5] Group 4 - Thompson discusses the potential end of the SaaS business model if AI leads to a reduction in workforce, indicating a growth ceiling for per-seat pricing [6] - He posits that in a world of infinite content, live experiences will gain value, as they cannot be personalized by AI [7] - The future of AI-generated content will redefine value based on scarcity, emphasizing the importance of shared experiences [7]

Group 1 - The core conclusion indicates that Tmall's New Year shopping festival ends on February 11, while JD.com remains operational during the Spring Festival, offering greater discounts [1][10] - Tmall's discounts for the iPhone 17 series are limited, with only a 300 yuan coupon available, and no discounts for the standard iPhone 17 model [3][4] - JD.com provides additional benefits such as trade-in coupons, with up to 1100 yuan off for the iPhone 17 Pro and 800 yuan for trade-ins on the iPhone 17 series, significantly enhancing the discount offerings [6][10] Group 2 - JD.com offers various promotional activities, including a chance to win an Apple Watch and iPhones through participation in events, enhancing customer engagement [8] - JD.com allows customers to access hidden coupons worth 320 yuan for specific iPhone purchases starting February 12, further increasing the attractiveness of their offers [8] - Overall, JD.com is positioned as the superior platform for purchasing Apple products, both in terms of discount strength and delivery capabilities during the Spring Festival [10]

Core Insights - The upcoming Lunar New Year is driving consumer demand for Apple products, with JD.com enhancing its promotional offerings to attract customers [1][3] Group 1: Promotions and Discounts - JD.com is offering significant discounts on Apple products, including a 300 yuan reduction on the iPhone 17 Pro and up to 1100 yuan in trade-in subsidies [1] - Additional promotions include up to 2900 yuan off for iPhone Air through various coupons and trade-in offers, as well as an 85% discount on iCloud+ for customers [1] - A special "0 yuan trade-in" event for JD Plus users allows participants to potentially acquire an Apple Watch or new iPhone at no cost, with limited quantities available [3] Group 2: Competitive Advantage - JD.com’s coupon policies for iPhone products will remain valid until February 14, providing a longer decision-making window compared to Tmall, which ends its promotions on February 11 [5] - The company maintains its "Spring Festival does not close" policy, ensuring continuous customer service and logistics during the holiday period, which enhances user experience [5] - With exclusive benefits like the "0 yuan trade-in" and "hidden coupons," JD.com is positioned as the preferred platform for consumers looking to purchase Apple products during the festive season [5]