2026年1月29日，苹果发布2026财年第一季度财报，截至2025年12月27日，该季度总营收达1437.56亿美 元，同比增长16%；净利润420.97亿美元，同比增长16%，多项核心指标创下历史新高。 库克提到，受iPhone17系列需求超出预期的影响，该财季末苹果库存紧张，目前正全力追赶供应以匹配 市场需求，但受SoC生产所用先进节点供应受限影响，暂时难以预测供需何时能达到平衡。 针对当前内存芯片价格上涨的情况，库克表示2025年第四季度内存涨价对苹果毛利率影响极小，但预计 2026财年第二季度影响将有所扩大，苹果将考虑一系列选项缓解成本冲击，包括供应链优化与产品定价 策略调整等。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 作者：观察君 大中华区成为本季度表现最亮眼的区域，当期营收达255.26亿美元，同比增长38%，增速远超美洲、欧 洲、日本等区域的增速。苹果CEO蒂姆·库克表示，大中华区的增长远超预期，且由产品驱动，该区域 iPhone升级用户数量创下历史新高，从其他品牌转投苹果的用户数量实现两位数增长。 iPhone17系列的热销是大中华区增长的 ...

Group 1 - OpenAI is developing a new consumer-oriented device, currently in the prototype stage, with potential involvement from companies like Luxshare Precision, GoerTek, and Lens Technology [1][2] - The pre-sale performance of the iPhone 17 standard version has exceeded expectations, prompting Apple to increase the daily production of this model by approximately 40% and notify some non-electronic component suppliers to raise their daily supply by about 30% [1][3] - The iPhone 17 standard version is expected to account for 25% of total production in early 2025, with the Pro series at 65% and the iPhone Air at 10%, indicating a consumer preference for lower-priced models due to the high cost-performance ratio of the standard version [3] Group 2 - OpenAI's entry into AI hardware may leverage Apple's supply chain, with plans to release a range of AI devices, including a "screenless smart speaker," by late 2026 or early 2027 [2] - The iPhone 17 standard version features high-end specifications, such as ProMotion high refresh rate display and advanced camera systems, enhancing its value proposition at a price of 5999 yuan [3] - The anticipated product innovation cycle from Apple in 2026-2027, including foldable phones and AI glasses, is expected to drive growth for the supply chain [4]

Core Insights - The launch of the iPhone 17 series has generated significant consumer enthusiasm, with many customers eager to experience the new models in-store despite the availability of fast delivery options [2][5][12] - The iPhone 17 series has seen a price increase before launch, particularly for the Pro Max model, indicating strong demand and market interest [4][13] - The iPhone 17 standard model has emerged as a popular choice among consumers, capturing nearly half of the sales share, which is a notable shift compared to previous models [12][16] Pricing and Market Dynamics - The iPhone 17 Pro Max 256GB version has a premium of 850 yuan, while the standard and Pro models have premiums ranging from 100 to 200 yuan, contrasting with last year's iPhone 16 which saw a drop in price [4][13] - The secondary market for iPhones has shown volatility, with prices changing hourly based on demand and supply dynamics, particularly influenced by the launch of the iPhone 17 series [15] - The introduction of the iPhone 17 series has led to a surge in the second-hand iPhone market, with a 150% increase in search volume and a 90% increase in transaction volume on platforms like Zhuanzhuan [15] Consumer Behavior and Trends - Many consumers prefer the in-store experience of purchasing the iPhone 17, valuing the emotional connection and atmosphere over the convenience of home delivery [5][9] - The iPhone 17 standard model's features, such as high refresh rate and fast charging, have made it a competitive option, appealing to cost-conscious consumers [9][12] - The anticipation of upcoming sales events, such as Double Eleven, is influencing consumer purchasing decisions, with some opting to wait for potential discounts rather than buying at launch prices [15] Future Outlook - Analysts believe the iPhone 17 series could mark a turning point for Apple, potentially reversing the decline in market share due to the rise of domestic competitors [16][19] - Apple is reportedly planning for a production target of 95 million units for the iPhone 18 series, reflecting confidence in continued demand growth [19]