郭明錤：苹果提前备货iPhone将缓冲关税冲击，但仍面临重大压力

IT之家2025-04-15

4月14日消息，天风国际分析师郭明錤昨日在报告中指出，苹果自今年农历年后便开始为美国市场备货，囤积了超过两个月的 iPhone 库存。这个库存缓冲将帮助美国市场在 2025 年第二季度免受关税影响。然而，这种提前备货可能会在机型过渡期导致供应链中断，比往年更为严重。但对供应链而言，提前拉货可能导致新旧款 iPhone 转换期的出货衰退较以往显著。iPhone 进口关税由 145% 下降到原本的 ...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

阿远_5706
2025-04-15
阿远_5706
这篇文章不错，转发给大家看看

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/1117279437?lang=zh_CN&edition=full","thumbnail":"https://static.tigerbbs.com/c8bf4565bc4c9ea6e0ff587a10365663","is_english":false,"pubTime":"2025-04-15 11:27","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1117279437","market":"us","top_or_hot":-1,"title":"郭明錤：苹果提前备货iPhone将缓冲关税冲击，但仍面临重大压力","media":"IT之家","content":"<div>\n<p>4月14日消息，天风国际分析师郭明錤昨日在报告中指出，苹果自今年农历年后便开始为美国市场备货，囤积了超过两个月的 iPhone 库存。这个库存缓冲将帮助美国市场在 2025 年第二季度免受关税影响。然而，这种提前备货可能会在机型过渡期导致供应链中断，比往年更为严重。但对供应链而言，提前拉货可能导致新旧款 iPhone 转换期的出货衰退较以往显著。iPhone 进口关税由 145% 下降到原本的 ...</p>\n\n<a href=\"https://www.ithome.com/0/845/077.htm\">网页链接</a>\n\n</div>\n","source":"ithome","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>郭明錤：苹果提前备货iPhone将缓冲关税冲击，但仍面临重大压力</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n郭明錤：苹果提前备货iPhone将缓冲关税冲击，但仍面临重大压力\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-04-15 11:27 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.ithome.com/0/845/077.htm><strong>IT之家</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>4月14日消息，天风国际分析师郭明錤昨日在报告中指出，苹果自今年农历年后便开始为美国市场备货，囤积了超过两个月的 iPhone 库存。这个库存缓冲将帮助美国市场在 2025 年第二季度免受关税影响。然而，这种提前备货可能会在机型过渡期导致供应链中断，比往年更为严重。但对供应链而言，提前拉货可能导致新旧款 iPhone 转换期的出货衰退较以往显著。iPhone 进口关税由 145% 下降到原本的 ...</p>\n\n<a href=\"https://www.ithome.com/0/845/077.htm\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK4512","symbol_name":"苹果概念","start_time":0,"source_url":"https://www.ithome.com/0/845/077.htm","article_id":"1117279437","we_media_id":null,"thumbnails":["https://static.tigerbbs.com/c8bf4565bc4c9ea6e0ff587a10365663"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1117279437","pubTimestamp":1744687628,"columns":[],"sourceInfo":{"source_id":"ithome","name":"IT之家"},"weMediaInfo":null,"summary":"但对供应链而言，提前拉货可能导致新旧款 iPhone 转换期的出货衰退较以往显著。iPhone 进口关税由 145% 下降到原本的 20%，表面上对缓解市场气氛有帮助，但苹果公司依然面临重大压力，这从其提前积累库存的做法中可以看出。郭明錤指出，当前美国不确定的关税政策是 iPhone 供应面临的最大短期不确定性。","collect":0,"end_time":0,"defaultTopTitle":"ithome.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK4512":"苹果概念","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","BK4581":"高盛持仓","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","AAPL":"苹果","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","BK4573":"虚拟现实","BK4574":"无人驾驶"},"translate_title":"Ming-Chi Kuo: Apple's early stocking of iPhones will cushion the impact of tariffs, but it still faces significant pressure","themeId":"85cadccaca9e1c3294d8c33ef21cbf02","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/e5e61e7e7c760bc65723d2fdea677a38","symbols_score_info":{"AAPL":1},"content_text":"4月14日消息，天风国际分析师郭明錤昨日在报告中指出，苹果自今年农历年后便开始为美国市场备货，囤积了超过两个月的 iPhone 库存。这个库存缓冲将帮助美国市场在 2025 年第二季度免受关税影响。然而，这种提前备货可能会在机型过渡期导致供应链中断，比往年更为严重。但对供应链而言，提前拉货可能导致新旧款 iPhone 转换期的出货衰退较以往显著。iPhone 进口关税由 145% 下降到原本的 20%，表面上对缓解市场气氛有帮助，但苹果公司依然面临重大压力，这从其提前积累库存的做法中可以看出。郭明錤指出，当前美国不确定的关税政策是 iPhone 供应面临的最大短期不确定性。虽然关税变化可能会在短期内影响股价，但中长期来看，市场的关注点将更多集中在苹果如何应对地缘政治风险、提升 iPhone 竞争力以及宏观经济形势。不过，他近期还提到“中国负责组装 iPhone 的产线已停止生产”。据IT之家昨日的报道，这一消息随后得到了相关供应链厂商的否认：“该消息纯属误传”。","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[{"id":424733594698608,"gmtCreate":1744703955194,"gmtModify":1744704560930,"author":{"id":"4110631276700310","authorId":"4110631276700310","name":"阿远_5706","avatar":"https://static.tigerbbs.com/f9171605b5bc41e9413097ef8ba34c11","vip":1,"crmLevel":1,"crmLevelSwitch":0,"wearingBadges":[],"authorIdStr":"4110631276700310","idStr":"4110631276700310"},"htmlText":"这篇文章不错，转发给大家看看","listText":"这篇文章不错，转发给大家看看","text":"这篇文章不错，转发给大家看看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/424733594698608","repostId":1117279437,"repostType":2,"repost":{"id":"1117279437","kind":"news","pubTimestamp":1744687628,"share":"https://www.laohu8.com/m/news/1117279437?lang=zh_CN&edition=full","pubTime":"2025-04-15 11:27","market":"us","language":"zh","title":"郭明錤：苹果提前备货iPhone将缓冲关税冲击，但仍面临重大压力","url":"https://stock-news.laohu8.com/highlight/detail?id=1117279437","media":"IT之家","summary":"但对供应链而言，提前拉货可能导致新旧款 iPhone 转换期的出货衰退较以往显著。iPhone 进口关税由 145% 下降到原本的 20%，表面上对缓解市场气氛有帮助，但苹果公司依然面临重大压力，这从其提前积累库存的做法中可以看出。郭明錤指出，当前美国不确定的关税政策是 iPhone 供应面临的最大短期不确定性。","content":"<html><head></head><body><p>4月14日消息，天风国际分析师郭明錤昨日在报告中指出，<a href=\"https://laohu8.com/S/AAPL\">苹果</a>自今年农历年后便开始为美国市场备货，囤积了超过两个月的 iPhone 库存。这个库存缓冲将帮助美国市场在 2025 年第二季度免受关税影响。然而，这种提前备货可能会在机型过渡期导致供应链中断，比往年更为严重。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b32ba8391bae79ebfad544b122b9809b\" tg-width=\"749\" tg-height=\"869\"/></p><p style=\"text-align: justify;\">但对供应链而言，提前拉货可能导致新旧款 iPhone 转换期的出货衰退较以往显著。iPhone 进口关税<strong>由 145% 下降到原本的 20%</strong>，表面上对缓解市场气氛有帮助，但苹果公司<strong>依然面临重大压力</strong>，这从其提前积累库存的做法中可以看出。</p><p style=\"text-align: justify;\">郭明錤指出，当前美国不确定的关税政策是 iPhone 供应面临的<strong>最大短期不确定性</strong>。虽然关税变化可能会在短期内影响股价，但中长期来看，市场的关注点将更多集中在苹果如何应对地缘政治风险、提升 iPhone 竞争力以及宏观经济形势。</p><p style=\"text-align: justify;\">不过，他近期还提到“中国负责组装 iPhone 的产线已停止生产”。据IT之家昨日的报道，这一消息随后得到了相关供应链厂商的否认：“该消息纯属误传”。</p></body></html>","source":"ithome","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>郭明錤：苹果提前备货iPhone将缓冲关税冲击，但仍面临重大压力</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n郭明錤：苹果提前备货iPhone将缓冲关税冲击，但仍面临重大压力\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-04-15 11:27 北京时间&nbsp;&nbsp;&nbsp;<a href=https://www.ithome.com/0/845/077.htm><strong>IT之家</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>4月14日消息，天风国际分析师郭明錤昨日在报告中指出，苹果自今年农历年后便开始为美国市场备货，囤积了超过两个月的 iPhone 库存。这个库存缓冲将帮助美国市场在 2025 年第二季度免受关税影响。然而，这种提前备货可能会在机型过渡期导致供应链中断，比往年更为严重。但对供应链而言，提前拉货可能导致新旧款 iPhone 转换期的出货衰退较以往显著。iPhone 进口关税由 145% 下降到原本的 ...</p>\n\n<a href=\"https://www.ithome.com/0/845/077.htm\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/c8bf4565bc4c9ea6e0ff587a10365663","relate_stocks":{"BK4512":"苹果概念","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","BK4581":"高盛持仓","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","AAPL":"苹果","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","BK4573":"虚拟现实","BK4574":"无人驾驶"},"source_url":"https://www.ithome.com/0/845/077.htm","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117279437","content_text":"4月14日消息，天风国际分析师郭明錤昨日在报告中指出，苹果自今年农历年后便开始为美国市场备货，囤积了超过两个月的 iPhone 库存。这个库存缓冲将帮助美国市场在 2025 年第二季度免受关税影响。然而，这种提前备货可能会在机型过渡期导致供应链中断，比往年更为严重。但对供应链而言，提前拉货可能导致新旧款 iPhone 转换期的出货衰退较以往显著。iPhone 进口关税由 145% 下降到原本的 20%，表面上对缓解市场气氛有帮助，但苹果公司依然面临重大压力，这从其提前积累库存的做法中可以看出。郭明錤指出，当前美国不确定的关税政策是 iPhone 供应面临的最大短期不确定性。虽然关税变化可能会在短期内影响股价，但中长期来看，市场的关注点将更多集中在苹果如何应对地缘政治风险、提升 iPhone 竞争力以及宏观经济形势。不过，他近期还提到“中国负责组装 iPhone 的产线已停止生产”。据IT之家昨日的报道，这一消息随后得到了相关供应链厂商的否认：“该消息纯属误传”。","news_type":1,"symbols_score_info":{"AAPL":1}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":1,"repostSize":2,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.43.1","shortVersion":"4.43.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1117279437","isCrawlerRequest":true}