苹果(AAPL.US)股价创新高，为何市场担忧其“后劲不足”？

智通财经2025-12-26

尽管在2025年上半年表现逊于“科技七巨头”同行及大盘，苹果(AAPL.US)在经历截至6月18%的下跌后，于下半年强势反弹35%，实现年内超11%的净涨幅，跑赢了同期标普500指数及许多大型科技股。智通财经APP注意到，这一逆转得益于其核心iPhone与Mac销售的稳步加速，以及有利的产品组合带来的稳定利润率扩张，这在一定程度上抵消了AI研发相关运营费用的增长。然而，股价在下半年冲至历史新高，也...

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

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2594918902?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-12-26 21:30","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2594918902","market":"sh","top_or_hot":-1,"title":"苹果(AAPL.US)股价创新高，为何市场担忧其“后劲不足”？","media":"智通财经","content":"<div>\n<p>尽管在2025年上半年表现逊于“科技七巨头”同行及大盘，苹果(AAPL.US)在经历截至6月18%的下跌后，于下半年强势反弹35%，实现年内超11%的净涨幅，跑赢了同期标普500指数及许多大型科技股。智通财经APP注意到，这一逆转得益于其核心iPhone与Mac销售的稳步加速，以及有利的产品组合带来的稳定利润率扩张，这在一定程度上抵消了AI研发相关运营费用的增长。然而，股价在下半年冲至历史新高，也...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1386134.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","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>苹果(AAPL.US)股价创新高，为何市场担忧其“后劲不足”？</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苹果(AAPL.US)股价创新高，为何市场担忧其“后劲不足”？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-12-26 21:30 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1386134.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>尽管在2025年上半年表现逊于“科技七巨头”同行及大盘，苹果(AAPL.US)在经历截至6月18%的下跌后，于下半年强势反弹35%，实现年内超11%的净涨幅，跑赢了同期标普500指数及许多大型科技股。智通财经APP注意到，这一逆转得益于其核心iPhone与Mac销售的稳步加速，以及有利的产品组合带来的稳定利润率扩张，这在一定程度上抵消了AI研发相关运营费用的增长。然而，股价在下半年冲至历史新高，也...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1386134.html\">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":"LU0256863811.USD","symbol_name":"ALLIANZ US EQUITY \"A\" INC","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1386134.html","article_id":"2594918902","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2594918902","pubTimestamp":1766755818,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"尽管在2025年上半年表现逊于“科技七巨头”同行及大盘，苹果在经历截至6月18%的下跌后，于下半年强势反弹35%，实现年内超11%的净涨幅，跑赢了同期标普500指数及许多大型科技股。尽管苹果凭借规模享有一定优势，但难以完全免疫于市场价格波动。被提前的iPhone需求、高企的平均售价等短期利好预计将在2026财年消退。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","LU1261432733.SGD":"Fidelity World A-ACC-SGD","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU2092937148.SGD":"Blackrock ESG Multi-Asset A8 SGD-H","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","SG9999014559.SGD":"United Income Focus Trust Dis SGD","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","SG9999014567.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USD) ACC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","BK4527":"明星科技股","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","SG9999015358.SGD":"United Income Focus Trust Dis SGD-H","BK4571":"数字音乐概念","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","BK4576":"AR","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","BK4575":"芯片概念","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","LU0080751232.USD":"富达环球多元动力基金A","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","BK4579":"人工智能","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","BK4574":"无人驾驶","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4573":"虚拟现实","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","BK4581":"高盛持仓","BK4532":"文艺复兴科技持仓","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","BK4534":"瑞士信贷持仓","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","LU1291159041.SGD":"CPR Invest - Global Silver Age A2 Acc SGD-H","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","MACW.SI":"APPLE 3xLongSG261006","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU0082616367.USD":"摩根大通美国科技A（dist）","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","SG9999002232.USD":"Allianz Global High Payout USD","SG9999002224.SGD":"Allianz Global High Payout SGD","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU1046421795.USD":"富达环球科技A-ACC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","BK4507":"流媒体概念","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU0528227936.USD":"富达环球人口趋势基金A-ACC","BK4501":"段永平概念","LU0238689110.USD":"贝莱德环球动力股票基金","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU0072462426.USD":"贝莱德全球配置 A2","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","BK4566":"资本集团","LU0097036916.USD":"贝莱德美国增长A2 USD","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","BK4505":"高瓴资本持仓","AAPL":"苹果","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","IE0003U64NQ7.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) ACC","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU0109392836.USD":"富兰克林科技股A","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","IE000KEQY171.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) INC","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","LU1582986359.USD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (USDHDG) ACC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","BK4512":"苹果概念","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU0444971666.USD":"天利全球科技基金","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","BK4515":"5G概念","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU2347655073.USD":"JPM GLOBAL INCOME \"A\" (USDHDG) INC A","BK4554":"元宇宙及AR概念","LU0726765562.USD":"JPM GLOBAL INCOME \"A\" (USD HEDGED) INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","BK4553":"喜马拉雅资本持仓","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","BK4585":"ETF&股票定投概念","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0882574139.USD":"富达环球消费行业基金A ACC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","SG9999015978.USD":"利安颠覆性创新基金A","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","BK4559":"巴菲特持仓","LU1989771016.USD":"东方汇理环球老龄化投资基金 A2 Acc","BK4550":"红杉资本持仓","BK4588":"碎股","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","BK4170":"电脑硬件、储存设备及电脑周边","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","SG9999014575.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USDHDG) INC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","LU0056508442.USD":"贝莱德世界科技基金A2","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","SG9999001424.SGD":"United E-Commerce Fund SGD","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU1301847155.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A4G\" (USD) INC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU1206712785.SGD":"Aviva Investors - Multi-Strategy Target Return Ah SGD","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU1206713676.USD":"Aviva Investors - Multi-Strategy Target Return Ah USD","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU0061474960.USD":"天利环球焦点基金AU Acc","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU0314106906.USD":"MANULIFE GF GLOBAL EQUITY \"AA\" (USD) INC","LU1582986433.USD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (USDHDG) INC","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","LU2083900584.USD":"HSBC GIF US INCOME FOCUSED \"AM2\" (USD) INC","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU0079474960.USD":"联博美国增长基金A","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","LU0949170426.SGD":"Blackrock Global Multi-Asset Income A6 SGD-H","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","LU0784384876.USD":"Blackrock Global Multi-Asset Income A6 USD","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU1582987324.SGD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (SGDHDG) ACC","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","LU1582987597.SGD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (SGDHDG) INC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","IE000ITXATA3.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) ACC","IE000YTNTUN2.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG)INC","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU0861579265.USD":"联博低波幅策略股票基金A","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","IE00B4YYXB79.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) ACC","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","BK4592":"伊斯兰概念","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","LU2452424414.USD":"BGF ESG MULTI-ASSET \"A10\" (USDHDG) INC","SG9999014542.SGD":"United Income Focus Trust Acc SGD","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU0784385840.USD":"Blackrock Global Multi-Asset Income A2 USD","LU2063271972.USD":"富兰克林创新领域基金","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","BK4598":"佩洛西持仓","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU0784383803.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A\" (USD) INC A","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC"},"translate_title":"Apple (AAPL.US) stock price hit a new high, why is the market worried about its \"lack of stamina\"?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MACW.SI":0.6,"AAPL":1.98},"content_text":"尽管在2025年上半年表现逊于“科技七巨头”同行及大盘，苹果(AAPL.US)在经历截至6月18%的下跌后，于下半年强势反弹35%，实现年内超11%的净涨幅，跑赢了同期标普500指数及许多大型科技股。智通财经APP注意到，这一逆转得益于其核心iPhone与Mac销售的稳步加速，以及有利的产品组合带来的稳定利润率扩张，这在一定程度上抵消了AI研发相关运营费用的增长。然而，股价在下半年冲至历史新高，也为新的一年留下了极小的容错空间。尽管苹果仍握有诸如更个性化的Siri和可折叠iPhone 18等潜在催化剂，但这些更被视为维持竞争力的必要之举，而非能显著拓宽增长前景的颠覆性驱动力。同时，当前估值溢价尚未充分反映一系列迫在眉睫的挑战。本文主要分析三大未得到足够重视的直接风险。挑战一：被提前透支的iPhone升级需求苹果在9月当季创下iPhone销售纪录，主要由iPhone 16/17系列的强劲需求驱动，甚至因供应短缺限制了增长。管理层表示，12月季度的增长指引包含了大量的iPhone 17积压订单，暗示增长将加速。然而，展望2026财年，iPhone需求前景堪忧。虽然管理层淡化了关税在提前释放需求中的作用，但美国主要运营商普遍观察到，自4月关税消息公布后，设备升级活动早于往常的秋季周期。重新设计的iPhone 17也成功激发了消费者兴趣。但这些需求驱动力难以持续。即将推出的可折叠iPhone 18预计难以成为强劲增长引擎。其初期供应将严重受限，且折叠屏形态尚未赢得主流市场青睐。更重要的是，源自iPhone 12时代的庞大换机潮，本被期待由AI功能驱动，但因苹果AI功能发布屡次推迟，需求在2025年初表现平淡。随后，关税担忧反而在2025年下半年刺激了iPhone 16的升级需求。这意味着，被关税和iPhone 17设计创新提前释放的需求，可能使苹果在2026财年面临艰难的比较基数，叠加平均售价因产品组合变化而提升的效应减弱，增长放缓风险加剧。挑战二：日益严峻的成本压力2025财年，凭借有利的产品组合，苹果实现了利润增长快于收入增长。管理层预计这一趋势短期将持续。但未来的利润率扩张空间有限，且难以完全抵消由多重因素导致的成本结构恶化。关税风险：尽管通过积极供应链管理和贸易协定缓解，关税相关成本目前可控，但其长期风险仍未消散。苹果供应链多元化的努力仍在进行，但中美贸易关系的不确定性，以及其在印度生产所依赖的关税优惠与投资承诺挂钩，都为长期成本带来变数。物料成本上升：为顺应“美国制造”导向，苹果增加在美国生产关键部件(如康宁玻璃、台积电本土芯片)，这推高了成本。台积电已预警其美国厂将拖累利润率。同时，全行业面临的原材料(尤其是内存)价格上涨构成巨大压力。用于iPhone的LPDDR5X内存价格在过去一年已翻倍有余。尽管苹果凭借规模享有一定优势，但难以完全免疫于市场价格波动。其他压力：虽然利润更高的服务部门继续实现较高利润率，但其百分之十几的低到中段增长率的正常化，不太可能足以抵消前述分析中讨论的产品端压力。苹果近几个季度仅观察到温和的综合利润率扩张就证明了这一点，因为服务增长及其在综合收入中的份额趋于稳定。由于苹果也不太可能大幅提高其产品价格，未来利润率保持的手段有限。最近接二连三的顶尖人才流失进一步加剧了这一问题。近期引人注目的离职包括苹果负责机器学习与AI战略的高级副总裁John Giannandrea、用户界面设计主管Alan Dye以及AI模型团队首席科学家Ruoming Pang。在持续进行AI转型之际，苹果寻求保留和获取关键人才，这些离职共同增加了其面临更高人事成本的风险。预计这将进一步加剧苹果近期加速AI研发支出的步伐所带来的压力，该支出已导致运营费用呈上升趋势，限制了未来运营杠杆的改善。挑战三：市场“大轮动”的潜在冲击除基本面逆风外，市场风格的转变也威胁苹果高估值的持续性。近期市场的上涨主要由过去两年表现滞后的医药、公用事业、工业、能源等非科技板块驱动。市场预期，为刺激经济而持续的降息周期，将成为这些板块的广泛顺风。这种“大轮动”不仅可能抑制整个科技板块明年的上行空间，也可能降低市场对苹果这类传统“现金牛”避险资产的偏好。因此，大型科技股普遍面临的估值溢价调整，可能使苹果承受短期估值倍数压缩的风险。总结：估值再攀新高空间有限，风险积聚苹果股价近半年的历史新高，反映了市场对其短期执行力与盈利稳定性的信心。这得益于有利的产品组合、iPhone的强劲势头以及成本控制。但展望未来，其估值从当前水平实质性上修的空间有限。被提前的iPhone需求、高企的平均售价等短期利好预计将在2026财年消退。公司还将面临日益复杂的成本环境，包括全行业的宏观经济不确定性、物料成本上涨，以及其自身特有的人员与AI研发开支上升。叠加市场资金可能从高估值科技股轮动的新趋势，市场对苹果股价在当前历史高位附近的持久性持谨慎态度，因其尚未充分消化未来一年可能出现的多重估值压缩风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"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":"4.36.2","shortVersion":"4.36.2","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/2594918902","isCrawlerRequest":true}