苹果芯片不够用了

36氪02-06

苹果芯片短缺，联手谷歌破局AI竞争。文｜彭新编辑｜包芳鸣来源｜21世纪经济报道（ID：jjbd21）封面来源｜Unsplash当地时间1月29日美股盘后，苹果发布2026财年第一季度（截至2025年12月27日）业绩报告。财报显示，苹果该季度实现总营收1437.56亿美元，较上年同期的1243亿美元增长16%，净利润达420.97亿美元，同比增长15.9%。摊薄后每股收益为2.84美元，同比增长...

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href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260206192857a6db6fa6&s=b><strong>36氪</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>苹果芯片短缺，联手谷歌破局AI竞争。文｜彭新编辑｜包芳鸣来源｜21世纪经济报道（ID：jjbd21）封面来源｜Unsplash当地时间1月29日美股盘后，苹果发布2026财年第一季度（截至2025年12月27日）业绩报告。财报显示，苹果该季度实现总营收1437.56亿美元，较上年同期的1243亿美元增长16%，净利润达420.97亿美元，同比增长15.9%。摊薄后每股收益为2.84美元，同比增长...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20260206192857a6db6fa6&s=b\">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":"LU2417539215.USD","symbol_name":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) 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17系列强劲需求的推动下，苹果手机业务营收达到852.69亿美元，同比大幅增长23%，营收占比回升至近六成。苹果CEO蒂姆·库克在财报电话会上称，公司创下历史最佳季度业绩。他强调，受前所未有的市场需求推动，iPhone在全球主要市场均刷新了营收纪录，公司目前的活跃设备安装基数已突破25亿台。然而，随着iPhone销量超预期爆发，先进制程芯片的产能瓶颈显现，叠加存储芯片价格持续上涨，市场担心苹果在即将到来的第二财季面临供应限制和成本上升双重考验。库克坦言，由于需求远超内部预期，导致渠道库存处于极低水平，公司目前正处于追加供货的状态。与此同时，苹果在人工智能（AI）领域的战略路径也逐渐清晰，与谷歌Gemini的合作浮出水面后，标志着这家科技巨头在封闭生态与开放合作之间找到新的平衡点。图片来源：IC photo在华业务强势复苏苹果本季财报中的一大亮点，无疑是大中华区业绩出现反弹。财报显示，苹果大中华区第一财季营收达到255.26亿美元，较上年同期的185.13亿美元大增38%。这一增速不仅领跑全球各主要市场，更一扫此前数个季度苹果面临增长乏力的阴霾。“本季度我们的表现非常出色。装机用户基数在大中华区创下历史新高，旧机升级用户数也刷新了历史纪录；同时（从其他平台而来的）换机用户数同样实现了强劲的双位数增长。”库克表示，得益于iPhone产品竞争力以及消费者对产品的积极反馈，iPhone已重回中国城市地区销量榜前三，中国门店的客流量上季度实现了两位数百分比增长。“我对中国市场的复苏势头和本季度的出色表现感到无比满意。”根据市场调研公司IDC数据显示，2025年第四季度中国智能手机市场出货量约为7564万台，同比下降0.9%。其中，苹果手机以1600万台出货量排名第一，同比增长21.5%。不仅是手机，苹果其他硬件产品在中国市场也表现不俗。库克表示，在中国城市地区，iPad依然是销量最高的平板电脑，且购买者中半数为首次购入，显示出苹果生态对新用户的持续吸引力。Mac业务虽然在全球范围内因基数较高而同比下滑7%，但在中国市场，MacBook Air和Mac Mini依然分别是同品类中最畅销机型。除了大中华区的强势复苏，新兴市场也成为苹果增长新引擎。上季度，苹果在印度市场录得两位数营收增长，创下历史新高。库克表示，印度作为全球第二大智能手机市场，苹果目前的市场份额仍处于低位，看好印度市场发展前景。同时，涵盖App Store、iCloud云服务、Apple Music以及支付业务的苹果服务业务表现稳健，上季度营收首次突破300亿美元大关，达到300.13亿美元，同比增长14%，服务收入占比达到20.88%。由于服务业务毛利率高达76.5%，远超硬件业务，已经成为苹果利润的重要支撑。财报显示，苹果公司上季度整体毛利率达到48.2%，处于指引区间上限，环比提升100个基点。其中，产品硬件毛利率环比大幅提升450个基点至40.7%。这主要得益于高端机型iPhone 17 Pro系列的占比提升以及销量增长带来的规模效应，抵消了零部件成本上升的负面影响。投资者担忧成本上升尽管财报表现优异，然而苹果对下季度业绩的指引仍显示审慎态度。供应链限制叠加存储芯片涨价带来的成本压力，已成为市场关注的核心风险。瓶颈主要集中在先进制程芯片的产能上。iPhone 17系列搭载的A系列芯片以及Mac、iPad使用的M系列芯片，均依赖台积电的3纳米先进制程工艺。库克透露，供应链的灵活性在短期内受到限制，尤其是先进制程产能不足，将直接制约第二财季的产品供应。“当前我们确实面临供应受限，现阶段很难判断供需何时能够重新恢复平衡。”库克称，“当前我们面临的问题主要来源于苹果自研芯片在先进制程节点的产能受限；同时由于前面提到的需求大幅上升，当前供应链的灵活性也低于正常水平。”除了产能限制，成本上涨的压力也不容忽视。存储芯片（DRAM和NAND Flash）价格的持续上涨已开始挤压苹果利润。苹果首席财务官凯文·帕雷克（Kevan Parekh）在电话会上表示，虽然存储涨价对第一财季毛利率的影响微乎其微，但预计对第二财季毛利率将产生更大影响。为了应对未来的成本压力，苹果管理层表示将评估一系列长期应对方案。虽然库克未透露具体细节，但这通常意味着苹果将利用其在供应链中的议价权锁定长期订单，或通过调整产品定价策略来转嫁成本。不过，对于外界关注的是否会通过涨价来维持利润率，管理层并未给出明确回应。1月28日，天风国际证券分析师郭明𫓹在一份研报中表示，预计苹果公司将自行消化成本上涨的影响。郭明𫓹预计，苹果公司不会为明年的iPhone 18系列提高售价，而是会承受毛利率下降的冲击。郭明𫓹还表示，内存报价上涨会影响iPhone的毛利率，但苹果的策略是，趁内存市场混乱时，通过锁定供应与吸收成本的优势提升市场占有率，后续再用服务业务赚回来。在资本支出方面，苹果继续保持着自我节奏。面对席卷全球的AI军备竞赛，苹果并未像其他科技巨头那样激进地大幅增加资本开支用于建设数据中心，而是采取了“混合模式”。帕雷克解释称，苹果的资本支出包含多项内容，包括设备模具、设施、零售投资以及数据中心等。目前苹果在数据中心方面结合了自有产能和第三方产能，这使得公司的资本支出波动较为平缓。上月早些时候，苹果宣布与谷歌达成多年战略合作协议，苹果称将与谷歌合作推进下一代基础模型，并计划把Gemini能力用于更个性化的Siri升级。在财报电话会上，库克提及苹果与谷歌的合作关系称，苹果将继续独立推进部分基础模型的研发，特别是用于端侧AI和私有云计算领域，以确保用户隐私和数据安全。对于2026财年二季度，苹果给出营收同比增长13%至16%的范围预测，这一增速虽较第一季度有所放缓，帕雷克还预计，第二财季毛利率将维持在48%至49%的高位，服务业务营收将继续保持双位数增长。由于投资者担忧成本上升，苹果股价盘后持平。美股1月29日盘后，苹果跌0.6%，至256.44美元/股。1月30日，苹果股价微涨0.46%，盘后再度飘绿，跌0.19%，报258.99美元/股。","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,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":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 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