不讲逻辑的往下跌_老虎社区_美港股上老虎

不讲逻辑的往下跌

免责声明：上述内容仅代表发帖人个人观点，不构成本平台的任何投资建议。

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"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":625498547852576,"tweetId":"625498547852576","gmtCreate":1793724752696,"gmtModify":1793726259666,"author":{"id":4207695715100132,"idStr":"4207695715100132","authorId":4207695715100132,"authorIdStr":"4207695715100132","name":"买了等3天再卖","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":0,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","html":"<html><head></head><body><p>不讲逻辑的往下跌</p></body></html>","htmlText":"<html><head></head><body><p>不讲逻辑的往下跌</p></body></html>","text":"不讲逻辑的往下跌","highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/625498547852576","repostId":2680794782,"repostType":2,"repost":{"id":"2680794782","kind":"news","pubTimestamp":1793665800,"share":"https://www.laohunote.com/m/news/2680794782?lang=zh_CN&edition=full","pubTime":"2026-11-03 08:30","market":"fut","language":"zh","title":"史上最佳财年撑不起36倍市盈率：不烧钱的苹果，AI抛售“避风港”还安全吗？","url":"https://stock-news.laohu8.com/highlight/detail?id=2680794782","media":"智通财经","summary":"全年营收 4790 亿美元，被公司称为“有史以来最佳财年”。这不算业绩暴雷，这是一次预期差交易，也是一场避风港叙事的压力测试。三项瑕疵单独看都不致命，但它们同时出现在一份已经把“安全”定价到极致的报表上，权重就被放大了。在这场议价权转移里，二十年来苹果第一次坐在被挤压的一侧。自 6 月底以来的一轮上涨为苹果增加了约 1 万亿美元市值，投资者押注的是一份“爆表”的业绩。","content":"<html><head></head><body><p style=\"text-align: left;\">11月3日，苹果2026财年四季报业绩飘红——营收、EPS、iPhone均创纪录超预期，股价却在盘后转跌。市场真正定价的，不是这份“爆表”财报，而是藏在数字之后的三道裂痕：<a href=\"https://laohu8.com/S/00021\">大中华</a>区与服务收入连续两季制造负向预期差、存储成本挤压下趋弱的毛利率指引，以及一个尚未发生的12月季度。在36倍市盈率的历史高位上，这家因“不参与AI烧钱竞赛”而被避险资金推上5万亿美元市值的防御性资产，正在被同一轮AI浪潮从成本端反向侵蚀——它的安全，第一次需要被重新验证。</p><p style=\"text-align: left;\">苹果发布截至 9 月 26 日的 2026 财年第四季度业绩：总营收 1144.77 亿美元，同比增长 12%，高于 LSEG 统计的分析师预期 1133.9 亿美元，也高过公司自己此前给出的 9% 至 11% 指引区间上限;摊薄每股收益 2.10 美元，同比增长 14%，高于预期的 1.99 美元，即便剔除每股约 0.05 美元的关税退款贡献仍超预期;iPhone 营收 575.83 亿美元、同比增长 17%，创 9 月财季历史纪录。全年营收 4790 亿美元，被公司称为“有史以来最佳财年”。</p><p style=\"text-align: left;\">然而，业绩公布后，苹果盘后先短暂上涨约 0.5%，随后转跌约 1%，电话会进行中跌幅进一步扩大——截至发稿，跌约3%。这不算业绩暴雷，这是一次预期差交易，也是一场避风港叙事的压力测试。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/92d438cd787055b8f04fe0acdbdabfdd\" tg-width=\"861\" tg-height=\"732\"/></p><h2 id=\"id_2538493173\">顶线稳健，裂痕在另外三个地方</h2><p style=\"text-align: left;\">顶线数字几乎全线超预期。除 iPhone 外，Mac 营收 107.92 亿美元、同比增长 24%，远超约 96 亿至 97 亿美元的预期;美洲营收 486.8 亿美元(预期 485.1 亿)、欧洲 320.1 亿美元(预期 302.1 亿)，均好于预期。毛利率 47.9%，高于预期的 47.5%。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3569f2dfc446bac811d35a151b27233f\" title=\"\" tg-width=\"200\" tg-height=\"120\"/></p><p style=\"text-align: left;\"><strong>裂痕出现在另外三项</strong></p><p style=\"text-align: left;\">大中华区营收 175.39 亿美元，同比增长 21%，但比市场预期低逾 10 亿美元。服务营收 315.73 亿美元，同比增长 9.8%，按 LSEG 口径与预期(315.8 亿)基本持平，但这个增速创下 2022 年以来最低——它不是“不及预期”，而是“增速掉档”。</p><p style=\"text-align: left;\">对 12 月当季的毛利率指引为 45% 至 46%，公司明确表示该预测已计入存储芯片成本与 Siri AI 成本的影响，同时给出营收增长 7% 至 10%、服务收入增长 8% 至 9% 的指引，并提示第三方授权与汇率构成不利因素。营收指引本身高于华尔街平均预期的 6.1%，但毛利率指引落在市场隐含预期之下。</p><p style=\"text-align: left;\">三项瑕疵单独看都不致命，但它们同时出现在一份已经把“安全”定价到极致的报表上，权重就被放大了。</p><p style=\"text-align: left;\"><strong>连续两个季度，同一组板块制造预期差</strong></p><p style=\"text-align: left;\">真正让市场警惕的不是本季，而是本季与上季的形状几乎一样。</p><p style=\"text-align: left;\">今年 7 月发布的 2026 财年第三季度，大中华区营收 188.2 亿美元、低于约 195 亿至 196 亿美元的预期，服务营收 307.4 亿美元、低于约 312 亿至 314 亿美元的预期。一个季度后，同样的两个板块再次同时制造负向预期差。</p><p style=\"text-align: left;\">一个季度的预期差是瑕疵，连续两个季度同一组板块的预期差，就变成了模式。</p><p style=\"text-align: left;\">两个板块的压力来源都是结构性的。大中华区面对本土高端竞争：第三方统计显示，苹果在中国 600 美元以上价位段的份额已从 2022 年的约 75% 回落至约50%;叠加服务本地化受限、AI 功能在中国市场落地延迟，压力不是一季能修好的。</p><p style=\"text-align: left;\">服务则是另外一条曲线。App Store 增速放缓、监管变化导致苹果无法对 App Store 外交易抽取 15% 至 30% 的佣金、谷歌搜索授权收入趋缓——这些是持续性而非一次性拖累。服务的意义在于它是苹果的利润缓冲垫：硬件毛利率被存储成本挤压时，服务的高毛利本应对冲;当服务增速掉到个位数后段，这块缓冲垫正在变薄。</p><p style=\"text-align: left;\">缓冲垫变薄的时点是可推算的。库克此前表示，公司预先采购的低成本 DRAM/NAND 从 6 月起逐渐失效、囤货将耗尽;CFO 凯文·帕雷克在 7 月电话会上说，内存成本可以解释调整后毛利率环比变化的 100% 以上。9 月当季是保护层开始剥落的一季，12 月当季——即毛利率指引降到 45% 至 46% 的这一季——是剥落加深的一季：iPhone 18 Pro 在 9 月当季只计入约 9 天，涨价收益尚未满额体现，更高的存储成本却已进入销货成本。</p><h2 id=\"id_397217899\">避风港悖论：防御性来自“没有做什么”</h2><p style=\"text-align: left;\">苹果今年的相对强势，本质上是别人在花钱。已公布的最近四个财季中，微软、亚马逊、谷歌-A、Meta 合计资本开支超 6000 亿美元，绝大部分投向 AI 数据中心;苹果同期资本开支仅约 100 亿美元，不到四家合计的六十分之一。代价已经出现在对手的报表上：Alphabet、亚马逊、Meta 最近披露的自由现金流均为负值，被迫更多转向债务市场，而利率在上行。苹果 2026 财年自由现金流则预计增长 38% 至 1420 亿美元。</p><p style=\"text-align: left;\">资金的选择因此变得机械：费城半导体指数单日下跌 2% 及以上的 46 个交易日里，苹果有 30 天上涨，占比约三分之二;而 1994 年至去年，这类交易日中苹果上涨的天数仅约六分之一。苹果与半导体指数的相关性在 7 月转为负值，9 月创下历史最低值。10 月 30 日，苹果以 5.03 万亿美元市值反超英伟达的 4.93 万亿。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a8b54b5208d18d2a175165d2c3b2aeca\" title=\"\" tg-width=\"589\" tg-height=\"386\"/></p><p style=\"text-align: left;\">问题在于，这种防御属性来自“苹果没有做什么”，而不是“苹果做成了什么”。</p><p style=\"text-align: left;\">更尖锐的是，AI 算力扩张正在通过成本端反向输入苹果的利润表。测算显示：两年前苹果采购的闪存容量接近微软、亚马逊、Meta、谷歌四家合计的两倍，如今四家的采购量是苹果的两倍;苹果今年闪存支出预计约 250 亿美元，而 2025 年购买同等规模存储仅花费约 60 亿美元。TechInsights 数据显示，过去一年 AI 数据中心需求把闪存价格推高至原来的五倍。库克把内存涨价比作“百年一遇的洪水”，而据知情人士，苹果高层对此事先准备不足。</p><p style=\"text-align: left;\">在这场议价权转移里，二十年来苹果第一次坐在被挤压的一侧。这意味着苹果的防御性同时包含了两个方向相反的敞口：它不参与资本开支竞赛，因此不受现金流质疑;但它采购存储，因此直接承受 AI 算力扩张推高的元件价格。而流向它的避险资金本身是战术性的、可逆的——半导体板块一旦反弹，这笔钱没有理由留在苹果。</p><h2 id=\"id_3710786836\">36倍市盈率：高估值下的“安全预期”零容忍</h2><p style=\"text-align: left;\">盘后下跌的直接语境是估值。在这次财报前，苹果的预期市盈率约 36 倍，为 2008 年以来最高水平;买入评级占比不足 60%;在“七巨头”中，苹果是唯一一家按卖方目标价隐含回报为负的公司。自 6 月底以来的一轮上涨为苹果增加了约 1 万亿美元市值，投资者押注的是一份“爆表”的业绩。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/337a9cf0cff3505053a87a92d8a6c5cc\" title=\"\" tg-width=\"597\" tg-height=\"386\"/></p><p style=\"text-align: left;\">在这个起点上，容错空间接近于零。顶线超预期是及格线，不是加分项;而大中华区预期差、服务增速掉档、毛利率指引疲软这三项，每一项的边际定价权重都被估值倍数放大。更值得注意的是方向的不对称：营收指引(+7% 至 10% 对共识 6.1%)其实高于预期，但没能把股价拉回来——说明市场真正定价的是增长质量，不是增长幅度。</p><p style=\"text-align: left;\">这里还藏着一层更技术性的原因：市场可能一直在用错误的日历给苹果建模。美银分析师 Wamsi Mohan 在 10 月 30 日的报告中直言华尔街存在“建模错误”——苹果把 iPhone 18 Pro、Pro Max 与 Duo 放在 9 月，基础款和 iPhone Air 放到次年 3 月，而模型习惯把一代产品塞进同一张表。美银据此将 2027 财年 iPhone 出货量预期下调 900 万台至 2.47 亿部(华尔街约 2.6 亿部)，并预计本季营收 1130 亿美元、EPS 1.97 美元，双双低于共识。</p><p style=\"text-align: left;\">结果看，美银对本季的谨慎偏保守了——苹果实际营收高出其预测约 15 亿美元。但 Mohan 的判断指向的不是本季，而是 12 月与 3 月季度的收入与毛利率建模。盘后波动里有一部分，是市场在对“分析师模型误差”这件事本身重新定价。</p><h2 id=\"id_3405788263\">特努斯首秀：产品节奏切换造成的信号断层</h2><p style=\"text-align: left;\">这是约翰·特努斯 9 月 1 日接任 CEO 后的第一份财报，也是他第一次主持电话会。</p><p style=\"text-align: left;\">他的履历决定了市场的读法：机械工程出身、在苹果 25 年、主导 Mac 向 Apple Silicon 迁移。上任数周，他推动减少对春秋发布节奏的依赖、取消部分中层、缩短汇报层级——这套组织重构的副作用之一，正是财报节奏本身变得难以建模：过去几十年营收曲线是假日季冲高、次年夏末回落，现在苹果要抹平这个形状，代价是市场失去了季节性外推工具。</p><p style=\"text-align: left;\">本季是市场第一次被迫面对这个现场。财报里同时存在三种时间错位：iPhone 18 Pro 只计入约 9 天;普通版 iPhone 18 与新 iPhone Air 要到 2027 年上半年;折叠屏 iPhone Duo 10 月 23 日才开售，完全不在本季报表内。</p><p style=\"text-align: left;\">Duo 因此成了一份“沉默证据”。第三方博主与统计机构数据显示，Duo 在 W43(10 月 19 日至 25 日)开售仅 3 天即录得约 12.5 万台激活量，排进该周单周销量榜第五，同期 iPhone 18 Pro Max 约 72.4 万台、iPhone 18 Pro 约 33.5 万台。摩根士丹利统计的部分机型线上预购等待时间约 14 周，为其统计口径下十年最长;摩根大通预计受供应限制，2026 年 Duo 出货约 800 万至 900 万台。</p><p style=\"text-align: left;\">但这些数字一个都不在报表里。市场只能从管理层语气里读它——这也正是本次电话会的信号权重高于已确认数字的原因。</p><p style=\"text-align: left;\">特努斯给出的信息只有定性口径。他表示，“极小比例”的 Duo 因显示问题被退回、公司正在更换，且目前无法判断供需何时平衡：“Duo 目前是受限的，爬坡进展顺利，我们正努力尽快交付给更多客户，但目前无法预测供需何时达到平衡。”他同时确认，9 月当季的内存成本高于 6 月当季，部分被库存收益与部分非内存零部件成本下降抵消，而 iPhone 17 涨价 100 美元、部分 MacBook 提价“提供了一定对冲”。他称新版 Siri 现在每天处理 25 亿次请求。</p><p style=\"text-align: left;\">于是这一夜的定价逻辑倒挂了：已确认的数字(营收、EPS、iPhone、Mac)全部超预期，但决定股价的是尚未发生的数字——12 月季度毛利率能不能守住 46%、Duo 供给何时爬坡、基础款 iPhone 18 的节奏会不会继续打乱模型。</p><h2 id=\"id_2279674837\">结论：防御性来自“不花钱”，而“不花钱”不是增长引擎</h2><p style=\"text-align: left;\">苹果当前的核心张力是清楚的：它因为不参与 AI 资本开支竞赛而被资金被动推为防御资产，但 AI 算力扩张正通过存储成本反向侵蚀它的利润表;它的防御性来自克制，而不是来自一个新的增长引擎;而这类防御资金是战术性的、可逆的。</p><p style=\"text-align: left;\">增长裂痕与成本压力出现在同一张报表上——大中华区与服务连续两季制造预期差，毛利率指引首次把存储与 AI 成本同时写进前瞻口径。在 36 倍预期市盈率、2008 年以来最高估值的起点上，“安全”本身需要被重新验证，而不是被默认。</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/421dbbcf8a0651518e946cd5251c3715\" title=\"\" tg-width=\"1240\" tg-height=\"546\"/></p><p style=\"text-align: left;\">特努斯眼下有一个防守性叙事的窗口期：假日季产品阵容是近年来最密集的一轮(触屏 MacBook Pro、更新版 iMac、新入门级 MacBook Pro 于 11 月 6 日发货，HomeView 家居中枢、AirPods 5 已在售)，Siri 已交付，Duo 需求信号足够强但供给受限——供给受限本身，在叙事上可以被讲成“需求太好”。这个窗口能开多久，取决于几组指标：12 月当季大中华区是否继续出现预期差、服务增速能否在 8% 至 9% 的指引区间企稳、毛利率指引是否确认存储压力延续到 2027 财年、苹果的 AI 资本开支口径是否变化，以及 Duo 的需求与供给指引能否从“无法预测”变成“给出时点”。</p></body></html>","source":"stock_zhitongcaijing","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>史上最佳财年撑不起36倍市盈率：不烧钱的苹果，AI抛售“避风港”还安全吗？</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史上最佳财年撑不起36倍市盈率：不烧钱的苹果，AI抛售“避风港”还安全吗？\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-11-03 08:30 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1517512.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>11月3日，苹果2026财年四季报业绩飘红——营收、EPS、iPhone均创纪录超预期，股价却在盘后转跌。市场真正定价的，不是这份“爆表”财报，而是藏在数字之后的三道裂痕：大中华区与服务收入连续两季制造负向预期差、存储成本挤压下趋弱的毛利率指引，以及一个尚未发生的12月季度。在36倍市盈率的历史高位上，这家因“不参与AI烧钱竞赛”而被避险资金推上5万亿美元市值的防御性资产，正在被同一轮AI浪潮从...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1517512.html\">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":{"LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","BK4592":"伊斯兰概念","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU0289739343.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (SGD) ACC","LU1206712785.SGD":"Aviva Investors - Multi-Strategy Target Return Ah SGD","LU2097344431.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) INC","IE000Q6AESB8.SGD":"PIMCO BALANCED INCOME AND GROWTH \"A\" (SGDHDG) INC","LU2097344357.USD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (USDHDG) ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0128525929.USD":"TEMPLETON GLOBAL \"A\" (USD) ACC","VGT":"信息技术ETF-Vanguard","LU1244550577.SGD":"FTIF - Franklin Global Multi-Asset Income A (Mdis) SGD-H1","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU1670756490.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AT\" (USDHDG) ACC","LU1206713676.USD":"Aviva Investors - Multi-Strategy Target Return Ah USD","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU0061474960.USD":"天利环球焦点基金AU Acc","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","LU0494093205.USD":"贝莱德ESG灵活多元资产A2 USD-H","XLK":"高科技指数ETF-SPDR","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","AAPL":"苹果","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","LU2271345857.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (HKD) ACC","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","BK4598":"佩洛西持仓","METV":"Roundhill Ball Metaverse ETF","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU0314106906.USD":"MANULIFE GF GLOBAL EQUITY \"AA\" (USD) INC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","TTXU":"Direxion Daily Technology Top 5 Bull 2X ETF","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU1645745479.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (HKDHDG) INC","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","SG9999015341.SGD":"United Income Focus Trust Acc SGD-H","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU1934455863.HKD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (HKD) ACC","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","LU0079474960.USD":"联博美国增长基金A","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) 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","LU0949170426.SGD":"Blackrock Global Multi-Asset Income A6 SGD-H","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0784384876.USD":"Blackrock Global Multi-Asset Income A6 USD","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","SGXZ80539844.SGD":"ALLIANZ GLOBAL HIGH PAYOUT \"AMI\" (H2-SGD) INC","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU0965508806.USD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (USD) INC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","AAPB":"2倍做多AAPL ETF-GraniteShares","LU2028103732.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AMG\" (USD) INC","AAPD":"1倍做空AAPL ETF-Direxion","LU0289961442.SGD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (SGD) ACC","LU1979441026.SGD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"A\" (SGDHDG) ACC","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","AAPE":"Leverage Shares 2X Long AAPL Daily ETF","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","AAPU":"2倍做多AAPL ETF-Direxion","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","AAPW":"AAPL周配息ETF-Roundhill","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","IE000ITXATA3.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) ACC","AAPX":"2倍做多Apple ETF-T-Rex","IE000YTNTUN2.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG)INC","AAPY":"AAPL收益溢价策略ETF-Kurv","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU0456855351.SGD":"JPMorgan Funds - Global Equity A (acc) SGD","IE00BDCRKT87.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU2191332357.HKD":"SCHRODER ISF SUSTAINABLE MULTI-ASSET INCOME \"A\" (HKDHDG) INC","LU1144417596.USD":"UBS (LUX) GLOBAL QUALITY DIVIDEND EQUITY \"Q\" (USD) INC","LU1496350171.SGD":"FRANKLIN DIVERSIFIED BALANCED \"A\" (SGDHDG) ACC","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU1935043452.HKD":"宏利环球多元资产收益 \"AA\" 基金（港元）派息","LU0511384066.AUD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (AUDHDG) ACC","LU0861579265.USD":"联博低波幅策略股票基金A","LU0109392836.USD":"富兰克林科技股A","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","ABFL":"ABACUS FCF LEADERS ETF","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","LU0444971666.USD":"天利全球科技基金","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","JGRO":"Jpmorgan Active Growth ETF","IE00B4YYXB79.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) ACC","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","LU1506573853.SGD":"MANULIFE GF GLOBAL EQUITY \"AA\" (SGD) INC","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","TYLG":"GLOBAL X INFORMATION TECHNOLOGY COVERED CALL & GROWTH ETF","LU0689626769.HKD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (HKD) ACC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","LU0823417737.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) INC","SG9999015358.SGD":"United Income Focus Trust Dis SGD-H","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","IXN":"iShares Trust S&P Global Informa","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1244550221.USD":"FRANKLIN GLOBAL MULTI-ASSET  INCOME \"A\" (USDHEDGED) INC (M)","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU0149725797.USD":"汇丰美国股市经济规模基金","SG9999014542.SGD":"United Income Focus Trust Acc SGD","LU2452424414.USD":"BGF ESG MULTI-ASSET \"A10\" (USDHDG) INC","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU0162691827.USD":"BGF US BASIC VALUE \"A4\" INC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU1989771016.USD":"东方汇理环球老龄化投资基金 A2 Acc","LU0072461881.USD":"BGF US BASIC VALUE \"A2\" ACC","LU0784385840.USD":"Blackrock Global Multi-Asset Income A2 USD","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU0557290698.USD":"施罗德环球可持续增长基金","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","LU0056508442.USD":"贝莱德世界科技基金A2","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","SG9999001424.SGD":"United E-Commerce Fund SGD","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU1301847155.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A4G\" (USD) INC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU0942090050.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD)  INC","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU0726765562.USD":"JPM GLOBAL INCOME \"A\" (USD HEDGED) INC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","BK4515":"5G概念","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0080751232.USD":"富达环球多元动力基金A","LU2347655073.USD":"JPM GLOBAL INCOME \"A\" (USDHDG) INC A","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","BK4554":"元宇宙及AR概念","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","BK4553":"喜马拉雅资本持仓","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU1267930573.SGD":"TEMPLETON GLOBAL \"AA\" (SGD) ACC A","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","BK4585":"ETF&股票定投概念","LU0965509283.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (SGDHDG) INC","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","IE000F7OJYX1.SGD":"RQI GLOBAL \"I\" (SGDHDG) INC","IE0000B7K699.USD":"RQI GLOBAL \"I\" (USD) INC","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","IE000BZT7R73.USD":"RQI GLOBAL \"I\" (USD) ACC","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","IE000MB6IJN5.SGD":"RQI GLOBAL \"I\" (SGD) ACC","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","BK4559":"巴菲特持仓","HK0000320223.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) ACC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","BK4550":"红杉资本持仓","BK4588":"碎股","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","BK4170":"电脑硬件、储存设备及电脑周边","LU1291159041.SGD":"CPR Invest - Global Silver Age A2 Acc SGD-H","HK0000320264.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) ACC","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0345768740.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) INC","LU1582986433.USD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (USDHDG) INC","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","VT":"世界全股市ETF-Vanguard","IOSX":"Corgi AAPL 2x Daily ETF","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU0082616367.USD":"摩根大通美国科技A（dist）","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","ROM":"ProShares Ultra Technology","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","IE000WAW04H5.SGD":"RQI GLOBAL \"I\" (SGD) INC A","SG9999002232.USD":"Allianz Global High Payout USD","LU2083900584.USD":"HSBC GIF US INCOME FOCUSED \"AM2\" (USD) INC","IE000SO60NU8.SGD":"RQI GLOBAL \"I\" (SGDHDG) ACC A","SG9999002224.SGD":"Allianz Global High Payout SGD","LU0472753341.HKD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (HKD) ACC","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","LU1066051811.HKD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (HKD) INC","LU1400636491.USD":"Allianz Europe Income and Growth Cl AMg DIS H2-USD","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU1244550494.USD":"FRANKLIN GLOBAL MULTI-ASSET INCOME \"A\" (USDHEDGED) ACC","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","IE00BYXW3230.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"AA\" (USD) ACC","LU1046421795.USD":"富达环球科技A-ACC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","HK0000304805.HKD":"PICTET 战略收益基金 P类港元","LU0868494617.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) ACC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","HK0000304797.USD":"PICTET 战略收益基金 P类 美元","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","APLY":"AAPL期权收益策略ETF-YieldMax","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","LU0124676726.USD":"AB SICAV I - SUSTAINABLE US THEMATIC PORTFOLIO \"A\" (USD) ACC","BK4527":"明星科技股","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","BK4571":"数字音乐概念","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","LU0528227936.USD":"富达环球人口趋势基金A-ACC","BK4576":"AR","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU0238689110.USD":"贝莱德环球动力股票基金","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)","BK4575":"芯片概念","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0823417653.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) ACC","LU0072462426.USD":"贝莱德全球配置 A2","LU1582987324.SGD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (SGDHDG) ACC","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU1582987597.SGD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (SGDHDG) INC","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","BK4579":"人工智能","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU2089284900.SGD":"Allianz Global Sustainability Cl AM Dis H2-SGD","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","HK0000819398.USD":"BLACKROCK PREMIER SYSTEMATIC GLOBAL EQUITY HIGH INCOME FUND A10 (USD)INC","LU1202635105.USD":"ALLIANZ EUROPE INCOME AND GROWTH \"AM\" (USDHDG) INC","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","BK4574":"无人驾驶","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","BK4573":"虚拟现实","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","BK4532":"文艺复兴科技持仓","BK4581":"高盛持仓","CMAG":"Corgi Mag 7 ETF","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU0158827948.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"A\" (USD) INC","BK4534":"瑞士信贷持仓","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","BK4533":"AQR资本管理(全球第二大对冲基金)","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU0708994859.HKD":"TEMPLETON GLOBAL \"A\" (HKD) ACC","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","HK0000532082.HKD":"ALLIANZ SELECTION INCOME AND GROWTH \"AM\" (HKD) INC","LU0029864427.USD":"TEMPLETON GLOBAL \"A\" (USD) INC","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","IE0003U64NQ7.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) ACC","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","IE000KEQY171.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) INC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU2023251221.USD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (USD) INC","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU0965509010.AUD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (AUDHDG) INC","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","LU0143551892.USD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A\" (USD) ACC","LU1732800096.USD":"摩根大通环球收益基金A (irc)","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","LU2462591277.SGD":"TRP GLOBAL FOCUSED GROWTH EQUITY \"AN\" (SGDHDG) ACC","LU2954938101.SGD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A8P\" (SGD) INC","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU1582986359.USD":"M&G (LUX) INCOME ALLOCATION \"A-H\" (USDHDG) ACC","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","LU2089283258.USD":"安联环球可持续基金Cl AM Dis","LU2999663052.SGD":"T ROWE PRICE GLOBAL FOCUSED GROWTH EQUITY \"A4P\" (SGD) INC","SPTE":"SP FUNDS S&P GLOBAL TECHNOLOGY ETF","FTEC":"Fidelity MSCI Information Techno","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","LU0069063385.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"A\" (USD) ACC","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU0965509101.SGD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (SGDHDG) ACC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","LU2047632596.USD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"A\" (USD) ACC","LU1400636657.SGD":"Allianz Europe Income and Growth Cl AMg DIS H2-SGD","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU2100268510.USD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"AX\" (USD) INC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","BK4507":"流媒体概念","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","LU3102509885.SGD":"T.ROWE MULTI-ASSET GLOBAL INCOME \"A8P\" (SGDHDG) INC","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU1066051225.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AC\" (USD) ACC","BK4501":"段永平概念","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0950375773.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"C\" (USD) INC A","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU0158827781.USD":" ALLIANZ GLOBAL SUSTAINABILITY \"AT\" (USD) ACC","LU1917777945.USD":"安联专题基金Cl AT Acc","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","BK4566":"资本集团","BK4505":"高瓴资本持仓","LU0882574139.USD":"富达环球消费行业基金A ACC","LU0057025933.USD":"SUSTAINABLE GLOBAL THEMATIC PORTFOLIO \"AX\" (USD) ACC","SG9999015978.USD":"利安颠覆性创新基金A","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0133085943.USD":"T ROWE PRICE US BLUE CHIP EQUITY \"A\" ACC","LU2063271972.USD":"富兰克林创新领域基金","HK0000306685.HKD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (HKD) INC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU2506951875.HKD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (HKDHDG) ACC","LU0174119429.USD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"A\" ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU2506952097.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (USDHDG) ACC","LU1400636574.HKD":"ALLIANZ EUROPE INCOME AND GROWTH \"AMG\" (HKDHDG) INC","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU2462591350.SGD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"AN\" (SGDHDG) ACC","LU0345768153.USD":"NINETY ONE GSF GLOBAL STRATEGIC MANAGED \"A\" (USD) ACC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","LU2506951958.HKD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (HKDHDG) INC","LU0784383803.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A\" (USD) INC A","LU1037948897.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"AD\" (HKD) INC","LU1934455277.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"AD\" (USD) INC","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","SG9999000418.SGD":"Aberdeen Standard Global Technology SGD","LU1037948541.HKD":"AB LOW VOLATILITY EQUITY PORTFOLIO \"A\" (HKD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU2506952170.USD":"BNP PARIBAS SUSTAINABLE GLOBAL LOW VOL EQUITY \"CRH\" (USDHDG) INC","HK0000306701.USD":"TAIKANG KAITAI CHINA NEW OPPORTUNITIES FUND \"A\" (USD) INC","SG9999014575.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USDHDG) INC","IE00BDRTCR15.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"ADC\" (USD) INC A","LU1934455194.USD":"AB SICAV I LOW VOLATILITY TOTAL RETURN EQUITY PORT \"A\" (USD) ACC","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU2637965513.SGD":"BGF GLOBAL ALLOCATION \"A10\" (SGDHDG) INC","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LU0868494708.USD":"UBS (LUX) EQUITY SICAV - US TOTAL YIELD SUSTAINABLE \"P\" (USD) INC","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","LU1261432733.SGD":"Fidelity World A-ACC-SGD","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","IE0034235295.USD":"PINEBRIDGE GLOBAL DYNAMIC ASSET ALLOCATION \"A\" (USD) ACC","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) 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","LU2111349929.HKD":"ALLIANZ GLOBAL SUSTAINABILITY \"AM\" (HKD) INC","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","LU2092627202.USD":"Blackrock ESG Multi-Asset A8 USD-H","SG9999014559.SGD":"United Income Focus Trust Dis SGD","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU2077746001.SGD":"Blackrock ESG Multi-Asset A2 SGD-H","BK4512":"苹果概念","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU0310800379.SGD":"FTIF - Templeton Global A Acc SGD","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","SG9999014567.USD":"UOB UNITED INCOME FOCUS TRUST FUND (USD) ACC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC"},"source_url":"http://www.zhitongcaijing.com/content/detail/1517512.html","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2680794782","content_text":"11月3日，苹果2026财年四季报业绩飘红——营收、EPS、iPhone均创纪录超预期，股价却在盘后转跌。市场真正定价的，不是这份“爆表”财报，而是藏在数字之后的三道裂痕：大中华区与服务收入连续两季制造负向预期差、存储成本挤压下趋弱的毛利率指引，以及一个尚未发生的12月季度。在36倍市盈率的历史高位上，这家因“不参与AI烧钱竞赛”而被避险资金推上5万亿美元市值的防御性资产，正在被同一轮AI浪潮从成本端反向侵蚀——它的安全，第一次需要被重新验证。苹果发布截至 9 月 26 日的 2026 财年第四季度业绩：总营收 1144.77 亿美元，同比增长 12%，高于 LSEG 统计的分析师预期 1133.9 亿美元，也高过公司自己此前给出的 9% 至 11% 指引区间上限;摊薄每股收益 2.10 美元，同比增长 14%，高于预期的 1.99 美元，即便剔除每股约 0.05 美元的关税退款贡献仍超预期;iPhone 营收 575.83 亿美元、同比增长 17%，创 9 月财季历史纪录。全年营收 4790 亿美元，被公司称为“有史以来最佳财年”。然而，业绩公布后，苹果盘后先短暂上涨约 0.5%，随后转跌约 1%，电话会进行中跌幅进一步扩大——截至发稿，跌约3%。这不算业绩暴雷，这是一次预期差交易，也是一场避风港叙事的压力测试。顶线稳健，裂痕在另外三个地方顶线数字几乎全线超预期。除 iPhone 外，Mac 营收 107.92 亿美元、同比增长 24%，远超约 96 亿至 97 亿美元的预期;美洲营收 486.8 亿美元(预期 485.1 亿)、欧洲 320.1 亿美元(预期 302.1 亿)，均好于预期。毛利率 47.9%，高于预期的 47.5%。裂痕出现在另外三项大中华区营收 175.39 亿美元，同比增长 21%，但比市场预期低逾 10 亿美元。服务营收 315.73 亿美元，同比增长 9.8%，按 LSEG 口径与预期(315.8 亿)基本持平，但这个增速创下 2022 年以来最低——它不是“不及预期”，而是“增速掉档”。对 12 月当季的毛利率指引为 45% 至 46%，公司明确表示该预测已计入存储芯片成本与 Siri AI 成本的影响，同时给出营收增长 7% 至 10%、服务收入增长 8% 至 9% 的指引，并提示第三方授权与汇率构成不利因素。营收指引本身高于华尔街平均预期的 6.1%，但毛利率指引落在市场隐含预期之下。三项瑕疵单独看都不致命，但它们同时出现在一份已经把“安全”定价到极致的报表上，权重就被放大了。连续两个季度，同一组板块制造预期差真正让市场警惕的不是本季，而是本季与上季的形状几乎一样。今年 7 月发布的 2026 财年第三季度，大中华区营收 188.2 亿美元、低于约 195 亿至 196 亿美元的预期，服务营收 307.4 亿美元、低于约 312 亿至 314 亿美元的预期。一个季度后，同样的两个板块再次同时制造负向预期差。一个季度的预期差是瑕疵，连续两个季度同一组板块的预期差，就变成了模式。两个板块的压力来源都是结构性的。大中华区面对本土高端竞争：第三方统计显示，苹果在中国 600 美元以上价位段的份额已从 2022 年的约 75% 回落至约50%;叠加服务本地化受限、AI 功能在中国市场落地延迟，压力不是一季能修好的。服务则是另外一条曲线。App Store 增速放缓、监管变化导致苹果无法对 App Store 外交易抽取 15% 至 30% 的佣金、谷歌搜索授权收入趋缓——这些是持续性而非一次性拖累。服务的意义在于它是苹果的利润缓冲垫：硬件毛利率被存储成本挤压时，服务的高毛利本应对冲;当服务增速掉到个位数后段，这块缓冲垫正在变薄。缓冲垫变薄的时点是可推算的。库克此前表示，公司预先采购的低成本 DRAM/NAND 从 6 月起逐渐失效、囤货将耗尽;CFO 凯文·帕雷克在 7 月电话会上说，内存成本可以解释调整后毛利率环比变化的 100% 以上。9 月当季是保护层开始剥落的一季，12 月当季——即毛利率指引降到 45% 至 46% 的这一季——是剥落加深的一季：iPhone 18 Pro 在 9 月当季只计入约 9 天，涨价收益尚未满额体现，更高的存储成本却已进入销货成本。避风港悖论：防御性来自“没有做什么”苹果今年的相对强势，本质上是别人在花钱。已公布的最近四个财季中，微软、亚马逊、谷歌-A、Meta 合计资本开支超 6000 亿美元，绝大部分投向 AI 数据中心;苹果同期资本开支仅约 100 亿美元，不到四家合计的六十分之一。代价已经出现在对手的报表上：Alphabet、亚马逊、Meta 最近披露的自由现金流均为负值，被迫更多转向债务市场，而利率在上行。苹果 2026 财年自由现金流则预计增长 38% 至 1420 亿美元。资金的选择因此变得机械：费城半导体指数单日下跌 2% 及以上的 46 个交易日里，苹果有 30 天上涨，占比约三分之二;而 1994 年至去年，这类交易日中苹果上涨的天数仅约六分之一。苹果与半导体指数的相关性在 7 月转为负值，9 月创下历史最低值。10 月 30 日，苹果以 5.03 万亿美元市值反超英伟达的 4.93 万亿。问题在于，这种防御属性来自“苹果没有做什么”，而不是“苹果做成了什么”。更尖锐的是，AI 算力扩张正在通过成本端反向输入苹果的利润表。测算显示：两年前苹果采购的闪存容量接近微软、亚马逊、Meta、谷歌四家合计的两倍，如今四家的采购量是苹果的两倍;苹果今年闪存支出预计约 250 亿美元，而 2025 年购买同等规模存储仅花费约 60 亿美元。TechInsights 数据显示，过去一年 AI 数据中心需求把闪存价格推高至原来的五倍。库克把内存涨价比作“百年一遇的洪水”，而据知情人士，苹果高层对此事先准备不足。在这场议价权转移里，二十年来苹果第一次坐在被挤压的一侧。这意味着苹果的防御性同时包含了两个方向相反的敞口：它不参与资本开支竞赛，因此不受现金流质疑;但它采购存储，因此直接承受 AI 算力扩张推高的元件价格。而流向它的避险资金本身是战术性的、可逆的——半导体板块一旦反弹，这笔钱没有理由留在苹果。36倍市盈率：高估值下的“安全预期”零容忍盘后下跌的直接语境是估值。在这次财报前，苹果的预期市盈率约 36 倍，为 2008 年以来最高水平;买入评级占比不足 60%;在“七巨头”中，苹果是唯一一家按卖方目标价隐含回报为负的公司。自 6 月底以来的一轮上涨为苹果增加了约 1 万亿美元市值，投资者押注的是一份“爆表”的业绩。在这个起点上，容错空间接近于零。顶线超预期是及格线，不是加分项;而大中华区预期差、服务增速掉档、毛利率指引疲软这三项，每一项的边际定价权重都被估值倍数放大。更值得注意的是方向的不对称：营收指引(+7% 至 10% 对共识 6.1%)其实高于预期，但没能把股价拉回来——说明市场真正定价的是增长质量，不是增长幅度。这里还藏着一层更技术性的原因：市场可能一直在用错误的日历给苹果建模。美银分析师 Wamsi Mohan 在 10 月 30 日的报告中直言华尔街存在“建模错误”——苹果把 iPhone 18 Pro、Pro Max 与 Duo 放在 9 月，基础款和 iPhone Air 放到次年 3 月，而模型习惯把一代产品塞进同一张表。美银据此将 2027 财年 iPhone 出货量预期下调 900 万台至 2.47 亿部(华尔街约 2.6 亿部)，并预计本季营收 1130 亿美元、EPS 1.97 美元，双双低于共识。结果看，美银对本季的谨慎偏保守了——苹果实际营收高出其预测约 15 亿美元。但 Mohan 的判断指向的不是本季，而是 12 月与 3 月季度的收入与毛利率建模。盘后波动里有一部分，是市场在对“分析师模型误差”这件事本身重新定价。特努斯首秀：产品节奏切换造成的信号断层这是约翰·特努斯 9 月 1 日接任 CEO 后的第一份财报，也是他第一次主持电话会。他的履历决定了市场的读法：机械工程出身、在苹果 25 年、主导 Mac 向 Apple Silicon 迁移。上任数周，他推动减少对春秋发布节奏的依赖、取消部分中层、缩短汇报层级——这套组织重构的副作用之一，正是财报节奏本身变得难以建模：过去几十年营收曲线是假日季冲高、次年夏末回落，现在苹果要抹平这个形状，代价是市场失去了季节性外推工具。本季是市场第一次被迫面对这个现场。财报里同时存在三种时间错位：iPhone 18 Pro 只计入约 9 天;普通版 iPhone 18 与新 iPhone Air 要到 2027 年上半年;折叠屏 iPhone Duo 10 月 23 日才开售，完全不在本季报表内。Duo 因此成了一份“沉默证据”。第三方博主与统计机构数据显示，Duo 在 W43(10 月 19 日至 25 日)开售仅 3 天即录得约 12.5 万台激活量，排进该周单周销量榜第五，同期 iPhone 18 Pro Max 约 72.4 万台、iPhone 18 Pro 约 33.5 万台。摩根士丹利统计的部分机型线上预购等待时间约 14 周，为其统计口径下十年最长;摩根大通预计受供应限制，2026 年 Duo 出货约 800 万至 900 万台。但这些数字一个都不在报表里。市场只能从管理层语气里读它——这也正是本次电话会的信号权重高于已确认数字的原因。特努斯给出的信息只有定性口径。他表示，“极小比例”的 Duo 因显示问题被退回、公司正在更换，且目前无法判断供需何时平衡：“Duo 目前是受限的，爬坡进展顺利，我们正努力尽快交付给更多客户，但目前无法预测供需何时达到平衡。”他同时确认，9 月当季的内存成本高于 6 月当季，部分被库存收益与部分非内存零部件成本下降抵消，而 iPhone 17 涨价 100 美元、部分 MacBook 提价“提供了一定对冲”。他称新版 Siri 现在每天处理 25 亿次请求。于是这一夜的定价逻辑倒挂了：已确认的数字(营收、EPS、iPhone、Mac)全部超预期，但决定股价的是尚未发生的数字——12 月季度毛利率能不能守住 46%、Duo 供给何时爬坡、基础款 iPhone 18 的节奏会不会继续打乱模型。结论：防御性来自“不花钱”，而“不花钱”不是增长引擎苹果当前的核心张力是清楚的：它因为不参与 AI 资本开支竞赛而被资金被动推为防御资产，但 AI 算力扩张正通过存储成本反向侵蚀它的利润表;它的防御性来自克制，而不是来自一个新的增长引擎;而这类防御资金是战术性的、可逆的。增长裂痕与成本压力出现在同一张报表上——大中华区与服务连续两季制造预期差，毛利率指引首次把存储与 AI 成本同时写进前瞻口径。在 36 倍预期市盈率、2008 年以来最高估值的起点上，“安全”本身需要被重新验证，而不是被默认。特努斯眼下有一个防守性叙事的窗口期：假日季产品阵容是近年来最密集的一轮(触屏 MacBook Pro、更新版 iMac、新入门级 MacBook Pro 于 11 月 6 日发货，HomeView 家居中枢、AirPods 5 已在售)，Siri 已交付，Duo 需求信号足够强但供给受限——供给受限本身，在叙事上可以被讲成“需求太好”。这个窗口能开多久，取决于几组指标：12 月当季大中华区是否继续出现预期差、服务增速能否在 8% 至 9% 的指引区间企稳、毛利率指引是否确认存储压力延续到 2027 财年、苹果的 AI 资本开支口径是否变化，以及 Duo 的需求与供给指引能否从“无法预测”变成“给出时点”。","news_type":1,"symbols_score_info":{"CMAG":0.6,"TYLG":0.6,"JGRO":0.6,"SPTE":0.6,"AAPE":0.6,"AAPW":0.6,"AAPL":1.99,"VT":0.6,"ROM":0.6,"IOSX":0.6,"AAPU":0.6,"AAPB":0.6,"AAPD":0.6,"AAPX":0.6,"METV":0.6,"TTXU":0.6,"IXN":0.6,"FTEC":0.6,"AAPY":0.6,"VGT":0.6,"ABFL":0.6,"XLK":0.6,"APLY":0.6}},"isVote":1,"tweetType":1,"viewCount":0,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":16,"optionInvolvedFlag":false,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/625498547852576"}