[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcio0de66686":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcio0de66686","大摩评苹果(AAPL)进入“Ternus时代”：高端化、创新与-AI-全面加持-从“挤牙膏”到全面进攻","\u002Fdoc\u002Fdcio0de66686","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>美股投资网获悉，近日，2026苹果秋季新品发布会正式落幕，这是苹果新任CEO John Ternus接手后的首场重磅发布会。大摩发布相关事件解读研报，称在新CEO领导下，苹果正将 iPhone 重新定位为智能个人中枢，而折叠屏机型 Duo 与 Siri 人工智能是该战略的核心。配合持续迭代的产品创新(明年春季将带来电池、相机、健康等多项升级)、半导体与软件层面显著差异化优势，以及定价层面的利好因素，大摩预计苹果在 2027 财年将实现高于行业平均水平的增长，极度看好其在FY27实现超趋势增长，并将目标价上调至360美元。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>苹果此次发布会最大的基调变化，不是某一款新品，而是新CEO John Ternus首次公开亮相，宣告苹果正式进入“Ternus时代”。其战略核心清晰可见硬件创新明显加速、定价全面高端化、AI深度整合进真实生活场景。这基本代表苹果正在摆脱过去几年“挤牙膏”的形象。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>折叠屏iPhone Duo1999美元是进攻信号\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>首款折叠屏iPhone Duo起售价1999美元，远低于市场预期的2300至2500美元以上，甚至比三星Galaxy Fold7还便宜1美元。这一激进定价释放出明确信号苹果现阶段战略是“抢占折叠屏市占率”和“推动普及”，而不是死抠这台机器的短期利润率。大摩预计其初期极易售罄。换言之，苹果宁愿以价格换规模，先拿下折叠屏入口，再通过生态和服务变现。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>iPhone 18系列硬件大跨越，定价策略反常\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>iPhone 18系列硬件升级显著首发台积电2nm A20芯片、4800万像素可变光圈主摄，续航史诗级提升，Pro Max视频播放达45小时。但价格策略更值得玩味Pro系列涨价100美元，旧款机型不仅没按惯例降价，反而也涨了100美元。用大白话总结，苹果为了抵消2nm和内存成本上涨，宁愿接受一定利润率压力，也要保“总利润额”。同时，苹果通过提高旧机折抵价值——平均提升13%——以及运营商高额补贴，最高1200美元，来降低消费者的掏钱痛感。这是一套“涨价+补贴”的组合拳，既守住高端定位，又尽量不让销量失速。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Apple Intelligence从原生App走向30万第三方App\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>AI是本次发布会的核心增量。Siri日请求量已达25亿次，追平一年前ChatGPT的日查询量。最大的惊喜在于，AI不再局限于苹果原生App，已开始深度联动和控制超过30万个第三方App，如WhatsApp、Outlook等。同时，AI能力下放到Apple Watch，支持音频智能、Siri回顾等功能。这意味着苹果AI战略正从“系统功能”升级为“生活层入口”，其护城河不再是单一硬件，而是跨应用、跨设备的场景控制力。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>穿戴与健康从数据收集到行动建议\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>Apple Watch Series 12和Ultra 4搭载全新健康传感系统，全天候每5秒测一次心率。更关键的是核心转变从“单纯收集用户数据”进化为“提供可执行的行动建议”，推出Readiness准备就绪分数和Health Age健康年龄。健康生态由此成为硬件高端化的重要支撑，也强化了苹果在可穿戴领域的差异化优势。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>整体来看，这场发布会表明苹果不再满足于微创新，而是以Ternus时代为起点，用硬件加速、高端定价、AI整合三箭齐发。折叠屏低价抢市、iPhone涨价保总额、AI开放第三方、健康提供行动建议，构成一套清晰的增长组合拳。大摩看好FY27超趋势增长，目标价360美元。挑战在于高端定价能否被补贴和折抵对冲，AI开放能否转化为持续收入，折叠屏能否真正推动普及。若执行到位，苹果有望重回增长快车道。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最专业的美股资讯,推荐美股大数据 \u003Ca href=\"https:\u002F\u002FStockwe.com\u002F\">https:\u002F\u002FStockwe.com\u002F\u003C\u002Fa>\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>如何识别美股市场异常波动？美国机构主力资金买卖情况，出货和吸筹，使用美股投资网VIP会员，2008年成立于美国硅谷，由前纽约证券交易所分析师Ken创立，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化模型，建立了一个股市数据库 \u003Ca href=\"https:\u002F\u002FStockWe.com\u002F\">https:\u002F\u002FStockWe.com\u002F\u003C\u002Fa> 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]