708 lines
38 KiB
HTML
708 lines
38 KiB
HTML
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<!DOCTYPE html>
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<html lang="zh-CN">
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<meta charset="utf-8" />
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<meta name="viewport" content="width=device-width, initial-scale=1, shrink-to-fit=no">
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<title>苹果AI创新周期分析报告</title>
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@import url('https://fonts.googleapis.com/css2?family=Noto+Sans+SC:wght@300;400;500;700&display=swap');
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body {
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font-family: 'Noto Sans SC', 'Inter', sans-serif;
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background: linear-gradient(135deg, #f5f7fa 0%, #e4e8f0 100%);
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min-height: 100vh;
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</style>
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</head>
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<body class="p-4 md:p-8">
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<div class="max-w-7xl mx-auto">
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<!-- 标题区域 -->
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<div class="glass-effect p-6 mb-8 text-center">
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<h1 class="text-3xl md:text-4xl font-bold gradient-text mb-4">苹果AI创新周期分析报告</h1>
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<p class="text-gray-600 max-w-3xl mx-auto">深入分析苹果AI创新周期的发展阶段、核心驱动力、产业链布局及投资机会</p>
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</div>
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<!-- 概念事件时间线 -->
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<div class="glass-effect p-6 mb-8">
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<h2 class="text-2xl font-bold mb-6 text-gray-800">概念事件时间线</h2>
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<div class="relative pl-8">
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<div class="timeline-line"></div>
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<div class="relative mb-8">
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<div class="timeline-dot"></div>
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<div class="card-hover bg-white rounded-lg p-4 shadow-sm">
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<div class="flex items-center mb-2">
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<span class="bg-blue-100 text-blue-800 text-xs font-semibold px-2.5 py-0.5 rounded">2024年6月11日</span>
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</div>
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<h3 class="font-semibold text-gray-800 mb-1">WWDC24发布Apple Intelligence系统</h3>
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<p class="text-gray-600 text-sm">首次将端侧AI（30亿参数模型）与云端大模型（Private Cloud Compute）结合，仅支持A17 Pro/M系列芯片设备，直接触发换机需求。</p>
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</div>
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</div>
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<div class="relative mb-8">
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<div class="timeline-dot"></div>
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<div class="card-hover bg-white rounded-lg p-4 shadow-sm">
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<div class="flex items-center mb-2">
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<span class="bg-blue-100 text-blue-800 text-xs font-semibold px-2.5 py-0.5 rounded">2024年9月10日</span>
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</div>
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<h3 class="font-semibold text-gray-800 mb-1">iPhone 16系列发布</h3>
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<p class="text-gray-600 text-sm">搭载A18芯片（CPU/GPU性能提升30%/40%），新增钢壳电池（能量密度+30%）、VC均热板散热（安卓已普及），硬件升级明确指向AI算力需求。</p>
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</div>
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</div>
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<div class="relative mb-8">
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<div class="timeline-dot"></div>
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<div class="card-hover bg-white rounded-lg p-4 shadow-sm">
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<div class="flex items-center mb-2">
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<span class="bg-blue-100 text-blue-800 text-xs font-semibold px-2.5 py-0.5 rounded">2025年1月7日</span>
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</div>
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<h3 class="font-semibold text-gray-800 mb-1">中泰电子指出iPhone 17将成首款"AI Agent"手机</h3>
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<p class="text-gray-600 text-sm">散热/光学/中框ASP提升50%+，叠加折叠屏/AR眼镜2026年落地，三年创新周期启动。</p>
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</div>
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</div>
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<div class="relative">
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<div class="timeline-dot"></div>
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<div class="card-hover bg-white rounded-lg p-4 shadow-sm">
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<div class="flex items-center mb-2">
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<span class="bg-blue-100 text-blue-800 text-xs font-semibold px-2.5 py-0.5 rounded">关税豁免预期</span>
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</div>
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<h3 class="font-semibold text-gray-800 mb-1">大陆供应商占比提升</h3>
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<p class="text-gray-600 text-sm">2018年苹果曾豁免关税，2025年若美国加征关税，大陆供应商占比已升至28.9%（2014年仅12.4%），海外产能（越南/印度）可对冲风险。</p>
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</div>
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</div>
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</div>
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</div>
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<!-- 核心观点摘要 -->
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<div class="glass-effect p-6 mb-8">
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<h2 class="text-2xl font-bold mb-6 text-gray-800">核心观点摘要</h2>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
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<div class="card-hover bg-white rounded-lg p-5 shadow-sm">
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<div class="flex items-center mb-3">
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<div class="bg-blue-100 p-2 rounded-lg mr-3">
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<i class="fas fa-chart-line text-blue-600"></i>
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</div>
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<h3 class="font-semibold text-gray-800">阶段判断</h3>
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</div>
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<p class="text-gray-600 text-sm">苹果AI创新周期处于"硬件升级驱动换机"初期，2025-2027年将进入"AI Agent+折叠屏+AR生态"爆发期。</p>
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</div>
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<div class="card-hover bg-white rounded-lg p-5 shadow-sm">
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<div class="flex items-center mb-3">
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<div class="bg-purple-100 p-2 rounded-lg mr-3">
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<i class="fas fa-rocket text-purple-600"></i>
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</div>
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<h3 class="font-semibold text-gray-800">核心驱动力</h3>
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</div>
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<p class="text-gray-600 text-sm">端侧AI功能强制硬件升级（内存/散热/PCB），叠加换机周期缩短（当前36个月→AI刺激下或回3年），形成量价齐升。</p>
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</div>
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<div class="card-hover bg-white rounded-lg p-5 shadow-sm">
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<div class="flex items-center mb-3">
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<div class="bg-green-100 p-2 rounded-lg mr-3">
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<i class="fas fa-lightbulb text-green-600"></i>
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</div>
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<h3 class="font-semibold text-gray-800">未来潜力</h3>
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</div>
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<p class="text-gray-600 text-sm">2026年折叠屏/AR眼镜或带来6000万增量销量（安卓高端机20%渗透率×苹果80%份额），供应链ASP翻倍。</p>
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</div>
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</div>
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</div>
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<!-- 核心逻辑与市场认知分析 -->
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<div class="glass-effect p-6 mb-8">
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<h2 class="text-2xl font-bold mb-6 text-gray-800">核心逻辑与市场认知分析</h2>
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<div class="mb-8">
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<h3 class="text-xl font-semibold mb-4 text-gray-800">核心驱动力</h3>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
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<div class="bg-blue-50 rounded-lg p-4">
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<h4 class="font-semibold text-blue-800 mb-2">技术突破</h4>
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<p class="text-blue-700 text-sm">Apple Intelligence实现端侧30亿参数模型本地运行，复杂任务调用云端，隐私与性能平衡（Private Cloud Compute）。</p>
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</div>
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<div class="bg-purple-50 rounded-lg p-4">
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<h4 class="font-semibold text-purple-800 mb-2">硬件瓶颈</h4>
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<p class="text-purple-700 text-sm">仅8GB内存以上设备支持AI，85%存量iPhone无法升级（2020-1Q24数据），强制换机。</p>
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</div>
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<div class="bg-green-50 rounded-lg p-4">
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<h4 class="font-semibold text-green-800 mb-2">成本下降</h4>
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<p class="text-green-700 text-sm">M4芯片3nm工艺使AI算力提升60%但功耗降低30%，推动平价AI机型（如SE4）渗透。</p>
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</div>
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</div>
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</div>
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<div class="mb-8">
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<h3 class="text-xl font-semibold mb-4 text-gray-800">市场热度</h3>
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<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
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<div class="bg-white rounded-lg p-4 shadow-sm">
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<h4 class="font-semibold text-gray-800 mb-2">研报密集度</h4>
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<p class="text-gray-600 text-sm">2024年6-12月超20篇深度报告聚焦，2025年PE中枢从25倍降至15倍（中金数据），反映预期提前。</p>
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</div>
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<div class="bg-white rounded-lg p-4 shadow-sm">
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<h4 class="font-semibold text-gray-800 mb-2">情绪分歧</h4>
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<p class="text-gray-600 text-sm">乐观派（东吴/中泰）认为2025年iPhone销量或达3亿部（+20%），谨慎派（华泰）指出AI功能落地慢于预期（中文版本推迟至2025年）。</p>
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</div>
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</div>
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</div>
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<div>
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<h3 class="text-xl font-semibold mb-4 text-gray-800">预期差</h3>
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<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
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<div class="bg-yellow-50 rounded-lg p-4">
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<h4 class="font-semibold text-yellow-800 mb-2">忽略点1：散热升级</h4>
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<p class="text-yellow-700 text-sm">iPhone 17或采用VC均热板+石墨片组合（安卓已普及），单机散热ASP从$2→$5（恒铭达数据）。</p>
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</div>
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<div class="bg-yellow-50 rounded-lg p-4">
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<h4 class="font-semibold text-yellow-800 mb-2">忽略点2：折叠屏转轴</h4>
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<p class="text-yellow-700 text-sm">折叠屏转轴价值量=2倍直板机中框（环旭电子测算），但市场仅关注光学升级。</p>
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</div>
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</div>
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</div>
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</div>
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<!-- 关键催化剂与未来发展路径 -->
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<div class="glass-effect p-6 mb-8">
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<h2 class="text-2xl font-bold mb-6 text-gray-800">关键催化剂与未来发展路径</h2>
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<div class="mb-8">
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<h3 class="text-xl font-semibold mb-4 text-gray-800">近期催化剂（3-6个月）</h3>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
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<div class="card-hover bg-white rounded-lg p-5 shadow-sm">
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<div class="flex items-center mb-3">
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<div class="bg-red-100 p-2 rounded-lg mr-3">
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<i class="fas fa-calendar-alt text-red-600"></i>
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</div>
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<h4 class="font-semibold text-gray-800">2025年3月</h4>
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</div>
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<p class="text-gray-600 text-sm">iPhone SE4发布（全面屏+AI功能），2000万部备货（中泰预测），拉动Q1淡季不淡。</p>
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</div>
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<div class="card-hover bg-white rounded-lg p-5 shadow-sm">
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<div class="flex items-center mb-3">
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<div class="bg-red-100 p-2 rounded-lg mr-3">
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<i class="fas fa-calendar-alt text-red-600"></i>
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</div>
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<h4 class="font-semibold text-gray-800">2025年6月</h4>
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</div>
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<p class="text-gray-600 text-sm">iPhone 17进入NPI阶段，散热/光学/钢壳电池订单确认，设备厂（赛腾股份/博众精工）订单爆发。</p>
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</div>
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<div class="card-hover bg-white rounded-lg p-5 shadow-sm">
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<div class="flex items-center mb-3">
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<div class="bg-red-100 p-2 rounded-lg mr-3">
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<i class="fas fa-gavel text-red-600"></i>
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</div>
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<h4 class="font-semibold text-gray-800">关税落地</h4>
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</div>
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<p class="text-gray-600 text-sm">若美国加征关税，苹果豁免概率高（2018年先例），大陆供应商份额或再提升。</p>
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</div>
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</div>
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</div>
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<div>
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<h3 class="text-xl font-semibold mb-4 text-gray-800">长期路径</h3>
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<div class="relative">
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<div class="flex flex-col md:flex-row justify-between items-center">
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<div class="card-hover bg-white rounded-lg p-5 shadow-sm mb-4 md:mb-0 md:w-1/3 mx-2">
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<div class="text-center mb-3">
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<div class="bg-blue-100 w-12 h-12 rounded-full flex items-center justify-center mx-auto">
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<span class="text-blue-800 font-bold">2025</span>
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</div>
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</div>
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<h4 class="font-semibold text-gray-800 mb-2 text-center">AI Agent落地</h4>
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<p class="text-gray-600 text-sm text-center">Siri控制第三方App，iPhone 17 ASP+30%（光学/散热升级）。</p>
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</div>
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<div class="card-hover bg-white rounded-lg p-5 shadow-sm mb-4 md:mb-0 md:w-1/3 mx-2">
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<div class="text-center mb-3">
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<div class="bg-purple-100 w-12 h-12 rounded-full flex items-center justify-center mx-auto">
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<span class="text-purple-800 font-bold">2026</span>
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</div>
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</div>
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<h4 class="font-semibold text-gray-800 mb-2 text-center">折叠屏iPhone发布</h4>
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<p class="text-gray-600 text-sm text-center">转轴/ETC玻璃增量，销量+6000万部（东吴测算）。</p>
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</div>
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<div class="card-hover bg-white rounded-lg p-5 shadow-sm md:w-1/3 mx-2">
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<div class="text-center mb-3">
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<div class="bg-green-100 w-12 h-12 rounded-full flex items-center justify-center mx-auto">
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<span class="text-green-800 font-bold">2027</span>
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</div>
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</div>
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<h4 class="font-semibold text-gray-800 mb-2 text-center">AR眼镜+血糖手表</h4>
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<p class="text-gray-600 text-sm text-center">无创监测，可穿戴ASP提升3倍（国海电子预测）。</p>
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</div>
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</div>
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</div>
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</div>
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</div>
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<!-- 产业链与核心公司深度剖析 -->
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<div class="glass-effect p-6 mb-8">
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<h2 class="text-2xl font-bold mb-6 text-gray-800">产业链与核心公司深度剖析</h2>
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<div class="mb-8">
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<h3 class="text-xl font-semibold mb-4 text-gray-800">产业链图谱</h3>
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<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
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<div class="bg-blue-50 rounded-lg p-5">
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<h4 class="font-semibold text-blue-800 mb-3 text-center">上游</h4>
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<ul class="text-blue-700 text-sm space-y-2">
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<li>• 芯片（台积电A18/M4）</li>
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<li>• 存储（兆易创新NOR Flash）</li>
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<li>• 散热（中石科技石墨膜+VC均热板）</li>
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</ul>
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</div>
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<div class="bg-purple-50 rounded-lg p-5">
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<h4 class="font-semibold text-purple-800 mb-3 text-center">中游</h4>
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<ul class="text-purple-700 text-sm space-y-2">
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<li>• 组装（立讯精密/工业富联）</li>
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<li>• PCB（鹏鼎控股SLP升级）</li>
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<li>• 光学（水晶光电潜望镜头）</li>
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</ul>
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</div>
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<div class="bg-green-50 rounded-lg p-5">
|
||
<h4 class="font-semibold text-green-800 mb-3 text-center">下游</h4>
|
||
<ul class="text-green-700 text-sm space-y-2">
|
||
<li>• 苹果品牌溢价</li>
|
||
<li>• 换机需求</li>
|
||
<li>• 生态服务</li>
|
||
</ul>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-xl font-semibold mb-4 text-gray-800">核心玩家对比</h3>
|
||
<div class="table-container">
|
||
<table class="min-w-full bg-white rounded-lg overflow-hidden">
|
||
<thead class="bg-gray-50">
|
||
<tr>
|
||
<th class="py-3 px-4 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">公司</th>
|
||
<th class="py-3 px-4 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">逻辑纯度</th>
|
||
<th class="py-3 px-4 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">竞争优势</th>
|
||
<th class="py-3 px-4 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">风险点</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody class="divide-y divide-gray-200">
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">立讯精密</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">★★★★★</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">iPhone组装份额40%+AirPods代工龙头</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果降价压力</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">鹏鼎控股</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">★★★★☆</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果SLP独供，AI主板价值量+30%</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">安卓客户拓展不及预期</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">恒铭达</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">★★★★☆</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">散热小件主导研发（iPhone 17 ASP $5→$10）</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">单一客户依赖</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">蓝思科技</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">★★★☆☆</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">玻璃+金属中框融合，折叠屏盖板</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">价格战导致毛利率下滑</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
|
||
<div class="mt-6 grid grid-cols-1 md:grid-cols-2 gap-4">
|
||
<div class="bg-green-50 rounded-lg p-4">
|
||
<h4 class="font-semibold text-green-800 mb-2">印证</h4>
|
||
<p class="text-green-700 text-sm">台积电2024Q4法说会确认A18芯片订单同比+20%（苹果链调研）。</p>
|
||
</div>
|
||
|
||
<div class="bg-red-50 rounded-lg p-4">
|
||
<h4 class="font-semibold text-red-800 mb-2">矛盾</h4>
|
||
<p class="text-red-700 text-sm">部分路演称"iPhone 16加单1000万部"，但TrendForce数据显示2024年iPhone出货量仅2.4亿部（持平2023），需跟踪Q1实际排产。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 潜在风险与挑战 -->
|
||
<div class="glass-effect p-6 mb-8">
|
||
<h2 class="text-2xl font-bold mb-6 text-gray-800">潜在风险与挑战</h2>
|
||
<div class="grid grid-cols-1 md:grid-cols-2 gap-4">
|
||
<div class="card-hover bg-white rounded-lg p-5 shadow-sm border-l-4 border-red-500">
|
||
<h3 class="font-semibold text-gray-800 mb-2">技术风险</h3>
|
||
<p class="text-gray-600 text-sm">端侧30亿参数模型能否支撑复杂AI任务？若体验不佳，换机潮或低于预期。</p>
|
||
</div>
|
||
|
||
<div class="card-hover bg-white rounded-lg p-5 shadow-sm border-l-4 border-yellow-500">
|
||
<h3 class="font-semibold text-gray-800 mb-2">商业化风险</h3>
|
||
<p class="text-gray-600 text-sm">AI功能订阅收费尚未明确（苹果CEO称"不考虑收费"），可能影响长期盈利模型。</p>
|
||
</div>
|
||
|
||
<div class="card-hover bg-white rounded-lg p-5 shadow-sm border-l-4 border-purple-500">
|
||
<h3 class="font-semibold text-gray-800 mb-2">政策风险</h3>
|
||
<p class="text-gray-600 text-sm">若美国取消关税豁免，大陆供应商成本或增加5-10%（中泰测算）。</p>
|
||
</div>
|
||
|
||
<div class="card-hover bg-white rounded-lg p-5 shadow-sm border-l-4 border-blue-500">
|
||
<h3 class="font-semibold text-gray-800 mb-2">信息矛盾</h3>
|
||
<p class="text-gray-600 text-sm">德邦电子预测2025年iPhone销量3亿部，但华泰路演指出AI功能中文版本推迟至2025年Q2，可能抑制中国市场需求。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 综合结论与投资启示 -->
|
||
<div class="glass-effect p-6 mb-8">
|
||
<h2 class="text-2xl font-bold mb-6 text-gray-800">综合结论与投资启示</h2>
|
||
|
||
<div class="mb-6">
|
||
<h3 class="text-xl font-semibold mb-4 text-gray-800">阶段判断</h3>
|
||
<div class="bg-gradient-to-r from-blue-50 to-purple-50 rounded-lg p-5">
|
||
<p class="text-gray-700">当前处于"硬件升级预期"阶段，2025年将进入"销量兑现+ASP提升"的基本面驱动阶段。</p>
|
||
</div>
|
||
</div>
|
||
|
||
<div class="mb-6">
|
||
<h3 class="text-xl font-semibold mb-4 text-gray-800">高价值环节</h3>
|
||
<div class="grid grid-cols-1 md:grid-cols-3 gap-4">
|
||
<div class="bg-white rounded-lg p-5 shadow-sm">
|
||
<div class="flex items-center mb-3">
|
||
<div class="bg-blue-100 p-2 rounded-lg mr-3">
|
||
<i class="fas fa-fire text-blue-600"></i>
|
||
</div>
|
||
<h4 class="font-semibold text-gray-800">散热</h4>
|
||
</div>
|
||
<p class="text-gray-600 text-sm">VC均热板（安卓渗透率80%→苹果0%→2025年50%），中石科技/领益智造弹性最大。</p>
|
||
</div>
|
||
|
||
<div class="bg-white rounded-lg p-5 shadow-sm">
|
||
<div class="flex items-center mb-3">
|
||
<div class="bg-purple-100 p-2 rounded-lg mr-3">
|
||
<i class="fas fa-cogs text-purple-600"></i>
|
||
</div>
|
||
<h4 class="font-semibold text-gray-800">折叠屏转轴</h4>
|
||
</div>
|
||
<p class="text-gray-600 text-sm">精研科技/统联精密技术领先，2026年或放量。</p>
|
||
</div>
|
||
|
||
<div class="bg-white rounded-lg p-5 shadow-sm">
|
||
<div class="flex items-center mb-3">
|
||
<div class="bg-green-100 p-2 rounded-lg mr-3">
|
||
<i class="fas fa-microchip text-green-600"></i>
|
||
</div>
|
||
<h4 class="font-semibold text-gray-800">AI芯片配套</h4>
|
||
</div>
|
||
<p class="text-gray-600 text-sm">兆易创新NOR Flash（存储大模型参数）需求爆发。</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<div>
|
||
<h3 class="text-xl font-semibold mb-4 text-gray-800">跟踪指标</h3>
|
||
<div class="space-y-3">
|
||
<div class="flex items-start">
|
||
<div class="bg-blue-100 rounded-full w-6 h-6 flex items-center justify-center mt-1 mr-3 flex-shrink-0">
|
||
<span class="text-blue-800 text-xs font-bold">1</span>
|
||
</div>
|
||
<p class="text-gray-700 text-sm">2025年Q1 iPhone排产数据（验证换机潮强度）</p>
|
||
</div>
|
||
|
||
<div class="flex items-start">
|
||
<div class="bg-blue-100 rounded-full w-6 h-6 flex items-center justify-center mt-1 mr-3 flex-shrink-0">
|
||
<span class="text-blue-800 text-xs font-bold">2</span>
|
||
</div>
|
||
<p class="text-gray-700 text-sm">iPhone 17散热方案确认（VC均热板供应商份额）</p>
|
||
</div>
|
||
|
||
<div class="flex items-start">
|
||
<div class="bg-blue-100 rounded-full w-6 h-6 flex items-center justify-center mt-1 mr-3 flex-shrink-0">
|
||
<span class="text-blue-800 text-xs font-bold">3</span>
|
||
</div>
|
||
<p class="text-gray-700 text-sm">苹果AI功能中文版本上线时间（影响中国销量）</p>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
|
||
<!-- 关联股票表格 -->
|
||
<div class="glass-effect p-6 mb-8">
|
||
<h2 class="text-2xl font-bold mb-6 text-gray-800">关联股票</h2>
|
||
<div class="table-container">
|
||
<table class="min-w-full bg-white rounded-lg overflow-hidden">
|
||
<thead class="bg-gray-50">
|
||
<tr>
|
||
<th class="py-3 px-4 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">股票名称</th>
|
||
<th class="py-3 px-4 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">行业</th>
|
||
<th class="py-3 px-4 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">项目</th>
|
||
<th class="py-3 px-4 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">分类</th>
|
||
<th class="py-3 px-4 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">产业链</th>
|
||
<th class="py-3 px-4 text-left text-xs font-medium text-gray-500 uppercase tracking-wider">投资逻辑</th>
|
||
</tr>
|
||
</thead>
|
||
<tbody class="divide-y divide-gray-200">
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">工业富联</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">电子制造服务（EMS）</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">iPhone系列代工</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">组装代工</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果供应链组装环节</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">作为iPhone核心代工厂，直接受益于苹果换机潮及AI功能推动的销量增长</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">比亚迪</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">电池制造</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果电池代工</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">组装代工</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果供应链电池供应</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">为苹果提供电池产品，受益于iPhone换机需求及电池更换周期</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">立讯精密</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">消费电子制造</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">AirPods第一代工厂</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">组装代工</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果可穿戴设备供应链</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">AirPods核心代工厂，受益于苹果TWS耳机市场占有率提升</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">歌尔股份</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">消费电子制造</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">AirPods第二代工厂</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">组装代工</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果可穿戴设备供应链</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">AirPods主要代工厂之一，受益于苹果可穿戴设备需求增长</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">赛腾股份</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">自动化设备</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果智能设备组装</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果智能（AI）</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果AI设备生产环节</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">为苹果提供自动化组装设备，受益于AI设备产能扩张需求</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">福蓉科技</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">消费电子材料</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果手机结构件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果智能（AI）</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果设备上游材料供应</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应手机铝制结构件，受益于iPhone换机潮带来的增量需求</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">光大同创</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">消费电子制造</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果零部件供应</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果智能（AI）</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果设备零部件供应</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">提供功能性器件，受益于苹果AI设备生产需求</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">春秋电子</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">消费电子制造</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果笔记本结构件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果智能（AI）</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果笔记本供应链</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应笔记本电脑结构件，受益于Mac产品线升级换代</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">瑞声科技</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">声学器件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果声学器件供应</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">声学器件/马达</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果声学解决方案供应商</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">核心声学器件供应商，受益于iPhone声学升级需求</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">水晶光电</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">光学器件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果光学器件供应</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">光学器件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果光学模组供应链</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">提供光学元器件，受益于iPhone摄像头升级需求</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">蓝思科技</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">玻璃制造</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果玻璃盖板供应</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">玻璃盖板</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果设备外观件供应链</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">核心玻璃盖板供应商，受益于iPhone外观升级需求</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">领益智造</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">精密制造</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果精密结构件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">精密结构件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果设备结构件供应</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">供应精密结构件，受益于iPhone精密制造需求</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">鹏鼎控股</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">PCB制造</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果PCB电路板供应</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">PCB电路板</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果主板供应链</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">核心PCB供应商，受益于iPhone主板升级需求</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">中石科技</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">散热材料</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果散热材料供应</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">散热材料</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果设备散热解决方案</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">提供散热材料，受益于iPhone性能升级带来的散热需求</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">兆易创新</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">半导体存储</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果存储芯片供应</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">存储芯片</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果存储芯片供应链</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">提供存储芯片，受益于iPhone存储容量升级需求</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">环旭电子</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">半导体封测</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果SIP封装服务</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">SIP封装</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果半导体封装环节</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">提供SIP封装服务，受益于苹果芯片集成化趋势</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">长电科技</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">半导体封测</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果芯片封测服务</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">芯片封测</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果半导体封测环节</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">核心芯片封测供应商，受益于苹果自研芯片放量</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">三安光电</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">LED制造</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果LED芯片供应</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">LED芯片</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果显示背光供应链</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">提供LED芯片，受益于iPhone显示技术升级需求</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">京东方</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">面板制造</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果面板供应</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">面板</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果显示面板供应链</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">核心面板供应商，受益于iPhone显示技术升级需求</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">信维通信</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">射频器件</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果射频天线供应</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">射频天线</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果射频解决方案</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">核心射频天线供应商，受益于iPhone通信性能升级</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">德赛电池</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">电池制造</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果电池供应</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">电池</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果电池供应链</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">核心电池供应商，受益于iPhone电池更换及新机需求</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">欣旺达</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">电池制造</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果电池供应</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">电池</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果电池供应链</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">核心电池供应商，受益于iPhone电池更换及新机需求</td>
|
||
</tr>
|
||
<tr>
|
||
<td class="py-3 px-4 text-sm font-medium text-gray-900">圣邦股份</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">电源管理芯片</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果电源管理芯片供应</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">电源管理</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">苹果电源管理解决方案</td>
|
||
<td class="py-3 px-4 text-sm text-gray-500">提供电源管理芯片，受益于iPhone能效升级需求</td>
|
||
</tr>
|
||
</tbody>
|
||
</table>
|
||
</div>
|
||
</div>
|
||
</div>
|
||
</body>
|
||
</html>
|
||
``` |