йҰ–дёӘйҖҡдҝЎжҷәиғҪдҪ“еҚҸеҗҢејҖжәҗйЎ№зӣ®еҸ‘еёғпјӣиӢ№жһңеӣ еҶ…еӯҳзҹӯзјәеӨ§е№…ж¶Ёд»·пҪңж•°жҷәж—©еҸӮ
2026-07-01 · 升富证券
жҜҸз»ҸзҪ‘йҰ–йЎө > иҰҒй—» > жӯЈж–Ү 2026-06-26 07:00:06 жҜҸз»Ҹи®°иҖ…пҪңжқЁеҚү жҜҸз»Ҹзј–иҫ‘пҪңйӯҸе®ҳзәў дёЁ 2026е№ҙ6жңҲ26ж—Ҙ жҳҹжңҹдә” дёЁ NO. 1 е…ЁзҗғйҰ–дёӘйҖҡдҝЎ
жҜҸз»ҸзҪ‘йҰ–йЎө > иҰҒй—» > жӯЈж–Ү
2026-06-26 07:00:06
жҜҸз»Ҹи®°иҖ…пҪңжқЁеҚү жҜҸз»Ҹзј–иҫ‘пҪңйӯҸе®ҳзәў
дёЁ 2026е№ҙ6жңҲ26ж—Ҙ жҳҹжңҹдә” дёЁ
NO. 1 е…ЁзҗғйҰ–дёӘйҖҡдҝЎжҷәиғҪдҪ“еҚҸеҗҢејҖжәҗйЎ№зӣ®OpenANеҸ‘еёғ
6жңҲ25ж—ҘпјҢеңЁвҖң2026дёҠжө·дё–з•Ң移еҠЁйҖҡдҝЎеӨ§дјҡвҖқжңҹй—ҙпјҢдёӯеӣҪ移еҠЁжҗәжүӢGSMAеҸҠеҚҺдёәгҖҒдёӯе…ҙзӯүеӨҡ家еӣҪйҷ…зҹҘеҗҚйҖҡдҝЎдёҺ科жҠҖдјҒдёҡеҸ‘еёғдәҶе…ЁзҗғйҰ–дёӘйҖҡдҝЎжҷәиғҪдҪ“еҚҸеҗҢзҡ„ејҖжәҗйЎ№зӣ®OpenANгҖӮ
зӮ№иҜ„пјҡ йҖҡдҝЎиЎҢдёҡжӯЈеҠ йҖҹеҗ‘AIеҺҹз”ҹзҪ‘з»ңжј”иҝӣгҖӮиҜҘйЎ№зӣ®иҒҡз„ҰжҷәиғҪдҪ“д№Ӣй—ҙзҡ„дә’иҒ”дә’йҖҡдёҺеҚҸеҗҢи°ғеәҰпјҢж„ҸеңЁжү“з ҙдј з»ҹзҪ‘з®Ўзі»з»ҹзҡ„е°Ғй—ӯеЈҒеһ’пјҢжҺЁеҠЁзҪ‘з»ңд»ҺвҖңиҮӘеҠЁеҢ–вҖқиө°еҗ‘вҖңжҷәиғҪеҢ–вҖқгҖӮејҖжәҗжЁЎејҸжңүеҠ©дәҺйҷҚдҪҺејҖеҸ‘й—Ёж§ӣпјҢеҗёеј•е…ЁзҗғејҖеҸ‘иҖ…е…ұе»әз”ҹжҖҒпјҢеҠ йҖҹйҖҡдҝЎеӨ§жЁЎеһӢеңЁж•…йҡңиҜҠж–ӯгҖҒиө„жәҗи°ғеәҰгҖҒзҪ‘з»ңдјҳеҢ–зӯүеңәжҷҜзҡ„иҗҪең°гҖӮдёӯеӣҪ移еҠЁдёҺеҚҺдёәзӯүдё»еҜјжҺЁеҠЁпјҢд№ҹжҳҫзӨәеҮәдёӯеӣҪдјҒдёҡеңЁйҖҡдҝЎAIйўҶеҹҹд»ҺвҖңжҠҖжңҜи·ҹйҡҸвҖқеҲ°вҖңж ҮеҮҶиҫ“еҮәвҖқзҡ„жҲҳз•Ҙж„ҸеӣҫгҖӮдёҚиҝҮпјҢејҖжәҗйЎ№зӣ®зҡ„з”ҹе‘ҪеҠӣдҫқиө–дәҺзӨҫеҢәжҙ»и·ғеәҰдёҺе•ҶдёҡеҢ–й—ӯзҺҜпјҢOpenANиғҪеҗҰзңҹжӯЈжҲҗдёәйҖҡдҝЎжҷәиғҪдҪ“зҡ„вҖңAndroidвҖқпјҢиҝҳйңҖзңӢеҗҺз»ӯз”ҹжҖҒеҹ№иӮІдёҺиҝҗиҗҘе•Ҷе®һйҷ…йғЁзҪІж•ҲжһңгҖӮ
NO.2 е…ЁзҗғеҚҠеҜјдҪ“е…¬еҸёжӯЈеҜ»жұӮдј°еҖјжү©еј жңәдјҡ
жҚ®еӘ’дҪ“жҠҘйҒ“пјҢе…ЁзҗғеҚҠеҜјдҪ“е…¬еҸёжӯЈеңЁиҝҷиҪ®жҷҜж°”е‘ЁжңҹдёӯеҜ»жұӮдј°еҖјйҮҚжһ„зҡ„жңәдјҡпјҢSKжө·еҠӣеЈ«еңЁзҫҺеӣҪеҸ‘иЎҢADRиў«и§Ҷдёәж Үеҝ—жҖ§дёҫеҠЁд№ӢдёҖпјҢжҲ–е°Ҷеј•еҸ‘жӣҙеӨҡиЎҢдёҡеҶ…е…¬еҸёзҡ„и·ҹйҡҸгҖӮзҹҘеҗҚжҠ•иЎҢжқ°еҜҢз‘һи®ӨдёәпјҢдёүжҳҹз”өеӯҗеҸҜиғҪж•Ҳд»ҝSKжө·еҠӣеЈ«пјҢйҖҡиҝҮADRдёҠеёӮд»ҘжҸҗеҚҮдј°еҖјгҖӮиҠҜзүҮиӮЎжӯЈеӨ„дәҺиҪ¬жҠҳзӮ№пјҢADRе°ҶжҲҗдёәжҺЁеҠЁе…¶дј°еҖјзҡ„йҮҚиҰҒеӮ¬еҢ–еүӮгҖӮ
зӮ№иҜ„пјҡ SKжө·еҠӣеЈ«еңЁзҫҺеҸ‘иЎҢADRпјҢжҳҜйҹ©еӣҪеҚҠеҜјдҪ“йҫҷеӨҙеҗ‘е…Ёзҗғдј°еҖјдҪ“зі»йқ жӢўзҡ„ж Үеҝ—жҖ§дёҫеҠЁгҖӮжңәжһ„йў„жөӢдёүжҳҹжҲ–е°Ҷи·ҹиҝӣпјҢеҸҚжҳ еҮәиЎҢдёҡж•ҙдҪ“еҜ№дј°еҖјйҮҚжһ„зҡ„иҝ«еҲҮйңҖжұӮвҖ”вҖ”еңЁAIй©ұеҠЁдёҡз»©жҡҙеўһзҡ„жҷҜж°”й«ҳзӮ№пјҢADRеҸҜдҪңдёәи§Јй”Ғжӣҙй«ҳдј°еҖјзҡ„еӮ¬еҢ–еүӮгҖӮ然иҖҢпјҢADRжәўд»·е№¶йқһиҮӘеҠЁиҺ·еҫ—пјҢйңҖд»ҘжҢҒз»ӯзҡ„жҠҖжңҜйўҶе…ҲгҖҒйҖҸжҳҺжІ»зҗҶеҸҠдёҡз»©е…‘зҺ°дёәж”Ҝж’‘гҖӮдёүжҳҹиӢҘж•Ҳд»ҝпјҢиҝҳйңҖеә”еҜ№е…¶жӣҙеӨҚжқӮзҡ„йӣҶеӣўз»“жһ„еҸҠжІ»зҗҶз–‘иҷ‘гҖӮиӢҘжӯӨдёҫжҲҗеҠҝпјҢжҲ–еёҰеҠЁжӣҙеӨҡдәҡжҙІеҚҠеҜјдҪ“дјҒдёҡиөҙзҫҺдёҠеёӮпјҢйҮҚеЎ‘е…ЁзҗғеҚҠеҜјдҪ“иө„жң¬зүҲеӣҫгҖӮ
NO . 3 еӣ еҶ…еӯҳзҹӯзјәеӨ§е№…ж¶Ёд»· иӢ№жһңMacеҸҠiPadеӨҡж¬ҫдә§е“Ғи°ғд»·е№…еәҰиҫҫ20%
6жңҲ25ж—ҘпјҢиӢ№жһңе…¬еҸёе®ЈеёғдёҠи°ғMacгҖҒiPadеҸҠ家еұ…и®ҫеӨҮд»·ж јпјҢд»Ҙеә”еҜ№AIж•°жҚ®дёӯеҝғжү©еј еј•еҸ‘зҡ„еҶ…еӯҳиҠҜзүҮеҸҠеӯҳеӮЁеҷЁз©әеүҚзҹӯзјәжүҖеёҰжқҘзҡ„жҲҗжң¬еҺӢеҠӣгҖӮе…·дҪ“ж¶Ёд»·е№…еәҰж–№йқўпјҢMacBook Neoиө·е”®д»·д»Һ599зҫҺе…ғеҚҮиҮі699зҫҺе…ғпјӣMacBook Airд»Һ1099зҫҺе…ғеҚҮиҮі1299зҫҺе…ғпјӣ14иӢұеҜёе…Ҙй—Ёж¬ҫMacBook Proд»Һ1699зҫҺе…ғеҚҮиҮі1999зҫҺе…ғпјӣ11иӢұеҜёiPad Proд»Һ999зҫҺе…ғеҚҮиҮі1199зҫҺе…ғпјӣiPad Airд»Һ599зҫҺе…ғеҚҮиҮі749зҫҺе…ғгҖӮ
иӢ№жһңеҸ‘иЁҖдәәз§°пјҢAIж•°жҚ®дёӯеҝғзҡ„еҝ«йҖҹжү©еј йҖ жҲҗеҶ…еӯҳе’ҢеӯҳеӮЁеҷЁйңҖжұӮзҡ„超常规жҝҖеўһпјҢе…¬еҸёвҖңд»ҺжңӘи§ҒиҝҮйӣ¶йғЁд»¶д»·ж јж¶Ёеҫ—еҰӮжӯӨд№Ӣеҝ«гҖҒеҰӮжӯӨд№ӢеӨҡвҖқпјҢ并表зӨәжӯӨеүҚе·Іе°ҪеҠӣдёәж¶Ҳиҙ№иҖ…еҗёж”¶жҲҗжң¬дёҠж¶ЁеҺӢеҠӣпјҢвҖңдҪҶзҺ°еңЁе·ІеҲ°дәҶдёҚеҫ—дёҚејҖе§ӢжҸҗд»·зҡ„ж—¶еҲ»вҖқгҖӮ
зӮ№иҜ„пјҡ иӢ№жһңзҪ•и§Ғе…ЁзәҝдёҠи°ғMacгҖҒiPadеҸҠ家еұ…и®ҫеӨҮд»·ж јпјҢе…Ҙй—Ёзә§MacBook Neoж¶Ёе№…иҝ‘17%пјҢ14иӢұеҜёMacBook Proж¶ЁзәҰ18%гҖӮиӢ№жһңзҙ д»Ҙдҫӣеә”й“ҫз®ЎжҺ§дёҺ规模ж•Ҳеә”и‘—з§°пјҢжһҒе°‘е…¬ејҖе°ҶжҲҗжң¬еҺӢеҠӣиҪ¬е«Ғз»ҷз»Ҳз«ҜпјҢжӯӨж¬Ўж¶Ёд»·и¶іи§ҒеӯҳеӮЁиҠҜзүҮдҫӣйңҖеӨұиЎЎд№ӢдёҘеі»гҖӮAIж•°жҚ®дёӯеҝғзҡ„вҖңз®—еҠӣйҘҘжёҙвҖқе·Ід»ҺHBMжәўеҮәиҮіConventional DRAMдёҺNANDпјҢжӯЈеҗ‘ж¶Ҳиҙ№з”өеӯҗе…Ёйқўдј еҜјгҖӮдҪңдёәз»Ҳз«Ҝд»·ж јйЈҺеҗ‘ж ҮпјҢиӢ№жһңжӯӨдёҫж„Ҹе‘ізқҖвҖңжҲҗжң¬еҗёж”¶вҖқжЁЎејҸйҳ¶ж®өжҖ§з»Ҳз»“пјҢе…¶д»–е“ҒзүҢжҲ–е°Ҷи·ҹиҝӣгҖӮеҜ№дәҺж¶Ҳиҙ№иҖ…пјҢжҚўжңәзӘ—еҸЈж”¶зӘ„пјӣеҜ№дәҺиЎҢдёҡпјҢиҝҷж Үеҝ—зқҖAIеҹәзЎҖи®ҫж–ҪжҠ•иө„жӯЈйҖҡиҝҮдҫӣеә”й“ҫеұӮеұӮеҖ’йҖјпјҢжңҖз»Ҳз”ұз»Ҳз«Ҝз”ЁжҲ·еҲҶж‘ҠжҲҗжң¬гҖӮж¶Ёд»·иғҪеҗҰжҢҒз»ӯпјҢеҸ–еҶідәҺйңҖжұӮеј№жҖ§дёҺAIе•ҶдёҡеҢ–иҝӣзЁӢзҡ„иөӣи·‘гҖӮ
е…ҚиҙЈеЈ°жҳҺпјҡжң¬ж–ҮеҶ…е®№дёҺж•°жҚ®д»…дҫӣеҸӮиҖғпјҢдёҚжһ„жҲҗжҠ•иө„е»әи®®пјҢдҪҝз”ЁеүҚиҜ·ж ёе®һгҖӮжҚ®жӯӨж“ҚдҪңпјҢйЈҺйҷ©иҮӘжӢ…гҖӮ
еҰӮйңҖиҪ¬иҪҪиҜ·дёҺгҖҠжҜҸж—Ҙз»ҸжөҺж–°й—»гҖӢжҠҘзӨҫиҒ”зі»гҖӮ жңӘз»ҸгҖҠжҜҸж—Ҙз»ҸжөҺж–°й—»гҖӢжҠҘзӨҫжҺҲжқғпјҢдёҘзҰҒиҪ¬иҪҪжҲ–й•ңеғҸпјҢиҝқиҖ…еҝ…究гҖӮ
иҜ»иҖ…зғӯзәҝпјҡ4008890008
зү№еҲ«жҸҗйҶ’ пјҡеҰӮжһңжҲ‘们дҪҝз”ЁдәҶжӮЁзҡ„еӣҫзүҮпјҢиҜ·дҪңиҖ…дёҺ жң¬з«ҷиҒ”зі» зҙўеҸ–зЁҝй…¬гҖӮеҰӮжӮЁдёҚеёҢжңӣдҪңе“ҒеҮәзҺ°еңЁжң¬з«ҷпјҢеҸҜиҒ”зі»жҲ‘们иҰҒжұӮж’ӨдёӢжӮЁзҡ„дҪңе“ҒгҖӮ
еӣҪ家е№ҝз”өжҖ»еұҖжӢҹе»әз«Ӣеҫ®зҹӯеү§еҲҶзә§з®ЎзҗҶпјӣжҡ‘иҝҗеҮәиЎҢй•ҝзәҝжёёгҖҒйҒҝжҡ‘жёёеҸҢеҗ‘еҸ‘еҠӣдёЁж¶Ҳиҙ№ж—©еҸӮ
зҙ«и®ҜжҠҖжңҜгҖҒеІёиҝҲз”ҹзү©йҖ’иЎЁжёҜдәӨжүҖпјӣжёҜдәӨжүҖдјҳеҢ–жҜҸе‘ЁжңҹжқғиЎҢдҪҝд»·й—ҙи·қдёЁжёҜдәӨжүҖж—©еҸӮ
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