$AAPL · Schwab Network · 2026-11-02
预计苹果财报将引发投资者负面反应：内存价格上涨挤压毛利率并压制设备销售，App Store 之外的游戏下载令服务业务增长略有放缓，但被非常强劲的产品周期部分抵消，仅有屏幕开裂等小问题。下一季度的毛利率和营收增长预期将决定市场叙事走向。
逐段跳播
我认为这种情况可能会延续到今晚，届时我们会看到 Apple 的财报结果。Apple 是全球最大的公司之一。那里的投资者完全清楚并担忧内存价格上涨带来的影响，以及这对 Apple 产品需求的影响，还有对毛利率的影响。
I think that may extend into tonight when we have Apple's earnings results. Apple is one of the largest companies in the world. Investors there are fully aware and concerned about the impact of rising memory prices, and what effect that has on demand for Apple products, as well as the impact on gross profit margins.
是的，关于毛利率的讨论是我们一直被告知的关于 Apple 的事情之一，我只是预计今晚 Apple 的情况会延续下去。
Yes, the margins conversation is one of the things we are constantly alerted to regarding Apple, and I just expected that to continue with Apple tonight.
关于 Apple，你预计会看到实际证据表明这些高内存价格正在挤压其整体利润率吗？可以说这已经是已知的，也许是我们可能会看到的情况。那么，你预计会看到像其他一些大型科技公司那样快速下跌的反应，还是有可能这只股票会改变叙事，开始推动我们朝更积极的方向走？
Regarding Apple, do you expect to see actual evidence that these high memory prices are squeezing their overall profit margins? It could be said that this is already known, perhaps as something we might see.
So, do you expect to see the kind of rapid downward response we've seen with some of the other big tech names, or is there a possibility that this name will be the one to change the narrative and start pushing us in a more positive direction?
因此，我预计投资者对 Apple 财报的反应也会是负面的。大家都知道内存价格正在挤压整体利润率。总体而言，内存价格正在给设备销售带来压力。
Therefore, I expect investors' reaction to Apple's earnings to be negative as well. You know, everyone knows that memory prices are squeezing overall profit margins. Memory prices are putting pressure on device sales, in general.
Apple 目前有一个非常好的产品周期。大家都对“Dio”设备感到兴奋。它看起来是一款很棒的产品。新产品出现了一些小问题，比如屏幕开裂，但他们的新产品阵容确实非常强大。
Apple has a very good product cycle at the moment. Everyone is excited about the "Dio" device. It looks like a great product. There are some minor issues that appear with the new products, such as screen cracking, but they have a really strong new product lineup.
服务业务也是投资者担忧的一个领域。在可以从 Apple App Store 之外下载一些游戏之后，该领域的增长略有放缓。
Services is also an area of concern for investors. Growth in this sector slowed slightly after it became possible to download some games from outside the Apple App Store.
所以，我认为我们会看到 Apple 的利润将决定故事的走向。他们对下一季度的毛利率预期是什么？他们对下一季度的营收增长预期是什么？
So, I think we'll see that Apple's profits will determine the course of the story. What are their expectations for gross profit margin in the next quarter? What are their revenue growth expectations for the next quarter?
观察点
这个频道对 $AAPL 的历次判断
Schwab Network 在这只股票上共 50 条判断，这里只列相邻的几条。