<p>毫无疑问，<strong>苹果</strong>（AAPL 0.12%）是一个如此常被推荐的股票选择，以至于几乎变得陈词滥调。几乎。事实上，无论它是否是一个可预测的选择，这家消费科技巨头都因多种原因值得大多数人将其纳入投资组合。</p>
<p>其中有三个原因在目前的情况下尤为突出。</p>
<h2>1. 其人工智能的进展仍然遥遥无期</h2>
<p>尽管去年六月苹果智能的发布引起了极大的关注，但对这项人工智能（AI）技术的兴趣却不尽如人意。</p>
<p>具体来说，尽管该技术在十月推出，旨在与一个月前上市的 iPhone 16 配合使用，但公司在 2024 年最后一个日历季度并没有看到预期的智能手机需求激增。IDC 表示，去年第四季度 iPhone 的出货量实际上下降了 4%。</p>
<p>不过，现在就称苹果智能为增长驱动因素的失败还为时尚早。消费者可能只是需要更多时间来了解苹果生成式 AI 技术的功能和优势。</p>
<p>而且，消费者和投资者可能还需要更长的时间才能充分认识到苹果的人工智能平台是一个垂直整合的生态系统，能够为用户提供完全的隐私。这意味着所有所需的计算都是由适当配置的设备本身或苹果自己的私有人工智能服务器处理。</p>
<p>这与像 ChatGPT 或谷歌的 Gemini 这样的应用形成对比，后者目前将所有这些工作交给一个可能不安全的云端。苹果甚至正在与 <strong>博通</strong> 合作，开发能够为 AI 服务器提供动力的处理芯片，进一步通过排除第三方芯片来私有化其内部 AI。</p>
<p>无论苹果未来的生成式 AI 产品最终会是什么样子，它都将成为游戏规则的改变者。Precedence Research 预测，全球生成式 AI 行业预计将在 2034 年前以 44% 的年均增速增长。</p>
<h2>2. 它（终于）跳出框架以推动增长</h2>
<p>虽然苹果正在努力提供真正私密的 AI 体验，但它对此仍然保持务实。它只会在允许和可行的地方提供这样的技术。在一些可能担心被排除在外的相对封闭市场中，它愿意考虑替代安排。</p>
<p>例如：上周四，中国电子商务巨头 <strong>阿里巴巴</strong> 宣布将为这个巨大市场的 iPhone 用户提供生成式 AI 支持。与此同时，苹果还将继续与中国顶级搜索引擎 <strong>百度</strong> 在人工智能领域合作。这些合作关系在几年前对于相对孤立的苹果来说至少是有些不太可能的。</p>
<p>如果仅仅是这两个看似不太可能的协议，可能会被视为在中国重新点燃 iPhone 需求的必然和唯一方式。然而，苹果并不止于此，它还在采用其他新的增长策略。上周二，该公司还宣布其 Apple TV 应用现已向 Android 用户开放，为这一群体提供了享受曾经仅限于 Apple TV+ 订阅者的节目机会。</p>
<p>这可能本身并不是一个游戏规则的改变者。然而，它确实指向了扩展其影响力的创造性和开放思维方式。不要惊讶于在可预见的未来看到更多推动增长的举措，特别是那些推动其高利润服务（应用和数字内容）部门的举措。</p>
<h2>3. 它是一家极其盈利、创造价值的公司</h2>
<p>最后，像没有明天一样购买这只股票的最佳理由与过去几十年持有苹果股票的理由相同。那就是它的绝对主导地位和持续的盈利能力。</p>
<p>当然，关于苹果在 COVID-19 大流行前的增长放缓，以及自 2022 年销售峰值以来的完全停滞，你可以说任何话。自那时以来，净收入实际上并没有增长。主要归咎于 iPhone，它仍然占苹果总收入的约一半。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d83a02ac019fecd0a2e7fd2ba138c751.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d83a02ac019fecd0a2e7fd2ba138c751.png"/></p>
<p>AAPL 收入（TTM）数据来源于 YCharts</p>
<p>只要不要失去视角。苹果仍然是全球最大的上市公司，这不是没有原因的。其主要原因是它仍然是全球最盈利的公司，报告的净收入接近 940 亿美元，截止到 9 月的财年。加上其资产负债表上价值 1400 亿美元的现金和近流动资产，它可以资助多种与竞争对手的竞争努力，这些努力很容易被视为不公平的竞争。</p>
<p>与此同时，该公司继续资助长期以来的股票回购计划，将发行和流通的股票数量从 2012 年的 260 多亿股减少到现在的 25 年低点，仅超过 150 亿股。</p>
<p>如果没有其他原因，这家公司拥有太多的财务实力和势头，任何事情都无法阻挡它。只是时间问题，它会找到合适的增长杠杆来拉动，如果它还没有拉动的话。</p>

苹果

<p>苹果 (AAPL) 是一个强劲的股票选择，原因有以下几点：1）其人工智能技术 Apple Intelligence 仍在发展中，尽管起步较慢，但未来增长潜力巨大。2）苹果通过与阿里巴巴和百度的合作在中国扩展市场，并将其 Apple TV 应用程序提供给 Android 用户。3）公司保持高度盈利，净收入接近 940 亿美元，拥有可观的现金储备，使其能够在科技行业中有效竞争</p>

<p>There's no denying that <strong>Apple</strong>(AAPL 0.12%) is such a commonly suggested stock pick that it's almost become cliché. Almost. The fact is, whether it's a predictable pick or not, the consumer tech giant deserves a place in most people's portfolios for a range of reasons.</p>
<div class="lb-trans"><p>毫无疑问，<strong>苹果</strong>（AAPL 0.12%）是一个如此常被推荐的股票选择，以至于几乎变得陈词滥调。几乎。事实上，无论它是否是一个可预测的选择，这家消费科技巨头都因多种原因值得大多数人将其纳入投资组合。</p>
</div><p>Three of these reasons stand out among all the rest right now.</p>
<div class="lb-trans"><p>其中有三个原因在目前的情况下尤为突出。</p>
</div><h2>1. Its AI entry is still miles away from reaching its full stride</h2>
<div class="lb-trans"><h2>1. 其人工智能的进展仍然遥遥无期</h2>
</div><p>Although the unveiling of Apple Intelligence in June of last year was met with great fanfare, interest in this artificial intelligence (AI) technology has been underwhelming.</p>
<div class="lb-trans"><p>尽管去年六月苹果智能的发布引起了极大的关注，但对这项人工智能（AI）技术的兴趣却不尽如人意。</p>
</div><p>Specifically, despite the tech launching in October to work with the iPhone 16 that became available just a month earlier, the company didn't see the expected swell of smartphone demand during the final calendar quarter of 2024. IDC says iPhone unit shipments actually fell 4% in the fourth quarter of last year.</p>
<div class="lb-trans"><p>具体来说，尽管该技术在十月推出，旨在与一个月前上市的 iPhone 16 配合使用，但公司在 2024 年最后一个日历季度并没有看到预期的智能手机需求激增。IDC 表示，去年第四季度 iPhone 的出货量实际上下降了 4%。</p>
</div><p>It's far too soon to call Apple Intelligence a bust as a growth driver though. Consumers may simply need a little more time to learn about the features and benefits of Apple's generative AI tech.</p>
<div class="lb-trans"><p>不过，现在就称苹果智能为增长驱动因素的失败还为时尚早。消费者可能只是需要更多时间来了解苹果生成式 AI 技术的功能和优势。</p>
</div><p>And it may take even <em>more</em> time for consumers and investors alike to fully appreciate how Apple's artificial intelligence platform is (or eventually will be) a vertically integrated ecosystem capable of offering complete privacy to its users. That just means all the required computing is handled by the properly equipped device itself, or by Apple's own private artificial intelligence servers.</p>
<div class="lb-trans"><p>而且，消费者和投资者可能还需要更长的时间才能充分认识到苹果的人工智能平台是一个垂直整合的生态系统，能够为用户提供完全的隐私。这意味着所有所需的计算都是由适当配置的设备本身或苹果自己的私有人工智能服务器处理。</p>
</div><p>This is in contrast with apps like ChatGPT or Google's Gemini, which currently punt all of this work to a cloud that may or may not be secure. Apple is even working with <strong>Broadcom</strong> to develop its own processing chips capable of powering AI servers, further privatizing its in-house AI by taking third-party chips out of the equation.</p>
<div class="lb-trans"><p>这与像 ChatGPT 或谷歌的 Gemini 这样的应用形成对比，后者目前将所有这些工作交给一个可能不安全的云端。苹果甚至正在与 <strong>博通</strong> 合作，开发能够为 AI 服务器提供动力的处理芯片，进一步通过排除第三方芯片来私有化其内部 AI。</p>
</div><p>Whatever Apple's future generative AI offering ends up looking like, it stands to be a game changer. Precedence Research suggests the global generative AI industry is set to grow at an annualized pace of 44% through 2034.</p>
<div class="lb-trans"><p>无论苹果未来的生成式 AI 产品最终会是什么样子，它都将成为游戏规则的改变者。Precedence Research 预测，全球生成式 AI 行业预计将在 2034 年前以 44% 的年均增速增长。</p>
</div><h2>2. It's (finally) thinking outside the box to drive growth</h2>
<div class="lb-trans"><h2>2. 它（终于）跳出框架以推动增长</h2>
</div><p>While Apple is positioning itself to offer a truly private AI experience, it's still being pragmatic about it. It will only make such tech available where it's allowed and feasible to do so. In other somewhat closed markets that may be wary of being left out of the loop, so to speak, it's willing to entertain alternative arrangements.</p>
<div class="lb-trans"><p>虽然苹果正在努力提供真正私密的 AI 体验，但它对此仍然保持务实。它只会在允许和可行的地方提供这样的技术。在一些可能担心被排除在外的相对封闭市场中，它愿意考虑替代安排。</p>
</div><p>Case in point: On Thursday of last week, China's e-commerce giant <strong>Alibaba</strong> announced will be the name providing generative AI support to iPhone owners in this enormous market. In the meantime Apple will also continue to work with China's top search engine, <strong>Baidu</strong>, on the artificial intelligence front. These are partnerships that were at least a little less likely for a somewhat isolationist Apple just a few years back.</p>
<div class="lb-trans"><p>例如：上周四，中国电子商务巨头 <strong>阿里巴巴</strong> 宣布将为这个巨大市场的 iPhone 用户提供生成式 AI 支持。与此同时，苹果还将继续与中国顶级搜索引擎 <strong>百度</strong> 在人工智能领域合作。这些合作关系在几年前对于相对孤立的苹果来说至少是有些不太可能的。</p>
</div><p>Were it just these two seemingly unlikely agreements, it might be dismissible as the inevitable and only way to reignite iPhone demand in China. This isn't the only new growth strategy Apple's employing though. On Tuesday of last week, the company also announced its Apple TV app is now available to Android users, presenting this crowd with a chance to enjoy programming that was once exclusively available to Apple TV+ subscribers.</p>
<div class="lb-trans"><p>如果仅仅是这两个看似不太可能的协议，可能会被视为在中国重新点燃 iPhone 需求的必然和唯一方式。然而，苹果并不止于此，它还在采用其他新的增长策略。上周二，该公司还宣布其 Apple TV 应用现已向 Android 用户开放，为这一群体提供了享受曾经仅限于 Apple TV+ 订阅者的节目机会。</p>
</div><p>It's probably not a game changer in and of itself. It does point to creative and open-minded thinking of ways to expands its reach, however. Don't be surprised to see more growth-driving initiatives in the foreseeable future, particularly ones that grow its high-margin services (apps and digital content) arm.</p>
<div class="lb-trans"><p>这可能本身并不是一个游戏规则的改变者。然而，它确实指向了扩展其影响力的创造性和开放思维方式。不要惊讶于在可预见的未来看到更多推动增长的举措，特别是那些推动其高利润服务（应用和数字内容）部门的举措。</p>
</div><h2>3. It's a ridiculously profitable, value-creating company</h2>
<div class="lb-trans"><h2>3. 它是一家极其盈利、创造价值的公司</h2>
</div><p>Finally, the best reason to buy the stock like there's no tomorrow is the same reason to have owned Apple stock for the better part of the past couple of decades. That's its sheer dominant size and persistent profitability.</p>
<div class="lb-trans"><p>最后，像没有明天一样购买这只股票的最佳理由与过去几十年持有苹果股票的理由相同。那就是它的绝对主导地位和持续的盈利能力。</p>
</div><p>Sure, say what you want about Apple's slowing growth before the COVID-19 pandemic, and outright stagnation since its sales peak in 2022. Net income hasn't really grown any since then either. Blame the iPhone, mostly, which still accounts for about half of Apple's total revenue.</p>
<div class="lb-trans"><p>当然，关于苹果在 COVID-19 大流行前的增长放缓，以及自 2022 年销售峰值以来的完全停滞，你可以说任何话。自那时以来，净收入实际上并没有增长。主要归咎于 iPhone，它仍然占苹果总收入的约一半。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d83a02ac019fecd0a2e7fd2ba138c751.png" alt="" original-src="https://media.ycharts.com/charts/d83a02ac019fecd0a2e7fd2ba138c751.png"/></p>
<p>AAPL Revenue (TTM) data by YCharts</p>
<div class="lb-trans"><p>AAPL 收入（TTM）数据来源于 YCharts</p>
</div><p>Just don't lose perspective. Apple remains the world's biggest publicly traded outfit for a reason. The bulk of that reason is the fact that it also remains the world's most profitable company, reporting net income of nearly $94 billion for its fiscal year ended in September. Between that and its $140 billion worth of cash and near-liquid assets on its balance sheet, it can fund a variety of competitive efforts against rivals that would easily qualify as an unfair fight.</p>
<div class="lb-trans"><p>只要不要失去视角。苹果仍然是全球最大的上市公司，这不是没有原因的。其主要原因是它仍然是全球最盈利的公司，报告的净收入接近 940 亿美元，截止到 9 月的财年。加上其资产负债表上价值 1400 亿美元的现金和近流动资产，它可以资助多种与竞争对手的竞争努力，这些努力很容易被视为不公平的竞争。</p>
</div><p>In the meantime the company continues to fund a long-standing streak of stock buybacks, reducing this count from more than 26 billion issued and outstanding shares as of 2012 to a 25-year low of just over 15 billion shares now.</p>
<div class="lb-trans"><p>与此同时，该公司继续资助长期以来的股票回购计划，将发行和流通的股票数量从 2012 年的 260 多亿股减少到现在的 25 年低点，仅超过 150 亿股。</p>
</div><p>If nothing else, this company's just got too much financial muscle and momentum for anything to stand in its way. It's just a matter of time before it finds the right growth lever to pull, if it hasn't pulled it yet.</p>
<div class="lb-trans"><p>如果没有其他原因，这家公司拥有太多的财务实力和势头，任何事情都无法阻挡它。只是时间问题，它会找到合适的增长杠杆来拉动，如果它还没有拉动的话。</p>
</div>

3 Reasons to Buy Apple Stock Like There's No Tomorrow

- 苹果公司在人工智能领域尚未完全发挥潜力，iPhone 需求下降 4%。  
- 与阿里巴巴和百度的合作显示其开放思维，推动增长策略。  
- 苹果仍是全球最盈利公司，净收入近 940 亿美元，财务实力雄厚。

购买苹果股票的三个理由，仿佛没有明天