<p>投资者重新回到了 <strong>苹果</strong>(AAPL -0.55%) 的轨道上。这家跨国科技巨头的股票在 2025 年仍略有下跌，但在管理层宣布在美国的新计划支出后，上周股价上涨超过 10%。首席执行官蒂姆·库克甚至在与唐纳德·特朗普总统的联合新闻发布会上访问了白宫，宣布了这一新的计划支出，涉及 iPhone 及其他苹果产品的组件。这帮助公司在潜在的半导体、iPhone 组件和 iPhone 本身进口到美国的关税问题上获得了一些喘息空间。</p>
<p>苹果的股票在这一扩大支出的消息中恢复了活力，但你今天真的应该买入股票吗？以下是数字所显示的情况。</p>
<h2>6000 亿美元的投资</h2>
<p>今年早些时候，苹果宣布将在未来四年内在美国投资 5000 亿美元。上周，它将这一估计提高到 6000 亿美元，或每年 1500 亿美元。这与公司宣布的资本支出计划不同，例如 <strong>亚马逊</strong> 承诺在数据中心和配送网络方面投资 1000 亿美元。苹果正在与其供应商合作，包括先进的玻璃屏幕和各种半导体制造商。它更像是对产品的承诺订单的公告，这将刺激美国工厂的需求。</p>
<p>苹果是一家庞大的公司，宣布的支出将遍及所有 50 个州，影响 45 万个工作岗位，并涉及 79 家不同的工厂。苹果的 iPhone 和其他计算硬件的供应链如今是多么复杂，令人惊叹。然而，苹果仍未达到 “美国制造的 iPhone” 的阶段，因为组装和其他服务在中国和印度进行，苹果正在与美国政府协商哪些是可行的，以便带回美国。</p>
<p>投资者对支出计划表示赞赏，认为这是规避 iPhone 和半导体进口关税风险的一种方式，这可能会给苹果的供应链增加巨大的成本，损害其利润。现在，苹果似乎再次与美国政府和监管机构保持良好关系。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkwNDIvcGhvbmUtaW4taGFuZC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="464" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkwNDIvcGhvbmUtaW4taGFuZC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>这一公告重要吗？</h2>
<p>关于关税，这一支出公告并不会对公司造成伤害，它只是 <em>防止</em> 苹果在未来的供应链中出现成本增加。然而，由于美国的工资和劳动标准较高，这项投资可能导致产品组件的输入成本上升，从而导致利润率压缩。自 COVID-19 疫情以来，苹果的营业利润率稳步上升，在过去 12 个月中达到了 32% 的创纪录高位。在美国采购组件可能会逆转这一扩张。</p>
<p>最终更重要的是对苹果产品的需求。上个季度，公司发布了截至 6 月的三个月的良好业绩。总收入同比增长接近 10%，主要得益于服务收入和 iPhone 收入的增长。尽管 iPhone 几乎已经有 20 年的历史，但它仍然是苹果业务的支柱。</p>
<p>这使得公司处于一个困难的境地。尽管 iPhone 仍然非常受欢迎，但单位销量多年来停滞不前，这意味着苹果只能通过提高价格来增加收入。这并不是一个理想的处境。如果由于美国制造的投资导致输入成本上升，未来可能需要提高价格以维持利润率。</p>
<p>总的来说，这一公告确实重要。它可能对苹果的业务产生负面影响，这与股票最初的反应相反。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b8c9191a240932e32d0643d24a232446.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b8c9191a240932e32d0643d24a232446.png"/></p>
<p>AAPL 市盈率数据来源于 YCharts</p>
<h2>关于苹果股票的真相</h2>
<p>关于苹果股票，有很多论点可以提出——无论是看跌还是看涨。看涨者可能会说这是一个出色的品牌，具有主要的锁定效应，以及一个利润率强劲的增长服务部门。看跌者可能会说苹果的 iPhone 单位销量下降，且没有新的成功产品推出。例如，苹果的 Vision Pro 已经变成了一个彻底的产品失败，可能让公司损失数十亿甚至数百亿美元。</p>
<p>在这场辩论中，一个决定性因素可能是股票的估值。苹果的市盈率 (P/E) 为 35。这对于一家收入增长缓慢的企业来说相当昂贵。与 <strong>字母表</strong> 相比，后者在过去几年中收入增长显著快于苹果，但市盈率为 22，显得更为合理。苹果可能是一家优秀的企业，但这并不意味着在分析其股票时可以忽视你所支付的价格。在这一公告后的股价上涨后，避免购买苹果的股票。</p>

苹果

2 倍做多 AAPL ETF - GraniteShares

苹果每日 1 倍做空 ETF - Direxion

苹果每日 2 倍做多 ETF - Direxion

AAPX

AAPY

APLY

<p>苹果公司的股票在宣布 6000 亿美元的投资计划后上涨超过 10%，该计划旨在降低关税风险并促进国内制造业。首席执行官蒂姆·库克（Tim Cook）访问白宫强调了这一承诺，该计划将影响 79 家工厂的 45 万个工作岗位。然而，尽管这项投资可能会稳定成本，但也可能导致更高的投入成本和利润压缩。尽管收入增长稳健，但对 iPhone 销量停滞和高市盈率的担忧表明潜在投资者应保持谨慎</p>

<p>Investors are back on the <strong>Apple</strong>(AAPL -0.55%) train. The stock of the multinational technology giant is still down slightly in 2025 but popped over 10% in the last week after management announced new planned spending in the U.S. CEO Tim Cook even visited the White House in a joint press conference with President Donald Trump to announce this new planned spending on components for the iPhone as well as other Apple products in America. It has helped the company achieve some breathing room around potential tariffs on semiconductors, iPhone components, and iPhones themselves getting imported to America.</p>
<div class="lb-trans"><p>投资者重新回到了 <strong>苹果</strong>(AAPL -0.55%) 的轨道上。这家跨国科技巨头的股票在 2025 年仍略有下跌，但在管理层宣布在美国的新计划支出后，上周股价上涨超过 10%。首席执行官蒂姆·库克甚至在与唐纳德·特朗普总统的联合新闻发布会上访问了白宫，宣布了这一新的计划支出，涉及 iPhone 及其他苹果产品的组件。这帮助公司在潜在的半导体、iPhone 组件和 iPhone 本身进口到美国的关税问题上获得了一些喘息空间。</p>
</div><p>Apple's stock got its mojo back on this upsized spending news, but should you actually buy shares today? Here's what the numbers say.</p>
<div class="lb-trans"><p>苹果的股票在这一扩大支出的消息中恢复了活力，但你今天真的应该买入股票吗？以下是数字所显示的情况。</p>
</div><h2>A $600 billion investment</h2>
<div class="lb-trans"><h2>6000 亿美元的投资</h2>
</div><p>Earlier this year, Apple announced that it would spend $500 billion over the next four years in the United States. Last week, it upped its estimate to $600 billion, or $150 billion annually. This is different than a company's announced capital expenditure plans, such as when <strong>Amazon</strong> promises $100 billion in investments related to data centers and its delivery network. Apple is spending money with its suppliers, including advanced glass screens and various semiconductor manufacturers. It is more of an announcement around committed orders for products, which will spur demand for factory work in the United States.</p>
<div class="lb-trans"><p>今年早些时候，苹果宣布将在未来四年内在美国投资 5000 亿美元。上周，它将这一估计提高到 6000 亿美元，或每年 1500 亿美元。这与公司宣布的资本支出计划不同，例如 <strong>亚马逊</strong> 承诺在数据中心和配送网络方面投资 1000 亿美元。苹果正在与其供应商合作，包括先进的玻璃屏幕和各种半导体制造商。它更像是对产品的承诺订单的公告，这将刺激美国工厂的需求。</p>
</div><p>Apple is a sprawling company, and the announced spending will occur in all 50 states, impact 450,000 jobs, and involve 79 different factories. It is astounding how complex Apple's supply chain for the iPhone and other computing hardware is today. However, Apple is still not at the point of a &#34;Made in America iPhone&#34; as assembly and other services are performed in China and India, with Apple negotiating with the U.S. government around what is feasible to bring to the United States.</p>
<div class="lb-trans"><p>苹果是一家庞大的公司，宣布的支出将遍及所有 50 个州，影响 45 万个工作岗位，并涉及 79 家不同的工厂。苹果的 iPhone 和其他计算硬件的供应链如今是多么复杂，令人惊叹。然而，苹果仍未达到 “美国制造的 iPhone” 的阶段，因为组装和其他服务在中国和印度进行，苹果正在与美国政府协商哪些是可行的，以便带回美国。</p>
</div><p>Investors applauded the spending plans as a way to shy away from tariff risks on iPhone and semiconductor imports, which could have added huge costs to Apple's supply chain, damaging its profits. Now, it seems to be in good standing with the U.S. government and regulation authorities again.</p>
<div class="lb-trans"><p>投资者对支出计划表示赞赏，认为这是规避 iPhone 和半导体进口关税风险的一种方式，这可能会给苹果的供应链增加巨大的成本，损害其利润。现在，苹果似乎再次与美国政府和监管机构保持良好关系。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjkwNDIvcGhvbmUtaW4taGFuZC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829042%2Fphone-in-hand.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Does the announcement matter?</h2>
<div class="lb-trans"><h2>这一公告重要吗？</h2>
</div><p>In regard to tariffs, this spending announcement won't necessarily hurt the company, it just <em>prevents</em> Apple from having future cost increases across its supply chain. However, since the U.S. has higher salaries and labor standards, this investment may lead to higher input costs for product components, which could lead to margin compression. Apple's operating margin has steadily risen since the COVID-19 pandemic, hitting a record high of 32% over the last 12 months. Sourcing components in the United States may reverse this expansion.</p>
<div class="lb-trans"><p>关于关税，这一支出公告并不会对公司造成伤害，它只是 <em>防止</em> 苹果在未来的供应链中出现成本增加。然而，由于美国的工资和劳动标准较高，这项投资可能导致产品组件的输入成本上升，从而导致利润率压缩。自 COVID-19 疫情以来，苹果的营业利润率稳步上升，在过去 12 个月中达到了 32% 的创纪录高位。在美国采购组件可能会逆转这一扩张。</p>
</div><p>What matters more at the end of the day is demand for Apple's products. Last quarter, the company released solid figures for the three months ending in June. Total revenue grew just under 10% year over year, driven by services revenue and iPhone revenue growth. Even though the iPhone is almost 20 years old, it remains the bread and butter of Apple's business today.</p>
<div class="lb-trans"><p>最终更重要的是对苹果产品的需求。上个季度，公司发布了截至 6 月的三个月的良好业绩。总收入同比增长接近 10%，主要得益于服务收入和 iPhone 收入的增长。尽管 iPhone 几乎已经有 20 年的历史，但它仍然是苹果业务的支柱。</p>
</div><p>This puts the company in a tough spot. Even though the iPhone remains wildly popular, unit volumes have stagnated for years, meaning Apple is only able to grow revenue by increasing prices. This is not an ideal position to be in. Price increases may be necessary just to maintain profit margins in the future if input costs grow due to the Made-in-America investments.</p>
<div class="lb-trans"><p>这使得公司处于一个困难的境地。尽管 iPhone 仍然非常受欢迎，但单位销量多年来停滞不前，这意味着苹果只能通过提高价格来增加收入。这并不是一个理想的处境。如果由于美国制造的投资导致输入成本上升，未来可能需要提高价格以维持利润率。</p>
</div><p>All in all, this announcement does matter. It just might be a negative for Apple's business, contrary to the stock's initial reaction.</p>
<div class="lb-trans"><p>总的来说，这一公告确实重要。它可能对苹果的业务产生负面影响，这与股票最初的反应相反。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/b8c9191a240932e32d0643d24a232446.png" alt="" original-src="https://media.ycharts.com/charts/b8c9191a240932e32d0643d24a232446.png"/></p>
<p>AAPL PE Ratio data by YCharts</p>
<div class="lb-trans"><p>AAPL 市盈率数据来源于 YCharts</p>
</div><h2>The truth about Apple stock</h2>
<div class="lb-trans"><h2>关于苹果股票的真相</h2>
</div><p>There are a lot of arguments to be made -- both bearish and bullish -- for Apple stock. Bulls might say this is a fantastic brand with major lock-in effects along with a growing services division with strong profit margins. Bears may say that Apple's unit volumes for the iPhone have fallen with no new successful products coming down the pipeline. For example, the Apple Vision Pro has turned into a total product bust, likely losing the company billions if not tens of billions of dollars.</p>
<div class="lb-trans"><p>关于苹果股票，有很多论点可以提出——无论是看跌还是看涨。看涨者可能会说这是一个出色的品牌，具有主要的锁定效应，以及一个利润率强劲的增长服务部门。看跌者可能会说苹果的 iPhone 单位销量下降，且没有新的成功产品推出。例如，苹果的 Vision Pro 已经变成了一个彻底的产品失败，可能让公司损失数十亿甚至数百亿美元。</p>
</div><p>A deciding factor in this debate could be the stock's valuation. Apple's price-to-earnings ratio (P/E) is 35. This is quite expensive for a business with low revenue growth. Compare that to <strong>Alphabet</strong>, which has grown its revenue significantly faster than Apple over the last few years but trades at a more reasonable P/E ratio of 22. Apple may be a great business, but that doesn't mean you should ignore the price you pay when analyzing its stock. Avoid buying shares of Apple after this post-announcement pop.</p>
<div class="lb-trans"><p>在这场辩论中，一个决定性因素可能是股票的估值。苹果的市盈率 (P/E) 为 35。这对于一家收入增长缓慢的企业来说相当昂贵。与 <strong>字母表</strong> 相比，后者在过去几年中收入增长显著快于苹果，但市盈率为 22，显得更为合理。苹果可能是一家优秀的企业，但这并不意味着在分析其股票时可以忽视你所支付的价格。在这一公告后的股价上涨后，避免购买苹果的股票。</p>
</div>

Apple's 10% Stock Pop: Time to Invest in the Technology Giant Embracing America?

- 苹果公司宣布在美国投资 6000 亿美元，影响 450,000 个工作岗位。  
- 投资将帮助苹果规避进口关税风险，但可能导致成本上升。  
- 尽管股价反弹，分析认为不宜在此时购买苹果股票。

苹果股价上涨 10%：现在是投资这家拥抱美国市场的科技巨头的好时机吗？