<p>服务不再只是 <strong>Apple</strong>( AAPL +0.18%) 内部的配角。它已成为收入的重要组成部分，并且在利润中占据更大的份额——这帮助公司将其庞大的设备基础转化为可重复的、高利润的收入。这反过来又提高了苹果的盈利潜力，并帮助这家科技公司减少对 iPhone 的依赖，后者占其收入的 50% 以上。</p>
<p>以下是对 Apple 在服务领域强劲势头的更深入分析，以及这一重要领域的势头如何在 2026 年加速。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NTA5MTMvYXBwbGUtc3RvY2staXMtYS1idXktc2VydmljZXMtYnVzaW5lc3MuanBnJnc9Mzg0MA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Apple CEO Tim Cook standing outside of an Apple store." width="3840" height="2160" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NTA5MTMvYXBwbGUtc3RvY2staXMtYS1idXktc2VydmljZXMtYnVzaW5lc3MuanBnJnc9Mzg0MA"/></p>
<p>图片来源：Apple。</p>
<h2>苹果的服务业务正在壮大</h2>
<p>在苹果 2025 财年第四季度（截至 9 月 27 日），服务收入上升至 288 亿美元——同比增长 15%，使该部门的收入创下季度历史新高。苹果在其财年第四季度的财报电话会议上表示，这一增长主要得益于广告、App Store 和云服务的销售增长。放眼整个 财年，公司报告的服务收入为 1092 亿美元，比 2024 财年增长 14%。</p>
<p>包括来自 App Store、iCloud、Apple Music、Apple TV、Apple Pay、AppleCare 和广告的销售，该部门最终代表了苹果在设备已经交到客户手中后如何赚钱，使其成为苹果一个有价值的业务部门。此外，该部门的利润率高于苹果的硬件销售。例如，在财年第四季度，苹果的服务毛利率为 75.3%——而产品的毛利率为 36.2%。这一部门收入的重复性特征，加上其超高的盈利能力，正是服务业务对公司和股东如此重要的原因。</p>
<h2>服务在 2026 年应会大放异彩</h2>
<p>值得注意的是，苹果管理层对 2026 财年的这一部门也抱有强烈期望。展望 2026 财年第一季度，苹果首席财务官 Kevan Parekh 在公司的财年第一季度财报电话会议上表示：“我们预计服务收入将以与 2025 财年相似的同比增长率增长。” 考虑到苹果在指导方面一向保守，我认为这意味着苹果在 2026 财年可能会看到服务收入增长的加速。</p>
<p>广告</p>
<p>苹果本周在对该业务部门的更新中也提供了更多关于服务故事的背景。发布的内容强调了苹果所称的 2025 年服务业务的创纪录表现，并提供了一些数字来帮助解释为什么该业务持续增长。</p>
<p>例如，苹果表示，2025 年 App Store 的全球平均每周用户超过 8.5 亿。此外，Apple Pay 目前拥有超过 11,000 家银行和网络合作伙伴，并在 89 个市场可用。苹果报告称，其 流媒体电视服务 Apple TV 在 12 月的总观看时长同比增长了 36%。</p>
<p>随着公司继续投资其核心服务，并加大对 Apple Intelligence（苹果的 人工智能）的投入，该部门可能会出现一些意外的上行惊喜。正如苹果服务高级副总裁 Eddy Cue 所说：“展望未来，我们将继续为苹果服务带来创新和智能增强……”</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FBUEwucG5nJnc9MTI4?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Apple Stock Quote" width="80" height="80" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FBUEwucG5nJnc9MTI4"/></p>
<h2>NASDAQ: AAPL</h2>
<p>苹果</p>
<p>今日变动</p>
<p>(0.18%) $0.48</p>
<p>当前价格</p>
<p>$260.73</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$3.8T</p>
<p>日内区间</p>
<p>$258.40 - $261.81</p>
<p>52 周区间</p>
<p>$169.21 - $288.62</p>
<p>成交量</p>
<p>942K</p>
<p>平均成交量</p>
<p>45M</p>
<p>毛利率</p>
<p>46.91%</p>
<p>股息收益率</p>
<p>0.40%</p>
<p>当然，股票已经反映了相当多的信心。当前股票交易约为 35 倍市盈率 -- 这一 估值 倍数预示着未来可预期的强劲双位数盈利增长。</p>
<p>尽管如此，我认为服务故事足够强大，可以为股票提供良好的看涨理由——即使在这个估值下。这个快速增长的部门代表了苹果在不承担过多风险的情况下扩展业务的有利方式，因为它利用了庞大的活跃设备基础，并简单地叠加客户频繁使用和重复支付的服务。此外，这一模式已经证明是有效的。因此，苹果只需继续加大对其现有业务的投入。</p>
<p>更重要的是，我相信 2026 财年将是 Apple Intelligence 在苹果生态系统中变得更加显著的一年，帮助加速现有服务的采用，并可能创造全新的服务。</p>
<p>总体而言，苹果的服务势头可能会帮助公司为股东提供稳定、强劲的增长。但如果该部门未能达到预期，溢价估值也可能限制短期的上行空间。因此，投资者应在全年密切关注该部门，以确定其是否能够真正保持势头甚至加速。</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>苹果的服务业务已成为重要的收入驱动因素，2025 财年第四季度的服务收入达到 288 亿美元，同比增长 15%。这一部分包括 App Store、iCloud 和 Apple Music，毛利率高达 75.3%，显著高于硬件销售。展望未来，苹果预计在 2026 财年将实现类似的增长，主要得益于用户参与度的提升以及对服务和人工智能的投资。尽管估值较高，但强劲的服务势头为苹果提供了看涨的理由，投资者仍需密切关注业绩表现</p>

<p>Services is no longer just a supporting character inside <strong>Apple</strong>( AAPL +0.18%). It has become a substantial portion of revenue and represents an even bigger share of profits -- and it's helping the company turn its massive device footprint into repeatable, higher-margin revenue. This, in turn, improves Apple's earnings potential and helps the tech company be less dependent on iPhone, which accounts for more than 50% of revenue.</p>
<div class="lb-trans"><p>服务不再只是 <strong>Apple</strong>( AAPL +0.18%) 内部的配角。它已成为收入的重要组成部分，并且在利润中占据更大的份额——这帮助公司将其庞大的设备基础转化为可重复的、高利润的收入。这反过来又提高了苹果的盈利潜力，并帮助这家科技公司减少对 iPhone 的依赖，后者占其收入的 50% 以上。</p>
</div><p>Here's a closer look at Apple's strong momentum in services and how the important segment's momentum could accelerate in 2026.</p>
<div class="lb-trans"><p>以下是对 Apple 在服务领域强劲势头的更深入分析，以及这一重要领域的势头如何在 2026 年加速。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NTA5MTMvYXBwbGUtc3RvY2staXMtYS1idXktc2VydmljZXMtYnVzaW5lc3MuanBnJnc9Mzg0MA" alt="Apple CEO Tim Cook standing outside of an Apple store." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F850913%2Fapple-stock-is-a-buy-services-business.jpg&amp;w=3840&amp;op=resize"/></p>
<p>Image source: Apple.</p>
<div class="lb-trans"><p>图片来源：Apple。</p>
</div><h2>Apple's services business is getting bigger</h2>
<div class="lb-trans"><h2>苹果的服务业务正在壮大</h2>
</div><p>In Apple's fiscal fourth quarter of 2025 (ended Sept. 27), services revenue rose to $28.8 billion -- up 15% year over year and putting the segment's revenue at an all-time record quarterly record. The increase, Apple said in its fiscal fourth-quarter earnings call, was driven primarily by higher sales from advertising, the App Store, and cloud services. Zooming out to the entire fiscal year, the company reported services revenue of $109.2 billion, up 14% from fiscal 2024.</p>
<div class="lb-trans"><p>在苹果 2025 财年第四季度（截至 9 月 27 日），服务收入上升至 288 亿美元——同比增长 15%，使该部门的收入创下季度历史新高。苹果在其财年第四季度的财报电话会议上表示，这一增长主要得益于广告、App Store 和云服务的销售增长。放眼整个 财年，公司报告的服务收入为 1092 亿美元，比 2024 财年增长 14%。</p>
</div><p>Including sales from the App Store, iCloud, Apple Music, Apple TV, Apple Pay, AppleCare, and advertising, the segment ultimately represents how Apple earns money after a device is already in a customer's hands, making it a valuable business segment for Apple. In addition, the segment boasts a higher profit margin than Apple's hardware sales. In fiscal Q4, for instance, Apple's services gross margin was 75.3% -- compared to 36.2% for products. This recurring nature of the segment's revenue, combined with its outsize profitability, is why the services business is so important to the company and shareholders.</p>
<div class="lb-trans"><p>包括来自 App Store、iCloud、Apple Music、Apple TV、Apple Pay、AppleCare 和广告的销售，该部门最终代表了苹果在设备已经交到客户手中后如何赚钱，使其成为苹果一个有价值的业务部门。此外，该部门的利润率高于苹果的硬件销售。例如，在财年第四季度，苹果的服务毛利率为 75.3%——而产品的毛利率为 36.2%。这一部门收入的重复性特征，加上其超高的盈利能力，正是服务业务对公司和股东如此重要的原因。</p>
</div><h2>Services should shine in 2026</h2>
<div class="lb-trans"><h2>服务在 2026 年应会大放异彩</h2>
</div><p>Notably, Apple management has strong expectations for the segment in fiscal 2026, too. Looking ahead to its first quarter of fiscal 2026, Apple chief financial officer Kevan Parekh said in the company's fiscal first-quarter earnings call, &#34;We expect services revenue to grow at a year-over-year rate similar to what we reported in the fiscal year 2025.&#34; And given Apple's reputation for being conservative when it comes to guidance, I think this means that Apple could see an acceleration in its services revenue growth in fiscal 2026.</p>
<div class="lb-trans"><p>值得注意的是，苹果管理层对 2026 财年的这一部门也抱有强烈期望。展望 2026 财年第一季度，苹果首席财务官 Kevan Parekh 在公司的财年第一季度财报电话会议上表示：“我们预计服务收入将以与 2025 财年相似的同比增长率增长。” 考虑到苹果在指导方面一向保守，我认为这意味着苹果在 2026 财年可能会看到服务收入增长的加速。</p>
</div><p>Advertisement</p>
<div class="lb-trans"><p>广告</p>
</div><p>Apple also put more context around the services story in an update on the business segment this week. The release highlights what Apple calls a record-breaking 2025 for services, with a few numbers that help explain why the business keeps compounding.</p>
<div class="lb-trans"><p>苹果本周在对该业务部门的更新中也提供了更多关于服务故事的背景。发布的内容强调了苹果所称的 2025 年服务业务的创纪录表现，并提供了一些数字来帮助解释为什么该业务持续增长。</p>
</div><p>For example, Apple said the App Store averaged over 850 million weekly users globally in 2025. Additionally, Apple Pay now boasts over 11,000 bank and network partners and is available in 89 markets. Apple reported that its streaming TV service, Apple TV, saw total viewing hours increase 36% year over year in December.</p>
<div class="lb-trans"><p>例如，苹果表示，2025 年 App Store 的全球平均每周用户超过 8.5 亿。此外，Apple Pay 目前拥有超过 11,000 家银行和网络合作伙伴，并在 89 个市场可用。苹果报告称，其 流媒体电视服务 Apple TV 在 12 月的总观看时长同比增长了 36%。</p>
</div><p>And there could be some upside surprises in the segment as the company continues to invest in its core services and as it ramps up Apple Intelligence (Apple's artificial intelligence). As Eddy Cue, Apple's senior vice president of services, put it: &#34;As we look ahead, we'll continue to bring innovation and intelligent enhancements to Apple services...&#34;</p>
<div class="lb-trans"><p>随着公司继续投资其核心服务，并加大对 Apple Intelligence（苹果的 人工智能）的投入，该部门可能会出现一些意外的上行惊喜。正如苹果服务高级副总裁 Eddy Cue 所说：“展望未来，我们将继续为苹果服务带来创新和智能增强……”</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL0FBUEwucG5nJnc9MTI4" alt="Apple Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FAAPL.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: AAPL</h2>
<div class="lb-trans"><h2>NASDAQ: AAPL</h2>
</div><p>Apple</p>
<div class="lb-trans"><p>苹果</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(0.18%) $0.48</p>
<div class="lb-trans"><p>(0.18%) $0.48</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$260.73</p>
<div class="lb-trans"><p>$260.73</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$3.8T</p>
<div class="lb-trans"><p>$3.8T</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$258.40 - $261.81</p>
<div class="lb-trans"><p>$258.40 - $261.81</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$169.21 - $288.62</p>
<div class="lb-trans"><p>$169.21 - $288.62</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>942K</p>
<div class="lb-trans"><p>942K</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>45M</p>
<div class="lb-trans"><p>45M</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>46.91%</p>
<div class="lb-trans"><p>46.91%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.40%</p>
<div class="lb-trans"><p>0.40%</p>
</div><p>Of course, the stock already reflects plenty of confidence. Shares currently trade at about 35 times earnings -- a valuation multiple that prices in strong double-digit earnings growth for the foreseeable future.</p>
<div class="lb-trans"><p>当然，股票已经反映了相当多的信心。当前股票交易约为 35 倍市盈率 -- 这一 估值 倍数预示着未来可预期的强劲双位数盈利增长。</p>
</div><p>Still, I'd argue that the services story is strong enough to make a good bull case for the stock -- even from this valuation. The fast-growing segment represents a lucrative way for Apple to expand its business without incurring too much risk, as it leverages a massive base of active devices and simply layers on services that customers use frequently and pay for repeatedly. Additionally, it's a model that has already proven to work. Apple, therefore, just needs to keep doubling down on what it's already doing.</p>
<div class="lb-trans"><p>尽管如此，我认为服务故事足够强大，可以为股票提供良好的看涨理由——即使在这个估值下。这个快速增长的部门代表了苹果在不承担过多风险的情况下扩展业务的有利方式，因为它利用了庞大的活跃设备基础，并简单地叠加客户频繁使用和重复支付的服务。此外，这一模式已经证明是有效的。因此，苹果只需继续加大对其现有业务的投入。</p>
</div><p>Even more, I believe that fiscal 2026 will be the year when Apple Intelligence becomes more prominent in the Apple ecosystem, helping to accelerate the adoption of existing services and potentially creating entirely new ones.</p>
<div class="lb-trans"><p>更重要的是，我相信 2026 财年将是 Apple Intelligence 在苹果生态系统中变得更加显著的一年，帮助加速现有服务的采用，并可能创造全新的服务。</p>
</div><p>Overall, Apple's services momentum will likely help the company deliver steady, strong growth for shareholders. But a premium valuation can also limit near-term upside if the segment doesn't live up to expectations. So, investors should watch the segment closely throughout the year to determine whether it can truly maintain its momentum or even accelerate.</p>
<div class="lb-trans"><p>总体而言，苹果的服务势头可能会帮助公司为股东提供稳定、强劲的增长。但如果该部门未能达到预期，溢价估值也可能限制短期的上行空间。因此，投资者应在全年密切关注该部门，以确定其是否能够真正保持势头甚至加速。</p>
</div>

Apple's Services Business Was a Major Catalyst Last Year, and 2026 Will Likely Be Even Better

- 苹果服务业务在 2025 财年第四季度收入达 288 亿美元，同比增长 15%。
- 此业务提高了苹果的盈利潜力，降低了对 iPhone 收入的依赖。
- 预计 2026 年服务收入将持续快速增长，受益于广告、App Store 和云服务的推动。

苹果的服务业务去年是一个重要的推动力，预计 2026 年会表现得更好