<p>隨着財報季的臨近，投資者應該審視他們的投資組合，並評估是否還有上漲空間，或者下一個消息是否可能是負面的。這可能適用於 <strong>蘋果</strong>(AAPL 0.46%)，因為投資者對該股票的看法相當悲觀，這並非沒有理由。</p>
<p>儘管市場其他部分自四月和五月的低點反彈，但蘋果的股票相對平穩，截至目前，今年下跌了 15%。我認為這種缺乏參與並不是一個買入機會，而是未來趨勢的跡象。因此，在蘋果下一個季度財報發佈之前，可能是拋售股票的好時機，財報將在 7 月 31 日發佈。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4NDkvcGVyc29uLWluLWEtd2hpdGUtc2hpcnQtd29uZGVyaW5nLWFib3V0LWEtcXVlc3Rpb24uanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4NDkvcGVyc29uLWluLWEtd2hpdGUtc2hpcnQtd29uZGVyaW5nLWFib3V0LWEtcXVlc3Rpb24uanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>蘋果最近未能成為創新者</h2>
<p>蘋果無需多做介紹；它是領先的消費科技品牌，全球有數百萬人擁有其產品。然而，市場有限，蘋果可能已接近其產品線的飽和點。</p>
<p>此外，蘋果近年來未能推出任何真正具有顛覆性的功能。就在不久之前，消費者每年都會購買新款 iPhone 以獲取所有新升級。現在，只有增量的電池續航和相機升級，幾乎沒有真正的創新。</p>
<p>在人工智能方面，蘋果被其安卓競爭對手甩在了後面，因為蘋果智能（Apple Intelligence）作為其人工智能的嘗試，並沒有帶來任何值得注意的成果。</p>
<p>這明顯表明該公司依賴於以往的成功，這在蘋果的財務數據中顯而易見。</p>
<h2>蘋果的增長最近非常緩慢</h2>
<p>蘋果的收入增長在過去幾年表現不佳。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a6f0806dffac17c882abe092de7b71b3.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a6f0806dffac17c882abe092de7b71b3.png"/></p>
<p>AAPL 營業收入（季度同比增長）數據來源於 YCharts</p>
<p>蘋果上個季度 5.1% 的增長看起來比之前的季度有了很大改善，但這並不是一個好的位置。然而，對於像蘋果這樣的成熟公司，投資者更關心每股收益（EPS）的增長，而不是收入的增長。蘋果可以回購股票並提高利潤率，以實現比收入增長更快的收益增長，但這樣的日子可能也有限。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fc82caf9b8319bb5646013d76a367a7f.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fc82caf9b8319bb5646013d76a367a7f.png"/></p>
<p>AAPL 每股收益基本（季度同比增長）數據來源於 YCharts</p>
<p>蘋果多次交出每股收益增長率低於 10% 的季度業績，這表明考慮到市場長期平均增長率約為 10%，它可能在長期內表現不佳。儘管蘋果持續交出低於平均水平的增長，但其股票的交易價格仍遠高於市場。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d585ed021f5e98d0b764b25ed030925f.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d585ed021f5e98d0b764b25ed030925f.png"/></p>
<p>AAPL 市盈率（前瞻性）數據來源於 YCharts</p>
<p>儘管蘋果的估值有所下降，但其 29.4 倍的前瞻性收益仍然遠高於 <strong>標準普爾 500</strong> 的 23.7 倍前瞻性收益。</p>
<p>這表明市場對蘋果股票的溢價過高，而其 2025 財年第三季度的收益公告將在 7 月 31 日發佈，可能會成為投資者的另一個警鐘。在這一季度，幾乎沒有什麼事情能夠推動蘋果的銷售，考慮到關税可能會壓縮其利潤率，股票下跌的可能性遠大於上漲的可能性。</p>
<p>投資者應該考慮放棄蘋果股票。它的表現一直很好，帶來了驚人的回報，但現在有許多其他股票的增長更強，看起來更適合投資。</p>

蘋果

2 倍做多 AAPL ETF - GraniteShares

蘋果每日 1 倍做空 ETF - Direxion

蘋果每日 2 倍做多 ETF - Direxion

AAPX

AAPY

APLY

<p>隨着財報季的臨近，投資者被建議重新評估他們的投資組合，特別是關於蘋果（AAPL），該公司今年已出現 15% 的下跌。蘋果在創新方面面臨挑戰，收入增長緩慢，EPS 增長始終低於 10%。儘管估值略有下降，但蘋果的股票與標準普爾 500 指數相比仍然顯得昂貴。由於銷售增長有限且可能面臨利潤率壓力，投資者可能希望在 7 月 31 日即將發佈的財報之前考慮出售他們的股票，因為其他地方存在更好的增長機會</p>

<p>As earnings season approaches, investors should review their portfolios and assess whether there is still upside left or if the next piece of news could be negative. This could apply to <strong>Apple</strong>(AAPL 0.46%), as investors have been fairly bearish on the stock for a good reason.</p>
<div class="lb-trans"><p>隨着財報季的臨近，投資者應該審視他們的投資組合，並評估是否還有上漲空間，或者下一個消息是否可能是負面的。這可能適用於 <strong>蘋果</strong>(AAPL 0.46%)，因為投資者對該股票的看法相當悲觀，這並非沒有理由。</p>
</div><p>While the rest of the market has rallied from its lows in April and May, Apple's stock has remained relatively flat, down 15% for the year at the time of this writing. I think this lack of participation isn't a buying opportunity; it's a sign of things to come. As a result, it may be a good idea to unload shares before Apple's next quarterly earnings report on July 31.</p>
<div class="lb-trans"><p>儘管市場其他部分自四月和五月的低點反彈，但蘋果的股票相對平穩，截至目前，今年下跌了 15%。我認為這種缺乏參與並不是一個買入機會，而是未來趨勢的跡象。因此，在蘋果下一個季度財報發佈之前，可能是拋售股票的好時機，財報將在 7 月 31 日發佈。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4NDkvcGVyc29uLWluLWEtd2hpdGUtc2hpcnQtd29uZGVyaW5nLWFib3V0LWEtcXVlc3Rpb24uanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824849%2Fperson-in-a-white-shirt-wondering-about-a-question.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Apple has failed to be an innovator lately</h2>
<div class="lb-trans"><h2>蘋果最近未能成為創新者</h2>
</div><p>Apple needs little introduction; it's the leading consumer technology brand and millions around the globe own its products. However, there's only a limited population, and Apple may have neared the saturation point for its product line.</p>
<div class="lb-trans"><p>蘋果無需多做介紹；它是領先的消費科技品牌，全球有數百萬人擁有其產品。然而，市場有限，蘋果可能已接近其產品線的飽和點。</p>
</div><p>Furthermore, Apple has failed to release any real game-changing features in recent years. It wasn't all that long ago when consumers would purchase a new iPhone each year for all of the new upgrades. Now, it's only incremental battery life and camera upgrades, with little true innovation.</p>
<div class="lb-trans"><p>此外，蘋果近年來未能推出任何真正具有顛覆性的功能。就在不久之前，消費者每年都會購買新款 iPhone 以獲取所有新升級。現在，只有增量的電池續航和相機升級，幾乎沒有真正的創新。</p>
</div><p>On the AI front, Apple has been left behind by its Android peers, as Apple Intelligence, its take on AI, hasn't delivered anything noteworthy.</p>
<div class="lb-trans"><p>在人工智能方面，蘋果被其安卓競爭對手甩在了後面，因為蘋果智能（Apple Intelligence）作為其人工智能的嘗試，並沒有帶來任何值得注意的成果。</p>
</div><p>This is a telltale sign of a company that's relying on its prior success, and it's evident in Apple's financials.</p>
<div class="lb-trans"><p>這明顯表明該公司依賴於以往的成功，這在蘋果的財務數據中顯而易見。</p>
</div><h2>Apple's growth has been very slow recently</h2>
<div class="lb-trans"><h2>蘋果的增長最近非常緩慢</h2>
</div><p>Apple's revenue growth has been poor over the past few years.</p>
<div class="lb-trans"><p>蘋果的收入增長在過去幾年表現不佳。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a6f0806dffac17c882abe092de7b71b3.png" alt="" original-src="https://media.ycharts.com/charts/a6f0806dffac17c882abe092de7b71b3.png"/></p>
<p>AAPL Operating Revenue (Quarterly YoY Growth) data by YCharts</p>
<div class="lb-trans"><p>AAPL 營業收入（季度同比增長）數據來源於 YCharts</p>
</div><p>With Apple's 5.1% increase last quarter looking like a huge improvement from prior quarters, that's not a great position to be in. However, for a mature company like Apple, investors care more about earnings per share (EPS) growth than revenue growth. Apple can repurchase shares and improve margins to squeeze out faster earnings growth than revenue growth, but those days may be limited as well.</p>
<div class="lb-trans"><p>蘋果上個季度 5.1% 的增長看起來比之前的季度有了很大改善，但這並不是一個好的位置。然而，對於像蘋果這樣的成熟公司，投資者更關心每股收益（EPS）的增長，而不是收入的增長。蘋果可以回購股票並提高利潤率，以實現比收入增長更快的收益增長，但這樣的日子可能也有限。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/fc82caf9b8319bb5646013d76a367a7f.png" alt="" original-src="https://media.ycharts.com/charts/fc82caf9b8319bb5646013d76a367a7f.png"/></p>
<p>AAPL EPS Basic (Quarterly YoY Growth) data by YCharts</p>
<div class="lb-trans"><p>AAPL 每股收益基本（季度同比增長）數據來源於 YCharts</p>
</div><p>Apple has repeatedly delivered quarters with less than a 10% EPS growth rate, which suggests it may underperform the market over the long term, given the market's long-term average growth rate of around 10%. Despite Apple continuously delivering slower-than-average growth, its stock trades at a hefty premium to the market.</p>
<div class="lb-trans"><p>蘋果多次交出每股收益增長率低於 10% 的季度業績，這表明考慮到市場長期平均增長率約為 10%，它可能在長期內表現不佳。儘管蘋果持續交出低於平均水平的增長，但其股票的交易價格仍遠高於市場。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d585ed021f5e98d0b764b25ed030925f.png" alt="" original-src="https://media.ycharts.com/charts/d585ed021f5e98d0b764b25ed030925f.png"/></p>
<p>AAPL PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>AAPL 市盈率（前瞻性）數據來源於 YCharts</p>
</div><p>Although Apple's valuation has come down, its 29.4 times forward earnings is still far more expensive than the <strong>S&amp;P 500</strong>'s 23.7 times forward earnings.</p>
<div class="lb-trans"><p>儘管蘋果的估值有所下降，但其 29.4 倍的前瞻性收益仍然遠高於 <strong>標準普爾 500</strong> 的 23.7 倍前瞻性收益。</p>
</div><p>This suggests that the market is overpaying for Apple's stock, and its third-quarter fiscal year 2025 earnings announcement on July 31 could serve as another wake-up call for investors. There wasn't much that happened in the quarter that could have boosted Apple's sales, and with tariffs likely squeezing its margins, the odds of the stock moving lower are far more likely than it moving higher.</p>
<div class="lb-trans"><p>這表明市場對蘋果股票的溢價過高，而其 2025 財年第三季度的收益公告將在 7 月 31 日發佈，可能會成為投資者的另一個警鐘。在這一季度，幾乎沒有什麼事情能夠推動蘋果的銷售，考慮到關税可能會壓縮其利潤率，股票下跌的可能性遠大於上漲的可能性。</p>
</div><p>Investors should consider moving on from Apple stock. It has been on a great run and produced phenomenal returns, but there are many other stocks with stronger growth that look like better places to be invested in right now.</p>
<div class="lb-trans"><p>投資者應該考慮放棄蘋果股票。它的表現一直很好，帶來了驚人的回報，但現在有許多其他股票的增長更強，看起來更適合投資。</p>
</div>

Should You Sell Apple's Stock Before July 31?

- 投資者應評估投資組合，考慮在蘋果財報前是否出售股票。  
- 蘋果股價今年下跌 15%，缺乏創新和增長，面臨市場壓力。  
- 蘋果的估值仍高於市場，未來財報可能引發投資者警覺。  

你是否應該在 7 月 31 日之前出售蘋果的股票？