<p>蘋果公司（NASDAQ: AAPL）的股票在最近幾周表現出色，上週首次突破 300 美元。這意味着自四月初以來，股價上漲超過 20%，在經歷了數月的區間交易後終於反彈。</p>
<p>推動這一走勢的更廣泛的牛市論點已經被充分記錄——一份超預期的財報、兩位數的收入增長、1000 億美元的大規模回購，以及市場已經堅定地轉向風險偏好模式。</p>
<p>然而，受到的關注相對較少的是，蘋果在其業務的一個非常特定部分可能仍然被嚴重低估的論點。Evercore ISI 上週的一份新報告指出，該公司的服務部門在最近一個季度產生了近 310 億美元的收入，但市場卻將其定價為硬件業務。</p>
<p>分析師認為，如果將其更恰當地估值，作為一個高利潤、經常性收入的軟件業務，可能會單獨為蘋果的股價增加多達 13 美元。考慮到蘋果目前正在銷售創紀錄數量的標誌性 iPhone，這一觀點值得認真對待。</p>
<h2>為什麼服務業務變得不容忽視</h2>
<p>Evercore 論點的核心並不複雜，這也是其吸引人的部分。根據分析師 Amit Daryanani 的説法，蘋果的服務部門涵蓋了 App Store、Apple Music、iCloud、Apple TV+、Apple Pay 以及不斷增長的訂閲產品組合，其增長方式並不像硬件業務，而更像是軟件業務。</p>
<p>更重要的是，利潤率的表現與 iPhone 業務截然不同。服務業務的毛利率遠高於硬件，這意味着每增加一美元的服務收入對底線的貢獻遠遠超過一美元的 iPhone 收入。</p>
<p>這一區別在建模蘋果未來三到五年的收益時至關重要，因為服務業務在整體收入結構中佔據越來越主導的份額。公司的活躍設備安裝基礎為持續增長提供了極其穩固的基礎，感覺蘋果在從該生態系統中變現方面幾乎才剛剛開始。</p>
<h2>華爾街開始連接點滴</h2>
<p>Evercore ISI 的看漲觀點並不是在真空中出現的。上週，Tigress Financial 重申了對蘋果股票的強力買入評級，並將其目標價提高至 375 美元，意味着從當前水平還有約 25% 的上漲空間。</p>
<p>這一立場與 TD Cowen 和 Wedbush 本月的類似看漲呼聲相呼應，後者設定了引人注目的 400 美元目標價。當前股價剛剛達到 300 美元，而這些目標價卻聚集在 300 美元之上，表明華爾街最聰明的資金並不將 300 美元視為上限，而是作為一箇中途點。</p>
<h3>蘋果公司（AAPL）2026 年 5 月 19 日的價格圖表</h3>
<p>所有這一切的背景是 WWDC，蘋果的年度開發者大會，將於下個月舉行，可能成為一個重要的短期催化劑。如果蘋果利用這一活動進一步加大對人工智能和服務路線圖的投入，將為市場提供一個具體的理由來支持看漲的分析師觀點。</p>
<h2>估值擔憂是真實的</h2>
<p>與此同時，這並不意味着股票沒有風險，投資者應該清楚他們在為什麼付費。蘋果當前的市盈率（P/E）約為 36，是過去十年中最高的之一。</p>
<p>服務是一個潛在巨頭的論點很有吸引力，但只有在該部門繼續以兩位數的速度增長時才成立。如果宏觀經濟逆風開始影響消費者對訂閲的支出，或者如果整體股市出現風險規避情緒，蘋果股票的溢價將更難以證明。</p>
<p>還有一個簡單的觀察是，股票在最近幾周已經顯著上漲。在 300 美元時介入的投資者並不算是這輪反彈的早期參與者，考慮到如此強勁的上漲後短期獲利了結並不是不合理的擔憂。股票現在可能看起來並不技術性超買，但確實正在逼近那個領域。</p>
<p>投資者現在真正的問題不是蘋果是否是一家偉大的公司。這一點沒有爭議。關鍵在於市場是否正確地評估了它的全部潛力。如果服務業務的論點在接下來的幾周內獲得更廣泛的關注，當前的價格在事後看來可能會顯得便宜，這正是看漲者所期待的。</p>
<h2>你現在應該投資 1000 美元在蘋果嗎？</h2>
<p>在考慮蘋果之前，你需要聽聽這個。</p>
<p>MarketBeat 每天跟蹤華爾街頂級評級和表現最佳的研究分析師及其推薦給客户的股票。MarketBeat 已經識別出五隻頂級分析師正在悄悄推薦給客户的股票，建議在更廣泛的市場注意到之前買入……而蘋果並不在名單上。</p>
<p>雖然蘋果目前在分析師中獲得了適度買入評級，但頂級分析師認為這五隻股票更值得投資。</p>
<p>查看這五隻股票</p>

蘋果

2 倍做多 AAPL ETF - GraniteShares

蘋果每日 2 倍做多 ETF - Direxion

AAPX

蘋果每日 1 倍做空 ETF - Direxion

AAPY

APLY

<p>蘋果的服務部門正受到關注，成為關鍵的增長動力，分析師認為這可能會顯著提升股票的價值。自四月以來，股價已上漲超過 20%，這得益於強勁的收益和 1000 億美元的回購計劃。Evercore ISI 的分析師認為，服務部門的利潤率高於硬件，當前被低估。各公司給出的目標價暗示了進一步的上漲潛力。然而，關於估值和市場狀況的擔憂依然存在，因為該股票的市盈率較高，近期的漲幅可能導致獲利了結</p>

<p>Shares of Apple Inc NASDAQ: AAPL have been on an impressive run in recent weeks, breaking through $300 for the first time last week. It means they're now up more than 20% since the start of April, finally rallying after months of range-bound trading.</p>
<div class="lb-trans"><p>蘋果公司（NASDAQ: AAPL）的股票在最近幾周表現出色，上週首次突破 300 美元。這意味着自四月初以來，股價上漲超過 20%，在經歷了數月的區間交易後終於反彈。</p>
</div><p>The broader bull case that has fuelled this move has been well documented—a blowout earnings report, double-digit revenue growth, a massive $100 billion buyback, and a market that has firmly shifted back into risk-on mode.</p>
<div class="lb-trans"><p>推動這一走勢的更廣泛的牛市論點已經被充分記錄——一份超預期的財報、兩位數的收入增長、1000 億美元的大規模回購，以及市場已經堅定地轉向風險偏好模式。</p>
</div><p>What's received considerably less attention, though, is the argument that Apple may still be significantly undervalued in one very specific part of its business. A fresh note from Evercore ISI last week argued that the company's Services segment, which generated nearly $31 billion in revenue in its most recent quarter, is being priced by the market as if it were a hardware business.</p>
<div class="lb-trans"><p>然而，受到的關注相對較少的是，蘋果在其業務的一個非常特定部分可能仍然被嚴重低估的論點。Evercore ISI 上週的一份新報告指出，該公司的服務部門在最近一個季度產生了近 310 億美元的收入，但市場卻將其定價為硬件業務。</p>
</div><p>The analysts believe that if it were valued more appropriately, as a high-margin, recurring-revenue software operation, it could add as much as $13 per share to Apple's stock price on its own. Considering Apple is currently selling record numbers of its iconic iPhone, that's an interesting take worth taking seriously.</p>
<div class="lb-trans"><p>分析師認為，如果將其更恰當地估值，作為一個高利潤、經常性收入的軟件業務，可能會單獨為蘋果的股價增加多達 13 美元。考慮到蘋果目前正在銷售創紀錄數量的標誌性 iPhone，這一觀點值得認真對待。</p>
</div><h2>Why Services Is Becoming Impossible to Ignore</h2>
<div class="lb-trans"><h2>為什麼服務業務變得不容忽視</h2>
</div><p>The core of Evercore's argument isn't complicated, and that's part of what makes it so compelling. According to analyst Amit Daryanani, Apple's Services division, which covers the App Store, Apple Music, iCloud, Apple TV+, Apple Pay, and a growing suite of subscription products, isn't growing like a hardware business; it's growing like a software one.</p>
<div class="lb-trans"><p>Evercore 論點的核心並不複雜，這也是其吸引人的部分。根據分析師 Amit Daryanani 的説法，蘋果的服務部門涵蓋了 App Store、Apple Music、iCloud、Apple TV+、Apple Pay 以及不斷增長的訂閲產品組合，其增長方式並不像硬件業務，而更像是軟件業務。</p>
</div><p>More importantly, the margin profile tells a very different story from the iPhone business. Services carries dramatically higher gross margins than hardware, meaning every incremental dollar of Services revenue benefits the bottom line far more than a dollar of iPhone revenue ever could.</p>
<div class="lb-trans"><p>更重要的是，利潤率的表現與 iPhone 業務截然不同。服務業務的毛利率遠高於硬件，這意味着每增加一美元的服務收入對底線的貢獻遠遠超過一美元的 iPhone 收入。</p>
</div><p>That distinction matters enormously when modeling what Apple's earnings could look like three to five years from now, as Services becomes an increasingly dominant share of the overall revenue mix. The company's installed base of active devices provides a remarkably durable foundation for that continued growth, and it feels as if Apple has barely scratched the surface of what it could monetize from that ecosystem.</p>
<div class="lb-trans"><p>這一區別在建模蘋果未來三到五年的收益時至關重要，因為服務業務在整體收入結構中佔據越來越主導的份額。公司的活躍設備安裝基礎為持續增長提供了極其穩固的基礎，感覺蘋果在從該生態系統中變現方面幾乎才剛剛開始。</p>
</div><h2>Wall Street Is Starting to Connect the Dots</h2>
<div class="lb-trans"><h2>華爾街開始連接點滴</h2>
</div><p>The bullish take from Evercore ISI didn't exactly arrive in a vacuum either. Last week, Tigress Financial reiterated its Strong Buy rating on Apple stock and raised its price target to $375, implying around 25% additional upside from current levels.</p>
<div class="lb-trans"><p>Evercore ISI 的看漲觀點並不是在真空中出現的。上週，Tigress Financial 重申了對蘋果股票的強力買入評級，並將其目標價提高至 375 美元，意味着從當前水平還有約 25% 的上漲空間。</p>
</div><p>That stance echoes similarly bullish calls from TD Cowen and Wedbush this month, too, the latter of which has set an eye-catching $400 price target. The fact that these targets are clustering well above $300 at a time when the stock is only just reaching that level signals that the smartest money on Wall Street isn't treating $300 as a ceiling, but rather as a waypoint.</p>
<div class="lb-trans"><p>這一立場與 TD Cowen 和 Wedbush 本月的類似看漲呼聲相呼應，後者設定了引人注目的 400 美元目標價。當前股價剛剛達到 300 美元，而這些目標價卻聚集在 300 美元之上，表明華爾街最聰明的資金並不將 300 美元視為上限，而是作為一箇中途點。</p>
</div><h3>Apple Inc. (AAPL) Price Chart for Tuesday, May, 19, 2026</h3>
<div class="lb-trans"><h3>蘋果公司（AAPL）2026 年 5 月 19 日的價格圖表</h3>
</div><p>Underscoring all of this is WWDC, Apple's annual developer conference, which is happening next month and could serve as a significant near-term catalyst. If Apple uses the event to double down on its AI and Services roadmap, it would give the market a concrete reason to back up the bullish analyst calls.</p>
<div class="lb-trans"><p>所有這一切的背景是 WWDC，蘋果的年度開發者大會，將於下個月舉行，可能成為一個重要的短期催化劑。如果蘋果利用這一活動進一步加大對人工智能和服務路線圖的投入，將為市場提供一個具體的理由來支持看漲的分析師觀點。</p>
</div><h2>The Valuation Concern Is Real</h2>
<div class="lb-trans"><h2>估值擔憂是真實的</h2>
</div><p>At the same time, none of this means the stock is without risk, and investors should think clearly about what they're paying for. Apple's current price-to-earnings (P/E) ratio is around 36, one of its highest in the past decade.</p>
<div class="lb-trans"><p>與此同時，這並不意味着股票沒有風險，投資者應該清楚他們在為什麼付費。蘋果當前的市盈率（P/E）約為 36，是過去十年中最高的之一。</p>
</div><p>The Services-is-a-sleeping-giant thesis is compelling, but it only holds up if the segment continues to grow at double-digit rates. If macro headwinds start hurting consumer spending on subscriptions, or if equities in general take on a risk-off sentiment, the premium on Apple stock would be much harder to justify.</p>
<div class="lb-trans"><p>服務是一個潛在巨頭的論點很有吸引力，但只有在該部門繼續以兩位數的速度增長時才成立。如果宏觀經濟逆風開始影響消費者對訂閲的支出，或者如果整體股市出現風險規避情緒，蘋果股票的溢價將更難以證明。</p>
</div><p>There's also the straightforward observation that the stock has already gained significantly in recent weeks. Investors getting involved at $300 aren't exactly getting in on the ground floor of the rally, and some near-term profit-taking following such a strong run isn't an unreasonable concern. The stock mightn't look technically overbought right now, but it's definitely edging towards that territory.</p>
<div class="lb-trans"><p>還有一個簡單的觀察是，股票在最近幾周已經顯著上漲。在 300 美元時介入的投資者並不算是這輪反彈的早期參與者，考慮到如此強勁的上漲後短期獲利了結並不是不合理的擔憂。股票現在可能看起來並不技術性超買，但確實正在逼近那個領域。</p>
</div><p>The real question for investors right now isn't whether Apple is a great business. That's not in dispute. It's whether the market is correctly valuing it given its full potential. If the Services argument gains broader traction in the coming weeks, the current price might look like a bargain in hindsight, which is exactly what the bulls are counting on.</p>
<div class="lb-trans"><p>投資者現在真正的問題不是蘋果是否是一家偉大的公司。這一點沒有爭議。關鍵在於市場是否正確地評估了它的全部潛力。如果服務業務的論點在接下來的幾周內獲得更廣泛的關注，當前的價格在事後看來可能會顯得便宜，這正是看漲者所期待的。</p>
</div><h2>Should You Invest $1,000 in Apple Right Now?</h2>
<div class="lb-trans"><h2>你現在應該投資 1000 美元在蘋果嗎？</h2>
</div><p>Before you consider Apple, you'll want to hear this.</p>
<div class="lb-trans"><p>在考慮蘋果之前，你需要聽聽這個。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Apple wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟蹤華爾街頂級評級和表現最佳的研究分析師及其推薦給客户的股票。MarketBeat 已經識別出五隻頂級分析師正在悄悄推薦給客户的股票，建議在更廣泛的市場注意到之前買入……而蘋果並不在名單上。</p>
</div><p>While Apple currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>雖然蘋果目前在分析師中獲得了適度買入評級，但頂級分析師認為這五隻股票更值得投資。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>查看這五隻股票</p>
</div>

AAPL: Forget the iPhone—Services Will Drive the Next Phase of Growth

- 蘋果公司股票最近上漲超過 20%，首次突破 300 美元。  
- Evercore ISI 認為其服務業務被低估，可能單獨為股價增加 13 美元。  
- 分析師提醒投資者注意當前市盈率高，風險不容忽視。

蘋果：拋開 iPhone 不談——服務業務將推動下一階段的增長