郭明𫓹：苹果(AAPL.US)提前备货缓冲关税冲击但进口关税对其仍是很大的压力

智通财经网2025-04-14

智通财经APP获悉，郭明𫓹指出，苹果(AAPL.US)自今年农历年后便开始为美国市场备货，目前约超过2个月的库存，故关税对2Q25美国市场销售几乎无影响。但对供应链而言，提前拉货可能导致新旧款iPhone转换期的出货衰退较以往显著。iPhone进口关税由145%下降到原本的20%，表面上对缓解市场气氛有帮助，但实际上这对苹果仍是很大的压力，否则Apple不会从农历年后就开始为美国市场备货。美国政策...

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20%关税。郭明𫓹指出，美国对中国课征关税的力道减弱，但仍须关注三个潜在关税项目会不会成真，以及成真内容为何，包括20%芬太尼税；4月11日白宫关税更新声明，成为正式行政命令后关于对等关税的内容；以及半导体关税。近期影响这三个潜在关税项目的其中一个关键，在于中国有没有打电话给川普总统。郭明𫓹续指，目前负责生产美国iPhone机型的中国产线仍停线中，意味着自2Q25开始完全由印度生产与出口美国iPhone机型的规划仍不变。不过，生产是动态的，这部分需持续观察。郭明𫓹称，川普政府不可预测的关税立场，是近期iPhone供应的最大不确定性。不过，关税变化虽会暂时性影响股价，但中长期的投资趋势仍取决于Apple面对地缘政治风险所做的准备、iPhone竞争力与整体景气。","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"policyRegulatory","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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郭明𫓹：苹果(AAPL.US)提前备货缓冲关税冲击 但进口关税对其仍是很大的压力

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郭明𫓹：苹果(AAPL.US)提前备货缓冲关税冲击但进口关税对其仍是很大的压力