海外研报

Elevating To Top Pick As Apple Intelligence Catalyzes Record Upgrade Cycle

Apple Intelligence is set to drive record device upgrades; our new forecast calls for 235m iPhone shipments in FY25 and 262m in FY26, 2-12% above Street.

Global Macro Watch Known Unknowns 21 – 26 July

Full focus on US 2Q GDP and PCEWe expect the advance estimate of 2Q GDP to come in at 2.3% qoq saar on the back of

10-year GBs above 1% is dampeningapanese demand for US Treasuries

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