中国移动（China Mobile）iPhone分销协议于上周日公布。大家可能认为苹果（Apple）分析师对此已经没什么可说的了，毕竟，中国移动将分销iPhone一事已经传了6年了。

    这么想你就错了。

    下面是我们目前看到的分析师评论的节选。未来还会出现更多的评论。

    Canter Fitzgerald基金的布莱恩•怀特：苹果与中国移动在马年到来之际达成了iPhone分销协议——令人兴奋！上周日晚，苹果和中国移动终于喜结连理，宣布了一项多年期协议。这份人们期待已久的协议显示，从2014年1月17日起，iPhone将正式登陆中国移动4G和3G网络。我们认为，这份协议的时机刚刚好（2014年1月31日是马年的第一天）。在我们看来，与中国移动的协议是苹果与运营商进行过的最艰难的谈判。然而，我们相信，此前的漫长等待是值得的，因为iPhone将有机会在中国移动的无线用户中拓展市场。对苹果股票的评级：买入。目标股价：777美元

    巴克莱银行（Barclays）本•雷泽斯：中国移动分销协议出台，现在需要关注利润率与回购。“我们相信，在苹果缺席上周举行的中国移动全球合作伙伴大会后，中国移动iPhone分销协议的发布令人松了一口气。我们相信，在我们所研究的公司中，只有少数几家有潜力于2014年在中国实现增长，而苹果就是其中的一家。对苹果股票的评级：增持。目标股价：585美元

    高盛（Goldman Sachs）比尔•绍普：苹果终于拿下了期待已久的中国移动。“考虑到iPhone在中国市场极度夸张的价格，中国移动的补贴力度将在很大程度上决定移动版iPhone的销量。与中国移动的合作为苹果带来了数量惊人的潜在用户，因为中国移动目前拥有1.7亿之众3G用户。我们相信iPhone的年销量有望增加1500万到2000万部。从股市而言，苹果股票2014年每股盈利有望上涨5%。”对苹果股票的评级：买入，目标股价：620美元。

    贝尔德证券（Baird）威廉姆•鲍尔：中国移动为苹果送上圣诞大礼。“虽然最终售价尚不得而知，但我们姑且暂定中国移动版iPhone的售价与目前的联通版和电信版相当。具体而言，目前在售的16GB版5S裸机价格为5288元（约合871美元），5C为4488元（约合739美元）……市场调研机构估算，目前中国移动2G网络中运行的iPhone数量已超过4000万部，对于移动版iPhone而言，老用户的升级潜力巨大。对苹果股票的评级：跑赢大盘，目标股价：620美元。”

    投资银行Piper Jaffray的吉恩•蒙斯特：若苹果拿下中国移动，它2014年的营收有望超出华尔街预期5%。“我们认为，苹果与中国移动的协议至关重要，将极大地帮助苹果实现2014年一季度的营收指引。它的营收有望超过华尔街目前预期两个百分点，意味着iPhone销量年同比增长幅度有望达到14到20%，而华尔街此前对2013年四季度的增长预期为17%左右。我们预测中国移动在2014年将为苹果带来5%的营收增长。虽然我们对中国移动的拉动效应信心十足，但出于谨慎，我们继续维持此前的预测，直到苹果公布数据。”维持增持评级，目标股价：640美元。

    加拿大皇家银行（RBC），艾米特•德莱纳里：中国移动牵手苹果。这里强调一个事实：就数量而言，中国移动目前拥有1.81亿3G用户（总用户数约7.63亿），苹果与中国移动的成功合作将为iPhone（5S和5C）带来数量极为庞大的用户群。我们预计这将在此后一年期间为苹果带来100亿美元的营收增长，合计每股3美元。尤其考虑到随着中国新年假期的到来，市场对iPhone的需求与日俱增，这对苹果明年第一季度财报极为利好。与中国移动的协议为苹果2014年一季度带来了新的商机，将减轻对苹果公司明年一季度营收指引的担忧。综合考虑，跑赢大盘，目标股价：590美元。

    Cowen证券的蒂莫西•阿库里：中国移动协议公布；预计iPhone销量持续走高。“随着苹果与中国移动的协议被股市消化，关注的重点应该转移到明年一季度的iPhone销量，我们对此持观望态度，同时认为无须修正此前给出的预期以及每股590美元的目标股价，虽然我们认为销量将走高。我们仍然认为，2014年苹果将推出多款新品，其中包括：1 ）在九月份推出大屏iPhone 6； 2）在五月份推出平板/翻盖式混合设备（可能带有键盘）； 3）推出iBeacon； 4）可能推出iWatch； 5）2014年年底或2015年年初推出人们期待已久的低价iPhone。跑赢大盘。每股590美元。

    富国银行（Wells Fargo）梅纳德•恩姆：苹果与中国移动达成协议；外加其它利好。“苹果与中国移动达成的协议应增强iPhone在今年四季度和明年一季度的销售信心。中国移动的TDLTE网络是2.5GHz频段，这对iPhone与斯普林特（Sprint，詹妮弗•弗里彻跟进该公司）的合作而言是利好消息，因为斯普林特计划使用从Clearwire手中收购的2.5GHz频段在2014年在市区铺设高速4G网络。与大盘持平。（财富中文网）

    译者：项航

    You might think that after six years worth of speculation, Apple (AAPL) analysts would have nothing left to say about the China Mobile (CHL) iPhone distribution deal announced Sunday.

    You would be wrong.

    Below: Excerpts from the notes we've seen so far. More as they come in.

    Brian White, Canter Fitzgerald: Apple & China Mobile Saddle Up the iPhone for the Year of the Horse -- Giddy Up! "Sunday evening, Apple and China Mobile finally tied the knot with a multi-year agreement announced. This long-awaited agreement includes Apple's new iPhones that will be available on the China Mobile 4G & 3G networks on January 17, 2014. In our view, this agreement is well timed for the Chinese New Year that begins on January 31, 2014, the year of the "horse". In our view, this has been the most difficult carrier agreement for Apple to negotiate in its history; however, we believe the opportunity for the iPhone to expand its reach within China Mobile's wireless subscriber base will prove to be well worth the wait." Rating: Buy. Price target: $777

    Ben Reitzes, Barclays: China Mobile Deal Arrives, Focus Now on Margins and Buyback. "We believe this announcement is a relief given concerns after the absence of Apple at China Mobile's Global Partnership Conference last week. We believe Apple is one of the few companies in our coverage that has the potential to grow within China in 2014." Overweight. $585.

    Bill Shope, Goldman Sachs: Apple signs long-awaited China Mobile deal. "Given Apple's steep wholesale prices in China for the iPhone, we believe subsidy levels will be key to determining steady-state volume levels. With that said, this deal gives Apple access to a growing smartphone installed base at China Mobile, which currently stands at 170 million 3G customers. We believe this could add another 15-20 million units to Apple's annual iPhone shipments, and potentially boost CY2014E EPS by more than 5%." Buy. $620.

    William Power, Baird: China Mobile Under the Christmas Tree. "Pricing details have not yet been divulged, though we would tentatively expect something similar to the current China Unicom and Telecom deals. Excluding subsidies, which are currently available, the 16GB 5S retails for $871 with the 5C retailing for $739... Market research estimates suggest there could already be 40 million+ iPhones on China Mobile's 2G network, providing a significant upgrade opportunity.Outperform. $620.

    Gene Munster, Piper Jaffray: China Mobile Deal Signed; Should Add 5% To Street Revenue In 2014. "We believe the iPhone on China Mobile essentially de-risks the Mar-14 guide with revenue guidance likely in-line to 2% higher than current Street estimates, and implies 14-20% y/y iPhone unit growth vs. the Street at ~17% for Dec-13. For 2014, we believe China Mobile should add 5% to Street 2014 revenue estimates. While we have a high degree of confidence that China Mobile will be additive to Street numbers in 2014, we are taking a conservative approach and leaving our estimates unchanged until Apple reports." Overweight. $640.

    Amit Daryanani, RBC: China Mobile to Join Apple Carrier List. All You Need to Know: As of November, China Mobile serves 181M 3G customers (763M total subscribers) and the AAPL/China Mobile deal opens a large subscriber base for the iPhone product line (5s/5c). We believe this could add $10B/$3.00 to Apple's annual financial model over the NTM period. Notably, the addition should materially impact Apple's Mar-qtr as Chinese new year sales should be bolstered by the increased demand and market opportunity. Given the increased March opportunity from the China Mobile deal, concerns surrounding Mar-qtr guide should decrease.Outperform. $590.

    Timothy Arcuri, Cowen: China Mobile Official; Estimates Still Biased Higher. "With the CHL announcement now on the tape, the focus should shift to March units where we are taking a wait and see approach and see no reason to modify our estimates or $590 target, although we feel it is more biased to the upside. We continue to see 2014 as a year where AAPL regains its product mojo including: 1) a larger screen iPhone 6 in Sept; 2) a tablet/clamshell hybrid (potentially with a keyboard) in May; 3) iBeacon; 4) potential iWatch; and 5) a long-awaited truly purpose-built low- cost iPhone in late '14/early '15." Outperform. $590.

    Maynard Um, Wells Fargo: AAPL Signs China Mobile; Other Positive Implications. "The deal should give further confidence to both December and March quarter iPhone units. China Mobile's TD¬LTE network operates in the 2.5GHz band, which could also bode well for iPhone at Sprint [covered by Jennifer Fritzsche], which plans to overlay a faster 4G coverage in urban areas in 2014 using the 2.5GHz spectrum acquired through Clearwire." Market weight.