On June 9, Apple's WWDC25 Developer Conference was held as scheduled.Apple has released a number of new systems, including iOS 26, iPadOS 26, macOS 26, watchOS 26, tvOS 26 and visionOS 26.

1. Apple adopts the new "Liquid Glass" design language.

As the focus of iPhone users, iOS 26 is expected to introduce a new "liquid glass" interface design, reshaping visual elements such as application tabs and icons, and incorporate more luster and transparency effects of glass materials (other operating systems are expected to also usher in the same changes).

The translucent texture will be uniformly applied to the next version of iOS 26, iPadOS 26, macOS Tahoe 26, watchOS 26 and tvOS 26.This design improves the visual effects of the app and system while maintaining operating habits, allowing users to focus more on content.Parts such as controls, browsing, app icons, and widgets on the interface have also been adjusted, and the operating styles of different platforms have become more consistent, and the version numbers have also been unified.

Second, iPad productivity has been greatly improved.

In this update, the changes in iPadOS 26 are the most disruptive.Apple finally abandoned the marketing rhetoric of "replacing the PC" and turned to arming the iPad with practical productivity tools: free zooming of windows, macOS-like top menu bar, background rendering progress display and other features, allowing the iPad to gain desktop-level multitasking capabilities for the first time.

File applications support multi-column views and custom icons, and preview tools can even replace the basic version of Photoshop.Coupled with AirPods 'ability to directly record studio-level audio, a mobile closed loop of creative workflow has been formed.The upgrades imply that Apple is repositioning the iPad-no longer a substitute for competing with the Mac for the market, but a Mobile device portal for professional workflows.

3. Apple Intelligence has few updates.

In terms of Apple Intelligence, Apple only said that it will support more languages this year. Unfortunately, it has not announced the launch date of Apple Intelligence for China users.For iOS 26, Apple Intelligence has also been enhanced:

·Real-time translation function: Integrated into information, FaceTime and phone, using device-side processing to achieve cross-language real-time communication.

·Enhanced visual intelligence: Not only limited to the camera, screen content can also be analyzed through screenshots, allowing users to search for similar products in Google or other apps, or ask ChatGPT questions about displayed information.

·Enhancements to Genmoji and Image Playground: Genmoji smart emoji can combine existing emoji to form new emoji; Picture Paradise also supports ChatGPT to generate images.

·Quick command enhancements: Get some smart operations supported by Apple Intelligence.

4. When will it be used?

Based on Apple's previous pace of new system updates, the following are several important time points:

·Developer beta: After the end of WWDC25 (June 10), the first developer beta is expected to be available.After your Apple ID obtains test rights, you can upgrade the experience (refer to the iOS 18 Beta Upgrade Tutorial).

·Public beta version: The first public beta version is expected to be launched in July.Compared with the developer beta version, the public beta version has undergone more version iterations and is more suitable for ordinary users to try.

·Official version: The official version of all systems, including iOS 26, will be launched in mid-to-late September.It usually happens after Apple's fall event.

5. After the press conference, the market reaction was flat.

After Apple's press conference, its stock price was not big.On the broader market, the three major U.S. stock indexes closed mixed, with the Nasdaq rising 0.31%, the S & P 500 rising 0.09%, and the Dow closed flat.Among them, the Nasdaq Index and the S & P 500 Index both continued to hit new closing highs since the end of February.

Most large technology stocks rose, with Tesla up more than 4%, Intel up more than 2%, Google and Amazon up more than 1%, and Microsoft up slightly; Apple and Netflix down more than 1%, and Meta down slightly.Boeing rose more than 3%, hitting a new high since January 2024.Utility company Edison International fell more than 8%, hitting a new low since September 2020.

Most popular Chinese stocks closed higher, with the Nasdaq China Golden Dragon Index rising more than 2%.Jinshan Cloud rose nearly 10%, iQiyi rose more than 4%, Beili Beili, Xiaopeng Automobile and Baidu all rose more than 3%, and Jingdong and Netease rose more than 2%.

Guo Minghao, an analyst at Tianfeng International Securities, commented on WWDC25, saying that the most important thing in WWDC 2025 is Apple's AI, and other updates such as interface design are secondary.Although AI competition is like a marathon, rather than a single event deciding winner or loss, WWDC 2025 should disappoint most investors 'expectations (especially when compared to Google I/O).

Guo Minghao said, however, Apple's share price has not fluctuated much after WWDC. The reason is his analysis. The market's AI expectations for Apple are very low. In addition, some investors always believe that "Apple will eventually have a place in the AI field."

Guo Minghao also said that the progress of the AI industry is accelerating, which means that if Apple does not increase investment, the gap with its competitors may widen.This may have limited impact on Apple's hardware in the short term, but it is a challenge for Apple in next-generation consumer electronics products such as AR glasses.

6. Apple is becoming more "pragmatic".

Compared with the high-profile launch of Apple Intelligence at WWDC24 last year, the AI evolution of this conference is more cautious.The opening up of the device-side Foundation Models framework is a critical step, allowing third-party applications to call local 3 billion-parameter models to achieve functions such as text summaries and image generation.Real-time translation runs all the way on the device side, ensuring privacy and reducing latency.

However, the postponement of the AI version of Siri until 2026 and the inability of markets such as China to use full AI functions due to language and policy restrictions have exposed Apple's globalization dilemma.While the Android camp has implemented situational applications such as AI phone assistants and automatic document generation, Apple is still stuck in the basic capacity building stage, which is worrying.

Behind the radical innovation in software is the continued pressure on Apple's hardware camp.Vision Pro's dismal annual sales of only 300,000 units makes it an "expensive toy for Cupertino Labs."Sales of the iPhone 16 series in China have been weak due to the lack of AI functions, while the EU's Digital Markets Act is more likely to force the opening of Siri alternatives.It is in this context that cross-device traversal of software is given more missions-to stimulate user Retention rate by improving the collaborative experience of multiple devices.

Citigroup gave Apple a "buy" rating and a $240 price target before WWDC. The logic was that market expectations had dropped to freezing point.The visual rejuvenation brought by liquid glass and the improvement in iPad productivity do constitute short-term stimulation points.However, deeper valuation support depends on two developments: one is whether Apple Intelligence can fulfill its personalized service commitments in 2026, and the other is whether it can break through regulatory restrictions and implement AI functions in key markets.

Apple's current forward-looking P/E ratio of 22.5 times is still higher than the average of technology giants, reflecting investors 'partial recognition of its ecological monopoly premium. However, we need to be wary of the risk of Vision Pro shutdown and the double valuation caused by slowing service revenue growth.