Apple(US:AAPL) Huan Qiu Wang·2025-04-30 01:57Group 1 - The trend of Apple's supply chain shifting to India is driven by US-China trade tensions and favorable Indian policies, providing cost advantages for iPhone production in India [1] - India theoretically has the capacity to supply 66 million iPhones annually to the US market, but currently lacks the mass production capability for high-end models, relying on Chinese supply chain collaboration in the short term [1][3] - Foxconn and Tata Electronics are accelerating their operations in India, with Foxconn's factories covering 2.5 million square feet and a $2.6 billion investment aimed at producing 25 to 30 million iPhones annually by 2025 [3] Group 2 - Despite local production of iPhone 15/15 Plus in India, challenges remain for high-end models due to engineering collaboration issues, yield fluctuations, and supply chain response delays [3] - India's localization efforts through the PLI scheme still heavily depend on imports for key components, with only 35% localization rate currently, far from the 60% target by 2027 [4] - Investment opportunities are identified in local assembly firms benefiting from Apple's supply chain expansion in India and Chinese companies facing stock price declines due to supply chain transfer rumors, despite low short-term production transfer likelihood [4]