消费电子：印度果链工厂突发火灾，大陆供应链地位持续加强

Investment Rating - The report maintains an "Overweight" rating for the industry, consistent with the previous rating [1]. Core Insights - A significant fire at Apple's Tata Electronics factory in India has led to an expected shift of orders back to mainland China, strengthening the supply chain position in the long term [3]. - The incident highlights the supply chain risks faced by Apple in India, suggesting a more cautious approach towards the Indian supply chain and a potential increase in reliance on mainland China [3]. - Upcoming product launches, including the AI feature "Apple Intelligence" and the iPhone 17 series, are anticipated to boost market confidence in Apple's sales growth for 2025 [3]. Summary by Sections Incident Overview - A severe fire occurred at the Tata Electronics factory in Tamil Nadu, India, on September 28, 2024, impacting production of iPhone components and leading to an indefinite shutdown of the facility [3]. - The fire's origin was linked to a storage area for chemicals, causing significant damage to both workers and facilities [3]. Supply Chain Implications - The fire is expected to result in a transfer of orders to mainland China, benefiting companies such as Luxshare Precision, Lens Technology, and BYD Electronics [3]. - The event underscores the challenges in supply chain management and cost control faced by Apple in India, likely slowing the pace of component production shifts to India [3]. Future Outlook - The report anticipates that the introduction of AI capabilities and the new iPhone series will enhance growth prospects for the supply chain [3]. - The AI feature is set to launch with iOS 18.1 on October 28, 2024, initially supporting American English, with a focus on smooth operation and user feedback collection [3]. - The iPhone 17 series is expected to see significant hardware upgrades, which may alleviate concerns regarding the sales performance of the iPhone 16 series [3]. Recommended Stocks - The report recommends Luxshare Precision as a primary investment target, with additional beneficiaries identified as Lens Technology and BYD Electronics [3][4].