摩根大通：Apple 产品可用性跟踪器_iPhone 16 平均交货时间现在与 iPhone 15 一致，进一步保证需求改善

Investment Rating - The report assigns an "Overweight" (OW) rating to Apple, indicating an expectation that the stock will outperform the average total return of its coverage universe [10]. Core Insights - The report highlights a demand improvement for the iPhone 16 series, with average lead times now in line with the iPhone 15, suggesting a recovery in demand momentum following the initial weeks post-launch [1][2]. - Delivery lead times for the iPhone 16 series have moderated slightly, with a 3-day reduction in aggregate lead times compared to the previous week, while specific models show varied changes in lead times across different regions [1][2]. - The US accounts for approximately 32% of iPhone shipments, while China accounts for about 20%, indicating significant market shares in these regions [1][2]. Summary by Region US Tracker - In the US, lead times for the iPhone 16 and 16 Plus are now 3 days each, down from 4 days, while Pro and Pro Max lead times are 15 and 21 days, respectively [1][2]. - Almost all variants of the iPhone 16 series were available for in-store pickup as of October 18 [1][2]. China Tracker - In China, lead times for the iPhone 16 and 16 Plus have increased to 4 days each, while Pro and Pro Max lead times are 14 and 19 days, respectively [1][2]. - Most variants of the iPhone 16 series were available for pickup on October 19 [1][2]. Europe Tracker - In Germany, lead times for the iPhone 16 and 16 Plus remain stable at 3 days each, while Pro and Pro Max lead times have moderated to 19 and 24 days, respectively [2]. - In the UK, lead times for the iPhone 16 and 16 Plus are 4 and 5 days, while Pro and Pro Max lead times are 16 and 22 days, respectively [2].