Apple(US:AAPL) KAIYUAN SECURITIES·2025-07-06 05:50Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The uncertainty surrounding tariffs is gradually dissipating, and innovation coupled with a rebound in sales may drive the valuation recovery of the supply chain [6] - Recent agreements between the US and Vietnam regarding tariffs suggest that negotiations between the US and China may yield favorable results soon [5][6] - Apple's upcoming product launches, including foldable iPhones and AI glasses, are expected to enhance long-term growth prospects for the company [5][6] Summary by Sections Tariff Agreements - The US has reached a trade agreement with Vietnam, imposing a 20% tariff on imports from Vietnam and a 40% tariff on goods from other countries transiting through Vietnam [5] - This agreement indicates a potential positive outcome for US-China tariff negotiations [5][6] Apple Product Innovations - Apple's foldable iPhone project is in the P1 prototype development stage, with expectations for a market launch in the second half of 2026 [5] - The company is also planning to release AI smart glasses by the end of 2026, which will focus on photography, music, and voice-based AI interaction [5] - iPhone sales in China are projected to grow by 8% year-on-year in Q2 2025, marking the first positive growth since Q2 2023 [5] Supply Chain Valuation - The supply chain sector has seen a rebound after significant declines due to tariff concerns and lower-than-expected upgrades in Apple's AI capabilities [6] - The report suggests focusing on core supply chain manufacturers and companies with high value elasticity in new product categories like foldable screens and AI glasses [6] - Beneficiary stocks include Luxshare Precision, GoerTek, Lens Technology, and others [6]