Apple(US:AAPL) Bank of China Securities·2025-09-11 09:33Investment Rating - The industry investment rating is "Outperform the Market," indicating that the industry index is expected to perform better than the benchmark index over the next 6-12 months [13]. Core Insights - The report highlights significant innovations in the iPhone 17 series, particularly the iPhone 17 Air, which features a super-thin body of 5.6mm and a high cost-performance ratio for the standard version, likely driving sales growth for the company [1][7]. - The pricing strategy for the iPhone 17 series is attractive, with the standard model offering increased storage from 128GB to 256GB at the same price of 5999 yuan, making it eligible for a government subsidy [4][7]. - The report suggests that the upcoming AI innovations and potential new product launches, such as foldable screens in 2026, could lead to a new growth phase for the company's supply chain [7]. Summary by Sections iPhone 17 Series - The iPhone 17 Air is the thinnest iPhone to date at 5.6mm and weighs only 165 grams, equipped with the A19 Pro chip and a 48MP main camera [3]. - The iPhone 17 Pro and Pro Max feature a new aluminum unibody design, enhanced thermal conductivity, and upgraded camera systems with 48MP lenses [3]. - The pricing for the iPhone 17 series starts at 5999 yuan for the standard model, 7999 yuan for the Air, 8999 yuan for the Pro, and 9999 yuan for the Pro Max [4]. AirPods Pro 3 and Apple Watch 11 Series - The AirPods Pro 3 introduces real-time translation capabilities and improved active noise cancellation, priced at 1899 yuan [4]. - The Apple Watch 11 series maintains the previous year's S10 chip but adds 5G support and enhancements in scratch resistance and temperature sensing [4]. Investment Recommendations - The report recommends focusing on supply chain companies such as Luxshare Precision, Lens Technology, and GoerTek, which are expected to benefit from the anticipated growth in the industry [7].