Apple(US:AAPL) Huaxin Securities·2025-09-12 15:36Investment Rating - The report maintains a "Recommended" investment rating for the consumer electronics industry, particularly focusing on the Apple supply chain for long-term investment opportunities [8]. Core Insights - The report highlights the significant product updates from Apple's September 10, 2025, event, including the launch of the iPhone 17 series, iPhone Air, AirPods Pro 3, and Apple Watch Series 11, indicating a strong performance in the consumer electronics sector [15][8]. - The iPhone 17 series features the A19 Pro chip, which shows a notable performance improvement, enhancing AI task execution on-device. The new cooling system in the Pro models addresses previous overheating issues, and the durability of the devices has been significantly improved with the use of ultra-ceramic glass [8][27]. - The report anticipates new investment opportunities in the Apple supply chain, especially with the expected release of a new foldable device in 2026 [8]. Summary by Sections iPhone 17 Series - The iPhone 17 series includes the iPhone 17, iPhone Air, iPhone 17 Pro, and iPhone 17 Pro Max, showcasing advancements in design, performance, and durability [15][8]. - The iPhone Air is noted for its ultra-thin design at 5.6 mm, titanium alloy body, and significant camera upgrades, including a 48 MP rear camera [4][19]. - The iPhone 17 Pro models feature enhanced camera systems with a 48 MP triple-lens setup and improved battery life, with the Pro Max offering up to 39 hours of video playback [27][28]. AirPods Pro 3 - The AirPods Pro 3 introduces improved active noise cancellation, with performance enhancements making it four times better than the original model. It also includes a new heart rate sensor for fitness tracking [31][8]. Apple Watch - The Apple Watch Series 11 introduces features like high blood pressure alerts and sleep scoring, with a battery life of up to 24 hours. The Apple Watch Ultra 3 offers advanced communication capabilities, including satellite connectivity, and a battery life of up to 42 hours [38][44]. Apple Intelligence - The report discusses the advancements in Apple Intelligence, which aims to enhance user experience through real-time translation, visual intelligence, and privacy-focused AI functionalities. This includes features that allow users to interact with their devices in more intuitive ways [47][56].