招银国际每日投资策略-20260304

Core Insights - The report highlights the launch of the iPhone 17e and M4 iPad Air, which are expected to positively impact Apple's supply chain due to their competitive pricing and enhanced specifications [2] - The iPhone 17e starts at $599 with doubled base storage of 256GB, while the M4 iPad Air maintains its price at $599 for the 11-inch version and $799 for the 13-inch version, featuring significant performance upgrades [2] - Apple's vertical integration strategy, including the introduction of the C1X modem and N1 network chip, is anticipated to improve gross margins and supply chain management [2] - The report predicts that the new budget iPhone and mid-range iPad will strengthen Apple's position in the mid-tier smartphone and tablet markets, especially as competitors face memory cost pressures [2] - A positive impact on Apple's supply chain is expected in the first half of 2026 due to increased market share and product replenishment, with further product launches in the second half of 2026 anticipated to drive stronger upgrade cycles [2] Industry Commentary - The global market has shown mixed performance, with major indices like the Hang Seng Index and the S&P 500 experiencing declines, while the energy sector has seen price increases due to geopolitical tensions [5] - Semiconductor and technology sectors have been particularly affected, with significant drops in stock prices, reflecting broader market volatility [5] - The report notes that the offshore RMB has depreciated against the USD, influenced by rising energy prices and market sentiment [5] - The report emphasizes the importance of companies with high sales exposure to Apple, such as Luxshare Precision, Hongteng Precision, and AAC Technologies, which are expected to benefit from Apple's product launches [6]