Core Viewpoint - Morgan Stanley provides a mixed evaluation of Apple's 2025 fall launch, indicating that the favorable pricing of the iPhone 17 series is offset by the moderate market outlook for the iPhone Air [3][4]. Group 1: iPhone Air Pricing Concerns - The iPhone Air, priced at $999, may face sales challenges due to its high price relative to its features, which are seen as lacking compared to the Pro models [3][6]. - The iPhone Air is described as the "thinnest iPhone ever" but has limited advantages over the Pro versions, leading to expectations of modest sales growth [3][6]. - Historical data suggests that Plus series models typically account for only a small percentage of total iPhone sales, and while the Air may see some incremental sales, it is unlikely to meet optimistic market growth expectations [6]. Group 2: Pro Series Advantages - The iPhone 17 base model maintains a favorable starting price of $799, with storage increased to 256GB, aligning with Chinese subsidy policies, which may support Apple's recovery in that market [3][8]. - The Pro models have seen significant upgrades in features while maintaining competitive pricing, which is expected to drive consumer interest and improve Apple's average selling price and profit margins [9]. - The Pro series is anticipated to be the main driver for improving the product mix, with substantial upgrades in camera systems and overall functionality [9]. Group 3: Trade-In Offers and Accessories - U.S. carriers are offering more generous trade-in incentives for the iPhone 17 series compared to the previous iPhone 16 cycle, which may stimulate consumer upgrade demand [11][12]. - In terms of accessories, while there are notable innovations in products like the Apple Watch and AirPods, their impact on overall investment logic is considered limited, with the primary growth driver expected to come from the iPhone product line [13].
Air太贵,Pro更有“性价比”,基础版“能获得中国补贴”--摩根大通点评苹果发布会:喜忧参半