Apple(US:AAPL) 招商电子·2025-09-14 10:46Core Viewpoint - The sales trend for the new iPhone models is better than market expectations, indicating a potential investment opportunity in the Apple supply chain as a three-year hardware innovation cycle begins [3]. Group 1: iPhone 17 Sales and Features - The pre-order volume for iPhone 17 on JD.com exceeded 2 million, nearly 10 times that of iPhone 16, with delivery times in China at 3-4 weeks, which is an improvement of 1-2 weeks compared to last year [1]. - The iPhone 17 features significant upgrades such as a 120Hz refresh rate, ultra-wide angle, front camera enhancements, and faster charging, while also being priced $100 lower, enhancing its competitiveness in the mid-range market [1]. - The iPhone 17 Pro has a similar delivery time of 3-4 weeks in China, with a longer wait for the Pro Max, indicating stable demand due to its design overhaul and performance improvements [1][2]. Group 2: iPhone Air and Accessories - The iPhone Air has not yet launched in China, but in the US, delivery times range from 1 week to 2-3 weeks depending on the color, with highlights including a thin titanium design and dual video recording capabilities [2]. - AirPods Pro 3 and Apple Watch Series 11 are also seeing favorable delivery times, aligning with sales expectations, showcasing features like AI translation and health monitoring [2]. Group 3: Investment Recommendations - The company suggests capitalizing on the undervalued Apple supply chain, as the iPhone 17's high cost-performance ratio is expected to drive sales beyond expectations, while the Pro models show stable demand [3]. - The upcoming three-year hardware innovation cycle and advancements in AI capabilities are anticipated to further boost sales, with specific stocks recommended for investment [3].