Core Viewpoint - The launch of the new iPhone series has generated positive market sentiment, with analysts expressing optimism about early demand and sales performance [1][4]. Group 1: Stock Performance - Apple's stock price opened over 2% higher on Friday, potentially reaching a new closing high since late February [2]. - Morgan Stanley raised Apple's target price from $255 to $280 while maintaining an "overweight" rating based on the positive outlook [11]. Group 2: Sales Forecast - Early demand indicators suggest that the current shipment cycle for the iPhone series is expected to exceed initial forecasts, with a projected shipment of 236 million units in fiscal year 2026, reflecting a slight year-on-year increase of about 2% [4]. - Morgan Stanley adjusted its revenue forecast for iPhone sales in fiscal year 2026 from $200 billion to $223 billion, and for fiscal year 2027 from $212 billion to $250 billion [10]. Group 3: Market Demand - Pre-order data from Goldman Sachs indicates that the iPhone 17 series has significantly outperformed its predecessor on the first day of pre-orders [6]. - The iPhone 17 base model and the redesigned iPhone 17 Pro Max are experiencing the highest demand, particularly in the Chinese market, where delivery times have increased by an average of 17 days compared to the previous generation [7]. - As of September 19, the iPhone 17 trade-in sales on JD.com were four times higher than the same period last year [8]. Group 4: Future Outlook - The upcoming years are expected to see key new product releases and adjustments in the iPhone lineup, with a focus on foldable iPhones and the introduction of significant AI features in the spring of next year [12][13]. - The high-end iPhone 18 series is anticipated to launch in the fall before the start of fiscal year 2027, followed by the standard iPhone 18 series in the mid-year [13].

Core Viewpoint - BYD Electronics' revenue and gross margin for the first half of the year fell short of expectations, but net profit exceeded market forecasts, primarily influenced by the smartphone business, offset by strong growth in AIS revenue and a decrease in R&D expenses [1] Group 1: Financial Performance - Revenue and gross margin were below expectations for the first half of the year [1] - Net profit surpassed market expectations [1] - Strong growth in AIS revenue and reduced R&D spending helped mitigate the impact of the smartphone business [1] Group 2: Future Outlook - The company is expected to have better visibility next year due to potential adoption of titanium alloy casing in foldable iPhones, providing better product growth opportunities [1] - Rapid growth in server OEM, liquid cooling, and power sectors, especially in overseas markets, will benefit the company [1] Group 3: Investment Rating - The firm maintains a "Buy" rating for BYD Electronics, raising the target price from HKD 40.9 to HKD 52.2 [1]

Core Viewpoint - Apple is set to hold its fall product launch event on September 9, 2023, where it is expected to unveil the iPhone 17 series, Apple Watch Series 11, and Apple Watch Ultra 3 among other products [1] Product Launch Details - The event's theme is "Ahead of the Flame," with a redesigned logo featuring fire elements to highlight new product features [1] - The invitation includes interactive features for users on iPhone, iPad, and Mac, hinting at new color options for the iPhone 17 Pro [4] - Significant design changes are anticipated for the iPhone 17 Pro series, including a large rectangular camera bump and a new aluminum frame [4] iPhone 17 Series Specifications - The iPhone 17 Air is expected to be the thinnest iPhone yet at approximately 5.5mm thick, featuring a single 48MP camera [5] - The iPhone lineup will consist of four models: iPhone 17, iPhone 17 Pro, iPhone 17 Pro Max, and iPhone 17 Air, with the latter replacing the iPhone 17 Plus [5] Pricing Information - Expected starting prices for the iPhone 17 series in the U.S. are as follows: - iPhone 17: $799 - iPhone 17 Air: $949 - iPhone 17 Pro: $1,049 - iPhone 17 Pro Max: $1,199 [6] - The iPhone 17 series is likely to see a price increase of around 500 yuan compared to the previous generation in China [7]