Core Insights - The initial sales performance of the iPhone 15 series appears positive, with strong pre-order data expected to drive Apple's Q4 profit and revenue growth [2] - The iPhone 15 Pro Max is projected to be the main growth driver for Apple in Q4, with an increased order volume of 35 million units, significantly higher than the previous year's 28 million units for the iPhone 14 Pro Max [2] - Apple's pricing strategy for the iPhone 15 series, particularly the Pro Max model, has been effective in maintaining profit margins despite a generally weak smartphone market [3] Group 1: Sales and Demand - The iPhone 15 base model and iPhone 15 Plus are readily available for immediate pickup, while the Pro series faces supply constraints, particularly the Pro Max, which is out of stock in all Shanghai stores [1] - Pre-order data indicates that the iPhone 15 series could see a shipment of 80 million units in the second half of the year, surpassing last year's iPhone 14 series shipments of 76 million units [2] - The majority of pre-orders are for the iPhone 15 Pro and Pro Max, which is beneficial for Apple due to their higher average selling price (ASP) [3] Group 2: Market Position and Pricing - Apple's share in the high-end smartphone market in China has increased, capturing over 67% of the market for devices priced above $600 [4] - The ASP for the iPhone 15 series is expected to be around $925, which is approximately $100 higher than the previous year, with the Pro Max model seeing a 9% price increase [3] - Despite the positive pre-order numbers, Apple's stock has declined over 5% in the past week, indicating that initial sales may not have significantly boosted investor confidence [4]