Core Viewpoint - The iPhone 17 series is considered a significant leap in Apple's product history, featuring innovations such as high refresh rate screens and advanced imaging systems, despite some criticism regarding pricing strategies for accessories like the crossbody strap [1][4]. Product Features and Materials - The crossbody strap is priced at $59 (approximately 479 RMB) and is made from recycled PET materials, which are environmentally friendly and produced using a process that saves nearly 80% of energy compared to conventional polyester production [2][4]. - The strap's design and material quality are emphasized, with Apple positioning it as a premium accessory that justifies its high price through its craftsmanship and sustainability [4][10]. Market Strategy and Consumer Behavior - Apple's pricing strategy aligns with a high-margin business model, similar to other industries that leverage a "lock-in effect," encouraging consumers to purchase official accessories due to perceived quality and reliability [4][10]. - Despite criticism from figures like former Apple CEO Luo Yonghao, the product is expected to sell well, as it meets hidden consumer needs for practicality and style, particularly among users who prefer not to carry bags [6][10]. Consumer Trends and Fashion Influence - The crossbody strap addresses a common issue in women's fashion, where clothing often lacks pockets, making it a practical solution for carrying smartphones [8][10]. - The combination of the strap with stylish phone cases can create a social symbol and trend, similar to successful marketing strategies seen with other fashion accessories [8][10].

Investment Rating - The report assigns a rating of "Buy" for Meituan-W (3690) [1][9]. Core Insights - In Q1 2025, the core local business operating profit increased by 39% year-on-year, indicating strong performance despite anticipated profit fluctuations in Q2 due to competitive pressures in the food delivery sector. However, long-term competitive barriers remain solid [3][8]. - The company plans to invest 100 billion RMB over the next three years to enhance its ecosystem, which is expected to improve user engagement and frequency of purchases, particularly among mid-to-high frequency users [8][9]. Financial Summary - Revenue for Q1 2025 reached 86.56 billion RMB, a year-on-year increase of 18.1%, with adjusted net profit of 10.949 billion RMB, up 46.2% year-on-year. The operating profit margin improved by 5.1 percentage points to 12.2% [8]. - The core local business generated revenue of 64.325 billion RMB in Q1 2025, reflecting a 17.8% year-on-year increase, while operating profit rose by 39.1% to 13.491 billion RMB, with an operating profit margin of 21.0% [8]. - The financial projections for 2025-2027 have been adjusted, with expected revenues of 393 billion, 459 billion, and 536 billion RMB respectively, and adjusted net profits of 41.8 billion, 53.9 billion, and 68.5 billion RMB [9][12]. Valuation Methodology - The report employs a Sum-of-the-Parts (SOTP) valuation method, assigning a 20x PE ratio to the core local business and a 0.5x PS ratio to new businesses, resulting in a target price of 177 HKD for Meituan-W [9][10].