Group 1: Security Vulnerability Bounty Program - Apple announced a significant upgrade to its security vulnerability bounty program, introducing a "flag system" for researchers to objectively showcase exploit results and earn higher rewards, effective from November this year [2] - The new program offers the "richest rewards in the industry," with a doubled bounty of $2 million for complex exploit chains that achieve "employment-grade spyware attacks," and additional bonuses for specific vulnerabilities that can exceed $5 million [2] - The revamped bounty program focuses on complete exploit chains rather than individual vulnerabilities, reflecting real-world attack behaviors that often exploit multiple vulnerabilities [2] Group 2: iPhone 17 Series Launch - Apple unveiled the iPhone 17 series, including iPhone 17, iPhone Air, and iPhone 17 Pro, during its 2025 fall product launch, with iPhone Air being the thinnest phone ever launched by Apple, starting at 7999 yuan [3] - The pricing for iPhone 17 and iPhone 17 Pro Max remains the same as the previous generation, while iPhone 17 Air and 17 Pro see a price increase of $50 compared to their predecessors [3] Group 3: Technical Upgrades in iPhone 17 Series - The iPhone 17 series features upgraded A19/A19 Pro SoC chips with AI computing power reaching 45 TOPS, enhancing on-device AI capabilities [4] - The rear cameras of the iPhone 17 Pro series have been upgraded to 48 million pixels, with a design that includes aluminum unibody and second-generation ultra-ceramic glass [4] Group 4: Market Demand and Stock Performance - The introduction of a 2TB storage version for the iPhone 17 Pro Max has raised the highest retail price for iPhones, contributing to a rebound in Apple's stock price [5] - Analyst reports indicate that global demand for the iPhone 17 series is 10% to 15% higher than that for the iPhone 16 series, signaling the start of a new growth cycle for Apple [5]

[Table_Reportdate] 2025年09月15日 [table_stockTrend] [table_product] 相关研究 1.博通2025Q2 AI营收大幅增 长，存储市场持续回暖——电 子行业周报2025/6/2-2025/6/8 1. 华为领跑折叠手机市场，存储需 求推动闪迪NAND闪存涨价超 10%——电子行业周报（2025/9/1- 2025/9/7） 2. 全球科技共振，"AI+算力"驱 动增长——电子行业周报 （2025/8/25-2025/8/31） 3. 国产芯片新机遇，小米业绩亮眼 迎新高——电子行业周报 （2025/8/18-2025/8/24） [Table_NewTitle] 商务部启动美国进口模拟芯片反倾销调 查，苹果发布iPhone17系列新机 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn 电 子 1 ➢ 电子板块观点：苹果发布iPhone17系列新机，搭载台积电最新3nm制程处理器芯片 A19/A19 P ...

Core Viewpoint - The iPhone 17 series has officially launched and is experiencing unprecedented demand, surpassing market expectations, showcasing Apple's strong brand appeal in the high-end smartphone market [1][12]. Pre-Sale Performance - The total pre-order volume for the iPhone 17 series has exceeded 7 million units, with the standard model being the most popular [1]. - Apple's official website experienced overload issues due to high traffic, leading to the trending topic "iPhone 17 sold out" on social media [1]. - As of the report, all models of the iPhone 17 series are sold out, with additional pre-orders reaching over 2 million on JD.com [1]. Product Features and Upgrades - The iPhone 17 series features significant upgrades, including the A19/A19 Pro chip with AI computing power reaching 45 TOPS, enhancing on-device AI capabilities [9]. - The rear cameras of the iPhone 17 Pro series have been upgraded to 48 million pixels, and the design includes aluminum unibody and second-generation ceramic shield [9]. - The iPhone 17 series has eliminated the 128GB storage option, with 256GB being the minimum, allowing consumers to get more storage at the same starting price of RMB 5999 [9]. - The standard version of the iPhone 17 supports a direct discount of RMB 500 through the "National Subsidy" program [9]. Market Reaction and Stock Performance - Following the launch of the iPhone 17 series, Apple-related stocks in the A-share market have shown strong performance, with companies like Luxshare Precision and Industrial Fulian hitting their daily price limits [12]. - Analysts believe that the iPhone is entering a strong product cycle, with the upcoming iPhone Air and potential foldable models driving innovation [12]. - The performance improvements of the A19 chip and the introduction of new features are expected to enhance Apple's market position and lead to increased sales [13].