消费电子概念17日盘中走势活跃，截至发稿，中石科技涨约15%，盘中一度涨停创出新高；长盈精密涨 约12%，盘中亦创出新高；和顺科技涨超10%，科森科技涨停。 银河证券指出，9—10月是消费电子板块的新品密集发布期，产业链进入量产高峰。产业链相关公司在 低估值位置上有补涨空间，建议关注AI端侧创新带来的投资机会。 手机方面，此次苹果发布会整体符合预期，其中产品定价好于预期。相较于前几代产品，Iphone17系列 迭代变化增多，但更新重点围绕产品外观设计和性能优化，而非AI功能。产品性价比提升，此前普遍 预期由于关税成本上升要加价50美元，目前来看苹果公司对于产品涨价持谨慎态度，由于后续有望获得 关税豁免，苹果公司选择维持产品性价比以避免对需求端造成不利影响。考虑产品创新变化增多以及性 价比提升，预计iphone17系列销售将好于此前预期。2025—2027年被认为苹果进入新一轮三年创新周 期，2025年起步温和，有关于端侧AI、折叠屏等方面的重大创新更可能在2026—2027年落地。相关产 业链公司目前估值较低，建议提前布局，等待新一代产品销量超预期以及后续苹果自身或其他安卓客户 在AI、折叠屏等方面的催化。 ...

Summary of Apple, Inc. Conference Call Company Overview - **Company**: Apple, Inc. - **Industry**: IT Hardware - **Market Capitalization**: $3,492,254 million [4] - **Stock Rating**: Overweight [4] - **Price Target**: $240.00 [4] - **Current Share Price (as of Sep 9, 2025)**: $234.35 [4] Key Points from the Conference Call Product Launch Insights - The launch of the iPhone 17 family, including the new "Air" model, exceeded expectations with improved affordability year-over-year (Y/Y) [2][3] - iPhone 17 pricing aligns with forecasts, with a starting price of $799 for the base model, which now includes 256GB of storage instead of 128GB [3][19] - The iPhone 17 Pro Max introduces a new 2TB storage option priced at $1,999, which was not anticipated prior to the launch [3] Pricing Strategy - Apple eliminated the low-end storage SKU (128GB) across the iPhone 17 lineup, effectively increasing average selling prices (ASPs) without direct price hikes [3] - The iPhone 17 family is expected to account for 66% of FY26 iPhone shipments, remaining flat Y/Y [16] Trade-In Values and Carrier Promotions - Median trade-in values for iPhones increased by 5% Y/Y to $200, driven by higher values for the iPhone 16 models [8][23] - US carriers are offering more aggressive discounts for premium models, with discounts up to $1,100 for the iPhone 17 Pro/Pro Max, compared to $830-$1,000 last year [8] Consumer Reception and Market Dynamics - The iPhone Air model, at 5.6mm thin with a 6.5" display, is expected to attract consumers, particularly due to its camera capabilities and durability [9] - Despite the positive reception of the iPhone Air, it may not perform well in China due to eSIM restrictions [9] Future Expectations and Catalysts - iPhone 17 pre-orders begin on Friday, with early tracking of pre-order and lead time data expected [13] - Anticipated revisions to iPhone builds will occur in early-to-mid October based on sell-through feedback, with expectations for flat Y/Y builds at 80-85 million units [13] - Upcoming September quarter earnings in late October will provide insights into holiday demand expectations [13] Financial Projections - EPS estimates for FY26 are projected at $8.00, with a P/E ratio decreasing from 34.5 in FY25 to 29.3 in FY26 [4][5] - Dividend yield is expected to remain stable at 0.4% for FY25 and FY26 [4] Product Comparisons - The AirPods Pro 3 offers significant upgrades over the previous generation, including better battery life and enhanced active noise cancellation [9] - The new Apple Watch models did not present compelling upgrades compared to previous versions, potentially affecting upgrade rates [12] Additional Observations - The overall sentiment from the product launch was a slight positive surprise, setting up favorable conditions for Apple through year-end, which is atypical of historical seasonality [2][3] - The combination of higher trade-in values and aggressive carrier promotions is expected to positively impact iPhone upgrade rates, particularly in the US market [8]