智通财经APP获悉，招商证券发布研报称，苹果(AAPL.US)iPhone等秋季新品9月12日起开始订购，9月 19日正式发售。尽管秋季发布会市场普遍认为不以为然，但总体看iPhone新机备货超9000万优于去年情 况下，销售趋势仍佳，i17的高性价比有望推动销量超预期，而17Pro需求平稳向好，Air款需求仍待在中 国等地区全球发售后进一步观察，iPhone新机结合未来更完备的AI功能望进一步助推销量。此外，苹果 3年硬件创新加速周期开始，且其在端侧AI软件和生态的创新在明年值得重视，建议把握低估的果链。 Airpods/Watch：Airpods Pro3中国/美国区1周/2-3周；Watch S11中国/美国区1周，Watch Ultra3大部份配 置中国/美国区2周/2-3周，总体上销售趋势符合预期，Airpods Pro 3 AI翻译/测心率及Watch高血压提醒/ 续航提升/5G/卫星通讯等仍具有看点。 标的方面：继续首推全面受益苹果终端AI创新的立讯精密(002475.SZ)、高伟电子(01415)；继续看好鹏 鼎控股(002938.SZ)、东山精密(002384.SZ)、比亚迪电子(00285 ...

中经记者陈佳岚广州报道 苹果取消实体SIM卡槽的机型iPhone Air，在华发售计划突生变数，原定9月19日在华上市时间被推迟。 9月12日，苹果中国官网显示，该机型发售信息更新为"发售信息后续更新"，具体上市节点暂未明确。 这款厚度仅5.6毫米的超薄机型，需完全依赖eSIM技术完成激活，延迟发售的直接原因与监管审批进度 相关。 中国移动方面也回应称，已具备eSIM手机业务支持能力，将在稍后开放服务，并会另行通知用户。 记者注意到，9月12日，苹果中国官网同步更新了运营商支持信息：此前仅提及"中国联通为该产品提供 eSIM支持"，如今已补充为"中国移动、中国电信和中国联通将为本产品提供eSIM支持"，但页面仍明确 标注"具体时间依监管部门审批情况而定"。 "从苹果中国官网的信息调整来看，或许是在等待电信和移动同步就绪。此前业内多预期联通将率先推 出相关服务，另外两家运营商可能稍晚跟进，但这两天电信和移动的积极表态，显然是不想错失市场机 遇。"Omdia资深首席分析师杨光对记者分析，如果国内三家运营商都能同时推出手机eSIM服务，对苹 果也是好事。中国电信和中国移动相关业务启动得晚，可能还需要一些时间把技术和 ...

Core Viewpoint - Apple has launched a series of new products, including the iPhone 17 series, iPhone Air, AirPods Pro 3, and new Apple Watch models, with a focus on integrating AI features and enhancing hardware specifications [4][5]. Product Launch Summary - Apple held its fall product launch event on September 10, 2025, introducing four new smartphones, a new headphone model, and three smartwatch chips, with availability starting September 20, 2025 [4]. iPhone Air Series Highlights - The iPhone Air features a thickness of only 5.6mm, making it the thinnest iPhone ever, with a titanium frame and Ceramic Shield glass for enhanced durability [6] - It is powered by the A19 Pro chip and includes Apple's first self-developed wireless N1 chip, supporting Wi-Fi 7 and Bluetooth 6, along with a C1X modem that doubles the speed of its predecessor while reducing power consumption by 30% [6] - The display is a 6.5-inch ProMotion 120Hz screen with a peak brightness of 3000 nits, and the camera system includes a 48MP rear camera and advanced features for low-light photography [6] - The iPhone Air does not have a physical SIM card slot, adopting a global eSIM model, with current support from China Unicom in mainland China [6][7]. iPhone Pro and Pricing Strategy - The starting storage capacity for the iPhone Pro has increased to 256GB, with the base model priced at $1099, reflecting a $100 increase from the previous generation [8] - The iPhone Air starts at $999 for the 256GB version, up from $899 for the iPhone 16 Plus of the same capacity [8] - Overall, Apple aims to increase the average selling price (ASP) of the iPhone series through higher storage options and pricing adjustments [8].

苹果于9月10日凌晨1点如期发布iPhone17系列、iPhoneAir、Airpods Pro3及Apple Watch Series 11/Urtra 3/SE3。我们评论如下： 评论： 1、iPhone 17Pro：主要亮点为外观大改、散热升级、长焦升级。 1）背面外观大改，全新拉丝铝制一体 成型设计，后盖采用超瓷晶玻璃；2）搭配全新VC散热，散热性能比前代钛提升20倍，激光焊接到坚 固、轻便且导热的一体式铝制机身；3）三颗48MP后摄，长焦镜头升至48MP，支持4/8倍变焦，前代最 高5倍。最低256GB，Pro/PM售价$1099/1199起，价格不变。 2、iPhone Air：主要亮点为超薄&钛金属外观、自研调制解调器&无线连接芯片、eSIM、前后摄同时 双拍视频。 1）6.5英寸屏，厚度仅5.6mm，钛边框；2）自研A19 Pro主芯片、C1X调制解调器、N1无线 连接芯片支持WiFi7、蓝牙6和Thread；3）48MP单镜头，竖向横排，支持前后摄同时双拍视频；4） eSIM，增加电池容量，视频播放续航27小时。售价$999起。 点击招商研究小程序查看PDF报告原文 事件： 3、iPhone ...

Investment Rating - The report maintains a "Buy" rating for Apple Inc. (AAPL.O) with a current price of $234.35 [1]. Core Insights - The report highlights the launch of the thinnest iPhone to date, the iPhone Air, and emphasizes the importance of new product sales and AI-driven internal growth as key areas for future tracking [1][10]. - The report notes that external risks that previously suppressed Apple's stock price have gradually diminished, leading to a more optimistic outlook for the company's stock [10]. Summary by Sections New Product Launch - Apple held its fall event on September 10, 2025, unveiling four new iPhone models (iPhone 17 series and iPhone Air), a new AirPods Pro 3, and three new Apple Watch models [4][5]. - The iPhone Air is positioned as the thinnest iPhone ever at 5.6mm, featuring significant upgrades in hardware and AI integration [6][7]. Financial Performance - The report projects revenue growth for Apple, with estimated revenues of $416.06 billion for FY2025, reflecting a 6.4% increase from the previous year [13]. - GAAP net profit is expected to reach $110.51 billion in FY2025, representing a 17.9% growth [13]. AI Strategy - The integration of AI features into products is highlighted, with expectations for further development of Apple Intelligence, which is anticipated to enhance user experience and ecosystem stickiness [10][12]. - Potential AI collaborations and acquisitions, such as discussions around acquiring Perplexity AI and partnerships with Google for AI integration, are noted as catalysts for growth [11]. Pricing and Market Strategy - The pricing strategy for new iPhone models includes an increase in storage capacity options, with the iPhone 17 Pro starting at $1,099 for 256GB, up from the previous model's 128GB starting point [7][14]. - The report suggests that the new pricing structure and product differentiation could drive higher average selling prices (ASP) and stimulate upgrade demand among existing users [10][12]. Financial Projections - The report provides a detailed financial forecast, projecting a gradual increase in revenue and net profit over the next few years, with a focus on hardware and services as key revenue drivers [16][17].

C114讯 9月10日消息（岳明）北京时间凌晨1点，苹果9 月新品发布会，拿出了包括iPhone Air在内的4款新手 机，同时更新了Airpods Pro 3以及3款Apple Watch。苹果 中国官网显示，iPhone Air（型号A3518）是目前中国大 陆地区唯一支持eSIM的iPhone。 苹果在官网新闻中，eSIM让国际旅行者受益匪浅。用户 可在超过200家运营商的支持下，通过用户原运营商或本 地预付费选项，以价格经济的国际漫游计划实现持续联 网。"作为行业标准，eSIM得到全球超过500家运营商的 支持。" 中国移动关人士指出，中国移动近期可开放eSIM手机业 务办理，开放服务后将另行告知。 ...

2025 年 9 月 10 日 金 融 期 货 研 究 | | | | | 期指：或有所走稳 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 毛磊 | | | 投资咨询从业资格号：Z0011222 | | maolei@gtht.com | | | | 【期指期现数据跟踪】 | | | | | | | | | 期指数据 | | | | | | | | | | | 收盘价 | 涨跌幅% | 基 差 | 成交额-亿 | 成交量 | 变 动 | 持仓量 | 变 动 | | 沪深300 | 4436.26 | ↓0.70 | | 5628.6 | | | | | | IF2509 | 4426.2 | ↓0.69 | -10.06 | 978.8 | 73565 | ↓10371 | 112541 | ↓10007 | | IF2510 | 4419.2 | ↓0.68 | -17.06 | 70.7 | 5324 | ↓1981 | 14257 | ↓109 | | IF2512 | 4399.6 | ↓0.68 | - ...

Core Viewpoint - Tenghong Precision (06088) has seen a significant stock increase of over 10%, currently up 11.34% at HKD 4.33, with a trading volume of HKD 893 million, following the announcement of new Apple products at the 2025 fall event [1] Company Summary - Tenghong Precision is the fourth largest connector manufacturer globally, with products spanning consumer electronics, mobile devices, communication infrastructure, automotive, and industrial sectors, serving major tech companies including Apple [1] - The company is actively pursuing automation in its supply chain to maintain orders from Apple, indicating a shift towards automated processes among suppliers [1] Industry Outlook - Longjiang Securities reports that Tenghong Precision is not only deepening its involvement in the electric vehicle and consumer electronics sectors but is also embracing the AI era [1] - Products such as optical modules, connectors, and liquid cooling are expected to lead in demand driven by artificial intelligence and data centers [1] - The company is leveraging its global layout and manufacturing capabilities to convert AI's potential into solid growth, with projected revenues of USD 4.915 billion, USD 5.558 billion, and USD 6.274 billion for 2025-2027, and net profits of USD 177 million, USD 218 million, and USD 267 million respectively [1]

Core Viewpoint - The upcoming Apple event on September 10 is highly anticipated, showcasing the iPhone 17 series and other innovative products, with a focus on design and technology advancements [1][32]. Group 1: iPhone 17 Series - The iPhone 17 Air is expected to be Apple's first ultra-thin model, featuring a thickness of only 5.5mm and a 6.6-inch display with a resolution of 1260 x 2740 [7][10]. - The iPhone 17 series will adopt an aluminum alloy frame, with the Pro models featuring a new integrated design for the frame and lens [18][30]. - The iPhone 17 Pro series will debut the A19 Pro chip, 12GB of RAM, and a 5000mAh battery for the Pro Max model, enhancing performance and gaming capabilities [20][22]. Group 2: Design and Features - The iPhone 17 Air will feature a 48MP single camera and a 2800mAh battery, although it may not support adaptive refresh rates for its 120Hz display [12][14]. - The standard iPhone 17 will have a 6.3-inch display and will be the first to support 120Hz refresh rates across the entire series, although it lacks adaptive refresh capabilities [26][30]. - The Pro series will include a new orange color option and will maintain high-end specifications, reinforcing its position as the premium offering in the lineup [16][24]. Group 3: Other Products - The event will also introduce new Apple Watch models: Series 11, Ultra 3, and SE 3, with the Ultra 3 expected to support satellite communication [32][34]. - New audio products, including AirPods Pro 3 and HomePod mini2, will feature improved sound quality and design for better comfort [37][39]. - Additional products such as the Apple TV box and AirTag 2 will also be presented, although they may not be of significant interest to consumers [39][41].