Core Insights - Apple CEO Tim Cook has begun live streaming sales for the iPhone 17 series, announcing that the iPhone Air will be available for pre-order on October 17 and officially released on October 22 [1] - The iPhone Air, despite some controversy in China, has garnered significant attention due to its ultra-thin design and unique product definition [1] - The launch of the iPhone Air coincides with the approval of eSIM services by major Chinese telecom operators, which is crucial for the device's functionality as it is eSIM-only [1][5] Product Features - The iPhone Air is the thinnest iPhone to date at 5.6 mm and weighs 165g, featuring a 6.5-inch XDR display and A19 Pro chip, supporting 120 Hz refresh rate [2][4] - The device's design prioritizes a large screen and lightweight build, appealing to consumers seeking these features [2] eSIM Implementation - All three major Chinese telecom operators (China Unicom, China Mobile, China Telecom) have received approval to offer eSIM services, but the actual process of obtaining eSIM may be complex and requires in-person verification [5][9] - Users must be aware that the eSIM experience in China is still developing, and the process for switching or migrating eSIMs may not be straightforward [9][10] Battery and Performance - The iPhone Air has a battery capacity of 3149mAh, which is adequate for moderate use but may not satisfy heavy users in China [16][24] - In tests, the iPhone Air showed competitive performance in terms of battery life compared to other models, but its performance may vary significantly under heavy usage scenarios [18][24] Thermal Management - The ultra-thin design of the iPhone Air raises concerns about heat accumulation, which could affect performance during intensive tasks like gaming [20][24] - While daily usage may not reveal significant performance issues, gaming and high-load applications could lead to noticeable thermal challenges [20][24] Market Positioning - The iPhone Air represents Apple's first major foray into the eSIM-only market for Chinese consumers, presenting both opportunities and challenges [23][24] - The device is positioned as a flagship for users who prioritize design and lightweight features, but it also comes with limitations that potential buyers should understand [24]

Market Sentiment and Macro Factors - China's exports in September showed resilience with a year-on-year increase of 8.3% in US dollar terms, and imports rose 7.4%, both exceeding expectations. Industrial robot and wind power exports grew strongly, while soybean, iron ore imports reached record highs, and rare earth exports decreased by 31% month-on-month [1]. - The US-China trade friction escalated after Trump's threat to impose additional tariffs, but his subsequent remarks and actions somewhat eased the market's pessimistic sentiment. The impact of this trade friction is expected to be weaker than that in April 2025 [1][2]. - The Fed official Paulson hinted at supporting two more 25 - basis - point interest rate cuts this year [2]. Stock Market - The stock market opened lower due to Trump's tariff information but recovered some losses with the release of resilient domestic import and export data. The market is expected to remain in a high - level volatile state, with a tendency to rise rather than fall [4]. - The CSI 300 index closed down 0.49% yesterday, and the two - market trading volume decreased by 1608.74 billion yuan. In the futures market, IH decreased with lower volume, while other varieties decreased with higher volume [4]. Bond Market - In the face of the tense US - China trade situation, the A - share market showed resilience, and the bond market's spot bond yield decreased compared to Friday but increased compared to Saturday. If the trade situation is only temporarily tense, it will not change the rhythm of monetary policy, and interest rate cuts and reserve requirement ratio cuts will be postponed [5]. Shipping Market - The container shipping index (European line) futures (EC) prices were in a low - level volatile state with a slight upward trend. CMA CGM announced a price increase for November on the Asia - to - Northern Europe route [6]. Commodity Market Precious Metals - Gold and silver prices continued to surge. COMEX gold 2512 contract closed at $4130 per ounce, up 3.24%, and SHFE silver 2512 contract closed at 50.775 per ounce, up 7.47% [8]. - The market expects the Fed to cut interest rates, and long - term funds increased their positions in gold and silver ETFs. The inventory of SHFE silver decreased [9]. Base Metals - Copper prices rebounded strongly, with both domestic and international copper prices reaching high levels. The copper market has returned to the upward channel, but it may be restricted by the high price and weak downstream purchasing willingness [12]. - Aluminum prices are expected to be volatile and slightly stronger in the short term, while alumina is in a weak state, and cast aluminum alloy is expected to be volatile and slightly stronger [13]. - Zinc prices are in a situation of mixed long and short factors. In the short term, they are mainly based on a short - selling logic, and the trading strategy can be to hold long - short spreads [14]. - Tin prices are expected to be in a callback phase, and investors can wait for opportunities to enter the market on the long side [15]. - Lead prices are in a high - level volatile state, with limited upward space [19]. Black Metals - Steel prices are under pressure due to weak fundamentals, with high supply and insufficient demand. The market is waiting for positive signals from the Fourth Plenary Session [21][22]. - Iron ore prices rebounded strongly, but the fundamentals are under pressure, and the price is expected to first rise and then fall, remaining in a range - bound state [23]. - Coking coal and coke prices are at risk of negative feedback, and the trading strategy is to treat them with a volatile mindset and pay attention to the 1 - 5 spread of coking coal [25]. - The prices of ferrosilicon and ferromanganese are under pressure due to high supply and weak demand, and the cost support is facing challenges [26]. Energy and Chemicals - Crude oil prices rebounded slightly, but the upward space is limited. The market is under pressure from weak demand and increased supply [27]. - LPG prices may be affected by the reduction of PDH profits. The supply is relatively stable, and the demand is slightly weak [28]. - PTA - PX prices are mainly affected by macro - events, and the trading strategy is to wait and see on the long side. The supply of PX is expected to increase, and the demand for polyester is seasonally improved but limited [30]. - MEG prices are under pressure from long - term inventory accumulation. The current coal - based marginal device is close to the cost line, and the price is expected to be in the range of 3850 - 4250 [34]. - Methanol prices are affected by macro - trading. The 01 contract is expected to be in the range of 2250 - 2350, and investors can buy a small amount of bottom - position contracts at low prices [36]. - PP and PE prices are under pressure due to strong supply and weak demand. The trading strategy is to wait and see [39][42]. - Pure benzene and styrene prices are affected by inventory and supply. The short - term market is expected to be volatile, and the trading strategy is to wait and see [43]. - Fuel oil prices maintain a high cracking spread. The supply may be tight, and the demand is relatively stable [43]. - Asphalt prices are affected by cost and demand. The short - term market is expected to be volatile, and the trading strategy is to wait and see [45]. - Urea prices are in a weak state, and the market is waiting for new export quotas and the impact of Sino - US trade conflicts [46]. - Glass, soda ash, and caustic soda prices are expected to be weak. Soda ash has high - level supply pressure, glass has high inventory and weak demand, and caustic soda has high - profit restrictions and uncertain downstream demand [47][48][50]. - Pulp prices are in a weak and volatile state, affected by high inventory and weak downstream demand [50]. - Log prices are expected to have a deep - discount situation again before delivery, and the trading strategy is mainly short - selling [51]. - Propylene prices are affected by cost collapse, and the supply is relatively loose [51]. Agricultural Products - Hog prices are under pressure due to high supply. The trading strategy is to sell on rallies, and attention should be paid to the breeding rhythm and secondary fattening [53]. - Oilseed prices are mainly affected by Sino - US trade relations. Soybean imports may face a gap in the first quarter of next year, and rapeseed meal inventory is expected to decline seasonally [54].