Apple's (AAPL.US) iPhone and other fall product lineup became available for pre-order starting September 12, with official sales beginning September 19. Despite the autumn launch event receiving lukewarm market reception, the overall iPhone inventory preparation of over 90 million units exceeded last year's levels, indicating strong sales momentum. The iPhone 17's compelling value proposition is expected to drive sales beyond expectations, while the 17 Pro shows steady positive demand. The Air model's performance requires further observation following its global release in regions including China. The new iPhone lineup, combined with more comprehensive AI features in the future, is expected to further boost sales. Additionally, Apple's 3-year hardware innovation acceleration cycle has begun, and its innovations in edge-side AI software and ecosystem deserve attention next year. It is recommended to capitalize on undervalued Apple supply chain opportunities.

Key observations include:

iPhone 17: JD.com platform shows over 2 million pre-registrations for the iPhone 17 (before pre-sales), nearly 10 times that of the iPhone 16. Currently, Apple's official website shows 3-4 week delivery times for all iPhone 17 configurations in China, while most configurations in the US show 2-3 weeks, which is 1-2 weeks better than the same period last year. The 512GB iPhone 17 model is out of stock on JD.com and unavailable for reservation. The iPhone 17's superior performance compared to last year is primarily due to upgrades including 120Hz refresh rate, ultra-wide angle and front cameras, battery life and fast charging, while simultaneously reducing the price by $100, significantly improving value proposition and better competing in the mid-range segment.

iPhone 17 Pro: Currently, China's official website shows 3-4 week delivery times for the iPhone 17 Pro, while the US shows 2-3 weeks except for the Deep Blue color option. Pro Max shows 3-4 weeks in both China and the US. Overall, Pro series wait times are 1-2 weeks better than last year, with Pro Max in China showing 2-3 weeks improvement over last year. Generally, Pro series wait times remain relatively long, consistent with historical trends. The iPhone 17 Pro features significant design changes and upgrades in cooling, telephoto, and battery life/fast charging, expected to drive steady positive demand for Pro models.

iPhone Air: Not yet released in China. In the US, Sky Blue/Light Gold/Space Black colors show approximately 1-week delivery times, while Cloud White shows 2-3 weeks. The Air's highlights include ultra-thin titanium design, proprietary modem and wireless connectivity chips, eSIM, and simultaneous front-rear camera video recording. The Air's shorter wait times in the US compared to the 17 series warrant further observation of sales trends once global release approval is obtained in regions including China.

AirPods/Watch: AirPods Pro 3 shows 1 week in China and 2-3 weeks in the US; Watch S11 shows 1 week in both China and the US, while Watch Ultra 3 shows 2 weeks in China and 2-3 weeks in the US for most configurations. Overall sales trends meet expectations, with AirPods Pro 3's AI translation/heart rate monitoring and Watch's hypertension alerts/battery life improvements/5G/satellite communication features remaining noteworthy.

Investment targets: Continue to primarily recommend Luxshare Precision (002475.SZ) and COWELL (01415), which comprehensively benefit from Apple's terminal AI innovation. Continue to favor Pengding Holdings (002938.SZ), Dongshan Precision (002384.SZ), BYD ELECTRONIC (00285), Crystal Optech (002273.SZ), Lante Optics (688127.SH), AAC Technologies (02018), Sunny Optical (02382), Changying Precision (300115.SZ), and Han's Laser (002008.SZ). Also monitor Lingyi iTech (002600.SZ), GoerTek (002241.SZ), Jingyan Technology (300709.SZ), Tonglian Precision (688210.SH), COSMX (688772.SH), Bright Laser (688333.SH), Huashu High-Tech (688433.SH), Hengmingda (002947.SZ), Sunwoda (300207.SZ), Shihua Technology (688093.SH), Fortune Grand Technology (688678.SH), USI (601231.SH), and Desay Battery (000049.SZ).

Risk warnings: Intensifying macroeconomic volatility, downstream consumer demand falling short of expectations, intensifying competition in the electronics industry, geopolitical and exchange rate risks.