Apple (AAPL.US) recently announced it will hold its fall product launch event at 10 AM Pacific Time on September 9 (1 AM Beijing Time on September 10), with the theme "Awe dropping." The event is expected to unveil the iPhone 17 series (iPhone 17, iPhone 17 Pro, and iPhone 17 Pro Max, plus a new ultra-thin iPhone 17 Air), with the new product lineup potentially including new Apple Watch models (covering entry-level and high-end versions), upgraded iPad Pro, and enhanced Vision Pro headset.

Following the announcement, numerous Wall Street analysts quickly released research reports. Investment banks generally believe the core highlight of this launch will be the comprehensive product line adjustments and pricing strategies. Reports from Goldman Sachs and JPMorgan indicate the iPhone 17 series will include four models, with the biggest change being the introduction of an ultra-thin "iPhone 17 Air" replacing the lukewarmly received "Plus" model. The device is reportedly only 5.5mm thick, making it the thinnest iPhone ever.

Pricing remains the top consumer concern. JPMorgan predicts that except for Pro models, other variants will maintain unchanged starting prices. The iPhone 17 Pro is expected to eliminate the 128GB entry-level storage option, starting with 256GB at an increased price from $999 to $1,099. This represents a "stealth" price increase strategy aimed at boosting average selling prices for high-end models. The final pricing of the new iPhone 17 Air is crucial, particularly in the Chinese market, where whether it can price below the 6,000 yuan subsidy threshold will directly impact sales performance.

Goldman Sachs analyst Michael Ng maintains an optimistic outlook on the iPhone 17 series, believing larger base model screens, upgraded cameras, and more powerful A19 series processors will effectively stimulate upgrades among users holding older devices, expecting to drive iPhone business revenue growth of 5% and 7% year-over-year in fiscal 2025 and 2026 respectively.

The launch event may also feature new Apple Watch and AirPods Pro 3 models. Notably, since Apple's August fall event announcement, the Apple supply chain has strengthened overall. Industrial Fulian (Foxconn's parent company), Kersen Science & Technology, Hengbao Co., and Lingyi iTech have led gains, with market sentiment continuing to heat up.

According to public data, since the third quarter, over ten Apple supply chain companies including Industrial Fulian, Crystal Optech, Dongshan Precision, Pengding Holdings, and USI have received intensive research visits from over 50 institutions each. Behind the capital market enthusiasm lies strong expectations for Apple's new device stocking cycle initiation.

TF International Securities analyst Ming-Chi Kuo revealed that Apple plans to launch its first foldable iPhone and intends to follow with a foldable iPad release in 2028. Additionally, consumer electronics are entering peak new product launch season.

CITIC Securities previously noted that current A/H share Apple supply chain representative companies have relatively low valuations, favoring emotional recovery from staged negative factors settling and Apple's 2025-2027 hardware innovation cycle. CSC Financial Securities stated that Apple's announcement of an additional $100 billion U.S. investment commitment signifies total investment of $600 billion over the next four years, significantly accelerating its U.S. investment pace in exchange for exemption from punitive tariffs on India-assembled iPhones, with supply chain sector valuations expected to recover.

Open Source Securities' electronics team pointed out that current Apple supply chain sector valuations are relatively low, with 2026 major targets showing Wind consensus PE of 12-22x. With tariff issues resolving, Apple increasing AI investment, and new product launches, the supply chain is expected to see valuation recovery and business cycle upturn.

**Apple Supply Chain Related Companies:**

**LENS (06613)**: At end-August, Bank of America Securities released a research report stating LENS management indicated several new projects will accelerate from the second half of this year to next year, covering smartphones, smart glasses, automotive, robotics, and AI servers. The bank maintains optimism about LENS due to substantial value enhancement from iPhone specification upgrade cycles and growing new business contributions, reiterating "Buy" ratings for both H-shares and A-shares (300433.SZ), raising 2025-27 earnings forecasts by 5-8%. H-share target price increased from HK$26 to HK$30, A-share target price from RMB 29 to RMB 34.

**COWELL (01415)**: Core supplier of Apple phone camera modules. In August, COWELL announced 2025 interim results with revenue reaching approximately $1.36 billion, up about 132.2% year-over-year. Net profit attributable to equity shareholders was approximately $67.398 million, up about 3.2x year-over-year; basic earnings per share were 7.8 cents. The announcement attributed revenue growth mainly to increased customer orders, including orders for new rear camera modules.

**BYD Electronic (00285)**: As a renowned domestic electronic manufacturing service provider, it produces iPad and MacBook for Apple and potentially supplies phone batteries and other components. In early September, CCB International raised BYD Electronic's target price 36.8% from HK$38 to HK$52, maintaining "Outperform" rating. The firm slightly adjusted BYD Electronic forecasts with slower electronics business growth, believing the company remains in transition period in fiscal 2025, advancing toward comprehensive parts and assembly supplier goals while gaining larger sales share in high-barrier businesses like AI, thus raising target price.

**AAC Technologies (02018)**: On August 21, AAC Technologies released 2025 interim results in Singapore, with group first-half revenue of RMB 13.32 billion, up 18.4% year-over-year to a new high. Net profit surged 63.1% year-over-year to RMB 876 million. AAC Technologies CFO Guo Dan stated in interviews that second-half revenue will continue maintaining high year-over-year growth, expected no less than first-half's 18.4%, with full-year gross margin no less than last year's 22.1%. Under AI upgrade trends, multiple businesses including thermal management and MEMS microphones will double growth, while automotive revenue and margins will achieve stable improvement.

**Sunny Optical Technology (02382)**: At end-August, Haitong International released a research report stating Sunny Optical's first-half revenue roughly met expectations, with profitability as a key highlight - net profit up 52.6% year-over-year to RMB 1.65 billion. Management reiterated confidence in sustainable mid-to-high single-digit revenue growth. The firm raised target price from HK$72.1 to HK$90.53, maintaining "Outperform" rating. The bank expects Sunny Optical to record higher profit margins due to stable smartphone shipments, anticipating lens and module average prices to increase 25% and 13% respectively this year, and 1.6% and 6% next year; automotive products business revenue expected to grow 20% and 18% in the next two years; profit expansion across all business segments.