Cowell (01415) fell more than 5%. As of the time of writing, the stock was down 5.27%, trading at HK$29.5, with a turnover of HK$117 million. On the news front, on January 28, Ming-Chi Kuo, an analyst at TF International Securities, stated that Apple's current pricing strategy for the iPhone 18 series is to "avoid raising prices as much as possible," with at least the starting price remaining unchanged, which is beneficial for marketing. He also revealed that iPhone memory pricing is now negotiated quarterly, rather than semi-annually, meaning iPhone memory prices will increase again in the second quarter of 2026. The sequential price increase in the second quarter is currently expected to be similar to that of the first quarter. Furthermore, Apple is scheduled to announce its fiscal first-quarter 2026 results after the US market closes on January 29. A previous J.P. Morgan research report noted that Cowell's stock underperformed the Hang Seng Index in the fourth quarter of last year, which it believes was due to market concerns that rising memory prices would weaken potential iPhone demand. However, the bank considers the market reaction to be excessive, as its research indicates resilient orders this year, with electronic manufacturing services shipment volume forecast to grow 8% year-on-year in the first half.