【招银国际】Technology: Apple launch event: iPhone 17 Air/AirPods Pro 3 as major highlights; limited price hike the key positive-250910（5页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 10 Sep 2025 CMB International Global Markets|Equity Research|Sector Update Technology Technology-Apple launch event:iPhone 17 Air/AirPods Pro 3 as major highlights;limit

2、ed Apple launch event:iPhone 17 Air/AirPods Pro 3 as major highlights;limited price hike the key positive Apple officially announced four iPhone 17 models(17/Pro/Pro Max,Air),three Watch updates(SE3/11/Ultra 3)and the AirPods Pro 3.While new spec/features are mostly in-line with market expectations,

3、we have identified several major positives:1)iPhone 17 Air:its first major redesign since 2017 with price at US$999,featuring ultra-thin design with single 48MP rear cam and A19 Pro chip;2)AirPods Pro 3:live translation and impressive ANC improvements;3)Watch Ultra 3:heart rate tracking,satellite co

4、nnectivity and larger display;4)Pricing:starting prices stay mostly the same despite tariffs,except a US$100 increase for iPhone Pro.Overall,while we expect softer demand due to macro/tariffs,muted AI-driven upgrades and earlier pull-in orders will continue to weigh on 2H25E Apple supply chain outlo

5、ok,we believe new iPhone form factor changes and no price hikes for most products are incrementally positive to consumer demand,and next years product launches(foldable iPhone,upgraded Siri,Vision Pro 2)will drive stronger upgrade cycles in 2026-27.For supply chain,we prefer content/share gainers wi

6、th high sales exposure to iPhone/AirPods/Watch,such as Luxshare(iPhone/Watch OEM/acoustics/haptics),AAC Tech(acoustics/haptics/VC),FIT Hon Teng(connectors/AirPods),and BYDE(iPhone casing).Key spec/features largely as expected;No price hike for most products despite tariffs.Apple launched four new iP