Zhitong finance and economics app learned that huaan securities has released a research report, stating that apple (AAPL.US) held a product launch conference, officially releasing the iPhone 16, iWatch, and Airpods series. The new products all have the hardware capability to support AppleIntelligence, and it is expected that they will be gradually installed in the future. It is expected that AI will bring a new change to the mobile phone industry. At the current point in time, the team believes that it should focus more on the NPI status of the iPhone 17 series in 2025, and expect further hardware innovation. OpenAI has released the 01 model, and the large model will shift from simply scaling parameters to a dual scaling of parameters and efficiency represented by RLReasoning, further alleviating concerns in the market about Scaling Laws.

Review of last week's market: From the performance of the indexes, last week (2024-09-09 to 2024-09-13), the SSE Composite Index had a weekly change of -2.23%, the Shenzhen Component Index had a change of -1.81%, the ChiNext Price Index had a change of 0.1888%, the SSE Science and Technology Innovation Board 50 Index had a change of -1.10%, and the CSI Electronic Information Index had a change of -2.29%. Looking at the sector indexes, the best-performing sector was printed circuit boards, with a rise of +0.57%, while the performance of the other electronic industries was weak, with a rise of -9.02%: Looking at the concept indexes, the best-performing index was the server index, with a rise of +1.41%, while the weakest-performing index was the lithography machine index, with a rise of 4.94%.

Apple held a product launch conference, officially releasing the iPhone 16, iWatch, and Airpods series. The iPhone continues to maintain a starting price of $799. In terms of hardware, the entire series is upgraded to the A18 series, and it can be upgraded to use Applentelligence in the future. The products are now available for pre-order, and judging from the delivery cycle of September 14th (in Shanghai), the demand is relatively normal, and it is expected that the delivery time will be slightly extended in the future. The delivery time for the regular colors of the iPhone 16/Plus (white/thinking color) shown on the official website is October 1st to October 10th, while the three new colors (cyan, pink, and dark blue) are relatively cooler, with the delivery time shown on the official website all on the release date of September 20th: The delivery time for the iPhone 16 Pro/Max series shown on the official website is mainly from October 10th to October 17th.

All the new Apple products have the hardware capabilities to support AppleIntelligence, and it is expected that they will be gradually installed in the future. Looking at the current point in time, huaan securities believes that the focus of the Apple chain is on the sales of new models, but more importantly, it should focus on the NPI status of the iPhone 17 series in 2025, expecting further hardware innovation. In addition, huaan securities predicts that major Android manufacturers will start holding flagship product launch conferences in October, just like several years ago when various manufacturers selected innovations in the optical track. We can expect that the Android series will start a new round of competition in AI functions, thereby driving the growth of the domestic supply chain.

Apple held a product launch conference, officially releasing the iPhone 16, iWatch, and Airpods series. The iPhone continues to maintain a starting price of $799. In terms of hardware, the entire series is upgraded to the A18 series, and it can be upgraded to use Applentelligence in the future. The products are now available for pre-order, and judging from the delivery cycle of September 14th (in Shanghai), the demand is relatively normal, and it is expected that the delivery time will be slightly extended in the future. The delivery time for the regular colors of the iPhone 16/Plus (white/thinking color) shown on the official website is October 1st to October 10th, while the three new colors (cyan, pink, and dark blue) are relatively cooler, with the delivery time shown on the official website all on the release date of September 20th: The delivery time for the iPhone 16 Pro/Max series shown on the official website is mainly from October 10th to October 17th.

All the new Apple products have the hardware capabilities to support AppleIntelligence, and it is expected that they will be gradually installed in the future. Looking at the current point in time, huaan securities believes that the focus of the Apple chain is on the sales of new models, but more importantly, it should focus on the NPI status of the iPhone 17 series in 2025, expecting further hardware innovation. In addition, huaan securities predicts that major Android manufacturers will start holding flagship product launch conferences in October, just like several years ago when various manufacturers selected innovations in the optical track. We can expect that the Android series will start a new round of competition in AI functions, thereby driving the growth of the domestic supply chain.

投資提案：

アップルのインダストリーグループお薦めは、立讯精密(002475.SZ)、東山精密(002384.SZ)、鹏鼎控股(002938.SZ)です。领益智造(002600.SZ)、水晶光電(002273.SZ)などに注目することをお薦めします。

アンドロイドのインダストリーグループのお薦めは、小米グループ(01810グローバルテクノロジーグループエントリー)、顺络電子(002138.SZ)です。韦尔股份(603501.SH)、艾为電子(688798.SH)、南芯テクノロジー(688484.SH)などに注目することをお薦めします。

OpenAIが01モデルをリリースし、ScalingLawsへの市場の懸念を和らげる

9月13日未明、OpenAIが最新の01モデルを発表しました。これは7月31日の40音声モードのローンチ以来、OpenAIの重大なアップデートです。

GPT40と比較して、01はその思考プロセスをユーザーに提示することができます。つまり、思考チェーン(COT)は、複雑な問題をより単純なステップに分割でき、この特性により、01は複雑な推論問題を解く際に驚異的な正確性を発揮します。華安証券は、大型モデルが規模パラメータだけでなく、RLReasoningを代表する効率性方向の二重スケーリングに移行し、近年の市場のスケーリングロウへの懸念をさらに緩和すると考えています。また、思考チェーンの特性から、推論プロセスは従来よりも多くの計算能力を消費するため、最近、市場の算力チェーンに対する投資家の悲観的な期待が改善されています。

投資アドバイス：铂科新材(300811,SZ)、工业富联（601138.SH）などに注目することをお薦めします。

リスク警告：需要が予想を下回った場合、技術選定が予想を下回った場合