Glonghui, September 10 | UBS released a report stating that the product introduction, iPhone 16 specifications, and artificial intelligence (AI) related information revealed at Apple's annual fall iPhone press conference are all broadly in line with this forecast. However, although Apple did not change the price of the iPhone 16 compared to the previous iPhone 15 model as expected by the bank, the market has anticipated that the average price of the product will increase very little. The bank believes that since the iPhone's functional mix is unlikely to drive the supercycle, iPhone sales are expected to be 51 million and 78 million units for the two fiscal quarters ending the end of September and the end of December, respectively, which means an increase of 4.1% and 1.9%, respectively. Furthermore, the bank expects the iPhone 16 to be shipped to reach 86 million units, which is equivalent to a 10% year-on-year increase compared to 78 million units of the iPhone 15 last year. As for Apple Intelligence, which will eventually expand to other languages, it is still awaiting regulatory approval in Europe and China (accounting for about 40% of the market), so in the absence of further substantial geographical expansion and “killer” user cases, the bank remains cautious about AI-driven iPhone demand. The bank gave Apple a “neutral” rating, and the target price was $236.