A press conference, which was known as "super burning", was exchanged for the praise of Apple fans and also for the cold water of the capital market. After the release of the iPhone 17 series, Apple's stock price fell instead of rising, and its market value evaporated by more than 370 billion yuan overnight.

At 1 a.m. Beijing time on September 10, Apple held the 2025 autumn new product launch conference with the theme of "Super Burning in the Front" and officially launched the iPhone 17 series smartphones. This press conference not only brought about conventional iterative products, but also revealed major changes in Apple's product strategy, technological innovation and price positioning.

However, despite the rich content of the press conference, the capital market's reaction was relatively cold. Against the backdrop of the collective close of the three major U.S. stock indexes, Apple's stock price fell 1.48% against the trend, and its market value evaporated by US$52.4 billion (about RMB 373.2 billion) overnight.

Hardware upgrade: Apple's "sincerity" and compromise

The iPhone 17 series ushered in the most substantial hardware upgrade in recent years. The standard version introduces Pro Motion dynamic refresh rate technology for the first time, supports adaptive adjustment of 1Hz to 120Hz, and is equipped with an A19 chip based on 3nm process technology.

Apple has finally bid farewell to the "toothpaste-squeezing" upgrade strategy. The storage capacity of the standard iPhone 17 starts from 256GB, but the price is 1,000 yuan lower than the previous generation. This strategy of "increasing volume but not increasing price" is called "toothpaste burst".

Pro series focuses on improving professional performance, adopts an aluminum alloy integrated molding body, and introduces VC heat equalization plate to solve the heat dissipation problem. The imaging system has been fully upgraded to a 48-megapixel triple camera, supporting 8x optical zoom and 8K video recording.

Product line transformation: Plus ends, Air appears

Apple has made major adjustments to its product line this time. The Plus model was replaced by the new product line iPhone Air, which became the thinnest iPhone in Apple's history with a thickness of 5.6 mm.

The iPhone Air uses a 5-level titanium body and a double-sided super-ceramic crystal panel in the front and rear. In order to achieve a thin and light design, the physical SIM card slot is cancelled, and eSIM is adopted worldwide. This product is regarded as the "testing ground" of Apple's folding screen technology, laying the foundation for future product layout.

Capital Market: Worries Behind Calm Reaction

Although new products are significantly upgraded, the capital market has responded indifferently. Apple's stock price fell 1.48% during the trading session that day, becoming the only company among large technology stocks to hold back.

Analysts generally believe that the stock price setback is due to multiple factors: product innovation fails to meet expectations, near lack of AI functions, Chinese market strategy mistakes, geopolitical impact on supply chains, etc. Investors are worried about whether Apple's innovation can still support its $3.47 trillion valuation.

This kind of concern is not groundless. In recent years, the decline in Apple's stock price after the press conference has almost become a "tradition". The market seems to have lost interest in Apple's regular iterations and is looking forward to seeing more disruptive innovations.

Chinese market: AI absent and share decline

Apple faces severe challenges in the Chinese market. Despite the significant hardware upgrade, the Chinese version still did not wait for Apple Intelligence. The lack of AI functions has become Apple's biggest shortcoming in the Chinese market.

Data shows that in the second quarter of 2025, Apple's share in the Chinese smartphone market has declined to 13.9%, and shipments have dropped by 1.3% year-on-year. In contrast, local brands such as Huawei and Xiaomi have launched AI mobile phones to accelerate user upgrades through imaging, voice assistants and application ecosystems.

Apple is also facing the problem of shrinking "special version" in the Chinese market. Since nano-SIM cards are still used in China, the domestic version of iPhone 17 Pro/Pro Max has to retain the physical card slot, squeezing the battery space, resulting in 2 hours less video playback than the international version.

Accessories Pricing: A Investigation of the Boundary of Brand Premium

In sharp contrast to the "increase volume without price increase" of the phone itself, Apple's accessories pricing has once again caused controversy. Apple's official website launched a fall-proof protective case designed specifically for the iPhone 17 series, with a maximum price of 749 yuan, while the average price of similar products of third-party products is only between 50-200 yuan.

In addition, a crossbody lanyard that needs to be used with a specific mobile phone case will cost 479 yuan. Netizens joked: "Apple could have robbed money directly, but she even gave you a rope."

This accessory pricing strategy shows that Apple is trying to increase profits through brand premium and ecological binding, but may have touched the boundaries of consumer rationality.

Future Outlook: Innovation Anxiety and Survival Challenges

The "sincere upgrade" of the iPhone 17 series actually exposes Apple's innovation anxiety. Under the multiple pressures of lagging AI strategy, declining market share and losing user trust, Apple has to let go of its "arrogance" and meet challenges with more pragmatic products.

In the short term, the combination of 120Hz high refresh screen, large storage and long battery life can indeed impress many "waiting parties" and help Apple stabilize its basic market. But in the long run, if Apple Intelligence cannot be implemented as soon as possible and innovation in the healthy ecosystem cannot continue to make breakthroughs, the iPhone's "pile-upload" advantage will eventually be caught up by the Android camp.

For Apple, the most urgent task is not to launch more "special version" models, but to solve the problem of implementing AI functions as soon as possible and eliminate the negative impression of "discriminatory treatment". Only when global users can enjoy Apple's core technology equally can they win back their trust.

The competition in the mobile phone market has never stopped. Chinese brands such as Huawei, vivo, and Honor have made full efforts to sprint in the fields of imaging technology and AI functions. Huawei Pura 80's "one-spectrum" design, vivo X200 Ultra's 200 pixel periscope telephoto, and Honor Magic7 Pro's AI Hawkeye camera are all challenging Apple's traditional advantages.

The decline in Apple's stock price is just a signal that the capital market is reevaluating Apple's innovative value in the new era. Next, if Apple cannot catch up in key technologies such as AI and foldable screens, the iPhone 17 could be another turning point—but not upward, but downward.