[UBS: Initial demand for the iPhone 18 Pro series is weak, maintaining Apple's "neutral" rating] On September 21, UBS maintained Apple's "neutral" rating and a target price of US$296 after tracking supply data after the iPhone 18 series was pre-sold, believing that the initial demand for the iPhone 18 Pro and Pro Max was relatively mild. UBS Evidence Lab's tracking of more than 30 markets shows that the average waiting time for the iPhone 18 Pro Max is about 23 days, about 2 days shorter than the same period last year, of which the waiting time in the Chinese market is shortened by about 4 days year-on-year; the average waiting time for the iPhone 18 Pro is about 16 days, also shortened by about 2 days year-on-year, and the Chinese market is about 10 days shorter than the same period last year. The United States is the only major market where the waiting time is extended year-on-year, increasing by about 1 day. UBS believes that the shorter waiting time may be related to the strong demand for the iPhone 17 series in the past year, the limited upgrade of the Pro series this year, and the increase in average selling prices. It also pointed out that Chinese market data may be affected by some consumers waiting for the launch of the Duo model next month. UBS therefore believes that it has not yet seen significantly higher-than-expected demand for the iPhone 18 Pro series.